Aurelia Butler

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    in Cryptocurrency

    Easy Crypto launches new Australian wallet aimed at first-time crypto investors

    With over AUD$2 billion in total sales to date, Easy Crypto today announces the launch of a new ‘beginner wallet’ aimed at Australians looking for an easier way to buy, swap, hold and sell their crypto.Easy Crypto, New Zealand’s largest non-custodial cryptocurrency exchange, is expanding its trans Tasman presence in Australia with its first Australian wallet aimed at those new to crypto. The Easy Crypto Wallet has been designed to deliver the simplest and safest experience for anyone looking to manage their own cryptocurrency. It acts as ‘one wallet for all your crypto’ – offering investors a broad breadth of 50 popular coins backed by the latest security and recovery technology – all within a single simple app.While there are other crypto wallets on the market aimed at seasoned crypto investors familiar with the technical processes and jargon of the sector, Easy Crypto’s wallet is designed specifically to meet crypto beginner’s needs. It aims to onboard the next wave of first-time crypto investors by simplifying buying, selling, swapping and storing crypto and its hundreds of thousands of current users can testify to this. Easy Crypto’s all-in-one wallet was originally launched in New Zealand in November 2023.Demand for crypto wallets is growing in line with increasing institutional adoption of the asset and acceptance of crypto as a viable investment option. In 2023, the total number of crypto wallet users globally was 84.02 million, up from 76.32 million in 2021 (source: Polaris (NYSE:PII) Research). There is growing investor appeal for everyday Australians of all ages investing in crypto but many would-be consumers don’t know where to start. An estimated 1 in 5 Australians currently own crypto with many more expected to move into crypto investments in the coming years.Media enquiries for Easy Crypto Australia: Bespoke Co. Amber Daines: [email protected] or +61 404 145 939About Easy CryptoNow expanding into Australia, with the recent release of a new crypto wallet, Easy Crypto is New Zealand’s leading cryptocurrency retail platform offering customers a safe, secure and simple way to buy, sell and trade more than 160 cryptocurrencies including Bitcoin, Ethereum, Tron and many more. Launched in 2018 by siblings Janine and Alan Grainger, Easy Crypto has since transacted over NZD$2.2 billion in total sales to date. Easy Crypto’s mission is to make crypto assets accessible and understandable for all, so everyone can get involved in the cryptocurrency market. Easy Crypto is headquartered in New Zealand with a growing international footprint that so far includes Australia and South Africa.For more details:Easy Crypto Wallet – Finally, a Crypto Wallet That’s Easy to UseEasy Crypto – The Fastest Way to Buy Bitcoin in Australia ContactPR Manager Easy Crypto AustraliaAmber DainesBespoke [email protected] article was originally published on Chainwire More

  • 163 Shares159 Views

    in Cryptocurrency

    US Bureau of Labor Statistics’ Job Data Revision Could Spark Crypto Market Turmoil

    Between 600,000 and 1,000,000 jobs could be eliminated, according to estimates from Goldman Sachs analysts, who expect a significant downward revision of the preliminary NFP data. This revision may indicate that the labor market was far weaker than previously thought, which could cause the market to move significantly.Such a revision would have extensive consequences. Market expectations for Federal Reserve policy would probably change if the updated NFP data reveals a significant decline in employment. At present, the market is factoring in slight reductions in interest rates for the upcoming year. However, more aggressive rate cuts earlier than anticipated could result from a weaker-than-expected job market.As investors reassess their plans, this change in expectations may cause a sell-off in risky assets like stocks and cryptocurrencies. This might cause volatility in cryptocurrencies like Bitcoin to rise. Because of the well-established relationship between cryptocurrencies and traditional financial markets, any notable changes in the latter are likely to have an impact on the former. If Goldman Sachs’ analysis of the revised NFP data turns out to be accurate, Bitcoin may test lower support levels and even go back to the $57,000 range.This article was originally published on U.Today More

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    in Economy

    Fed to deliver three 25 quarter-point rate cuts this year; recession unlikely: Reuters poll

