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...Last June, when the US Securities and Exchange Commission unveiled lawsuits against crypto exchanges Binance and Coinbase, the market reaction was swift and brutal....
...The South Korean won and Australian dollar weakened against the US dollar, while the yen is trading at ¥155.60 a dollar, its weakest level in decades....
...In currency markets, the strong retail sales figures boosted the US dollar index, which tracks the world’s dominant currency against six international peers....
...“Bitcoin is going to be worth more in the future than it is today,” said Asher Genoot, chief executive of Hut 8, a US miner....
...The three bitcoin ETFs each closed between 1.5 per cent and 1.8 per cent higher on their debut, while the ether ETFs lost between 0.5 per cent and 0.8 per cent....
...The beta of ETF inflows — in units of $bn — has been ~0.08. Taken at face value, this suggests that $1bn of inflows leads to ~8% returns for Bitcoin....
...It suffered the biggest drop among major currencies in the world this month, falling nearly 4 per cent. The currency has lost 8.7 per cent of its value this year....
...Email me at philip.stafford@ft.com Join me and my colleagues at the FT’s flagship Crypto and Digital Asset Summit on May 8-9 in London....
...Join me and my colleagues at the FT’s flagship Crypto and Digital Assets Summit on May 8-9 in London....
...As of Friday afternoon, the single currency was down 1.8 per cent on the week, the biggest weekly decline since September 2022....
...Ether, the second most popular cryptocurrency, is down 8 per cent in the past week. Rival coins dogecoin and cardano are down 4 per cent and 12 per cent respectively....
...“The Stripe announcement in some ways is the same principle in reverse. Instead of fiat coming into cryptoland, it’s crypto being used as a currency in the real world.”...
...Register here for free to watch live on May 8 at 13:00-14:00 BST....
...It later slipped back to around ¥156.8. Earlier in the day, the yen had fallen past ¥160 against the dollar, as the gulf between Japanese and US interest rates continued to pressure the currency....
...Register here for free to watch live on May 8 at 13:00 - 14:00 BST....
...South Korea’s currency declined 0.8 per cent to trade at Won1,330.50 per dollar, the yen slid 0.3 per cent to ¥146.15, while the Australian dollar fell 0.7 per cent to US$0.66....
...Join me and fellow colleagues at the FT’s flagship Crypto and Digital Assets Summit on May 8-9 in London....
...South Korea’s currency fell 0.8 per cent against the dollar to Won1390.90....
...Email me at philip.stafford@ft.com Join me and fellow colleagues at FT’s flagship Crypto and Digital Asset Summit on May 8-9 in London....
...However, revenue growth in the second quarter is likely to slow markedly to between 8 per cent and 10 per cent year on year, a deceleration from recent rates in the high teens and more....
...Second and third on the list are Venezuela (0.8 per cent of GDP) and Moldova (0.7 per cent). Tax haven use is common in both crypto and tradfi, of course....
...A perceived policy of currency depreciation would doubtless incur hostile reactions from the US — particularly under another Donald Trump administration — and the EU....
...Join me and fellow colleagues at FT’s flagship Crypto and Digital Assets Summit on May 8-9 in London....
...This led us to a rather strange juxtaposition this month, when in just one week, three notable things happened....
...In the last chart we saw divergence in expectations for Fed and ECB interest rates with convergence in UK US rates....
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