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SEC Says It Will Write Crypto Rules if Congress Fails to Pass CLARITY ActThe US Securities and Exchange Commission said it is prepared to draw up its own regulatory framework for digital assets if Congress fails to pass the CLARITY Act, a market-structure bill for the crypto industry. Watcher.Guru reported on July 28 that the SEC could move to write rules governing the digital-asset market if Congress does not act on the CLARITY Act. The bill is currently being discussed in the US Senate, but a final agreement has not been reached because of disagreements over issues including ethics provisions that would restrict senior government officials' involvement in crypto businesses. The CLARITY Act is aimed at establishing a broader regulatory framework for the US digital-asset market, including the division of jurisdiction over digital assets between the SEC and the Commodity Futures Trading Commission.

SEC Says It Will Write Crypto Rules if Congress Fails to Pass CLARITY Act

The US Securities and Exchange Commission said it is prepared to draw up its own regulatory framework for digital assets if Congress fails to pass the CLARITY Act, a market-structure bill for the crypto industry.
Watcher.Guru reported on July 28 that the SEC could move to write rules governing the digital-asset market if Congress does not act on the CLARITY Act.
The bill is currently being discussed in the US Senate, but a final agreement has not been reached because of disagreements over issues including ethics provisions that would restrict senior government officials' involvement in crypto businesses.
The CLARITY Act is aimed at establishing a broader regulatory framework for the US digital-asset market, including the division of jurisdiction over digital assets between the SEC and the Commodity Futures Trading Commission.
Le Bitcoin recule vers la zone des 63 000 $ tandis que le Kospi chute de 11 %, le vote sur l’Acte CLARITY est reportéLe Bitcoin a chuté jusqu’à la zone des 63 000 $ après une baisse de 11 % de l’indice Kospi en Corée du Sud et un report du vote sur le projet de loi américain sur la structure du marché des crypto-actifs, connu sous le nom d’« Acte CLARITY », ce qui a pesé sur le sentiment. CoinDesk a rapporté le 28 juillet que le Bitcoin avait reculé d’environ 2 % pendant les heures de négociation aux États-Unis et s’échangeait près de 63 488 $. Le Kospi sud-coréen a baissé de 11 % alors que les valeurs des semi-conducteurs plongeaient, ce qui a mis sous pression l’appétit pour le risque à l’échelle mondiale. Dans le même temps, les perspectives de l’« Acte CLARITY » pour être adopté cette année se sont assombries après que le Sénat américain a décidé de donner la priorité à un projet de loi de sanctions contre la Russie et à des votes de confirmation de nominations au gouvernement fédéral.

Le Bitcoin recule vers la zone des 63 000 $ tandis que le Kospi chute de 11 %, le vote sur l’Acte CLARITY est reporté

Le Bitcoin a chuté jusqu’à la zone des 63 000 $ après une baisse de 11 % de l’indice Kospi en Corée du Sud et un report du vote sur le projet de loi américain sur la structure du marché des crypto-actifs, connu sous le nom d’« Acte CLARITY », ce qui a pesé sur le sentiment.
CoinDesk a rapporté le 28 juillet que le Bitcoin avait reculé d’environ 2 % pendant les heures de négociation aux États-Unis et s’échangeait près de 63 488 $. Le Kospi sud-coréen a baissé de 11 % alors que les valeurs des semi-conducteurs plongeaient, ce qui a mis sous pression l’appétit pour le risque à l’échelle mondiale.
Dans le même temps, les perspectives de l’« Acte CLARITY » pour être adopté cette année se sont assombries après que le Sénat américain a décidé de donner la priorité à un projet de loi de sanctions contre la Russie et à des votes de confirmation de nominations au gouvernement fédéral.
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Asian Chip Stocks Suffer Worst Day as AI Financing Fears, China Shock Hit SectorSamsung Electronics, SK Hynix slump 13% to 15%; Japan’s Kioxia drops 18%, Tokyo Electron 11% ASML extends losses for a second day after report on China’s DUV lithography development Micron, Intel and other U.S. chip stocks also fall for a second straight day Semiconductor and chip-equipment shares across Asia tumbled on July 28 as investors grappled with intensifying competition from China and mounting concern over AI financing. Unease over the possibility of a U.S. interest-rate increase as early as this week added to the selloff, despite lower oil prices. South Korea’s Kospi index, seen as a gauge of sentiment toward AI-related technology stocks, fell more than 10% on July 28 to its lowest level in three months. The benchmark had more than tripled over the past 12 months, but has now dropped more than 30% from its peak. SK Hynix plunged 14.65%, while Samsung Electronics sank 13.39%. Japanese stocks were also swept up in the selloff. Kioxia tumbled 18.33% in Tokyo trading. Chip-equipment makers Tokyo Electron and Advantest dropped 10.96% and 10.11%, respectively. Canon, which makes more mature semiconductor equipment, slid as much as 6.3%, while Nikon, which produces immersion DUV systems similar to those reportedly being developed by a Chinese company, fell 9.2%. Both companies posted their biggest declines in more than two months. Japan’s Nikkei 225 fell about 4% to its lowest level in two years. In Taiwan, TSMC fell 3% and MediaTek dropped 9.9%, while the Taiex lost 4.65%. The Information reported on July 27 that a Chinese equipment maker had begun domestic development and production of immersion deep ultraviolet, or DUV, lithography tools, a market long dominated by ASML Holding NV of the Netherlands. ASML shares fell 5.8% on July 27 and were down nearly 4% again in U.S. premarket trading on July 28. U.S. chip-equipment companies including Lam Research also declined. In trading before the U.S. open on July 28, American semiconductor and memory shares came under pressure again. Intel, Micron, SanDisk and Seagate each fell more than 4%. Nasdaq futures dropped 0.8%, while S&P 500 futures slipped 0.1%. Chris Weston, head of research at Melbourne-based brokerage Pepperstone, said no single risk signal was driving the market. Instead, concern over AI financing and China’s emergence as a competitor across the semiconductor supply chain combined to hurt sentiment. China’s CXMT, the world’s fourth-largest memory maker, raised $8.6 billion in a July 27 listing, becoming China’s most valuable company. That added to selling pressure on South Korean memory-chip stocks. Shares of CXMT, which helped trigger the rout in Asian semiconductor stocks, fell 3% on July 28. The Wall Street Journal reported on July 27 that Nvidia would provide about $250 billion in financial guarantees for OpenAI’s contracts for data-center computing use, along with $350 billion for hardware purchases including GPUs. Nvidia shares fell 5% on the news. David Chiu, a strategist at Citigroup, said losses on existing long positions in Nasdaq 100 futures and South Korea’s Kospi index had become severe. As tensions between the U.S. and Iran eased, Brent crude extended the sharp decline recorded on July 27, falling to $87.19 a barrel. The move followed the U.S. decision over the weekend to abruptly halt airstrikes. President Donald Trump said on July 27 that the U.S. was having "good talks" with Iran and that a deal was possible. The pause in fighting pushed the yield on the 10-year U.S. Treasury down about 4 basis points to 4.64% on July 27. Short-term Treasury yields were little changed. Markets are pricing in about a 38% chance that the Federal Reserve will raise rates by 25 basis points on July 29, up sharply from about 16% two weeks earlier. Expectations for a rate increase later this month or by September supported the dollar. The dollar index rose 0.08% from the previous day to 101.621. The yen traded at 163.78 per dollar, hovering just above its weakest level in 40 years. Markets are bracing for the Bank of Japan to leave rates unchanged this week, a backdrop that could put further pressure on the yen. Kim Jeong-a, contributing reporter, Hankyung.com, kja@hankyung.com

