Commodity prices rise, tech stocks face pressure🫣

With commodities catching a bid, crude oil steady above $80, treasury issuance going higher, and financial conditions still at remarkably loose levels as when overnight rates were ~150bp lower (~3.80% vs 5.3% now), a bond-bearish narrative is being formed heading into Jackson hole at the end of the month even as the market is increasingly convinced that the Fed has basically concluded its hiking cycle. The bear-steepening of the yield curve continues to weigh on equities in the past week, which saw significant pressures on tech names with Nvidia down -15% from the highs since the turn of the month.

#commodity #stocks #oil #bond #Fed

Four Bills That Will Define The Future Of Digital Assets-

1. Financial Innovation and Technology for the 21st Century Act

This bill, introduced on July 20, aims to create a solid process for determining if a digital asset is a commodity or security and would clarify the jurisdictions of regulators.

2. Responsible Financial Innovation Act (RFIA)

A bill with a similar objective to the previous one is the Lummis-Gillibrand bill or RFIA for short. It aims to clarify the #SEC and CFTC’s roles in crypto regulation. It also aims to give greater consumer protection by providing laws to prevent another FTX-style event from occurring.

3. Digital Asset Market Structure Bill (DAMS)

Introduced on June 1, DAMS is another bill aiming to define the crypto-related roles of the SEC and CFTC and set a framework for regulators to make determinations about whether certain or not #cryptocurrencies are securities or commodities.

4. Digital Commodity Exchange Act (DCEA)

First introduced in September 2020, an updated version of the DCEA was reintroduced in April 2022, adding that stablecoin providers could register as a ‘fixed-value digital #commodity operator’ inclusive of recording and reporting requirements.

SEC Approves SPOT ETH ETF, Recognizing ETH As Commodity and not just a security. A significant milestone for the crypto currency and veritable paradigm shift.
This is building bullish confidence amongst spot Eth ETF ethusiats in a context where financial analysts are optimistic that the commodity will keep its current momentum and rally into 2025.
Interesting times for traders and investors despite strong competition from and between upsurging commodities.
#eth #btc #PEPE‏ #altcoins #commodity

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🤔 The United States#SECdesignates Bitcoin as a commodity 🤔

The US Securities and Exchange Commission, responsible for numerous applications on #criptomonedas under the Biden Administration, has called the asset a #commodity instead of a security.

The designation places the asset under the jurisdiction of the US Commodity Futures Trading Commission (#CFTC ) and is less likely to face an imminent crackdown.

While the #Biden Administration created laws to tax cryptocurrency brokers and proposed a legal framework for the industry, the president has not opposed the asset.

#Bitcoin has risen 120% during his tenure, trading at just under $29,000.