Aurelia Butler

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    in Economy

    T-Note yield hits 4%, hot Eurozone CPI, Salesforce shines – what’s moving markets

    Investing.com — Risk assets are under pressure again as the benchmark 10-year Treasury yield hits 4% for the first time in over three months on fears of sticky inflation and higher interest rates. Analysts warn of another big ECB rate rise in May after core Eurozone inflation accelerates. Salesforce stock jumps after strong guidance but Tesla’s investor day leaves the market cold. The bank that services some of the U.S.’s biggest crypto exchanges warns it could collapse, and oil prices inch higher after digesting another big rise in U.S. stockpiles. Here’s what you need to know in financial markets on Thursday, 2nd March.1. Hello again, 4% 10-year yieldThe yield on the benchmark 10-year Treasury note hit 4% for the first time since November, as fears of sticky inflation and higher-for-longer interest rates cause investors to dump bonds.The latest leg up in yields followed an ISM manufacturing survey which contained an ugly-looking prices paid component, hidden by an innocuous-looking headline number. It’s the latest in a string of numbers over the last month suggesting that inflation will be harder to bring down than the market hoped at the end of 2022.Federal Reserve Governor Chris Waller, a noted hawk, may ram home that point in a speech at 16:00 ET (21:00 GMT), while the historically more dovish Neel Kashkari opened the door late on Wednesday to a 50-basis point hike in March, rather than the 25 basis points currently priced in. He speaks again at 18:00 ET.Initial jobless claims and revised data for fourth-quarter unit labor costs are the only highlights on the data calendar later.2. Hot Eurozone inflation stokes fears of more ECB rate hikesHeadline inflation in the euro zone eased slightly in February but the core rate rose again, keeping the pressure on the European Central Bank to continue raising interest rates.Eurostat said consumer prices rose a chunky 0.8% from January, both for the all-items index and for the index that excludes volatile food and energy prices. That left the annual headline rate at 8.5%. down from 8.6% in January. But core inflation – excluding food, energy, alcohol, and tobacco – rose to 5.6% from 5.3%.With a hike of 50 basis points at the ECB’s next policy meeting already priced in, analysts now say that another 50 basis points is in play at its May meeting. Short-term interest rates now imply the ECB won’t stop hiking until next year, by which time its deposit rate will have risen to 4%.3. Stocks set to open mixed; Salesforce shines, Tesla weighsU.S. stock markets are set to open mixed, with higher discount rates hurting long-duration technology stocks particularly hard.By 06:30 ET, Dow Jones futures were up 54 points or 0.2%, while S&P 500 futures were down 0.4% and Nasdaq 100 futures, which are dominated by the tech sector, were down 0.6%.Heavyweight Tesla (NASDAQ:TSLA) stock was a drag on the latter two contracts, after its Investor Day passed disappointingly without any news on new models, but with an eye-watering $175 billion for its expansion plans. Anheuser Busch Inbev (EBR:ABI) also fell in Europe after signs of a customer revolt against never-ending price hikes, especially in North America.Salesforce (NYSE:CRM) stock performed markedly better, rising 15% in premarket after the business software company put out strong guidance for revenue and profit margins in its new fiscal year.Kroger (NYSE:KR) and Hormel Foods (NYSE:HRL) lead the early line-up of companies reporting, while Broadcom (NASDAQ:AVGO), Costco (NASDAQ:COST), Marvell (NASDAQ:MRVL), Dell (NYSE:DELL) and Hewlett Packard Enterprise (NYSE:HPE) all update after the close.4. Silvergate sounds the alarm for crypto clientsA crucial part of the U.S.’s cryptocurrency infrastructure is at risk of collapse, under the weight of a depositor run and regulatory investigations into its business.Silvergate (NYSE:SI), which provides banking services to big crypto exchanges such as Coinbase (NASDAQ:COIN) and Kraken and did the same for FTX’s U.S. operations, said it may not survive as a going concern, as a massive firesale of assets wipes out its capital and leaves it struggling to repay maturing loans. The bank had advances of $4.3B from Federal Home Loan Bank as of the end of last year.Silvergate stock fell another 33% after the bank said in a filing late on Thursday that it’s still losing money as it liquidates its securities portfolio to meet client withdrawal demands. Those forced sales, which skyrocketed after the collapse of FTX in November, had already driven it to a $1B loss in the fourth quarter.5. Crude drifts amid signs of growing pressure on RussiaCrude oil prices continued to struggle for direction, with traders still struggling to assess the net impact of disruption to Russian exports of crude and products due to G7 sanctions.While there’s plenty of data to suggest that Russian oil is still finding its way to world markets – Indian refiners processed a record high amount of crude in February and their Turkish counterparts are also running at record rates – Platts reported that Russia’s seaborne exports of products fell by one-fifth last month as a new EU ban came into force.Lower oil and gas receipts are putting increasing pressure on Russia’s financial health. The central bank warned of rising financial stability risks on Thursday, while the ruble has fallen by 25% against the dollar since the end of November.U.S. crude futures were up 0.6% at $78.13 a barrel by 06:45 ET, while Brent was up 0.6% at $84.78 a barrel. More

