Latest news with #StrategicReserve
Yahoo
a day ago
- Business
- Yahoo
Bitcoin Rally Stalls on U.S. Inflation, Policy Whiplash: Crypto Daybook Americas
By James Van Straten (All times ET unless indicated otherwise)Bitcoin's (BTC) flirt with a record high $124,000 on Thursday was followed by a drop that led to it closing last weekend's CME gap at $117,600 after hotter-than-expected PPI inflation data and Treasury Secretary Scott Bessent's apparent flip-flop on bitcoin purchases for a strategic reserve. The gap occurs because CME hours for BTC futures don't match bitcoin's 24/7 trading. When the futures market is closed over the weekend, bitcoin's movements can create a discontinuity in prices on the CME chart. While filling the gap is a recurring pattern in market behavior, there's not guarantee it will take place. Bitcoin has now set four all-time highs in 2025. Importantly, the magnitude of pullbacks following these peaks has been shrinking. After it hit $109,000 in January, BTC fell 30% to $76,000 by April. In May, the $112,000 high was followed by a 12% drop in June. July's $123,000 peak led to a 9% decline. Most recently, August's $124,000 high has so far seen only a 7% percent pullback, though we're only one day in. Looking ahead, Friday's U.S. retail sales report is forecast at 0.7% month-over-month, which would mark the strongest reading since March. A stronger-than-expected number could further undermine expectations for a September rate cut. Further out, attention turns to the end of August when $12 billion in bitcoin options are set to expire on Deribit. The majority of open call options are concentrated between the $120,000 and $124,000 strike prices, suggesting that if bitcoin trades near these levels, it would align with the positioning of many derivatives traders. Stay alert! What to Watch Crypto Aug. 15: Record date for the next FTX distribution to holders of allowed Class 5 Customer Entitlement, Class 6 General Unsecured and Convenience Claims who meet pre-distribution requirements. Aug. 18: Coinbase Derivatives will launch nano SOL and nano XRP U.S. perpetual-style futures. Aug. 20: Qubic (QUBIC), the fastest blockchain ever recorded, will undergo its first yearly halving event as part of a controlled emission model. Although gross emissions remain fixed at one trillion QUBIC tokens per week, the adaptive burn rate will increase substantially — burning some 28.75 trillion tokens and reducing net effective emissions to about 21.25 trillion tokens. Macro Aug. 15, 3 p.m.: U.S. President Donald Trump and Russian President Vladimir Putin will meet in Alaska to discuss potential peace terms for the war in Ukraine. Aug. 15, 12 p.m.: Colombia's National Administrative Department of Statistics (DANE) releases Q2 GDP growth data. GDP Growth Rate QoQ Prev. 0.8% GDP Growth Rate YoY Est. 2.6% vs. Prev. 2.7% Aug. 15, 4 p.m.: Peru's National Institute of Statistics and Informatics releases June GDP YoY growth data. GDP Growth Rate YoY Est. 4.7 vs. Prev. 2.67% Aug. 18, 6 p.m.: The Central Reserve Bank of El Salvador releases July producer price inflation data. PPI YoY Prev. 1.29% Earnings (Estimates based on FactSet data) Aug. 15: Sharplink Gaming (SBET), pre-market Aug. 15: BitFuFu (FUFU), pre-market, $0.07 Aug. 18: Bitdeer Technologies Group (BTDR), pre-market, -$0.12 Token Events Governance votes & calls SoSoValue DAO is voting to allocate 5 million SOSO tokens for a Researcher Ecosystem Fund aimed at boosting top-tier crypto research through competitions and incentives, improving content quality, transparency and SOSO's utility. Voting ends Aug. 18. Uniswap DAO is voting to allocate $540,000 in UNI over six months to as many as 15 top delegates, with up to $6,000 a month based on voting activity, community engagement, proposal authorship and holding 1,000+ UNI. Voting ends Aug. 18 Aavegotchi DAO is voting on a Bitcoin Ben's Crypto Club Las Vegas sponsorship: a $1,000/month corporate membership (logo on sponsor wall, team access, newsletter feature, one branded meetup/month) or a $5,000, 90-day Graffiti Wall mural with promo. Voting ends Aug. 23. Unlocks Aug. 15: Avalanche (AVAX) to unlock 0.33% of its circulating supply worth $41.84 million. Aug. 