On Wednesday, Bitcoin and Ethereum values touched their highest point in six weeks, marking a general resurgence in the cryptocurrency market. In the previous day, the price of Bitcoin has increased by 8% to over $29,000, while the price of Ethereum has increased by 6% to over $1800. Meanwhile, in
U.S. Consumer Price Index (CPI) numbers for May 2023 were issued by the Bureau of Labour Statistics on Tuesday. The authorities said that the CPI for all urban consumers grew 0.1% in May after adjusting for seasonal factors and increased by 4% over the previous 12 months. As a result,
During the last Federal Open Market Committee (FOMC) meeting in May, the chairperson of the Federal Reserve System (FED), Jerome Powell conveyed that the Central Bank in the U.S. won’t be proceeding with the hikes but rather will halt for a period. However, the upcoming FOMC meeting on June 13-14
In order to bring inflation under control, the International Monetary Fund (IMF) advises the Federal Reserve of the United States to maintain hiking interest rates for a longer length of time. The IMF also recommended that the Biden administration use stricter fiscal policies to bring down the national debt. Under
Despite the disastrous debt limit issue, US Federal Reserve officials are considering more rate rises, including the presidents of the Federal Reserve Banks of Minneapolis and St. Louis. The debt limit agreement will affect the price of Bitcoin because the US Treasury will issue government bonds to replenish funds depleted
Jerome Powell, the Federal Reserve Chairman, stated that the central bank is strongly committed to returning inflation to the 2% goal. And the failure could cause greater harm to the economy. The statement raises the question of whether the failure also harms the crypto market. On May 19, while speaking
On a Bitcoin 2023 panel, several authority officials including the CEO of Custodia Bank, Caitlin Long, and the Head of Market Research of Bitcoin Magazine, Dylan LeClair, and others appeared. Caitlin Long announced that the Custodia Bank will be launching a Bitcoin custody service when the ‘hyperbitcoinization’ hasn’t begun yet.
On May 12, Texas announced that they were introducing a bill to ban the Central Bank Digital Currency (CBDC) in their state by the 88th legislature. According to the draftees, CBDC is a bad idea. A Central Bank Digital Currency is the digital form of a country’s fiat currency. CBDC
According to the US Bureau of Labor Statistics, annual inflation in the United States for April came in at 4.9%, which was lower than the consensus estimate of 5%. In addition, after increasing by 5.6% in March, the annual core inflation rate declines to 5.5% in April. As a consequence,
The North Carolina House of Representatives has passed a bill, “HB690,” that prohibits individuals from using central bank digital currencies (CBDCs) to make payments to the state. The legislation also prohibits the Federal Reserve from using North Carolina as a potential testing ground for its own CBDC pilot. The bill
