Aurelia Butler

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    U.S. Treasury yields peak amid oil price surge and inflation concerns

    The market currently predicts a 90% probability of maintaining interest rates between 5.25% and 5.50% after November’s meeting, as suggested by the 30-day Fed Funds futures data. The possibility of a rate hike in December stands at 38%. Nationwide Economics highlighted that robust employment and income growth have fueled consumer spending, thereby supporting the need for a more restrictive monetary policy.Meanwhile, Japan’s ten-year bond yield reached a decade-high of 0.815%, which led to unscheduled bond purchases by the Bank of Japan. In contrast, the U.S. Treasury has announced plans for a $13 billion 20-year bond auction.This financial activity coincides with the release of data on September’s housing starts and building permits, as well as the Fed Beige Book. Statements are also expected from several Fed officials, including Governor Chris Waller, New York Fed President John Williams, Richmond Fed President Tom Barkin, and Philadelphia Fed President Patrick Harker.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    US sanctions seek to disrupt Hamas’ revenue, US Treasury says

    The sanctions, imposed under a terrorism-related executive order, targeted nine individuals and one entity based in Gaza and elsewhere including Sudan, Turkey, Algeria, and Qatar, the U.S. Department of Treasury said in a statement.”The United States is taking swift and decisive action to target Hamas’s financiers and facilitators following its brutal and unconscionable massacre of Israeli civilians, including children,” said Treasury Secretary Janet Yellen said.”We will continue to take all steps necessary to deny Hamas terrorists the ability to raise and use funds to carry out atrocities and terrorize the people of Israel,” Yellen added. Treasury’s actions come as U.S. President Joe Biden visited Israel and met with Israeli Prime Minister Benjamin Netanyahu following Hamas’ Oct. 7 attack. More

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    in Cryptocurrency

    Fidelity Shakes up Market With Updated Bitcoin ETF Application

    In the context of the Bitcoin ETF, the S-1 application essentially serves as a request to the Securities and Exchange Commission (SEC) to allow the issuance of an ETF that tracks the performance of Bitcoin.This development is significant considering the prevailing thesis surrounding the potential approval of spot Bitcoin ETFs. If greenlit, such could be a monumental catalyst for the cryptocurrency market. ETF approval would effectively open the floodgates for mainstream and institutional investors, offering them a regulated and familiar avenue to invest in the cryptocurrency without owning the asset directly. As these large pools of capital enter the market, it could lead to a surge in demand, thereby driving up the price.This is not just mere speculation. Recently, the crypto space witnessed how even false rumors about Bitcoin ETF approval propelled Bitcoin and the broader market to unparalleled highs. Such is the allure and potential impact of ETFs on market sentiment.Behind the scenes, it is widely believed that the SEC is in active dialogue with major providers, including industry giants like Fidelity, Ark Invest and others. The regulatory body’s decision to engage in these discussions demonstrates a warming stance toward the cryptocurrency sector. It is also seen as an indirect acknowledgment of the growing importance and mainstream adoption of digital assets.In a nutshell, Fidelity’s updated application for a spot Bitcoin ETF is more than just a routine financial procedure. It represents a potential turning point in the cryptocurrency market’s journey toward mass adoption. If the SEC greenlights these applications, it could become a significant driver for the crypto market, ushering in a new era of institutional investment and credibility.This article was originally published on U.Today More

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    in Cryptocurrency

    Altcoin VC Spectra attracts investors amidst bitcoin market volatility

    Despite an initial hike in BTC price from $26,761 to $27,489, it slid back to $26,900 within a month and is projected to fall below $26,000. In contrast, SPCT offers an attractive alternative with its diverse investment opportunities in blockchain projects and startups. The community-driven platform leverages artificial intelligence trading systems for market trend analysis and risk mitigation. VC Spectra’s protocol employs Spectra Token (SPCT), a BRC-20 standard governance token compatible with most Ethereum wallets. The altcoin has seen a remarkable 587% growth from its initial presale price of $0.008 to $0.055 during Stage 4 of its public presale. The company aims to cross the $0.080 mark by the end of the presale, offering a 100% deposit bonus as an incentive.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    in Cryptocurrency

