|All Time High:|
|Market Cap: |
|The price of #RSV today is $0.98 USD.|
The lowest RSV price for this period was $0, the highest was $0.979, and the exact current price of one RSV crypto coin is $0.97872.
The all-time high RSV coin price was $1.24.
Use our custom price calculator to see the hypothetical price of RSV with market cap of BTC or other crypto coins.
|The code for Reserve crypto currency is #RSV. |
Reserve is 2.7 years old.
|The current market capitalization for Reserve is $1,540,293.|
Reserve is ranking downwards to #1180 out of all coins, by market cap (and other factors).
|The trading volume is very weak during the past 24 hours for #RSV.|
Today's 24-hour trading volume across all exchanges for Reserve is $84.00.
|The circulating supply of RSV is 1,573,788 coins, which is 100% of the total coin supply.|
Note the limited supply of Reserve coins which adds to rarity of this cryptocurrency and increases perceived market value.
More Reserve (#RSV) News
|Eurasian Economic Union Minister: CBDCs Will Pave the Way for the Launch...
Sergei Glazyev, minister of integration and macroeconomics of the Eurasian Economic Union (EEU), has noted the advancements the adoption of central bank digital currencies (CBDCs) could ostensibly bring to the trading dynamics of the region. According to Glazyev, the launch of several digital currencies will allow countries to settle trades outside of the U.S. dollar as early as next year, leading to the rise of a new reserve currency.
Eurasian Economic Union Hopes to Move to CBDC Settlements
The Eurasian Economic Union (EEU) expects that the rise of several central bank digital currencies (CBDCs) will pave the way for the issuance of a new reserve currency different from the U.S. dollar. Sergei Glazyev, minister of integration and macroeconomics of the Eurasian Economic Union, talked about the future benefits these digital, blockchain-based technologies might bring to the trading processes between countries of the EEU and even BRICS countries.
In statements given to Sputnik on Tuesday, Glazyev stated:
I believe that the development of digital technologies and the already announced plans for the introduction of the digital ruble, the digital yuan and the digital rupee will lead us, perhaps as early as next year, to move first to digital settlement in national currencies.
The EEU consists of several post-Soviet Union states, including Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, having a gross domestic product of $2.4 trillion.
An Easier Route to Trade: Th...
|Arthur Hayes Crowns Bitcoin and Ether Crypto's Reserve Assets
BitMEX founder Arthur Hayes believes Bitcoin and Ether are crypto’s reserve assets while everything else is a shitcoin. While he assured that he loves shitcoins and is not a maxi(malist), Hayes went on to add that the first stop is always BTC since 'Bitcoin is money and only money.'
Hayes talks about what to purchase to outperform the currency debasement. The smartest trade is going long crypto, according to the exec. He cited that nothing else has outperformed the increase in central bank balance sheets like crypto.
Hayes on Janet Yellen's Strategies
Hayes delivered a candid analysis of Janet Yellen's pivotal role as the United States Treasury Secretary and the consequential impact of her decisions on the global financial system. He characterized Yellen as the 'baddest bitch in the world,' highlighting her authority to exclude entities from the dollar-dominated financial system, equating it to a potential 'death sentence.'
In his latest blog post, Hayes further criticized government-produced inflation statistics, suggesting they may downplay the true effects of inflation.
He particularly pointed out the uncertainties and potential pitfalls in Yellen's potential strategies that are aimed at stabilizing the economy, issuing short-dated bills, and managing the balance between the Reverse Repo Program (RRP) and Treasury General Account (TGA). The exec hinted that Yellen's actions may lead to a substantial injection of liquidity into the financial markets.
Hayes argues that...
|Bitcoin Magazine Clashes With Federal Reserve Over Satirical 'Fednow' Me...
According to Bitcoin Magazine, a media outlet dedicated to bitcoin news launched in 2012, representatives, including legal counsel, from the U.S. Federal Reserve have expressed concerns regarding the publication's satirical Fednow merchandise. The Fed's representatives assert that the parodied items, which bear the name, infringe upon its Fednow image and trademarks.Federal Reserve Challenges Bitcoin Magazine's Parody Merchandise in Trademark Dispute
On Friday, November 3, 2023, Mark Goodwin, the editor-in-chief (EIC) of Bitcoin Magazine, published a story claiming that representatives from the U.S. Federal Reserve had threatened the publication with legal action. “The Federal Reserve alleges that Bitcoin Magazine used the trademark without permission to mislead readers into believing a connection exists between the publication and the central bank,” Goodwin details.
The parodied items in question encompass nine Fednow items, including T-shirts, long-sleeves, sweatshirts, and hats featuring the name. The letter 'O' in Fednow incorporates an eye-like symbol within it, alluding to a vigilant financial eye.
??Bitcoin Magazine refutes the allegations and has composed an open letter addressed to the deputy general counsel of the Fed's Financial Services division. In the letter, the publication informs the representative that the Fed might find interest in its latest print publication, which “discusses the damages your policies have done to our economy – an...
|Tether's (USDT) Transparency Makeover: Real-Time Reserve Reports on the ...