Asian Chip Stocks Suffer Worst Day as AI Financing Fears, China Shock Hit Sector

Samsung Electronics, SK Hynix slump 13% to 15%; Japan’s Kioxia drops 18%, Tokyo Electron 11%
ASML extends losses for a second day after report on China’s DUV lithography development
Micron, Intel and other U.S. chip stocks also fall for a second straight day
Semiconductor and chip-equipment shares across Asia tumbled on July 28 as investors grappled with intensifying competition from China and mounting concern over AI financing. Unease over the possibility of a U.S. interest-rate increase as early as this week added to the selloff, despite lower oil prices.
South Korea’s Kospi index, seen as a gauge of sentiment toward AI-related technology stocks, fell more than 10% on July 28 to its lowest level in three months. The benchmark had more than tripled over the past 12 months, but has now dropped more than 30% from its peak. SK Hynix plunged 14.65%, while Samsung Electronics sank 13.39%.
Japanese stocks were also swept up in the selloff.
Kioxia tumbled 18.33% in Tokyo trading. Chip-equipment makers Tokyo Electron and Advantest dropped 10.96% and 10.11%, respectively. Canon, which makes more mature semiconductor equipment, slid as much as 6.3%, while Nikon, which produces immersion DUV systems similar to those reportedly being developed by a Chinese company, fell 9.2%. Both companies posted their biggest declines in more than two months. Japan’s Nikkei 225 fell about 4% to its lowest level in two years.
In Taiwan, TSMC fell 3% and MediaTek dropped 9.9%, while the Taiex lost 4.65%.
The Information reported on July 27 that a Chinese equipment maker had begun domestic development and production of immersion deep ultraviolet, or DUV, lithography tools, a market long dominated by ASML Holding NV of the Netherlands. ASML shares fell 5.8% on July 27 and were down nearly 4% again in U.S. premarket trading on July 28. U.S. chip-equipment companies including Lam Research also declined.
In trading before the U.S. open on July 28, American semiconductor and memory shares came under pressure again. Intel, Micron, SanDisk and Seagate each fell more than 4%. Nasdaq futures dropped 0.8%, while S&P 500 futures slipped 0.1%.
Chris Weston, head of research at Melbourne-based brokerage Pepperstone, said no single risk signal was driving the market. Instead, concern over AI financing and China’s emergence as a competitor across the semiconductor supply chain combined to hurt sentiment.
China’s CXMT, the world’s fourth-largest memory maker, raised $8.6 billion in a July 27 listing, becoming China’s most valuable company. That added to selling pressure on South Korean memory-chip stocks.
Shares of CXMT, which helped trigger the rout in Asian semiconductor stocks, fell 3% on July 28.
The Wall Street Journal reported on July 27 that Nvidia would provide about $250 billion in financial guarantees for OpenAI’s contracts for data-center computing use, along with $350 billion for hardware purchases including GPUs. Nvidia shares fell 5% on the news.
David Chiu, a strategist at Citigroup, said losses on existing long positions in Nasdaq 100 futures and South Korea’s Kospi index had become severe.
As tensions between the U.S. and Iran eased, Brent crude extended the sharp decline recorded on July 27, falling to $87.19 a barrel. The move followed the U.S. decision over the weekend to abruptly halt airstrikes. President Donald Trump said on July 27 that the U.S. was having "good talks" with Iran and that a deal was possible.
The pause in fighting pushed the yield on the 10-year U.S. Treasury down about 4 basis points to 4.64% on July 27. Short-term Treasury yields were little changed.
Markets are pricing in about a 38% chance that the Federal Reserve will raise rates by 25 basis points on July 29, up sharply from about 16% two weeks earlier.
Expectations for a rate increase later this month or by September supported the dollar. The dollar index rose 0.08% from the previous day to 101.621. The yen traded at 163.78 per dollar, hovering just above its weakest level in 40 years.
Markets are bracing for the Bank of Japan to leave rates unchanged this week, a backdrop that could put further pressure on the yen.
Kim Jeong-a, contributing reporter, Hankyung.com, kja@hankyung.com
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SK Hynix ADR Premium Narrows by 4 Percentage Points as Global Chip Selloff DeepensA global selloff in semiconductor shares has narrowed the price gap between contracts linked to SK Hynix Inc.'s US American depositary receipts and its South Korea-listed shares. With markets in South Korea, Japan and Taiwan tumbling together, the pressure could extend to US technology stocks. Odaily, a crypto-focused media outlet, reported on July 28, citing HyperInsight data, that the premium on SK Hynix ADRs shrank by about 4 percentage points from roughly 33.0% a day earlier. On a share-adjusted basis, SKHY was valued at about $1,379.1, or 28.9% above SKHX. On Hyperliquid that day, SKHX, the contract linked to SK Hynix's South Korean shares, traded at $1,069.5, while SKHY, the contract tied to its US ADRs, stood at $137.91. Over the same period, SKHX fell 13.5% and SKHY dropped 16.2%. Selling spread across Asian equity markets, led by chip stocks. South Korea's Kospi index slumped as much as 11% intraday on July 28, while Samsung Electronics Co. and SK Hynix each sank more than 13%. Japan's Nikkei 225 and Taiwan's benchmark index, both heavily weighted toward semiconductor stocks, each fell about 4%. US technology shares may also come under pressure as concerns mount over returns on AI investment amid intensifying competition from Chinese companies. Citigroup said long positions in the Nasdaq 100 Index remain underwater, raising the risk of a further market correction. "It is entirely reasonable for investors to reduce their exposure to semiconductor stocks, and this is the time to take profits and diversify assets," Vincent Juvyns, ING's chief investment strategist, said. He added that earnings prospects for the semiconductor industry remain positive over the next several years. The latest selloff is a normal correction within the sector's longer-term growth trend.

