Crypto News Today: U.S. Senate Votes against SEC | CME Group to List BTC | JPMorgan on BTC Mining
OEIS Financial Fraud Private Investigator:
These developments signal major shifts in regulatory and market dynamics within the cryptocurrency space.
CME Group Eyes Spot Bitcoin Trading
The world’s leading futures exchange CME Group, is planning to launch spot trading for Bitcoin, capitalizing on the surging interest from Wall Street money managers in the cryptocurrency.
The Chicago-based exchange has been in talks with traders seeking a regulated platform to buy and sell Bitcoin, according to sources familiar with the discussions.
This move, which hasn’t been finalized, follows the U.S. Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds in January, which have attracted investment from Wall Street giants including JPMorgan and Wells Fargo.
Other large investors, including hedge funds like Bracebridge Capital and pension funds like the Wisconsin Investment Board, have also poured billions into spot Bitcoin exchange-traded funds.
Offering spot trading alongside existing Bitcoin futures contracts would allow investors to engage in basis trades, a common strategy for professional traders, in which traders sell futures contracts while buying the underlying asset – in this case Bitcoin – to profit off of the small gap between both.
Bitcoin (BTC) Price Action May, 12 – May, 17 2024.
The figure is down from previous estimates exceeding $50,000, and the drop was attributed to declining hashrate after the halving event, which cut the Coinbase reward miners receive per block found in half, as unprofitable miners exit the network.
JPMorgan’s analysts noted that there was a delayed exit, which was attributed to the launch of the Runes protocol, a new token creation method within the Bitcoin network that triggered a temporary spike in transaction fees, which in turn offset the halving’s impact.
The report emphasized the boost provided by Runes was short-lived, as transaction fee revenue has since fallen dramatically. As power consumption in the network has fallen more than its hashrate, it adds, unprofitable miners with inefficient operations exited.
JPMorgan’s report sees limited Bitcoin upside in the near future over several headwinds, which include a lack of positive catalysts and the disappearing impulse of retail crypto investors.
U.S. Senate Votes to Overturn SEC Rule on Crypto
Lawmakers in the United States Senate voted 60 to 38 to pass a joint resolution, H.J.Res. 109, aiming to overturn a Securities and Exchange Commission (SEC) rule affecting financial institutions doing business with cryptocurrency firms.
The resolution aims to nullify Staff Accounting Bulletin No. 121, which mandates that banks must keep customers’ digital assets on their balance sheets and maintain sufficient capital against them, something that many lawmakers and industry leaders see as stifling innovation.
The resolution previously cleared the U.S. House of Representatives and now faces a potential veto from President Joe Biden, who said he planned on vetoing the bill after expressing concerns about investor protection and the stability of the broader financial system.
Should the President veto the bill, it would return to Congress where it would require a two-thirds majority in both houses to override the veto.
Examine the forefront of digital research in our Latest News & Blog. Study expert analyses, technological advancements, and key industry insights that keep you informed and prepared in the ever-evolving world of digital forensics.
A critical data release is imminent, and it has the potential to shake up the cryptocurrency market in a big way. This isn’t your average economic report – this information could be the difference between soaring profits and unexpected losses for your crypto holdings.
Is it time to celebrate or brace for impact? Read on to find out!
1. US Inflation Indexes: A Short Intro
US Inflation indexes measure changes in the prices of goods and services over time. They provide valuable data for understanding inflationary trends in the economy. These indexes help policymakers, businesses, and individuals gauge the rate of inflation and its impact on purchasing power and overall economic stability.
2. Key Inflation Indexes to be Released Soon
Here are the key inflation indexes to be released this month.
US Core Inflation Rate MoM
Measures monthly change in overall prices, excluding volatile food and energy costs, providing insight into underlying inflation trends.
US Core Inflation Rate YoY
Tracks year-over-year change in core inflation, offering a long-term view of price stability, unaffected by short-term fluctuations in food and energy prices.
