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Riot Platforms calls for Bitfarms shareholders to vote for new board members to improve governance ahead of a crucial special meeting. (Read More)
Riot Platforms urges further changes to Bitfarms board, proposing two independent directors ahead of a special meeting in October.
Bitcoin must hold above the $50,000 mark until the Sept. 18 Federal Reserve meeting to avoid more downside.
Bitfarms Ltd. has scheduled a special shareholder meeting for October 29, 2024, in response to a requisition by Riot Platforms. Shareholders of record as of September 26 are eligible to vote. (Read More)
NVIDIA's 2024 Annual Stockholder Meeting will be held online on June 26, 2024. (Read More)
PEPEs rising wedge pattern, rising whale accumulation and increasing rate cut bets could boost the memecoins price in June.
The plan, which passed after Bitfarms shareholder meeting, will complicate Riots effort but not necessarily stop it from succeeding.
After the most recent increase in the federal funds rate, the U.S. Federal Reserve is set to raise the lending rate by 25 basis points (bps) to 5.25% in three days, according to expectations. A recent poll of 105 economists revealed that 94 of them predict a 25bps rate hike will occur during the May [...]
The post US Central Bank Expected to Raise Lending Rate by 25bps: Experts Predict Final Hike of 2023 appeared first on Crypto Breaking News.
A prominent investor in the world of cryptocurrency recently made a bold move by placing a massive bet against Bitcoin. This high-stakes gamble involved wagering a staggering $368 million on Bitcoin’s decline using 40x leverage. The timing of this risky maneuver coincided with the Federal Open Market Committee (FOMC) meeting, adding fuel to the fire [...]
The post Bitcoin whale risks $368 million on 40x leverage for BTC drop before FOMC meeting appeared first on Crypto Breaking News.
Bitcoin closed the week at $81k, managing to avoid downside risks ahead of the Federal Open Market Committee (FOMC) meeting. This crucial event had investors on edge as they awaited the outcome of the meeting and its impact on the markets. Despite some volatility throughout the week, Bitcoin held strong above the $80k level, showing [...]
The post Bitcoin Needs Weekly Close Above $81K to Steer Clear of Potential Downside Before FOMC Meeting appeared first on Crypto Breaking News.
According to the CME Group Fedwatch tool on Thursday, there was a 51% probability of a quarter-point rate increase during the upcoming Federal Open Market Committee (FOMC) meeting on June 14. Just a fortnight ago, the Fedwatch tool indicated a slim possibility of the federal funds rate reaching 5.50% next month. The following day on [...]
The post Market Outlook: CME Fedwatch Tool Points to Increased Chance of June Rate Hike appeared first on Crypto Breaking News.
Brazilian President Luiz Inácio Lula da Silva has revealed his intention to raise the issue of de-dollarization at the next BRICS meeting. “Why Brazil and Argentina would trade in dollars. Why don’t we do it in our own currencies? Why can’t Brazil and China trade in their currencies? The question of why I need to
The post Brazil to Push De-Dollarization Agenda at BRICS Meeting appeared first on BTC Ethereum Crypto Currency Blog.
The U.S. Securities and Exchange Commission (SEC) has sent Coinbase a “Wells notice” about potential violations of securities law. The Nasdaq-listed cryptocurrency exchange noted that, unlike what SEC Chairman Gary Gensler said, the securities regulator “will not let crypto companies ‘come in and register.’” Coinbase CEO Brian Armstrong explained: “A Wells notice typically precedes an [...]
The post SEC Informs Crypto Exchange Coinbase of Potential Securities Law Violations appeared first on Crypto Breaking News.
