Aurelia Butler

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    in Economy

    NFP: What are analysts saying

    While the 206,000 increase in June non-farm payrolls beat consensus expectations of 190,000, the unemployment rate rose to 4.1% from 4% previously.Here’s what Wall Street analysts had to say:DA Davidson: “The unemployment rate ticked up again to 4.1%, which was ahead of expectations of 4.0% and shows some weakness in the job market. Wages were as expected, but are consistent with disinflationary pressure, which may be the most market friendly data point out of this job report.”BMO Capital: “The temp penetration rate (TPR) was 1.68%, down -3bp m/m and off from March 2022’s 2.1% all-time peak. We note that historically, once this metric falls below 1.85% the U.S. has been in a recession. As always, we caution investors that this monthly data series is notorious for revisions as shown this month.”Keefe, Bruyette & Woods: “June’s above-consensus job gains imply positive near-term 2024 P&C premium and broker revenue growth, although we expect this growth to decelerate as commercial insurance pricing increases slow.”Goldman Sachs: “The report overall was softer-than-expected, and downward revisions lowered the three-month average pace to +177k from +249k as previously reported. The industry composition was also soft, as government and healthcare accounted for three quarters of the June job gains, and several cyclical industries shed jobs. The household survey was soft, with the unemployment rate increasing 0.1pp to 4.1%, as a 277k increase in the size of the labor force more than offset a 116k increase in household employment.”Evercore ISI: “Overall, labor market data once again suggests strength without heat, with payroll gains in recent months pointing to robust demand for workers which has been matched by strong supply stemming from high labor force participation and immigration. But measures of labor tightness such as unemployment, wages, and vacancies are all easing, supporting Powell’s optimistic view on the inflation outlook.” More

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    in Cryptocurrency

    Former Mt. Gox CEO Breaks Silence on 141,686 Bitcoin Payback

    On July 5, 2024, Mt. Gox, which has been under scrutiny since its collapse in 2014, made a significant transfer of 47,229 BTC, valued at $2.71 billion, according to Arkham Intelligence. This transfer included subsequent movements to and from various wallets, causing fear and uncertainty in the community.In response to these events, Mark Karpeles, the former CEO of Mt. Gox, expressed relief that customers were finally receiving their Bitcoin after more than a decade of uncertainty. Karpeles, known for overseeing the infamous exchange during its rise and fall, faced legal challenges after the exchange collapsed in 2014, resulting in the loss of over 850,000 BTC, including customer funds.The news triggered significant market reactions, with the price of BTC falling below $54,000 and Ethereum surpassing $2,900. Many attributed the market downturn to expectations of increased selling pressure from the influx of cryptocurrency being distributed by Mt. Gox.Arkham Intelligence also revealed that an additional 1,545 BTC, valued at nearly $85 million, was withdrawn from this wallet to a Bitbank account, a platform chosen by Mt. Gox management for payments. This development coincided with earlier announcements that the exchange would begin refunding users in Bitcoin and Bitcoin Cash (BCH) in July 2024.This article was originally published on U.Today More

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    in Cryptocurrency

    $DOP Announces Listing on 7 Exchanges including BYBIT, Kucoin, Gate.io, and Bitfinex

