Dollar index attempts recovery from 2-week low
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Time of India
an hour ago
- Time of India
Elon Musk's SpaceX just moved Bitcoin after 3 years, should crypto investors panic?
SpaceX Moves $153 Million in Bitcoin to New Address What Could Be Behind SpaceX's Sudden Bitcoin Transfer? Live Events SpaceX Faces Political Pressure While Seeking $1 Billion in Funding SpaceX's Bitcoin Investment Traces Back to 2021 Tesla's Bitcoin Investment and Recent Sell-Off Elon Musk Says He Still Holds Bitcoin, Ethereum, and Dogecoin FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel After more than three years of sitting still, a Bitcoin wallet linked tosuddenly became active last week, which has led the crypto world to speculate on the reasons behind the move, as per a Tuesday, the cryptocurrency intelligence platform Arkham reported that a wallet associated with the space exploration company had moved about 1,300 BTC, worth over $153 million, as per the Benzinga report. It's the first recorded movement from this wallet since June 2022, according to the posted on X, the social platform formerly known as Twitter, 'SPACEX JUST MOVED BITCOIN FOR THE FIRST TIME IN 3 YEARS,' and added that, 'They sent 1.3K BTC ($153M) to a fresh address this morning,' as quoted by READ: Is Donald Trump cheating at golf again? New viral video at Turnberry sparks heated debate on social media While SpaceX hasn't commented on the move, it has sparked a flurry of speculation about the purpose of the transfer, as per the report. These kinds of moves are usually indicative of a wallet custody adjustment or an impending sell-off, as reported by per Arkham's data, the SpaceX-linked wallet still holds about 7,000 BTC, which is worth more than $830 million, according to the report. While, as of Sunday, the transferred 1,300 BTC had not moved from the recipient address, as reported by READ: Jobs, inflation, Fed move: This week could decide the fate of the US economy for years to come SpaceX's move comes at a time of growing political and financial pressure for SpaceX. Reports suggest that the Trump administration is taking a closer look at the company's government contracts, following a recent public clash between US president Donald Trump and Musk, according to Newsweek. Meanwhile, SpaceX is trying to raise more than $1 billion in funding, as it works toward a $400 billion valuation, as reported by involvement with Bitcoin was first revealed in July 2021, when Musk disclosed that the company had added Bitcoin to its balance sheet, according to the report. While no exact number was shared, blockchain analysts estimated that SpaceX initially bought nearly 26,000 BTC that year for around $860 million, averaging $33,000 per coin, as reported by Newsweek. Since then, the company is believed to have trimmed its holdings to just over 8,000 BTC, as per the isn't the first time a Musk-led company has made headlines for its Bitcoin investment. Tesla had purchased over 43,000 BTC in early 2021, worth $1.5 billion at the time, as per Newsweek. However, since then, the EV maker has sold off a large portion of those holdings and now holds just over 11,500 BTC, according to the both companies reducing their Bitcoin exposure, Musk has said he personally still owns Bitcoin, Ethereum, and Dogecoin, and has no plans to sell, as reported by Newsweek. He made that statement back in 2022, during a conversation about rising inflation, according to the recently, Musk liked a post suggesting he may be accumulating Bitcoin again, and he's voiced support for the cryptocurrency through his proposed political party, the 'America Party,' as per Newsweek. He has called fiat currency 'hopeless' and criticized a recent government spending bill that could add over $3 trillion to the national deficit over the next decade, according to is not known for sure, but it could be for security reasons or a possible sell-off.1,300 BTC, which is worth over $153 million.