The US OCC has created virtual office hours to discuss fintech and possibly crypto-related innovations (Read More)
The FOMC meeting is currently looming above the financial markets, including bitcoin, given that it is just a few days away. Previous interest rate hike trends and the fact that inflation remains a prominent threat have led to a negative outlook for the FOMC meeting. It is expected that another Fed interest rate hike is on the horizon, which will no doubt have a profound effect on the crypto market. FOMC Meeting Draws Near The next FOMC meeting will take place on November 1-2 according to the official schedule. It happens around once every one to two months and is important as this is where the Fed decides what to do in regard to the economy and keeping it healthy. Related Reading: Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach New High Unlike the previous years, 2022 has been a very hard year, not just for the United States economy, but for economies all around the world. Inflation rates have been reaching levels not seen in decades and the Fed has had to tighten up its policy in response to this. Interest rate hikes have been the norm for the last couple of months, in most cases, coming in higher in most cases than expected. This time around, Wu Blockchain has said that the expected interest rate hike is 75 BPS, with an 81% probability of this happening. If it does play out this way, then this would be the fourth consecutive interest rate hike of 75 bps by the Fed, which could have negative consequences for assets in the crypto space such as Bitcoin. On November 2 next week, the United States will announce the Fed Interest Rate Decision, and the probability of raising interest rates by 75bps is currently 81%. The U.S. unemployment rate for October will be released on November 4. https://t.co/nGgrVQN0to — Wu Blockchain (@WuBlockchain) October 31, 2022 How Will Bitcoin Respond? The past performances of bitcoin in relation to interest rate hikes by the Fed can often be a guide for what to expect in the future. If the current prediction for another 75 bps turns out to be right, then it will be an extremely volatile week for bitcoin and the crypto market. BTC continues to trend upward | Source: BTCUSD on TradingView.com Back in September when the Fed had last increased interest rates, the price of bitcoin had responded quite negatively. In fact, it would prove to be the most volatile reaction to the FOMC meeting given that BTC’s price had dropped more than 5% in one minute. This was going off a three consecutive interest rate hike. Related Reading: Can Elon Musk Influence The Next US Election? Another interest rate hike this week is expected to lead to even larger volatility in the market. This will also coincide with the profit-taking that is currently ongoing due to bitcoin’s recovery above $20,000. It could be the last straw that drags the digital asset back below $20,000 once more. However, the interest rate hikes are not expected to continue indefinitely. It is likely that 2023 is going to see a reversal in this trend, which would present a growth opportunity for risk assets such as biotin. Featured image from Coinews, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Bitcoin (BTC) fell to lows of $18,255 on crypto exchange Coinbase to see the world’s largest digital asset by market cap touch its lowest price levels since the crypto rout recorded in June 2022.
The bellwether crypto was down 7.8% early Monday morning (05:30 am ET) and trading around $18,430 across major exchanges as shown by CoinGecko data.
At current levels, Bitcoin is sitting below the previous cycle high, with negative sentiment likely to aid the bearish push for a lower target. (Bitcoin fell to lows of $17,600 on 18 June 2022 following a massive bear market sell-off catalysed by the collapse of Terra and LUNA and implosions for several crypto companies.
Crypto analyst Michael van de Poppe points to Bitcoin’s local low but thinks a lot more could happen ahead of the FOMC meeting this week.
Local lows for #Bitcoin, while FOMC meeting is approaching.
Overall consensus is that we'll have 100bps hike with continued hikes in coming months, while debates on this policy start to increase.
Sell the rumor, buy the news?
We'll know on Wednesday.
The rest of the crypto market is also red, with Ethereum (ETH) shedding more than 10% in the past 24 hours.
As Invezz reported last week, Ethereum completed its historic transition from proof-of-work consensus to proof-of-stake consensus mechanism – the Merge. However, the bullish effect of the event appears to either already have been priced in pre-Merge or will be felt long term. For now, Ether is struggling with downside pressure just under $1,300.
Again, van de Poppe thinks the Fed rate hike could have an impact on the price of Ether. He said in a tweet on Monday:
“Ethereum is looking at weakness here, as it lost an upwards trending structure. Expecting a response from the region between $1,200-1,300. Not sure whether we’ll get a bounce towards $1,425 as FED on Wednesday is most important as a decider of a trend.”
#Ethereum looking at weakness here, as it lost upwards trending structure.
Expecting a response from the region between $1,200-1,300.
Not sure whether we'll get a bounce towards $1,425 as FED on Wednesday is most important as a decider of a trend. pic.twitter.com/BZ7RaaEdqT
The past 24 hours have also seen double-digit losses for other major altcoins, including Cardano, Polkadot, XRP, and Polygon. Overall, losses across crypto have the global crypto market cap down well over $70 billion, currently down 7.3% to about $943 billion.
Losses for crypto come as the broader risk asset market frets over tighter central bank monetary conditions. This week, the US Federal Reserve is set to unleash another interest rate hike – it could even be a 100 basis point hike. Elsewhere, higher rates are also expected from the Bank of England and other central banks (here is our latest article on the three key rate hikes this week).
The post Bitcoin sinks again ahead of this week’s FOMC meeting appeared first on Invezz.
The first three days of the trading week are marked by the ECB Conference in Sintra, Portugal. Following the Federal Reserve model of the Jackson Hole Symposium, the ECB has organized its own conference to be held yearly.
During the pandemic, the conference was held virtually, but now it is back on track. Central bankers from all over the world as well as financial press representatives and ECB watchers, attend the conference.
Later today, a panel consisting of the Fed Chairman, the ECB President, and the Bank of England’s Governor will definitely move financial markets.
For traders, everything said during this conference might be a market mover. That is especially true for the euro pairs as the ECB prepares to hike the interest rates from their lowest level ever.
The ECB chose not to hike the rates in June, despite other central banks doing it so already. Even the Swiss National Bank, known for its easy stance, hiked by 50bp.
