Author: Max Bauer
In a recent interview, Fed’s Goolsbee indicated that the central bank would gradually lower interest rates to accommodate a slowing economy and declining inflation. He emphasized that the rate cut process would likely span over a year or more. Goolsbee dismissed any political motivations behind the Fed’s decision to cut rates, stating that the primary reason is the economy’s return to normalcy. He noted that inflation is approaching the Fed’s target and the job market remains stable and sustainable. Goolsbee stressed the importance of a gradual rate cut process to avoid economic disruptions. He explained that the central bank could…
Federal Reserve Chairman Jerome Powell is speaking today at the National Association for Business Economics (NABE) annual conference, an event expected to provide significant insight into the central bank’s monetary policy direction. Here are his remarks (will be updated): Recent economic data paints a picture of decelerating price growth and a more moderate job market. Inflation, as measured by the Fed’s preferred gauge, the core Personal Consumption Expenditures (PCE) price index, rose a mere 0.1% in the latest reading, defying expectations of a 0.2% increase. This unexpectedly low figure has bolstered confidence among policymakers that the aggressive interest rate hikes…
Crypto traders are anticipating a bullish October for Bitcoin, with some predicting a potential record-breaking price surge this week. October and Fourth Quarter Overall Historically Positive for Bitcoin Traditional data shows that the fourth quarter has historically been a strong period for cryptocurrencies, with Bitcoin rallying an average of 90% during this time over the past decade. “Expect fireworks,” said David Brickell, head of international distribution at FRNT Financial, and former forex trader Chris Mill, in their newsletter. “We anticipate we could hit record highs for Bitcoin this coming week.” This bullish sentiment is echoed by options traders on Deribit,…
Cryptocurrency analysis firm Alphractal has identified the first capitulation event among Bitcoin miners in 2024, although the risks to the network remain. Bitcoin Miners’ Revenue Per Hash Hits Historic Low Based on metrics like Hash Ribbons, Difficulty Ribbons, and a proprietary capitulation identifier, Alphractal has distinguished between Moderate Capitulation and Aggressive Capitulation. Moderate Capitulation occurs when some miners reduce operations or shut down, while Aggressive Capitulation is a more severe event involving widespread miner closures, often triggered by drastic price drops or exceptional events. Historically, Aggressive Capitulation has followed periods of high miner revenue during bull markets. This pattern was…
Financial technology company Robinhood has poured cold water on rumors that it is planning to launch its own stablecoin. In a statement to Decrypt, Robinhood Crypto’s Vice President and General Manager, Johann Kerbrat, confirmed that there are no “immediate plans” for such a venture. Bloomberg Had Claimed Robinhood and Revolut Were Exploring Launching a Stablecoin Kerbrat’s remarks came in response to a Bloomberg report suggesting that both Robinhood and Revolut were exploring the possibility of entering the stablecoin market. While Revolut declined to comment on the matter, a source familiar with the company hinted that a stablecoin was being “explored”…
Cryptocurrency analysis firm QCP Capital has reported that both equities and Bitcoin have defied their typical September downturn, delivering stronger-than-expected performances in the third quarter. QCP Capital Believes Bitcoin Had One of the Best Septembers in Its History The S&P 500 index has gained 5.1% for the quarter, marking its best year-to-date performance since 1997. Meanwhile, Bitcoin has surged over 7% this month, putting it on course for one of its strongest September performances on record. The global risk-on sentiment remains buoyant as we enter October, with China’s CSI 300 Index jumping by 9% today following the introduction of its…
World Liberty Financial, a highly anticipated new venture, has officially opened its Know Your Customer (KYC) verification process through its website. The project has generated significant buzz over the past month, largely driven by former President Donald Trump and his family, who have teased the public with ambitious claims about the platform’s potential. World Liberty Financial Had Sparked Controversy Over Distribution of Tokens According to statements made earlier, World Liberty Financial aims to be a comprehensive crypto banking service. Users will be able to borrow, lend, and invest in cryptocurrencies through the platform. Founders also introduced a native token called…
The Financial Services Agency (FSA) in Japan is poised to initiate a review of the nation’s cryptocurrency regulations, potentially paving the way for a more favorable environment for digital assets. Japan’s New Cryptocurrency Rules Could Be More Favorable For The Industry The agency is considering whether the current approach of regulating crypto under the payments act is sufficient, given that tokens are primarily used for investment purposes rather than payments. A potential outcome of this review could be amendments to the existing act or the reclassification of crypto as financial instruments under Japan’s investment law. If reclassified, crypto would benefit…
Zhu Guangyao, the former vice minister of the Ministry of Finance, has urged China to closely monitor and study the latest developments in cryptocurrencies and related international policies. He emphasized the importance of understanding these trends for the country’s digital economy. Chinese Official Suggests Balance Between Cryptocurrency Risks and Global Policy Adjustments Speaking at the 2024 Tsinghua PBC Chief Economist Forum in Beijing, Zhu Guangyao highlighted the need to strike a balance between recognizing the potential risks and harms of cryptocurrencies while remaining informed about global policy adjustments. He reviewed the evolving international landscape surrounding cryptocurrencies, noting that the United…
Cryptocurrency analysis firm QCP Capital has released its latest market assessment, highlighting a significant rally in risk assets fueled by various economic factors. QCP Capital Shares What to Watch in the Coming Week The primary driver of this surge was the People’s Bank of China’s (PBoC) stimulus package aimed at boosting the Chinese economy. This, coupled with the Federal Reserve’s announcement of a 50 basis point rate cut, has created a positive sentiment in global markets. In Japan, political developments have also played a role in shaping market expectations. The potential appointment of Ishiba, a vocal critic of the Bank…