🚀 Fed Chair Powell Signals No Rush to Cut Rates Amid Upcoming Job Reports
#FedChair #JeromePowell #InterestRates #JobReports #Employment #RateCuts #LaborMarket #Economy #Unemployment #JobGrowth #FederalReserve
According to Odaily, Federal Reserve Chair Jerome Powell has indicated that the Fed is not in a hurry to lower interest rates and prefers a gradual approach to rate cuts. However, this patience will be tested with a series of highly anticipated employment reports set to be released starting this Friday. If there are any new signs of deterioration in the job market, the Fed may be compelled to make a significant rate cut of 0.5 percentage points initially, followed by another substantial cut, even though policymakers currently expect to reduce rates by 25 basis points in both November and December.
The latest employment market data, expected to be released on Friday, is anticipated to reinforce a trend of moderate cooling. Economists predict that 146,000 jobs were created last month, with the unemployment rate remaining steady at 4.2%. This report is largely in line with the creation of 142,000 jobs in August.#FedChair #JeromePowell #InterestRates #JobReports #Employment #RateCuts #LaborMarket #Economy #Unemployment #JobGrowth #FederalReserve
🚀 Fed Faces Potential Challenges Ahead Of November Meeting
#FederalReserve #InterestRates #EmploymentReport #WageGrowth #UnemploymentRate #Economy #EconomicResearch #MarketAnalysis #RateCuts #NovemberMeeting
According to PANews, the Federal Reserve may encounter additional complexities in the October employment report, which is expected to be released before the upcoming meeting on November 6-7. Lydia Boussour, a senior economist at EY, stated that any significant slowdown in wage growth and a substantial rise in the unemployment rate could lead data-dependent Fed policymakers to consider another 50 basis point rate cut. However, Neil Dutta, head of economic research at Renaissance Macro Research, anticipates two significant 50 basis point rate cuts in November and December due to complications arising from strikes and hurricane damage.#FederalReserve #InterestRates #EmploymentReport #WageGrowth #UnemploymentRate #Economy #EconomicResearch #MarketAnalysis #RateCuts #NovemberMeeting
🚀 Mysterious Whale '7 Siblings' Reenters Market with Significant ETH Purchase
#Whale #7Siblings #Cryptocurrency #ETH #Ethereum #Investment #MarketFluctuations #USDC
According to Odaily, the enigmatic whale known as '7 Siblings,' which holds assets worth $2.2 billion, has made a notable reentry into the cryptocurrency market. During the recent downturn, the whale acquired 28,120 ETH, valued at $66 million, at an average price of $2,350 per ETH. This significant purchase highlights the whale's strategic investment moves amid market fluctuations.
Furthermore, it is noteworthy that on August 5, during a market crash, '7 Siblings' spent 129.3 million USDC to buy 56,093 ETH at an average price of $2,305 per ETH. This substantial acquisition underscores the whale's confidence in Ethereum's potential and its ability to capitalize on market dips.#Whale #7Siblings #Cryptocurrency #ETH #Ethereum #Investment #MarketFluctuations #USDC
🚀 Swift To Launch Digital Asset Trials In 2025
#Swift #DigitalAssets #Cryptocurrency #Banking #Finance #DigitalCurrency #Blockchain #Payments #ForeignExchange #Securities #Trade #FinancialInstitutions #GlobalAdoption #FiatCurrencies #2025Trial
According to Cointelegraph, banks across North America, Europe, and Asia are gearing up to participate in new digital asset trials initiated by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT announced on October 3 that it will commence a digital asset trial on its network in 2025. The trial will focus on experimenting with transactions involving multiple digital currencies and assets.
The primary objective of these trials is to explore how the banking network can offer financial institutions unified access to various digital asset classes and currencies. Initial use cases will concentrate on payments, foreign exchange, securities, and trade, enabling multi-ledger delivery-versus-payment and payment-versus-payment transactions.
In its announcement, SWIFT emphasized the rapid growth of unconnected platforms and technologies within the digital asset economy, leading to an increasingly fragmented landscape. This fragmentation, according to SWIFT, poses significant challenges to global adoption by creating a complex web of 'digital islands.'
