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MoonPay, a leading fiat-to-crypto on-ramp provider, has acquired Helio, a Solana-based payment processor, for $175 million. This strategic acquisition aims to bolster MoonPay's infrastructure by integrating Helio's technology, which is known for its crypto checkout platform that allows businesses to accept payments in various digital assets like Bitcoin, Ether, Solana’s SOL, and USD Coin. Helio has already made a significant impact in the e-commerce sector, supporting over 6,000 merchants and handling transactions worth over $1.5 billion. The acquisition is expected to not only expand MoonPay's trading and marketplace volume but also provide a more comprehensive payment solution for merchants, developers, and consumers. Stijn Paumen, co-founder and CEO of Helio, highlighted the firm's mission to make crypto payments accessible, having reached millions of customers through its merchant network. This move by MoonPay is part of a broader strategy to replace traditional, slow, and costly payment methods with faster, more affordable, and decentralized solutions.
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Treasury yields experienced a slight retreat on Tuesday following a peak in the 10-year yield the previous day. The 10-year Treasury yield dropped by approximately 2 basis points to 4.786%, while the 2-year yield saw a decrease of 1 basis point to 4.392%. This movement comes as investors prepare for the upcoming producer price index (PPI) release, which is expected to show a 0.4% increase in headline figures and a 0.3% rise in core readings, excluding food and energy. The anticipation around these figures is heightened by last week's hotter-than-expected jobs report, which has led to expectations of a slower pace in Federal Reserve interest rate cuts. The next Federal Reserve meeting is scheduled for January 28-29, with markets currently predicting a high probability of maintaining current rates.
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The U.S. stock market showed mixed results on Monday, with the S&P 500 and Dow Jones Industrial Average gaining while the tech-heavy Nasdaq Composite fell due to a broad sell-off in technology stocks. The decline in tech stocks was highlighted by significant drops in Nvidia and Palantir, reflecting a broader investor shift towards securing profits from last year's winners and seeking new investment opportunities. This rotation was also influenced by rising borrowing costs in the U.K., which raised concerns about public spending cuts or tax increases. Additionally, Cleveland Cliffs and Nucor are reportedly considering a bid for U.S. Steel, following the blockage of its acquisition by Nippon Steel. Meanwhile, India's inflation slowed, providing potential for rate cuts by the RBI. Quantum computing stocks also faced a downturn after comments from Meta's CEO and Nvidia's CEO suggested that practical applications of the technology are still far off. Despite these shifts, the AI sector remains robust, as evidenced by strong earnings from TSMC and Foxconn, indicating sustained interest in AI-related products.
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Asia-Pacific markets experienced a mostly positive trading session on Tuesday, following a mixed performance on Wall Street where the Dow Jones Industrial Average soared while the Nasdaq Composite slipped due to a rotation out of tech stocks. Hong Kong's Hang Seng index and mainland China's CSI 300 saw significant gains, with the latter marking its largest one-day increase since November 7. Conversely, Japan's Nikkei 225 and Topix indices continued their downward trend, marking a four-day losing streak. South Korea's Kospi and Australia's S&P/ASX 200 managed to close higher, breaking their recent losing streaks. Meanwhile, investors are keeping an eye on India's rupee, which hit a record low against the U.S. dollar, and Thailand's upcoming consumer confidence index. In the U.S., the Dow Jones rose significantly, driven by gains in non-tech sectors, while the tech-heavy Nasdaq experienced a decline, reflecting broader market rotations away from technology stocks.
