Weak economic data, including ISM Services PMI and ADP jobs data, causes significant selling pressure on the US Dollar   US Dollar Weakness   The US Dollar is currently experiencing significant selling pressure, largely due to a series of disappointing economic data releases. One key factor contributing to this weakness is the latest ISM Services PMI, which has dropped into contraction territory, indicating a slowdown in the service sector. Additionally, the ADP jobs data came in weaker than expected, further eroding confidence in the strength of the US labor market. These negative indicators have collectively dampened investor sentiment towards the US Dollar, allowing the Euro and other currencies to gain ground. As market participants reassess their positions based on these developments, the USD faces continued downward pressure.   Federal Reserve Policy Outlook   The Federal Reserve’s policy outlook is currently a focal point for markets, with significant attention on the potential for an interest rate cut in September. Market participants are pricing in a roughly 67% chance of such a move, reflecting growing expectations of a shift in monetary policy. This anticipation is driven by recent economic data pointing to a slowing economy and subdued inflationary pressures. The upcoming release of the FOMC minutes from the June meeting is particularly crucial, as investors will scrutinize the document for any hints or detailed discussions that might indicate the timing and likelihood of the anticipated policy pivot. Clarity on the Fed’s future actions is eagerly awaited, as it will have substantial implications for financial markets and the broader economy.   French Elections The outcome of the French parliamentary elections, scheduled for Sunday, July 7th, is a significant source of uncertainty in the Eurozone. The results will determine the balance of power within the French government and could have substantial implications for the Euro. Investors are particularly concerned about the possibility of a victory for the far-right National Rally (RN) party, led by Marine Le Pen, which could lead to radical policy shifts and increased market volatility. On the other hand, a hung parliament, where no single party achieves an absolute majority, is seen as a less negative outcome for the Euro. This scenario would likely lead to a more moderated policy approach, reducing the immediate threat of extreme fiscal policies. As the election date approaches, market participants are closely monitoring the developments, with the potential for significant currency movements based on the election results. Major Upcoming Economic Events for this week: Parliamentary Election (GBP) – July 4, 2024 – Impact: High – Description: The parliamentary election in the UK is a significant political event that can influence the economic and financial outlook. Election outcomes can lead to changes in government policies, impacting investor sentiment, market stability, and the overall economic environment. The result of this election will be closely monitored by markets for any potential shifts in economic policy or political stability.   Trade Balance (MoM) (AUD) – July 4, 2024 – Impact: High – Description: The trade balance measures the difference in value between exported and imported goods over a month. A positive trade balance indicates more exports than imports, which can be a sign of economic strength. For Australia, changes in the trade balance can significantly impact the AUD, reflecting the health of its trade relationships and the demand for Australian goods.   Consumer Price Index (YoY) (CHF) – July 4, 2024 – Impact: High – Description: The Consumer Price Index (CPI) year-over-year measures the change in the price level of a basket of goods and services purchased by households. It is a key indicator of inflation. A high CPI indicates rising prices, which can lead to higher interest rates as central banks attempt to control inflation. For Switzerland, the CPI can influence the CHF as it impacts monetary policy decisions by the Swiss National Bank.   Net Change in Employment (CAD) – July 5, 2024 – Impact: High – Description: The net change in employment reflects the number of new jobs created or lost over a period. This indicator is crucial for assessing the health of the labor market. For Canada, a positive change indicates job growth, which can boost economic activity and consumer spending, thereby strengthening the CAD. Conversely, a negative change can indicate economic weakness.   Nonfarm Payrolls (USD) – July 5, 2024 – Impact: High – Description: The nonfarm payrolls report is a key economic indicator for the US, reflecting the number of new jobs created in the non-agricultural sector. It is a crucial measure of labor market health and economic activity. Strong job growth can lead to increased consumer spending and economic expansion, positively impacting the USD. Conversely, weak job growth can signal economic challenges and affect monetary policy decisions.   The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Consensys has acquired the crypto security app Wallet Guard in a move that the MetaMask developer says will improve the security of its popular non-custodial web3 wallet. The financial details of the deal were not disclosed. Wallet Guard offers a widely-used browser extension designed to identify scams and wallet drainers in real-time. Consensys plans to integrate Wallet Guard’s browser extension and security engine into MetaMask to protect users’ wallets, digital assets, and data from theft, scams, and fraud. This integration will improve drainer detection through transaction validation and client-side heuristics, providing users with real-time protection against malicious dapps and scams. This acquisition follows Consensys’ earlier integration of Blockaid security alerts into MetaMask across multiple chains, including Ethereum, Linea, BNB Chain, Polygon, Arbitrum, Optimism, and Avalanche. MetaMask estimates that these security alerts could prevent hundreds of millions of dollars worth of crypto assets from being stolen in 2024 alone. According to Chainalysis‘ 2024 crime report, over $1.7 billion worth of crypto was stolen through scams in 2023, following $3.7 billion in 2022 and more than $3 billion in 2021. “Wallet Guard has quickly become a premier security tool with advanced capabilities and constant innovation that strategically aligns with Consensys’ goal of putting user safety at the forefront,” said Consensys CEO and Ethereum co-founder Joe Lubin. “Their innovative security solutions will be instrumental in our mission to create a safer and more secure environment to continuously pave the way for the industry’s mass adoption.” The entire Wallet Guard team will join Consensys as part of the deal, working within its MetaMask product safety department. “We’re thrilled at the opportunity to bring our knowledge and commitment to end-user security to millions of MetaMask users worldwide,” said Wallet Guard co-founder and co-CEO Ohm Shah. “Advancements in security, fraud and scam prevention are essential for the mass adoption of web3.” MetaMask remains the most widely used crypto wallet app, with more than 30 million monthly active users. Last month, Consensys launched pooled staking for the web3 wallet, allowing MetaMask users to stake any amount of ether to contribute to Ethereum network security and earn validator rewards.