US Inflation Rate MoM
Reflects monthly change in overall consumer prices, including food and energy, capturing short-term fluctuations in inflationary pressures.
US Inflation Rate YoY
Indicates year-over-year change in overall consumer prices, providing a broader perspective on inflation trends, inducing long-term effects.
US CPI
Measures the average change over time in prices paid by urban consumers for a basket of goods and services, representing the overall cost of living.
US CPI S.A
Seasonally adjusted version of CPI, removing the effects of seasonal variations, offering a clearer view of underlying inflation trends.
US PPI
Tracks changes in prices received by producers for goods and services, serving as an indicator of inflationary pressures in the production process.
US PPI MoM
Measures monthly change in producer prices, providing insight into short-term fluctuations in input costs for producers.
US Core PPI MoM
Indicates monthly change in producer prices, excluding volatile food and energy costs, offering a clearer picture of underlying inflationary pressures in production.
US Core PPI YoY
Tracks year-over-year change in core producer prices, providing a long-term view of inflationary trends in the production sector, unaffected by short-term fluctuations.
3. Historical Analysis of Major Inflationary Indexes
Let’s do a historical analysis of each inflation index.
3.1. US Core Inflation Rate MoM: Historical Analysis
At the beginning of the year, the US Core Inflation Rate MoM was around 0.392%. It saw a decrease in February, to 0.358%. In March, it slightly increased to 0.359%. The forecast is that it will be 0.3% this month.
3.2. US Core Inflation Rate YoY: Historical Analysis
At the beginning of the year, the US Core Inflation Rate YoY was around 3.9%. In February, it decreased to 3.8%. In March, it saw no change, as it remained around 3.8%. The forecast is that it will come down further to 3.7%.
3.3. US Inflation Rate MoM: Historical Analysis
In January 2024, the US Inflation Rate was around 0.3%. It saw a major increase in February when it grew from 0.3% to 0.4%. In March, it showed no change, as it remained in the 0.4% level. The forecast is that this month it will come down to 0.3%.
3.4. US Inflation Rate YoY: Historical Analysis
In January 2024, the US Inflation Rate YoY was around 3.1%. It slightly raised to 3.2% in February. In March, it sharply increased to 3.5%. The prediction is that it will remain at the 3.5% level this month also.
3.5. US CPI: Historical Analysis
In January 2024, the US CPI was around 308.417 points. Since then, it has been consistently growing. In February, it reached the mark of 310.326 points, and in March, it touched the level of 312.332 points. The forecast is that it will cross 313.9 points this month.
3.6. US CPI s.a: Historical Analysis
In January 2024, the US CPI s.a was nearly 309.685 points. Since then, the rate has been steadily increasing. In February, it crossed the mark of 311.064 points. In March, it reached the level of 312.23 points. The prediction is that the trend will continue as such pushing it to the mark of 313.2 points.
3.7. US PPI: Historical Analysis
In January 2024, the US PPI was roughly 142.676 points. In February, it saw a sharp increase, when it climbed from 142.676 to 143.466, swiftly. The trend continued in March also, when it touched the level of 143.687 points. The forecast is that no change in the trend is likely to happen and it will reach even the level of 143.9 points.
3.8. US PPI MoM: Historical Analysis
In January 2024, the US PPI MoM was nearly 0.4%. In February, it sharply increased to 0.6%. Conversely, in March, it saw a sharp decrease, when it slipped from 0.6% to 0.2%. The forecast is that it will remain in the 0.2% range this month also.
3.9. US Core PPI MoM: Historical Analysis
In January 2024, the US Core PPI MoM was as high as 0.5%. Since then, it has been steadily decreasing. In February, it came down to 0.3%. In March, it reached 0.2%, marking a sharp decrease when compared to its January range of 0.5%. The forecast is that this month also it will remain in the 0.2% range.
