Bitcoin rose 2.3% in the past 24 hours to close to $30,000 as investors wait for July's Consumer Price Index, a gauge of inflation in the U.S., which is scheduled to be released on Thursday.
Core inflation, which excludes volatile food and energy prices, is expected to come in at 0.4%, far below the pace seen a year ago. Lower inflation should mean the Federal Reserve will be less likely to raise rates. Oliver Rust, head of product at independent inflation data aggregator Truflation, predicts that the inflation numbers will show that CPI spiked from 3% to 3.4% in July.
The move announced Tuesday doesn’t change any rules for crypto banking. Rather, it just defines how the central bank intends to handle oversight, putting dealings with the crypto sector under the new “novel activities supervision program” in which the Fed’s specialized experts in digital assets will work alongside the regulator’s regular supervisors. The Fed also issued a fuller explanation for how the banks it supervises need to get preapprovals for engaging with stablecoins.
The Central Bank of El Salvador granted Binance a Bitcoin Services Provider license, while the Salvadoran National Commission of Digital Assets issued a non-provisional Digital Assets Services Provider license, the company said in a statement.
The chart above shows that the U.S."5-Year, 5-Year Forward Inflation Expectation Rate, the market-based measure of expected price pressures over the next five years, has jumped to 2.53%, the highest since April 2022.
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: WSJ - 🏆 98. / 63 Read more »