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SEC denies spot bitcoin ETF applications

SEC denies spot bitcoin ETF applications

SEC denies spot bitcoin ETF applications

One of the biggest holy grails for the bitcoin market in the United States has been trying to get ETF listings based upon spot prices that hold “physical bitcoin” to allow traders to jump in and out of the market easily. The SEC has denied both Valkyrie and Kryptoin on their applications for ETF’s. This remains an elusive problem in the United States, with the SEC suggesting that it was denying this based upon investor protection grounds.

 

The SEC expressed concern about fraud and manipulation and has been very hesitant to move forward in the crypto markets, because of the negative headlines that pop up from time to time. The SEC has stood in the way of progress all year, although they did approve an ETF based on bitcoin futures. That being said, investors can access spot bitcoin ETFs listed in Canada.

India crude imports hit 10-month peak

India crude imports hit 10-month peak

India’s crude oil imports in month ending November, rose to their highest level in 10 months as refiners stocked up to boost runs in anticipation of a strong demand cycle from the world’s third largest oil consumer. Crude oil imports rose 7.5% last month versus October and were 0.5% higher than a year ago at 18.37 million tons.

 

The Indians have been dealing with floods in the South, and it remains to be seen if those floods will drive down demand, but that should be a short-term issue. Omicron seems to be falling to the wayside, so with that being said this should continue to help boost oil prices around the world.

 

When we look forward over the next couple of years, analysts are starting to predict a bit of an oil crunch, which should continue to drive prices higher and less serious infrastructure is built up for drilling. It will take a while to build that drilling capacity backup after the pandemic, as it does not simply “flip like a switch.”

Pfizer wins Covid-19 pill emergency use authorization

Pfizer wins Covid-19 pill emergency use authorization

Pfizer has gained emergency use authorization in the United States for its Covid-19 pill, delivering a more convenient treatment option for at risk patients at a critical point in the pandemic. The drug is called Paxlovid and is the first at home therapy for Covid 19 to win clearance from the FDA. It is expected to become an important weapon in battling the virus once production gears up, giving people at high risk of severe complications from the disease a way to avoid winding up in the hospital.

 

The large clinical trial that the company had done for the pill has shown itself to reduce hospitalizations by 88% when given to the high risk and vaccinated patients within five days of symptoms starting. Adverse events associated have been similar between the drug and a placebo in clinical trials. 250,000 courses are expected to be available at the end of January, as production starts to pick up into the new year.

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