Federal Reserve
The U.S. central bank yesterday signaled that far easier monetary policy is in store for 2024.
Bitcoin traders are predicting flash BTC price moves despite almost unanimous market predictions as to what the Fed will do next.
Bitcoin price is down today as investors expect the Federal Reserve to raise rates and crypto whales send record amounts of BTC to exchanges.
Bitcoin begins to fulfill traders’ downside targets as BTC price action retraces its steps in a crucial macro week.
While FedNow is currently not tied to any initiative for a digital U.S. dollar or the crypto space in general, experts warn that the system might end up as a precursor to the infrastructure for a central bank digital currency.
Some argue it would weaken crypto’s payments use case or form a bridge to a digital dollar.
Thursday's rally to a new 13-month high of $31,800 has now more than been fully nullified.
The jobs market remains strong, a concern for the U.S. central bank which seems intent on raising the Federal Funds rate 25 basis points.
Wednesday's CPI report showed sizable decelerations in both overall and core U.S. inflation, which one might've thought would drive BTC's price higher.
The unemployment rate fell to 3.6% versus 3.7% in May and against expectations for 3.7%.
- 03:11Loan Protocol Loopscale Hit by Attack, Approximately 5.7 Million USDC and 1,200 SOL StolenOn April 27, it was reported that the Solana-based lending protocol Loopscale disclosed on platform X that at 11:30 AM EST (UTC+8, April 26, 11:30 PM), the RateX PT token pricing function of Loopscale was manipulated, leading to the theft of approximately 5.7 million USDC and 1,200 SOL from Loopscale's USDC and SOL vaults. Currently, all markets of Loopscale have been temporarily halted for the team to conduct further investigation. The funds involved in this security breach constitute about 12% of Loopscale's total funds and only affect depositors who have funds in Loopscale's USDC and SOL vaults. Borrowers and revolving loan users are unaffected. Efforts are underway to restore the repayment function as soon as possible to avoid unforeseen liquidation scenarios. The team is working closely with law enforcement officials, security experts, and investors to recover the funds. An update will be released immediately upon receiving more information and a complete technical analysis report.
- 03:11Market News: IMF States El Salvador Has Stopped Using Public Funds to Invest in BitcoinApril 27 News, according to a post and screenshot by crypto KOL Crypto Rover, the International Monetary Fund (IMF) states that El Salvador has stopped using public funds to invest in Bitcoin.
- 03:10U.S. Bond Funds See Record Inflows Last Week, Bond Market StabilizingAccording to The Kobeissi Letter, U.S. bond funds experienced record inflows last week, reaching about $19 billion. This surpasses the previous record of approximately $14 billion set during the pandemic in 2020. Meanwhile, the 30-year U.S. Treasury yield is down nearly 30 basis points from its peak in April. The U.S. bond market is stabilizing.