15: Starknet (STRK) to unlock 3.53% of its circulating supply worth $18.12 million. Aug. 15: Sei (SEI) to unlock 0.96% of its circulating supply worth $18.94 million. Aug. 16: Arbitrum (ARB) to unlock 1.8% of its circulating supply worth $49.95 million. Aug. 18: Fasttoken (FTN) to unlock 4.64% of its circulating supply worth $91.6 million. Aug. 20: LayerZero (ZRO) to unlock 8.53% of its circulating supply worth $57.59 million. Aug. 20: Kaito (KAITO) to unlock 8.82% of its circulating supply worth $27.55 million. Token Launches Aug. 15: PublicAI (PUBLIC) launches on Bitget, Binance Alpha, KuCoin and LBank. Aug. 15: Pepecoin (PEP) launches on AscendEX. Conferences The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through Aug. 31. Day 4 of 7: Ethereum NYC (New York) Day 2 of 2: CryptoWinter '25 (Queenstown, New Zealand) Aug. 15: Bitcoin Educators Unconference (Vancouver) Aug. 17-21: Crypto 2025 (Santa Barbara, California) Aug. 18-21: Wyoming Blockchain Symposium 2025 (Jackson Hole) Aug. 21-22: Coinfest Asia 2025 (Bali, Indonesia) Token Talk By Oliver Knight The crypto market drop in the past 24 hours sparked around $1 billion worth of liquidations, with the majority occurring on ETH trading pairs, according to Coinglass data. Ether is trading back at $4,630 while a number of altcoins like TIA, CRV and OP all lost more than 7%. One asset, however, stood out: AERO rose 4.5% despite relentless waves of selling pressure and liquidations. AERO is the native token of decentralized exchange Aerodrome, which recently benefited from integration with Coinbase, allowing the exchange's customer base to trade directly on the DEX via the Coinbase app. Trading volume on Aerodrome jumped as a result, with $1.1 billion worth of crypto changing hands to mark the DEX's largest day since February, according to DefiLlama. Aerodrome is the largest native part of the Base ecosystem, with $612 million in total value locked (TVL). The only other protocols with a higher totals are Morpho and Aave, both of which are distributed across multiple blockchains while Aerodrome is on Base alone. Derivatives Positioning Open interest (OI) across top derivatives venues remains elevated, with bitcoin (BTC) sitting at $32.5 billion, just shy of its all-time high. Bitcoin OI is led by Binance ($13.8 billion) and Bybit ($9.3 billion). The elevated open interest is supported by steady gains in BTC three-month annualized basis, currently 8%-9% across all exchanges, according to Velo data. Compared with fourth-quarter 2024 levels of 15%, there is still room to grow. In options, implied volatility (IV) across different option maturities is upward sloping (contango), with near-term IV low at around 20% , Velo data show. The line rises toward 50% for maturities in mid 2026, a sign of increasing uncertainty further out. Looking at the past day's flows for puts vs calls, the ratio is 50:50, implying no extreme directional bias at the moment. Funding rate APRs across major perpetual swap venues are muted at around an annualized 5%-7%, pulling back from the elevated levels seen in the run up to bitcoin's record high on Thursday. This pattern suggests that the rally was largely spot driven, with an influx of shorts helping offset long demand. With funding now relatively low, there is room for fresh leveraged longs to enter the market, potentially adding momentum to the next move. Coinglass data shows $960 million in 24 hour liquidations, skewed 85% towards longs. ETH ($342 million), BTC ($162 million) and others ($116 million) were the leaders in terms of notional liquidations. Binance liquidation heatmap indicates $117,091 as a core liquidation level to monitor, in case of further price drops. Market Movements BTC is up 0.68% from 4 p.m. ET Thursday at $118,739.67 (24hrs: -1.67%) ETH is up 1.9% at $4,622.44 (24hrs: -1.58%) CoinDesk 20 is up 1.33% at 4,257.98 (24hrs: -2.78%) Ether CESR Composite Staking Rate is up 1 bp at 3.05% BTC funding rate is at 0.0082% (8.9976% annualized) on Binance DXY is down 0.37% at 97.89 Gold futures are up 0.16% at $3,388.50 Silver futures are down 0.52% at $37.87 Nikkei 225 closed up 1.71% at 43,378.31 Hang Seng closed down 0.98% at 25,270.07 FTSE is unchanged at 