Bitcoin hits fresh record as Fed easing bets add to tailwinds
Tired of too many ads?
Remove Ads
Crypto TrackerPowered By
TOP COINS
TOP COIN SETS Bitcoin
10,795,786 (
3.32 %) Buy XRP
290.14 (
3.15 %) Buy Ethereum
414,265 (
2.9 %) Buy BNB
74,215 (
1.87 %) Buy Tether
87.5 (
-0.12 %) Buy
Tired of too many ads?
Remove Ads
Bitcoin hit a record high on Thursday as increasing expectations for easier monetary policy from the Federal Reserve added to tailwinds from recently announced financial reforms.The world's largest crypto-asset by market capitalisation climbed as much as 0.9% to $124,002.49 in early Asia trading, surpassing its previous peak hit in July. On the day, the second largest crypto-token ether hit $4,780.04, the highest level since late 2021.Bitcoin's rally is being powered by increasing certainty of Fed rate cuts, sustained institutional buying and moves by the Trump administration to ease investment in crypto assets, said IG market analyst Tony Sycamore."Technically a sustained break above $125k could propel BTC to $150,000," he wrote in a note.Bitcoin has risen nearly 32% so far in 2025 on the back of long-sought regulatory wins for the sector following President Donald Trump's return to the White House. Trump has called himself the "crypto president" and his family has made a series of forays into the sector over the past year.An executive order last week paved the way to allow crypto assets in 401(k) retirement accounts, highlighting an increasingly favorable regulatory environment in the United States.Crypto has scored multiple regulatory wins in the U.S. over 2025, including the passage of stablecoin regulations and the U.S. securities regulator's move to overhaul regulations in order to accommodate the asset class.Bitcoin's surge has also sparked a broader rally in the asset class over the past few months, shrugging off the tremors of Trump's wide-ranging tariff policies.According to data from CoinMarketCap, the crypto sector's overall market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, when Trump won the U.S. presidential election.The latest push for crypto adoption in the United States came via an executive order on Thursday last week, which would ease access to the asset class in 401(k) retirement accounts.The executive order could also be a boost for asset managers such as BlackRock and Fidelity, which operate crypto exchange-traded funds (ETFs).Crypto's push into retirement savings can also be peppered with risks, as the asset class tends to experience much more volatility than stocks and bonds, which asset managers had typically relied on for such accounts.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
11 minutes ago
- Business Standard
Gold prices may see consolidation next week as focus shifts to Fed, US data
Gold prices are likely to witness a phase of consolidation in the coming week as traders weigh a mix of global economic indicators, cues from central banks and shifting geopolitical dynamics, analysts said. Traders will monitor US housing numbers, consumer price data from the UK and Eurozone, and provisional PMI releases from key economies. Also, investors will closely track European Central Bank's President Christine Lagarde speech as well as commentary by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, which will provide further insights for the broader trajectory of the bullion prices, they added. "Gold prices are likely to see some consolidation/correction in the coming week as focus now remains on the incoming US macroeconomic data and the Federal Reserve's meeting next month with interest rate cuts in focus. "In the week ahead the focus will be on US housing data, CPI numbers from the UK and the Euro zone and the provisional data on manufacturing/ services PMI from across regions," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services, said. Pranav Mer noted that safe-haven demand has eased after Washington and Beijing agreed to extend trade negotiations for another 90-days. Meanwhile, US-Russia talks to end war in Ukraine had some progress but ended without any conclusion. According to Mer, weaker US macroeconomic data have highlighted a slowdown in the economic activity, but a firm producer and import price data have kept inflation concerns alive, leaving Fed officials divided on the timing of interest rate cuts. Last week, the most traded gold futures for October contract declined by ₹1,648 per 10 grams or nearly 2 per cent on the Multi Commodity Exchange (MCX). Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, said gold prices retreated last week as futures on the MCX slipped nearly 2 per cent. He added that "prices declined from highs of ₹1,02,000 to lows of ₹1,00,000 per 10 grams after US President Donald Trump clarified that gold imports into the US would not face tariffs, in turn threatening the upside momentum of the precious metal". Going forward, Mallya added, developments from US-Russia discussions will be critical. "If not, the possibility of increased tariffs on India will dent the macros and in turn lift gold prices in the week ahead," he added. On Saturday, Comex gold futures for December contracts ended lower at $3,382.60 per ounce in New York. Manav Modi, Analyst - Precious Metal Research, Motilal Oswal Financial Services, said gold prices lost ground last week as safe-haven demand eased amid shifting geopolitical and economic developments. The White House clarified that reports of US tariffs on Swiss gold were inaccurate, reversing a brief price rally that had been driven by confusion following a Customs and Border Protection note. At the same time, optimism surrounding a potential ceasefire in Ukraine gained traction, particularly after a high-profile meeting between US President Trump and his Russian counterpart Vladimir Putin in Alaska. Also, the extension of the US-China tariff truce signalled easing trade tensions further capping demand for gold as a safe-haven asset. On the supportive side, Modi said a weaker dollar and rising expectations of a US rate cut in September provided a cushion. "Soft inflation data spurred dovish bets and Treasury Secretary Bessent hinted at a deeper 50-basis-points reduction. Modi also stated that physical gold demand in Asia, usually a seasonal driver, remained subdued due to elevated prices. Investors are turning their focus on preliminary US PMI data and Fed Chair Powell's upcoming speech at the Jackson Hole Symposium and the broader trajectory of Washington-Moscow discussions, he added. Overall, the near-term outlook for gold will hinge on how incoming data and central bank commentary shape market sentiment, analysts said.