Polygon cryptocurrency can be expected to fall further toward the next support level 0.511, which stopped the previous minor impulse wave i. – Polygon under bearish pressure – Likely to fall to support level 0.511, Polygon cryptocurrency under the bearish pressure after the price reversed down from the key resistance zone located between the resistance level 0.580 (former multi-month support from April, acting as the resistance after it was broken in June), 20-day moving average and the 38.2% Fibonacci correction of the previous downward impulse from last month. The downward reversal from this resistance zone is likely to form the daily Japanese candlesticks reversal pattern Evening Star – if the pair closes today near the current levels. Given the strength of the active daily downtrend, Polygon cryptocurrency can be expected to fall further toward the next support level 0.511, which stopped the previous minor impulse wave i. POLYGON The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

India’s largest cryptocurrency exchange, CoinDCX, has acquired Dubai-headquartered digital asset trading platform BitOasis, marking the first step in its international expansion plans. This takover follows CoinDCX’s strategic investment in BitOasis in August 2023. The deal, whose value has not been disclosed, offers users access to a broader range of crypto assets, increased liquidity, and an improved trading experience. CoinDCX, which operates an aggregator of cryptocurrency trading services, claims to have versatile financial instruments and deep order books targeting a variety of trading use-cases. BitOasis recently secured a license from the Central Bank of Bahrain in June, expanding its presence in the Middle East and North Africa (MENA) region. This follows the MVP Operational License it received from Dubai’s Virtual Asset Regulatory Authority last year. “CoinDCX aims to become the go-to trading platform for crypto worldwide,” said CoinDCX co-founder Sumit Gupta. “Our expansion strategy begins with the MENA region, capitalizing on its mature market and the population’s keen interest in crypto investment. Joining forces with BitOasis, a platform available in 15 countries across the region, aligns perfectly with our vision.” Following the acquisition, BitOasis will maintain its brand and leadership team. “Users can expect a broader product portfolio, enhanced crypto services offering, broader access to an expanded range of tokens, increased liquidity, improved trading options, and an overall enhanced user experience,” said BitOasis co-founder and CEO Ola Doudin. Established in 2018, CoinDCX has over 15 million customers and generates average quarterly trading volumes of $840 million. The company is backed by investors such as Pantera Capital, Polychain Capital, Bain Capital Ventures, and Coinbase Ventures. Founded in 2016, BitOasis has processed over $6 billion in trading volume and raised more than $40 million from investors, including Jump Capital and Pantera Capital. In May 2023, BitOasis received the first of Dubai’s “minimum viable product operational licenses” from VARA. This license permitted it to provide broker-dealer services to qualified institutional and retail investors in Dubai. However, this operational license was just one step in a multi-step process, with the final milestone being the issuance of a full market product (FMP) license. CoinDCX and other Indian are betting on global markets after most of their peers shut down operations after banks cut off access to local crypto exchanges. Those trying to survive the uncertain phase are exploring options, including crypto-to-crypto, P2P, and derivatives products.

LSEG (London Stock Exchange Group) and Dow Jones have reached a new, multi-year data, news, and analytics partnership. The combination of real-time news from Dow Jones newsrooms with LSEG’s classification, tagging, and search capabilities, will result in expanded feed offerings. LSEG’s feeds will fuel Dow Jones’s news Several benefits will arise from this new partnership: The news from Dow Jones’s globally renowned newsrooms will be available within LSEG Workspace. Premium subscribers now have access to thousands of news stories, including market scoops, exclusives, unique insights, and commentary from The Wall Street Journal, Barron’s, Dow Jones Newswires, WSJ Pro, WSJ Opinion, Investor’s Business Daily, MarketWatch, Private Equity News and Financial News plus Dow Jones’s Chinese, German and Japanese language news, all at no additional cost. LSEG will supply Dow Jones’s editorial operations with LSEG Workspace and the latest innovations in workflow and productivity tools, supporting a data-driven newsroom. Journalists will have full access to LSEG content sets including Datastream, Fundamentals & Estimates, StarMine models, Pricing and Reference data along with preeminent deals insights from SDC Platinum. The Wall Street Journal’s leading coverage of deals, both in print and online, will benefit from more than 40 years of deals data, insights, and league tables across M&A advisory and Capital Markets. LSEG will also be a principal deals data source, including for the WSJ Investment Banking Scorecard. LSEG and Dow Jones will also co-develop an enhanced news experience within Workspace, curated by Dow Jones senior editors to showcase the top news from across the full range of Dow Jones news brands, individually tailored to meet the needs of the Workspace audience. Set to launch in early 2025, LSEG will be Dow Jones’s inaugural partner using this new subscription proposition customized for enterprise clients. LSEG will offer access to Dow Jones’s text feeds to existing subscribers and will enhance its news analytics services from this content to complement its real-time news, news archive, and news analytics feed services. “Combining the strength of both brands” David Schwimmer, CEO, LSEG, commented: “The inclusion of the latest news, commentary and analysis from Dow Jones and The Wall Street Journal is a powerful new addition for our LSEG Workspace users. Our partnership will also see Dow Jones benefit from our world class data and analytics capabilities to support a data-driven newsroom across all of its channels.” Almar Latour, CEO of Dow Jones and Publisher of The Wall Street Journal, said: “This partnership with LSEG is key to delivering the world’s best news, information and analysis to business leaders across the globe. Combining the strength of both brands will serve the needs of LSEG Workspace users and enhance our newsrooms.” LSEG partnered with Macabacus LSEG recently signed an agreement with Macabacus, a leading provider of Microsoft 365 productivity and brand compliance solutions, to add its productivity tools to their Workspace ecosystem. The tools will enable customers to automate workflows related to financial modelling and generation of pitch materials, while improving content accuracy, integrity and consistency. LSEG Workspace is an always open personal ecosystem of data, analytics, insights and news, built to augment workflow and streamline tasks for financial professionals, globally. Macabacus’ solutions include Microsoft 365 linking, charting tools, keyboard cycles & toggles, formula auditing, brand compliance, shared content libraries and extensive customization. Jenn Giacobbe, Global Head of Investment Banking & Sell Side Research at LSEG, said: “We are excited to offer our LSEG Workspace users the choice of adding Macabacus’ Productivity Tools, which significantly enhance deal-making workflows by saving time and reducing errors. This agreement is consistent with our strategy to empower customers with seamless end-to-end workflows.” Anna Talerico, CEO at Macabacus, said: “We are delighted to partner with LSEG. Our productivity solutions alongside LSEG’s Workspace ecosystem can now reach a wider audience leveraging LSEG’s vast financial services network.”

