Bitcoin's boring price action, characterized by continued accumulation by small investors, is being attributed to several reasons. including the U.S. election uncertainty and renewed uptick in the U.S. Treasury yields.
Inflation came in stronger than expected in the U.S. in September, according to the government's Consumer Price Index report released Thursday morning. The Consumer Price Index rose 0.2% in September versus economist forecasts for 0.1% and a 0.2% rise in August. Core CPI ? which excludes more volatile food and energy costs ? rose 0.3% in September versus forecasts for 0.2% and 0.3% in August.
The employment picture in the U.S. heated up in September, with the government reporting the addition of 254,000 jobs last month, flying past economist estimates for just 140,000.
Real-world asset tokenization company Digital Asset said Tuesday that it completed a pilot initiative to tokenize U.K. bonds, Eurobonds, and gold for financial transactions using the Canton Network protocol.
Investors tend to focus on monetary policy from the major central banks and Canada, Sweden, and Switzerland have each cut rates three times this year. Lower borrowing costs going forward should boost the price outlook for crypto, says Scott Garliss.
A lack of interoperability poses an existential threat to central bank digital currencies, as it does to Web3 itself, says Temujin Louie, CEO of Wanchain.
On Sept. 24, financial assets soared to record levels, among them the S&P 500, which reached a record high of 5,735 and gold, which climbed to $2,670 an ounce. But what is driving these continual rallies in financial markets? Central bank policies have significantly contributed to injecting liquidity into the global economy.
People?s Bank of China governor Pan Gongsheng announced a cut to the amount of money banks must hold in reserve, taking it to the lowest level since 2020.
Bitcoin may have outperformed stocks in the aftermath of the Federal Reserve?s decision to lower interest rates on Wednesday, but the true winners in the crypto universe are altcoins.
For all the talk of central banks launching digital versions of national currencies, only three projects have fully launched. For a host of reasons, we likely won?t see a global rollout of these difficult-to-build and not-particularly-wanted initiatives, says Fiorenzo Manganiello, co-founder and managing partner of investment firm LIAN Group.
More than 40 financial firms will join central bank group the Bank for International Settlements to explore how tokenization can enhance wholesale cross-border payments in Project Agor?, the BIS said on Monday.
A decent jobs report last week and speedier than expected inflation data this week had most assuming the U.S central bank would initially proceed cautiously as it begins a monetary easing cycle.
The brief rally in the cryptocurrency markets following Friday's U.S. jobs report quickly reversed in volatile trading, sending bitcoin {{BTC}}, the largest cryptocurrency, to its lowest in a month. Bitcoin {{BTC}} jumped to $57,000 following the report, only to erase the gain and tumble below $54,000 to the lowest since Aug. 5. It is down nearly 3% over the past 24 hours.
U.S. job growth was slightly less than expectations in August, but probably not weak enough to prompt the Federal Reserve to begin its rate-cutting cycle later this month with a 50 basis point move. According to Friday morning's Nonfarm Payrolls report from the government, the U.S. added 142,000 jobs in August versus economist forecasts for 160,000 and July's 89,000.
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 6, 2024. First Mover is CoinDesk?s daily newsletter that contextualizes the latest actions in the crypto markets.
The approval of the bitcoin and Ethereum ETFs could represent a similar change in market to what central banks caused in gold markets post-2022 ? a new factor that, at least temporarily, overwhelms traditional narratives, including the ?store of value? concept.
The August reading of the Institute for Supply Management?s manufacturing index slumped for a fifth straight month with a rebound from July but remaining below the 50 threshold.
A key metric by which officials set rates shows the potential to cut rates by 175 basis points over the next nine months. If so, that?s likely to drive the prices of bitcoin and ethereum higher, says Scott Garliss.
India's central bank Governor Shaktikanta Das has said that while their retail central bank digital currency (CBDC) pilot has over 5 million users, there should not be in any rush to roll out a system-wide CBDC.
Comments at the Jackson Hole symposium later Friday may give clues about the Federal Reserve monetary policies, will boost or undermine prices of risk assets, including bitcoin.
On Wednesday, the Bureau of Labor statistics will publish a preliminary estimate of the benchmark revision to the level of monthly nonfarm payrolls (jobs report) from April 2023 to March 2024.
The latest price moves in bitcoin (BTC) and Crypto (CRCW) markets in context for Aug. 15, 2024. First Mover is CoinDesk?s daily newsletter that contextualizes the latest actions in the Crypto (CRCW) markets.
Inflation in July for the U.S. came in mostly as forecast as the stage continues to be set for the Federal Reserve to begin cutting rates at its upcoming mid-September meeting. The Consumer Price Index rose 0.2% in July, according to a U.S. government report Wednesday morning. The core CPI ? which strips out food and energy costs ? was higher by 0.2% in July versus 0.2% expected and 0.1% in June.
Traditional finance institutions are increasingly exploring ways of putting assets like bonds, credit and funds on blockchain rails, known as RWA tokenization, to pursue operational benefits.
Customers Bank, which has done business with several of the most prominent crypto firms, has been called out by the U.S. Federal Reserve for inadequately policing illicit activity, particularly with digital asset clients.
The ominous-sounding technical price pattern could again trap bears on the wrong side of the market as the Bank of Japan plays down chance of a near-term interest rate hike.
Former President Donald Trump heaped more praise on the "very, very smart people" of the Crypto (CRCW) industry in an interview broadcast on Friday, suggesting that the U.S. embracing Bitcoin {{BTC}} could aid in addressing the $35 trillion U.S. national debt. Though Vice President Kamala Harris, his presumptive Democratic opponent in the presidential race, hasn't yet made any policy statements about her own view on cryptocurrency, one of her campaign accounts on X ? the "rapid response" campaign effort ? seemed to slam Trump's view by airing his comments.
The jobs market softened appreciably in July with the U.S. adding just 114,000 jobs during the month and the unemployment rate rising to 4.3%, according to the Bureau of Labor Statistics. Those 114,000 jobs were well shy of expectations for 175,000 and down from 179,000 in June.
The price action happened as Iran's leadership reportedly ordered retaliatory attacks against Israel, increasing concerns about a broader conflict in the Middle East.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
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