Markets

March 14, 2024 0 comment

Stock market’s 2024 bull run faces looming inflation report

by CoinNews March 10, 2024

written by CoinNews

The U.S. stock market is facing an inflation reading that will test its 2024 bull run and offer clues as to whether the economy remains on course for an anticipated soft landing.

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March 10, 2024 0 comment

US Judge Backs SEC: Trading of Certain Cryptocurrencies on Secondary Markets Are Securities Transactions

by CoinNews March 7, 2024

written by CoinNews

US Judge Backs SEC: Trading of Certain Cryptocurrencies on Secondary Markets Are Securities Transactions A U.S. district judge has sided with the Securities and Exchange Commission (SEC) in a ruling that declares the trading of certain crypto assets on secondary markets to be securities transactions. This decision emerged from an insider trading case involving crypto exchange Coinbase’s former product manager Ishan Wahi, his brother Nikhil Wahi, and their friend […]

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March 7, 2024 0 comment

The hottest housing markets for the super rich in 2024

by CoinNews February 28, 2024

written by CoinNews

The Port of Fontvieille Harbor in the Principality of Monaco.

Education Images | Universal Images Group | Getty Images

The ultrawealthy are looking for a better lifestyle and strong investment when it comes to buying their next home, according to a new study.

One-quarter of American ultra-high-net individuals, or those worth $30 million or more, plan to buy a residential property this year, according to the Douglas Elliman and Knight Frank Wealth Report. The average ultra-high-net-worth individual already owns four homes, according to the report. One-quarter of their residential portfolio is outside their home country.

When it comes to priorities for their next big purchase, the ultrawealthy ranked “lifestyle” and “investment” at the top of the list, followed by taxes and safety.

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While luxury real estate has been buffeted by many of the same pressures as the rest of the market — low supply, slow sales, rising prices — the ultra-high-end has fared slightly better. Last year in the U.S., there were 34 sales over $50 million, down from 45 in 2022 but still way up from the pre-pandemic years.

With interest rates stabilizing and possibly falling this year, real estate experts say there are early signs that luxury supply may be growing, which could lead to more sales.

“If we do see a pivot to lower rates, or at least more confidence that inflation is going in the right direction, I think you will begin to see inventory building up again,” said Liam Bailey, partner and global head of research at Knight Frank.

The report forecasts that the best-performing U.S. luxury market this year for price growth will be Miami, with an expected increase of 4%, according to the report. New York ranked second in the U.S., with expected price growth of 2%, followed by Los Angeles with 1% growth.

Globally, the top market for luxury real estate is expected to be Auckland, New Zealand, with projected price growth of 10% in 2024. Mumbai ranks second, at 5.5%; followed by Dubai (5%); Madrid (5%); Sydney (5%); and Stockholm (4.5%).

Cars drive along a street in front of high-rise buildings in Dubai, on February 18, 2023. Dubai saw record real estate transactions in 2022, largely due to an influx of wealthy investors, especially from Russia.

Karim Sahib | Afp | Getty Images

Last year, the world’s top 100 luxury real estate markets posted a solid 3% gain on average price. The best-performing luxury real estate market in the world was Manila, Philippines, with 26% growth, fueled in part by investors fleeing Hong Kong and China. Dubai came in second place, at 16% price growth, followed by the Bahamas at 15% and the Algarve region in Portugal at 12%.

Among the worst performers last year were New York, with prices down 2%, and San Francisco, basically flat at 0.5%. The biggest decline in the world among prime markets was Oxford, in the U.K., down 8%.

Bailey said ultrawealthy American buyers are increasingly venturing overseas. He said U.S. buyers are now the leading foreign purchasers of ultraprime London properties — those priced above $10 million. They are also increasingly active in Europe.

“They’ve become quite a big presence, so much more noticeable now in Italy, France and Portugal particularly than they were,” Bailey said. “I think the American buyers have become much happier to explore and kind of think about alternatives.”

Still, $1 million doesn’t buy what it used to in the U.S. and abroad. In Monaco, the world’s most expensive real estate market, $1 million gets you 172 square feet of prime real estate, according to the Wealth Report. In Aspen, you get 215 square feet, while in Hong Kong, you get 237 square feet, which makes New York look like a bargain with 367 square feet.

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February 28, 2024 0 comment

Markets underpricing risk of populist politics in U.S. and abroad, Summers says

by CoinNews February 23, 2024

written by CoinNews

Former U.S. Treasury Secretary, Larry Summers, has said markets may be underestimating the risks posed by an upsurge in political turmoil that threatens to undermine the basic order and stability that has underpinned America’s economic growth in recent decades.

The American economist said the risks of political strife are “really, very substantially greater” now than they have been throughout his career, as he warned the rise of populism in the U.S. and the rest of the world threatens to spark a period of political volatility that may stunt economic growth.