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    in Cryptocurrency

    Bears Dominate GALA Market: Traders Eye Profit Opportunities

    Gala (GALA) bulls have struggled to gain market control over the last 24 hours but are yet to be successful since they have been unable to break over the $0.04209 resistance level. Due to this hesitancy, the bears recently grabbed control of GALA, causing the price to fall by 2.04% to $0.04016 as of press time.Since bulls haven’t shown any indications of recovering momentum, bears will likely keep GALA under their thumb for the foreseeable future. Due to this anticipation, investors fled the market, bringing the market capitalization and 24-hour trading volume down by 2.04% and 2.03%, to $280,283,798 and $110,457,751, respectively. This decline indicates that bears still have the upper hand in the market and that bulls’ chances of making a comeback are low in the eyes of traders.
    GALA/USD 24-hour price chart (source: CoinMarketCap)The Keltner Channel bands are moving south, with the upper band at 0.04324952 and the lower band at 0.03834477, indicating that the GALA bearish momentum is strong and likely to continue soon.This move represents traders’ belief that the price of GALA will continue to fall in the near term, but this might be an excellent chance for short-term traders to profit.GALA’s Relative Strength Index (RSI) value of 43.76 and recent plunge below its signal line indicate that GALA is now in a bearish market, making it a potentially profitable buy for investors wanting to capitalize on current market conditions.This drop indicates that selling pressure outweighs purchasing demand, suggesting that GALA’s value will fall further. Consequently, investors should examine whether the potential return of investing in GALA surpasses the risk of future value decline.
    GALA/USD chart by TradingViewThe negative momentum is weakening in the GALA price chart as the Aroon up reads 71.43% and the Aroon down reads 42.86%, indicating a likely positive reversal. This reading might cause the GALA price to rise if buyers become more active and take advantage of the present scenario.Consequently, traders should watch GALA and prepare to profit from any increases. This move might be advantageous for investors wishing to invest in GALA since it may allow them to buy at a lower price and benefit from a future price gain.A Chaikin Money Flow (CMF) rating of 0.03 reflects that GALA undervaluation, which might be an excellent entry opportunity for new investors. Also, increasing the CMF reading might indicate that GALA is getting more appealing, and its price may climb.
    GALA/USD chart TradingViewGALA’s bearish momentum may continue, but potential positive reversals indicate a chance for short-term profit and a buying opportunity for long-term investors.Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Bears Dominate GALA Market: Traders Eye Profit Opportunities appeared first on Coin Edition.See original on CoinEdition More

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    in Cryptocurrency

    Solana (SOL) Labs Work to Balance Network After Mainnet Beta Outage

    As a result of the latest in a series of outages, the Solana community started voicing more concerns regarding the stability of the network during the recurring outages.On March 1st, Solana co-founder Anatoly Yakovenko shared the network’s plans moving forward to improve upgrades and performance by proxy.According to the co-founder, Solana’s top priority remains “delivering a fast, reliable, and scalable network in order to move toward a better, decentralized web.” He…Continue Reading on DailyCoin More

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    in Cryptocurrency

    Regulatory Clarification Won’t Be Attained Pre-2025, John EDeaton

    According to John E Deaton, founder of Crypto-Law.us, and managing partner of the Deaton Law Group, it is a fact that regulatory clarification about US regulation would only be attained in the first quarter of 2025, with the best case scenario being the summer of 2025.Notably, the phrase implies a need for clarification from regulators since there may be some ambiguity or uncertainty in the regulations that relate to this matter, according to experts in the field.This statement also comes amid a suggestion by Messari Crypto CEO Ryan Selkis to maintain the status quo on cryptocurrency in the US until the next administration. Then, according to him, $100 million per year would be required for 2023 and 2024.Selkis claims it can be successful with $1 million from each of the 50 unicorns and top funds, $100 thousand from 250 robust American enterprises, and $1 thousand from 25,000 people. Finally, he labels these the community’s “hurricane insurance premiums” and emphasizes how vital they are.Ryan asserts that at least $25 million annually in soft and hard money to influence vital congressional races and presidential candidates’ stances on cryptocurrency would be favorable. However, he believes this is a minimum starting point to exert influence and push for softer crypto positions.However, the CCI, BA, and DeFi Education Fund budgets would double if trade association dues of $25 million were paid annually. Also, $25 million annually will help begin suing the government whenever and everywhere feasible for overreach.On the same accord, the U.S. Securities and Exchange Commission (SEC) may ramp up its recent surge of cases targeting crypto firms by boosting the size of its digital assets enforcement squad, according to recent updates.The post Regulatory Clarification Won’t Be Attained Pre-2025, John EDeaton appeared first on Coin Edition.See original on CoinEdition More