Following an unexpected change in leadership, Tether seems to be charting an ambitious course for USDT.
Despite facing substantial criticism regarding the perceived opacity of its reserve composition backing the stablecoin, with Paolo Ardoino taking over the role of CEO, Tether is actively working towards enhancing transparency.
Tether Plans for Transparency
Among other plans, Tether intends to start publishing data on its reserves in real time in 2024, according to Ardoino, who spoke with Bloomberg.
The latest development comes after Ardoino was promoted as the CEO of the company, which subsequently marked the transition of previous executive Jean-Louis van der Velde into an advisory role.
In its Q2 attestation signed by accounting firm BDO Italy, Tether revealed that its operational profits surpassed $1 billion for the second quarter. The stablecoin issuer's filing also disclosed an excess of $3.3 billion in reserves with around $72.5 billion of exposure to US Treasuries. This included direct T-bill investments, repurchase agreements, and deposits in money market funds.
As reported earlier, Tether is one of the leading global purchasers of US Treasury bills. The exec had disclosed that USDT accumulated a substantial $72.5 billion in US Treasury bonds, propelling it to the 22nd position worldwide. In terms of Treasury holdings, the company has surpassed countries such as the United Arab Emirates, Mexico, Australia, and Spain.
Ardoino also told the outlet th...
|Billionaire 'Bond King' Jeffrey Gundlach Warns US Dollar's Reserve Curre...
Renowned billionaire Jeffrey Gundlach, also known as the 'Bond King,' has raised concerns over the potential risk to the U.S. dollar's reserve currency status due to rising national debt. 'The future of the U.S. dollar, and possibly out-of-control inflation, depends on getting the budget and spending under control,' Gundlach warned.Jeffrey Gundlach on Future of U.S. Dollar
Jeffrey Gundlach, the CEO and chief investment officer of investment management firm Doubleline, has warned that the U.S. dollar's reserve currency status may be at risk if the United States does not get its spending under control. Gundlach is nicknamed “the Bond King” after he appeared on the cover of Barron’s as “The New Bond King” in 2011. His net worth is currently $2.2 billion, according to Forbes. His firm oversees around $150 billion of assets under management (AUM).
Gundlach said in an opinion piece: 'Should the Federal Reserve continue to raise rates, which may happen, or should the national debt grow, which is certain to happen, this problem will get much worse.” He emphasized:
The future of the U.S. dollar, and possibly out-of-control inflation, depends on getting the budget and spending under control.
The weighted average interest rate on U.S. Treasury debt was 2.92% in August, up from 1.97% in the same time period last year. The billionaire stated that the interest rate on U.S. debt could increase to 5.5% given the current level of Federal Reserve borrowing c...
|BTC Exchange Reserve Plunges to 5-Year Levels as Investor Cohorts Positi...
The latest edition of the weekly market report from cryptocurrency exchange Bitfinex revealed that bitcoin (BTC) reserves on centralized exchanges have plunged further to levels last seen in early January 2018.
According to the Bitfinex Alpha Report, only 2.03 million BTC currently sits on exchanges. Bitfinex noticed a correlation between the slump in exchange reserves and increased crypto prices, suggesting that the market may be in for a bull run.
Bitcoin Exchange Reserves Decline
Bitfinex revealed that BTC reserves on exchanges have been on a decline since they hit a peak in March 2020; this was around the time the asset's price began to rise. The high in reserves tallied with the beginning of a bull market, indicating a possible inverse relationship between BTC's price and exchange reserves.
As crypto prices increased, exchange reserves continued to decline, implying that the scarcity of BTC on trading platforms may be the force behind the price movement. However, the BTC price dip in November 2021 and the continued decrease in exchange reserves challenged the relationship, showing that investors also tend to hold less BTC on exchanges during bear markets.
Nevertheless, many market indicators show that long-term holders and a large part of the short-term investor cohort are currently in a HODL phase and are positioned to hold their assets for longer periods.
Multiple Investor Cohorts Position for Bull Market
The 12-18-month supply holders are currently in a position to ma...
|Federal Reserve Releases Working Paper Exploring Asset Tokenization and ...
The Federal Reserve has released a comprehensive working paper delving into asset tokenization and Risk-Weighted Assets (RWA). As the financial landscape continues to evolve, these innovative financial instruments garner significant attention for their potential to revolutionize investment strategies and reshape traditional markets.
The paper explains that tokenization, similar to stablecoins, consists of five core components: a blockchain, a reference asset, a valuation mechanism, storage or custody, and redemption mechanisms. These elements establish connections between crypto markets and reference assets, enhancing understanding of their impact on conventional financial systems.
Tokenized Assets Have Been Surging
According to the paper, the estimated market value of tokenized assets on permissionless blockchains stands at an impressive $2.15 billion as of May 2023. This valuation encompasses tokens issued by decentralized protocols like Centrifuge and established companies such as Paxos Trust.
