Aurelia Butler

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    in Cryptocurrency

    Bitcoin price today: up to $66k but sentiment still muted amid rate jitters

    By 06:57 ET (10:57 GMT), Bitcoin increased by 0.8% to $66,031.2, still down 2.8% for the week after dipping below $65,000 on Tuesday for the first time since May 16.Crypto prices including Bitcoin are rangebound as investor enthusiasm for riskier assets has been dampened by the prospect of prolonged high U.S. borrowing costs.Several Federal Reserve officials have stressed the need for further progress in controlling inflation, despite last week’s weaker-than-expected U.S. inflation data. As a result, the U.S. central bank now forecasts only one interest rate cut this year, down from the previous expectation of three cuts.This narrative has bolstered the U.S. dollar, with the dollar index (DXY) rising 0.2% over the past five days. A stronger dollar typically reduces the appeal of Bitcoin, as it makes dollar-denominated assets more attractive compared to riskier investments like cryptocurrencies.Near-term, BTC has the potential to rebound toward $67,000, according to analytics firm Glassnode. This threshold might present resistance, and breaking through it could set the stage for an even higher target of $69,500.On the flip side, the $65,000 mark is viewed as a key psychological support level, which could be pivotal in maintaining investor confidence.Trailing Bitcoin, most major altcoins also rose slightly on Thursday.World no.2 token ETH/USD added 1.1% to $3,597.04, while Cardano climbed 1.4% and XRP rose 1%. In contrast, Solana dropped by 0.5%.Among meme tokens, DOGE/USD edged up by 0.6%, and Investing.com Shiba Inu Index increased by 0.4%.Earlier this week, Bernstein analysts hiked their Bitcoin price target to $200,000 from $150,000 “to reflect the positive surprise from Bitcoin ETF flows since launch.”The firm argues that Bitcoin and crypto-related stocks are underrated and poised for significant institutional interest as regulatory concerns diminish.”We remain convinced in our Bitcoin new cycle thesis,” Bernstein noted. “Bitcoin has been adopted by institutional investors, and global asset managers have seen some crypto success. For us, the next leg of demand should come from crypto bystanders.”Bernstein analysts stress the potential of Bitcoin ETFs, noting a 150% surge in Bitcoin since BlackRock (NYSE:BLK) filed its Bitcoin ETF application.The note also addresses skepticism from bears who argue ETF flows aren’t genuine, driven more by ‘cash & carry trade’ rather than ‘net long’ positions.Bernstein sees this as a “trojan horse” for adoption, with investors likely to shift to ‘net long’ positions as ETF liquidity improves. While early allocations were retail-driven, they expect strong institutional growth, anticipating ETF approvals at major financial institutions by Q3/Q4.“Tactically, low to mid $60Ks/high 50Ks (if we get there) should be interesting entry points,” Bernstein highlighted. More

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    in Economy

    Bank of England keeps rates unchanged, as expected

    The Monetary Policy Committee voted 7-2 to maintain the rate at its current level, the same as at the May meeting, with two members in the minority preferring to reduce the bank rate by 25 basis points to 5%, the BoE said in a statement. Data released earlier this week showed that consumer inflation eased to 2.0% in May on a twelve-month basis, in line with the Bank of England’s medium-term target for the first time in almost three years. However, wage growth and underlying pricing pressure remain a concern for the central bank, which has said a return of inflation to its target is not enough on its own to start cutting interest rates.Bank of England Governor Andrew Bailey opened the door early last month to a rate cut, saying he was “optimistic that things are moving in the right direction,” but the data has not been sufficiently impressive to ensure this.Almost all 65 economists polled by Reuters last week expect the bank to move in August, with traders pricing in a 30% chance of that happening, while a rate cut is only fully priced in by November.The British pound weakened slightly against the dollar on Thursday, while the rate-sensitive 2-year Gilt yield edged higher. The blue-chip FTSE100, meanwhile, inched higher. More

