Aurelia Butler

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Michael Saylor Issues Bitcoin “Space Travel” Tweet As BTC Gets Close to $90,000

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“Have Spacesuit, Will Travel,” he wrote, adding an emoji of a rocket ship flying into space to the tweet.Last week, Bitcoin set a new all-time high of $75,000, and today it whooshed to $89,956, which is just inches away from $90,000.MicroStrategy’s recent Bitcoin success has led to a large increase in its share price, as MSTR soared by more than 27% in the past month, greatly outperforming Bitcoin.Bitcoin has been fueled by the recent change in U.S. political leadership and the Federal Reserve’s second interest rate cut this year. While in September, Jerome Powell announced a 50-basis-point reduction, this time, the Fed cut rates by 25 basis points. Still, this rate cut catalyzed Bitcoin’s large and fast price increase, with roughly four new all-time highs reached within a single week.Besides, Bloomberg Intelligence’s chief commodity strategist Mike McGlone tweeted on Monday that Bitcoin’s correlation to the S&P 500 index over the past 60 days has surged to 0.6 (unlike that of gold), which suggests that BTC’s current price surge may also be attributed to the rising stock market.This article was originally published on U.Today More

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    in Economy

    Brazil retail sales rise less than expected in September

    Retail sales volumes rose 0.5% in September from August, statistics agency IBGE said on Tuesday, below the 1.10% increase forecast by economists in a Reuters poll, but above August’s 0.2% decrease.Sales grew 2.1% from the year-earlier period, compared to expectations for a 3.70% increase in the Reuters poll.The rise in sales volumes in September was driven by the personal use and domestic products segment, which rose 3.5%, IBGE said.”These results indicate that retail sales have resumed their growth trend, after a momentary drop in August,” said PicPay economist Igor Cadilhac, adding that a heated job market and good credit conditions will keep supporting consumption.Brazil’s central bank accelerated its monetary tightening pace at its meeting last week, going for a 50 basis-point hike that pushed rates to 11.25%.Strong economic activity throughout the year, a tight labor market, fiscal concerns and a weakening Brazilian real against the U.S. dollar have been pushing up inflation expectations in Brazil. More

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    in Economy

    Italy racks up delays in spending EU funds, diluting growth impact

    ROME (Reuters) – Italy’s record on spending its bumper share of the EU’s post-COVID funds is patchy at best, data showed, as the minister in charge of the matter faced a European Parliament hearing on Tuesday over his prospective new job at the European Commission.EU Affairs Minister Raffaele Fitto is in line to become the EU Commission’s vice-president for Cohesion and Reforms, a position that would give him responsibility of overseeing EU funds spending by member states, including Italy itself.If confirmed, Fitto would leave his as-yet unnamed successor in Prime Minister Giorgia Meloni’s government with a tough task.Italy is due to receive 194.4 billion euros ($206.6 billion) in cheap loans and grants from the bloc’s Recovery and Resilience Facility (RRF) by 2026, more than any other state in absolute terms.Since the investment programme began in 2021, successive governments in Rome have presented the RRF cash as the key to unlocking the country’s growth potential and modernising its sluggish economy.However, Italy is behind schedule in using the 113.5 billion euros it has already secured, and also expects the funds to provide less of an economic boost than it had hoped.Data from the anti-corruption watchdog ANAC seen by Reuters on Tuesday showed that more than 60% of tenders in 2023 and 2024 were still incomplete.As of Oct. 2, Rome had spent 53.5 billion euros on projects to make Italy’s economy greener, ultra-fast broadband networks and rail infrastructure, the latest available data showed.This spending represents less than 30% of the total resources to which Italy is entitled, and is below previous government goals, already revised downwards several times.Tardy implementation puts Italy at risk of losing money unless it renegotiates commitments agreed with Europe.Delays already come at a cost with the Treasury saying in its multi-year budget plan that the recovery funds were expected to boost GDP growth by just 0.7 percentage points in 2024, one third of the 2.1 points it had originally forecast in April 2022 for the current year.Complicating matters, the Italian economy is seen as losing traction despite the EU funds and a deficit-to-GDP ratio targeted to fall below the EU’s 3% ceiling only in 2027.Most analysts and forecasting bodies see growth below 1% both this year, broadly in line with last year’s 0.7% rate and far below the 4.7% reported in 2022.($1 = 0.9409 euros) More

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    in Cryptocurrency

    Bybit Posts Remarkable Volume Surge, Exceeding 639 Billion in Monthly Futures Trading Volume

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has cemented its position as a major player in the derivatives market. In a remarkable surge, Bybit’s futures trading volume soared by 61% from September to October. This is one of the highest increases among top centralized exchanges, reaching an impressive 639 billion in monthly trading volume, according to a recent report from Wu Blockchain. This exponential growth is attributed to several key factors:About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, users can visit Bybit Press For media inquiries, users can contact: media@bybit.comFor more information, users can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaDiscord | Facebook (NASDAQ:META) | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | YoutubeContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

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    in Economy

    How will the Fed handle Trump?