The variability in tokenization designs and levels of transparency poses a challenge in obtaining comprehensive time-series data. Nevertheless, insights from DeFi Llama data highlight a burgeoning trend in tokenization within the DeFi ecosystem.
While the total value locked (TVL) in the DeFi ecosystem has remained relatively stable since June 2022, categories related to real-world assets have grown, both in absolute value and as a proportion of the overall DeFi ecosystem. Of the esti...
|JPMorgan Analyzes De-Dollarization Risk, Potential for Chinese Yuan to D...
JPMorgan has provided an analysis of the risks of de-dollarization and the potential for the Chinese yuan to displace the U.S. dollar as the world’s reserve currency. The global investment bank says the renminbi could assume “some of the current functions of the dollar among non-aligned countries and China’s trading partners.”
JPMorgan on De-Dollarization and Chinese Yuan
JPMorgan's Global Research published a report on Thursday titled “De-dollarization: Is the US dollar losing its dominance?”
Alexander Wise, who covers Strategic Research at JPMorgan, described:
The risk of de-dollarization, which is a periodically recurrent theme throughout post-war history, has returned into focus due to geopolitical and geostrategic shifts.
JPMorgan outlined two scenarios that could erode the status of the U.S. dollar as the world’s reserve currency. “The first includes adverse events that undermine the perceived safety and stability of the greenback — and the U.S.’s overall standing as the world’s leading economic, political, and military power,” the global investment bank detailed. “The second factor involves positive developments outside the U.S. that boost the credibility of alternative currencies — economic and political reforms in China, for example.”
The report also discusses alternative currencies to the U.S. dollar. “A candidate reserve currency must be perceived as safe and stable, and...
|BNY Mellon: US Dollar's Global Reserve Status Safe Despite BRICS Expansi...
The Bank of New York Mellon has provided insights into why the growth of the BRICS economic alliance is unlikely to impact the U.S. dollar's dominance as the global reserve currency. 'We think the most important factor for dollar use into the next decade revolves around technology instead,' said the investment bank's analyst.BNY Mellon on US Dollar's Dominance
The Bank of New York Mellon Corp. (BNY Mellon) explained in a note, published Friday, that the U.S. dollar is unlikely to lose its global reserve currency status despite the expansion of the BRICS economic bloc. The leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) recently invited six nations — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) — to join the alliance as new members.
Bob Savage, head of market strategy at BNY Mellon, does not believe the expansion of the BRICS group is enough to dethrone the U.S. dollar. Noting that one of the BRICS objectives is to find an alternative to the USD, he wrote:
The USD is unlikely to lose its global reserve status anytime soon ... new currency unions should look to technology or green baskets, rather than gold- or carbon-based ones.
During their recent summit, the BRICS leaders agreed to encourage the use of local currencies in international trade and financial transactions, thereby reducing reliance on the U.S. dollar.
According to BNY Mellon, the additions of Iran, the UAE, Egypt, and Saudi Arabia wi...
|Chinese Yuan Not Ready to Topple US Dollar as World Reserve Currency, Sa...
A global macro strategist has explained that the Chinese yuan is unlikely to replace the U.S. dollar as the global reserve currency. She emphasized that the 'weaponization' of the USD is one of the top reasons why Russia, China, and other BRICS nations have been seeking an alternative to the dollar.US Dollar v Chinese Yuan
Skylar Montgomery, senior global macro strategist at Globaldata TS Lombard, an independent investment research group focusing on global macro and strategy, explained in a note on Wednesday that the Chinese yuan is unlikely to replace the U.S. dollar as the world’s reserve currency.
She detailed that the U.S. dollar's global reserve currency status 'is a privilege that gives the U.S. significant political, economic, and market influence.' However, she cautioned that the U.S. government is using the USD as a political tool, as seen in the West's action to freeze Russia's currency reserves in response to the invasion of Ukraine. The strategist described:
That weaponization of the dollar is part of the reason why Russia, China, and other BRICS nations have vied for an alternative to the dollar.
The BRICS countries (Brazil, Russia, India, China, and South Africa) recently concluded their annual summit, and the leaders of the economic bloc agreed to promote the use of local currencies in international trade, rather than relying on the U.S. dollar.
While acknowledging a worldwide de-dollarization trend and the decline of the USD's share in global currency re...
|Tether Releases August 2023 Token Reserve Breakdown
Stablecoin giant Tether has published another transparency report detailing the composition of its reserves, and the blockchains on which its tokens are issued.
The report confirms that Tether has $3.3 billion in excess reserves, meaning its tokens are over 100% backed.
Analyzing Tether’s Reserves
Per the report published on Thursday, Tether owns $86.1 billion in assets, while possessing $82.8 billion in liabilities. These liabilities exist in the form of dollar-pegged USDT tokens issued across various blockchains.
The largest amount of USDT (~42.5 billion) circulates on Tron, while a rivaling amount (~38.4 billion) trades on Ethereum. The next largest chain, Solana, hosts far fewer tokens at just ~$800 million USDT.