SK Hynix ADR Premium Narrows by 4 Percentage Points as Global Chip Selloff Deepens

A global selloff in semiconductor shares has narrowed the price gap between contracts linked to SK Hynix Inc.'s US American depositary receipts and its South Korea-listed shares. With markets in South Korea, Japan and Taiwan tumbling together, the pressure could extend to US technology stocks.
Odaily, a crypto-focused media outlet, reported on July 28, citing HyperInsight data, that the premium on SK Hynix ADRs shrank by about 4 percentage points from roughly 33.0% a day earlier. On a share-adjusted basis, SKHY was valued at about $1,379.1, or 28.9% above SKHX.
On Hyperliquid that day, SKHX, the contract linked to SK Hynix's South Korean shares, traded at $1,069.5, while SKHY, the contract tied to its US ADRs, stood at $137.91. Over the same period, SKHX fell 13.5% and SKHY dropped 16.2%.
Selling spread across Asian equity markets, led by chip stocks. South Korea's Kospi index slumped as much as 11% intraday on July 28, while Samsung Electronics Co. and SK Hynix each sank more than 13%. Japan's Nikkei 225 and Taiwan's benchmark index, both heavily weighted toward semiconductor stocks, each fell about 4%.
US technology shares may also come under pressure as concerns mount over returns on AI investment amid intensifying competition from Chinese companies. Citigroup said long positions in the Nasdaq 100 Index remain underwater, raising the risk of a further market correction.
"It is entirely reasonable for investors to reduce their exposure to semiconductor stocks, and this is the time to take profits and diversify assets," Vincent Juvyns, ING's chief investment strategist, said.
He added that earnings prospects for the semiconductor industry remain positive over the next several years. The latest selloff is a normal correction within the sector's longer-term growth trend.
Les ETF spot Bitcoin américains enregistrent 11,65 millions de dollars de sorties nettes pour une troisième séance consécutiveLes ETF spot Bitcoin américains ont enregistré des sorties nettes pour un troisième jour de bourse consécutif. Selon Trader T, les 11 ETF spot Bitcoin américains ont enregistré des sorties nettes combinées de 11,65 millions de dollars le 27 juillet. L’ETF IBIT de BlackRock a mené les retraits avec 8,83 millions de dollars, tandis que l’ETF FBTC de Fidelity a enregistré des sorties nettes de 2,82 millions de dollars. Les produits restants n’ont enregistré aucun flux net.

Les ETF spot Bitcoin américains enregistrent 11,65 millions de dollars de sorties nettes pour une troisième séance consécutive

Les ETF spot Bitcoin américains ont enregistré des sorties nettes pour un troisième jour de bourse consécutif.
Selon Trader T, les 11 ETF spot Bitcoin américains ont enregistré des sorties nettes combinées de 11,65 millions de dollars le 27 juillet. L’ETF IBIT de BlackRock a mené les retraits avec 8,83 millions de dollars, tandis que l’ETF FBTC de Fidelity a enregistré des sorties nettes de 2,82 millions de dollars.
Les produits restants n’ont enregistré aucun flux net.
Le Bitcoin passe sous les 63 000 dollars au milieu des craintes de hausse des taux de la Fed, plus bas depuis le 16 juilletLe Bitcoin est passé sous les 63 000 dollars alors que la crainte grandissait que la Réserve fédérale relève ses taux d’intérêt, envoyant la cryptomonnaie à son plus bas niveau en 11 jours. Bloomberg a rapporté le 27 juillet que le Bitcoin a chuté jusqu’à 2,3 % pendant la séance, à 63 414 dollars. L’Ether a également reculé de 3,6 %. La faiblesse des actifs numériques semble refléter une prudence croissante selon laquelle la Fed pourrait relever son taux directeur cette semaine. Citadel Securities estime que la banque centrale augmentera ses taux de 0,25 point de pourcentage mercredi. Les marchés évaluent à environ une chance sur trois la probabilité d’une hausse lors de cette réunion.

Le Bitcoin passe sous les 63 000 dollars au milieu des craintes de hausse des taux de la Fed, plus bas depuis le 16 juillet

Le Bitcoin est passé sous les 63 000 dollars alors que la crainte grandissait que la Réserve fédérale relève ses taux d’intérêt, envoyant la cryptomonnaie à son plus bas niveau en 11 jours.
Bloomberg a rapporté le 27 juillet que le Bitcoin a chuté jusqu’à 2,3 % pendant la séance, à 63 414 dollars. L’Ether a également reculé de 3,6 %.
La faiblesse des actifs numériques semble refléter une prudence croissante selon laquelle la Fed pourrait relever son taux directeur cette semaine. Citadel Securities estime que la banque centrale augmentera ses taux de 0,25 point de pourcentage mercredi. Les marchés évaluent à environ une chance sur trois la probabilité d’une hausse lors de cette réunion.
Partiellement vrai
Les principaux événements économiques du jour Le 28 juillet (mardi) : réunion de l’OPEP à 19 h (heure normale de Corée) ; balance commerciale des États-Unis à 21 h 30 (heure normale de Corée) L’événement clé des cryptomonnaies du jour Le 28 juillet (mardi) : partenariat HashKey (HSK) x Morpho
Les principaux événements économiques du jour

Le 28 juillet (mardi) : réunion de l’OPEP à 19 h (heure normale de Corée) ; balance commerciale des États-Unis à 21 h 30 (heure normale de Corée)

L’événement clé des cryptomonnaies du jour

Le 28 juillet (mardi) : partenariat HashKey (HSK) x Morpho
Le Sénat américain reporte le vote sur la loi CLARITY, jetant un doute sur son adoption avant la pause d’aoûtLe Sénat américain a reporté un vote sur le projet de loi CLARITY, un texte visant à encadrer la structure du marché des cryptomonnaies. CoinDesk a rapporté le 27 juillet que le leader de la majorité au Sénat, John Thune, avait d’abord avancé des confirmations pour des nominations fédérales et pousse désormais un projet de loi de sanctions contre la Russie. Cela a décalé le vote sur la loi CLARITY de la programmation de la séance du Sénat pour le moment. Le Sénat doit d’abord satisfaire aux exigences de cloture et du délai d’attente avant d’examiner une législation contestée. Avec plusieurs projets de loi très médiatisés se disputant le temps à l’ordre du jour, un vote sur la loi CLARITY semble peu probable avant que le travail sur la mesure de sanctions contre la Russie et d’autres points ne soit terminé.

