The price of bitcoin continues to push higher on Tuesday, looking to retake the $30K level for the first time in a week.
a 12.4% year-over-year decline in imports in July, more than double the drop forecast by economists. Exports fell 14.5%, worse than estimates for a 12.4% drop. Declines at those levels haven't been seen since the COVID-19 lockdowns, and the news suggests Beijing may have to take additional steps to stimulate China's economy.
In other economic news, Philadelphia Federal Reserve President Patrick Harker said in a speech that barring"alarming" new data, he's fine with the central bank not hiking rates any further. He added, though, that the idea of considering rate cuts is a long way off.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Mover Asia: Bitcoin Teases $30K While the Long Wait for an ETF Continues$BTC is stuck beneath $30K as the long wait for an ETF continues, thesamreynolds writes.
Read more »
First Mover Asia: What Will It Take to Get Bitcoin to $30K?The world’s largest digital asset isn’t budging and it'll take regulatory clarity to push past $30,000. Bullish traders are eyeing the upcoming U.S. July Consumer Price Index report for signs of continued inflation trends, with expectations set at a 0.2% monthly increase and a 3.3% year-over-year growth.
Read more »
China’s Risky Bitcoin Court Decision: Is Huobi in Trouble or Not?A Chinese man loses $10M after a court ruling that Bitcoin lending is not protected by law. Additionally, several Web3 founders are arrested, and rumors about Huobi circulate.
Read more »
Bitcoin Surges Above $29.5K as Weak China Data Causes Yields to PlummetBitcoin has experienced a significant increase in value, surpassing $29.5K, following the release of weak import and export data from China. The data indicates a steep decline in imports and exports, suggesting that Beijing may need to implement further economic stimulus measures. As a result, the U.S. 10-year Treasury yield has dropped below 4%, reaching its lowest level since 2023.
Read more »
Philippines, U.S. slam China for blocking resupply of disputed South China Sea siteThe State Department has joined the Philippines in condemning “dangerous actions” by China’s coast guard in the latest flare-up of tensions over clashing territorial claims in the South China Sea.
Read more »
Cathie Wood predicts SEC simultaneously allowing multiple spot crypto ETFs: ReportARK Investment Management founder and CEO Cathie Wood predicts another delay in the approval of a spot Bitcoin ETF application by the SEC. This prediction aligns with a proposal by Grayscale, the company currently suing the SEC over its refusal to accept an application for its Bitcoin Trust to be converted to a spot Bitcoin ETF. Grayscale's legal team has requested the SEC to approve all proposed spot Bitcoin ETFs at the same time to prevent any advantage for one over another.
Read more »