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    Almost Billion US Dollars in BTC Moved from Exchanges As Price Plunged 5.4%

    This coincided with the price of the world’s largest crypto plummeting by almost 5.5%,While many have been withdrawing BTC from exchanges, a major dormant wallet that was reactivated on Tuesday, transferred 8,000 Bitcoins to the largest crypto exchange – Binance. That amount of BTC was evaluated at more than $535 million at the time of the transfer.Prior to that transaction, the whale remained inactive for approximately five and a half years.Today’s growth was 3.29% overall as the inflation data for May (CPI) was released. The consumer price index proved to be lower than expected by analysts – 3.3% versus 3.4%. This pushed Bitcoin up, helping it recover an important psychological price mark.By now, however, BTC has seen a minor pullback and is changing hands in the $69,700 zone.This article was originally published on U.Today More

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    US Southern Baptists condemn IVF procedure

    (Reuters) -The Southern Baptist Convention, the largest Protestant denomination in the U.S., on Wednesday voted to condemn the use of in vitro fertilization, signaling the campaign by evangelicals against abortion is widening to include the popular fertility treatment.Earlier at its annual meeting, a proposed amendment to the church’s constitution that would have banned women as pastors fell just short of the two-thirds majority vote it needed to pass. In its vote against in vitro fertilization, or IVF, the Southern Baptists said the process routinely creates more embryos than can be implanted and that leads to the destruction of hundreds of thousands of frozen embryos, which the church considers human life. IVF involves combining eggs and sperm in a laboratory dish to create an embryo. The move is the latest sign that U.S. evangelicals – a powerful voting bloc that helped propel Donald Trump to victory in the 2016 presidential election – are broadening their anti-abortion efforts, two years after successfully helping to overturn Roe v. Wade.Trump’s challenger for the Nov. 5 election – President Joe Biden – in turn has made access to abortion, contraception and fertility treatments a centerpiece of his campaign, arguing that reproductive rights are at risk if Trump were to be re-elected.The Southern Baptist Convention includes 50,000 churches and over 14 million faithful and has become a political force in recent decades. The IVF resolution before the thousands of leaders gathered in Indianapolis noted the pain infertile couples encounter but said that “not all technological means of assisting human reproduction are equally God-honoring or morally justified.” Before the IVF vote, some Baptist leaders spoke about their own experiences with IVF and urged a softening of the resolution’s language to put less emphasis on the frozen embryos involved in the medical process. Daniel Taylor, a deacon with Charity Baptist Church in Paris, Michigan, spoke emotionally about his godson, who was born through IVF.”Because of him, I thank God for IVF,” Taylor said. He added that the IVF resolution “would castigate and condemn the entirely moral and ethical actions” of parents seeking to have a child through IVF.The resolution recommended members use alternative fertility therapies or adopt frozen embryos. The resolution called on “Southern Baptists to reaffirm the unconditional value and right to life of every human being, including those in an embryonic stage, and to only utilize reproductive technologies consistent with that affirmation.”‘STAND FOR LIFE’ In February, the Alabama Supreme Court ruled that frozen embryos should be considered children. The ruling arose from lawsuits by three families against Alabama fertility procedure providers accused of failing to properly safeguard frozen embryos, resulting in their destruction when a patient improperly accessed them.The court ruling was based on an amendment to the Alabama state constitution approved by voters in 2018 that made it official policy to uphold “the sanctity of unborn life and the rights of unborn children.” The court ruling left unclear how to legally store, transport and use embryos.Democrats portrayed Alabama’s all-Republican high court as bent on further restricting women’s ability to make choices about reproduction following the U.S. Supreme Court ruling that toppled Roe, abolishing women’s constitutional right to abortion.Republicans faced backlash nationwide, even as some particularly conservative members of the party continued to question IVF procedures.In Alabama, the Republican-led state legislature passed measures aimed at protecting IVF providers from both criminal charges and civil lawsuits, and the Republican governor quickly signed them into law, prompting Alabama providers who had halted the IVF procedure following the court ruling to resume offering the treatment.In Washington, Republican senators blocked Democrats’ attempt to guarantee access to IVF treatments, saying the proposal went too far.In May, Brent Leatherwood, head of the Southern Baptist Convention’s Ethics and Religious Liberty Commission, wrote U.S. senators to urge more robust oversight of the IVF process. “A human embryo is a life. This life is as deserving of protection and all the standards of care we would give to a child or an adult,” Leatherwood wrote. “In the post-Roe moment we find ourselves in, we must make the most of this opportunity to stand for life in all its forms.”FEMALE PASTORS The proposed constitutional change banning women pastors, known as the Law Amendment, had been approved during last year’s annual meeting. By church rules, any such change must be approved at two consecutive annual meetings, and this year it was approved by 61.45% of church leaders who voted – short of the two-thirds majority required. The denomination has in recent annual meetings voted that individual churches that have female leaders were no longer in “friendly cooperation” with the organization, citing the denomination’s doctrine and scriptures as indicating that only men can lead a church. The over 10,000 church leaders – known as “messengers” – attending the meeting and voting on an array of issues, fell just short of officially changing the SBC’s constitution to assert that a church can only employ “men as any kind of pastor or elder as qualified by the scripture.”Individual Baptist churches are largely autonomous, typically locally own their own facilities and make their own decisions on how to worship. More