Le Sénat américain reporte le vote sur la loi CLARITY, jetant un doute sur son adoption avant la pause d’août

Le Sénat américain a reporté un vote sur le projet de loi CLARITY, un texte visant à encadrer la structure du marché des cryptomonnaies.
CoinDesk a rapporté le 27 juillet que le leader de la majorité au Sénat, John Thune, avait d’abord avancé des confirmations pour des nominations fédérales et pousse désormais un projet de loi de sanctions contre la Russie. Cela a décalé le vote sur la loi CLARITY de la programmation de la séance du Sénat pour le moment.
Le Sénat doit d’abord satisfaire aux exigences de cloture et du délai d’attente avant d’examiner une législation contestée. Avec plusieurs projets de loi très médiatisés se disputant le temps à l’ordre du jour, un vote sur la loi CLARITY semble peu probable avant que le travail sur la mesure de sanctions contre la Russie et d’autres points ne soit terminé.
Le plongeon du pétrole ne suffit pas à relever le Nasdaq : Nvidia et les ADR de SK Hynix reculentNvidia chute de 4,99 % ; les ADR de SK Hynix baissent de 7,47 % Les actions américaines ont clôturé en ordre dispersé le 27 juillet, une forte baisse des prix du pétrole n’ayant pas suffi à compenser les inquiétudes persistantes concernant les valeurs des semi-conducteurs liées à l’IA. Le relâchement des tensions au Moyen-Orient a permis au Dow Jones Industrial Average et au S&P 500 de progresser légèrement, mais une vaste vague de ventes chez les fabricants de puces, menée par Nvidia, a entraîné la baisse du Nasdaq. Le Dow a gagné 262,83 points, soit 0,51 %, pour s’établir à 52 210,08 à la clôture à la Bourse de New York. Le S&P 500 a ajouté 1,20 point, soit 0,02 %, à 7 413,18. Le Nasdaq Composite, à forte composante technologique, a reculé de 43,74 points, soit 0,18 %, à 24 932,08.

Le plongeon du pétrole ne suffit pas à relever le Nasdaq : Nvidia et les ADR de SK Hynix reculent

Nvidia chute de 4,99 % ; les ADR de SK Hynix baissent de 7,47 %
Les actions américaines ont clôturé en ordre dispersé le 27 juillet, une forte baisse des prix du pétrole n’ayant pas suffi à compenser les inquiétudes persistantes concernant les valeurs des semi-conducteurs liées à l’IA. Le relâchement des tensions au Moyen-Orient a permis au Dow Jones Industrial Average et au S&P 500 de progresser légèrement, mais une vaste vague de ventes chez les fabricants de puces, menée par Nvidia, a entraîné la baisse du Nasdaq.
Le Dow a gagné 262,83 points, soit 0,51 %, pour s’établir à 52 210,08 à la clôture à la Bourse de New York.
Le S&P 500 a ajouté 1,20 point, soit 0,02 %, à 7 413,18. Le Nasdaq Composite, à forte composante technologique, a reculé de 43,74 points, soit 0,18 %, à 24 932,08.
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Bitcoin Holds $65,000 Despite AI Stock Slump as Fed Decision LoomsBitcoin held around $65,000 and showed relative strength even as artificial intelligence-related technology stocks weakened. Still, this week’s Federal Reserve rate decision and earnings from major technology companies could determine the market’s next direction. CoinDesk reported on July 27 that Bitcoin was trading near $65,000, up about 4% from last Friday. Ether also touched its highest level in about two months. Nvidia, by contrast, fell 4.8% on the day, leading declines in AI-related shares, while the Nasdaq was little changed as strength in Apple, Microsoft and Google helped offset the weakness. “The recent resilience crypto has shown during a volatile stretch for traditional risk assets is encouraging,” Joel Kruger, market strategist at LMAX Group, said. The move supports the argument that digital assets are starting to decouple, at least in part, from traditional risk assets. Kruger said Bitcoin needs to break above $67,300, a ceiling that has capped gains since June, for the next upward phase to come into view. For Ether, he added, $2,000 serves as a similar resistance level. Tom Lee, chairman of BitMine and co-founder of Fundstrat, viewed Ether’s recent outperformance versus Bitcoin as a bullish signal for the broader crypto market. The ETH-BTC ratio, which measures Ether’s price relative to Bitcoin, climbed to its highest level in three months on July 27. Not everyone shares that view. Nikolai Sondergaard, a senior research analyst at Nansen, said the market was merely holding in a range without strong buying pressure and was not yet moving toward a breakout. If market conditions do not improve, Bitcoin could pull back to a range of $52,000 to $58,000. About 9,000 Bitcoin left exchanges over the past week, but open interest in Bitcoin futures fell even as prices inched higher. He took that as a sign investors were reducing existing positions rather than opening new longs. Sondergaard said Nansen would need to see three developments before turning more positive: rising stablecoin inflows to exchanges, continued buying in spot Bitcoin ETFs, and an end to stop-loss selling by long-term holders. On this week’s calendar are the Fed’s rate decision on July 30, earnings from Microsoft, Meta, Apple and Amazon, the core personal consumption expenditures price index and second-quarter gross domestic product data. Bitcoin and Ether options worth $13 billion to $14 billion are also set to expire at the end of July.

