Transaction URL: https://etherscan.io/tx/0x937c38dc1433c91613e7f651f1b26aadc6cfcc1e9b4bb7fce9a3416ab058feaa
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“I respect his independence,” former President Nixon reassured the White House crowd at the 1970 swearing-in of Fed Chair Arthur Burns.
“However, I hope that independently he will conclude that my views are the ones that should be followed.”
There’s no video of the event, so it’s hard to say for sure, but I’m guessing that was meant as a joke.
It’s also exactly how things worked out.
Burns famously allowed Fed policy to become subservient to Nixon’s political goals, fueling the 1970s epidemic of inflation.
The much-maligned Fed chair reportedly acknowledged…
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BlackRock’s spot Bitcoin ETF, IBIT, recorded a massive $4.2 billion in trading volume today as the price of Bitcoin soared above $91,000 for the first time since early March. According to data from Barchart, IBIT traded a staggering 81,098,938 shares, ending the trading session at a price of $52.08.
The surge in ETF activity comes on the same day Bitcoin climbed to $91,739, according to Bitbo. This marks the highest price level since April 8, when Bitcoin hit a low of $75,603. The strong upward momentum signals renewed buying pressure in the market, particularly from institutional investment products like spot ETFs.
Fidelity’s spot Bitcoin ETF, FBTC, also saw significant trading…
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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
President Trump is still going after Fed Chair Powell. In a Monday Truth Social Post, Trump reiterated that he wants to see lower interest rates now, adding that Powell is “a major loser.”
Trump is hardly the first president to voice frustrations with the Fed and its leadership. But he is the only sitting president in modern history who has publicly threatened to fire the chair.
Both Joe Biden and Barack Obama — during their respective terms — said they were disheartened by slow progress on inflation, but each also stressed their respect for the central bank’s…
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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
Because the industry’s been talking a lot about the use cases for stablecoins and onchain RWAs, it’s worth highlighting a soon-to-launch settlement network for institutions.
Called Lynq, the network will be powered by the Arca Institutional US Treasury Fund (TFND). That has a portfolio of short-term, yield-bearing US Treasurys and issues its shares via the Avalanche Blockchain.
TFND requires AML/KYC on subscribers, and all client funds are held with US Bank.
Speaking of partners, Lynq is set to use tZERO’s special purpose broker-dealer license and Tassat’s real-time…
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According to the Bitcoin Reserve Monitor, 20 states have pending Strategic Bitcoin Reserve (SBR) legislation. As bullish as these efforts seem, they may be overshadowed by a sweeping federal framework pushed by Senator Cynthia Lummis, now the head of the Banking Subcommittee on Digital Assets.
After 16 years of speculation, experimentation, block wars and debanking, it seems that Bitcoin is on the precipice of a major threshold. Bitcoin’s inflation rate is already lower than 1% and its 21 million BTC scarcity serves as a bulwark against inevitable currency erosion by the world’s central banks.
Perhaps most importantly, Bitcoin’s ledger can be easily verified by everyone,…
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