US Banks Borrow $100 Billion From Fed’s Emergency Lending Platform Amid Crisis of Confidence and Liquidity
US banks are increasingly turning to the Federal Reserve's Bank Term Fund Program (BTFP) for additional funding, with borrowings surpassing $100 billion as of June 7th. The BTFP was introduced during the banking crisis to provide liquidity to struggling banks by allowing them to pledge assets such as government bonds and mortgage-backed securities as collateral.
Federal Reserve Holds Benchmark Lending Rate, Signals Willingness to Raise Rates Later
June 15 (Cointime) - The Federal Reserve has decided to keep its benchmark lending rate unchanged for now, despite traders anticipating a rate hike. The Fed's current interest rate is the highest it has been since 2007, after a sequence of 10 rate hikes.
Bitcoin Price Drops After U.S. Federal Reserve Holds Interest Rates Steady
June 15 (Cointime) - The Federal Reserve in the US has decided to maintain its federal funds interest rate at 5.25% after a series of rate hikes. Following the announcement, the price of Bitcoin fluctuated and briefly exceeded $26,000 before dropping back down, according to TradingView data. Currently, Bitcoin is trading at approximately $25,830 and has experienced a slight decrease of 0.5% today.
Bitcoin Reacts to Waning Inflation as Fed Expected to Halt Monetary Hawkishness
Bitcoin briefly responded positively to the news of lower inflation reflected in the May Consumer Price Index, but has since remained stagnant below $26,000 as investors await the Federal Reserve's interest rate decision. The SEC lawsuits against Binance and Coinbase have provided some certainty to the market and may lead to fresh investment in crypto assets.
Bitcoin Faces Uncertain Future As Investors Monitor US Federal Reserve Decision and Government Debt Issuance
Bitcoin has been trading within a narrow range for the past three days after successfully defending the $25,500 support. Investors are now focused on the U.S. Federal Reserve's interest rate decision, which will be announced on June 14.
Bloomberg Analyst Mike McGlone Issues Warning, Says Bitcoin (BTC) May Have Turned Too Hot Within a Downtrend
Mike McGlone, senior macro strategist at Bloomberg Intelligence, has expressed his bearish stance on Bitcoin despite its strong performance in the first half of the year.
Custodia Bank's Lawsuit Against Federal Reserve Advances as Judge Denies Dismissal Motions
Custodia Bank has won a legal victory in its case against the Federal Reserve, as a judge in Wyoming has rejected dismissal motions from both the Fed and the Federal Reserve Bank of Kansas City. The digital asset bank had sued the Federal Reserve in June 2022, claiming that there had been an "unlawful delay" in processing an application for its master account. The application, if granted, would enable the bank to use the Federal Reserve's payment system, the FedWire network, which processed over 196 million transactions last year. Custodia was one of Wyoming's first Special Purpose Depository Institutions (SPDIs), also known as "blockchain banks," and was founded in 2020 by Caitlin Long, a former Morgan Stanley executive and early Bitcoin proponent.
Crypto Bank Custodia Wins Key Ruling in Legal Battle Against Federal Reserve
Custodia Bank, which aims to bridge digital assets and the U.S. dollar system, has hailed a recent ruling in its legal battle against the Federal Reserve as a significant victory. The Wyoming Federal Judge's decision, which rejected the Federal Reserve's request to dismiss the lawsuit, has given the bank renewed hope.
US House Financial Services Committee Releases Third Draft of Stablecoin Bill with Bipartisan Proposals
The United States House Financial Services Committee has released the third draft of the stablecoin bill, which aims to provide clarity for the digital asset ecosystem. The latest version of the bill proposes the Federal Reserve as the key regulator for issuing stablecoins, but also grants state regulators powers to oversee the companies issuing the tokens.
Fresh Lira low, Focus on Fed
Despite Turkish President Tayyip Erdogan's appointment of a U.S. banking executive and a well-respected former finance minister, the Turkish lira continues to plummet, reaching an unprecedented low of 23.54 per dollar in Asian hours. Investors remain skeptical of Erdogan's promises to return to more orthodox policy. The Federal Reserve remains the central bank at the center of global attention, with the ECB and Bank of Japan also meeting next week.
