Thu, Nov 23, 2023 10:00 AM
Morning Scan: All the big stories to get you started for the day
A Flip by Avya Verma
2024 has been a testament to the resilience of stocks. Despite concerns about lingering inflation, soaring treasury yields, and the Federal Reserve's rate-cutting plans, the S&P 500 has gained a commendable 7.4% this year. However, this situation has created a cognitive dissonance of sorts. Namely, stocks have become expensive, on balance, relative to corporate earnings.
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Meme coins like Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) don't perform like stocks, or even like other cryptocurrencies like Bitcoin. A lot of the time, new developments that most investors in stocks would interpret as bad news aren't actually so bad.In fact, in some cases what would be considered red flags for a stock end up being green flags, with higher prices often following.
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South Africa recently put in place a licensing regime for crypto with plans to hand out 60 licenses in the coming weeks. Members of the crypto community don't think that politics will jeopardize the country's plans for the digital asset sector. South Africa's upcoming election isn't expected to derail the country's agenda for digital assets, several members of the crypto community told CoinDesk.
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