Tensions Escalate Between the U.S. and Europe: Stocks Fall, Gold Rises

Posted on January 19, 2026 by Ignacio Teson

European stocks slide as trade tensions between the United States and the European Union intensify, while precious metals hit record highs and oil and the dollar weaken.

With Wall Street closed for the Martin Luther King Jr. Day holiday, European equities are trading lower on Monday, January 19, with losses of up to 1.6%, amid rising trade and geopolitical tensions.

The Euro Stoxx 50 fell 1.5%, led by Paris (-1.7%) and Milan (-1.2%), as increased risk aversion weighed on investor sentiment.

[[DAX-graph]]

Market caution intensified after Donald Trump warned of potential new tariffs on countries opposing his plan to move forward with the acquisition of Greenland, a statement that reignited concerns across global markets.

Over the weekend, Trump said the United States would impose an additional 10% tariff starting February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and the United Kingdom.

He added that tariffs could rise to 25% in June if no agreement is reached allowing the U.S. to gain control of Greenland, a semi-autonomous territory within the Kingdom of Denmark.

European Retaliation to Trump

Media reports suggest the European Union could revive a €93 billion tariff package on U.S. goods in retaliation, a move that would significantly escalate tensions and raise the risk of a broader transatlantic trade dispute.

In Asia, markets were mixed. Japan’s Nikkei fell 0.7% on profit-taking and U.S. tariff threats, South Korea’s Kospi rose 1.3%, Shanghai’s benchmark index gained 0.29%, while Hong Kong’s Hang Seng was down 1.06% ahead of the close.

Following Trump’s tariff threats linked to potential U.S. moves on Greenland, affected European countries began to respond. EU officials are reportedly considering invalidating the trade agreement reached with Washington last July and have also warned about the possible activation of the bloc’s anti-coercion instrument, a mechanism designed to counter economic pressure from third countries.

Precious Metals Hit Record Highs

Amid rising geopolitical tensions, precious metals continue to strengthen as safe-haven assets. Both gold and silver reached record highs. Spot gold climbed 1.6% on Monday to $4,669.57.

Brent crude, the European benchmark, traded nearly flat at $64.11 per barrel, while U.S. benchmark West Texas Intermediate (WTI) stood at $59.34.

The U.S. dollar also weakened on Monday, slipping 0.2% to 99.050.

China Weathers the Tariff War as Its Economy Grows 5% in 2025

Posted on January 19, 2026 by Ignacio Teson

Exports to new markets proved key, though growth slowed in the final quarter of last year.

China reported on Monday that its gross domestic product (GDP) expanded by 5% in 2025, according to data from the National Bureau of Statistics (NBS), matching the previous year’s pace and meeting official growth targets despite the tariff war with the United States.

However, growth slowed to 4.5% in the final quarter of the year, the government said. That marked the weakest quarterly expansion since late 2022, when China began easing its strict Covid-19 restrictions. The world’s second-largest economy had grown at an annual rate of 4.8% in the previous quarter.

Both figures came in above analysts’ expectations, which had forecast quarterly growth of around 1% and annual growth of roughly 4.4%.

Chinese leaders have sought to accelerate growth following the downturn in the property market and the disruptions caused by the pandemic, which rippled across the broader economy.

As expected, full-year growth aligned with the government’s official target of “around 5%.”

Chinese Exports and Imports

Strong exports helped offset weak consumer spending and subdued business investment, contributing to a record trade surplus of $1.2 trillion.

Exports to the United States suffered after President Donald Trump returned to office early last year and reignited a tariff war. That decline, however, was largely offset by increased shipments to other markets. Rising imports of Chinese goods through platforms such as Temu and Shein have prompted some governments to take steps to protect domestic industries.

Trump and Chinese leader Xi Jinping agreed to extend a truce in their tariff dispute, which also helped ease pressure on China’s exports. Even so, Chinese exports to the U.S. fell by 20% last year.