    IMF director urges ‘financial inclusion’ via digitalization

    “It is digital that moves help to people, investment and ability of the economy to accelerate,” Georgieva said, citing digital cash transfers in the African nation of Togo put in place during the COVID-19 pandemic. She urged for comprehensive national strategies for financial inclusion but reminded the audience about the financial stability risks, which often correlate with digitalization. Continue Reading on Cointelegraph More

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    GMO seeds: Beijing’s approval sprouts new chapter for suppliers

    Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.China’s quest for self-sufficiency in semiconductors is widely discussed. But just as urgently, Beijing needs to address its growing imported food dependence as shortages loom. Approvals of seeds of genetically modified organisms (GMO) should boost production and suppliers.Beijing has preliminarily approved 37 genetically modified corn seed and 14 soyabean seed varieties for planting. This marks a big change for a country long reluctant to allow local companies to grow GMO seeds commercially. Consumers have publicly opposed the technology.But GMO seeds can increase much needed domestic yields. China is the world’s largest importer of soyabeans and corn, and should remain so for years as per capita consumption grows. Use of soyabean oil, for example, has more than quadrupled over the past two decades. Both corn and soyabean are key ingredients in pig diets, and pork makes up nearly two-thirds of local meat consumption.The approved list includes corn varieties developed by China National Seed Group, a unit of Syngenta Group, which was acquired by state-owned ChemChina in 2017, and soyabean varieties from local peer Beijing Dabeinong Technology Group.Shares of the latter rose by the daily limit of 10 per cent on Wednesday. It now trades at 57 times forward earnings, a steep premium to local peers reflecting its growth potential.China’s food consumption has already outpaced domestic supply due to factors including increased urbanisation. Also, global warming has affected farm output due to extreme weather. Rising geopolitical tensions with the US add urgency. The two largest US agricultural exports to China by value in 2022 were soyabeans at $18bn and corn at $5.3bn.Early on, the market size of these modified seeds will probably start small. Yet the companies receiving early approvals will have a first-mover advantage over rivals. Moreover, a tightly regulated domestic market also ensures winners will not have to worry about global competitors.If you are a subscriber and would like to receive alerts when Lex articles are published, just click the button “Add to myFT”, which appears at the top of this page above the headline. More

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    Ethereum (ETH) Inflation Losing to Bitcoin’s (BTC)

    The provided graphical representation highlights Ethereum’s deflationary trend, juxtaposed with its network activity. An analysis of this chart brings forth some striking revelations. The burn rate is currently at 402K ETH per year, indicating that while transactions are ongoing and fees are being paid, a significant portion of Ether is being destroyed or “burned” but it is still not enough.Source: On the other hand, the supply growth shows an increase of 0.36% over a 30-day time frame. Moreover, the issuance sits at 834K per year, which underscores the increasing creation of new Ether in the ecosystem.However, even with these factors pushing Ethereum toward an inflationary stance, it is crucial to note that the net issuance for Ethereum stands at a mere 0.44% annually. When juxtaposed with Bitcoin’s inflation rate, Ethereum’s figure is still considerably lower.From a pricing perspective, has recently faced some challenges. The cryptocurrency has seen a retreat below the $1,600 mark, sparking concerns among investors and traders. With the current trajectory, Ethereum’s price is inching closer to the critical $1,400 support level, which historically played a pivotal role in March as a point of trend reversal.For now, Ethereum’s price movement indicates downward pressure. While it is showing some resilience around the $1,575 zone, the continuous testing of this support suggests a potential breakdown. If ETH fails to maintain this stance, the road toward the $1,400 mark might be its next destination.This article was originally published on U.Today More