SWIFT aims to leverage its unique position to interlink these disparate networks with each other and with existing fiat currencies. This initiative is intended to enable its global community to seamlessly transact using digital assets and currencies alongside traditional forms of value.
Cointelegraph reached out to SWIFT for comments regarding which digital assets are likely to be part of its blockchain trials in 2024 but did not receive a response at the time of publication. This is a developing story, and further information will be added as it becomes available.#Swift #DigitalAssets #Cryptocurrency #Banking #Finance #DigitalCurrency #Blockchain #Payments #ForeignExchange #Securities #Trade #FinancialInstitutions #GlobalAdoption #FiatCurrencies #2025Trial
🚀 Layer Secures $6 Million Seed Funding Led By 1kx
#Layer #SeedFunding #1kx #Blockchain #Ethereum #WebAssembly #Rust #LayerSDK #AppDevelopment #SmartContracts
According to Foresight News, Layer has successfully raised $6 million in a seed funding round led by 1kx. The round also saw participation from Fabric Ventures, Arrington Capital, and IOBC. Notable angel investors included Sreeram Kannan from EigenLayer, Rok Kopp and Mike Silagadze from Ether.fi, and former BlackRock employee Paul Taylor.
Layer leverages Web Assembly to enable developers to write applications in languages like Rust that can run anywhere, including on iPhones. The company's upcoming product, 'Layer SDK,' will allow developers to build new layers on top of Ethereum. This will facilitate the creation of full-stack blockchain applications, encompassing smart contracts, consensus mechanisms, user interfaces, and verifiable off-chain services.#Layer #SeedFunding #1kx #Blockchain #Ethereum #WebAssembly #Rust #LayerSDK #AppDevelopment #SmartContracts
🚀 Bitcoin May Drop Below $60,000 Amid Geopolitical Risks, Says Analyst
#Bitcoin #GeopoliticalRisks #StandardChartered #GeoffKendrick #BullishOptions #Accumulation #SafeHaven #Gold #FinancialIssues #DeDollarization #USTreasury #BTC
According to Odaily, Standard Chartered Bank analyst Geoff Kendrick has indicated that Bitcoin might fall below $60,000 before the weekend due to concerns over geopolitical risks. However, Kendrick views this potential drop as an opportunity for accumulation. He also highlighted a significant increase in bullish Bitcoin options positions, noting a rise in open interest for options with an $80,000 strike price expiring on December 27.
Kendrick further pointed out that Bitcoin has not emerged as a safe haven against geopolitical tensions. He stated, 'Gold is a geopolitical hedge. Bitcoin is a tool to hedge against traditional financial issues such as bank failures or de-dollarization and sustainability issues of the U.S. Treasury.'#Bitcoin #GeopoliticalRisks #StandardChartered #GeoffKendrick #BullishOptions #Accumulation #SafeHaven #Gold #FinancialIssues #DeDollarization #USTreasury #BTC
🚀 Trader Achieves 5220% Return on Solana-Based Pochita Token Investment
#Trader #Investment #PochitaToken #Solana #Profit #Crypto #ReturnOnInvestment #OnChainData
According to Foresight News, on-chain data from SolanaFloor reveals that a trader made a significant profit by investing in the Pochita token. The trader initially spent 20 SOL to purchase the token when its market value was only $200,000. Subsequently, the trader sold the tokens, earning 1064 SOL, which translates to a remarkable return rate of 5220%.#Trader #Investment #PochitaToken #Solana #Profit #Crypto #ReturnOnInvestment #OnChainData
🚀 Bitcoin(BTC) Surpasses 61,000 USDT with a Narrowed 0.24% Decrease in 24 Hours
#Bitcoin #BTC #USDT #Binance #Cryptocurrency #MarketData #CryptoTrading
On Oct 03, 2024, 11:00 AM(UTC). According to Binance Market Data, Bitcoin has crossed the 61,000 USDT benchmark and is now trading at 61,046 USDT, with a narrowed narrowed 0.24% decrease in 24 hours.#Bitcoin #BTC #USDT #Binance #Cryptocurrency #MarketData #CryptoTrading
🚀 Bitcoin Bull Market Cycle Accelerates, Says CMC Research
#Bitcoin #BullMarket #CMCResearch #MarketReport #Cryptocurrency #ETFs #InstitutionalAdoption #Supercycle
According to BlockBeats, on October 3, CoinMarketCap's (CMC) research division, CMC Research, released its third-quarter market report, indicating that Bitcoin's bull market cycle is accelerating. The report suggests that this bull market is advancing 100 days ahead of the typical four-year cycle. Various factors, including institutional adoption, Bitcoin exchange-traded funds (ETFs), and evolving market dynamics, are driving this potential supercycle.
