1. Powell: I hope to see more progress before I have enough confidence to start cutting interest rates
Fed Chairman Jerome Powell said at a central bank forum hosted by the European Central Bank that the Fed has made considerable progress on inflation. However, he also said that he hopes to see more progress before he is confident enough to start cutting interest rates. When asked what keeps him awake at night, Powell pointed to the delicate balance between controlling inflation and avoiding a significant deterioration in the labor market. Powell was satisfied that US inflation has resumed its downward trend after rebounding at the beginning of the year, highlighting a cautiously optimistic mood.
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2. The United States announced that the number of people who continued to apply for unemployment benefits in the week ending June 22 was 1.858 million
The United States announced that the number of people who continued to apply for unemployment benefits in the week ending June 22 was 1.858 million, which was expected to be 1.84 million and the previous value was 1.839 million. The number of initial unemployment claims in the United States in the week ending June 29 was 238,000, which was expected to be 235,000 and the previous value was 233,000. The number of people applying for unemployment benefits in the United States has risen for the ninth consecutive week, the longest period since 2018. As of the week ending June 22, the number of people continuing to apply for unemployment benefits increased to 1.86 million, the highest level since November 2021.
3. Standard Chartered Bank Research Director: Bitcoin may hit a record high in August and reach $100,000 on US election day
The analyst's forecast depends on President Biden's continued participation in the presidential campaign, which the market believes will increase former President Trump's chances of reelection. This outcome is considered positive for Bitcoin, as Trump's victory could lead to more favorable policies for the crypto market. In addition, the Standard Chartered analyst also shared his predictions for other presidential campaign scenarios, the least likely of which is Biden's withdrawal from the campaign at the end of July, which could cause the price of Bitcoin to fall to $50,000 to $55,000. Previously, Standard Chartered predicted that Bitcoin's target would be $150,000 by the end of the year and $200,000 in 2025.
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4.QCP Capital: The options market is still bullish and the market still expects a rebound at the end of the year
U.S. stocks surged to new highs on Powell’s statement that the U.S. economy is on a disinflationary path, but this upward momentum failed to carry over to BTC and ETH, with prices hovering above $60,000 and $3,300 respectively. Despite the sell-off, the options market remains biased to the bullish side, suggesting the market is still anticipating a year-end rebound, consistent with the significant buying interest observed in long-term options in the $100,000/120,000 range. Looking ahead, BTC is expected to remain subdued in the third quarter as the market remains uncertain about the supply released by Mt. Gox.
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5. People familiar with the matter: Crypto mining company Genesis Digital Assets is considering an IPO in the United States
The crypto mining company is working with advisers on a potential listing. The company plans to raise a pre-IPO round of financing that could start as soon as the next few weeks, a person familiar with the matter said; deliberations are ongoing and details of the fundraising plan may change. Notably, SBF's former hedge fund Alameda is an investor in the cryptocurrency mining company GDA, with an investment of more than $1 billion. According to an internal spreadsheet that lists FTX and Alameda's venture capital investment portfolio, which was seen by Bloomberg News, GDA was valued at $5.5 billion in an April 2022 round of funding.
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6. Binance updates services in accordance with new Turkish regulations and stops all direct marketing activities to Turkish users
Binance announced that it will update its services in accordance with Turkey's new cryptocurrency regulations. The Turkish option of Binance.com service will be gradually closed within 3 months, and all direct marketing activities targeting Turkish users will be completely stopped.
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