11 other chains comprise the remainder of Tether’s USDT, though three of those networks – Omni, SLP, and Kusama – are scheduled to have their support canceled in May due to lack of adoption.
The company’s report reiterates claims from last month that the firm holds a 4% reserve surplus, dispelling previous criticisms that its assets and liabilities were dangerously close to the point of making the firm insolvent. These claims were based on an assurance report provided by BDO Italia, analyzing Tether's balance sheet as of June 30 2023.
The excess reserves solely exist as a form of insurance and are generated using Tether’s profits from its reserve stash. Like other top stablecoins, Tether keeps the overwhelming majority of its p...
|Bitcoin, Ethereum Technical Analysis: BTC Traders Jittery, as Federal Re...
Bitcoin marginally declined during Friday's session, concurrent with the ongoing Federal Reserve symposium in Jackson Hole. The Chair of the Fed, Jerome Powell will be speaking at the annual meeting, and providing guidance on the upcoming policy decision. Ethereum also consolidated today.Bitcoin
Bitcoin briefly fell below the $26,000 level on Friday, as traders readied themselves for Jerome Powell's speech.
BTC/USD dropped to an intraday low of $25,914.93 earlier in the day, following a high of $26,406.15 on Thursday.
The decline saw bitcoin move one step closer to its recent support point of $25,600, a level it has tracked for most of the week.
Bitcoin chart by TradingView
From the chart, the decline comes after the 14-day relative strength index (RSI) was unable to move beyond a ceiling of 30.00 during yesterday's session.
As of writing, price strength is tracking at 25.89, which remains highly oversold, and could be heading even lower, to a floor of 20.00.
Ethereum (ETH) also slipped today, as the world's second largest cryptocurrency moved below a recent price floor.
After trading at a high of $1,668.82 on Thursday, ETH/USD bottomed out at $1,641.63 earlier in the day.
|Bitcoin Exchange Reserve Shoots Up, Pain Not Over Yet?
On-chain data shows the Bitcoin exchange reserve has shot up during the past day, indicating that more drawdown may be coming for the price.
Bitcoin Exchange Reserve Has Registered A Large Increase
A few days back, a crash shook both Bitcoin and the wider cryptocurrency market, as the BTC price plummeted from above $29,000 to below $26,000 instantly.
In the days since then, the asset has failed to show any signs of recovery, either, as its value has only continued to move sideways, as the chart below displays.
Bitcoin is trading around $25,800, suggesting a decline of 11% during the past week. This weekly performance of the number one asset in the sector is worse than some of the other top coins, like Ethereum (ETH) and Cardano (ADA).
It's currently unclear whether the asset has hit its bottom, or if more decline is on the horizon, but if on-chain data is anything to go by, the latter may be more likely. As pointed out by an analyst in a CryptoQuant post, the exchange reserve has risen during the past few hours.
The 'exchange reserve' here refers to a measure of the total amount of Bitcoin currently being stored inside the wallets of all centralized exchange platforms.
When the value of this metric goes up, the investors are depositing a net amount of the asset to these platforms right now. As one of the main reasons holders may transfer their coins to the exchanges is for selling-related purposes, this trend can cause bearish implications for the cryptocurrency's price.
|Federal Reserve CBDC Would Threaten Privacy and Freedom, Report Warns
The America First Policy Institute (AFPI) recently sounded the alarm on the potential dangers of transitioning to a central bank digital currency (CBDC). This revelation, in a report penned by Michael Faulkender and David Vasquez, highlights the probable perils associated with the Federal Reserve's direct issuance of a digital dollar.AFPI: A CBDC 'Would Represent the Greatest Threat to What Little Financial Privacy and Data Security Americans Enjoy'
According to the AFPI's report, introducing a CBDC could grant the government unparalleled access to all financial transactions, eroding citizens' privacy. They reference the IRS's recent data exposures as an indication that federal agencies might not be equipped to handle Americans' transaction data safely.
Moreover, the report cautions that a CBDC might allow authorities to selectively ostracize certain groups from the financial landscape. A case in point: the covert Obama-era Operation Choke Point, which saw officials nudging banks to sever ties with entities like payday lenders and gun dealers.
“The operation was hidden from the American people for four years until it ended in 2017, with several high-level officials even lying about the existence of the program,” the AFPI report notes. “The actions of the federal government during Operation Choke Point underscore the heart of the issue with giving the federal government full authority to bypass the law in accessing and censoring Americans’ financial pri...
|Former US OCC Officials: 'Stablecoins Can Keep the Dollar the World's Re...
Brian Brooks and Charles Calomiris, former officials at the U.S. Office of the Comptroller of the Currency (OCC), have stated stablecoins can be tools that might help the U.S. dollar maintain its status as a reserve currency. In a recent article, Brooks and Calomiris call for regulations to allow stablecoin issuers to have the clarity needed for the assets to thrive.
