![]() ![]() 20 to make its next move on interest rates, which are currently between 5.25% and 5.50%, the highest level in 22 years. In the U.S., the Federal Reserve will meet on Sept. Analysts expect the country’s central bank to keep the rate unchanged at 4.10% for the third straight month, Bloomberg reported on Tuesday. Investors now await a decision on interest rates from the Reserve Bank of Australia expected later Tuesday. “That said, service providers signalled a steeper increase in inflationary pressures during August.” “A stronger improvement in new orders received by Japanese service firms underpinned an acceleration in business activity growth,” Usamah Bhatti, an economist at S&P Global Market Intelligence, told Reuters. Meanwhile, Japan’s manufacturing PMI rose from 53.8 in July to 54.3 in August - the highest reading in three months, according to Reuters on Tuesday. “There was still considerable downward pressure on the economy.” “The marginal slowdown in the services sector’s supply and demand expansion offset the improvement in manufacturing production and demand,” Wang Zhe, an economist at Caixin Insight Group, told Reuters. But a slowdown of growth in the services industry provides more evidence of a wider economic downturn. The PMI report followed an unexpected expansion in China’s manufacturing industry on September 1. A PMI reading above 50 indicates a growth in business activities, while a sub-50 reading indicates a contraction. The Caixin China services purchasing managers index (PMI) - a private gauge of the business activities in the country’s service industry - dropped from 54.1 in July to 51.8 in August, the lowest level in the past eight months. in Hong Kong.Ĭhina’s release of key economic data Tuesday morning cast a cloud over markets. indexes posted weekly gains, with Friday’s jobs data easing rate hike worries.Īll the main stock indexes across Asia were showing losses as of 10:00 a.m. Despite closing mixed on Friday, all three major U.S. stock futures were trading lower ahead of the opening bell Tuesday after a holiday-extended weekend for markets. stock futures dip China services activity slows Image: Getty Images Trading volume rose 20.65% to US$23.77 billion. The total crypto market capitalization dipped 0.56% to US$1.04 trillion. Other crypto exchanges including Binance, and OKX also launched A.I.-powered analyzing tools earlier this year. The next Bitcoin halving is expected to take place in April 2024.Įlsewhere, crypto exchange Bybit introduced TradeGPT on Monday - an artificial intelligence-powered education tool that uses ChatGPT to generate market analysis and answer technical questions based on Bybit’s real-time market data. This is widely anticipated to produce a surge in the token’s price. The Bitcoin halving event will see the amount of new tokens issued every 10 minutes cut in half, increasing its scarcity. “As we approach the upcoming Bitcoin halving event, it will be interesting to see how these regulatory uncertainties are balanced,” he added. ![]() “The recent minor outflows from digital asset funds may be due to uncertainty around the approval of the spot Bitcoin ETFs - following an initial surge of enthusiasm upon their announcement,” said John Stefanidis, CEO of blockchain infrastructure foundation Balthazar DAO. Despite the small outflow, digital investment products’ trading volume totaled US$2.8 billion, a 90% rise on the year-to-date average. That was a slowdown from US$168 million last week, according to a Monday report by European alternative asset manager CoinShares. XRP led the winners with a 0.61% gain to US$0.5082, but remained 3.01% lower for the week.ĭigital asset investment products saw a minor outflow of US$11.2 million in the week ending Sept. Most other top 10 non-stablecoin cryptocurrencies traded mixed over the past 24 hours, with movement within the 1% range across the board. SEC and Commodity Futures Trading Commission ( CFTC), as well as an investigation from the U.S. The world’s largest crypto exchange faces lawsuits from the U.S. Meanwhile, Binance’s global head of product Mayur Kamat resigned from the company, Reuters reported on Monday. ![]() “Although the reasons behind the series of huge transfers that we are witnessing in the cryptocurrency market are not yet completely clear, I believe that they may continue to fuel a state of anticipation and caution in the markets, especially since these transfers come amid weak sentiment among market participants, with the continuing battle in the judicial arena in the United States,” Hasn said. ![]()
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