ABN AMRO Bank N.V. has officially completed the acquisition of BUX, the Dutch-headquartered neobroker that reached a takeover deal in December 2023. Now, BUX is a wholly owned subsidiary of ABN AMRO and will continue to operate as a separate entity. This means that the neobroker will retain the innovative approach that is popular with the new generation of investors, while carrying the ‘endorsed logo’. Clients of both ABN AMRO and BUX can count on innovative developments aimed at improving their investment journey. Initiatives are already underway to build bridges between the two platforms, the firms stated. Founded in 2013, BUX is a European mobile brokerage company, based in Amsterdam and London, that allows retail investors to buy shares, ETFs and cryptocurrency through the BUX app. BUX allows users CFD trading through its Stryk app and crypto trading using the BUX Crypto platform.  After several tweaks, including the acquisition of Spanish broker Ninety Nine and the rebranding of BUX Zero to BUX with no particular success in terms of reaching break even, the neobroker ended up being acquired by its largest partner, ABN AMRO, the provider of BUX’s fractional investing infrastructure. Also, since 2019 BUX and ABN AMRO Clearing have enjoyed a successful partnership that links the bank’s technology to the BUX app. In 2022, BUX became the first broker in Europe to offer fractional European ETFs in partnership with ABN AMRO Clearing Bank. Together they built the technology that enables investors with smaller budgets to purchase parts of shares or ETFs. Crypto offering out of the deal BUX has grown to be one of Europe’s leading neobrokers with 500,000 clients, and operating across eight markets. The acquisition gives ABN AMRO and BUX a combined #1 position in the Netherlands for investors who want to start building their wealth, according to them. Acquiring BUX also contributes to ABN AMRO’s pan-European growth ambition. The acquisition did not encompass BUX’s cryptocurrency activities. Together, BUX and ABN AMRO offer an attractive range of investment and savings products, both to new investors who want to explore the world of investments, and to more experienced clients with larger investment portfolios. ABN AMRO transferred venture arm to Motive ABN AMRO and BUX are no strangers to each other. ABN AMRO’s venture arm, formerly known as ABN AMRO Ventures, was among the first companies to invest in BUX. The reasons behind the deal may include a recent change in ownership of the venture arm which was completed this week. ABN Amro transferred its corporate venturing operations to Motive Ventures, a specialist fintech investor, with several of the investment team, including the team‘s managing director, Hugo Bongers, joining the Motive Partners team as a partner. Motive, a private equity firm focused on fintech and business services, has assumed management of the $150m in assets that the ABN Amro Venture Fund had under management, including 15 early-stage companies. ABN Amro has become a significant investor in Motive Ventures. Tim Wanders, executive director at ABN Amro Ventures, also joined the Motive Ventures team as a Principal. “This allows us to better serve the new generation of investors” Annerie Vreugdenhil, Chief Commercial Officer Personal & Business Banking, said: “I am very excited that BUX has now officially joined the ABN AMRO family. We want to be there for our customers, for every beginning. Together with BUX, we can help customers get a grip on their own financial future at an early stage in their lives. BUX makes this very easy through its innovative and user-friendly platform. We can’t wait to build on that and improve our offering for future generations.” Yorick Naeff, CEO of BUX, commented: “We are proud to have successfully completed this acquisition. We believe in prioritising our users’ financial goals and aim to make investing easier and more affordable for everyone. With this partnership, we combine ABN AMRO’s extensive expertise in private finance and investing and the bank’s years of experience with the solutions that BUX offers thanks to our accessibility, knowledge of future generations and our user-friendly investment platform. This allows us to better serve the new generation of investors while maintaining our speed, agility and our unwavering commitment to innovation.”

Circle EU expects a transformative year ahead for the European crypto market. This prediction is supported by recent announcements from exchanges such as Binance, Bitstamp, Kraken, and OKX, which are delisting or phasing out non-compliant tokens in the region. Key implementation dates for MiCA include June 30 for stablecoins and December 30 for crypto asset service providers. Circle’s EU Strategy and Policy Director Patrick Hansen and Chief Strategy Officer Dante Disparte noted that both local and global stablecoins will need to comply with the new regulations or exit the EU market in the short to mid-term. “More such announcements will follow as the year progresses and the reality sets in that the EU is now a zero-tolerance market for loosely regulated ‘internet funny money,’” they added. Circle’s USDC and EURC stablecoins are now fully compliant with the new regulations, alleviating concerns that investors would need to redeem their stablecoins or transfer funds to other digital assets to remain compliant. The stablecoin issuer likened MiCA’s impact on crypto assets to the GDPR’s influence on privacy. The strategists also expect the EU market will become more localized, institutionalized, professionalized, and likely consolidate in the coming months. They cited Robinhood’s proposed $200 million acquisition of Bitstamp, the oldest running crypto exchange, as evidence of this trend. Despite concerns about regulatory protectionism, Hansen and Disparte argue that MiCA represents an opportunity to grow the European crypto asset market. They expect increased growth and competition for Euro-denominated stablecoins while on-shoring dollar-denominated equivalents. Token issuers, exchanges, and crypto asset service providers will need to align with MiCA to protect consumers and broader markets. However, some uncertainties remain. These include the dual categorization of e-money tokens as crypto-assets and e-money, the finalization and application of technical standards, specific disclosure and liability obligations for exchanges, and how crypto assets will interact with the real economy. This uncertainty has led some EU policymakers to consider “MiCA 2.0,” which could address additional areas such as NFTs and DeFi. Circle has chosen France as its European headquarters, citing the country’s progressive stance on digital asset regulation and its established relationship with French regulators. Coralie Billmann, previously the Chief Operating Officer of Europe for 3S Money and a board member of the same firm, has been tapped to lead Circle’s French operations.