Stablecoins Might Help the U.S. Dollar Maintain Its Reserve Currency Status
Brian Brooks, former U.S. Comptroller of the Currency, and Charles Calomiris, former chief economist of the Office of the Comptroller of the Currency (OCC), have issued an op-ed article explaining how stablecoins could contribute to maintaining the status of the dollar as a reserve currency.
Brooks and Calomiris detail that stablecoins can be significant tools in the fight against worldwide de-dollarization, serving as catalysts for the demand for dollars for citizens in developing countries, even when their governments do not support dollarization per se.
They cite Argentina and Venezuela as examples of countries facing extremely high inflation levels with governments taking measures to cut dollar dependency, but whose citizens use dollars to protect their incomes and savings from losing value while stored in their national currencies.
In this sense, they explained:
Faced with the dismal prospect of saving their wages in local currency stored in local bank accounts, more citizens of high-inflation countries are opting to use doll...
|Federal Reserve Launches New Program to Oversee Crypto Activities of Ban...
On Aug. 8, the Federal Reserve elaborated that “novel activities” included complex, technology-driven partnerships with non-banks.
These partnerships provided banking services to customers and activities that involve cryptocurrencies and blockchain technology, it stated.
@federalreserve provides additional information on its program to supervise novel activities in the banks it oversees: https://t.co/6MiItQwO7V
— Federal Reserve (@federalreserve) August 8, 2023
Fed to Monitor Crypto
The Fed stated that its goal was to “foster the benefits of financial innovation while recognizing and appropriately addressing risks to ensure the safety and soundness of the banking system.”
The move is counter to those made by the Securities and Exchange Commission, which is on a mission to stifle the digital asset industry in America.
Additionally, the Federal Reserve Board provided more information on the process for state banks to follow before they engage in any activities involving stablecoins.
They would need to demonstrate to the central bank that they have “appropriate safeguards to conduct the activity safely and soundly.”
Partner at Moses Singer law firm, Howard Fischer, told Bloomberg, “The fear is that engagement with such volatile assets could put the traditional banking sector at risk,”
The move may impact banks in crypto-friendly states that are still overseen by the Fed.
Moreover, industry observers have highlighted potenti...
|Federal Reserve Governor Hints at More Interest Rate Hikes
Federal Reserve Governor Michelle Bowman says additional interest rate increases will likely be needed to get inflation on a path down to the Fed's target. “I will also be watching for signs of slowing in consumer spending and signs that labor market conditions are loosening,” the Fed governor added.More Interest Rate Hikes Likely Needed, Says Fed Governor
Federal Reserve Governor Michelle Bowman indicated in her remarks on Saturday at an event hosted by the Kansas Bankers Association in Colorado that the U.S. central bank may need to implement additional interest rate increases to completely restore price stability.
She also affirmed her endorsement of the rate hike decision made at last month's Federal Open Market Committee (FOMC) meeting. In July, Fed officials raised the federal funds rate to a range of 5.25% to 5.5%, the highest level in 22 years.
Governor Bowman stated:
Additional rate increases will likely be needed to get inflation on a path down to the FOMC’s 2% target.
“The recent lower inflation reading was positive, but I will be looking for consistent evidence that inflation is on a meaningful path down toward our 2% goal as I consider further rate increases and how long the federal funds rate will need to remain at a restrictive level,” she detailed.
“I will also be watching for signs of slowing in consumer spending and signs that labor market conditions are loosening,” the Fed governor continued, noting that Fed policym...
|Tether Attestation Reveals Reserve Increase of $850 Million in Q2, Exces...
Tether, the company behind the USDT stablecoin, has published an attestation revealing the company's financials during Q2 2023. The document, prepared by BDO, a network of accounting and consulting services, found Tether has increased its reserves by $850 million during this period, with its overall excess reserves reaching $3.3 billion.
Tether Attestation Reveals Excess Reserves Reached $3.3 Billion in Q2
Tether, the company that issues the USDT stablecoin, the largest of its kind in the cryptocurrency market, has released an attestation of its financial standings, revealing the composition of its reserves as of June 30.
The document, prepared by BDO, an international network of accounting and consulting firms, determined that the company increased its reserves by $850 million in Q2. The document also found that Tether's excess reserves, defined as the 'company's own profits – not distributed to shareholders and which the company has decided to keep on top of the 100% reserves that Tether maintains to back all the outstanding tokens,' reached $3.3 billion.
According to Tether, the company's financial situation 'demonstrates the importance of taking the right risk management decisions and care for its community, keeping almost an additional 4% of assets within its reserves.'
T-Bills and Other Investments
The Tether consolidation reserves report also showed that the company has an exposure of almost $56 billion to U.S. Treasury bills ...
|Bitcoin Miner Reserve Rising: Good News For BTC Bulls?
Bitcoin prices have been stagnant, trading below the psychological $30,000 level. The coin is technically under pressure, declining from its peaks of around $31,800 recorded in early July 2023. Amid this development, on-chain data reveals that the Bitcoin miner reserve has been increasing, notwithstanding prevailing market conditions, bouncing back from May 2023 lows. According to data from CryptoQuant, the BTC miner reserve stands at 1.841 million as of July 30, up from 1.826 million on May 27.
