Skip to main content

Featured Story

Floki Inu Restricts Access to Staking Programs in Hong Kong: Regulatory Concerns Addressed

In a recent development, Floki Inu has made the decision to block users in Hong Kong from accessing its staking programs. This action follows a warning from the Securities and Futures Commission of Hong Kong, which raised concerns about the staking programs being labeled as suspicious investment products due to the high annualized return targets ranging from 30% to over 100%. Despite the regulatory scrutiny, the Floki team has come forward to defend the elevated Annual Percentage Yield (APY) by explaining that it is a result of allocating the majority of TokenFi's token supply to stakers. Key Points: Floki Inu has restricted access to its staking programs for users in Hong Kong. The Securities and Futures Commission of Hong Kong issued a cautionary warning regarding the staking programs' high annualized return targets. The Floki team justified the high APY by attributing it to the allocation of the majority of TokenFi's token supply to stakers.

Bitcoin Price Rejects CPI Boost as Market Fed Rate Pause Odds Near 95%

Bitcoin Price Rejects CPI Boost as Market Fed Rate Pause Odds Near 95%

As a cryptocurrency enthusiast and market observer, I have been closely watching Bitcoin's price movements over the past few weeks. The crypto market has been quite volatile, with Bitcoin's price fluctuating between $30,000 and $40,000. However, the latest news that caught my attention is Bitcoin's rejection of the CPI boost as the market Fed rate pause odds near 95%.

Bitcoin Falls Back in Line

Bitcoin's price took a hit on June 12, 2023, after a brief macroeconomic data jolt failed to shake the market's status quo. BTC/USD's one-hour candle chart on Bitstamp shows the cryptocurrency's price falling back in line almost immediately after closing the weekend's CME futures gap near $26,500. As of writing this article, Bitcoin's price is trading at around $34,000, down by 5% from the previous day.

Market Fed Rate Pause Odds Near 95%

The market's perception of the Federal Reserve's monetary policy has been one of the primary drivers of Bitcoin's price movements. The Federal Reserve's decision to keep interest rates low and continue with its bond-buying program has been a catalyst for Bitcoin's growth. However, the latest market data shows that the odds of the Fed pausing its rate hike cycle have surged to near 95%.

CPI Boost Rejected

The Consumer Price Index (CPI) measures the average change in prices over time of goods and services purchased by households. The latest data shows that the CPI increased by 2.8% in May 2023, the fastest pace in nearly three decades. The rise in inflation has been a concern for the Fed, which has indicated that it may have to raise interest rates to prevent the economy from overheating.

However, Bitcoin's price movements suggest that the market has rejected the CPI boost as a driver of Bitcoin's price. The cryptocurrency's price fell back in line almost immediately after the CPI data was released, indicating that the market is more concerned about the Fed's monetary policy than inflation.

Conclusion

Bitcoin's rejection of the CPI boost as the market Fed rate pause odds near 95% suggests that the market is more focused on the Federal Reserve's monetary policy than inflation. The market's perception of the Fed's interest rate hike cycle has been one of the primary drivers of Bitcoin's price movements. As the odds of the Fed pausing its rate hike cycle surge, Bitcoin's price may continue to fluctuate in the short term. However, as a long-term investor, I remain optimistic about Bitcoin's potential to revolutionize the financial industry and create a more equitable and decentralized global economy.

Comments

Trending Stories