Time of India
an hour ago
- Time of India
US markets today: S&P 500 hovers near record high; investors eye Big Tech earnings, Fed decision, global trade deals
US stock indices started the week steady and near record highs on Monday, as investors braced for a series of potentially market-moving events, including Big Tech earnings, a key Federal Reserve meeting on interest rates, and further global trade negotiations. The benchmark S&P 500 rose 0.1%, extending a strong run that saw it hit record highs on all five trading days last week. The Dow Jones Industrial Average gained 34 points, and the Nasdaq Composite advanced 0.3%, AP reported. Markets remained calm after the United States and the European Union agreed on a framework for a trade deal, announced during President Donald Trump's meeting with European Commission chief Ursula von der Leyen in Scotland. The deal outlines a 15% tariff on most EU exports to the US, up from a previous average of 1%, but still avoids the heavier import duties that had been threatened. Negotiations are ongoing, and many details remain unresolved. The upcoming week is expected to be a volatile one, with major US technology companies set to report earnings and the Federal Reserve's policy decision due. President Trump has once again pressed the Fed to cut rates, citing potential debt servicing benefits. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mini House for 60 sqm for Seniors with Toilet and Bath (Price May Surprise You) Pre Fabricated Homes | Search Ads Search Now Undo However, Fed Chair Jerome Powell has signalled caution, stating the central bank would wait for more economic data before acting. Meanwhile, Intel shares plunged 8.5% after the chipmaker reported a quarterly loss and announced plans to cut jobs in a bid to restructure its business. By contrast, Deckers Brands, the company behind Ugg and Hoka footwear, surged 11.3% on stronger-than-expected earnings, buoyed by nearly 50% international revenue growth. Global equities also showed positive momentum. European indices closed higher with Germany's DAX rising 0.3%, France's CAC 40 climbing 0.6%, and the UK's FTSE 100 up 0.1%. In Asia, Japan's Nikkei fell 1.1% amid uncertainty over Tokyo's trade agreement with the US, while Hong Kong's Hang Seng rose 0.7% and Shanghai Composite edged up 0.1%. Investors also tracked developments in the US-China trade talks in Stockholm, as well as market movements in response to CK Hutchison's plan to include a Chinese investor in its Panama Canal port sale. On the commodities front, US benchmark crude rose 62 cents to $65.78 per barrel, while Brent crude added 62 cents to $68.28. The dollar strengthened to 148.41 yen, while the euro slipped to $1.1658. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Fibre2Fashion
an hour ago
- Fibre2Fashion
Even 5% US tariff is too much for Bangladesh apparel industry: CPD
It will be tough for Bangladesh's apparel industry to absorb even a 5-per cent additional tariff on the freight on board (FOB) price as it comes at a time of global economic uncertainty, soaring interest rates and rising energy costs, a recent study by the Centre for Policy Dialogue (CPD) revealed. The impact will be especially severe for small and medium enterprises (SMEs), which operate on razor-thin margins, the study, titled 'Trump Reciprocal Tariffs and Bangladesh: Implication and Response', cautioned. Bangladesh's apparel industry will find it tough to absorb even a 5-per cent additional tariff on the FOB price as it comes at a time of global economic uncertainty, soaring interest rates and rising energy costs, a think tank study revealed. The impact will be especially severe for SMEs. The think tank criticised Dhaka for not contesting the non-disclosure clause in the US-proposed tariff framework. The CPD study argues that the tariffs reflect Washington's broader strategic calculus, including geo-economic and geo-strategic realignments in the Indo-Pacific. "Bangladesh will need to navigate all these complex issues by considering its trade interests with the USA and also by taking into cognisance the implications of its response for the country's bilateral relationships with other countries, its own geo-strategic priorities, and also its multilateral obligations, particularly as a member of the World Trade Organization," the study report said. The CPD report criticised the government for not contesting the non-disclosure clause in the US-proposed tariff framework and for failing to mobilise a negotiation team. Despite the softening of the stance by US President Donald Trump—indicating reduction of reciprocal tariffs from the initial 37 per cent—businesses are already witnessing disruption, global supply chains are being adversely affected and orders are being delayed or held back. "These are being felt by Bangladesh as well. Brands and buyers are asking Bangladesh's producers and exporters for discounts. This is particularly pertinent for the apparel sector of the country," the report noted. Foreign buyers are also tightening compliance requirements in environment, labour standards and carbon emissions. Fibre2Fashion News Desk (DS)
