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...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....
...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....
...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....
...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....
...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....
...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....
...As of Friday afternoon, the single currency was down 1.8 per cent on the week, the biggest weekly decline since September 2022....
...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....
...Expectations of fewer US rate cuts have also sparked a slump in emerging market currencies against the dollar, prompting interventions by Asian central banks, including Indonesia and South Korea....
...That is up by 161,700 this year alone, driven by the US ETFs. The total is equivalent to more than 5.13 per cent of bitcoin’s circulating supply....
...Shoukry has been with Raymond James, which has $1.38tn in client assets and 8,700 financial advisers, for 14 years....
...US retail sales data was stronger than expected, making interest rate cuts from the Federal Reserve less likely and leading to the US dollar strengthening against Asian currencies....
...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....
...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....
...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....
...The inflows into 11 new bitcoin exchange traded funds that received US regulatory approval in January went into reverse this week....
...“The BoI did a pretty good job defending levels beyond 4.00 per US dollar and the disclosure of central bank FX [currency] intervention firepower managed to suppress speculative short shekel flows,” said...
...The administrators have agreed to sell about two-thirds of the 8 per cent stake in Anthropic for about $884mn to a group of 22 investors, including ATIC and Jane Street, according to filings on Friday....
...The price has surged since US regulators in January approved spot bitcoin exchange traded funds issued by Wall Street stalwarts including Fidelity and BlackRock, the world’s largest asset manager....
...Shifting US rate expectations also hit currency markets, pushing the Indian rupee to a record low and the Indonesian rupiah to its weakest in four years against the dollar....
...Most of the nearly $500bn increase in assets under management in the first quarter was due to rising equity markets. In the US, the S&P 500 had its best first quarter since 2019....
...0.8 per cent this year, up from a previous forecast of 0.7 per cent in November....
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