9,181.53 Euro Stoxx 50 is up 0.42% at 5,457.44 DJIA closed on Thursday unchanged at 44,911.26 S&P 500 closed unchanged at 6,468.54 Nasdaq Composite closed unchanged at 21,710.67 S&P/TSX Composite closed down 0.28% at 27,915.99 S&P 40 Latin America closed down 1.16% at 2,653.40 U.S. 10-Year Treasury rate is down 0.2 bps at 4.291% E-mini S&P 500 futures are unchanged at 6,493.75 E-mini Nasdaq-100 futures are down 0.2% at 23,883.00 E-mini Dow Jones Industrial Average Index are up 0.64% at 45,283.00 Bitcoin Stats BTC Dominance: 59.4% (-0.42%) Ether-bitcoin ratio: 0.03901 (1.5%) Hashrate (seven-day moving average): 908 EH/s Hashprice (spot): $58.40 Total fees: 4.33 BTC / $519,718 CME Futures Open Interest: 140,870 BTC BTC priced in gold: 35.7 oz. BTC vs gold market cap: 10.08% Technical Analysis Bitcoin dominance recently fell below the key historical level of 60%. In the past, such drops have often preceded significant altcoin rallies. However, given the current lack of a strong catalyst for a full-fledged altcoin season, the key question is the potential severity of the drop. The current level suggests that a selective or minor 'alt season' is underway. It does not yet imply a major, market-wide shift in the way previous cycles have. Crypto Equities Strategy (MSTR): closed on Thursday at $372.94 (-4.35%), unchanged in pre-market Coinbase Global (COIN): closed at $324.89 (-0.65%), +0.11% at $325.25 Circle (CRCL): closed at $139.23 (-9.1%), -1.61% at $136.99 Galaxy Digital (GLXY): closed at $28.57 (+0.81%), -0.25% at $28.50 Bullish (BLSH): closed at $74.63 (+9.75%), +1.73% at $75.99 MARA Holdings (MARA): closed at $15.75 (-0.69%), -0.13% at $15.73 Riot Platforms (RIOT): closed at $12.25 (+5.69%), -1.14% at $12.11 Core Scientific (CORZ): closed at $13.84 (-0.11%), -0.61% at $13.75 CleanSpark (CLSK): closed at $9.95 (-0.2%), +0.3% at $9.98 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $26.97 (+5.76%) Semler Scientific (SMLR): closed at $35.13 (-1.24%), unchanged in pre-market Exodus Movement (EXOD): closed at $26.85 (-1.79%), +8.01% at $29 SharpLink Gaming (SBET): closed at $23.49 (-0.13%), -0.17% at $23.45 ETF Flows Spot BTC ETFs Daily net flows: $230.8 million Cumulative net flows: $54.97 billion Total BTC holdings ~1.29 million Spot ETH ETFs Daily net flows: $639.6 million Cumulative net flows: $12.75 billion Total ETH holdings ~6.27 million Source: Farside Investors Chart of the Day The total value locked (TVL) on yield-trading platform Pendle has surged past the $8 billion mark, representing a roughly 30% increase this month and positioning it as the ninth largest protocol by TVL. The majority of the growth has taken place on the Ethereum blockchain. A key factor driving growth is its close relationship with Ethena's stablecoin. Some 68% of Pendle's TVL is tied to USDe and sUSDe, making the protocol a direct proxy for the growth of Ethena's ecosystem and a bet on the continued expansion of high-yield, stablecoin-based strategies in the market. While You Were Sleeping Altcoin Season Could Begin in September as Bitcoin's Grip on Crypto Market Weakens: Coinbase Institutional (CoinDesk): Investor rotation into altcoins could accelerate in September, fueled by declining bitcoin dominance, better liquidity for alternative tokens and improving risk appetite, Coinbase Institutional's David Duong said. Circle to Offer 10 Million Class A Shares at $130 Each (CoinDesk): The stablecoin issuer is selling 2 million shares in a secondary offering, while insiders are offloading the other 8 million at over four times the price of the June IPO. Hong Kong Regulator Tightens Custody Standards for Licensed Crypto Exchanges (CoinDesk): The SFC set minimum standards for senior management responsibility, cold wallet operations, third-party wallet solutions and real-time threat monitoring after finding cyber and asset-protection weaknesses at some licensed platforms. Crypto Group Backed by Trump Sons Hunts for Bitcoin Companies in Asia (Financial Times): U.S.