Binance.US today said it is ready for the next phase of the Securities and Exchange Commission’s (SEC) ongoing case against it. The US offshoot of arm of the world’s largest cryptocurrency exchange stated in an X post that it “looks forward” to further discovery in the case. “Notably, the SEC has yet to identify any evidence of wrongdoing on the part of Binance.US throughout the extensive, 11-month discovery process in which we have participated to date,” Binance.US added. This response follows a U.S. federal judge’s decision on Friday to dismiss part of the SEC’s lawsuit against Binance and its founder, Changpeng Zhao, while upholding most of the agency’s charges against them. The remaining charges include allegations of offering unregistered investment products and violating anti-fraud provisions. In its post, Binance.US argues that it has always adhered to the “limited guidance” provided by the SEC to remain compliant. The company criticized the SEC’s approach, stating, “It is unfortunate that we, like many companies in our industry, have fallen victim to the SEC’s regulation by enforcement approach and politically motivated overreach under its current leadership.” The SEC’s lawsuit, filed in June 2023, accused Binance, Binance.US, and Zhao of multiple securities law violations. CZ is currently serving a four-month prison sentence after reaching a settlement with the U.S. Department of Justice (DOJ), which included a $4.3 billion penalty for Binance. The move comes shortly after several U.S. states revoked or declined to renew the money transmitter licenses of Binance.US due to compliance issues and legal troubles involving former CEO. The North Dakota Department of Financial Institutions was the latest state to revoke Binance.US’s money transmitter license. Other states have also taken similar actions against Binance US. Florida suspended the exchange’s license in November last year shortly after Zhao’s guilty plea. In January, Alaska declined to renew Binance US’s license, followed by North Carolina and Maine later that month. Connecticut suspended the license on April 24, and Oregon revoked it on April 30. Binance.US has recently appointed Martin Grant, a former chief compliance and ethics officer at the Federal Reserve Bank of New York, following the resignation of founder Changpeng Zhao from his role as chair. The exchange is currently engaged in a legal battle with the SEC, which escalated last year with allegations similar to those faced by other platforms such as Coinbase and Kraken. Binance.US CEO Norman Reed, formerly the exchange’s general counsel, remains optimistic about the outcome, criticizing the SEC for not providing clear guidance on which digital assets are considered securities.

Webull has announced that it will launch fractional bond investing through a partnership with Apex Fintech and Moment Technology. The low-cost trading platform will allow users to trade fixed-income securities and provide access to an asset class traditionally reserved for institutional investors for as little as $100, significantly less than today’s industry par minimums of $1,000 and $5,000. “Opportunity to hedge against macroeconomic events Bond prices historically have an inverse relationship with stock prices, giving Webull customers the opportunity to hedge against macroeconomic events and market trends. Yields from Bond ETFs and Cash Management products are generally dependent on prevailing market conditions and subject to change, but a portfolio of individual bonds can give greater transparency and control to those seeking a customized investment journey. Webull users will be able to view reference data and analytics on bonds, arming investors with necessary information to help them make better trading decisions. This data includes information like price, yield, the bond’s coupon (interest payment), and more. Apex Fintech Solutions is a fintech powerhouse enabling seamless access and frictionless investing. Moment provides modern fixed income trading technology, market data, and portfolio management to wealth platforms.  “Democratizing fixed income trading” Arianne Adams, Chief Strategy Officer and Head of Derivatives at Webull, said: “Webull is looking to drastically overhaul the fixed income experience for the retail investor. We are excited to continue expanding our product offerings to meet the evolving needs of our users in today’s market.” Bill Capuzzi, CEO of Apex Fintech Solutions, commented: “We are excited to collaborate with Webull and their team to help them democratize fixed income trading, and to provide their clients with an experience for this asset class that is designed to mirror the equity investing experience. Apex’s modern, flexible, and scalable platform continues to launch innovations that give retail investors capabilities previously unattainable.” Dylan Parker, CEO at Moment, added: “We are thrilled to join forces with Webull and Apex, leveraging industry-leading technology to redefine retail fixed income investing. Together, we are delivering fixed income market data and trading to investors with a level of access and sophistication that has previously been impossible.”