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    in Cryptocurrency

    The Sandbox Identifies Security Hack: Intrusion of Third Party

    The Sandbox, the decentralized gaming ecosystem, recently disclosed information regarding the intrusion of a third party into the platform, gaining access to the computer of an employee. Through hacking the system, the intruder accessed the customers’ email addresses and sent them emails “falsely claiming to be from The Sandbox.”Notably, on March 2, The Sandbox released a blog regarding the intrusion of an unauthorized third party that the platform noticed on February 26. The platform issued the “Notice of the Security Incident” with the intention of making the community “understand what happened, what information was involved,” and what the platform would do to safeguard the customers.Subsequent to the incident, the Chinese reporter Collin Wu shared a Twitter thread mentioning the security issue that The Sandbox witnessed:In addition, Wu included the details of the malware that would be installed into the receiver’s system upon accessing the link attached to the email titled “The Sandbox Game (PURELAND) Access,” stating:Significantly, after identifying the detrimental condition, The Sandbox contacted the known recipients of the fake emails, “informing them it [email] was unauthorized.” In addition, the customers were warned not to open, play, or download anything from the hyperlinked website.Additionally, the platform confirmed that it has made the necessary arrangements to block further security issues, stating:Further, The Sandbox reassured that the third party was only able to access an individual computer, which he has done through “a malware application.”The post The Sandbox Identifies Security Hack: Intrusion of Third Party appeared first on Coin Edition.See original on CoinEdition More

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    in Economy

    Russia to extend capital controls amid continued economic pressure

    Russia introduced strict controls on currency operations last year in response to Western sanctions over the conflict in Ukraine, limiting Russian residents from transferring money abroad.Nabiullina, speaking at a banking forum near Moscow, said that while many of these restrictions had been lifted or eased, current economic conditions meant that they would remain in place.”Deadlines for restrictions like limits on withdrawing cash currency from bank accounts, money transfers abroad, and restrictions on withdrawals by non-residents from ‘unfriendly’ countries are approaching,” she said.”All of them will be extended.”She also warned of possible “systemic risks” in the banking sector as lenders scramble to make up for a slump in profits recorded last year, but played down the effect of the latest round of Western sanctions on the banking sector.”The recent addition of new banks to the sanctions lists is no longer perceived as a shock and does not create systemic risks,” she said.The United States and Britain last week added several Russian banks to their sanctions lists, while the European Union cut off more banks from the SWIFT global payments system, among them online lender Tinkoff and the private Alfa Bank. More

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    Top 1000 Ethereum Whales Hold $619 Million Worth of Shiba Inu Coin

    WhaleStats statistics revealed that a tracker of big crypto investors, the Shiba Inu (SHIB) meme token, remains one of the favorite investment vehicles of crypto whales. As of March 2, the top 1,000 crypto whales on the Ethereum network had an average of more than $619 million SHIB.Interestingly, the $619 million figure only represents about 10% of the ETH whales’ holdings of altcoins, as most large investors currently have more stablecoins in their portfolios. Specifically, the top 1,000 ETH whales hold USDC worth over $1.06 billion and $808 million USDT on average.Other well-known cryptos on the list were Polygon (MATIC), Chainlink (LINK), and Uniswap utility token UNI. However, their combined sum was still below the average amount of SHIB tokens the whales held.Furthermore, other activities of notable investors that WhaleStat monitors include their most popular trading currencies, their most significant token position by dollar value, most popular smart contracts, and most sold coins. Apart from the most prominent crypto by dollar value, which went to Shiba Inu, the USDC stablecoin dominated all other categories.Regardless of the activities of crypto whales, SHIB’s price performance has been bad over the previous seven days. It trades at $0.00001195, with an over 11% fall in the last seven days. Crypto traders bought and sold only $172 million of Shiba Inu tokens in the previous 24 hours.In related news, the SHIB army will be part of the XR Experience Spotlights at the magnificent WAGMI Temple Hub premiere in Austin, Texas, this month.The post Top 1000 Ethereum Whales Hold $619 Million Worth of Shiba Inu Coin appeared first on Coin Edition.See original on CoinEdition More

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    China urges global lenders’ involvement in developing nations’ debt

    China, the world’s largest bilateral creditor, has criticised multilateral lenders for not accepting losses, or haircuts, on loans to low-income countries while Beijing is being asked to do so on credit it has extended on its own.”We hope that multilateral financial institutions and commercial creditors will be actively involved in the debt treatment of developing countries,” Qin said during a gathering of foreign ministers from the Group of 20 (G20) leading economies in New Delhi.The G20 set up a Common Framework in late 2020 to offer relief to low-income countries facing mounting pressures resulting from COVID-19 and tightening global financial conditions amid the Ukraine war.”China has put forth relevant initiatives under the G20,” Qin said. “China has suspended more debt service payments than any other G20 member, and participated in the debt treatment under the Common Framework.”The United States has repeatedly criticised China over what it considers to be “foot-dragging” on debt relief for dozens of low-and middle-income countries including Sri Lanka.Last week, China urged G20 nations to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to “resolve the problem in a comprehensive and effective manner”. More