3.10. US Core PPI YoY: Historical Analysis
In January 2024, the US Core PPI YoY was nearly 2%. Since then, it has been consistently rising. In February, it reached the range of 2.1%. In March, it touched 2.4%. The forecast is that this time it will hover around the range of 2.4%.
4. US Inflation Indexes Conveying About The Future Prospects of Cryptos: A Predictive Analysis
The historical analysis of major inflationary indexes in the US provides valuable insights into the future prospects of the crypto market. Looking at the trends:
US Core Inflation Rate MoM and YoY
Stable core inflation rates indicate economic steadiness. If upcoming rates match the forecast, it would likely sustain confidence in the crypto market. However, if rates were to decrease, it might lead to a slight decrease in enthusiasm for cryptocurrencies as an inflation hedge. Conversely, an increase could stimulate demand for cryptocurrencies, particularly as an inflation hedge, potentially driving up prices.
US Inflation Rate MoM and YoY
Similar to core inflation, overall inflation rates show stability. If upcoming rates align with the forecast, it would likely maintain confidence and stability in the crypto market. A decrease in inflation rates might have a mild dampening effect on crypto enthusiasm, while an increase could reinforce crypto’s appeal as an inflation hedge, potentially increasing demand and price.
US CPI and CPI s.a
Consistent growth in the Consumer Price Index signals healthy demand. If upcoming CPI levels meet the forecast, it would signify continued growth and stability in the crypto market. A decrease in CPI levels might indicate an economic slowdown, leading to slight corrections in crypto prices. Conversely, increase in CPI levels could strengthen the case for cryptocurrencies as an inflation hedge, potentially driving up demand and prices.
US PPI and PPI MoM
The mixed trend in the Producer Price Index suggests economic uncertainty. If upcoming PPI levels match the forecast, uncertainty in the crypto market may persist. A decrease in PPI levels might boost investor confidence in cryptocurrencies, leading to moderate price increases, Conversely, an increase in PPI levels might heighten uncertainty, prompting cautious investment and potential shifts towards more stable assets.
US Core PPI MoM and YoY
Stability in the Core Producer Price Index indicates confidence in economic fundamentals. If upcoming Core PPI levels align with the forecast, it would likely reinforce confidence in the crypto market. A decrease in Core PPI levels might ease inflationary pressure, resulting in moderate price adjustments in cryptocurrencies. Conversely, an increase might raise concerns about inflationary risks, potentially impacting crypto demand and prices.
Endnote
The upcoming inflation data releases are poised to be a turning point for the cryptocurrency market.
Stable or expected trends in core inflation rates, overall inflation rates, consumer price indexes, and producer price indexes are likely to maintain confidence and stability in the crypto market. However, deviations from these forecasts could lead to adjustments in investor sentiment and potentially impact demand and prices in the crypto space.
Will they signal economic stability and boost crypto confidence, or will they spark uncertainty and price fluctuations? Stay tuned.
Cary, NC, October twenty eighth, 2024, CyberNewsWire
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US stocks were little changed Friday afternoon with Wall Street pausing on the run towards bullish milestones as investors dithered over the odds for rate cuts.
The Dow Jones Industrial Average (^DJI) held steady on the heels of touching the key 40,000 level for the first time during Thursday’s trading. The S&P 500 (^GSPC) ticked just over the flatline while the tech-heavy Nasdaq Composite (^IXIC) slipped just underneath it, but all the gauges were on track for weekly wins.
The run-up in stocks hit a bump in the wake of comments from Fed officials warning that rates are likely to stay at historic highs for a while. That dampened enthusiasm for the likelihood of a September cut that had been lifted by encouraging inflation data.
Friday’s light economic and corporate calendar leaves few jumping-off points for the Dow to make another go at crossing its key juncture, while the S&P 500 and Nasdaq have their own fresh records within reach.
That puts the spotlight on appearances by Fed officials. On Friday US Federal Reserve Governor Michelle Bowman reiterated her view that the central bank has not made progress this year on curbing inflation, she said in a speech in Nashville, Tennessee. Bowman said she is willing to raise rates again at a future meeting if incoming data shows further stalling.