-based miner American Bitcoin, co-founded by Eric Trump, is reportedly pursuing listed firms in Japan and Hong Kong to convert into bitcoin-treasury vehicles, seeking to spark demand through stock-market exposure. China's Economy Slows Broadly Even as Exports Keep Rising (The New York Times): China's statistics bureau linked July's slowdown in retail sales, factory output and fixed-asset investment primarily to escalating trade frictions, which its chief economist characterized as protectionism and unilateralism. Japan's Economy Records Modest Growth Despite Trade Uncertainty (The Wall Street Journal): Second-quarter GDP rose 0.3%, but economists warn automakers' prolonged absorption of U.S. tariff costs could squeeze profits, curb wage growth and dent household spending. In the Ether Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Bitcoin sinks following hotter-than-expected inflation print, Bessent comments on strategic reserve
Bitcoin (BTC-USD) retreated more than 3% from its record highs on Thursday after hotter-than-expected inflation soured expectations of a large rate cut in September and Treasury Secretary Scott Bessent signaled the US won't be purchasing bitcoin for its strategic reserve. On Wednesday, bitcoin touched an all-time high past $123,500 per token in anticipation of looser monetary policy and corporate purchases. Crypto rolled over after July's producer price index came in much higher than expected. During an interview with Fox Business, Bessent said US reserves of bitcoin amount to around $15 billion or $20 billion at today's prices. "We've also started to get into the 21st century — a bitcoin strategic reserve. We're not going to be buying that, but we are going to use confiscated assets and continue to build that up," he said. Expectations of Fed rate cuts, coupled with heavy purchases from corporate treasurys, have driven up the price of the asset this year. The cryptocurrency has gained 25% year to date and has rallied roughly 57% since the April lows. Inflows into spot exchange-traded funds, along with purchases from public companies copying the blueprint of software firm-turned-bitcoin juggernaut Strategy (MSTR) by adding bitcoin to their balance sheets, have been key drivers of this year's rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst. "The administration is pushing crypto. They are pushing bitcoin. Bitcoin is the lead dog in the crypto market," Tom Essaye, founder of Sevens Report Research, told Yahoo Finance earlier this week. "So is it short-term a little frothy? Sure," he added. "But longer term, there are some fundamental changes here that I think are bullish for it." Last week, President Trump issued an executive order directing the Labor Department to explore allowing 401(k) plans to hold cryptocurrencies and other alternative assets, a move that could significantly expand retail investor access to crypto. The price surge also comes as US equities have notched all-time records on expectations the Federal Reserve will cut interest rates in September, and that Trump's next Fed chair pick will likely favor looser monetary policy. Meanwhile, ethereum (ETH-USD) prices also retreated more than 3% on Thursday after rising to near record levels as Wall Street grows increasingly bullish on the world's second-largest cryptocurrency by market cap. Companies have been adding ether to their balance sheets as a way to gain exposure to the tech infrastructure behind decentralized finance and digital assets, such as stablecoins. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-07-2025
- Business
- Yahoo
Justin Bechler gives harsh response to Trump on Epstein files, and ‘strategic reserve'
Justin Bechler gives harsh response to Trump on Epstein files, and 'strategic reserve' originally appeared on TheStreet. In a scathing criticism of the U.S. government's handling of Bitcoin, popular crypto influencer Justin Bechler has written off the Strategic Bitcoin Reserve (SBR) — often cited by proponents as a way for the U.S. to neutralize the threat posed by Bitcoin, as "pure political performance" and a "fiction" used to appease the crypto community. On X, Bechler made the case that America might never have an SBR, as he feels the federal government will never voluntarily accumulate Bitcoin, which is essentially a direct challenge to the fiat monetary system. He said, "The dollar system is not a neutral accounting tool. It is the