Bitcoin Miner Reserve Rising
The increasing BTC miner reserve and relatively stable and steady coin prices suggest a sense of optimism among miners. This could improve sentiment and confidence among miners, possibly boosting prices and preventing sellers from pressing the coin even lower. Presently, as mentioned earlier, BTC is trending below $30,000.
In crypto, the Bitcoin miner reserve measures all BTC in the hands of all miners and mining pools. It shows the total number of BTC that is yet to be liquidated. Price-wise, this is important. Miners frequently sell their coins to cover operational costs and realize profits. Therefore, trackers often monitor their trading patterns for valuable insights into market sentiment.
Bitcoin miner reserve trends are important for traders. However, other critical factors could influence prices in future sessions, some of which might have adverse effects. One key consideration is how different countries decide to regulate cryptocurrencies,...
|Bitcoin Loses $30K as US Federal Reserve Hikes Interest Rates by Another...
Although most prices in the cryptocurrency market have shown high levels of stagnation in the past week, there were still several notable developments on different fronts.
Starting with US regulations, this week saw discussions for a few separate bills, including the Financial Innovation and Technology for the 21st Century Act, which Democrats claimed still 'reeks' of Sam Bankman-Fried - the disgraced former FTX exec who was among the chief supporters. On the other hand, Republicans were not too happy that the stablecoin legislative proposal also failed to pass.
Another talked-about point coming from the States was the Wednesday FOMC meeting. The Federal Reserve was expected to increase the key interest rates by 25 basis points after failing to do so during the previous such meeting.
Typically, such moves lead to enhanced volatility for bitcoin and the rest of the market, but this wasn't the case on Wednesday. The primary cryptocurrency didn't have the best week in terms of price action, as it failed to remain above $30,000 during the weekend and hasn't been above that line since. Furthermore, it painted a monthly low beneath $29,000 on Monday.
Interesting news came out from Twitter as the owner - Elon Musk - announced a rebranding and a logo change to 'X.' Additionally, he hinted at potential integration of Dogecoin, which sent the meme coin's price flying to a three-month peak during the week.
Nevertheless, most crypto assets suffered in the past week, with GALA, Injective,...
|Federal Reserve Raises Federal Funds Rate by 25bps Amidst Moderate Econo...
In the latest Federal Open Market Committee (FOMC) report, it was stated that the U.S. economy has been experiencing moderate growth and members of the committee have decided to raise the federal funds rate by 25 basis points (bps) in order to keep a handle on inflation. Fed Raises Benchmark Bank Rate by 25bps
The U.S. Federal Reserve once again hiked the federal funds rate by 25bps after pausing the month prior. It was widely accepted that a 25bps rise was in the cards as CME’s Fedwatch tool said the probability was 99%. In the statement on Wednesday, the FOMC said that the U.S. banking system was sound and resilient.
Nevertheless, it expressed concern that tighter credit conditions for households and businesses might have a negative impact on economic activity, hiring, and inflation. The extent of these effects remains uncertain, and the committee remains attentive to inflation risks. Per usual, the Fed still is focused on obtaining a 2% annual inflation rate over the longer term. The Fed said:
In support of these goals, the Committee decided to raise the target range for the federal funds rate to 5-1/4 to 5-1/2 percent.
The fate of the 25bps rise remains uncertain, with former Fed chair Ben Bernanke and a significant number of economists suggesting it could be the final hike. The current federal funds rate stands at its highest point in over 16 years, while 30-year mortgage rates range between 6.25% to 6.5% this week, as reported by bankrate.com.
The FOMC emphasized...
|Federal Reserve Raises Rates Again By 0.25%, Bitcoin Trades Flat
The Federal Reserve rose its target interest rate by 25 basis points on Wednesday, in line with market expectations.
This brings the central bank's rate to over 5.25% – one of its highest levels since the lead-up to the 2008 financial crisis.
The latest hike marks the Federal Reserve’s 11th rate hike over its last 12 policy meetings dating back to March 2022.
The central bank’s mission over the past year has been to quell once rampant inflation, which peaked at 9.1% in June 2022. The latest CPI figures showed that the central bank has been successful thus far, bringing inflation back down to 3% as of last month.
That said, PCE inflation – one of the Fed’s preferred metrics for rising prices – has proven more difficult to address. This casts doubt on whether the Fed is ready to cease hiking rates, or is planning more to come.
“The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments,” wrote the Federal Reserve in a Wednesday statement.
The central bank said that inflation remains elevated, and unemployment is low, but that tighter credit conditions are likely to affect businesses and households. “The extent of these effects remains uncertain,” it said.
A 5.25% target rate hasn’t been seen since 2007, with higher rates than that last used in the earl...
|Federal Reserve Launches Fednow for Instant Payments — JPMorgan, W...
