22 articles found
🚀 Stablecoins Gain Momentum in Argentina
In the face of escalating inflation (211%), Argentinians continue to actively purchase dollar-pegged stablecoins, steering clear of Bitcoin due to its high volatility. For cash purchases of these stable tokens, locals are turning to domestic P2P exchanges due to the country's stringent currency regulations.
📣 Key Points from the U.S. Federal Reserve Press Release
• Growth in economic activity has slowed down. • Job gains have decelerated, yet unemployment rates remain low. • The U.S. banking system is sound and resilient. • Stricter financial and credit conditions for households and businesses may influence economic activity, hiring, and inflation. • The target inflation rate of 2% remains a constant goal.
📣 Gate Exchange Accused of Fake Trading Volumes
Gate users are raising concerns about suspected artificial inflation of trading data, pointing to irregular spikes in volume over the last week. For instance, on December 5, the total trading volume reportedly skyrocketed to nearly $4 billion, a stark contrast to other days where it seldom exceeded $1.5 billion.
Goldman Sachs Envisions Gradual Fed Rate Cuts
Their economists anticipate a reduction in interest rates by late June next year, following a gradual quarterly decrease pattern. “The cuts in our forecast are driven by the desire to normalize the funds rate from a restrictive level once inflation is closer to the target,” says Jan Hatzius, a senior economist at Goldman. Goldman forecasts rate cuts in Q2 2024, expecting 25 basis point reductions per quarter with pace uncertainties. “We expect the funds rate to eventually stabilize at 3-3.25%,” say their economists.
📣 Elon Musk Shows Little Interest in Cryptocurrencies
Elon Musk has shared his relatively indifferent stance towards cryptocurrencies, considering money primarily as a database for resource distribution. He opined that fiat currencies are quite capable of serving this purpose effectively, provided that governments don't abuse the system and fuel inflation.
Bitcoin finds favor in Argentina's political landscape!
In the Argentine primary elections, Javier Milei, a candidate who supports Bitcoin and vehemently opposes the Central Bank, has garnered most of the votes. He's not shy about criticizing the Central Bank, dubbing it a conduit for politicians to exploit Argentinians via inflation. Milei is convinced that the salvation lies in Bitcoin, which can instill privacy back into finances. Simultaneously, Bitcoin has hit a fresh historical maximum value when measured in Argentine peso.
Today's Focus: The CPI Index Release
The US Consumer Price Index, which measures inflation, is set to be unveiled at 12:30 pm UTC. Current index level: 3.0% Forecast: 3.3%, marking a 0.3% CPI increase Discover more about the CPI in our article. Stay vigilant during potential market swings and approach trading wisely! UPD: The rate of inflation in the United States has risen to 3.2%, a bit under the forecasted amount.