Skip to content

Cryptos Looking Beyond Regulatory Scrutiny

Bitcoin surges past $30,000 amid crypto crackdown, and a look at the macro environment and the week ahead.

June 25, 2023

Hey there! Just a quick note to let you know that this edition of the Blockhead Business Bulletin is brought to you by our sponsor, Franklin Templeton. They're a global investment management organisation with over 75 years of investment experience. Being a California-based company, they offer value by leveraging its Silicon Valley roots and relationships with countless fintech, blockchain, and AI companies to bring insights directly to their clients. So, sit back, relax, and enjoy today's news knowing that it's made possible by our friends at Franklin Templeton.

As investors absorbed Federal Reserve statements indicating more interest rate rises, global stock indices sank, and the US dollar climbed on Friday.

US equities had their worst week since March amid concerns that central banks may have to raise interest rates to curb inflation.

Bets that excessive tightening will cause abrupt economic downturns boosted bonds.

"The Bank of England showed that central banks will not be shy to tighten more if disinflationary dynamics don't materialize. A reaction function more geared to current data than to being forward-looking biases yield curves flatter - until something breaks," said Antoine Bouvet, head of European rates strategy at ING.

Investors grabbed gains from the year's successful technology stocks, sending the S&P 500 index 1.4% down and the Nasdaq 1.3% lower. The Nasdaq lost its weekly winning run of eight weeks as other major US market indices also fell. The S&P 500 index lost its winning run of five weeks.

This post is for subscribers only


Already have an account? Sign In