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Money markets expect a 40% chance of the European Central Bank cutting interest rates before December, compared to only a 30% chance before the release of US CPI data.The China Earthquake Networks Center officially reported that a magnitude 3.2 earthquake occurred at 22:24 on February 13 in Shaya County, Aksu Prefecture, Xinjiang (40.53 degrees north latitude, 83.42 degrees east longitude), with a focal depth of 16 kilometers.February 13th - Phil Orlando, Chief Equity Strategist at Federated Investors, stated that the better-than-expected US January inflation report, especially at the nominal level, is good news for the Fed and supports our long-term view that the Fed will be able to cut rates three times in about a year as leadership transitions from Powell to Warsh. Why did the market fall on Wednesday despite strong labor market data? Because the market perceived this as detrimental to the Feds path to lower rates—the January labor market data was far stronger than expected. With this mornings data showing better-than-expected inflation, we believe the downward trend in inflation will continue. Bonds and stocks at least knee-jerked higher, and the market expects this to provide a reasonable justification for the Fed to lower rates in the long term, which is good news.Kremlin spokesman Dmitry Peskov said: "Europe will not send representatives to the negotiations between the US, Russia, and Ukraine in Geneva."February 13th - Regan Capital analyst Skyler Weinand stated that weak US inflation data in January will not increase the likelihood of a Federal Reserve rate cut in the coming months, due to stronger-than-expected labor market data released earlier this week – 130,000 new jobs were added in January, and the unemployment rate was 4.3%. The Fed "simply cannot cut rates right now, given that the economy has just created six-figure jobs." Weinand expects the Senate to confirm Warsh as Fed Chair, succeeding Powell, but doubts his ability to build consensus on rate cuts. "We may not see any changes to the Feds policy rate this year." The CME FedWatch Tool shows that investors are currently pricing in at least two rate cuts this year.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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