CMC Research anticipates that the current bull market will peak between mid-May and mid-June 2025. Despite the early acceleration, there are signs that infrastructure growth is slowing, which may indicate broader changes in market dynamics.#Bitcoin #BullMarket #CMCResearch #MarketReport #Cryptocurrency #ETFs #InstitutionalAdoption #Supercycle
🚀 Hong Kong Monetary Authority And Qatar Central Bank Strengthen Financial Cooperation
#HongKong #Qatar #MonetaryAuthority #CentralBank #FinancialCooperation #FinancialServices #CapitalMarket #SustainableFinance #BondMarket #DigitalAssets #TalentCultivation
According to Odaily, the Hong Kong Monetary Authority (HKMA) and the Qatar Central Bank held a bilateral meeting on October 3 in Doha (Doha time) to enhance cooperation in the financial services sector. During the meeting, the two institutions discussed various collaborative initiatives aimed at strengthening financial infrastructure. They also shared experiences on capital market connectivity, sustainable finance, bond market development, digital assets, and talent cultivation.#HongKong #Qatar #MonetaryAuthority #CentralBank #FinancialCooperation #FinancialServices #CapitalMarket #SustainableFinance #BondMarket #DigitalAssets #TalentCultivation
🚀 Dormant Bitcoin Address Activated After 10.7 Years
#Bitcoin #DormantAddress #WhaleAlert #Crypto #Blockchain #Investment #ValueIncrease
According to BlockBeats, on October 3, Whale Alert reported the activation of a Bitcoin address that had been dormant for 10.7 years. The address contains 99 Bitcoins, which have appreciated significantly in value, now worth over $6 million.#Bitcoin #DormantAddress #WhaleAlert #Crypto #Blockchain #Investment #ValueIncrease
🚀 BBVA Plans To Launch Visa-Supported Stablecoin In 2025
#BBVA #Visa #stablecoin #cryptocurrency #finance #banking #2025
According to BlockBeats, market sources revealed on October 3 that BBVA, Spain's second-largest bank, is planning to introduce a Visa-supported stablecoin in 2025.#BBVA #Visa #stablecoin #cryptocurrency #finance #banking #2025
🚀 Proposed Unrealized Capital Gains Tax Could Harm Cryptocurrency Investors
#UnrealizedCapitalGainsTax #CryptocurrencyInvestors #TaxProposal #ZacTownsend #CapitalGainsTax #CryptocurrencyMarket #FinancialImpact #StoreOfValue #EconomicConsequences #InvestorConcerns
According to BlockBeats, on October 3, Among Us CEO and co-founder Zac Townsend expressed concerns that the proposed unrealized capital gains tax by Harris would negatively impact cryptocurrency investors.
The core of the unrealized capital gains tax proposal is to require individuals to pay taxes on the appreciation of their cryptocurrency holdings, even if they have not sold any assets. Townsend highlighted that this approach is fundamentally different from traditional tax principles, which only apply to gains realized upon the sale of assets.
Townsend warned that this plan could have devastating consequences for cryptocurrency investors and the broader economy. It could undermine the intrinsic value of cryptocurrencies as a store of value not controlled by any single government. The tax could incentivize large investors to sell off assets to pay the tax, leading to a decrease in cryptocurrency prices and affecting the returns of everyday investors, including those who have invested small amounts in hopes of improving their financial situation.#UnrealizedCapitalGainsTax #CryptocurrencyInvestors #TaxProposal #ZacTownsend #CapitalGainsTax #CryptocurrencyMarket #FinancialImpact #StoreOfValue #EconomicConsequences #InvestorConcerns
🚀 Taiwan Introduces New AML Regulations For Crypto Firms
#Taiwan #AMLRegulations #Crypto #VASPs #FinancialSupervisoryCommission #DigitalAssets #ETFs #Compliance #RiskAssessment #Cryptocurrency #Finance
According to Cointelegraph, the Financial Supervisory Commission (FSC) of Taiwan has unveiled new Anti-Money Laundering (AML) regulations that all local virtual asset service providers (VASPs) must adhere to by 2025.