The NBS noted that, “in the face of complex changes in the domestic and global economic environment”—a veiled reference to tariffs—“the national economy advanced through high-quality development driven by innovation despite mounting economic pressures.”

“The economy maintained momentum toward steady progress in 2025 despite multiple headwinds,” the statement added.

What Chinese Authorities are Doing

Chinese policymakers have repeatedly emphasized boosting domestic demand as a priority, but results so far have been limited. A trade-in program encouraging drivers to replace older vehicles with more energy-efficient models, for example, has lost momentum in recent months. Stabilizing—rather than fully recovering—the domestic property market remains key to restoring public confidence and, in turn, reviving household consumption and private investment.

China has also rolled out trade-in subsidies for household appliances such as refrigerators, washing machines, and televisions. While major consumer stimulus measures in 2025, including these subsidies, are set to continue into 2026, they could be scaled back, said Weiheng Chen, global investment strategist at J.P. Morgan Private Bank, in a recent note.

Looking ahead, slower growth is expected in 2026. Deutsche Bank forecasts China’s economy will expand by around 4.5% next year, according to the Associated Press.

Bitcoin’s Weakness Sparks Bargain Buying and Millionaires Place Bets

Posted on January 19, 2026 by Ignacio Teson

Both traders and family offices, as well as hedge fund managers, reassessed allocation models amid lower Bitcoin price levels.

Bitcoin is at an important crossroads and could shift in either direction sharply.

Bitcoin is going through a period of heightened volatility, combining sharp corrections with renewed signs of buying interest from institutional investors and prominent industry figures who view price declines as an opportunity to position for the very long term.

In recent days, the digital asset’s price fell below $92,000, pressured by macroeconomic concerns and rising global risk aversion. This triggered sell-offs across the crypto market and significantly reduced the market capitalization of assets such as Ether and Solana.

[[BTC/USD-graph]]

Rather than deterring all major players, this price weakness encouraged strategic buying by institutional investors and high-net-worth individuals with long-term convictions.

Traders, family offices, and hedge fund managers have been reevaluating allocation models at lower Bitcoin levels, viewing the pullback as an opportunity to accumulate a scarce asset.

Michael Saylor Steps In to Buy Bitcoin

One of the most visible examples is Strategy, the company formerly known as MicroStrategy and led by Michael Saylor, which continues to treat Bitcoin as its primary reserve asset.

Despite the price decline and pressure on its own stock, the company kept accumulating large amounts of Bitcoin and recently executed a purchase of more than $1.25 billion, acquiring roughly 13,627 BTC in a single weekend.

Saylor also sent signals on social media, including a post featuring the phrase “Bigger Orange,” which the market interpreted as a hint of additional purchases, reigniting optimism among investors.

These messages come as Strategy’s Bitcoin holdings approach 700,000 BTC—equivalent to more than 3% of the total supply.

Market Follows Suit

Corporate buying is not the only source of demand. The recent price pullback also triggered tactical purchases by wealthy investors and long-term capital, which see limited-supply assets experiencing temporary declines as offering attractive multi-year return potential.

Some analysts compare the current correction to previous Bitcoin cycles, in which deep pullbacks were followed by strong rebounds during classic bull phases.

In traditional institutional markets, renewed capital inflows have also been observed through regulated products such as spot Bitcoin ETFs. These vehicles recorded their largest net inflows in weeks, signaling that long-only allocators are returning after a period of caution.

Spot Bitcoin ETFs posted net inflows of $1.42 billion over the past week—the strongest weekly performance since early October—amid a resurgence in institutional demand.

According to data from SoSoValue, capital inflows were concentrated midweek. Wednesday stood out as the strongest session, with net inflows close to $844 million, while Tuesday recorded an additional $754 million.

NYSE Moves Toward 24/7 Trading With Tokenized Equities

Posted on January 19, 2026 by Ignacio Teson

The initiative is part of ICE’s digital strategy to modernize market infrastructure and enable continuous, blockchain-based trading.