Bitcoin Holds $65,000 Despite AI Stock Slump as Fed Decision Looms

Bitcoin held around $65,000 and showed relative strength even as artificial intelligence-related technology stocks weakened. Still, this week’s Federal Reserve rate decision and earnings from major technology companies could determine the market’s next direction.
CoinDesk reported on July 27 that Bitcoin was trading near $65,000, up about 4% from last Friday. Ether also touched its highest level in about two months. Nvidia, by contrast, fell 4.8% on the day, leading declines in AI-related shares, while the Nasdaq was little changed as strength in Apple, Microsoft and Google helped offset the weakness.
“The recent resilience crypto has shown during a volatile stretch for traditional risk assets is encouraging,” Joel Kruger, market strategist at LMAX Group, said. The move supports the argument that digital assets are starting to decouple, at least in part, from traditional risk assets. Kruger said Bitcoin needs to break above $67,300, a ceiling that has capped gains since June, for the next upward phase to come into view. For Ether, he added, $2,000 serves as a similar resistance level.
Tom Lee, chairman of BitMine and co-founder of Fundstrat, viewed Ether’s recent outperformance versus Bitcoin as a bullish signal for the broader crypto market. The ETH-BTC ratio, which measures Ether’s price relative to Bitcoin, climbed to its highest level in three months on July 27.
Not everyone shares that view. Nikolai Sondergaard, a senior research analyst at Nansen, said the market was merely holding in a range without strong buying pressure and was not yet moving toward a breakout. If market conditions do not improve, Bitcoin could pull back to a range of $52,000 to $58,000. About 9,000 Bitcoin left exchanges over the past week, but open interest in Bitcoin futures fell even as prices inched higher. He took that as a sign investors were reducing existing positions rather than opening new longs.
Sondergaard said Nansen would need to see three developments before turning more positive: rising stablecoin inflows to exchanges, continued buying in spot Bitcoin ETFs, and an end to stop-loss selling by long-term holders.
On this week’s calendar are the Fed’s rate decision on July 30, earnings from Microsoft, Meta, Apple and Amazon, the core personal consumption expenditures price index and second-quarter gross domestic product data. Bitcoin and Ether options worth $13 billion to $14 billion are also set to expire at the end of July.
Contesté
Le Nasdaq recule alors que les valeurs des puces glissent ; les ADR de SK Hynix chutent de 7 %Le Nasdaq est passé en territoire baissier après une forte baisse intraday. À 23 h 48 le 27 juillet, les données de Yahoo Finance indiquaient que l’indice était en baisse de 0,55 % par rapport à la clôture précédente, à 24 839,37. La baisse a été entraînée par des pertes marquées dans les principales composantes de l’indice, en particulier les valeurs des semi-conducteurs. Nvidia s’échangeait à 198,85 $ US, en baisse de 3,88 % par rapport à la séance précédente. Les ADR de SK Hynix ont chuté de 7,01 %, tandis que Micron a reculé de 4,99 % et AMD a perdu 6,45 %.

Le Nasdaq recule alors que les valeurs des puces glissent ; les ADR de SK Hynix chutent de 7 %

Le Nasdaq est passé en territoire baissier après une forte baisse intraday.
À 23 h 48 le 27 juillet, les données de Yahoo Finance indiquaient que l’indice était en baisse de 0,55 % par rapport à la clôture précédente, à 24 839,37.
La baisse a été entraînée par des pertes marquées dans les principales composantes de l’indice, en particulier les valeurs des semi-conducteurs. Nvidia s’échangeait à 198,85 $ US, en baisse de 3,88 % par rapport à la séance précédente. Les ADR de SK Hynix ont chuté de 7,01 %, tandis que Micron a reculé de 4,99 % et AMD a perdu 6,45 %.
Les actions américaines progressent alors que le pétrole chute avant la décision de la Fed et les résultats de la Big TechLes actions américaines et les obligations du Trésor ont progressé le 27 juillet, tandis que les cours du pétrole brut chutaient, signe qu’une pause dans les hostilités entre les États-Unis et l’Iran pourrait se maintenir. Les investisseurs abordent également une semaine chargée, marquée par des résultats d’entreprises majeures et par la décision de taux de la Réserve fédérale. À 10 h du matin à New York, le S&P 500 était en hausse de 0,5 %, le Nasdaq Composite avait gagné 0,5 %, et le Dow Jones Industrial Average avait progressé de 0,9 %. Le Brent de septembre, la référence mondiale, a chuté de 6,2 % à 90,79 $ le baril après avoir atteint jusqu’à 100 $ la semaine dernière. Les contrats à terme du West Texas Intermediate américain ont reculé de 5,7 % à 83,83 $ le baril. Le pétrole a poursuivi sa baisse après que les États-Unis ont interrompu leurs attaques contre l’Iran et que le terminal d’exportation de pétrole du Kazakhstan a repris les chargements, ce qui a atténué les inquiétudes concernant l’offre.

Les actions américaines progressent alors que le pétrole chute avant la décision de la Fed et les résultats de la Big Tech

Les actions américaines et les obligations du Trésor ont progressé le 27 juillet, tandis que les cours du pétrole brut chutaient, signe qu’une pause dans les hostilités entre les États-Unis et l’Iran pourrait se maintenir. Les investisseurs abordent également une semaine chargée, marquée par des résultats d’entreprises majeures et par la décision de taux de la Réserve fédérale.
À 10 h du matin à New York, le S&P 500 était en hausse de 0,5 %, le Nasdaq Composite avait gagné 0,5 %, et le Dow Jones Industrial Average avait progressé de 0,9 %.
Le Brent de septembre, la référence mondiale, a chuté de 6,2 % à 90,79 $ le baril après avoir atteint jusqu’à 100 $ la semaine dernière. Les contrats à terme du West Texas Intermediate américain ont reculé de 5,7 % à 83,83 $ le baril. Le pétrole a poursuivi sa baisse après que les États-Unis ont interrompu leurs attaques contre l’Iran et que le terminal d’exportation de pétrole du Kazakhstan a repris les chargements, ce qui a atténué les inquiétudes concernant l’offre.
Voir la traduction
Crypto Paid for Quiet Exit From Kakao Affiliate Was Taxable, Court RulesA South Korean court ruled that virtual assets paid to employees in exchange for ending a dispute with their employer early and keeping it out of public view were taxable gratuities rather than damages. According to the legal community on July 27, the Seoul Administrative Court's Second Administrative Division, led by Presiding Judge Kong Hyun-jin, ruled against five former employees of Ground1, now Ground X, including a plaintiff identified only as A. The suit sought to overturn tax offices' refusal to revise their comprehensive income tax assessments. A and the other plaintiffs worked at Ground1, Kakao's blockchain affiliate, before accepting recommended resignations in September 2020 after conflicts with the company over job reassignments and organizational restructuring. In addition to severance pay, retirement consolation payments and compensation for unused annual leave, the company paid them virtual assets it had issued. After reporting and paying comprehensive income tax on the assets, they sought a reassessment and a refund of about $8 million, arguing the payment was a dispute settlement stemming from an unfair labor practice or damages. They filed suit after the tax authorities rejected the request. The court focused on language in the resignation agreement stating that the company would provide virtual assets if the employees refrained from conduct that could damage the company's reputation, including media interviews. The panel said the plaintiffs received the virtual assets in addition to ordinary severance pay in return for stopping conduct that could harm the company's reputation. The payment was made as a gratuity for ending the dispute early and maintaining confidentiality, the court said, making it taxable as "other income" under the Income Tax Act. Lee In-hyuk, Hankyung.com reporter twopeople@hankyung.com