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    IMF approves second review of Sri Lanka’s $2.9 billion bailout

    (Reuters) – The International Monetary Fund approved the second review of Sri Lanka’s $2.9 billion bailout, the IMF and Sri Lanka’s government said on Wednesday, and said the approval will pave the way for the release of about $337 million.The crisis-hit country’s performance under the program has been strong and signs of an economic recovery were emerging, the IMF said in a statement. But it said the economy “is still vulnerable and the path to debt sustainability remains knife-edged.”Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades after its foreign exchange reserves sank to record lows in 2022. After defaulting on its debt two years ago, the country has been struggling to emerge from the crisis. The economy contracted by 2.3% last year.As part of the $2.9 billion program with the IMF, Sri Lanka agreed to reform its state-owned companies to make them profitable.Sri Lanka’s foreign minister, Ali Sabry, said the IMF approval was “a testament to our dedication to driving forward economic reforms and securing a prosperous future for all Sri Lankans.” The economy is starting to recover, inflation remains low, revenue collection is improving, and reserves continue to accumulate, the IMF said on Wednesday. But it said “important vulnerabilities” associated with ongoing debt restructuring, revenue mobilization, reserve accumulation, and banks’ ability to support the recovery continue to cloud the outlook.In April, Sri Lanka approved a law backed by the IMF allowing the state to seize any proceeds from criminal activities. Sri Lanka’s economy is expected to grow 3% in 2024.Last week, Sri Lanka’s parliament approved legislation to attract investment in renewable energy and reduce losses in its state-run power monopoly – measures it had committed to in the $2.9 billion IMF programme.Sri Lanka will hold presidential elections before mid-October, and opposition parties have said they could review current government policies on taxation and IMF programme targets if they win. More

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    Fed leaves rates unchanged, sees only one 2024 cut despite inflation progress

