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Utah Considers Bold Move into Public Cryptocurrency Investment
Ryan Serkes
January 30, 2025
The
Daily Trade
Good morning.
Today’s financial landscape is buzzing with notable developments! The US Federal Reserve has opted to hold steady on interest rates, signaling a cautious approach as it navigates the implications of President Trump’s policy changes. This decision could shape market dynamics as we look ahead, particularly with inflationary pressures looming.
In the real estate sector, Southern Kentucky is thriving despite economic challenges, showcasing resilience with increased sales and optimistic projections for 2025. Meanwhile, in the world of crypto, Utah is making strides towards public investment in digital assets, while a local investor's unfortunate experience with a fraudulent cryptocurrency scheme serves as a stark reminder of the risks involved. Let’s dive in and explore these stories further!
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Here's what's happening today:
Today in the Stock Market- Fed pauses rate cuts amid policy uncertainty 🤔
- Regeneron faces fraud allegations, stock value plummets 📉
- Meta's Q4 earnings exceed expectations significantly 💰
- Southern Kentucky real estate market shows strong growth 📈
- Luxury condos rise on site of tragic collapse 🏢
- Toll Brothers unveils luxury homes in Georgia 🏡
- Block faces class action due to compliance failures. 📉
- Utah may invest public funds in cryptocurrency. 💰
- Local investor lost thousands to Trump crypto scam. 🚫
Question
What are your thoughts on Utah's move to allow public investment in cryptocurrency—do you think this could pave the way for more states to follow suit?
Reply to this email with your answer
Today in the Stock Market
US Federal Reserve Holds Steady Amid Trump Policy Changes The US Federal Reserve recently decided to pause its rate cuts, maintaining the federal funds rate between 4.25% and 4.50%. This decision follows a series of cuts made in the previous months, reflecting the Fed's cautious approach as it evaluates the potential impacts of President Trump's new policies, particularly concerning tariffs and immigration. Fed Chairman Jerome Powell emphasized the importance of waiting to assess how these policy shifts might influence the labor market and inflation before making any further adjustments. Powell noted that the current economic landscape shows strength, with a solid labor market and reduced downside risks. However, uncertainties remain high due to the significant policy changes being proposed, which could lead to inflationary pressures. The Fed's strategy appears to be one of patience, as they aim to fully understand the implications of Trump's policies on economic performance. Market indicators suggest a potential for only modest rate cuts in the coming year, primarily due to strong job growth and rising inflation rates. The Fed's decision-making process is heavily data-driven, and Powell reassured that their independence from political influence remains intact, despite Trump's previous criticisms of the central bank. |
Regeneron Pharmaceuticals Faces Class Action Lawsuit Over Fraud Claims Regeneron Pharmaceuticals is currently embroiled in a securities fraud class action that arose after a significant drop in its stock value. Following the release of disappointing financial results for its EYLEA product, the company's shares plummeted, resulting in a loss of approximately $9 billion in market capitalization. The lawsuit, initiated by Hagens Berman, alleges that Regeneron misled investors regarding its marketing and reimbursement practices. The class action focuses on claims that Regeneron failed to disclose crucial information about its pricing strategies and compliance with Medicare reimbursement rules. It is alleged that the company engaged in practices that inflated reported sales figures by providing undisclosed price concessions, which misled investors about the true performance of EYLEA. The legal scrutiny intensified after the Department of Justice announced its own investigation into Regeneron's practices, raising concerns about potential violations of the False Claims Act. As Regeneron navigates this challenging legal landscape, the company faces mounting pressure to address these allegations while attempting to restore investor confidence. The outcome of this case could have significant implications for Regeneron's reputation and financial standing in the competitive pharmaceutical market. |
Meta Platforms Surpasses Earnings Expectations in Q4 Meta Platforms recently reported impressive fourth-quarter earnings, showcasing a net income of $20.84 billion, significantly exceeding Wall Street's expectations. With earnings per share reaching $8.02, the results surpassed the average analyst estimate of $6.68. The company's revenue for the quarter amounted to $48.39 billion, also exceeding forecasts and highlighting its robust performance in a competitive market. This strong financial performance reflects Meta's successful strategies in monetizing its platforms and adapting to changing user behaviors. The results indicate a positive trajectory for the company as it continues to capitalize on its advertising revenue streams and user engagement metrics. Analysts are optimistic about Meta's potential for sustained growth, particularly as it navigates challenges in the social media landscape. Meta's ability to outperform expectations in both earnings and revenue underscores its resilience and adaptability. As the company moves forward, stakeholders will be keenly observing its strategies to maintain this momentum and address any emerging challenges in the digital advertising space. |