Crypto Paid for Quiet Exit From Kakao Affiliate Was Taxable, Court Rules

A South Korean court ruled that virtual assets paid to employees in exchange for ending a dispute with their employer early and keeping it out of public view were taxable gratuities rather than damages.
According to the legal community on July 27, the Seoul Administrative Court's Second Administrative Division, led by Presiding Judge Kong Hyun-jin, ruled against five former employees of Ground1, now Ground X, including a plaintiff identified only as A. The suit sought to overturn tax offices' refusal to revise their comprehensive income tax assessments.
A and the other plaintiffs worked at Ground1, Kakao's blockchain affiliate, before accepting recommended resignations in September 2020 after conflicts with the company over job reassignments and organizational restructuring. In addition to severance pay, retirement consolation payments and compensation for unused annual leave, the company paid them virtual assets it had issued. After reporting and paying comprehensive income tax on the assets, they sought a reassessment and a refund of about $8 million, arguing the payment was a dispute settlement stemming from an unfair labor practice or damages. They filed suit after the tax authorities rejected the request.
The court focused on language in the resignation agreement stating that the company would provide virtual assets if the employees refrained from conduct that could damage the company's reputation, including media interviews.
The panel said the plaintiffs received the virtual assets in addition to ordinary severance pay in return for stopping conduct that could harm the company's reputation. The payment was made as a gratuity for ending the dispute early and maintaining confidentiality, the court said, making it taxable as "other income" under the Income Tax Act.
Lee In-hyuk, Hankyung.com reporter twopeople@hankyung.com
Des bourses aux solutions de couche 2, les fermetures crypto s’intensifient alors que le marasme se poursuitLa plateforme d’échange d’actifs numériques BitMart a rejoint la liste grandissante des entreprises du secteur crypto qui ferment en 2026, après avoir décidé de mettre fin à ses activités d’échange. Cette année, les fermetures de services se sont étendues à l’ensemble de l’industrie, des plateformes d’échange à des projets de finance décentralisée, ou DeFi. La baisse prolongée du marché alimente un assainissement plus large dans le secteur des actifs numériques. BitMart a déclaré le 27 juillet, sur son site officiel, qu’elle prévoit de suspendre ses opérations d’échange par phases. La société indique que cette décision reflète sa situation financière, l’environnement du marché et sa future orientation stratégique.

Des bourses aux solutions de couche 2, les fermetures crypto s’intensifient alors que le marasme se poursuit

La plateforme d’échange d’actifs numériques BitMart a rejoint la liste grandissante des entreprises du secteur crypto qui ferment en 2026, après avoir décidé de mettre fin à ses activités d’échange. Cette année, les fermetures de services se sont étendues à l’ensemble de l’industrie, des plateformes d’échange à des projets de finance décentralisée, ou DeFi. La baisse prolongée du marché alimente un assainissement plus large dans le secteur des actifs numériques.
BitMart a déclaré le 27 juillet, sur son site officiel, qu’elle prévoit de suspendre ses opérations d’échange par phases. La société indique que cette décision reflète sa situation financière, l’environnement du marché et sa future orientation stratégique.
Le Bitcoin reconquiert 65 000 $ alors que les tensions entre les États-Unis et l’Iran font une pause pour la deuxième journée ; le pétrole chute de 5 %Le Bitcoin est repassé au-dessus de 65 000 $ après que les États-Unis et l’Iran ont fait une pause sur les frappes militaires pour le deuxième jour consécutif. CoinDesk a rapporté le 27 juillet que le Bitcoin s’échangeait dans une fourchette de 65 000 $, en hausse d’environ 1,2 % par rapport aux 24 heures précédentes. L’Ether a grimpé de plus de 3 % pour s’approcher de 1 950 $, tandis que les autres principaux jetons du top 10 par capitalisation boursière, dont Solana et XRP, ont gagné de 1 % à 2 %. En revanche, les prix internationaux du pétrole ont chuté d’environ 5 %. Les États-Unis et l’Iran étaient parvenus à un cessez-le-feu temporaire plus tôt au cours du deuxième trimestre, après que les affrontements avaient commencé fin février, mais les combats ont bientôt repris. L’Iran aurait signalé qu’il cesserait également ses frappes aériennes si les États-Unis interrompaient leur campagne de bombardements.

Le Bitcoin reconquiert 65 000 $ alors que les tensions entre les États-Unis et l’Iran font une pause pour la deuxième journée ; le pétrole chute de 5 %

Le Bitcoin est repassé au-dessus de 65 000 $ après que les États-Unis et l’Iran ont fait une pause sur les frappes militaires pour le deuxième jour consécutif.
CoinDesk a rapporté le 27 juillet que le Bitcoin s’échangeait dans une fourchette de 65 000 $, en hausse d’environ 1,2 % par rapport aux 24 heures précédentes. L’Ether a grimpé de plus de 3 % pour s’approcher de 1 950 $, tandis que les autres principaux jetons du top 10 par capitalisation boursière, dont Solana et XRP, ont gagné de 1 % à 2 %. En revanche, les prix internationaux du pétrole ont chuté d’environ 5 %.
Les États-Unis et l’Iran étaient parvenus à un cessez-le-feu temporaire plus tôt au cours du deuxième trimestre, après que les affrontements avaient commencé fin février, mais les combats ont bientôt repris. L’Iran aurait signalé qu’il cesserait également ses frappes aériennes si les États-Unis interrompaient leur campagne de bombardements.
Les ETF spot sur le Bitcoin et l’Ether aux États-Unis enregistrent des entrées nettes hebdomadaires pour la troisième semaine consécutiveLes ETF de type exchange-traded funds (ETF) spot sur le Bitcoin et l’Ether aux États-Unis ont publié des entrées nettes hebdomadaires pour la troisième semaine consécutive. Wu Blockchain a rapporté le 27 juillet que les ETF spot sur le Bitcoin aux États-Unis ont enregistré des entrées nettes de 33,79 millions de dollars au cours de la semaine du 20 juillet au 24 juillet. Les ETF spot sur l’Ether aux États-Unis ont attiré des entrées nettes de 104 millions de dollars sur la même période, prolongeant également leur série à trois semaines consécutives. Les ETF spot sur les altcoins majeurs ont également attiré de nouveaux capitaux. Les ETF spot sur Solana ont enregistré des entrées nettes de 7,2 millions de dollars, tandis que les ETF spot sur XRP ont vu des entrées nettes de 8,15 millions de dollars.

