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Bitcoin falls after Fed chair Powell said interest rate cuts in 2023 are not likely 

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Bitcoin falls after Fed chair Powell said interest rate cuts in 2023 are not likely 

Bitcoin fell Wednesday after the Federal Reserve raised its key rate of interest by 1 / 4 of a share level, as extensively anticipated, whereas the Fed chairman Jerome Powell stated it’s “the probably case” that the central financial institution would chorus from chopping its key rate of interest this yr. 

The biggest cryptocurrency
BTCUSD,
-3.44%
dropped 2.5% Wednesday to round $27,557, in accordance with CoinDesk knowledge. 

The pullback got here after bitcoin rallied nearly 50% in lower than two weeks, as three regional U.S. banks collapsed and the Fed introduced an emergency mortgage program to backstop depositors on the establishments and throughout the entire banking system. 

Bitcoin surged because the Fed injected liquidity into the monetary system to alleviate stress within the banking system and traders sought diversification from financial institution deposits, in accordance with Peter Eberle, chief funding officer at Fortress Funds.

“Bitcoin was born over the past banking disaster, and I believe the current disaster is a push for bitcoin once more,” Eberle stated in a name. The cryptocurrency business has lengthy touted itself as an alternative choice to government-issued currencies, just like the greenback.

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Nonetheless, many traders are buying and selling bitcoin as a speculative asset, Eberle famous. “So far as the speculative nature of bitcoin, that shall be extra rate of interest delicate,” stated Eberle. Main inventory indexes additionally traded decrease Wednesday, with the Dow Jones Industrial Common
DJIA,
-1.63%
down 0.5%. The S&P 500
SPX,
-1.65%
went down 0.3% and the Nasdaq Composite
COMP,
-1.60%
dropped 0.1%.

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Crypto

Bitcoin nears $100,000 as investors bet on crypto-friendly Trump policies

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Bitcoin nears 0,000 as investors bet on crypto-friendly Trump policies

World’s popular digital currency rises as high as $99,073 on expectations Trump will ease legal and regulatory hurdles.

Bitcoin is nearing the $100,000 mark as crypto enthusiasts bet that United States President-elect Donald Trump will usher in a more welcoming regulatory environment for digital assets.

The world’s most popular digital currency rose as high as $99,073 on Thursday, extending its surge since Trump’s re-election on November 5.

The commodity has risen more than 60 percent since election day as investors anticipate Trump’s incoming administration to ease regulatory and legal hurdles to its use.

Trump, who called the asset a “scam” during his first term, accepted campaign donations in cryptocurrency, and has pledged to make the US “the crypto capital of the planet” and accumulate a national bitcoin reserve.

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Trump and his three sons in September also announced the launch of their own crypto business, World Liberty Financial, which investors have taken as a promising sign of the president-elect’s belief in the sector.

In another bullish signal for the sector on Thursday, United States Securities and Exchange Commission (SEC) chair, Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector, confirmed that he would step down in January.

Trump had pledged to fire Gensler on “day one” of his administration, though the president does not have the authority to remove the SEC chair before the end of his or her term.

While viewed by supporters as a ticket to big returns and financial freedom, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in several parts of the world.

After climbing to a record high of $69,000 in late 2021, Bitcoin plunged to less than $16,000 over the following year.

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The commodity burst past its previous peak in March after gaining more than 300 percent since November 2022.

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Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News

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Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News

Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News





















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Crypto

WisdomTree launches ETP focused on XRP cryptocurrency

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WisdomTree launches ETP focused on XRP cryptocurrency

WisdomTree has launched a new cryptocurrency exchange-traded product (ETP), the US asset manager announced today, with a focus on the XRP digital currency.

The new WisdomTree Physical XRP (XRPW), joins the firm’s $1.1bn lineup of physically backed cryptocurrency products, designed to provide European investors with a straightforward, regulated means of investing in digital assets without direct ownership.

The XRP asset, native to the XRP Ledger (XRPL), has carved out a unique role for itself in the digital currency landscape, as a blockchain optimised for cross-border payments and high-speed transactions.

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