Abaxx Exchange, a global commodity futures exchange and clearinghouse based in Singapore, is now available through the TT platform. Trading Technologies has established connectivity to the newly launched exchange that lists energy and carbon derivatives contracts. The first trade was executed through the TT platform by StoneX Financial. Abaxx Exchange lists physically deliverable energy contracts Abaxx offers access to five new commodity benchmark futures contracts that are centrally cleared, physically deliverable contracts to better enable market participants to execute their energy transition strategies, providing improved price discovery and enhanced risk management tools in liquefied natural gas (LNG) and carbon markets. The exchange will soon list derivatives contracts for battery metals, according to the announcement. Alun Green, EVP Managing Director, Futures & Options for TT, said: “Trading Technologies offers the world’s leading financial institutions and professional traders access to all major listed derivatives markets globally, and we’re delighted to bring our clients access to this unique new marketplace from day one of trading. We’re also a trusted partner to global and regional energy suppliers and commodity firms looking to hedge their risks in both physical and derivatives markets. Abaxx will bring new risk management capabilities with the option of physical delivery or offset through the sale of the contracts before delivery.” Dan McElduff, Abaxx Exchange President, Strategy & Development, said: “We are thrilled to partner with Trading Technologies to offer our clients seamless access to smarter markets. By combining the advanced TT platform with our industry-leading, physically deliverable commodity futures contracts, market participants can now leverage our shared expertise and resources to access the price discovery and risk management tools essential for meeting the commercial needs of the energy transition and unlocking the investment capital required for a low-carbon economy.” TT connects to European Power Exchange In late February, TT launched connectivity to the European Power Exchange (EPEX SPOT), the largest power exchange in Europe so that clients can trade the European physical power markets. From now on, TT users can engage in continuous intraday power trading – with advanced trading tools such as algorithmic trading capabilities and comprehensive risk management features – in collaboration with a significant European energy supplier, offered as a fully co-located service to clients worldwide. EPEX SPOT, based in Paris and operating as an independent entity under the European Energy Exchange (EEX), spans power markets across multiple European countries including Austria, Belgium, Denmark, Germany, Finland, France, Luxembourg, the Netherlands, Norway, Poland, Sweden, the UK, and Switzerland. The European electric power exchange provides a liquidity outlet for producers, suppliers and transmission system operators, as well as for industrial consumers, to fulfill their sales or purchases in short-term power. The prices serve as a benchmark for the transactions of the wholesale market, ensuring competitive prices for European end-consumers who can choose between numerous electricity suppliers.

Today’s TSLA chart shows a 6% rise during yesterday’s trading, pushing the stock price above $209 per share. This is the highest it has been since 24 January this year. The price increase was driven by positive sentiment around the release of second-quarter car sales data. While a decline in sales is expected, it may not be as significant as initially feared. Bloomberg-surveyed analysts estimate that Tesla will report sales of approximately 440,000 electric vehicles for the second quarter, which is 5.8% lower than a year ago. Factors influencing the sales decline include: → Suspected arson at Tesla’s Berlin factory; → Supply chain disruptions due to attacks in the Red Sea; → A 10% workforce reduction announced by Musk in April. However, competition and Tesla’s aging model lineup are also significant factors. Can TSLA’s price sustain its current high? Technical analysis of TSLA’s chart today shows: → The price remains within the descending channel (marked in red) but has broken upward through its median (indicated by an arrow), indicating demand; → On 5 April, we noted that TSLA’s price could rise to the psychological level of $150 per share. At that time, the market was oversold, with the price below the lower boundary of the descending channel. Since then, the price has followed an upward trajectory (shown in blue); → The price is now above the psychological level of $200 per share. Regardless of the report’s details, for bulls, maintaining the upper half of the ascending channel and staying above $200 per share is crucial. This would enhance their confidence ahead of Tesla’s second-quarter report, scheduled for 17 July. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

BNP Paribas, an early adopter of CobaltFX’s Dynamic Credit, has expanded its engagement with the solution by calculating credit across 12 ECNs. Addressing regulatory and industry concerns, Dynamic Credit simplifies and streamlines the allocation of credit for FX transactions between banks and improves access to liquidity. The solution covers more than 100 counterparty banks. BNP calculates Dynamic Credit across 12 Electronic Communication Networks (ECNs), optimizing global credit and eliminating carve-outs. The French bank is leveraging both CobaltFX’s Dynamic Credit and the newly developed CobaltFX Analytics to improve efficiencies in credit allocation. “This systemic problem has been long over-looked” CobaltFX is re-engineering the world of Foreign Exchange by giving control back to all credit providers and mutualizing post-trade operational risk. The shared infrastructure facilitates better market access through trade life-cycle mutualization and knowledge of market interconnectedness. Joe Nash, Head of Global Macro Digital at BNP commented “We see this as an important initiative to address regulatory and industry body concerns about the over-allocation and inefficiencies of credit distribution on dealer to dealer venues. Moreover, this approach, combined with CobaltFX Analytics allows us to right size our limit for each counterparty whilst improving market access with them” Darren Coote, CEO of CobaltFX, said: “This systemic problem has been long over-looked but there are a group of leaders in the industry that understand the benefits of this unique approach. We are very grateful for BNP’s leadership in this regard.”  