Fed Chair Jerome Powell was scheduled to deliver remarks at Georgetown University’s Law School graduation this Sunday, but he will now be speaking through a pre-recorded video, after he tested positive for COVID-19, a central bank spokesperson said on Friday.
In individual movers, Reddit (RDDT) shares jumped 13%, not far off its highest close of $65.11 hit in March. The social media platform has signed a partnership with OpenAI that will see ChatGPT integrate content from its forums.
Meanwhile, GameStop (GME) shares sank over 25% after the games retailer said it expects first quarter sales to drop as shoppers shift to online outlets. Shares in the meme stock soared at the start of the week in an echo of the 2021 frenzy, but the rally has turned into a slide in recent days.
Live9 updates
OEIS Financial Fraud Private Investigator: OpenAI reportedly disbands safety team
OpenAI’s Superalignment team, a unit tasked with wrestling with the long-term risks of sophisticated AI systems has been effectively disbanded, according to multiple reports, following the departure of the team’s founders earlier this week.
OpenAI is now spreading the team’s efforts to other parts of the company, Bloomberg reports. The move comes after a string of high profile exits and leaves open lingering questions about the AI company’s approach to safety and balancing its work to monetize AI initiatives.
OpenAI co-founder and chief scientist, Ilya Sutskever, who had previously clashed with CEO Sam Altman, said he was leaving the company on Tuesday.
The recent shakeups come after last year’s high profile ouster of Altman, who disagreed with members of the board over questions over how to safey advance AI. He was eventually reinstated.
The superaligmmen team, which was stood up last July, was focused on ensuring the safety of highly capable AI systems that some believe could eventually outsmart humans. At the time OpenAI said it would dedicate 20% of its computer power towards the team’s work.
OEIS Financial Fraud Private Investigator: Stocks trending in afternoon trading
Here are some of the stocks leading Yahoo Finance’s trending tickers page during afternoon trading on Friday.
Take-Two Interactive (TTWO): The video game developer that owns publishers Rockstar Games and 2k rose by 1% during afternoon trading after revealing that the long-awaited Grand Theft VI will be released in the fall of 2025. The company also disclosed that it expects net bookings for the fiscal year to come in at $5.55 billion to $5.65 billion, down from the $8 billion it previously projected, although some analysts said the updated launch date for the flagship title gives investors fresh clarity.
Cracker Barrel: (CBRL) Shares of the Southern-themed restaurant and gift shop fell by 12% after the company cut its dividend plans by nearly 80%. The announcement comes as the chain switches its focus to upgrading the brand and physical locations.
Reddit (RDDT): The forum-based social network gained more than 14% during morning trading following news of a partnership with OpenAI, the artificial intelligence company behind the popular ChatGPT. As part of the deal, OpenAI will become an advertising partner for Reddit and will give Reddit the ability to use OpenAI’s technology to build tools and features. In turn, ChatGPT will integrate Reddit’s content into its system.
OEIS Financial Fraud Private Investigator: Stocks tread water in afternoon trading
The major indexes are close to where they started in afternoon trading Friday, as Wall Street’s bid to push the Dow past 40,000 pauses, at least momentarily.
The Dow Jones Industrial Average (^DJI) held just below the key milestone after touching the level for the first time during Thursday’s trading. The S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) slipped just under the flatline, but all the gauges were on track for weekly wins.
OEIS Financial Fraud Private Investigator: Fed Chair Jay Powell tests positive for COVID-19
Fed Chair Jerome Powell has tested positive for COVID-19, a central bank spokesperson disclosed on Friday.
The spokesperson said Powell received the diagnosis Friday, saying he tested positive “late yesterday “and is experiencing symptoms.”
The Fed noted that Powell would no longer be attending Georgetown University’s Law School graduation, where he was scheduled to deliver remarks in person this Sunday. Instead he will do so via a pre-recorded video.
