In recent days, the Federal Reserve has issued more guidance on cryptocurrencies. Adding to that, the FED released a press release announcing that it requires approval before the state bank can issue, hold, and transact stablecoin payments. These new rules on stablecoins come after PayPal announced its new stablecoin, PYUSD.
The Kansas Office of the State Bank Commissioner closed Heartland Tri-State Bank of Elkhart on July 29; the FDIC thereafter assumed management. The FDIC announced on July 31 that the four former Heartland Tri-State Bank locations will reopen as branches of Dream First Bank the following day. Customers of the
Bitcoin (BTC) was under selling pressure early in the week, sending the price down below the $30,000 support level to roughly $29,000. Some on-chain signs suggest potential development despite its relatively dismal prognosis. The fact that more and more Bitcoins are being removed from crypto exchanges and placed in private
On July 26, Wednesday, the Federal Reserve of the United States is expected to reveal its interest rate decision. At 18:00 UTC (14:00 ET), the Federal Reserve is likely to announce a rate hike to a range of 5.25%-5.5%, followed by a news conference by Chairman Jerome Powell. According to
According to a report by CoinShares, crypto asset investment products saw outflows for the first time in five weeks, after four weeks of inflows from institutions totaling $742 million. The entire outflow from crypto asset investment products was $6.5 million. As investors sell off their Bitcoin holdings, they wonder whether
Caitlin Long, CEO of Custodia Bank, asserts, “The law is very clear,” with the exception of the Fed’s involvement. She noticed Amsterdam-based Adyen among the first group of 35 financial institutions that were granted access to the new 24-hour payment system FedNow on Thursday. The financial technology business got a
According to the U.S. Bureau of Labor Statistics, inflation measured by the annual change in the Consumer Price Index (CPI) was 3% in June, beating market estimates of 3.1%. In addition, Core CPI inflation falls to 4.8% from 5.3% in May, the lowest level seen since November 2021. This allows
The U.S. June Consumer Price Index (CPI) will be released on Wednesday, and the PPI will be released the following day, bringing attention back to inflation statistics after a week of major employment announcements. In the event of a drop, investors may hope that the Federal Reserve would reconsider its
Recently, U.S. Federal Reserve Chairman Jerome Powell expressed optimism about the cryptocurrency market. In his testimony before Congress, Powell defended the sustainability of cryptocurrencies as an investment category in the United States. Witnessing before the House Committee on Financial Services about the Federal Reserve’s Semiannual Monetary Policy Report, Powell made
After a period of bated breath, the Federal Reserve’s June meeting minutes are now public. Significantly, these insights could ripple through the policy-sensitive rates and Treasury yields, critical players in the global cryptocurrency game. In a surprising twist, the Fed elected to break its ten-meeting streak of interest rate hikes.