International money transfers are an important part of life in the 21st century, whether for business or personal use. Many people rely on being able to send money to family members in other countries. The rise in remote working that has followed the COVID-19 pandemic has seen people moving all over the world to work from destinations previously considered out of reach. This has increased demand for international money transfers for business and personal reasons. Businesses need to be able to reliably pay freelance workers based in different countries. If economic migrants send money home to their families, they must also know that their money is in good hands and will be sent and received without problems. Money sent by migrants to their families back home is referred to as “remittance”. According to Statista, they will account for USD 840 Billion globally in 2024. Remittances are considered a much more stable way of bringing money into developing countries than aid or any other type of support because the money is being sent to their family for specific and targeted purposes. Money transfer options: traditional vs modern Traditional money transfer options have included banks and money transfer providers, which can be both slow and relatively costly. Traditionally, banks have used wire transfers to move money between different places in the world, and this is a slow process that can take several days. The SWIFT system was founded in 1973 in Belgium to process international transactions. It is currently used in over 200 countries and is a popular way to send money, with around half of all high-value international transactions using this method. Traditional methods of transferring money also include physically transporting currency between countries. This is a less secure method as it relies on the person acting as the courier, to be honest and discreet, lest they abscond with the money or become the robbery victim. Western Union has been around for a long time and is considered a traditional money transfer provider. They can provide international money transfer services using their network of offices worldwide. Someone can walk into a branch in London and pay £500 in cash or using their bank card. This will then be transferred to the named person, who will collect it at the office in Delhi or wherever they stay. The downside to this type of transaction, or a traditional bank transaction, is the need to visit a physical office. Modern methods such as BOSS Revolution allow the use of an app that can send money to the recipient’s account without both parties having to visit an office. Using an app can also help if you want to compare rates to Mexico before sending so that you know how much the recipient will get in the local currency. The convenience for both parties of completing the transaction entirely on their mobile phones without the need for the involvement of a physical bank cannot be overemphasized. Nowadays, not everyone lives near a bank because most financial institutions are closing branches to save money. Another way to send money safely and securely to people in another country is to use cryptocurrency. This adds a deeper layer of security to the transaction because of the difficulty of decoding the blockchain, which underpins Bitcoin. Cryptocurrency can also help to obfuscate the sender’s identity, which is why sending money via crypto has become popular with criminal organizations. A step-by-step guide to transferring money easily and efficiently: When sending money across borders, there are a few factors to consider. The method that you choose will have pros and cons, with speed, cost, security, and exchange rates all helping to shape the decision. Choose the option that is best for you Evaluate all of the available options and choose which is likely to suit your needs the most. For many people, sending money internationally from their banking app using an IBAN or SWIFT code may be an easy option. However, if you get an IBAN wrong, you could lose your money, so it is important to triple-check that you have it correct. Examine the fees and exchange rates The exchange rates offered by some international money transfer methods may be slightly behind the actual exchange rates. It is worth checking the live exchange rate before deciding whether to accept the offered exchange rate at any given time. You should ensure that the recipient receives the money they expected. Choose the best time to send This may sound obvious, but if you can wait until your currency is strongest, you will get the most “bang for your buck” regarding the foreign exchange portion of the transaction. Double-check the information It is essential to double-check that the information you have is correct. This could be the IBAN, SWIFT or even BOSS Revolution account if you have chosen one of the most modern ways to send money abroad. Make sure there is no scam There are so many scammers around today that it can be challenging to know whether a scam is perpetrated against you. Check all the information and be sure that the person requesting money is known to you. Conclusion The new generation of international money transfer providers has improved hugely over the previous generation in terms of speed, rate of currency exchange, cost per transaction, and security. The World Bank has predicted a 2.3% increase in remittances this year to low or medium-income countries from high-income countries. With so much of the world’s economy now reliant on remittances, ensuring that these transactions are as fast and secure as possible and using the best possible currency conversion rates makes sense. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Circle, the company behind the widely-used USD Coin (USDC), has become the first stablecoin issuer in the European Union to gain regulatory approval under the EU’s Markets in Crypto-Assets (MiCA) regulatory framework. Circle’s USDC and EURC stablecoins are now fully compliant with the new regulations, effective immediately, alleviating concerns that investors would need to redeem their stablecoins or transfer funds to other digital assets to remain compliant. Circle has chosen France as its European headquarters, citing the country’s progressive stance on digital asset regulation and its established relationship with French regulators. Coralie Billmann, previously the Chief Operating Officer of Europe for 3S Money and a board member of the same firm, has been tapped to lead Circle’s French operations. The Boston-based firm filed applications in March to become both a licensed Electronic Money Institution and a registered Digital Asset Service Provider (DASP). That requires approval from the Autorité des Marchés Financiers (AMF), followed by clearance from the country’s top regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Nevertheless, France is now moving ahead with its plans to tighten regulation, supervision and oversight of cryptocurrency companies. “The entire concept of fiat digital currency did not really even exist outside of very early crypto circles. The concept of seeing major global laws that enshrined stablecoins into the financial system was inconceivable,” Jeremy Allaire, co-founder and CEO of Circle, stated. In preparation for the MiCA regulatory shift, several exchanges have announced changes to their stablecoin policies and product offerings. In June, Uphold, a crypto exchange and custodial platform, announced the delisting of six stablecoins for its European users: Tether (USDT), Dai (DAI), TrueUSD (TUSD), Gemini dollar (GUSD), Pax dollar (USDP), and Frax Protocol (FRAX). Bitstamp also delisted Tether’s EURT stablecoin despite being one of the first exchanges to list the digital fiat token. Binance has adopted a “sell-only” strategy for certain stablecoin products in the European market, opting to label fiat equivalents as either compliant or non-compliant and limiting certain market features for European customers, rather than delisting stablecoins outright.  

The German and United States governments have reportedly moved millions of dollars’ worth of crypto holdings. The German government executed massive Bitcoin (BTC) transfers, while the U.S. government has moved Ether (ETH) from seized funds. On July 1, the German government transferred 1,500 BTC, worth roughly $95 million, to multiple crypto exchanges. According to data from the on-chain analytics platform Arkham Intelligence, Germany has moved 2,700 BTC to various exchanges over the past two weeks. These exchanges include Bitstamp, Coinbase, and Kraken. The German government currently holds 44,692 BTC, valued at $2.82 billion. In the latest transfers, 400 of the 1,500 BTC were sent to the aforementioned crypto exchanges, while 750 BTC was transferred on June 26—250 BTC of which went to Bitstamp and Kraken. Similarly, the U.S. government made large transactions, moving 3,375 ETH, worth $11.75 million, to an unknown address. These funds were seized from Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin. Additionally, on June 30, the U.S. government transferred 11.84 BTC, worth around $743,000, from another seized funds address. Meanwhile, Germany appears to be liquidating its holdings on major exchanges, while the U.S. government’s movement of funds to an unknown wallet could indicate a general shift in ETH fund management. Last week, a wallet associated with the German Federal Criminal Police Office (BKA) moved $24 million worth of bitcoin (BTC) to crypto exchanges Kraken and Coinbase. Additionally, another $30 million in BTC was transferred to an untagged wallet. These transactions follow the movement of $130 million in BTC to exchanges on June 19 and $65 million on June 20. Arkham CEO Miguel More suggested that these moves might indicate an intention to sell the assets. In total, the German government wallet sold 900 BTC in three transactions on June 25, including 200 BTC to Coinbase, 200 BTC to Kraken, and 500 BTC to an unknown wallet labeled “139Po” by Arkham Intelligence. The German Federal Criminal Police Office seized nearly 50,000 BTC, valued at over $2 billion at the time, from the operators of Movie2k.to, a film piracy website active in 2013. The BTC was transferred to the BKA in mid-January following a voluntary handover by the suspects. As of now, the German government’s wallet still holds 46,359 BTC, worth roughly $2.8 billion. This massive holding continues to be a potential source of selling pressure on the market. The recent transactions raised concerns about the potential impact on bitcoin prices. The now-defunct cryptocurrency exchange Mt. Gox is also set to start repaying its users in July, with more than $9.4 billion worth of BTC owed to approximately 127,000 creditors. This could further impact bitcoin prices as these users look to liquidate their recovered funds.