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    in Economy

    EU sanctions target Russian gas for the first time, diplomats say

    BRUSSELS (Reuters) -European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including their first restrictions on Russian gas. The package bans re-exports of Russian liquefied natural gas (LNG) in EU waters but stops short of banning imports as the bloc did in 2022 for Russian seaborne oil. Some EU countries still import pipeline gas from Russia via Ukraine. However, gas market experts say the measure will have little impact as trans-shipments of gas via EU ports to Asia represent only around 10% of total Russian LNG exports. The package also sanctions three Russian LNG projects and includes a clause designed to allow Sweden and Finland to cancel Russian LNG contracts, diplomats said. Belgium, which holds the rotating EU presidency until July 1, said on social media platform X that the package “maximises the impact of existing sanctions by closing loopholes”.”This hard-hitting package will further deny Russia access to key technologies. It will strip Russia of further energy revenues. And tackle (President Vladimir) Putin’s shadow fleet and shadow banking network abroad,” European Commission President Ursula von der Leyen said on X. Countries debated the new measures for over a month and ultimately watered down one of the Commission’s proposals, aimed at preventing even more circumvention, at Germany’s prompting.The dropped measure would have forced subsidiaries of EU companies in third countries to contractually prohibit the re-exports of their goods to Russia. The EU is keen to stop the flow of dual-use technology such as washing machine chips that could be used by Russia for military purposes. An EU diplomat said Germany had asked for an impact assessment, and the measure could be included at a later date. The package also tightens measures against the shadow fleet moving Russian oil outside the price cap on Russian crude set by the Group of Seven (G7) nations. EU countries added tankers to the list of sanctioned entities as well as at least two Russian-owned ships moving military equipment from North Korea, diplomats said. Moscow and Pyongyang have grown closer since Russia’s February 2022 full-scale invasion of Ukraine. This week, the two countries agreed to provide immediate military assistance if either faces armed aggression in a pact reached after Russian President Vladimir Putin visited Pyongyang. Overall, 47 new entities and 69 individuals were added to the EU sanctions list, bringing the total to 2,200. The package is expected to be formally approved when EU foreign ministers meet on Monday, diplomats said. More

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    in Economy

    ECB’s Knot backs one or two more rate cuts this year

    The ECB began undoing its steepest ever streak of rate hikes earlier this month but left options open as to what it would do next, also in light of stronger-than-expected inflation and wages data in recent weeks.Knot stressed inflation was still seen hitting the ECB target next year, even if the road to 2% was likely to be bumpy and services inflation remained high.”We can continue to slowly but surely lift our foot off the brake,” Knot, the Dutch central bank governor, told an event in Milan.”You could say the score is one-nil – we have taken the lead,” he said in a speech peppered with soccer references. Knot said the “just under three” cuts priced in by financial markets for 2024 were “broadly in line” with the optimal policy path calculated by staff at his central bank.He reaffirmed his preference for changing policy when the ECB gets updated projections from staff — that is in September, December, March and June. Knot said the ECB should in the future “look through small deviations” from its inflation target but only “as long as we respond especially forcefully to larger” ones.He also proposed publishing “scenarios or confidence bands” around the ECB’s projections to outline “different narratives about the evolution of the euro area economy”.”This would require attaching some probability to the alternative inflation scenarios when taking monetary policy decisions,” said Knot, the longest-serving member of the ECB’s Governing Council. More