Today in Real Estate
 Southern Kentucky Real Estate Market Thrives Amid Challenges The Realtors Association of Southern Kentucky has reported a robust performance in the real estate market for 2024, highlighting resilience and growth despite economic challenges. The region experienced an increase in residential sales, with a total of 3,076 units sold, marking a slight rise from the previous year. The total sales volume reached approximately $71.98 million, and the average price per unit increased by 2.78% to $287,661. This growth is attributed to a steady population influx and a desirable lifestyle in Southern Kentucky, which continues to attract buyers. Looking ahead, the Realtors Association anticipates continued growth in 2025, driven by favorable interest rates and ongoing infrastructure investments in the region. Gabby Springs, the 2025 RASK President, expressed confidence in the market's trajectory, stating that Southern Kentucky remains an attractive place to live and work due to its location and community investments. The association expects residential demand to stay strong, along with a growth in commercial real estate activity as the economy expands. This optimistic outlook reflects the region's resilience in the face of economic fluctuations and inventory challenges, suggesting a promising future for both buyers and sellers in Southern Kentucky's real estate market. |
 New Luxury Condos to Rise on Site of Surfside Tragedy A Dubai-based developer, DAMAC International, has announced plans to construct a 12-story luxury condominium project named The Delmore on the site of the tragic Champlain Towers South collapse in Surfside, Florida, which resulted in the loss of 98 lives in 2021. Construction has already commenced, with the project expected to be completed by 2029. Designed by renowned architect Zaha Hadid, The Delmore will feature 37 opulent units, each averaging 7,000 square feet, with prices starting at $15 million for four- or five-bedroom units. The project will also offer a range of high-end amenities including a private restaurant, residential butlers, and a wellness spa. While the announcement of this luxury development comes in the wake of a significant tragedy, the developer has not publicly addressed the past events at the site. The Champlain Towers South collapse raised serious concerns about building safety standards, leading to ongoing investigations and legal settlements exceeding $1 billion for victims' families. The new project aims to deliver an ultra-luxury product to the South Florida market, emphasizing a distinct offering compared to existing properties. The decision to proceed with The Delmore reflects a broader trend of luxury developments in South Florida, despite the shadow of the past. As the construction progresses, the community will likely watch closely how this new development impacts the local real estate landscape and addresses the historical significance of the site. |
Toll Brothers Launches Luxury Homes in Scenic Cumming, Georgia Toll Brothers, a leading luxury home builder, has recently unveiled a limited selection of quick move-in homes at its new community, Chimney Creek, located in Cumming, Georgia. This development features elegant single-family homes designed with open-concept floor plans and high-end finishes, catering to a variety of lifestyles. Homes range from 3,147 to over 3,599 square feet, with prices starting in the mid-$600,000s. The community promises a blend of luxury and convenience, with amenities such as a private recreation center, swimming pool, and sports courts. Eric White, Division President of Toll Brothers in Atlanta, reported significant interest in the Chimney Creek community, highlighting the appeal of its location and the quality of its offerings. The availability of designer-appointed quick move-in homes allows buyers to transition into their new residences as early as May 2025, enhancing the appeal for those seeking immediate occupancy. The strategic placement of Chimney Creek within an established neighborhood, along with its proximity to major roadways, makes it an attractive option for homebuyers. The development not only aims to meet the demands of luxury buyers but also reflects the continued growth and investment in the Cumming area, reinforcing Toll Brothers' commitment to delivering exceptional living experiences. |
Today in Crypto
 Utah Moves Forward on Public Investment in Cryptocurrency Utah is considering a groundbreaking bill that would allow the state treasurer to allocate public funds into cryptocurrency investments. Recently, the House Economic Development and Workforce Services Committee voted overwhelmingly in favor of HB230, which permits up to 5% of certain public funds to be invested in qualifying digital assets. Currently, Bitcoin is the only cryptocurrency that meets the necessary market cap requirements. The bill's sponsor, Rep. Jordan Teuscher, emphasized that this measure does not mandate investment but provides the state treasurer with the flexibility to explore emerging financial technologies. With approximately $1.4 billion in reserve funds, the potential investment in cryptocurrency could reach up to $70 million. State Treasurer Marlo Oaks expressed cautious optimism about the proposal, highlighting the importance of thorough evaluations to ensure the safety of public funds. While many advocates support the initiative, concerns about the volatility of cryptocurrency remain. The bill must still pass the full House and the Senate before reaching the governor's desk for final approval, marking a significant step for Utah in the realm of digital asset investment. |