The New York Stock Exchange (NYSE) announced the development of a platform for the on-chain trading and settlement of tokenized securities, a key step in bridging traditional financial markets with blockchain-based infrastructure. The project, which is still subject to regulatory approval, would enable 24/7 trading of tokenized equities, with near-instant settlement and funding via stablecoins.

The initiative is part of the digital strategy of Intercontinental Exchange (ICE), the NYSE’s parent company, and aims to modernize market infrastructure to better align with an increasingly digital and global financial environment.

According to the group, the new platform will combine the NYSE’s Pillar order-matching engine with blockchain-based post-trade systems capable of operating across multiple networks for asset settlement and custody.

How the Platform Would Work

If approved by regulators, the project would give rise to a new NYSE market allowing the trading of both tokenized versions of traditionally issued securities and securities natively issued in digital form. The exchange emphasized that investors holding tokenized shares would retain the same economic and governance rights as conventional shareholders, including dividend payments and voting rights. Market access will be non-discriminatory and open to all authorized broker-dealers, in line with longstanding market structure principles.

One of the platform’s key differentiators will be the ability to trade around the clock, seven days a week, with virtually instant settlement and orders denominated directly in U.S. dollar amounts—an approach designed to reduce operational frictions and costs associated with traditional processes.

Another Step in ICE’s Digital Strategy

The launch of the tokenized securities platform is part of a broader ICE initiative to adapt its clearing infrastructure to a continuous trading model. In this context, the group is already working with banks such as BNY and Citi to enable tokenized deposits within its clearinghouses.

The goal is to allow clearing members to transfer and manage funds outside traditional banking hours, meet margin requirements, and address financing needs across different jurisdictions and time zones.

“For more than two centuries, the NYSE has transformed the way markets operate. Now we are leading the way toward fully on-chain solutions, combining trust, high regulatory standards, and cutting-edge technology,” said Lynn Martin, President of NYSE Group.

ICE executives stressed that securities tokenization is central to the company’s long-term vision. “Supporting tokenized securities is a critical step toward operating market infrastructure on-chain for trading, settlement, custody, and capital formation in the new era of global finance,” said Michael Blaugrund, Vice President of Strategic Initiatives at ICE.

Mexican Peso Ends Flat Against the Dollar, Posts 1.91% Weekly Gain

Posted on January 17, 2026 by Ignacio Teson

The local currency edged slightly lower after appreciating yesterday to levels not seen in a year and a half, but still closed the week with a strong positive move.

The Mexican peso finished Friday’s session virtually unchanged against the U.S. dollar. After strengthening the previous day to its strongest level in 18 months, the currency gave back marginal ground but ended the week with solid gains.

The exchange rate closed at 17.6465 pesos per dollar. Compared with Thursday’s close of 17.6499, according to official data from Banco de México (Banxico), this represented a marginal loss of 0.02%, less than one cent.

[[USD/MXN-graph]]

During the session, the dollar traded within a range of a high of 17.7323 pesos and a low of 17.6284. Meanwhile, the U.S. Dollar Index (DXY), which measures the greenback against six major currencies, rose 0.01% to 99.36 points. The exchange rate stabilized with a slightly bullish bias despite a weaker dollar, reflecting reduced expectations for cuts to the Federal Reserve’s target range for the federal funds rate.

Fed pause expected

According to the FedWatch tool, which tracks federal funds futures, traders expect the Fed’s key interest rate to remain in the 3.50%–3.75% range following its first policy meeting of the year on January 28.

The Federal Reserve cut interest rates by 25 basis points in each of its last three meetings, but analysts have begun to anticipate a pause amid persistent inflationary pressures and signs of stability in the labor market.

Earlier, the U.S. central bank reported that manufacturing activity unexpectedly increased in December, supported by a rise in primary metals production that offset declines in motor vehicle plants.