Les ETF spot sur le Bitcoin et l’Ether aux États-Unis enregistrent des entrées nettes hebdomadaires pour la troisième semaine consécutive

Les ETF de type exchange-traded funds (ETF) spot sur le Bitcoin et l’Ether aux États-Unis ont publié des entrées nettes hebdomadaires pour la troisième semaine consécutive.
Wu Blockchain a rapporté le 27 juillet que les ETF spot sur le Bitcoin aux États-Unis ont enregistré des entrées nettes de 33,79 millions de dollars au cours de la semaine du 20 juillet au 24 juillet. Les ETF spot sur l’Ether aux États-Unis ont attiré des entrées nettes de 104 millions de dollars sur la même période, prolongeant également leur série à trois semaines consécutives.
Les ETF spot sur les altcoins majeurs ont également attiré de nouveaux capitaux. Les ETF spot sur Solana ont enregistré des entrées nettes de 7,2 millions de dollars, tandis que les ETF spot sur XRP ont vu des entrées nettes de 8,15 millions de dollars.
Voir la traduction
US Senate Has Two Weeks to Pass CLARITY Act as Ethics Dispute PersistsThe US Senate has about two weeks to pass the CLARITY Act, legislation that would set the market structure for digital assets, as Democrats and Republicans remain at odds over a key ethics provision. CoinDesk reported on July 26 that lawmakers released a new amendment to the CLARITY Act combining two drafts developed separately by the Senate Banking Committee and the Senate Agriculture Committee. The revised measure includes, for the first time, an ethics provision aimed at President Donald Trump that would bar senior public officials from issuing or sponsoring their own digital assets. The ethics provision has won White House approval, but Democratic senators have not accepted it. Under the measure, Trump would have to sell the related business within one year or place it in a blind trust, with the Justice Department responsible for enforcement. Democrats argue it is hard to trust the department to act independently while a sitting president remains in office. They also object that the provision would lapse as soon as the next president takes office, making any later retroactive application impossible. Democrats also have reason to keep the issue alive ahead of this year's midterm elections, given Trump's $1.4 billion in crypto income last year. Backers of the bill are emphasizing the significance of the ethics language. Republican Senator Cynthia Lummis said the provision would apply not only to Trump but also to a broad range of public officials and federal judges. Patrick Witt, the White House's crypto adviser, called it the broadest ethics provision ever approved by a US president. The procedural window is also tight. Senate aides from both parties and crypto industry officials contacted by CoinDesk expect a motion to begin debate to be filed on Monday or Tuesday. For a vote to take place before the Senate's summer recess on Aug. 7, the motion would have to be submitted no later than Wednesday. Kristin Smith, president of the Solana Policy Institute, said the recess deadline is a powerful negotiating tool. Elizabeth Warren, the top Democrat on the Senate Banking Committee, said in a statement that the revised bill should be "thrown in the trash immediately." She cited investor protection, national security provisions and Trump's crypto conflicts of interest as reasons for her opposition. The crypto industry is urging lawmakers to pass the measure, arguing that if it fails, investor safeguards would disappear.

US Senate Has Two Weeks to Pass CLARITY Act as Ethics Dispute Persists

The US Senate has about two weeks to pass the CLARITY Act, legislation that would set the market structure for digital assets, as Democrats and Republicans remain at odds over a key ethics provision.
CoinDesk reported on July 26 that lawmakers released a new amendment to the CLARITY Act combining two drafts developed separately by the Senate Banking Committee and the Senate Agriculture Committee. The revised measure includes, for the first time, an ethics provision aimed at President Donald Trump that would bar senior public officials from issuing or sponsoring their own digital assets.
The ethics provision has won White House approval, but Democratic senators have not accepted it. Under the measure, Trump would have to sell the related business within one year or place it in a blind trust, with the Justice Department responsible for enforcement. Democrats argue it is hard to trust the department to act independently while a sitting president remains in office. They also object that the provision would lapse as soon as the next president takes office, making any later retroactive application impossible. Democrats also have reason to keep the issue alive ahead of this year's midterm elections, given Trump's $1.4 billion in crypto income last year.
Backers of the bill are emphasizing the significance of the ethics language. Republican Senator Cynthia Lummis said the provision would apply not only to Trump but also to a broad range of public officials and federal judges. Patrick Witt, the White House's crypto adviser, called it the broadest ethics provision ever approved by a US president.
The procedural window is also tight. Senate aides from both parties and crypto industry officials contacted by CoinDesk expect a motion to begin debate to be filed on Monday or Tuesday. For a vote to take place before the Senate's summer recess on Aug. 7, the motion would have to be submitted no later than Wednesday. Kristin Smith, president of the Solana Policy Institute, said the recess deadline is a powerful negotiating tool.
Elizabeth Warren, the top Democrat on the Senate Banking Committee, said in a statement that the revised bill should be "thrown in the trash immediately." She cited investor protection, national security provisions and Trump's crypto conflicts of interest as reasons for her opposition. The crypto industry is urging lawmakers to pass the measure, arguing that if it fails, investor safeguards would disappear.
Voir la traduction
Today’s Key Economic Events ▶ July 27 (Monday): U.S. June durable goods orders (9:30 p.m. Korea Standard Time) Today’s Key Cryptocurrency Events ▶ July 27 (Monday):
Today’s Key Economic Events

▶ July 27 (Monday): U.S. June durable goods orders (9:30 p.m. Korea Standard Time)

Today’s Key Cryptocurrency Events

▶ July 27 (Monday):
Voir la traduction
Fed Faces Hold-or-Hike Decision as Middle East Oil Surge Revives Case for TighteningThe Federal Reserve heads into this week’s rate decision with the possibility of another increase back in focus as rising tensions in the Middle East and a jump in oil prices cloud the inflation outlook. Bloomberg reported on July 26 that the Fed will hold its July 28-29 Federal Open Market Committee meeting to decide interest rates. Softer-than-expected consumer prices last month had bolstered the case for a pause. That view has become less certain after escalating tensions between the US and Iran sent oil prices sharply higher and renewed concern about inflation reaccelerating. Rising demand tied to increased investment in artificial intelligence and additional tariffs under the Trump administration are also seen as potential drivers of price pressure. If the Fed leaves rates unchanged, some market participants say several officials could dissent in favor of a hike. Markets have already begun to reflect that possibility. In fed funds futures, the implied probability of a rate increase at this FOMC meeting briefly approached 40% last week and was still about 35% over the weekend. Those odds had fallen to around 10% after the June US consumer price index, released on July 14, posted its first month-on-month decline in six years. They climbed again after the Middle East situation worsened. Fed officials have also signaled continued vigilance on inflation and the possible need for further tightening. Dallas Fed President Lorie Logan recently said inflation is not moving steadily enough toward the Fed’s 2% target and that a modest additional rate increase may be needed. Cleveland Fed President Beth Hammack has also identified inflation, rather than employment, as the bigger risk at this point. Both Logan and Hammack have voting rights at this FOMC meeting, raising the possibility that they could dissent if the Fed holds rates steady. Minutes from last month’s FOMC meeting showed that some officials also raised the need for a rate increase. According to the minutes, a majority discussed a scenario in which inflation remains elevated because of stronger AI-driven demand, the Middle East conflict and tariffs. In that case, they agreed a rate increase could be necessary. Since then, the Trump administration has announced plans to impose additional tariffs on major trading partners including Canada. At the same time, a ceasefire between the US and Iran has broken down, turning some of those earlier inflation concerns into reality. Still, the Fed could leave rates unchanged at this meeting and wait for more evidence on inflation. Veronica Clark, an economist at Citigroup, said cooling June prices give the Fed room to avoid moving immediately. If higher energy costs feed only modestly into consumer prices and the unemployment rate rises, the central bank could continue to hold or even consider rate cuts, she said. Fed Vice Chair Philip Jefferson recently said it may be appropriate to reconsider the current monetary policy stance if inflation does not begin to slow soon. Attention is now focused on Fed Chair Kevin Warsh’s next move. Warsh recently reaffirmed to Congress that the Fed would use its policy tools to secure price stability, but he did not spell out a specific path for rates. The key issue at this FOMC meeting will be not only the rate decision itself, but also how much room policymakers leave for additional hikes ahead. “The key question over the next several meetings is where centrist FOMC members stand on whether a rate increase will be needed,” Matthew Luzzetti, chief US economist at Deutsche Bank, said.

