Asian Stocks Edge Higher After US Tech Shares Gain: Markets Wrap
Asian stocks advanced on Wednesday, buoyed by strong overnight gains in US tech shares, which provided a positive lead for regional markets. Investors showed renewed confidence after a rally in mega-cap technology stocks lifted Wall Street, with the Nasdaq Composite closing higher by 1.2%. Key indices across Asia, including Japan’s Nikkei 225 and South Korea’s […]
IRS says crypto staking should be taxed in response to lawsuit
The IRS has clarified its stance on the taxation of crypto staking rewards, signaling a shift in regulatory oversight as digital assets gain prominence. In a response to a lawsuit, the agency declared that staking rewards should be treated as taxable income upon receipt, aligning with its broader approach to cryptocurrency taxation. This decision underscores […]
Japan’s Kato: Will take appropriate action against excessive moves
Japan’s Finance Minister Shunichi Kato reiterated the government’s commitment to addressing excessive fluctuations in the yen. Speaking on Tuesday, Kato emphasized that authorities are closely monitoring currency markets and stand ready to take appropriate action if speculative moves disrupt economic stability. This statement aligns with Japan’s ongoing policy of ensuring stable exchange rates to support […]
Oil prices up in thin pre-Christmas trade
Oil prices edged higher in subdued pre-Christmas trading as investors balanced signs of tightening supply against demand concerns. Market activity remained light ahead of the holiday, amplifying price fluctuations. Brent crude rose to nearly $80 per barrel, while West Texas Intermediate (WTI) gained, hovering close to $75 per barrel. Supply-side factors supported the rise, including […]
PBOC sets USD/CNY reference rate at 7.1876 vs. 7.1870 previous
The People’s Bank of China (PBOC) set the USD/CNY reference rate at 7.1876 on Tuesday, marking a slight adjustment from the previous 7.1870. The move signals a measured approach by the central bank as it continues to manage the yuan amid ongoing pressures on the Chinese economy and global market uncertainties. The reference rate, which […]
Biden to Decide on US Steel Acquisition After Panel Deadlocks
The Biden administration is under pressure to make a pivotal decision on the proposed acquisition of US Steel after a federal review panel failed to reach a consensus. The Committee on Foreign Investment in the United States (CFIUS) recently deadlocked on the matter, passing the responsibility to the president for final approval or rejection of […]
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana has surged ahead of Bitcoin and Ethereum in both price performance and trading volume, marking a notable shift in cryptocurrency market dynamics. Recent data from Glassnode reveals Solana’s trading activity has surpassed these major cryptocurrencies, fueled by increased adoption and improved network efficiency. Over the past month, Solana recorded a double-digit price increase, contrasting […]
BOJ debated need for caution in raising rates, Oct minutes show
The Bank of Japan (BOJ) displayed caution over the prospect of raising interest rates during its October policy meeting, as revealed in the minutes released today. Discussions highlighted concerns over premature tightening, with members emphasizing the potential risks to economic recovery if rates are raised too quickly. While some officials acknowledged signs of inflation persistence, […]
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum’s recent market movements signal a potential decline toward the $3,000 mark as investors begin locking in profits. The cryptocurrency, which has seen a notable price rally, is now facing selling pressure from traders seeking to capitalize on their gains. This comes alongside an uptick in realized losses, suggesting that some investors are cutting their […]