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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. In 2023, stocks linked to Bitcoin, including Coinbase, MicroStrategy, Grayscale Bitcoin Trust, and Marathon Digital, significantly outperformed Bitcoin itself. While Bitcoin rose by 150%, Grayscale Bitcoin trust gained 300%, and Marathon Digital soared 688%. These stocks ranked among the top eight performers in the U.S. market for companies valued over $5 billion. This boom contrasts sharply with the crypto market's 2022 downturn, marked by hedge fund collapses, the high-profile bankruptcy of FTX and the arrest of its founder, Sam Bankman-Fried. The easing of the Federal Reserve's interest rate hikes and the anticipation of the 2024 Bitcoin halving, which reduces mining rewards, fueled Bitcoin's rise. The potential for new Bitcoin exchange-traded funds also contributed to the surge. Galaxy Digital CEO Michael Novogratz described the trend as a "mania." Despite this, Bitcoin's price remains below its 2021 peak.

2. Predictions for a 2023 recession were widespread, yet as the year concludes, the expected downturn hasn't materialized. Looking ahead to 2024, experts remain cautious, with some still forecasting a potential economic decline. This outlook stems from the same factors as before, notably the Federal Reserve's interest rate hikes amid persistent inflation. Traditionally, such a combination has led to recessions, defined by two consecutive quarters of negative GDP growth. However, there's a mixed sentiment about 2024: Bank of America predicts a "soft landing" rather than a full-blown recession, while a National Association for Business Economics survey found that 76% of economists see a less than 50% chance of a recession in the next 12 months. Raymond James' Chief Investment Officer Larry Adam anticipates a mild recession, possibly the mildest in history, starting in the second quarter. Layoffs and high prices have already led many Americans to feel as though a recession is underway, with surveys indicating public concern about the economy's state. Layoffs, a notable feature of late 2023, might persist, with Challenger, Gray & Christmas reporting that 21% of companies anticipate layoffs in 2024.

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4. Headlines

   1. US Senators have requested a recall of Tesla cars following a Reuters report exposing widespread fraud around warranty claims for failing suspensions and steering issues the company was aware of but blamed on customers.

   2. Schools are increasingly becoming targets for hackers as they attempt to access and sell children’s school records and private information.

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