The Federal Reserve has launched its Fednow Service for instant payments with 35 participating banks and credit unions, as well as 16 service providers. “The Federal Reserve is committed to working with the more than 9,000 banks and credit unions across the country to support the widespread availability of this service for their customers over time,” the U.S. central bank stated.Fednow Officially Live
The Federal Reserve announced Thursday that its new system for instant payments, the Fednow Service, has launched with 35 participating banks and credit unions, the U.S. Department of the Treasury’s Bureau of the Fiscal Service, and 16 service providers. Participating financial institutions include BNY Mellon, JPMorgan Chase, Peoples Bank, U.S. Bank, and Wells Fargo Bank.
“The Fednow Service is designed to maintain uninterrupted 24x7x365 processing with security features to support payment integrity and data security,” the Federal Reserve detailed, adding:
The Fednow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.
Fed Chair Jerome Powell commented Thursday: “The Federal Reserve built the Fednow Service to help make everyday payments over the coming years faster and more convenient.” He continued: “Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to in...
|Economist Sounds Alarm on US Dollar Losing Reserve Currency Status
An economist with the Heritage Foundation has warned about the potential calamity of the U.S. dollar losing its reserve currency status. He stressed that “The Biden administration has taken so many actions to dethrone King Dollar that it would be difficult to rank them all by their destructiveness.”Economist Warns Biden Administration’s Actions Threaten U.S. Dollar's Reserve Currency Status
Heritage Foundation economist and research fellow E. J. Antoni sounded the alarm on the potential calamity of the U.S. dollar losing its reserve currency status in an interview with the Daily Caller News Foundation, published Sunday.
“The Biden administration has taken so many actions to dethrone King Dollar that it would be difficult to rank them all by their destructiveness,” the economist stated, warning:
Losing reserve currency status … would mean 70 years of deficits flooding back to the U.S., all competing with existing dollars held domestically to buy goods and services. That’s a hyperinflation scenario.
“It also means we could no longer export inflation abroad, so we’d bear the full cost of future inflation ourselves,” he opined.
The weakening value of the dollar is further exacerbated by inflation, with economists attributing it to the policies of the Biden administration and the Federal Reserve. In June, the Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) rose by 3.0% on an annual basis.
|Latam Insights — Bolivia Calls for De-Dollarization, Reserve Drops...
Welcome to Latam Insights, a compendium of Latin America's most relevant crypto and economic news during the last week. In this issue, Bolivian President Luis Arce calls for de-dollarization at the Southern Common Market Summit, Reserve drops fiat services in Latam, and Argentina postpones a $2.6 billion IMF payment.
Bolivian President Calls for De-Dollarization and Diversification
Bolivian President Luis Arce called for the de-dollarization and the diversification of the economic relations of the Latam region. After concluding his participation at the Southern Common Market Summit, Arce reinforced the importance of the de-dollarization process of Latam, stating:
Our region is seriously affected by the restrictions imposed by the northern financial system, which limits financing options, making it necessary to reduce dependence on the U.S. dollar and diversify our economic relations.
Furthermore, Arce mentioned China and the BRICS as possible partners to help in this diversification push. Arce finished explaining that the region was 'experiencing a crucial moment of transition towards a multipolar world that guarantees a balance of powers.'
In May, Arce called the Central Bank of Bolivia to research if the country could also mimic the recent advancements in the Chinese yuan's usage in countries like Argentina and Brazil.
Reserve Drops Fiat Services in Six Countries
Reserve, a cryptocurrency exchange platform, announced it was dropping fiat-based services in six cou...
|New York Federal Reserve and US Banks Complete Programmable Dollar CBDC ...
The New York Federal Reserve and a group of financial institutions announced the successful conclusion of a proof-of-concept of the Regulated Liability Network (RLN), which contemplates the introduction of a dollar-based interbank central bank digital currency (CBDC). The test concluded that, using the RLN, the proposed CBDC might allow for near real-time dollar payments and cross-border settlements.New York Federal Reserve and Bank Working Group Finish Programmable Dollar-Based Wholesale CBDC Test
The New York Federal Reserve and other banks and payment firms have announced the conclusion of a 12-week proof-of-concept test of the Regulated Liability Network (RLN), a system using shared ledger technology to provide programmability to regulated money.
The working group, comprising BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank, and Wells Fargo, examined the performance of a dollar-based wholesale central bank digital currency (CBDC) in different use cases.
The role of the Federal Reserve New York Innovation Center was 'limited to the simulated operation of tokenized central bank deposits as a settlement asset,' according to the released report. Furthermore, the document clarifies that this participation is 'not intended to advance any specific policy outcome, nor to signal that the Federal Reserve will make any imminent decisions about the appropriateness or design of tokenized central bank deposits or wholesale CBDC.'
Examined Use Cases
One of the u...
|Veteran Trader Peter Brandt Urges Federal Reserve to Raise Interest Rate...
Veteran trader Peter Brandt has urged the U.S. Federal Reserve to stay hawkish and increase interest rates another 100 basis points to protect the nation's wealth. He stressed that there is nothing more destructive to wealth than inflation, emphasizing that the Fed 'must keep their feet to the floorboard to prevent a re-occurrence of inflationary pressures.'Peter Brandt’s Advice for the Federal Reserve
Veteran trader Peter Brandt has urged the Federal Reserve to remain hawkish and increase interest rates by another 100 basis points. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar.