engine of control, and its value depends on the ability to inflate liabilities and externalize consequences. If you believe this government will voluntarily exchange the instrument of its dominance for an asset it cannot counterfeit, freeze, or redirect, then you are not thinking in terms of statecraft; you're indulging in fantasy." He stressed that no historical model or current policy indicates that any central body would voluntarily shift toward added, "The belief that the federal government will one day build a Strategic Bitcoin Reserve requires a complete detachment from reality. The establishment of an SBR was a key part of President Trump's election promises, vowing to secure American dominance, making it the 'crypto capital of the world.' However, six months into his presidency, no concrete steps or policies have materialized, leading critics like Bechler to question the administration's commitment to its crypto-centric campaign promises. Additionally, Bechler aimed to highlight the government's incompetence, citing a recent Treasury report that revealed significant mishandling on the part of the IRS in its management of seized crypto. The IRS lost private keys, compromised assets, and lacked basic record-keeping, spurring doubt over the possibility of any single point of governmental custody. Bechler also mentioned several unkept promises from the administration, including the failure to keep the Epstein list transparent, to complete the audit at Fort Knox, and to release the JFK files and complete the 9/11 reports. But it's not just Bechler. Many of the crypto influencers who once aligned with the President's policies are now second-guessing. For example, Natalie Brunell and Fred Krueger are two influencers who have shared their experiences with these Bechler gives harsh response to Trump on Epstein files, and 'strategic reserve' first appeared on TheStreet on Jul 8, 2025 This story was originally reported by TheStreet on Jul 8, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Gulf Insider
25-05-2025
- Business
- Gulf Insider
Bitcoin to $1 Million by 2028? Arthur Hayes Says It's Inevitable.
Arthur Hayes, the outspoken co-founder and former CEO of BitMEX, is no stranger to volatility, be it in markets or in politics. But when he predicts that Bitcoin will hit $1 million by 2028, it is a macroeconomic thesis grounded in decades of monetary policy missteps, geopolitical recalibration, and the slow-motion collapse of the fiat system born in 1971. A System Built On Sand Hayes sees Bitcoin's price action as a structural response to the erosion of financial sovereignty. When the U.S. decoupled the dollar from gold in 1971, it created a global financial system reliant on credit issuance, massive debt accumulation, and central bank intervention. 'The people who benefited the most are those who issue credit – commercial banks,' Hayes explains. 'And anyone who challenges their dominance tends to fall afoul of regulators.' From his perspective, Bitcoin's rise is not a random fluke, it's a very clear reaction. A decentralized, scarce, programmable asset stands in stark contrast to the highly centralized, inflationary fiat model. The Trump Factor And The Strategic Reserve Illusion Hayes is less impressed by politicians claiming to embrace Bitcoin, especially when it is there to serve a populist narrative. Take President Trump's Executive order on the Bitcoin Strategic Reserve, while the move grabbed headlines and delighted many in the Bitcoin and crypto community, Hayes remains sceptical. 'Governments buy assets for political reasons and sell them for political reasons,' he warns. 'Why tether your financial future to the whim of politics?' He doesn't see this as actual adoption, but only as a tactical appeal to voters disillusioned by deindustrialization, wage stagnation, and the rise of big finance. Still, the political interest in Bitcoin, no matter how superficial, signals a shift in how governments perceive the role of digital assets in a post-dollar world. Stablecoins Will Lead, But Bitcoin Will Reclaim The Narrative In the short term, Hayes argues that stablecoins, particularly USD-backed ones like USDT, will see greater real-world adoption, especially in regions with limited banking access. 