    $DOP, the token of the Data Ownership Protocol (DOP) will be available for trading in 7 major cryptocurrency exchanges such as Bybit, Kucoin, HTX, Bitfinex, Gate.io, MEXC, and WhiteBIT, starting July 5th, 2024.The Data Ownership Protocol clarified that on Bybit, the token will be listed as $DOP1 to avoid confusion with an existing fiat coin. On KuCoin, Gate.io, Bitfinex, MEXC, and WhiteBIT, the token will be listed as $DOP.DOP launched its mainnet six weeks ago, following a highly successful testnet phase that saw participation from 2.67 million users. In the last six months, the DOP ecosystem has grown significantly. Over 1 million DOP wallets have been opened, and assets worth more than 10 million USD have been encrypted using the protocol, showcasing the increasing demand for user-centric data ownership solutions.This system incentivizes DOP token retention while implementing a deflationary mechanism through fee burning. It also rewards network supporters via staking distributions. To date, 210,000,000 DOP tokens have been allocated for staking rewards, with over 1.1 billion DOP tokens already staked.The listing announcement comes on the heels of Bybit’s positioning as the world’s second-largest cryptocurrency exchange by trading volume, surpassing Coinbase (NASDAQ:COIN) and trailing only Binance. Bybit’s ascent has been remarkable, with its market share doubling from 8% to 16% since October 2023.To communicate the plans for the second half of 2024, DOP released a new roadmap following Q1’s success. The plan introduces a $5 million developer grant program, expands protocol capabilities, and plans deployment on EVM-compatible chains beyond Ethereum, reducing gas fees and reaching more users.Moreover, the new developer SDK will enable developers to easily integrate and build dApps within the DOP ecosystem. Other objectives aim to enhance user security for managing NFTs by expanding functionality beyond ERC-20 tokens to include encryption and decryption of NFTs.About Data Ownership Protocol (DOP)The Data Ownership Protocol enables users to own their data. In crypto, financial data such as holdings, balances, and transaction history is publicly available on the blockchain. The mission of DOP technology is to let users decide what to share and with whom. DOP aims to empower individuals and businesses with more control over their data through selective transparency, utilizing zero-knowledge cryptography and other advanced technologies.For more information, users can visit Data Ownership Protocol’s: Official Website | Twitter | LinkedinData Ownership Protocol is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to [email protected] article was originally published on Chainwire More

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    in Economy

    New podcast series: China’s race to tech supremacy

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.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 Cryptocurrency

    GOMINING Token to be Listed on HTX Crypto Exchange

    GoMining, a premier Bitcoin mining operator redefining the industry’s accessibility through their innovative NFTs, each backed with a real share of BTC hashrate, has revealed the upcoming listing of the GOMINING token on the HTX crypto exchange.GOMINING, the utility token of the GoMining platform, will be listed on the HTX crypto exchange on Monday, July 8, according to a joint statement made by HTX and GoMining. GOMINING deposits will kick off at 2:00 pm (UTC) on July 6, two days before the spot trading for the GOMINING/USDT pair will begin.Finally, GOMINING withdrawals will be opened on July 9 at 9:00 am (UTC), allowing token holders to withdraw their assets to any external vault or directly to their virtual wallet on the GoMining platform.When reached for a comment regarding the HTX listing, Mark Zalan, GoMining CEO, stated: “We couldn’t be happier to announce the collaboration with HTX, a premier crypto exchange. This collaboration will provide our constantly growing community with another reliable and convenient way to purchase GOMINING, along with adding additional liquidity for our utility token.”About GoMiningGoMining is a global bitcoin mining company with nine data centers worldwide. Leveraging over 6 years of expertise in the crypto industry, GoMining facilitates seamless global access to daily BTC mining rewards through the ownership of GoMining NFTs, backed by real computing power.GoMining Digital Miners (NFTs)Digital miners are NFTs by GoMining, backed with a real share of computing power ranging between 1 and 5,000 TH/s, depending on the NFT and its level. Each digital miner can be easily upgraded in both computing power and energy efficiency attributes, allowing holders to scale their output with just a few clicks. BTC mining rewards for holding an NFT are delivered daily to any wallet, whether internal or external, of the holder’s choice.GOMINING TokenThe native token of the GoMining ecosystem, GOMINING, is accessible on both the Ethereum (ETH), Binance Smart Chain (BSC) and The Open Network (TON) blockchains. The token is currently available on various exchanges, including Gate.io, Bitfinex, Bitget, MEXC, and Uniswap.GOMINING is utilized for various on-platform payments, including NFT purchasing and upgrading, as well as granting access to an additional 10% discount for electricity fees.About HTXFounded in 2013, HTX has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. HTX serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies – “global development, technology drives development, and technology for good” underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts.ContactSeva [email protected] article was originally published on Chainwire More

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    in Cryptocurrency

    Bitcoin price correction: Should you be catching a falling knife?

