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US Regulators Warn that Bitcoin, Other Cryptocurrencies Pose Significant Financial Stability Risk
US Federal Reserve Chief
Jerome Powell recently noted that cryptocurrencies pose significant risks to financial stability. Powell stated on Thursday (May 20, 2021) that greater regulation of crypto assets may be necessary.
As reported by Reuters, the
US
Treasury Department cited concerns about wealthy people taking advantage of the loosely regulated crypto space to avoid taxes. The Treasury Department also stated that large digital currency transfers must be reported to relevant authorities.
These new announcements have come at a time when Bitcoin (BTC), the leading virtual currency, has been experiencing extreme levels of volatility, with its price declining around 30% on Wednesday (May 19, 2021). The dramatic price drop came right after Chinese authorities stated that they’ll be imposing more restrictions on the crypto industry.
D-St bull run hits speed bump, but what s keeping money managers optimistic?
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The US 10-year Treasury bond yield spiked above the dreaded level of 1.5 per cent (bond yields rise when bond prices fall) on Thursday, in what some called a “taperless tantrum”.
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The US 10-year Treasury bond yield spiked above the dreaded level of 1.5 per cent (bond yields rise when bond prices fall) on Thursday.
MUMBAI: The global bond market’s tantrum is ahead of schedule. A weak US Treasury auction and fears of inflation rising faster than expected sent global bond markets into a tizzy overnight, which has today knocked the stuffing out of equities.
Market Movers: What sparked rally in Coal India & Tata Chemicals; 94 scrips give buy signal
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The gains were much more prominent in the broader market as the Nifty Midcap 100 and Nifty Smallcap 100 index closed 1.5 per cent and 1.4 per cent higher, respectively.
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Nifty50 ended 0.8 per cent, or 115.4 points, higher at 15,097.35, while Sensex closed at 51,039.31, up 0.5 per cent or 257.6 points.
MUMBAI: Benchmark equity indices ended the February derivative series on a high note as they built on the gains of Wednesday. The strength in the market was buttressed by the rise in global equity markets.
Global equities rose after US Federal Reserve Chief Jerome Powell suggested that the central bank was in no rush to trim down its bond purchasing even as the outlook for economic growth is improving rapidly.