'People want dollars, not volatility,' he notes, citing the Middle East, as a major growth market for stablecoins. Afterall, the Arab region's population is only approximately 40% banked according to the ESCWA Annual SDG Review 2025. But that doesn't mean Bitcoin loses its edge in the stablecoin game. Quite the opposite. Hayes predicts Bitcoin dominance will rise to 70% just before we will see unprecedented price action to $1 million. Why $1 Million Bitcoin Isn't As Wild As It Sounds At the heart of Hayes' forecast is one simple principle: the fiat system must inflate or collapse. Either path fuels Bitcoin's rise. 'The amount of money that will need to be printed just to maintain the current economic structure is staggering,' he explains. 'That's what's going to propel Bitcoin.' Whether or not governments buy Bitcoin is secondary. Their policies of debt expansion, currency debasement, and geopolitical fragmentation will drive more capital into decentralized stores of value. In other words, Bitcoin doesn't need the Government's buy-in or permission to win. We just let governments do their thing, and this leads to Bitcoin winning. Beyond Price: A New Financial Era Hayes' prediction of $1 million isn't rooted in hype. It's based on deep scepticism about the longevity of the current financial order and belief that a decentralized alternative is not only possible but necessary. 'This isn't just about crypto,' Hayes concludes. 'It's about dismantling a system that no longer works and building something better.' Whether Bitcoin reaches $1 million by 2028 remains to be seen. But the conditions that could make it happen are already here.
News.com.au
23-04-2025
- Business
- News.com.au
Anthony Albanese's $1.2bn pledge amid Donald Trump's tariff threat
The Albanese government will invest $1.2bn into Australia's critical minerals supply, which will likely play a major role in negotiating a tariff carveout from the Trump administration. This comes as Australian steel and aluminium imports have been hit with a 25 per cent levy, with other imports slapped with a 10 per cent tariff. Anthony Albanese will on Thursday announce plans to create a Critical Minerals Strategic Reserve to secure quantities of the select minerals that will be made available for domestic projects and select international partners. If re-elected, $1.2bn will be used to secure the initial resource stockpile, and purchases will be made according to strategic and market-conditions. These include elements like titanium, lithium, nickel and cobalt, which are essential for the production of mobile phones, computer chips, electric vehicles, solar panels and defence technologies. Altogether Australia has listed 31 critical minerals, and holds at least 4 per cent of the world's rare earth reserves. The Reserve is expected to be in operation from the second half of 2026, and a taskforce will be created to consult on the design and function of the reserve. Although the Prime Minister did not directly refer to the Trump administration in the announcement, he said the $1.2bn investment into Australia's critical mineral industry would help safeguard 'critical national assets' in 'time of global uncertainty'. 'The Strategic Reserve will mean Government has the power to purchase, own and sell critical minerals found here in Australia,' he said. 'It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand. 'This will be a national asset and our Government will use it to advance Australia's national interest.' Resources Minister Catherine King said the boost to the industry would also drive industry and jobs in Western Australia, where Mr Albanese will spend Thursday campaigning. 'Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners,' she said. 'While we will continue to supply the world with critical minerals, it's also important that Australia has access to the critical minerals and rare earths we need for a Future Made in Australia. 'The Strategic Reserve, combined with Production Tax Credits and the expansion of the Critical Minerals Facility, shows the Albanese Government is taking the development of an Australian critical minerals industry seriously.'