    WASHINGTON (Reuters) -The Federal Reserve held interest rates steady on Wednesday and pushed out the start of rate cuts to perhaps as late as December as policymakers sketched out their view of an economy that remains virtually unchanged across its major dimensions for years to come.With growth and unemployment lodged at levels better than the U.S. central bank considers sustainable in the long run, Fed Chair Jerome Powell said policymakers were content to leave rates where they are until the economy sends a clear signal that something else is needed – through either a more convincing decline in price pressures or a jump in the unemployment rate.So far, Powell noted in a press conference after the end of a two-day policy meeting, inflation had fallen without a major blow to the economy, and he said there was no reason to think that can’t go on.”These dynamics can continue as long as they continue,” Powell said. “We’ve got a good strong labor market. We think we’ve been making progress toward the price stability goal. We’re asking … is our policy stance about right? And we think yes, it’s about right.”The result is the Fed accepting a slow expected decline in inflation back towards its 2% target, with the central bank’s preferred inflation measure – the personal consumption expenditures (PCE) price index – virtually unchanged at the end of this year from its current level and the number of rate cuts held to a single quarter-percentage-point reduction. Those rate reductions are projected to gather pace next year, with Powell deferring on the timing.”We don’t make decisions about future meetings until we get there,” he said. “Really, it’s going to be not just the inflation readings. It’s going to be the totality of the data, what’s happening in the labor market, what’s happening with the balance of risks, what’s happening with the forecasts, what’s happening with growth. You’re looking at all of that.”Inflation data published hours before the release of the policy statement and updated projections showed the consumer price index (CPI) rose not at all on a month-to-month basis in May, causing some analysts to argue the latest projections were already “stale.”Powell’s characterization of the inflation projections as “kind of conservative” indicated the Fed chief was “keeping the door very much open to a September cut” if inflation continues to weaken, said Krishna Guha, vice chairman of Evercore ISI.Investors in contracts tied to the Fed’s benchmark interest rate largely kept bets intact that the central bank would approve quarter-percentage-point reductions in September and December.Powell himself said the decision about the rate path was a “close call” for many policymakers, and that to some degree the Fed had merely traded an earlier start to rate reductions this year by tacking an additional anticipated cut onto 2025.Still, he called the decision to start policy easing “consequential,” and the drop in expectations for this year completes a broad swing in sentiment from just six months ago when policymakers in their December 2023 forecasts envisioned an imminent kickoff to three years of steady rate reductions.Under the current projections, absent a surprise in upcoming inflation or jobs data, the cuts would likely not begin until December, moving the Fed’s decision out of the Nov. 5 U.S. presidential election cycle.HIGHER NEUTRAL RATEThe policy statement issued on Wednesday combined an acknowledgement of “modest further progress” on inflation in recent months with a restatement of language that rate reductions won’t be appropriate until officials have “gained greater confidence” that price pressures will continue to ease.The PCE price index increased at a 2.7% annual rate in April; the median projected by policymakers for the end of the year is 2.6%, with a full return to the 2% target in 2026.The weak CPI number for May was “only one reading,” Powell said. “When we are (more confident), then we can look at loosening policy.”The S&P 500 and Nasdaq Composite stock indices closed sharply higher on the day, while the U.S. dollar and yields on U.S. Treasuries fell. “The market cares more than the economy does about whether there are two cuts this year or only one,” said Brian Jacobsen, chief economist at Annex Wealth Management. “The Fed is basically rearranging the rate-cut deck chairs” from 2024 to 2025.The new Fed projections show the economy is still expected to grow at a slightly above-trend 2.1% this year despite a sluggish first quarter, and the unemployment rate will remain at its current 4% through the year.”Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low,” the Fed said in its statement, which was approved unanimously.Along with trimming the number of rate cuts expected this year, the new rate projections raised the long-run “neutral” rate needed to keep inflation in check while maintaining steady growth to 2.8% from 2.6%. The long-run rate has now moved up more than a quarter of percentage point over the Fed’s last two sets of projections, a possible sign officials feel inflation will be harder to tame in the future. Powell said the increase in the long-run rate did not necessarily influence officials’ short-run projections for the benchmark interest rate, but noted they were still mulling just how restrictive monetary policy had become. The Fed raised rates aggressively in 2022 and 2023 to curb inflation that had surged to a 40-year high in the aftermath of the COVID-19 pandemic.”We’re making policy with the economy that we have, with the distortions that we have,” Powell said. “The question of how restrictive this policy has become is one that everyone’s asking … I think the evidence is pretty clear. This policy is restrictive and is having the effect we would hope for.” More

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    FirstFT: EU slaps extra tariffs on Chinese EVs

    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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    Fed officials signal just one rate cut before end of 2024

    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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    $1 Billion in Bitcoin (BTC) Disappear

    Traditionally, significant withdrawals have been seen as a bullish sign suggesting that investors are choosing to hold their money in personal wallets as opposed to storing it on exchanges for quick trading. This usually lowers the amount of stock on exchanges, which could raise prices because of greater scarcity. Still the price of Bitcoin has not increased as anticipated, even with the significant volume of withdrawals. This oddity implies that there are currently other market forces affecting the dynamics of BTC prices.Macroeconomic conditions impacting the cryptocurrency market as a whole have led to cautious sentiment, which could be one explanation. The actions of institutional investors are another thing to take into account. These organizations now handle their cryptocurrency holdings in a different way. Institutions may be shifting their assets off exchanges for compliance and increased security purposes rather than getting ready to sell, as more advanced custody solutions become available. This trend is consistent with the wider adoption of decentralized financial practices and the shift toward self-custody. Furthermore, the data indicates a drop in Bitcoin reserves on exchanges during the previous month.This trend may be part of a larger plan by long-term investors, or whales, to reduce the size of their holdings in anticipation of future market movements. Though it does not always result in price increases right away, this withdrawal activity may indicate confidence in Bitcoin’s long-term value.The charts show that although there have been occasional swings in price, Bitcoin’s exchange reserves have been steadily dropping. According to this pattern, the market is presently consolidating, with neither bulls nor bears clearly in the lead.This article was originally published on U.Today More