In addition to economic data, markets closely followed public remarks from Federal Reserve officials, including Susan Collins, president of the Boston Fed; Fed Governor Michelle Bowman; and Vice Chair Philip Jefferson.

Strong weekly performance

Despite fading expectations for Fed rate cuts, the peso continued to appreciate. Compared with last week’s close of 17.9836 pesos per dollar, the move represents a gain of 33.77 cents, or 1.91%, over the week.

U.S. and Taiwan Strike Deal on Tariffs and AI Chips

Posted on January 17, 2026 by Ignacio Teson

The Asian island is a global leader in this sector, and the United States is now seeking to integrate part of its production in order to achieve self-sufficiency.

Tesla is making a major investment into AI chips from Samsung.

Taiwan has reached an agreement with the United States that will reduce tariffs on its artificial intelligence (AI) chips and increase investment in U.S. territory. Through this deal, Washington secures a key ally in the production of these technologies, which currently dominate discussions among global investors.

How Taiwn is Dealing with Politics

The Asian island—one of the world’s largest chip producers—has long been described as a “Silicon Shield,” as its strategic importance incentivizes the United States to protect this democratic territory from a potential invasion or blockade by China, which claims Taiwan as its own.

Despite threats from Beijing, Taiwan’s Minister of Economic Affairs, Kung Ming-hsin, stated: “Under current planning, Taiwan will remain the world’s most important producer of artificial intelligence chips.” In response to the announcement, China said it “firmly and consistently opposes any agreement that carries implications related to sovereignty or official relations.”

The agreement must still be approved by Taiwan’s parliament, where lawmakers have already expressed widespread concern that the island could lose control over the sector and cede ground to the United States.

Details of the U.S.–Taiwan agreement

Under the agreement’s terms, the United States will lower tariffs on Taiwanese goods to 15%, down from the current 20% applied reciprocally to address the U.S. trade deficit. Production capacity for advanced AI chips will be split between Taiwan and the United States at an 85–15 ratio by 2030, shifting to 80–20 by 2036, according to official projections.

The U.S. Department of Commerce said Taiwanese semiconductor and technology firms will make “new direct investments totaling at least US$250 billion” to expand capacity in advanced chips and AI-related manufacturing within the United States.

In addition, the U.S. government confirmed that sector-specific tariffs on Taiwanese auto parts, lumber, and wood products will also be capped at 15%, while generic pharmaceuticals and certain natural resources will be exempt from “reciprocal” tariffs.

“Our goal is to bring 40% of Taiwan’s entire supply chain and production to the United States (…) We’re going to bring it all here, so we can be self-sufficient in semiconductor manufacturing,” U.S. Commerce Secretary Howard Lutnick said.

BlackRock Boosts Bitcoin and Ethereum Exposure by $22 Billion

Posted on January 16, 2026 by Ignacio Teson

The world’s largest investment manager shows no signs of easing its digital asset strategy.

Last year, it increased its exposure to cryptocurrencies by more than US$20 billion, and it has remained highly active in the market at the start of 2026.

Larry Fink, CEO of BlackRock—the world’s largest asset manager—not only continues to back cryptocurrencies but is steadily increasing that bet. This is evident in Finbold’s latest 2025 crypto market report, which shows that the firm expanded its exposure to digital assets by roughly US$22 billion over the past year.

According to Finbold, the value of BlackRock’s Bitcoin (BTC) and Ethereum (ETH) holdings rose from US$54.83 billion to US$77.35 billion over the last twelve months. That represents an increase of US$22.52 billion, or an annual gain of 41.07%, based on blockchain analytics data from Arkham.

Bitcoin as the backbone of the portfolio

An analysis of the world’s largest asset manager’s portfolio shows that Bitcoin remained the primary driver of BlackRock’s crypto exposure. During the period reviewed, BTC holdings grew from approximately 552,550 BTC to 770,380 BTC—an increase of 217,830 BTC.