Reuters reports that exit polls indicate Marine Le Pen’s far-right party, the National Rally (RN), secured victory in the first round of France’s parliamentary elections on Sunday. This news caused the euro’s exchange rate to rise against other currencies. Notably, the EUR/USD rate surged to its highest point since June 13. The EUR/USD chart reveals that: → At the end of June, the price formed a consolidation pattern (depicted as an orange triangle); → However, today’s bullish gap (shown in green) broke through this pattern. Based on technical analysis principles, measuring the height of the consolidation pattern through the A-B extremes suggests the rise could target the level of 1.08400 (the height of the pattern projected from the breakout point). However, for this target to be reached, bulls need to surpass the resistance zone of 1.080-1.078. It’s important to note that at Monday morning’s peak, the EUR/USD price sharply reversed downward (marked by an arrow). This signals the presence of supply forces, so traders should consider the possibility of a retracement to the breakout level, into the bullish gap zone. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

The estimated number of new hedge fund launches in 1Q24 surged to 146, an increase of 70 percent from the prior quarter and the highest level since 1Q22, according to the HFR report. Launches were led by Equity Hedge funds in 1Q24, with an estimated 75 new funds opening its doors, representing more than half of the 1Q launches. Equity Hedge funds continue to expand with Technology-concentrated equity markets reaching record levels, though with much of the gains narrowly concentrated in large cap equities. The strong start to 2024 follows a steady growth year in 2023 when an estimated 438 new funds launched. HFR added that industry assets hit a record level of $4.3 trillion. Steady liquidations and falling fees Besides the industry record, HFR also reported steady liquidations over the prior quarter and falling fees among new hedge funds. The number of hedge fund liquidations remained steady to begin 2024, as an estimated 106 funds closed during the quarter, on par with the prior quarter’s estimate of 104 liquidations. For the full year 2023, an estimated 415 funds liquidated, the lowest level of liquidations since 2004. Hedge fund fees fell to new historic lows to begin 2024, as managers continued to position for capital growth and inflows from institutional investors throughout 2024. The average industry-wide management fee was unchanged from the prior quarter at an estimated 1.35 percent, while the average incentive fee fell to at an estimated 15.96 percent. For funds that launched in 1Q24, the average management fee fell an estimated 1.17 percent, while the average incentive fee fell to an estimated 17.17 percent. HFR report additional observations include: The HFRI Asset Weighted Composite Index (AWC) gained +5.7 percent YTD through May, while the HFRI Fund Weighted Composite advanced +5.2 percent, as large funds outperformed small and mid-sized firms. Macro leads YTD strategy performance through May with additional strong contributions from Equity Hedge; HFRI Macro (Total) Index jumped +6.9 percent over the first five months of the year, while the HFRI Macro (Asset Weighted) Index surged +7.8 percent. Macro gains were led by quantitative, trend-following CTA strategies, with the HFRI Macro: Systematic Diversified Index surging +9.5 percent YTD through May. The HFRI Equity Hedge (Total) Index advanced +6.0 percent over the first five months of the year; EH sub-strategies were led by the HFRI EH: Quantitative Directional Index, which gained +8.8 percent YTD through May, and the HFRI EH: Energy/Basic Materials Index, which advanced +7.9 percent. The performance dispersion of the HFRI Fund Weighted Composite Index (FWC) decreased slightly in 1Q24 from the prior quarter, as the top decile of index constituents returned an average of +19.4 percent, while the bottom decile declined by an average of -5.8 percent, representing a top/bottom decile dispersion of 25.2 percent, compared to a top/bottom dispersion of 29.5 percent in 4Q23. In the trailing 12 months ending March 2024, the top decile of FWC constituents returned an average of +43.3 percent, while the bottom decile declined by an average of -11.9 percent, representing a top/bottom decile dispersion of 55.2 percent. “Geopolitical risk and inflation are likely to define 2024” Kenneth J. Heinz, President of HFR, said: “Geopolitical risk and inflation are likely to define 2024, accelerating trends from 2023 with hedge fund performance and growth trends reflecting expanding interest from institutional investors looking for specialized exposure to these trends with important capital preservation. “Managers continued to position for ongoing geopolitical risk driven by ongoing European elections and upcoming US elections, anticipating significant policy shifts and trade impacts, though these risks also include ongoing and potential new military conflicts, with these risks likely to increase throughout 2024. “The powerful combination of strong performance, specialized exposures, and capital preservation are likely to drive industry growth throughout 2024.”