On October 2, the FSC released updated AML measures following earlier amendments proposed by the financial watchdog. Taiwan has been expected to introduce new crypto-related regulations since March. The new regulations mandate that all crypto firms register with the government by September 2025 or face penalties, including a two-year prison sentence or fines up to 5 million New Taiwan dollars ($155,900).
Effective January 1, 2025, these regulations will replace the current system for Taiwanese VASPs. Even if companies have previously completed the old AML compliance measures, they are still required to meet the new standards and registration process. The FSC advised VASPs to consider waiting until the new registration system is implemented before submitting their documents to avoid reapplying under different rules.
VASPs are also expected to prepare a risk assessment report and submit it to the respective government agency each year as part of the new compliance measures. The FSC is anticipated to submit a new proposal for crypto-related laws by June 2025, with a draft expected by the end of this year.
In addition to its new AML regulations, the Taiwanese government has been expanding its involvement in the crypto sector. On September 30, the FSC opened the digital asset ETF market to local professional investors, allowing access to high-risk foreign digital asset exchange-traded funds (ETFs). This move aims to boost Taiwan’s financial market competitiveness and aligns with similar efforts in Hong Kong and Singapore.#Taiwan #AMLRegulations #Crypto #VASPs #FinancialSupervisoryCommission #DigitalAssets #ETFs #Compliance #RiskAssessment #Cryptocurrency #Finance
🚀 Lido To Pause wstETH Deposits From Ethereum To Optimism For Upgrade
#Lido #wstETH #Ethereum #Optimism #Upgrade #Deposits #CryptoNews
According to Odaily, Lido has announced on the X platform that as part of the upgrade to introduce stETH to Optimism, deposits of wstETH from Ethereum to Optimism will be paused starting October 7. This suspension will remain in effect until the upgrade is completed, which is expected to be around October 14.#Lido #wstETH #Ethereum #Optimism #Upgrade #Deposits #CryptoNews
🚀 Cryptocurrency Market Recovery Tied To US Stock Performance
#Cryptocurrency #MarketRecovery #USStockMarket #QCPCapital #MacroeconomicFactors #RiskAssets #EmploymentReport #NonFarmPayroll #InterestRateCuts #LaborMarket #OctoberRise
According to Odaily, QCP Capital's analysis suggests that the current weakness in the cryptocurrency market is temporary, given its strong correlation with US stocks. As the US stock market recovers, cryptocurrencies are likely to follow suit. This correlation highlights that macroeconomic factors are currently the primary drivers of risk asset prices.
The ADP employment report exceeded expectations, making tomorrow's non-farm payroll report crucial for confirming the strength of the US labor market. The combination of expected interest rate cuts and robust labor market strength could boost risk assets. Despite the Middle East tensions affecting Bitcoin during a historically strong month, this decline is seen as temporary, with an anticipated 'October rise' rebound expected to prevail.#Cryptocurrency #MarketRecovery #USStockMarket #QCPCapital #MacroeconomicFactors #RiskAssets #EmploymentReport #NonFarmPayroll #InterestRateCuts #LaborMarket #OctoberRise
🚀 Traders Anticipate Significant Price Swings For Ether Amid US Election
#Traders #Ether #ETH #Bitcoin #BTC #PriceSwings #Volatility #USElection #DeFi #RegulatoryScrutiny #Crypto #MarketExpectations #DigitalAssets
According to Cointelegraph, traders are expecting more substantial price fluctuations for Ether (ETH) compared to Bitcoin (BTC) due to upcoming macroeconomic events. Derive founder Nick Forster noted in an Oct. 2 analyst report that Ether's forward volatility is projected to spike between Oct. 25 and Nov. 8, coinciding with the United States presidential election on Nov. 5.
