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PDAXScope: May 10 2024

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PDAX

May 10, 2024

3 min read

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Crypto News:

House Votes to Erase SEC Crypto Policy While President Biden Vows Veto

The U.S. House of Representatives voted Wednesday to approve a resolution rejecting Securities and Exchange Commission’s (SEC) cryptocurrency accounting guidance that the industry said has deterred banks from handling crypto customers, but President Joe Biden is already promising he'll veto the effort if it hits his desk.

https://www.coindesk.com/policy/2024/05/08/house-poised-to-vote-on-erasing-sec-crypto-policy-while-president-biden-vows-veto/

Bitcoin Rebound Has Crypto Options Traders Anticipating $100K

Bitcoin's (BTC) renewed price upswing has options traders reconsidering the possibility of the cryptocurrency potentially surpassing $75,000 and even reaching $100,000 at some point this year. The leading cryptocurrency by market value has risen since Federal Reserve Chairman Jerome Powell ruled out additional tightening or rate hikes as the next policy move last Wednesday. Last Friday's disappointing U.S. nonfarm payrolls (NFP) data validated Powell's stance, accelerating BTC's recovery. As such, there has been a notable increase in demand for bitcoin call options on leading cryptocurrency exchange Deribit and over-the-counter (OTC) networks.

https://www.coindesk.com/markets/2024/05/07/bitcoin-rebound-has-crypto-options-traders-anticipating-100k/

Global News:Stocks slip, dollar gains as market awaits inflation data

Global equity markets experienced declines on Wednesday as investors awaited upcoming inflation data to gauge the potential for Federal Reserve interest rate adjustments. The dollar strengthened, driven by expectations of strong U.S. economic performance. Traders and investors are particularly concerned about the trajectory of inflation towards the Federal Reserve's 2% target and the timing of any rate cuts by Fed Chair Jerome Powell.

https://www.reuters.com/markets/global-markets-wrapup-1-2024-05-08/

Inflation "settling" high could pose new risks for the Fed

Persistently high inflation above the U.S. Federal Reserve's 2% target could force policymakers to decide how much risk they are willing to take with economic growth and job market improvements for potentially only modest reductions in inflation. Inflation has remained around 2.7% for the first three months of the year, a level considered too high by policymakers to declare success but close enough to make them hesitant to indicate further rate increases.

https://www.reuters.com/markets/us/feds-kashkari-cites-high-risk-inflation-is-settling-2024-05-07/

Local News:

Peso support at P58 seen holding as BSP pushes back

The Philippines' central bank has set a new benchmark for defending the peso at P58 per dollar, positioned between its previous two levels. The currency is currently near this mark after a recent drop to a 17-month low. Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. has warned of intervention to manage unnecessary movement and excessive volatility in the currency. Economist Robert Dan J. Roces notes that BSP's commitment to defending the peso at P58 is supporting its value.

https://www.bworldonline.com/bloomberg/2024/05/08/593425/peso-support-at-p58-seen-holding-as-bsp-pushes-back/

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