NFT News by Thebittimes.Com

Michael Barr, vice chair for Supervision at the Federal Reserve, called for stronger stablecoin policies in the U.S. to protect investors and set up guardrails designed to address pressing issues. Speaking at the 7th Annual D.C. Fintech Week, Barr pointed to strong interest from stakeholders regarding a framework to regulate stablecoin s which are digital assets pegged to fiat currencies like the U.S. dollar. These assets “borrow the trust of the Fed,” said Barr, adding that private money needs to be well regulated in a way that allows the Federal Reserve to sufficiently enforce policies and approve compliant issuers.  Per Barr’s remarks, the onus falls on Congress to provide this framework and develop concise rules to be adopted by individual financial watchdogs. The House Financial Services Committee reportedly made headway with a stablecoin bill, however, policymakers like Maxine Waters expressed skepticism regarding some aspects of the draft. You might also like: U...

The US dollar index is encroaching on new year-to-date highs, but Bitcoin whale activity suggests this may be a dead cat bounce. As the summer season arrives, an unexpected heatwave is gripping financial markets This heat is coming in the form of the US Dollar (DXY) which has been on a remarkable uptrend since late April, reaching levels unseen since early March’s banking crisis when the dollar wrecking ball wreaked havoc on asset prices. This surge in the dollar has raised concerns among market participants due to its high inverse relationship with Bitcoin (BTC), a topic many macro and crypto analysts have discussed repeatedly in 2023. The implications of this inverse correlation means that when the dollar rises, BTC falls and vice versa. The chart below showing the year-to-date performances of DXY (blue line) and BTC (orange line) underscores this relationship a step further. Notice how, Bitcoin’s 2023’s performance has been propelled by a downward dollar. Not coincidentally, DXY re...

According to CoinShares, digital asset investment products saw outflows totaling $72 million last week, as investors brace for the Fed's forthcoming rate decision on May 3. On May 2, European crypto currency investment firm CoinShares published its latest “Digital Asset Fund Flows Weekly Report,” which stated that the digital asset market experienced bearish sentiment for the second consecutive week, resulting in out flows totaling $72 million. The report noted that the bearish sentiment could be attributed to the probability of further interest rate hikes by the United States Federal Reserve this week. Weekly crypto asset flows. Source: CoinShares According to the report, crypto market funds experienced outflows across all geographies and providers, particularly in Germany and Canada, where outflows reached $40 million and $14 million, respectively. Bitcoin (BTC) recorded the largest outflows at $46 million, with short-Bitcoin also experiencing outflows of $7.8 million, its hig...

Join us as we discuss the problems faced by the banks and the Federal Reserve and whether they will translate into problems for the crypto market. In this week’s episode of Market Talks, Cointelegraph welcomes Dave Weisberger, CEO and co-founder of CoinRoutes. Weisberger has over 35 years of experience in market structure, quantitative finance and trading automation. He started his career at Morgan Stanley where he built its first program and electronic trading systems. Weisberger is a strong economic freedom advocate and digital asset believer. We start things off with our main topic for today: the banks and the United States Federal Reserve and the problems they are currently facing. Crypto seems to be unaffected by this at the moment, but is there a possibility that their problems could translate into problems for the crypto space? For those of you who are still a bit confused about what happened with Silvergate, Silicon Valley Bank and others, we ask Weisberger to break it all dow...

Cathie Wood said the ongoing baking crisis is a total Fed policy failure and could have been averted with crypto’s decentralized solutions. Amid all the chaos around multiple bank runs in the United States, Cathie Wood, CEO of asset management firm Ark Invest, said Cryptocurrencies acted as safe haven amid the ongoing banking crisis in the US. She blamed the recent downfall of the likes of Silicon Valley Bank (SVB), Signature and others on the Fed’s policy failure.  Cryptocurrency prices shot up in double digits, with Bitcoin (BTC) and Ether (ETH) touching new multi-month highs amid the US banking crisis. In a Tweet thread on March 16, Wood criticized the Federal Reserve’s inability to avert bank runs despite all the signs being there. She said she was “baffled that banks and regulators could not convince the Fed that disaster loomed.” She argued that the Fed policy was the primary culprit for the ongoing banking crisis since there was a venture capital funding drought. Crypto did...

Bitcoin, crypto and risk asset traders await dovish signals from Fed Chair Jerome Powell ahead of fresh CPI data later in the week. Bitcoin (BTC) stayed above $17,000 on Jan. 10 as risk assets awaited fresh cues on policy from the United States Federal Reserve. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Powell to kick off week of U.S. macro triggers Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after hitting $17,396 on Bitstamp the day prior — its highest since Dec. 16. The pair gained in line with gold early in the week, seeing a slight cool-off as U.S. stocks also lay in wait for potential Fed catalysts. Fed Chair Jerome Powell was due to speak at a central bank conference on the day, with bulls hoping for a more dovish tone in the wake of several months of declining inflation. The latest Consumer Price Index (CPI) data covering December, 2022, was nonetheless not due until Jan. 12. Commenting on short-term BTC price action, Micha...

Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Cardano’s native token, ADA, is one of the market’s most popular coins. The digital asset has seen some gains in the past few days, with crypto analysts optimistic about further surges in the future. How high can ADA go?   ADA Price Action   ADA currently trades at $0.3824, a downtrend of 1.36% in the past 24 hours. However, the digital asset's price pumped by 14% over the past week. The crypto market experienced a significant price resurgence earlier this week, with many major coins crossing resistance points. As a large-cap coin, ADA also experienced a price bump.  With its current price, ADA has mixed technicals. The crypto asset is trading above its short-term moving average(MA) indicators, but it is trading above its 100-day and 200-day MA metrics - at $0.38 and $0.39.  ADA...