    Standard DigitalStandard & FT Weekend Printwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Economy

    Brazil central bank warns of extended rate-hike cycle if inflation expectations worsen

    BRASILIA (Reuters) -Brazil’s central bank said on Tuesday that further deterioration in inflation expectations could extend the monetary tightening cycle, with its action remaining “a fundamental factor” in steering expectations back towards the 3% target.In the minutes from the Nov. 5-6 meeting, when policymakers accelerated the tightening pace with a 50 basis-point hike that pushed rates to 11.25%, the central bank noted that recent concerns over rising public spending and the sustainability of the country’s fiscal framework have significantly impacted asset prices and market expectations.Despite the central bank’s two rate hikes since September and signals of more to come, market inflation expectations have continued to drift from the target amid a more challenging outlook for inflation, marked by a weakening Brazilian real against the U.S. dollar, stronger-than-expected economic activity, and a tight labor market.This backdrop includes inflationary pressures fueled by policy proposals from U.S. President-elect Donald Trump and Brazil’s fiscal uncertainties, which have driven up risk premiums on Latin America’s largest economy. President Luiz Inacio Lula da Silva’s economic team had indicated that a package to curb mandatory spending would be presented following the conclusion of October’s municipal elections. However, despite a series of meetings with ministers, the leftist leader has said he is yet to make a decision.In the minutes, the central bank reinforced the need for sustainable fiscal rules, and said that “the reduction of spending growth, especially in a more structural way, could even induce economic growth in the medium term through its impact on financial conditions, risk premium, and better allocation of resources.”Regarding the United States, policymakers stressed continued high uncertainty around the pace of disinflation and economic slowdown, adding that potential shifts in economic policy – such as fiscal stimuli, labor supply constraints, and new import tariffs – heighten outlook doubts. More

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    in Cryptocurrency

    Record-breaking bitcoin surges towards $90,000 on Trump boost

    SINGAPORE/LONDON (Reuters) -Bitcoin rallied to the verge of $90,000 on Tuesday, riding a wave of euphoria since the election of Donald Trump as U.S. president on expectations his administration will be crypto friendly.The world’s biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $89,982 – a gain of around 30% since Nov. 5. It was last down 1.4% at $86,730.Bitcoin is surging along with Elon Musk’s automaker Tesla (NASDAQ:TSLA), which is up nearly 40% since voting results rolled in, as investors figure Trump’s friends and interests will do well while he is in office. “The crypto enthusiasts think they have a like-minded incoming president,” said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. “The thing about bitcoin at the end of the day is that there is no valuation anchor to it, it’s hard to get a grip on fair value. So when sentiment is very positive, it does get carried away a lot more than other asset classes.”Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.It is not clear how or when that could happen but the possibility drove a speculative surge in crypto mining and trading stocks. “I think it increases the chances that other nation states buy bitcoin in a bid to front run the U.S.,” said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.”Additionally I think it would be a crazy catalyst for the U.S. listed bitcoin miners … given possibilities of such entities getting nationalised.”Crypto miner Riot Platforms (NASDAQ:RIOT) jumped nearly 17% on Wall Street on Monday. Fellow miners MARA Holdings and CleanSpark (NASDAQ:CLSK) leapt nearly 30%. Software (ETR:SOWGn) company and investor in bitcoin MicroStrategy announced it had spent about $2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares rose 26% on Monday.”Obviously (it’s) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves,” Nick Twidale, chief market analyst at ATFX Global in Sydney, said of the bitcoin rally.”The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above.”The euphoria extended across the crypto landscape with smaller tokens such as ether and dogecoin surging, although they dipped on Tuesday morning in Europe.Crypto investors see an end to increased scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler whom Trump has said he will replace. Trump also unveiled a new crypto business, World Liberty Financial, in September.”What we’re seeing isn’t just a price milestone; it’s a signal that the market is warming to the idea of bitcoin as a more stable, even politically favoured, asset,” said Justin D’Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock. More

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    in Economy

    WTO may seek to reappoint chief ahead of Trump presidency

    GENEVA (Reuters) -The World Trade Organization plans a special meeting of its top decision-making body later this month where a call could be made on the reappointment of its Director-General Ngozi Okonjo-Iweala, a document showed on Tuesday.Trade sources said such a meeting appeared to be a route that could fast-track the months-long appointment process to avoid any risk of it getting blocked by U.S. President-elect Donald Trump, whose teams and allies have criticised both Okonjo-Iweala and the trade watchdog in the past.A WTO document sent by the General Council chair said the first day of the Nov. 28-29 meeting would allow Okonjo-Iweala, a former Nigerian finance minister, to present her vision for the 166-member organisation and answer delegates’ questions. The second day “could then provide an opportunity for Members to take a decision on the appointment of the next Director-General”, it said.Okonjo-Iweala is the sole candidate for the job but some have observed that the WTO’s lengthy reappointment process could allow for U.S. President-elect Donald Trump’s team to oppose her candidacy.In 2020, Trump’s administration sought to block her first term. She secured U.S. backing only when President Joe Biden succeeded Trump in the White House.Those who follow the trade body say it is likely to face a messy, recriminatory period for trade under Trump, who has promised to impose a 10% tariff on all imports and higher rates on countries such as China. More

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    in Economy

    UK wage growth steadies as hiring stalls

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