Conio has announced the launch of Europe’s first Open Banking solution for Bitcoin, in partnership with US-based fintech Mesh. The Italian digital asset company backed by Poste Italiane and Banca Generali has gone forward with the new collaboration to offer its 430,000+ customers in Italy a unified access point to the entire crypto ecosystem, allowing them to link their Bitcoin wallets with leading digital asset exchange platforms. Conio launches Open Banking solution for Bitcoin The Conio App will now enable direct connection with ten major platforms: Binance, Bitfinex, Bitsamp, Bybit, Coinbase, Houbi, Kraken, Kucoin, OKX, and Robinhood. It will also expand the digital asset offering and incorporate advanced functionalities, enabling integrated account management across various platforms.  The goal is to streamline the traditional Bitcoin transfer process by eliminating friction points. This involves removing obstacles and difficulties such as QR code usage, lengthy and complex address copying, and pasting, as well as the need for test transfers. This will also reduce the risk of sending funds to the wrong address and permanently losing them. Conio’s digital asset custody offering employs a three-private-keys system, requiring only two keys for transaction authorization. “Seamless aggregation and crypto transfers” Orlando Merone, General Manager of Conio, said: “People should have the freedom to choose their preferred solution for safeguarding their Bitcoin and digital assets. Our partnership with Mesh paves the way for Conio to become a comprehensive gateway to the entire crypto ecosystem, empowering even users who opt for global services to securely transfer their assets into custody with the simplicity of a tap.” Christian Miccoli, CEO and founder of Conio, commented: “Our mission is to make the world of digital assets accessible and secure for everyone. This collaboration with Mesh is a crucial step towards consolidating an integrated ecosystem that simplifies the use of secure custody solutions like Conio’s. We are excited to offer our users a unique platform for managing their assets, combining security, simplicity, and direct access to leading exchange platforms.” Bam Azizi, Founder and CEO of Mesh, added: “Open banking is Europe’s next major catalyst for digital asset adoption, and with our partnership with Conio, we are deploying the infrastructure to make safe and seamless aggregation and crypto transfers possible for hundreds of thousands of users in the region. Solutions like the Conio custody model provide an excellent way for users, including those who are new to the field, to engage with cryptocurrencies, while Mesh unlocks a new layer of security and functionality for those uses without complicating the experience.”

Tokenovate has appointed Ciarán McGonagle as Chief Legal and Product Officer, in charge of leading the creation and execution of its legal-first product vision and strategy, while also serving as in-house counsel. The provider of trade lifecycle event management is embarking on its next phase of its growth strategy. Ciarán’s extensive legal expertise and experience, and deep understanding of digital assets, technologies, markets and smart contracts, as well as strong reputation, will be a powerful asset for Tokenovate in the coming years. Ciarán McGonagle is a thought leader in smart derivatives contracts Ciarán joins Tokenovate from ISDA, where he served as Assistant General Counsel focusing on digital assets and smart contracts. At ISDA, he contributed to the ongoing development of the Common Domain Model (CDM), co-led development of the Digital Asset Derivatives Definitions, advanced ISDA’s work on tokenization, and coordinated ISDA’s legal work across multiple EU regulatory initiatives including EMIR, CSDR and the BRRD. A highly respected and active contributor to industry initiatives, including those led by the Financial Markets and Law Committee, UK Jurisdiction Taskforce, and the UK Law Commission, Ciarán McGonagle led several industry groups including ISDA’s Digital Asset Legal Group and Legal Technology Group. With a career that also includes roles as Vice President at Deutsche Bank and Associate at Morgan Stanley, Ciarán published numerous articles and opinion pieces, and together with Professor Christopher Clack at UCL, authored the seminal “Smart Derivatives Contracts: the ISDA Master Agreement and the automation of payments and deliveries” whitepaper published in 2019. “Code is not law, law is law!” Richard Baker, Tokenovate co-founder and CEO, said: “We are delighted to have Ciarán on board. We firmly believe that the end-to-end lifecycle of a tokenised financial asset, and its representation as a tradeable derivative, must be rooted in legal-first engineering principles. Code is not law, law is law!” “Ciarán’s significant regulatory and legal expertise, coupled with his exceptional track record in driving innovation and change in the derivatives industry, will greatly enhance our strategy for product and platform development. We can’t wait to start working with Ciarán, and to leverage his extensive legal knowledge, proven ability to drive policy and product development, and expertise in navigating complex regulatory environments to advance our product vision and strategy.” Ciarán McGonagle commented: “Over the past few years I’ve had the opportunity to witness first hand how Tokenovate operates, especially with regard to its commitment to integrating traditional industry standards and protocols, like the Common Domain Model, within its cutting-edge, digitised framework for programmatic lifecycle event management. I am excited to join Tokenovate’s highly innovative team and to contribute to delivering the next phase of its go-to-market strategy.”

Webull Canada has launched Tax Free Savings Accounts (TFSAs) and Registered Retirement Savings Accounts (RRSPs) to better help Canadian users to save over time and maximize earnings. The discount brokerage previously introduced a cash management product, which offers clients the ability to earn high interest on uninvested cash balances at no additional cost in their cash and margin accounts. “TFSAs and RRSPs have been highly requested by our Canadian customers” Webull Canada’s TFSA offering allows users to invest and save to enjoy tax-free growth. The RRSP offering is a savings plan where users can contribute to their retirement. Michael Constantino, CEO of Webull Securities (Canada) Limited, said: “Our top priority at Webull is to provide our users with the tools they need to meet their financial goals, and these new account types help to achieve that. TFSAs and RRSPs have been highly requested by our Canadian customers, and we are pleased to launch these products based on their feedback.” Webull Canada launched cash management product It was in March that Webull Canada introduced a cash management solution for Canadian investors, offering 4% CDN interest or 3% USD interest on uninvested cash. The goal is to provide Canadian users with a means to earn passive income amid market volatility, at no extra charge. Interest accrues monthly without the need for account minimums, lockups, or limitations. It is important to note that interest rates on settled net credit cash balances in Webull Securities (Canada) Limited accounts are subject to change without notice. Webull Canada officially launched its low-cost brokerage services in January of this year, allowing Canadian residents to trade both Canadian- and US-listed equities using the award-winning Webull app. Authorized since November 2023, has introduced order execution-only brokerage functions, offering features such as real-time quotes, comprehensive market data, 20+ charting widgets, 60+ indicators, paper trading, and educational tools. It April, the discount brokerage decided to launch a desktop platform. A desktop version allows users to have customizable multi-screens and rearrange widgets to more efficiently analyze trends and decipher market data, ultimately allowing for more informed trades. It will support Webull users at all levels, from beginners to the most experienced day traders.