Investing.com – Cryptocurrencies rose in the last 24 hours on Monday, outperforming comments by monetary policymakers at the annual Jackson Hole Economic Forum that suggested they may raise interest rates to counter inflation.
Meanwhile, the Whampoa Group has decided to hire Ali Moosa of JPMorgan Chase & Co. to help oversee the establishment of a digital bank in Bahrain, according to Bloomberg.
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The Whampoa Group said in a statement today, Monday, that Musa became Executive Vice Chairman of the Board of Directors at Singapore Gulf Bank, after three decades at JP Morgan, where his last position was Regional President and Vice Chairman of the Board. Management for Eastern and Central Europe, the Middle East and Africa. Where the services of the digital bank to be established include payments and settlement for digital currency companies.
Meanwhile, easy access to banking services remains a challenge for cryptocurrency firms due to the risks exposed by the digital asset crisis last year, which contributed to disruptions that rocked the sector, such as the collapse of the FTX exchange.
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The Whampoa Group received preliminary approval from Bahrain in May to set up the bank, and plans to launch it in December. It aims to provide traditional and digital financial services and facilitate financial integration between Asia, the Middle East and North Africa.
Whampoa Group CEO Sean Chan said more appointments to the new bank’s senior management will be announced in the coming months.
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Federal statements and regulators’ decisions
“We are prepared to raise interest rates further if appropriate, and we intend to keep policy at a restrictive level,” Federal Reserve Chairman Jerome Powell said on the sidelines of the Jackson Hole forum.
In light of these statements, the cryptocurrencies fell over the past few days, but recovered slightly during the previous hours.
Meanwhile, as regulators’ attacks on the crypto market continue, the US Treasury Department on Friday published new proposed rules requiring cryptocurrency brokers to report digital asset trades to the Internal Revenue Service – the IRS – to address the risks of tax evasion in the field of digital assets. .
The Treasury said digital asset brokers will be subject to the same reporting rules as bond and stock brokers, with the rules effective in 2025 for the 2026 tax filing season.
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Digital currencies today
The combined market value of the crypto market during these moments of today’s trading is about $1.05 trillion. The trading volume amounted to about $22.46 billion.
It rose during the last 24 hours to levels of $26,130, by 0.22%, while recording a weekly gain of 0.3%. Its market value is now $508 billion.
While “”, which is the largest digital currency in terms of market value after Bitcoin, rose by 0.1% during the last 24 hours, to reach $ 1652, with weekly losses of 1%, and a market value of about 198 billion.
The price of Binance Coin rose by 0.5%, to record $218.
While the price of a currency decreased by 1.35%, to record 0.52027 dollars, with a weekly loss of 0.85%.
It rose to $0.2632, and fell in the last 7 days by 1.35%.
On the other hand, it decreased at the level of 0.062764, with a weekly increase of 0.5%.
The cryptocurrency rally came as stocks rose the most since June and bond yields fell. Reports in both the US and Europe have fueled bets that central banks will stop raising interest rates to prevent a recession.
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2023-08-28 13:56:00
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