In dollar terms, exposure to Bitcoin rose from US$51.16 billion to US$67.14 billion, an increase of US$15.98 billion, equivalent to year-over-year growth of 31.24%.

Ethereum posts the strongest relative growth

Ethereum, meanwhile, recorded the highest percentage growth. BlackRock’s ETH holdings expanded from roughly 1.07 million ETH to 3.48 million ETH, adding approximately 2.41 million ETH throughout 2025.

The value of these positions climbed from US$3.59 billion to US$10.21 billion—an increase of US$6.62 billion—meaning the exposure nearly tripled over the year (+184.40%).

Finbold analysts note that these figures highlight not only sustained institutional demand for crypto assets, but also BlackRock’s tendency to deploy capital steadily during consolidation phases rather than chasing short-term price rallies.

ETFs, flows, and a strong start to 2026

The report also underscores the critical role of exchange-traded funds (ETFs), particularly during the first quarter of 2025, despite heightened price volatility. By the end of March, BlackRock held approximately 575,860 BTC and 1.17 million ETH, with a combined portfolio valued at US$49.85 billion.

According to Finbold, the temporary decline in valuation reflected broader market volatility rather than a reduction in exposure, as accumulation continued beneath the surface. This momentum accelerated in the second quarter: by the end of June, BlackRock’s crypto portfolio had grown by US$23.91 billion, rising from US$54.77 billion to US$78.67 billion.

The largest jump occurred in the third quarter. Between July and September, BlackRock’s crypto holdings surged to US$102.09 billion—an increase of 28% in just three months. While Bitcoin added nearly US$11 billion, Ethereum stood out, posting gains of more than 260%, driven by growing institutional interest in Ethereum-linked yields, tokenization, and settlement use cases.

BlackRock carried this aggressive strategy into early 2026. According to Coinglass, the firm channeled approximately US$1.24 billion into Bitcoin and Ethereum via its spot ETFs. The iShares Bitcoin Trust alone attracted US$888.6 million in the first days of the year, with a single-day peak inflow of US$372.5 million on January 5.

On the Ethereum side, BlackRock’s spot ETF captured US$348.9 million, including a record daily purchase of US$198.8 million on January 6—underscoring a pattern of sustained accumulation.

These purchases helped support the crypto market at the start of 2026, with Bitcoin attempting to consolidate above US$90,000 and Ethereum holding above US$3,000. At the same time, the spot ETF market continues to gain traction: Morgan Stanley has filed an application to launch a spot Bitcoin ETF in the United States, offering yet another signal of expanding institutional interest in digital assets.

Binance Tops 300 Million Users and Sets Trading Records in 2025

Posted on January 16, 2026 by Ignacio Teson

Binance became the first exchange authorized under the regulatory framework of the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).

The company surpassed 300 million registered users and processed $34 billion in trading volume across all products, including more than $7.1 billion in spot trading volume, according to its annual State of the Blockchain Report 2025.

The report highlights key data and growth metrics across regulation, liquidity, institutional adoption, Web3 discovery, user protection, and the everyday use of cryptocurrencies.

“2025 was a pivotal year in which Binance achieved milestones across the board. Growth in our user base, record liquidity, rising institutional participation, and the expansion of tools and payment solutions all reflect the growing trust in our ecosystem and our continued efforts to advance the mission of global monetary freedom at every step,” said Guilherme Nazar, Binance’s Regional Vice President for Latin America.

Binance in 2025: Key Figures

In 2025, Binance became the first exchange authorized under the FSRA framework of the Abu Dhabi Global Market, a regime that ensures strong governance, risk management, custody, clearing, and consumer protection, effectively aligning cryptocurrencies with traditional financial markets.

Cumulative historical trading volume reached $145 billion. The platform expanded its spot markets to 490 cryptocurrencies and 1,889 spot trading pairs, while futures coverage grew to 584 assets.

