News
Stay up to date on the latest crypto trends with our expert, in-depth coverage.
Share link:In this post: Jerome Powell has agreed to resign as Fed Chair after sustained pressure from President Trump and his cabinet. Trump demanded a 300 bps rate cut, claiming it could save the U.S. over $1 trillion annually. The White House attacked Powell over a $2.5B renovation of the Fed’s Eccles Building.
Share link:In this post: Russian crypto criminal seeks U.S. President Trump’s pardon. Crypto exchange Bitzlato founder hopes to escape extradition to France. Anatoly Legkodymov served his sentence in America but may face more prison time in Europe.
Share link:In this post: Wall Street fell Friday, with the Dow down 297 points and the S&P 500 slipping 0.3%. The bond market is collapsing, with 10-year yields above 4.40% and on track for the worst decade. Jerome Powell is stepping down as Fed Chair, and volatility just saw its sharpest drop since 1987.
Share link:In this post: Global oil supply growth outpaces demand growth, but indicators point to tighter market conditions. Summer travel and higher power generation are boosting refinery runs and consuming spare barrels despite OPEC+ hikes. IEA expects the weakest demand growth since 2009 outside the pandemic, while its forecast trails OPEC’s projection.
- 22:42US Mortgage Rates at Their Lowest Level Since October Last YearAccording to a report by Jinse Finance, U.S. mortgage rates have stabilized after four consecutive weeks of decline. In a statement, Freddie Mac noted that the average rate for a 30-year fixed mortgage stands at 6.58%, unchanged from last week, when it dropped to the lowest level since October of last year. Over the past few months, rates have fallen enough to potentially entice some hesitant homebuyers to move off the sidelines. In areas with a backlog of listings, sellers are willing to negotiate and offer assistance with closing costs and other concessions. However, affordability remains a significant barrier, especially for first-time buyers. Additional data shows that existing home sales climbed in July as price increases slowed. But this does not mean the market has become affordable: some institutions report that home prices have surged by more than 50% since early 2020. Danielle Hale, chief economist at Realtor.com, stated, “Higher interest rates have eroded the real purchasing power of the typical American household. This dynamic is forcing many buyers to adjust their expectations, whether that means looking for a smaller home, moving farther away, or simply postponing the dream of homeownership.”
- 22:32Pennsylvania lawmaker proposes ban on cryptocurrency trading by public officialsAccording to Jinse Finance, Pennsylvania Democratic Representative Ben Waxman has introduced a bill (HB1812) aimed at prohibiting public officials and their immediate family members from profiting from cryptocurrencies during their term of office, including issuing, promoting, or trading digital assets in which they hold a financial interest. The bill stipulates that relevant individuals are not allowed to conduct cryptocurrency transactions exceeding $1,000 during their term and for one year after leaving office, and must liquidate their holdings within 90 days of the bill taking effect. Violations may result in up to five years of imprisonment or a maximum fine of $50,000. Waxman introduced this bill in response to controversies surrounding allegations that Trump and his family profited from public office.
- 22:23Fed’s Collins: If the labor market outlook deteriorates, a rate cut may be appropriate in the near termAccording to a report by Jinse Finance, Federal Reserve's Collins stated that if the outlook for the labor market deteriorates, it may be appropriate to cut interest rates in the short term. We cannot wait until inflation is fully clarified before considering a rate cut.