China Stocks Surge and NYC Real Estate Craters: 5 Stories Shaping Markets Today
The story of the economy as told by five macroeconomic indicators including Chinese stocks, New York City real estate, coronavirus cases and more.

The story of the economy as told by five macroeconomic indicators including Chinese stocks, New York City real estate, coronavirus cases and more.
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This episode is sponsored by Bitstamp and Crypto.com.
In this extended Brief, NLW tells the story of the economy through five themes:
- China stocks surge – but how much is it driven by Chinese state-sponsored media hype?
- A tale of two cities – real estate in New York City and Hong Kong are telling very different stories
- A global currency crisis in Lebanon – foodstuffs are up 100% in the last two weeks as the pound continues to falter
- The COVID-19 ticker – daily cases continue to grow in the U.S. but deaths are declining
- The cost of the U.S. losing its place in the world – from travelers turned away in Italy to decreasing capital inflows
- Plus a bonus: what the Nasdaq all-time highs really mean
See also: Bull vs. Bear: Who Has the Economy Right?
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.