“The world is potentially headed into a period where there is a less of a sense of what the order is going to be, and therefore more risk of disorder, chaos, and the associated suffering, and I’m not sure that kind of risk is fully priced in to markets,” Summers told the FII Priority Summit.

Speaking in Miami to Eric Schmidt, the former CEO of Google, Summers said markets have taken political stability in the U.S. for granted and he argued this steadiness has driven huge economic growth in the U.S. that has seen American companies’ valuations surge over the past 25 years.

The economist instead argued markets have “insufficiently” priced-in risks associated with the rise of “populist, nationalist politics” that could see a breakdown in the rule of law in the U.S., ahead of the upcoming 2024 elections, and increased trade protectionism abroad.

“One of the clearest lessons of economic history is that over a period of a decade, populism is almost always bad for economic performance, whether it’s right-wing populism or left-wing populism,” Summers said.

He explained that increased restrictions on the flow of goods and people internationally, paired with the collapse of international collective security arrangements, could undermine global economic growth in the future.

February 23, 2024 0 comment

The new frontier in Bitcoin mining: Stranded energy utilization and open hash power markets

by CoinNews February 22, 2024

written by CoinNews

In the latest episode of SlateCast, CryptoSlate’s Liam “Akiba” Wright and CEO Nate Whitehill welcomed Ryan Condron, CEO of Titan Mining and the creator of Lumerin Protocol, to discuss the current state of Bitcoin mining and the potential for hash power to become a valuable asset in the future.

How Titan Lightning streamlines the experience of mining

Titan Lightning, a new integration with the Lumerin hash power marketplace, aims to streamline the mining experience for users. As Condron explained, traditional mining setups often involved significant friction for newcomers:

“Previously, [new miners] had to set up an account with a mining pool, plug in the credentials — it was hard to onboard through that.”

Titan Lightning solves this by allowing users to simply provide a Lightning address when purchasing hash power through the Lumerin marketplace. The hash power then streams directly to the Titan Lightning pool, which pays users out in real-time on a “pay per share” basis.

Condron highlighted the powerful feeling of “purchasing hash power, which is essentially Bitcoin over time, and then you start receiving the stream of sats directly into your wallet.” This seamless integration removes barriers to entry, providing an instant and intuitive mining experience where users can see their rewards hit their Lightning wallet almost immediately after purchase.

Condron further explained:

“You can take a mining facility and put the hash power up for sale to the highest bidder. It’s an open market around hash power on a global decentralized anonymous scale.”

Why decentralizing hash power democratizes the Bitcoin network

Decentralizing hash power is crucial for maintaining the democratic nature of the Bitcoin network. As institutional investors and large mining pools increasingly dominate Bitcoin’s hash rate, there is a risk of centralization that could undermine the foundational principles of the network.

By enabling a global, decentralized marketplace for hash power like Lumerin, individual miners and smaller players can access and contribute computing resources without going through a centralized mining pool. This promotes a more evenly distributed hash rate and decision-making power over which transactions are included in blocks. Condron emphasized:

“Hash power needs to be accessible to everyone on earth if the Bitcoin network is going to stay democratized.”

A truly decentralized network, where no single entity controls a majority of the hash power, aligns with Bitcoin’s vision of monetary sovereignty for all participants. Initiatives focused on democratizing access to hash power are vital for upholding this ideal.

While acknowledging the potential for governments to regulate mining pools and on-ramps, Condron highlighted the need for a balanced approach:

“Governments really don’t like it when you mess with their money supply,” he said. “They’re going to look to regulate the ownership and control the transaction processing and interiors of the system.”

The future of Bitcoin mining: Embracing stranded energy

The future of Bitcoin mining lies in harnessing stranded energy resources worldwide. Many developing nations have abundant renewable energy potential that is underutilized due to infrastructure challenges or lack of local energy demand. Bitcoin mining presents an opportunity to monetize this stranded energy.

As Condron explained:

“With the advent of Bitcoin mining, you have miners coming in and actually government sponsoring mining build-out now because they realize that they can use up the electricity from these large production facilities to mine Bitcoin.”

Miners can establish operations near remote renewable energy sites, utilizing excess power that would otherwise be wasted. This facilitates Bitcoin’s sustainable growth and can drive economic development by bringing investment, jobs, and supplemental power to local communities with abundant but stranded energy resources.

The discussion with Ryan Condron offered insightful perspectives on the evolving landscape of Bitcoin mining and hash power. As the network grows, the democratization of hash power and the utilization of stranded energy resources will play pivotal roles in shaping the future of Bitcoin mining.

Watch the full podcast here.

