The city council of West Hollywood, California, voted Monday night to cut the number of…
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BitcoinCryptocurrencyNews
UST Meltdown Hasn't Spurred US Financial Stability Council Meeting: Sources
by adminAs one of crypto world’s major stablecoins – TerraUSD (UST) – slid toward disaster this…
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The rapidly evolving technology, which often spreads across multiple jurisdictions, poses a challenge for regulators,…
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BitcoinCryptocurrencyNews
Former US Senator and House member joins Crypto Council for Innovation
by adminCory Gardner, who served as a United States senator for Colorado from 2015 to 2021,…
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Philadelphia is on the cusp of following in the footsteps of Miami, Austin and New…
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BitcoinCryptocurrencyNews
US Financial Stability Oversight Council identifies stablecoins and cryptos as threats to financial system
by adminIn an annual report published on Friday, the United States Financial Stability Oversight Council, or…
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BusinessNewsRetail
The dollar index (DXY00) on Wednesday fell -0.472 (-0.49%). The dollar index on Wednesday fell to a 4-session low after a rally in the S&P 500 to a 2-week high reduced the liquidity demand for the dollar. Strength in the yuan also weighed on the dollar after the yuan on Wednesday jumped to a 3-1/2 year high of 6.3443 yuan/USD on optimism that supportive steps taken by the Chinese government will boost economic growth and that the omicron variant will have a limited impact on the global recovery. EUR/USD (^EURUSD) on Wednesday rose +0.0083 (+0.74%). EUR/USD on Wednesday pushed up to a 1-week high on weakness in the dollar and the British pound. GBP/EUR retreated Wednesday after the Financial Times reported that the UK is close to announcing new Covid restrictions, including vaccine passports for large venues and an order to work from home. ECB comments on Wednesday also sparked short-covering in EUR/USD when ECB Governing Council member Kazaks said the omicron variant of Covid must inflict significant damage on the Eurozone economy before he would back additional stimulus measures. Also, ECB Vice President Guindos said, "we might see some growth deceleration in the short-run" from the new omicron variant, but then a "strong recovery in the medium-term." USD/JPY (^USDJPY) on Wednesday rose +0.04 (+0.04%). USD/JPY on Wednesday extended this week’s gains up to a 1-week high. Strength in stocks curbed the safe-haven demand for the yen after the Nikkei Stock Index rallied +1.4% Wednesday to a 1-1/2 week high. Also, a jump in T-note yields on Wednesday weighed on the yen. Finally, weaker-than-expected Japanese economic data was bearish for the yen after Japan Q3 GDP was revised downward to -3.6% (q/q annualized) from -3.0%, weaker than expectations of -3.1%. Wednesday’s U.S. economic data was bullish for the dollar. U.S. Oct JOLTS job openings rose +431,000 to a 3-month high of 11.033 million, showing a stronger labor market than expectations of 10.469 million. February gold (GCG22) on Wednesday closed up +0.80 (+0.04%), and March silver (SIH22) closed down -0.091 (-0.40%). Precious metals prices on Wednesday settled mixed. A weaker dollar on Wednesday was supportive of precious metals. However, gains in metals were limited due to higher T-note yields and mostly higher stocks that reduced the safe-haven demand for precious metals. The dollar and gold have continued safe-haven support from the negative impact of the worldwide spread of the delta and omicron Covid variants on the global economic recovery.
by adminThe dollar index (DXY00) on Wednesday fell -0.472 (-0.49%). The dollar index on Wednesday fell…
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BitcoinCryptocurrencyNews
European Council Takes One Step Closer to Ratifying Landmark Crypto Regulation
by adminThe MiCA framework was introduced in September 2020 by the European Commission, the EU’s executive…
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AltcoinCryptocurrencyNews
Indonesia’s national Islamic council reportedly declares Bitcoin haram
by adminThe National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, has reportedly found cryptocurrencies like…