But inflation keeps rising in Europe. Earlier today, Spanish inflation rose to 10.2% YoY, much higher than the 8.8% expected.
It has reached double-digit territory, and many European citizens believe that the ECB has lost touch with reality. However, to its credit, the ECB had a hard time raising the rates due to the conflict in Ukraine. The danger of hiking too early was to send the European economies straight into a recession.
So here is why the ECB will hike by 50bp in July:
Two things surprised today in the Spanish inflation data. One is the fact that it reached the double-digit territory.
Another is that the rise in energy prices accounted only for about 5.5% of the inflation rate. The rest belonged to core inflation, which is much higher than the ECB’s definition of price stability.
The window for hiking rates closes shortlyA central bank cannot just raise the interest rates if it is not appropriate. During economic growth, it is the opportune time to do so.
By lifting the rates, the central bank prepares for the time when it needs to cut the rates again to fight the next recession. The business cycle theory tells us that an economy grows through periods of booms and busts, expansion and contraction, and the interest rates are the appropriate tool to use.
The ECB appears to be behind the curve. The Fed already has the rate at 1.75%, with similar inflation. As such, it can cut smoothly when the next recession comes.
And the next recession is feared to be closer than many expect. Therefore, if the ECB does not hike by 50bp in July, it will miss its opportunity as a recession might come towards the end of the year or early 2023.
The post 3 reasons why the ECB will hike by 50bp at its July meeting appeared first on Invezz.
Will GBTC get to become the first US-based spot bitcoin ETF? The euphoria from six months ago turned into Grayscale hinting that it might sue the SEC if its request is denied. Currently, the climate dictates that the answer will probably be negative, but the company is not giving up. According to CNBC, Grayscale “met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF.” Related Reading | Grayscale Removes Bancor (BNT) And Universal Market Access (UMA) From Its DeFi Fund The Grayscale Bitcoin Trust, also known as GBTC, “holds roughly 3.4% of the world’s bitcoin and is owned by more than 850,000 U.S. accounts, according to Grayscale.” For more than a year it has traded at around a 25% discount to BTC’s price. According to Grayscale, at the moment that the SEC approves the product’s transformation into an ETF, the discount will end and it will unlock “up to $8 billion in value for investors.” Take into account that VanEck’s, BlockFi’s, and other recent applications for a spot bitcoin ETF have been rejected. And that Grayscale has been applying to get one since 2017. This time around, the SEC has until July 6th to approve or deny the GBTC application. What Would Happen If The GBTC Turns Into An ETF To answer this question, Grayscale made “a 24-page presentation” for the SEC. Some graphs from the document are in the CNBC report, although in low resolution. In general, the GBTC’s transformation into a spot bitcoin ETF “would open them up to ordinary investors in a familiar wrapper that trades like a stock.” The main argument from Grayscale is that a bitcoin futures ETF already exists, and the “SEC is discriminating against issuers” by not letting any company create a spot bitcoin ETF. “ Grayscale contended that a spot bitcoin ETF is “no riskier” than futures-based ETFs, because the two markets are both affected by the underlying price of bitcoin and track each other closely.” Back in April Grayscale’s CEO, Michael Sonnenshein, felt more litigious when he said: “If the SEC can’t look at two like issues, the futures ETF and the spot ETF, through the same lens, then it is, in fact, potentially grounds for an Administrative Procedure Act violation.” The SEC visit and the threat of legal action have not been Grayscale’s only weapon. According to CNBC, to help transform the GBTC into an ETF, “the investment firm has helped coordinate a public letter-writing push, flooding the SEC with more than 3,000 letters in support of its application.” GBTC price chart on FTX | Source: GBTC/USD on TradingView.com How Would A Spot Bitcoin ETF Affect The Market? Opinions vary. There are institutions that can’t invest in bitcoin as an asset, but could definitely put their money in an ETF. Some believe that the sudden influx of funds that these people would bring would send bitcoin’s price to the moon. Unlike a future ETF which only holds future contracts, a spot ETF would have to buy the bitcoin it’ll represent. So, the money would definitely enter the bitcoin ecosystem. Related Reading | SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case On the other hand, Bitcoiners don’t see what they deem as “paper bitcoin” with good eyes. The financial instrument would represent bitcoin, but the ETF isn’t the asset per se. This brings forth certain vulnerabilities to the bitcoin network. The “paper bitcoin” could be considered inflation and something akin to fractional reserve banking is technically possible. In any case, neither group has the finger on the trigger. The SEC and only the SEC does. Featured Image by Aymanejed on Pixabay | Charts by TradingView
Discover how to efficiently summarize meetings using Python and AssemblyAI's API, reducing the time spent on reviewing recordings with AI-powered solutions. (Read More)
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