    BENGALURU (Reuters) – The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely.The change in Fed rate cut calls follows a weaker-than-expected July U.S. jobs report, which encouraged interest rate futures traders to price in as much as 120 basis points of reductions in 2024 earlier this month. That pricing has reduced to roughly 100 now.Investors also said a violent, but brief market sell-off also was a driver of aggressive rate cut calls, related to the unwinding of large leveraged positions as a result of a sudden, sharp rise in the Japanese yen. Although some Fed officials have hinted rate cuts are coming, most economists in the Aug. 14-19 Reuters poll were not expecting a rapid series of rate cuts. Recent data, including last week’s strong retail sales report, suggests the economy is performing relatively well even as inflation recedes. The U.S. central bank will cut the federal funds rate by 25 basis points in September, November and December taking the range to 4.50%-4.75% by end-2024, according to 54% of those polled, 55 of 101.Markets, which were earlier betting on a half-percentage-point cut in September, are currently pricing around 70% probability of a quarter percentage point cut next month.Over a third, 34 of those polled, predicted two rate cuts this year and one respondent forecast only one rate reduction. Eleven economists expected the Fed to cut rates by 100 basis points or more.”The basis for the cuts that we have is mostly because inflation is coming down. It’s not so much that activity is slowing … We see a pretty resilient economy that’s growing near trend and with that, we think inflation only ebbs gradually,” said Jonathan Millar, senior U.S. economist at Barclays.”The labor market is hanging in there just fine. It’s gradually cooling, but we don’t expect it to have really material weakening. The unemployment rate is maybe going to add another 10th or so from where it is. There’s not really any reason for them (the Fed) to panic.”The unemployment rate is forecast at around the current 4.3% through 2026. Inflation is forecast to ease only slightly over the coming two years, according to median forecasts in the poll. All measures of inflation polled – the Consumer Price Index, core CPI, personal consumption expenditures price index and core PCE – are expected to stay above 2% until at least 2026.Despite recent easing, wage growth has remained above the 3.0%-3.5% range seen as consistent with the Fed’s 2% inflation target.The Fed was expected to deliver a 25 basis point cut each in the four quarters of 2025. Markets are currently pricing around 200 basis points of reductions by end-Q3 2025.RECESSION UNLIKELYThe U.S. economy grew 2.8% annualized in the second quarter, much faster than the 2.0% expected by economists. Growth is seen in the poll as averaging 2.5% this year, faster than what Fed officials currently see as the non-inflationary growth rate of 1.8%.Two thirds of common contributors upgraded their 2024 growth outlook from last month. The economy was predicted to grow 1.8% next year.Economists in the poll broadly expect the economy to expand at around its trend growth rate at least until 2027. The median forecast from a smaller sample who provided a view showed the probability of a recession at just 30% – an outlook which has not changed much since the start of this year.”We’re not convinced there’s a downdraft in activity around the corner that’s going to prompt large rate cuts from the Fed,” said Michael Gapen, chief U.S. economist at Bank of America.”There’s reason to believe the July employment report was adversely affected by weather and therefore was a false signal about the health of labor markets and the economy. We’re counting on subsequent data validating that story.”Markets and economists will keep a close eye on Fed Chair Jerome Powell’s remarks on the economic outlook on Friday, the first full day of the Kansas City Fed’s annual economic symposium in Jackson Hole, Wyoming.(Other stories from the Reuters global economic poll) More

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    in Cryptocurrency

    Bitcoin miners consider AI pivot amid capital raises: Bernstein

    The analysts said several major miners, like Marathon Digital (NASDAQ:MARA) and Core Scientific Inc (NASDAQ:CORZ), have recently secured decent funding through convertible notes, with each company following its own unique approach. Marathon Digital raised $300 million with plans to buy more Bitcoin, following the lead of MicroStrategy, which has pioneered using long-term convertible notes to acquire the original cryptocurrency as a corporate treasury asset. Marathon’s notes were priced with a 25% premium and a 2.125% coupon, maturing in 2031. Meanwhile, Core Scientific secured $400 million with a 3% interest rate over a five-year term, intending to pay off high-cost debt and acquire AI-focused data centers.Bernstein argues that the capital markets’ reaction highlights a growing divide among Bitcoin miners. Some remain committed to Bitcoin mining, while others are pivoting towards AI data centers. This latter approach, known as the “Mullet strategy,” puts AI data centers in the spotlight while keeping Bitcoin mining running in the background.”Should all Bitcoin miners transition to AI data centers?” the note asks, citing strong interest from institutional investors in miners adopting AI/HPC (High-Performance Computing) strategies. Bernstein suggests that this shift could provide miners with a more sustainable economic model, particularly as the AI industry continues to draw large investments.The report also pointed out that U.S.-listed Bitcoin miners, with access to the world’s deepest capital markets, have a natural advantage over their unlisted and non-U.S. counterparts. “This validates our long bias towards U.S. listed Bitcoin miners being market consolidators,” the note said.Bernstein analysts also touched on the upcoming U.S. elections, noting that Polymarket trends are showing a close race between Trump and Harris. The uncertainty around the election is keeping Bitcoin and crypto markets range-bound. Bernstein reaffirmed its view that a Republican victory, especially by Trump, would likely be seen as a positive for the crypto market. More

