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Let’s get to the three things you need to know today. First up, US stock futures are bouncing back, equity staging a modest comeback after the major averages closed in the red to start December trading.
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Meanwhile, Bitcoin is also rising after the token saw its worst day since March. The digital asset now currently trading above $87,000 per token.
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However, crypto’s retail traders have been hit hard, namely those who piled into leveraged ETFs tracking Bitcoin giant strategy.
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That company has struggled to ease investor concerns amid the rout in digital tokens following a 60% drop from recent highs.
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Strategy said it had created a 1.4 billion dollar reserve, US dollar reserve to fund dividend and interest payments.
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But the most popular leveraged exchange traded funds tracking strategy stocks, that’s MSTX and MSTU, they’ve both dropped more than 80% this year.
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Meanwhile, Wall Street’s institutional adoption of crypto is progressing. Bank of America says its wealth management clients should start thinking about getting some crypto exposure in their portfolios,
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the firm endorsing a 1 to 4% allocation to digital assets for clients.
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And the se world’s second largest asset manager manager Vanguard is reversing a long-standing position on crypto.
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The firm will now allow ETFs and mutual funds that primarily hold cryptocurrencies to be traded on its platform.