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Share link:In this post: Jerome Powell has agreed to resign as Fed Chair after sustained pressure from President Trump and his cabinet. Trump demanded a 300 bps rate cut, claiming it could save the U.S. over $1 trillion annually. The White House attacked Powell over a $2.5B renovation of the Fed’s Eccles Building.
Share link:In this post: Russian crypto criminal seeks U.S. President Trump’s pardon. Crypto exchange Bitzlato founder hopes to escape extradition to France. Anatoly Legkodymov served his sentence in America but may face more prison time in Europe.
Share link:In this post: Wall Street fell Friday, with the Dow down 297 points and the S&P 500 slipping 0.3%. The bond market is collapsing, with 10-year yields above 4.40% and on track for the worst decade. Jerome Powell is stepping down as Fed Chair, and volatility just saw its sharpest drop since 1987.
Share link:In this post: Global oil supply growth outpaces demand growth, but indicators point to tighter market conditions. Summer travel and higher power generation are boosting refinery runs and consuming spare barrels despite OPEC+ hikes. IEA expects the weakest demand growth since 2009 outside the pandemic, while its forecast trails OPEC’s projection.
- 20:26Bitcoin dominance has dropped from 65% to 59% over the past two monthsAccording to Jinse Finance, Bitcoin's market dominance has declined from 65% to 59% over the past two months, indicating that the market share of other crypto assets has increased.
- 20:19US Treasury Department Calls for Public Comments on Illicit Activities Involving CryptocurrencyChainCatcher reports that the U.S. Department of the Treasury is seeking public input to understand how financial institutions should combat illegal activities involving cryptocurrencies, a requirement set forth when last month's landmark stablecoin bill was signed into law. On Monday, the Treasury submitted a request for comments on "innovative methods to detect illegal activities involving digital assets." According to the notice, the new law, titled the Guiding and Enabling National Innovation in U.S. Stablecoins Act (GENIUS), instructs the Treasury to seek input on issues related to application programming interfaces (APIs), artificial intelligence, digital identity verification, and the use of blockchain technology. U.S. Treasury Secretary Yellen stated on Monday, "Stablecoins will expand the global use of the U.S. dollar by tens of billions, while also driving a surge in demand for U.S. Treasuries that back stablecoins. This is a win-win-win for all parties involved: stablecoin users, stablecoin issuers, and the U.S. Treasury."
- 20:14The three major U.S. stock indexes closed nearly flatAccording to Jinse Finance, the three major U.S. stock indexes closed almost flat, with the Nasdaq up 0.03%, the S&P 500 down 0.01%, and the Dow Jones down 0.08%. Major tech stocks showed mixed performance: Intel fell more than 3%, ending its previous six-day winning streak; Meta dropped over 2%, while Apple, Microsoft, and Google saw slight declines. Tesla rose more than 1%, and Netflix, Nvidia, and Amazon posted modest gains.