Fever over BlackRock's bitcoin fund faces chill of rate hikes and…

The U.S.

dollar edged back towards last week’s 2-1/2-month highs versus major peers, after dropping on Monday following unexpectedly soft U.S. services data, that clouded the policy outlook for the months ahead.

Money markets are widely expecting the U.S.

central bank to keep rates on hold at its policy meeting next week, though there are some expectations for the Fed to deliver another rate hike later this year.

Bitcoin steadied after falling more than 5% yesterday, its worst daily decline since April 19. The world’s biggest cryptocurrency was last at $26,300, up 3.85% on the day.

In statements on Monday, Binance said it had been cooperating with the SEC’s probes and had “worked hard to answer their questions and address their concerns”, including by trying to reach a negotiated settlement.

“We intend to defend our platform vigorously,” it said in a blog.

“The index sends another signal that demand is cooling and that the cumulative tightening is working through the economy, giving room to the Fed to pause in June to assess conditions further,” Saxo Markets strategists said in a note to clients.

“The dark clouds overshadowing crypto have lifted in recent days amid a burst of institutional interest,” said Kate Laurence, general partner of Bloccelerate VC, Recommended site (My Source) which invests in crypto projects.

Earlier this month, Wall Street’s regulator, the Securities and Exchange Commission, pressed a raft of charges against Binance, the world’s biggest cryptocurrency exchange, and US-based Coinbase.

“The SEC has not said that BTC, ETH, or stablecoins generally are unregistered securities, and those assets account for at least 75% of crypto’s total market cap,” said Alex Thorn, Head of Firmwide Research at Galaxy Digital.

The RBA raised the cash rate to an 11-year high of 4.1%, saying the hike would provide greater confidence that inflation would return to target within a reasonable time frame, but adding that further tightening may be required.

NEW YORK, June 6 (Reuters) – The top U.S.

securities regulator sued cryptocurrency platform Coinbase on Tuesday, the second lawsuit in two days against a major crypto exchange, in a dramatic escalation of a crackdown on the industry and one that could dramatically transform a market that has largely operated outside regulation.

Following the decision, several major cryptocurrency exchanges, including Coinbase and Bitstamp, resumed trading of XRP on their platforms, after having suspended trading of the token in 2021 due to the SEC’s lawsuit.

Binance.US said on Friday it had also enabled XRP trading on its exchange.

Binance’s BNB cryptocurrency, the world’s fourth-largest, fell 0.3% to a near three-month low of $277, after a 9.2 percent plunge on Monday, its worst daily fall since November.

“The marketplace is not only not transparent and not audited but it’s also, according to the SEC, rife with manipulation,” said John Reed Stark, a former chief of the SEC’s Office of Internet Enforcement said of the cryptocurrency market.

Binance saw net outflows of $1.34 billion of crypto tokens on the ethereum blockchain, with its U.S.

affiliate, Binance.US, registering net outflows of $70.8 million, Nansen tweeted.

Australia’s central bank delivered a surprise interest rate hike on Tuesday, and while investors mostly expect the Federal Reserve to abstain from raising rates next week, some analysts cautioned that more rate hikes by the Fed are on the cards.

debt ceiling issue, but now we are very much back to the macro dynamics driving central banks and where their terminal rates are going to be.”

“The last few months have been completely distracted by the banking crises and the U.S.

With no major U.S.

data for the remainder of the week and Fed officials in a “blackout” period, Al-Saraf expects it could be a quiet time for the euro against the greenback ahead of the Fed and European Central Bank policy meetings next week.

Government bond yields – a proxy for borrowing rates – eased slightly after a European Central Bank (ECB) survey showed euro zone consumers had lowered their inflation expectations.

Traders said liquidity was low on the altcoin moves, but steadily improving in bitcoin and ether.

Turnover for Coinbase stock was the highest in 14 months on Thursday, giving weight to a move that has more than doubled the stockprice in a month.

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