February 22, 2024 0 comment

Crypto Markets Experience Minor Setback as Major Coins Dip, While Select Tokens Buck the Trend

by CoinNews February 21, 2024

written by CoinNews

Crypto Markets Experience Minor Setback as Major Coins Dip, While Select Tokens Buck the Trend On Wednesday, the crypto market experienced a modest downturn, with a 1% decrease in its overall value across the board, as bitcoin and ethereum saw declines of 0.51% and 0.45%, respectively. Bitcoin momentarily reached the $53,000 mark the day prior, while ether soared past the $3,000 threshold on Tuesday, though both cryptocurrencies traded significantly lower […]

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February 21, 2024 0 comment

Worldcoin’s WLD Token Skyrockets 142%, Leading Crypto Market’s Week of Surges

by CoinNews February 19, 2024

written by CoinNews

Worldcoin's WLD Token Skyrockets 142%, Leading Crypto Market's Week of Surges This week, WLD token from the Worldcoin project soared by 142.7% against the U.S. dollar, topping the chart as the week’s most significant gainer. Hot on its heels was the digital currency bitget token (BGB), which saw an increase of just over 58% in the past week. Conversely, Astar (ASTR) experienced a decline of 6.4%, […]

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February 19, 2024 0 comment

Win over Crypto markets with PrimeXBT’s Valentine’s Day bonus

by CoinNews February 13, 2024

written by CoinNews

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Redeeming the Valentine’s promo

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Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

February 13, 2024 0 comment

Markets count on consumer-price index to fall below 3% for first time since 2021

by CoinNews February 12, 2024

written by CoinNews

Tuesday has the potential to bring investors something they haven’t seen in almost three years: A U.S. inflation rate based on the consumer-price index that looks more like 2%.

In the run-up to January’s CPI data, stocks finished near a record close, with the S&P 500 index
SPX
ending above 5,000 on Monday — helped by growing confidence that inflation is improving. Treasury yields ended little changed, following a steep climb over the past few weeks that’s been driven by stronger-than-expected U.S. economic data.

Economists now expect an annual headline CPI rate of 2.9% for January, which would be the lowest level since March 2021 and down from 3.4% in December. Any upside surprise in Tuesday’s report that shows inflation remaining unexpectedly sticky, however, is likely to shake up the bond market the most, according to analysts.

Read: The first big inflation report of 2024 is coming out. Here’s what the CPI is likely to show.

Tuesday’s data is likely to “just confirm what the market already knows: that inflation is falling,” said Adam Turnquist, chief technical strategist for LPL Financial in Green Bay, Wis. “Anything outside of that is going to lead to some volatility on a short-term basis, but it’s also not going to detract from investors’ confidence on inflation.”

“Stocks should do well if inflation is in line or below expectations and, in the event that it isn’t, investors might be willing to withhold judgment by focusing on individual components of the report that are expected to fall, like shelter,” Turnquist said via phone. “Fixed income will be moving the most if inflation comes in hotter than expected, following a string of upside surprises to the economy. If you throw in a high inflation print, that’s going to add to the upside we’ve seen in terms of yields. And the dollar is highly correlated to the 10-year rate.”

On Monday, 2 –
BX:TMUBMUSD02Y
and 10-year Treasury rates
BX:TMUBMUSD10Y
settled not far from their highest levels since mid-December. Yields had finished Friday with their biggest weekly advances since the period that ended on Jan. 19, after minor revisions were made to past CPI reports.

The ICE U.S. Dollar Index
DXY
has advanced roughly 1.9% for the year. Meanwhile, stocks ended mixed, with the S&P 500 losing an earlier gain to finish lower at 5,021.84 while the Dow Jones Industrial Average closed up by 125.69 points, or 0.3%.

“Stocks are pricing in a baseline expectation that inflation is largely improving, and it’s now more about monetary policy and when — not if — the Fed is going to cut rates and by how much,” Turnquist said. “The inflation hysteria around these prints has deteriorated.”

The annual headline rate of CPI reached a peak of 9.1% in June 2022 and has since steadily fallen, holding around 3% for seven straight months. While Federal Reserve policymakers prefer to rely on another gauge known as the PCE and the core readings that exclude food and energy, officials also pay attention to annual headline CPI because of its ability to affect household expectations.

“Anything under 3% offers some sort of assurance,” said strategist Will Compernolle at FHN Financial in New York. “But I think tomorrow won’t give as much as definitive clarity on inflation as the markets hope for.”

“January was full of disruptions, with weather and illness. Consumer spending patterns changed and companies couldn’t operate at full capacity. How those two ingredients combine, I’m not sure,” Compernolle said via phone. “But with lower demand, inflation could look cooler, on net, and January’s data may not be representative of the longer-term trajectory on inflation.”

The report “will probably be seen as ‘good enough,’ and might provide a sense of relief that inflation is not moving any faster,” he said on Monday.