😔 Bitcoin under 60K

and making money online II

Author

Michael Wight
June 25, 2024

In partnership with

Good morning investors! The market was ed yesterday and we might see some more surprises this week.

Today we cover:

  • Rate cuts after election?

  • BTC falls below 60K

  • Making money online

📊 Economy and News 

Fed unlikely to cut rates before the election?

Don’t expect rate cuts from the Federal Reserve before the November election, according to David Rubenstein.

“Generally the Fed wants to stay out of politics,” the co-founder and co-chairman of The Carlyle Group told CNBC’s Andrew Ross Sorkin on “Squawk Box” Monday. “I’ve always said that I think the Fed is not likely to cut rates before the election because it would just cause too much political turmoil.”

Rubenstein noted that the Fed likely recognizes it would be “heavily criticized” by former President Donald Trump if it starts cutting ahead of the election.

“I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election,” he said.

Traders are currently pricing in a nearly 78% chance of a cut in November, up from about 66% odds in September, according to CME Group’s FedWatch tool. The central bank’s adjusted dot plot released earlier this month calls for one cut this year, down from three in a March forecast.

Global hits:

Shocking: Prosecutors urge Justice Department to file criminal charges against Boeing over 737 Max.

📈 Stocks

S&P 500 5,447.87 (+%) (-0.31%)
DJIA 39,411.21 (+0.67%) (-%)
NASDAQ 17,496.82 (+%) (-1.09%)
BRENT CRUDE 85.47 (-0.63%)
* Prices as of Jun 25th, 12:20 AM UTC

Dow closes at a one-month high as tech stocks lag

U.S. stocks traded in a mixed fashion Monday, remaining near record highs as investors looked to key inflation data this week for more cues on interest rates.

The main indices remain close to all-time highs, boosted by the enthusiasm surrounding artificial intelligence.

The broad-based S&P 500 index is up almost 15% so far this year, while the tech-heavy Nasdaq Composite has gained almost 18%. The blue-chip Dow Jones Industrial Average has lagged, by contrast, gaining just under 4% in the first half of the year. 

These healthy gains open up the possibility of profit-taking, with as much as 52% of respondents to a Bloomberg survey saying they believe the S&P 500 is overpriced.

Moreover, 49% of respondents said they see the next S&P 500 10% correction to start sometimes in 2024. Similarly, 55% said they expect to keep the same S&P 500 exposure over the next month.

Go to our LinkedIn page now and let us know what you think of the market… is it overpriced? Vote now.

Expensive streaming: Paramount Global will raise the price of its flagship streaming service, Paramount+.

The option with Showtime will increase by $1 a month, while the essential Paramount+ plan will rise by $2.

The price increases come amid a company restructuring after a merger opportunity with Skydance fell through.

Also check: Trump Media stock soars 21%, breaking weekslong decline in DJT share price.

Sponsored by Surmount

Don’t just Copy, Create your Strategy

Unlock hedge fund-level strategies with Surmount's platform. Craft, analyze, execute instantly. Full Code or No-code builders, advanced analytics elevate your portfolio precision. Experience the future: advanced tools, comprehensive data for market conquest.

🔐 Crypto

Bitcoin $60.433 (-4.33%)
Ethereum $3,232, (-3.89%)
Total market cap $2.25b (-3.5%)
* Prices as ofJun 25th, 12:20 AM UTC

Bitcoin falls below $60,000

The price of bitcoin fell below $60,000 on Monday for the first time since May 3.

The flagship cryptocurrency has been stuck in a narrow range between $60,000 and $70,000 since March, when it reached its all-time high and quickly corrected.

Stocks tied to the price of bitcoin, including Coinbase and MicroStrategy, also retreated.

Last week, CryptoQuant suggested bitcoin could slide back to $60,000, after breaking below the key support of $65,800, due to a lack of bullish momentum. The company’s on-chain data shows traders have been reducing their holdings since bitcoin touched $70,000 in late May and have yet to start buying again.

Investors and analysts are confident the cryptocurrency will rebound and notch another record this year. Ryan Rasmussen, an analyst at Bitwise Asset Management, called the price action “bullishly choppy.”

💵 Personal Finance

How to make money online – part II

Teach a language online

If you speak a language then use it to you advantage.

Platforms like Teach Away, VIPKID are on a lookout for teachers to teach English to Chinese students. However, if you look around you can also find opportunities to teach other languages including Spanish, Hindi, and Chinese.

This idea can be suitable for individuals who are patient as you may have to work with young children.

You can make about $25 per hour by working as an online teacher depending on your platform and skillset.

Most platforms require applicants to hold at least a bachelor’s degree to become an English teacher. Some may even require applicants to have an ESL certificate or other such documents. However, this isn’t always mandatory, but they typically only entertain native speakers. Also, in most cases, you will be required to pass a test to work as a language teacher and make money.

Platforms like UpWork also offer similar opportunities but you will then have to bid and negotiate.

💰 Be a Better Investor

“Knowledge is power: you hear it all the time but knowledge is not power. It’s only potential power. It only becomes power when we apply it and use it. Somebody who reads a book and doesn’t apply it, they’re at no advantage over someone who’s illiterate. None of it works unless you work. We have to do our part. If knowing is half the battle, action is the second half of the battle.”

Jim Kwik

What did you think of today's newsletter?

Login or Subscribe to participate in polls.

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.