Uncategorized

Bitcoin Week Ahead: Focus on Powell’s Testimony, U.S. Core PCE as Tariff Deadline Looms

Published

3 месяца ago

23 июня, 2025

admin

The calm in the oil market following the U.S. airstrike on Iran’s nuclear sites has dashed the forecasts of bears who predicted a slide in the price of bitcoin BTC. With this in mind, traders can look to the week’s major events that could affect markets.

Federal Reserve Chairman Jerome Powell’s semi-annual monetary policy testimony to Congress is likely to be the main event.

Powell will probably be grilled by Republican party members for not cutting interest rates and «costing the country hundreds of billions of dollars,» as President Donald Trump has repeatedly said in his Truth Social posts. Powell, however, is expected to reiterate the Fed’s independence and the data-dependent path forward for rates.

Traders will closely watch Powell’s take on the interest-rate trajectory, given the backdrop of Trump-appointed Fed Governor Christopher Waller’s recent comments that interest rates could be reduced in July.

«With the market’s pricing of future inflation well anchored, early cracks emerging in the labor market and housing activity evidently weak, there are reasons for the Fed to consider adopting a dovish shift in the July FOMC meeting and guiding towards a cut in September — a path already priced into the U.S. swaps market,» Chris Weston, head of research at Pepperstone, said on X.

Dovish hints could prompt more risk-taking in financial markets, boding well for BTC, which has held mainly above $100,000 throughout the recent escalation of conflict in the Middle East.

Markets expect the Fed to deliver two 25 basis-point cuts this year, but the take is not unanimous/

«We continue to think that clarity on the inflation story — whether tariffs are a one-off price shock or if they prompt more sustained inflation pressures — may not come before the December FOMC meeting, meaning we will see just one rate cut this year,» analysts at ING said in a note to clients Friday. «However, if the jobs market continues to weaken, that may well be a 50bp cut.»

Core PCE

On the data front, the core personal-consumption expenditures (PCE) price index, the Fed’s preferred inflation measure, scheduled for release on Friday, is the marquee release.

According to Pepperstone, the consensus is for the data to show a 0.1% month-on-month increase in May, resulting in an annualized growth rate of 2.6% and a three-month annualized rate of 1.6%.

Expectations of a benign 0.1% increase support the Fed rate cut bets; however, according to ING, the inflationary impact of Trump’s tariffs is expected to kick in from July.

Trump’s 90-day pause on reciprocal tariffs, announced in early April, is set to expire on July 9, following which the heavy ‘Liberation Day’ tariffs take effect.

So far, the president has made a deal with the U.K. and announced a trade framework with China. Beijing is yet to sign the deal and the European Union remains quiet.

Iran tensions are not over yet

While the oil market is calm for now, Iran could inflict damage even without closing the Strait of Hormuz, a trade route that carries about a fifth of the world’s oil.

By constantly threatening the closure of the strait alone, Iran could push up shipping insurance costs, ultimately adding to oil prices.

The cost to insure a vessel for the journey via the Strait of Hormuz has already risen from 20 cents a barrel to 80, a report by South China Morning Post said, quoting the Athens-based Xclusiv Shipbrokers.

«By planting enough belief that they could disrupt this key logistical channel, maritime costs could rise to the point that it would have a significant impact on the supply of crude and gas,» Weston noted.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

13 часов ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

13 часов ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

13 часов ago

16 сентября, 2025

admin

Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.