Time of India
40 minutes ago
- Time of India
Young Delhi techie considers quitting Rs 30 LPA job even without another offer: 'Sick leave just means WFH'
A young professional employed in the technology sector within Delhi NCR recently shared his emotional ordeal on Reddit, highlighting how his seemingly lucrative career has taken a toll on his mental well-being. Despite drawing an impressive annual package of close to 30 lakh rupees and working for more than a year in backend development, the employee revealed that the reality behind his paycheck is far from rewarding. Instead of satisfaction, he finds himself burdened with frequent headaches and a persistent sense of exhaustion that refuses to leave. Independence Day 2025 Modi signals new push for tech independence with local chips Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency The Weight of Expectations According to his account, the issues began on the very first day of his employment and have steadily worsened with time. What started as occasional nervousness grew into overwhelming anxiety, manifesting into continuous health problems. He explained that he now lives with recurring headaches and an unshakable feeling of burnout at an age when he expected to be full of energy and passion for his work. The demands of the job, combined with a relentless schedule, have left him unable to maintain work-life balance or prioritise well-being. Pressure and Rigid Work Culture Shedding light on the work environment, he described it as excessively harsh and demanding. Employees, he said, are often compelled to stay engaged even during major Indian festivals to meet business requirements. Sick leave rarely means rest, as it usually turns into working from home despite illness. "Sick leave usually just means 'work from home while sick.'" No hybrid policy—it's 5 days a week in a highly toxic environment..." he wrote. Unlike companies that allow flexibility, his workplace enforces a rigid five-day, in-office schedule, further deepening the sense of suffocation. He emphasized that his concern was not with the salary but with the long-term impact on his health and future, which he believes are at serious risk if he continues in such conditions. The Dilemma of Quitting Although the thought of resignation crosses his mind frequently, the fear of leaving without an alternative plan holds him back. Moving from a secure, high-paying role to no income feels daunting, even if he currently has no major financial obligations. What troubles him further is the state of the job market, where even candidates with greater experience are struggling to secure offers. This uncertainty has made him reluctant to take the leap, despite the daily toll on his mind and body. Mixed Voices from the Community Responses to his post reflected a spectrum of opinions. Some urged him to prioritize his health over money, reminding him that taking a break now could save him from bigger issues later. Others advised caution, suggesting that he avoid rash decisions and instead attempt internal transfers or wait until he secures a new role before stepping away. Several readers pointed out that his experience mirrors that of countless other tech workers in the NCR region, where toxic corporate cultures and unrealistic expectations erode mental health. Many condemned practices, like expecting employees to work during festivals or while unwell, urging companies to rethink their policies. Alongside criticism, practical suggestions were offered too—such as expanding job searches beyond NCR and focusing on his well-being before chasing professional opportunities.
India Today
40 minutes ago
- India Today
Opposition can't digest Delhi's progress: PM Modi at Rally in Delhi's Rohini
2:43 A report details claims by Pakistan's army chief regarding rare earth minerals. The chief points to a potential $2 billion annual profit for Pakistan from these resources. The Trump administration and the US State Department are noted for their interest in potential hydrocarbon and mineral cooperation with Pakistan. However, the report highlights a history of international companies, including those from Brazil, the United States, and China, facing challenges and exiting Pakistan after investments did not yield profitable results due to security and law and order issues. The idea of rare earth projects has also been linked to efforts to stabilize Balochistan. Previous claims by Pakistani leaders, such as a former Prime Minister's assertion of gold mine discoveries, are also referenced.
