Chain News by Thebittimes.Com

The weakening of the US dollar and a dip in Treasury yields made GOLD prices climb above $2,000 on Thursday. Gold prices fell below the $2,000 mark this week anticipating the CPI data and the Fed’s interest rate decision. The CPI data published on Tuesday show inflation cooling down to 3.1%. Also Read: BRICS: US & China Rivalry Risks Cold War II, Warns IMF Source: Investing However, investors remain cautious as the markets expect inflation to return to normalcy at 2% and below. Coming to the interest rate decision, the Feds have projected rate cuts at some point in 2024. The Federal Reserve kept interest rate cuts unchanged this time keeping it the same since the last three consecutive months. Weak US Dollar & Dip in Treasury Yields Make Gold Prices Jump 1.5% Source: Medium.com Gold prices came close to $2,040 on Thursday by rising 1.5% after the Feds paused the interest rate hike. The development added inverse effects on the US dollar and the Treasury yields...

In a recent Twitter post, US Presidential candidate Robert F. Kennedy Jr. warns that the Federal Reserve’s newly announced FedNow CBDC will bring about “Financial Slavery and political tyranny.” Moreover, the environmental lawyer discussed the ways in which the government-developed digital currency could threaten financial freedom. The statement follows Kennedy’s recent filing of documents with the US Federal Election Commission this month. Subsequently, the filing indicates that Kennedy will be eligible to run for the presidency as a Democratic candidate in 2024. The Fed just announced it will introduce its “ FedNow ” Central Bank Digital Currency (CBDC) in July. CBDCs grease the slippery slope to financial slavery and political tyranny. While cash transactions are anonymous, a #CBDC will allow the government to surveil all our private… — Robert F. Kennedy Jr (@RobertKennedyJr) April 5, 2023 US Presidential Candidate Attacks FED CBDC The nephew of former US presiden...

Bitcoin price is down, trading below $17,000 and raising investors’ worries that the bottom is still not in. Bitcoin (BTC) price has seen a gradual decline in its bullish momentum to hit a new monthly low at $16,736 on Dec. 3.  The move follows a market-wide decline that has already set BTC capitulation records in the aftermath of the FTX-induced contagion. Stocks started the day slightly up after losing nearly 1,000 points since the start of the week. To date, Bitcoin price remains closely correlated to equities and stock market investors have concerns about the policy discussions that will occur at the next Federal Open Market Committee (FOMC) meeting on Dec. 13. BTC correlation to equities. Arcane Research While some analysts believe Bitcoin’s bottom is near, others believe more downside is on the way due to BTC’s close correlation to DXY and equities. Let’s investigate the main reasons why the Bitcoin price is down today . On-chain data cites historic “peak realized losses” Bitco...

The Federal Reserve Bank of New York has published findings stemming from an experiment dubbed “Project Cedar,” a protocol that uses a wholesale digital dollar in order to improve financial transactions. Michelle Neal, head of the bank’s Markets Group remarked on Friday that the research “indicated that settlement could occur in fewer than 10 seconds on average and that horizontal scaling was possible.” Fed’s New York Branch Releases Digital Dollar Findings Associated With Project Cedar On Nov. 4, 2022, the Federal Reserve’s New York branch published a report called “Project Cedar: Phase One,” which discusses a wholesale central bank digital currency (WCBDC). The New York Fed’s Markets Group lead, Michelle Neal, further told the press that the WCBDC’s transactions resulted in “instant and atomic settlement.” The Project Cedar phase I prototype is a “permissioned blockchain network” that utilizes Bitcoin’s Unspent Transaction Output (UTXO) transacti...

The U.S. Federal Reserve introduced another jumbo rate hike on Wednesday, Nov. 2, 2022, by hiking the federal funds rate (FFR) by 75 basis points (bps). The American central bank said on Wednesday that the hike aims to curb inflation and the Fed says “recent indicators point to modest growth in spending and production.” U.S. Central Bank Hikes the Federal Funds Rate by 75bps While U.S. president Joe Biden hosted an event called the “Infrastructure Talent Pipeline Challenge,” the country’s central bank increased the FFR once again by 75bps on Wednesday. Markets had priced in and predicted the 75bps increase well before the Federal Open Market Committee (FOMC) convened. Just before the rate hike, the White House reported that the Biden administration plans to allocate $13.5 billion to help low-income American households pay for heating this winter. This is due to the fact that red-hot inflation has contributed to U.S. consumers paying 28% more to he...