On security and trust, Binance has reduced direct exposure to major categories of illicit funds by 96% since 2023. In 2025 alone, Binance’s controls helped prevent potential losses from fraud and scams totaling $6.69 billion, protecting 5.4 million users.

Meanwhile, Binance Alpha 2.0 emerged as a core discovery platform fully integrated into the Binance experience, surpassing $1 billion in trading volume and attracting 17 million users in 2025. A total of 782 million rewards were distributed through 254 airdrops, while risk controls blocked 270,000 fraud attempts, ensuring rewards reached legitimate users.

Trump Backs Venezuela Staying in OPEC, but Doubts Benefits for the U.S.

Posted on January 15, 2026 by Ignacio Teson

Following U.S. intervention in the Latin American country, the president has yet to decide Venezuela’s future role in oil production.

The energy sector is closing in on Venezuela with Maduro out.

U.S. President Donald Trump said on Wednesday that he believes it would be better for Venezuela to remain within the Organization of the Petroleum Exporting Countries (OPEC), though he is unsure whether that would be beneficial for the United States.

“Well, I think it’s better for them if they do,” Trump told Reuters, adding: “I don’t know if it’s better for us… but they are members of OPEC and we haven’t discussed that with them at all.”

After the U.S. military intervention in Venezuela, which resulted in the capture of President Nicolás Maduro, the Trump administration said it would need to maintain control over Venezuela’s oil resources indefinitely as it seeks to rebuild the country’s oil industry and exert pressure on the government in Caracas.

When asked whether Venezuela would be expected to comply with OPEC production limits—given that its oil policy would now be influenced by Washington—Trump replied: “I don’t have to worry about that right now because, you know, I have nothing to do with OPEC.”

Why Venezuela could clash with OPEC

OPEC is a group of oil-producing countries that coordinate supply policies to stabilize global oil markets, cutting production when prices fall and increasing output when demand warrants it.

As a result, if Trump pushes to ramp up oil production while OPEC seeks to implement output cuts to support prices, Venezuela could find itself at odds with the group.

That said, several OPEC members that are eager to expand oil production—such as Iraq, Nigeria, and Angola—have frequently complained that the quota system, which sets production caps to stabilize global prices, limits their ability to fully exploit reserves or meet domestic fiscal needs.

While decisions are made collectively, Saudi Arabia—the world’s largest oil exporter—is widely regarded as OPEC’s de facto leader due to its dominant production capacity and its ability to raise or cut supply.

Oil Prices Fall 4% After New Trump Comments on Iran

Posted on January 15, 2026 by Ignacio Teson

U.S. President Donald Trump said the violence in the Middle Eastern country had ended, though he did not rule out a possible military intervention.

Oil prices fell about 4% on Thursday following remarks by U.S. President Donald Trump regarding the situation in Iran. Trump said that the “killing has stopped” in the country, while leaving open the possibility of a U.S. military intervention.

[[USOIL-graph]]

Crude prices had risen in recent sessions amid tensions in Iran, which has been shaken by a popular uprising that was violently suppressed, compounded by threats from Washington toward Tehran.

Speaking at an event at the White House, Trump said he had been told “from very good sources” that “the killing in Iran is stopping, it has stopped,” adding: “And there are no plans for executions” of detainees.

Oil slides

During Thursday’s session, U.S. WTI crude fell 4.36% to $59.18 per barrel, while North Sea Brent dropped 4.1% to $63.72. The move was a direct reaction to the U.S. president’s comments.

When asked by an AFP reporter whether a military intervention had been ruled out, Trump replied: “We’ll watch it and see what happens next.”

Venezuela and OPEC

Meanwhile, Trump said on Wednesday that he believes it would be better for Venezuela to remain within the Organization of the Petroleum Exporting Countries (OPEC), although he was uncertain whether that would also be beneficial for the United States.