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The US Bureau of Labor Statistics released its January 2024 Consumer Price Index report on Feb. 12, which showed higher-than-expected inflation figures.
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On Feb. 11, Federal Reserve chairman Jerome Powell testified before the Senate Banking Committee and said that the central bank does not “need to be in a hurry” to adjust interest rates — casting doubt over future rate cuts in 2025.
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The United States debt ceiling is flashing a critical warning sign for Bitcoin, which may experience a temporary correction to $70,000 before the next leg up in the market cycle.
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Coinbase hired History Associates Incorporated to submit a FOIA request to the FDIC, which was denied and resulted in legal action to obtain the letters.
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The FDIC sent the Coinbase executive heavily redacted versions of the letters — prompting Judge Ana Reyes to order the agency to produce more transparent documents.
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This ETP, set to launch in Q1 2025, will provide traditional finance investors in Europe with exposure to Floki, a memecoin ranked 66th by market capitalization.
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The Floki DAO has unanimously voted to allocate part of its community buyback wallet, containing 16.3 billion Floki tokens, as liquidity for the upcoming Floki Exchange-Traded Product (ETP).
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Etherscan data shows the KEKIUS memecoin was created on Dec. 13, which accumulated $11.4 million by Dec. 31 before exploding to $380 million at its peak on Jan. 1, according to CoinGecko.
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https://warpcast.com/b4823917/0x2829570c
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“Meanwhile, CPI, PPI, and PCE inflation are all back on the rise as the labor market weakens,” The Kobeissi Letter noted, adding:
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A 25 basis points cut will mark the Fed’s third rate cut of 2024, bringing the total reduction to 100 basis points.
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According to data from CME Group’s FedWatch Tool, the odds of the Fed keeping interest rates unchanged are now standing at 4.6% at the time of writing, against 95.4% for a 0.25% rate cut.
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As such, market participants have now turned their focus on the US Federal Reserve’s interest rate cut decision later today.
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“Tomorrow marks the final Fed meeting of 2024,” declared capital markets commentator The Kobeissi Letter in a Dec. 17 post on X.
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This performance highlights the impact of interest rate cuts on the valuation of the largest companies listed on stock exchanges in the United States.
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The Dow Jones index clocked its ninth consecutive daily loss, its longest losing streak since 1978, losing 0.61% to close the trading day on Dec. 17 at 43,339.
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The ongoing correction in the crypto market mirrors the weakness witnessed in US equities. The S&P 500 dropped by 0.4% to close the day at 6,050.61 on Dec. 17, while the Nasdaq composite index declined by 64 points.
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A predominance of long liquidations suggests that the crypto market was overleveraged on the bullish side, primarily due to profit-taking and risk-off mode ahead of today’s Fed decision on rate cuts.
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A similar move was seen on Dec. 9 in the derivatives market when more than $1.5 billion long positions were liquidated. These liquidations accompany an 11% drop in TOTAL—the combined market capitalization of all cryptocurrencies—with more than $400 billion being wiped off the crypto market.
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Notably, Patomak signed Sam Bankman-Fried’s now-defunct exchange FTX as a client in January 2022, around 10 months before the exchange imploded.
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