Bitcoin Futures Launch on Major Trade Exchange.
Despite protests from major Wall Street firms like JPMorgan and Citigroup, bitcoin futures began trading on the Chicago Board Options Exchange (CBOE) last night. Bitcoin has become the most prominent cryptocurrency - digital currencies that are not controlled or issued by a central government, like regular money - and has seen a meteoric rise in value since the beginning of the year, from $1,000 to nearly $16,500 (representing a $280B market value). The ability to trade "futures" allows institutional investors to place bets on what they think the future value of the currency will be. Some analysts fear this could lead to a price crash, others suggest institutional investment will push the price higher - futures are currently trading at about a 20% premium to bitcoin prices. Coinbase, the largest service for buying and selling cryptocurrencies, became the top free app download on Apple Store. Demand for trading was so high that the CBOE website crashed currently after the trades became available. The best primer we've seen on this complicated topic can be found here, at CB Insights.
Jerusalem Decision Sparks Protests.
President Trump's decision to officially recognize Jerusalem as the capital of Israel sparked protests in Arab and Muslim communities across the globe over the weekend, with protests in the Palestinian territories lasting four days. Security forces also clashed with protesters outside the US Embassy in Lebanon, and in Indonesia - although not in the Middle East, the country is majority Muslim - thousands took to the streets, burning American flags in demonstration. Because Palestinians hope that East Jerusalem would be recognized as the capital of a potential independent Palestinian nation, the decision also puts the administration's hopes for peace talks in peril.
Economy Adds 228,000 Jobs in Nov.
The US economy maintained its torrid pace, adding an estimated 228,000 jobs in November. It is the first time on record that the economy has added jobs every month for 7 years straight. Unemployment remained at a 17-year-low of 4.1%, though hourly wage growth remained low - economists expect wages to grow during periods of low unemployment as employers compete to fill open positions. Manufacturing in particular added 31,000 jobs, for a total of nearly 160,000 new jobs in the sector since the year began.
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