    In addition, the crypto asset was also pressured as German police moved about $75 million of crypto confiscated from a piracy website onto exchanges and new data from Federal Reserve’s minutes, which indicated that the central bank isn’t ready to cut interest rates yet. Bitcoin later recovered and was trading near $55,700 at the time of writing.Friday’s Bitcoin price correction comes as crypto investors’ attention turned to the nearly $9 billion payout to users of the defunct Mt. Gox exchange. Nobuaki Kobayashi, the trustee managing the Mt. Gox bankruptcy estate, said that repayments in Bitcoin and Bitcoin Cash had commenced for some creditors through several designated crypto exchanges. However, he did not specify the exact amounts transferred to these exchanges.Kobayashi indicated that the remaining funds would be distributed once certain conditions are met, including the validation of registered accounts and the completion of discussions between the trustee and the crypto exchanges.He emphasized that the process aims to ensure repayments are made “safely and securely,” and asked “eligible rehabilitation creditors to wait for a while.”At its peak, Mt. Gox was the largest Bitcoin exchange, handling 70% of all global Bitcoin transactions. The exchange shut down in February 2014 following a massive hack, and its former CEO was later convicted in a Japanese court for tampering with records. Despite closing its operations a decade ago, the trustee has only recently begun issuing refunds to victims, with numerous delays having stalled the rehabilitation process.The repayment process started last year, with many creditors confirming receipt of payments via bank transfer in Japanese yen.Further contributing to the Bitcoin price correction was the German government transferring another substantial portion of its Bitcoin reserves to exchanges after seizing the funds from a piracy website Movie2k.to.According to blockchain data, the German Federal Criminal Police Office (BKA) moved approximately $75 million worth of BTC across multiple transactions on July 4th. These funds were distributed across exchanges such as Coinbase (NASDAQ:COIN), Kraken, and Bitstamp.This recent transfer follows the government’s move of around $315 million in Bitcoin to various platforms since mid-June. In total, Germany has offloaded over $390 million in Bitcoin in less than a month.Moreover, the Federal Reserve’s recent release of minutes from its June meeting revealed officials’ reluctance to lower interest rates until further data indicates a sustainable move toward the central bank’s 2% inflation target. Higher interest rates generally reduce investor appetite for riskier assets like Bitcoin and other cryptocurrencies.Bitcoin had surged to an all-time high of over $73,700 in March this year after the Securities and Exchange Commission approved the first U.S. spot Bitcoin exchange-traded fund (ETF).Bitcoin price has now pulled back 27% from the recent high and is approaching the 38.2% Fibonacci retracement level. This is the first major support block, which is located just below the $52,000 handle.A break below this level would open the door for a deeper pullback, with the zone around $48,000 acting as the next strong support level. This horizontal support block proved to be an important trading zone in the past.On the upside, the Bitcoin price would need to return to trade above $60,000 for the bearish momentum to disappear and for the bulls to regain control. More

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    in Economy

    Analysis-Bond market re-focus on US elections throws wrench into 2024 rally hopes