Local Investor Duped by Fake Trump Cryptocurrency Scheme A Johnston County resident recently fell victim to a cryptocurrency scam involving a fraudulent Trump-endorsed memecoin, resulting in a substantial financial loss. The 37-year-old investor initially made a small test purchase, which led him to believe the platform was legitimate. However, after transferring over $43,000 for a larger investment, he discovered that the website was not affiliated with any officially endorsed Trump tokens. The incident highlights the prevalence of scams in the cryptocurrency space, particularly those exploiting the names and images of public figures to deceive investors. Experts estimate that as many as 130 different fake Trump-related cryptocurrency coins and websites may exist online, making it crucial for enthusiasts to exercise caution and conduct thorough research before making purchases. Authorities urge individuals to only engage with trusted platforms and verify information through official channels to avoid falling prey to such fraudulent schemes. The growing number of scams serves as a reminder of the risks associated with investing in the largely unregulated cryptocurrency market. |
Block, Inc. Faces Legal Challenges Over Compliance Issues Block, Inc. is currently embroiled in significant legal troubles as a result of a class action lawsuit stemming from compliance issues related to its Cash App and Square platforms. The investigation, initiated after a critical report by Hindenburg Research, revealed that Block allegedly overstated its user counts and failed to conduct adequate due diligence on its customers. This has raised concerns about potential money laundering and other illegal activities associated with its services. Federal regulators have since taken action, with Block agreeing to pay substantial fines related to its anti-money laundering program and user fraud. The Consumer Financial Protection Bureau recently ordered Block to pay $175 million for its failures on Cash App, highlighting the vulnerabilities that allowed criminals to exploit the platform. These developments have led to a significant decline in Block's stock price, prompting calls for investors who suffered losses to come forward and join the lawsuit. Hagens Berman, the firm leading the class action, is investigating whether Block intentionally misled investors about its compliance practices. The ongoing inquiries from the SEC and the Department of Justice could lead to further legal repercussions for the company, raising questions about its future viability and the implications for its shareholders. |
Today's Technical Analysis
RSI Sell | MFI Sell | WillR Sell | AO Sell |
CCI Sell | BBANDS Sell | ULTOSC Sell | STOCH Sell |
RSI Buy | MFI Buy | WillR Buy | AO Buy |
CCI Buy | BBANDS Buy | ULTOSC Buy | STOCH Hold |
RSI Sell | MFI Sell | WillR Sell | AO Sell |
CCI Sell | BBANDS Hold | ULTOSC Sell | STOCH Sell |
RSI Sell | MFI Sell | WillR Sell | AO Sell |
CCI Sell | BBANDS Hold | ULTOSC Sell | STOCH Sell |
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Technical Indicator Information
Relative Strength Index (RSI) | Period: 14 days | Overvalued threshold: 70 | Undervalued threshold: 30
Money Flow Index (MFI) | Period: 14 days | Overvalued threshold: 80 | Undervalued threshold: 20
Williams Percent Range (WillR) | Period: 14 days | Overvalued threshold: -20 | Undervalued threshold: -80
Aroon Oscillator (AO) | Period: 14 days | Overvalued threshold: 75 | Undervalued threshold: -75
Moving Average Convergence/Divergence (MACD) | Period: 26/12/9 days | Overvalued threshold: MACD crosses below MACD Signal | Undervalued threshold: MACD crosses above MACD Signal
Stochastic Oscillator (STOCH) | Period: 14/3/3 days | Overvalued threshold: %K crosses below %D above 80 | Undervalued threshold: %K crosses above %D below 20
Commodity Channel Index (CCI) | Period: 20 days | Overvalued threshold: 100 | Undervalued threshold: -100
Bollinger Bands (BBANDS) | Period: 20 days | Overvalued threshold: price >= upper band | Undervalued threshold: price <= lower band
Parabolic Stop and Reverse (SAR) | Period: variable 50 - 100 days | Overvalued threshold: SAR crosses above price | Undervalued threshold: SAR crosses below price
Triple Exponential Average (TRIX) | Period: 15 days | Overvalued threshold: TRIX crosses below 0 | Undervalued threshold: TRIX crosses above 0
Ultimate Oscillator (ULTOSC) | Period: 28/14/7 days | Overvalued threshold: 70 | Undervalued threshold: 30
Directional Movement Index (DMI) | Period: 14 days | Overvalued threshold: PlusDI crosses below MinusDI | Undervalued threshold: PlusDI crosses above MinusDI
Average Directional Index (ADX) | Period: variable 14 days | Requirement: >= 25
Analysis is only performed on securities with market caps in excess of $100 million and with daily trade volume in excess of $50 million.
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The information in our newsletter is not intended to constitute investment advice and is not designed to meet your personal financial situation. It is provided for information purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor or a group of investors. It should not be assumed that any investments in securities, companies, sectors or markets identified and described will be profitable. We strongly advise you to discuss your investment options with your financial advisor prior to making any investments, including whether any investment is suitable for your specific needs.
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