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    in Cryptocurrency

    Bernstein raises Bitcoin price target forecast to $200K, says buy the dip

    Bitcoin and crypto-related stocks remain underrated and are ripe for institutional inflection as pessimism from past regulatory hurdles fades, the analysts wrote in a note on Thursday.”We remain convinced in our Bitcoin new cycle thesis,” the analysts wrote, adding that Bitcoin has been increasingly adopted by institutional investors and global asset managers. This adoption, they believe, is just the beginning, with the next wave of demand expected to come from crypto bystanders.The note highlights that Bitcoin ETFs are far from done. Since BlackRock (NYSE:BLK) filed its Bitcoin ETF application on June 15, 2023, Bitcoin has surged by 150%. While early Bitcoin ETF allocations were driven by retail investors, with institutional share at 22%, Bernstein sees strong growth ahead. “We see Bitcoin ETFs as on the cusp of approvals at major wirehouses and large private bank platforms in Q3/Q4,” the analysts noted.The report also addresses the skepticism from bears who argue that ETF flows are not genuine, pointing out that institutional interest is initially driven by the basis ‘cash & carry trade’ rather than ‘net long’ positions. However, Bernstein views this basis trade as a “trojan horse” for adoption, with these investors gradually evaluating ‘net long’ positions as they become comfortable with improving ETF liquidity. They expect Bitcoin ETF inflows to accelerate in the third and fourth, viewing the current market as offering new entry levels before the next wave of institutional demand picks up.Bernstein’s analysis also reveals that Bitcoin’s portfolio allocations have ample headroom for growth. Thirteen-F filings show that 22% of AUM is driven by institutional investors, with hedge funds accounting for about 36% of the institutional allocation. The analysts believe that the next step for these investors is to evaluate ‘long’ positions. They also highlight that financial advisors, primarily small to mid-sized with 0.1-0.3% of their portfolio allocated to Bitcoin ETFs, are beginning to drive actual demand. “We believe growth will be driven by larger advisors approving ETFs and substantial allocation headroom within existing portfolios,” the note said.Bernstein draws a parallel between Bitcoin’s current price levels and previous cycles, suggesting that Bitcoin in the $60Ks today is equivalent to Bitcoin under $10K in June 2020. “Bitcoin, despite its rally, is still in an early cycle and we see it as attractive here,” they noted. Asset managers have every incentive to push harder on marketing and distribution to scale their crypto business,” the note concluded. More

  • 150 Shares169 Views

    in Cryptocurrency

    SOL Meme and PolitiFi Colossus, Solciety Raises $300k in Under 48 Hours

    Solciety, a prominent player in the PolitiFi meme coin sector, has successfully raised over $300,000 within the first 48 hours of its presale, which commenced at 14:00 UTC on 18th June. The presale is scheduled to run for 30 days, concluding on 18th July.The presale success aligns with the heightened interest in PolitiFi tokens during this significant US election year. Solciety aims to capitalize on this trend, appealing to a broad audience with its unique “political party for degens” branding.Solciety invites all interested parties to participate in discussions on its social channels.A total of 3 billion out of the 10 billion Solciety tokens are available for purchase this month before the coin becomes available for public trading. The presale includes price increases every 72 hours by smart contract, offering early supporters an opportunity to purchase tokens at a lower rate. Stage 1 buyers can acquire tokens at $0.0015, with the price set to reach $0.0040 by the end of the presale, resulting in a 169% price increase for the earliest participants.Solciety combines elements of SOL meme coins and PolitiFi, both of which have shown strong performance in the current crypto market.Solciety (SLCTY) tokens are available for purchase on the Solciety website.To incentivize content creation, 10% of the SLCTY token supply (one billion tokens) is allocated to reward prolific meme creators. This initiative aims to increase the project’s visibility across social media, leveraging the 2024 election cycle for further outreach.Solciety has garnered attention from top crypto influencers, including ALTCOIN-BEAR, The PEPE ARMY, ShibArmy1000x, and BscGems1000x, who collectively have 835k followers.On top of all this, Solciety has been fully audited by German veterans Solid Proof – the smart contract is watertight, meaning both new traders and seasoned degens can invest with complete peace of mind.These two coins have become mainstays in the top 100 most capitalized coins as of the time this release was published. They’ve seemingly come out of nowhere, benefiting thousands of degens in the process. Dogwifhat rallied by an incredible 50,000% between December and March, with BONK also producing returns of 6,700% over a 12-month period.PolitiFi is also home to many of 2024’s most notable rallies, with this new sector incorporating another market trend that could elevate Solciety’s standing. Coins relating to politicians are showing activity in sync with the election season, with the sector totaling over $1 billion in market capitalization; this figure has the potential to increase further as the election year progresses.SLCTY tokens are currently available for $0.0015, with prices set to increase every 72 hours by smart contract. Early participation secures the lowest entry price.Solciety (SLCTY) tokens are available to purchase on the Solciety website.For more information about Solciety (SLCTY), users can visit the website.Website | Whitepaper | [email protected] article was originally published on Chainwire More

  • 75 Shares149 Views

    in Economy

    An economic test for France’s democracy

    Standard DigitalWeekend Print + Standard Digitalwasnow $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.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

    EU imposes sanctions on Russian LNG

    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