    NEW YORK (Reuters) – A recalibration of how the U.S. presidential election plays out is causing bond investors to bet yields stay higher for longer as November approaches.Yields have risen sharply after President Joe Biden’s stumbling performance against Republican rival Donald Trump in the first presidential debate last month, which increased speculation about a second Trump win when voters go to the polls on Nov. 5. The benchmark 10-year yield rose about six points to 4.34% following the debate.Some investors are betting on higher inflation under Trump because of trade and economic policies such as higher tariffs on imports, and profligate government spending along with lower tax revenues, which would boost fiscal deficits and U.S. debt levels. Trump’s team has said his pro-growth policies would bring down interest rates and shrink deficits. Republican National Committee spokesperson Anna Kelly said in a statement that the market reaction to Trump’s “debate victory reflected the anticipation of the strong-growth, low-inflation reality that President Trump will deliver once again.” Some have said a reckoning on U.S. debt will eventually catch up with the country and market.”The lens (is) really starting to turn to the fiscal and the debt dynamics,” said Mary-Therese Barton, fixed income chief investment officer at Pictet Asset Management. “(The) rate-cutting cycle is perhaps shallower than expected with a focus more on the longer end.”Those concerns around widening fiscal deficits and the rising government debt burden threaten to limit any nascent rally in bonds, expected as the Federal Reserve gets closer to cutting rates after an aggressive hiking cycle to tame inflation.”We feel the probability of (a) Trump election victory has risen,” John Velis, Americas macro strategist at BNY, wrote in a note. “Our faith in lower yields going forward has been eroded and we wouldn’t be surprised to see a continuation of the very recent moves higher in yields.”Shorter-dated Treasuries, more directly linked to changes in monetary policy, could still rally in case of rate cuts, but even for bond bulls the outlook for longer-dated Treasuries has become cloudier. Longer dated debt tends to reflect expectations for economic growth, inflation and the fiscal outlook.”The headwind that we’ve been seeing should start abating and we do think investors will start focusing more on the cutting cycle,” said Anders Persson, chief investment officer and head of global fixed income at Nuveen.However, “that’s probably going to show up more on the front end of the curve like the two-year for instance,” he noted. “The 10-year will be a little bit trickier to call given the elections and if inflation is a little bit stickier.”‘FRUSTRATION’Investors had bet heavily early this year on a normalization of interest rates, but that has sharply changed with the Fed increasingly being seen as pushing rate cuts out further. Traders of futures contracts tied to the Fed’s policy rate are betting on about two rate cuts for the rest of 2024, one-third of the policy easing investors were hoping for in January.Bonds rally when rates are lowered because existing securities yield more than new ones and become more valuable. But as monetary easing has proven elusive, what appeared to be a straightforward trade as the year began has become a test of patience for investors.”I think there was some frustration with some people who took that big positioning,” especially on behalf of clients, said Kevin McCullough, portfolio consultant at Natixis Investment Managers. “That’s a real hard conversation to have.”A measure of total returns for Treasuries since the beginning of the year remains in negative territory despite yields having declined from their annual peak in April.Year-to-date total returns, which include bond payouts and price fluctuations, were still minus 1.1% this week, the ICE BofA US Treasury Index showed. Returns have been negative since early February.Regardless of the election outcome, many investors are optimistic on bonds as yields have become more attractive in an environment of higher rates.”We still have six months left to carry in fixed income … and obviously if yields move lower from here still, there’s potential for even more appreciation,” said Mike Cudzil, managing director and generalist portfolio manager at PIMCO, one of the world’s biggest bond investors.”Whoever wins the election, regardless if Republican or Democrat, the loser is going to be the deficit,” he said. “I think what will matter more is the slowing of inflation, the slowing of growth.” More

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    in Cryptocurrency

    Michael Saylor and Bitcoin Grilled by Peter Schiff

    This decline prompted a reaction from Michael Saylor, CEO of MicroStrategy and a well-known BTC advocate, who took to social media to express his continued support, stating that Bitcoin represents independence (well-timed for U.S. Independence Day on July 4).However, Peter Schiff, a well-known financial expert and outspoken critic of Bitcoin, responded with characteristic sarcasm, suggesting that Bitcoin would indeed make investors independent of their money. But there’s a catch.Schiff also elaborated on his views, highlighting the recent low of $53,550 per BTC, an enormous drop from its record high of $74,000. He pointed out that this represents a 27.5% decline in U.S. dollar terms and a 38.5% decline against gold.Furthermore, Schiff predicted that if Bitcoin’s value falls below $38,000, all ETF buyers will experience losses, which could trigger widespread selling as investors decide to cut their losses.As Bitcoin navigates its current bearish phase, the question is whether it can recover from this downturn and reach new heights, or whether the predictions of critics like Schiff will come true and lead to further declines.This article was originally published on U.Today More