Bitcoin is trading back below $46,000, with the Securities and Exchange Commission expected to say Wednesday if it will approve the first exchange-traded funds to hold the currency.
Bitcoin was off Tuesday’s high. The cryptocurrency neared $48,000 yesterday before SEC Chair Gary Gensler denied that the agency had approved spot bitcoin ETFs. Here’s a preview of four scenarios that could play out when the SEC announces its decision.
Stock indexes rose at the open. The S&P 500, Dow industrials and Nasdaq were all up less than 0.2%.
Treasury yields edged lower. The yield on the 10-year U.S. note dropped below 4%.
Overseas stocks were mixed. Japan’s Nikkei 225 climbed 2% to a new 34-year high.
To watch in the coming days:
Earnings season kicks off in earnest this week. Major companies including JPMorgan Chase and Bank of America are set to report Friday.
U.S. inflation data is up ahead, with December consumer-price data due Thursday, followed by producer prices Friday.