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Fed Holds Rates Steady, Says Risks of Higher Unemployment, Higher Inflation Have Risen

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As was widely expected, the U.S. Federal Reserve held its benchmark fed funds rate range steady on Wednesday at 4.25%-4.50%, extending its pause on monetary easing for the third consecutive meeting.

«Uncertainty about the economic outlook has increased further,» said the Fed in its accompanying statement. «The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.»

Bitcoin (BTC), which slipped back below $97,000 during the day paring gains from a late Tuesday rally on U.S.-China trade talks, was trading at $96.600 shortly after the Fed’s decision.

The decision comes as policymakers are navigating a treacherous macroeconomic landscape amid the Trump administration’s global tariff rollout. Inflation remained sticky above the 2% target and questions abound of how tariffs will translate into consumer prices, while the economy showed signs of decelerating.

Market participants anticipate three rate cuts this year targeting July as the most likely first meeting to lower rates. However, Fed members have been vocal about waiting for more clarity on the impact of tariffs before changing course.

All eyes are now on Powell’s upcoming remarks at 2:30 pm ET (18:30 UTC), which could offer crucial clues on the Fed’s thinking for the upcoming months.

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CoinDesk 20 Performance Update: Uniswap (UNI) Gains 6.2%, Leading Index Higher

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 3264.85, up 2.0% (+63.87) since 4 p.m. ET on Wednesday.

Nineteen of 20 assets are trading higher.

9am CoinDesk 20 Update for 2025-05-29: full chart

Leaders: UNI (+6.2%) and NEAR (+5.7%).

Laggards: AAVE (+0.0%) and BTC (+1.2%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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Solana’s 18 Month Long Bull Run Against Ether is Over; XRP Ends Mini-Uptrend

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This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Programmable blockchain Solana is on course to flip its rival and leading smart contract blockchain Ethereum in terms of market capitalization, several observers have said it in recent months.

However, for now, Ethereum’s native token ether ETH seems to have an upper hand over Solana’s SOL SOL , according to technical analysis.

The SOL/ETH ratio has dived out of an upward sloping trendline connecting lows in September 2023, June 2024 and December 2024, per data source TradingView. In other words, tables have turned in ETH’s favor and the token could outperform SOL in the near-term.

SOL/ETH ratio. (TradingView)

Additionally, the weekly chart MACD histogram is printing red, indicating a strengthening of the downside momentum.

The immediate support is seen at 0.055 (the Feb. 25 low). The pair needs to move back above the Ichimoku cloud to negate the SOL bearish outlook.

XRP loses uptrend

Another coin showing a shift in market trend is XRP, the cryptocurrency designed for cross-border payments.

XRP has dived out of a bullish ascending channel, marking the recovery from the early April lows near $1.6.

XRP's daily chart. (TradingView)

The breakdown has exposed support at $2, which acted as floor several times early this year. Should the buyers fail to defend that, a deeper slide to $1.60 could be seen.

On the higher side, the recent high of $2.65 is the level to beat for the bulls.

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Vaulta, Fosun Team Up to Power Blockchain Infrastructure in Hong Kong

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Vaulta, formerly known as EOS Network, and its digital banking platform have teamed up with Fosun Wealth Holdings to bring blockchain infrastructure to Hong Kong’s financial sector, the companies said.

The partnership centers around “FinChain,” a virtual asset business launched by Fosun Wealth Holdings, which is part of the Fosun International conglomerate.

That conglomerate includes various businesses, including regional insurance and healthcare leaders in Europe, Asia, and the Americas.

Vaulta will supply its full BankingOS suite, while exSat, Vaulta’s digital banking platform, will serve as the on-chain banking layer for asset issuance, yield generation, and crypto payments, according to a press release shared with CoinDesk.

The deal allows Vaulta and exSat to tap into Fosun’s existing financial licenses and real-world asset (RWA) issuance capabilities, giving them a regulatory springboard to scale blockchain-native banking services.

For Zhao Chen, Director of Digital Assets at Fosun Wealth, the collaboration brings the necessary infrastructure to roll out next-gen financial products.

«Vaulta and exSat bring the product vision and digital banking capabilities we need to make FinChain a reality,» he said in the announcement.

The initiative is part of Vaulta’s broader rebrand and expansion into institutional-grade blockchain finance. The partnership is expected to lead to more collaborations focused on Web3 financial infrastructure across Asia and beyond.

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