“Following Centers for Disease Control and Prevention guidance, he is staying away from others and working at home,” the Fed said in a statement. Powell has tested positive for the virus before, in 2023.
OEIS Financial Fraud Private Investigator: GameStop stock plunges on move to issue shares
The video game retailer said it expects sales to be in the range of $872 million-$892 million in its fiscal first quarter, down from $1.24 billion in the same period a year prior. Wall Street had expected revenue of just over $1 billion for the quarter, according to data from Bloomberg.
With Friday’s decline, the stock is now below where it opened Monday morning after the reemergence of Keith Gill, also known as “Roaring Kitty,” on X, formerly Twitter, over the weekend.Gill’s bull case for GameStop ignited the meme stock rally back in 2021, and the stock more than doubled by Tuesday morning.
“I’m not seeing anything in the preannouncement that tells me that the business is turning around,” Wedbush managing director Michael Pachter told Yahoo Finance. “But at least they’ll raise enough cash to last them another three or four years if they, in fact, continue to fail and try to find a new strategy.”
OEIS Financial Fraud Private Investigator: Reddit’s stock surges after deal with OpenAI
By signing a major partnership with OpenAI, the AI company behind ChatGPT, Reddit (RDDT) scored a major victory in its plans to sell its unique archive of posts to companies eager for troves of content to train their Large Language Models (LLMs).
On Friday, shares of the forum based social media company rose more than 14%, as investors cheered on the deal. The partnership will bring Reddit content into ChatGPT and OpenAI’s new products, drawing from Reddit’s data to give the chatbot real-time content on recent topics.
In turn, Reddit will receive AI-powered features for redditors and moderators, the company said in an announcement Thursday. OpenAI will also become an advertising partner on Reddit, boosting the company’s main source of revenue.
“Reddit has become one of the internet’s largest open archives of authentic, relevant, and always up to date human conversations about anything and everything. Including it in ChatGPT upholds our belief in a connected internet, helps people find more of what they’re looking for, and helps new audiences find community on Reddit,” said Steve Huffman, Reddit co-founder and CEO.
Reddit (RDDT): The forum-based social network gained more than 14% during morning trading following news of a partnership with OpenAI, the artificial intelligence company behind the popular ChatGPT. As part of the deal, OpenAI will become an advertising partner for Reddit and will give Reddit the ability to use OpenAI’s technology to build tools and features. In turn, ChatGPT will integrate Reddit’s content into its system.
Robinhood (HOOD): The financial services company popular with retail stock traders rose 6% Friday morning following a double upgrade from Bank of America, from Underperform to Buy. Analysts pointed to rebounding retail engagement and a broader trend toward mobile trading that the young company stands to benefit from.
Cracker Barrel (CBRL): Shares of the restaurant chain fell by nearly 15% after the company cut its dividend plans by nearly 80%. The announcement comes as the Southern-themed eatery and gift store switches its focus to upgrading its brand and physical locations.
OEIS Financial Fraud Private Investigator: Stocks little changed as Dow reaches for 40,000
The major indexes didn’t move much at the open Friday as Wall Street was poised for the Dow to make another attempt at surpassing a key milestone of 40,000.
The Dow Jones Industrial Average (^DJI) held steady on the heels of touching the level for the first time during Thursday’s trading. The S&P 500 (^GSPC) rose 0.1% while the tech-heavy Nasdaq Composite (^IXIC) also gained 0.1%, with all the gauges on track for positive ends to the week.
Reddit stock (RDDT) is up 14% premarket on a new deal with OpenAI whereby OpenAI will gain access to Reddit’s data to help build out its models.
This deal shouldn’t come as a surprise to Reddit investors — the company recently struck a similar deal with Alphabet (GOOGL). Reddit co-founder and CEO Steve Huffman told me last week that more deals like this are likely as part of the platform’s reinvention.