Forster emphasized that the US election could significantly impact ETH prices, particularly because of its connections to the decentralized finance (DeFi) ecosystem, which might face regulatory scrutiny depending on the elected president's stance on crypto. Derive data indicates a 68% chance of a price swing between -14% and +16% within three days after the election, with a 95% chance of a move ranging from -26% to +35%.
At the time of publication, ETH forward volatility stands at 76.6%, while BTC is at 69.8%. This suggests that traders expect significant movement during this period, with ETH appearing more sensitive to external events. Forster explained that traders seem more confident in Bitcoin's ability to withstand macro events, likely due to its established position as a digital store of value and its relatively less direct exposure to regulatory concerns compared to Ethereum.
With broader ecosystem concerns hinging on the US election outcome, traders are pricing in more extreme movements for ETH. Forster added that this data reflects traders' expectations for increased uncertainty as the election approaches. Currently, Ether is trading at $2,364, down 5.93% since Oct. 2. Despite the much-anticipated Ether ETF launch in July, the historical debut has not bolstered Ether's price.#Traders #Ether #ETH #Bitcoin #BTC #PriceSwings #Volatility #USElection #DeFi #RegulatoryScrutiny #Crypto #MarketExpectations #DigitalAssets
🚀 US Initial Jobless Claims Slightly Higher Than Expected
#JoblessClaims #USEconomy #Unemployment #LaborMarket #EconomicData
According to Odaily, the number of initial jobless claims in the United States for the week ending September 28 reached 225,000, slightly above the expected 220,000. The previous week's figure was revised from 218,000 to 219,000.
The four-week moving average of initial jobless claims for the same period was 224,250, a slight decrease from the previous week's revised average of 225,000, which was initially reported as 224,750.
Continuing jobless claims for the week ending September 21 stood at 1.826 million, lower than the anticipated 1.832 million. The previous week's figure was revised down from 1.834 million to 1.827 million.#JoblessClaims #USEconomy #Unemployment #LaborMarket #EconomicData
🚀 Tokenized Money Market Funds Gain Approval For Trading
#TokenizedMoneyMarketFunds #BlackRock #FranklinTempleton #CFTC #Trading #FinancialInnovation #MarketRegulations
According to Odaily, companies like BlackRock and Franklin Templeton may soon see their tokenized money market fund shares being used for trading. This development follows the approval of guidelines for the use of tokenized money market funds by a key group supported by the U.S. Commodity Futures Trading Commission (CFTC). Sources indicate that a subcommittee of the CFTC's Global Markets Advisory Committee voted to submit these recommendations to the full committee. The full committee is expected to vote on these recommendations later this year. While the report did not disclose specific recommendations, the act of sending the suggestions to the full committee is seen as a significant step forward.#TokenizedMoneyMarketFunds #BlackRock #FranklinTempleton #CFTC #Trading #FinancialInnovation #MarketRegulations
🚀 Visa Unveils New Tokenized Asset Platform
#Visa #TokenizedAssets #VTAP #DigitalAssets #Stablecoins #CBDCs #Blockchain #InstitutionalInvestors #CentralBanks #Ethereum
According to Cointelegraph, Visa has introduced its Visa Tokenized Asset Platform (VTAP), a service designed to facilitate the issuance and management of fiat-backed tokens. Announced on October 3, the platform aims to support a variety of tokenized assets, including stablecoins and central bank digital currencies (CBDCs).
Visa's VTAP is tailored for both institutional investors and central banks, providing a comprehensive infrastructure for the secure minting, transfer, and settlement of digital assets across both public and permissioned blockchains. Vanessa Colella, Visa's global head of innovation and digital partnerships, expressed enthusiasm about the initiative, stating, "We're excited to leverage our experience with tokenization to help banks integrate blockchain technologies into their operations."
Currently, VTAP is in a sandbox phase, with institutions like Banco Bilbao Vizcaya Argentaria (BBVA) testing its core functionalities. The platform is expected to enter a live pilot phase with select customers in 2025, utilizing the public Ethereum blockchain. This story is still developing, and more details will be provided as they become available.#Visa #TokenizedAssets #VTAP #DigitalAssets #Stablecoins #CBDCs #Blockchain #InstitutionalInvestors #CentralBanks #Ethereum