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    in Economy

    Jackson Hole Preview: Goldman Sachs’ comprehensive guide

    In a note to clients on Friday, analysts at Goldman Sachs provided a detailed roadmap for navigating the conference, highlighting key aspects to watch.The symposium, set against a backdrop of global economic uncertainty, will feature prominent central bankers, including Fed Chair Jerome Powell, Bank of England Governor Andrew Bailey, and European Central Bank Board Member Philip Lane. Powell is scheduled to deliver the keynote address on Friday, August 23, at 10:00 a.m. EDT, with Bailey giving the luncheon address later that day at 3:00 p.m. EDT.Lane will participate in the conference’s closing overview panel on Saturday.Goldman Sachs notes that while the official schedule will be released on August 22, the most immediate policy insights are likely to come from the sideline interviews.These interviews, which often involve Federal Reserve officials and other international central bankers, typically start on Thursday and continue throughout the conference.Goldman Sachs says the theme of this year’s symposium, “Reassessing the Effectiveness and Transmission of Monetary Policy,” will guide the academic discussions.However, the investment bank expects Powell’s speech and subsequent interviews to emphasize data dependency and a cautious approach to rate cuts.The firm anticipates that Powell will reiterate the Fed’s readiness to act swiftly if economic conditions worsen but will avoid committing to aggressive easing without further data.Overall, Goldman Sachs views the symposium as a pivotal event for gauging the Fed’s near-term policy direction, with implications for market sentiment and global economic outlooks.However, they explain: “While the academic part of the symposium has the potential to impact the long-run direction of policy, the side interviews should shed more light on immediate policy questions. And we should note that this particular conference is one of many such events held throughout the year, with no particular extra relevance in this regard.” More

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    in Economy

    The world can’t escape from a US economy that has lost its anchor

    Standard DigitalWeekend Print + Standard Digitalwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.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

    Ethereum ETFs see $14M net outflows amid Grayscale withdrawals

    The liquidation occurred despite ether, the cryptocurrency that spot Ethereum funds follow, rising 2.19% last week. The outflows were primarily driven by withdrawals from Grayscale’s Ethereum Trust (NYSE:ETHE), which saw $118 million exiting the fund. The downturn was slightly mitigated by a $2 million inflow into Grayscale’s Ethereum Mini Trust (NYSE:ETH) trust, the second-largest spot ether ETF by net assets.”Grayscale saw an outsized portion of the outflows from their ethereum trust, though this was offset slightly by inflows into their mini ethereum trust,” the note said.The VanEck Ethereum ETF (NYSE:ETHV) also recorded $8 million in net outflows, adding to the overall negative trend. The Blackrock’s iShares Ethereum Trust ETF (NASDAQ:ETHA) saw the strongest inflows, bringing in $76 million, followed by Fidelity Ethereum Fund (NYSE:FETH) with $26 million.The analysts noted the implications for Coinbase (NASDAQ:COIN), which serves as the custodian and prime broker for six of the ETFs and eight spot Bitcoin ETFs. “Coinbase could benefit from growth in AUM and redemption/creation activity, though the company could also face heightened competition for trading volumes,” the analysts said.Barclays also observed that while trading volumes across ETF products remain relatively small compared to on-exchange crypto volumes, they consistently represented about 2% of spot crypto trading volumes over the past week.Barclays said the note would be the last weekly publication tracking Ethereum ETF flows, as they are shifting focus to their crypto monthly report, which includes Bitcoin ETF flows.The nine spot Ethereum ETFs launched on July 23, marked the second set of funds tied to the current price of a major cryptocurrency. Spot Bitcoin ETFs hit the market earlier on January 11, after nearly a decade of pushback from the Securities and Exchange Commission (SEC) against these kinds of products. More

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    in Economy

    How the lifeblood of trade bypasses the world’s blocked arteries

    $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 edition More