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PLUS: Mantle Network is mulling a $200 million ecosystem fund for its new layer-2 blockchain.
Bitcoin Ordinals, a method of generating non-fungible tokens (NFTs) through a process called inscribing, debuted in January, bringing the NFT and smart contract narrative to the Bitcoin blockchain.
The CPI sank to 4% in May and has been trending downward, although the Federal Reserve seems likely to follow through on an intended rate hike later this month.
The head of research for digital asset manager 3iQ wrote that the largest cryptocurrency by market capitalization is still riding tailwinds from multiple spot bitcoin ETF filings and other June events.
Buying for the trust has picked up on hopes the SEC might soon approve a spot bitcoin ETF.
The bank previously said it expected the cryptocurrency to reach $100,000 by then.
The latest price moves in crypto markets in context for July 10, 2023.
China is exporting deflation across the Western world. Ultimately this will be good for risk assets as it relates to the end of the global interest-rate increase cycle, one observer said.
PLUS: The dYdX Foundation's Charles d'Haussy says that dYdX's move away from Ethereum might be the beginning of a broader trend.
- 22:57BlackRock’s IBIT holdings have a market value of over $42.8 billionOfficial data from BlackRock shows that as of November 18, the market value of IBIT’s holdings reached $42,893,124,057.07, and its holdings hit 471,329 BTC.
- 22:47Mitsubishi UFJ: ECB rate cut may be slower than expectedOn November 18, Mitsubishi UFJ said that the European Central Bank rate cuts may be slower than the market expects, the market's expectations of rate cuts are a little “too high”. The agency said the European Central Bank slow response to the slowdown in economic growth, and pointed out that when the European Central Bank in 2022 to 2023, when the rate hike, it did not give too much attention to weak economic growth. Mitsubishi UFJ believes the same could happen in 2025 if inflation rises (citing Trump's trade policies and the EU's retaliation in response). In addition, Mitsubishi UFJ says the euro's decline since the U.S. election has been a bit overdone and expects prospects for improvement going forward.
- 22:21The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 61.9 percentAccording to the CME “Fed Watch”: the probability that the Fed will keep current rates unchanged until December is 38.1%, the probability of a cumulative 25 basis points of interest rate cuts is 61.9%. The probability of keeping current rates unchanged by January next year is 25.9%, the probability of a cumulative rate cut of 25 basis points is 54.3%, and the probability of a cumulative rate cut of 50 basis points is 19.8%.
