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Stride's native token STRD trades 0.7% higher as the transition is expected to beef up the liquid staking protocol's security by several thousand percent.
PLUS: Last week's partial court victory for Ripple last week buoyed Coinbase's share price by clarifying a nettlesome regulatory issue. The company still needs to recapture trading volume but seems headed for better times, an analyst says.
Crypto index funds potentially adding XRP to their holdings could mean additional buying pressure for the token, one analyst said.
Today’s downside breach below the current low point of Bollinger Band bears watching for even weaker prices in the near future.
Thursday's rally to a new 13-month high of $31,800 has now more than been fully nullified.
The latest price moves in crypto markets in context for July 18, 2023.
Reddit changed its Terms of Service recently where it now explicitly allows for trading Reddit's tokenized Community Points, one observer said while explaining the price rally.
VIPLeading projects on Optimism
The sale comes a day after ARK sold $50.5 million of the crypto exchange’s stock.
PLUS: A day in the life of Binance’s head of law enforcement training – petty crooks, fake subpoenas, and dodging politically sensitive requests.
- 20:30The Federal Reserve cuts interest rates as scheduled, Dow Jones is on its longest decline in 50 yearsOn December 19, the Federal Reserve cut interest rates by 25 basis points as expected, suggesting a slowdown in rate cuts. The US stock market fell, erasing earlier gains. The Dow Jones Index is expected to fall for the tenth consecutive trading day, which would be the longest single-day decline since an eleven-day drop in October 1974. All eleven major sectors of the S&P 500 index were down, with real estate leading the decline. Higher interest rates are typically seen as a drag on the stock market, increasing the appeal of lower-risk assets while suppressing companies' ability to increase earnings.
- 20:28Powell: Inflation above target can still further reduce interest ratesOn December 19, Federal Reserve Chairman Powell explained at a press conference why higher inflation than the Fed's target can be compatible with further rate cuts. He stated that even if next year's inflation rate only drops to 2.5%, the Fed may still cut rates as shown in the dot plot because inflation will be moving in the right direction. Powell further explained that if next year's core PCE inflation annual rate drops to 2.5%, what we see is meaningful progress in reducing inflation. According to FOMC's latest quarterly economic forecast summary, the Fed expects PCE and core PCE inflation to only drop to 2.5% by 2025, which is still above the Fed's target of 2%, while it anticipates two rate cuts by then.
- 20:27Analyst: Powell's stance is slightly more hawkish than the last meetingOn December 19, the natural language processing model's assessment of Powell's opening remarks was slightly more hawkish than the last meeting, jumping from 3.2 last month to 6.4. Analyst Jersey stated that Powell is not a true hawk, but he is also not so dovish. Since the meeting in September last year, dovish rhetoric has almost halved, while the number of hawkish terms has hardly changed.