“The U.S. Fed was negligent for not aggressively raising rates in early 2021,' he tweeted Thursday. 'Traders knew this, but the Ph.D.s had their heads up their butts.' He added: 'But now, I congratulate the Fed as it wants to remain hawkish. The market is concerned about unemployment and possible recession. Those are the least of our worries.”
Noting that 'higher unemployment is the least of our worries,' Brandt opined:
There is NOTHING more destructive to wealth than inflation. The Fed must keep their feet to the floorboard to prevent a re-occurrence of inflationary pressures. While the Fed was asleep at the switch in 2021, increasing rates another 100 basis points would do wonders to prote...
|Federal Reserve Chair Pushes Stronger Measures to Tackle Inflation, Cons...
Federal Reserve Chair Jerome Powell has reaffirmed the Fed’s hawkish stance. Noting that the latest economic data indicates that the Fed's policy 'may not be restrictive enough' and 'has not been restrictive for long enough,' Powell stated that the central bank could raise interest rates 'at consecutive meetings.'Fed Chairman Powell on Rate Hikes
Federal Reserve Chair Jerome Powell reaffirmed the Fed’s hawkish stance on Wednesday during a central banker panel hosted by the European Central Bank in Sintra, Portugal. With the next Federal Open Market Committee (FOMC) meeting slated for July 25-26, Powell emphasized that the Fed is not done curbing inflation and hinted at the possibility of consecutive interest rate hikes. The Federal Reserve paused raising interest rates in June after 10 consecutive rate hikes.
“If you look at the data over the last quarter, what you see is stronger than expected growth, a tighter than expected labor market, and higher than expected inflation,” Powell detailed, adding:
?That tells us that although policy is restrictive, it may not be restrictive enough and it has not been restrictive for long enough.
Powell noted that Fed officials have not decided on the timing and magnitude of additional interest rate hikes. Nonetheless, he shared:
?I wouldn’t take moving at consecutive meetings off the table at all.
During an event held by Spain's central bank in Madrid on Thursday, the Fed chair clarified: “We expect the...
|Federal Reserve Chair Discusses De-Dollarization Threat, Risk of US Doll...
Federal Reserve Chairman Jerome Powell has discussed the threat of de-dollarization and the risk of the U.S. dollar losing its world’s reserve currency status. He believes that the USD hegemony is a consequence of America’s economic dominance.Fed Chair Powell on Threat of De-Dollarization, USD Losing Reserve Currency Status
Federal Reserve Chairman Jerome Powell addressed de-dollarization concerns during his testimony before the House Financial Services Committee on Wednesday.
Congressman Ritchie Torres (D-NY) asked the Fed chair: 'As you know, the U.S. has foreign adversaries, particularly the CCP, that seem intent on de-dollarization. How seriously should the threat of de-dollarization be taken in your view?'
Powell replied: 'The status of the United States, of the dollar as the world's reserve currency, is a very important thing to us.” He added:
I think the reason we have that status is largely due to our great democratic institutions, the rule of law, and the fact that we have, generally speaking, had strong levels of price stability.
“And, I think the dollar will remain the reserve currency as long as those things are in place,” he opined.
The lawmaker further asked Powell whether he thinks the U.S. dollar's global reserve currency status is 'the cause of America's economic dominance or a consequence of it. The Fed chair replied:
To me, it's more of a consequence.
'Also there tends to be an equilibrium where one currency becomes the accepte...
|Federal Reserve Chairman Says Crypto Appears to Have Staying Power in US...
Federal Reserve Chairman Jerome Powell has acknowledged that cryptocurrency appears to have staying power as an asset class in the U.S. economy. In addition, he stated that the central bank views payment stablecoins as a form of money, emphasizing that it would be appropriate to have a robust federal role in what happens in stablecoin regulations going forward.Powell on Crypto’s Staying Power
Federal Reserve Chairman Jerome Powell answered some questions about cryptocurrency and stablecoins during his testimony before the House Financial Services Committee on Wednesday.
Congressman Warren Davidson (R-OH) stated that crypto currently has a market cap of about $1.1 trillion. He then asked Powell: 'Do you acknowledge that this asset class has staying power in the U.S. economy?' The Fed chairman replied:
It appears to have some staying power.
Powell then noted that a year ago the market cap of the crypto market was a lot higher.
Rep. Davidson promptly explained that the crypto market had some 'volatility in large measure due to the lack of legal clarity.' He added that the committee aims to change this, noting that several bills are coming out, including one on stablecoins.
The congressman further stated that the U.S. Securities and Exchange Commission (SEC) has been active in the crypto space. He emphasized that the upcoming bills should provide clarity for SEC Chair Gary Gensler as well as Congress and industry participants. Last week, Davidson and House Majority Whip Tom...