Fed Faces Hold-or-Hike Decision as Middle East Oil Surge Revives Case for Tightening

The Federal Reserve heads into this week’s rate decision with the possibility of another increase back in focus as rising tensions in the Middle East and a jump in oil prices cloud the inflation outlook.
Bloomberg reported on July 26 that the Fed will hold its July 28-29 Federal Open Market Committee meeting to decide interest rates. Softer-than-expected consumer prices last month had bolstered the case for a pause. That view has become less certain after escalating tensions between the US and Iran sent oil prices sharply higher and renewed concern about inflation reaccelerating.
Rising demand tied to increased investment in artificial intelligence and additional tariffs under the Trump administration are also seen as potential drivers of price pressure. If the Fed leaves rates unchanged, some market participants say several officials could dissent in favor of a hike.
Markets have already begun to reflect that possibility. In fed funds futures, the implied probability of a rate increase at this FOMC meeting briefly approached 40% last week and was still about 35% over the weekend. Those odds had fallen to around 10% after the June US consumer price index, released on July 14, posted its first month-on-month decline in six years. They climbed again after the Middle East situation worsened.
Fed officials have also signaled continued vigilance on inflation and the possible need for further tightening. Dallas Fed President Lorie Logan recently said inflation is not moving steadily enough toward the Fed’s 2% target and that a modest additional rate increase may be needed.
Cleveland Fed President Beth Hammack has also identified inflation, rather than employment, as the bigger risk at this point. Both Logan and Hammack have voting rights at this FOMC meeting, raising the possibility that they could dissent if the Fed holds rates steady.
Minutes from last month’s FOMC meeting showed that some officials also raised the need for a rate increase. According to the minutes, a majority discussed a scenario in which inflation remains elevated because of stronger AI-driven demand, the Middle East conflict and tariffs. In that case, they agreed a rate increase could be necessary.
Since then, the Trump administration has announced plans to impose additional tariffs on major trading partners including Canada. At the same time, a ceasefire between the US and Iran has broken down, turning some of those earlier inflation concerns into reality.
Still, the Fed could leave rates unchanged at this meeting and wait for more evidence on inflation. Veronica Clark, an economist at Citigroup, said cooling June prices give the Fed room to avoid moving immediately. If higher energy costs feed only modestly into consumer prices and the unemployment rate rises, the central bank could continue to hold or even consider rate cuts, she said.
Fed Vice Chair Philip Jefferson recently said it may be appropriate to reconsider the current monetary policy stance if inflation does not begin to slow soon.
Attention is now focused on Fed Chair Kevin Warsh’s next move. Warsh recently reaffirmed to Congress that the Fed would use its policy tools to secure price stability, but he did not spell out a specific path for rates.
The key issue at this FOMC meeting will be not only the rate decision itself, but also how much room policymakers leave for additional hikes ahead. “The key question over the next several meetings is where centrist FOMC members stand on whether a rate increase will be needed,” Matthew Luzzetti, chief US economist at Deutsche Bank, said.
Voir la traduction
Big Tech Earnings, Fed Decision Set Up Super Week as Markets Brace for VolatilityGlobal financial markets this week will zero in on earnings from major US technology companies and the outcome of the Federal Open Market Committee meeting. Crypto markets are also poised to react to signals on artificial intelligence investment and the path of interest rates. From July 27 to July 31, major US technology companies including Microsoft, Meta Platforms and Amazon.com are due to report second-quarter results. Investors are focused less on the earnings figures themselves than on capital expenditure plans, the pace of AI infrastructure spending and changes in free cash flow. Alphabet earlier posted results that beat market expectations, but its free cash flow turned negative for the first time on record as it increased spending on AI infrastructure. That has made the hit to profitability from heavier AI investment a key variable this earnings season. The Federal Reserve will hold its FOMC meeting on July 28-29 to set benchmark interest rates. CME FedWatch data show markets are pricing in a high probability that rates will remain unchanged. At a press conference scheduled for early July 30 in Korea, Fed Chair Kevin Warsh will be closely watched for signals on the timing of future rate cuts and the central bank's response to inflation pressures from higher oil prices. The Middle East is another variable. If tensions between Saudi Arabia and Houthi rebels escalate, pressure on international oil prices could continue to build. That could weigh on sentiment toward risk assets. In Chinese equities, ChangXin Memory Technologies, China's largest DRAM maker, will list on July 27. Later in the week, investors will watch the Chinese Communist Party Politburo meeting for signs of additional economic stimulus or industry support measures.

Big Tech Earnings, Fed Decision Set Up Super Week as Markets Brace for Volatility

Global financial markets this week will zero in on earnings from major US technology companies and the outcome of the Federal Open Market Committee meeting. Crypto markets are also poised to react to signals on artificial intelligence investment and the path of interest rates.
From July 27 to July 31, major US technology companies including Microsoft, Meta Platforms and Amazon.com are due to report second-quarter results. Investors are focused less on the earnings figures themselves than on capital expenditure plans, the pace of AI infrastructure spending and changes in free cash flow.
Alphabet earlier posted results that beat market expectations, but its free cash flow turned negative for the first time on record as it increased spending on AI infrastructure. That has made the hit to profitability from heavier AI investment a key variable this earnings season.
The Federal Reserve will hold its FOMC meeting on July 28-29 to set benchmark interest rates. CME FedWatch data show markets are pricing in a high probability that rates will remain unchanged. At a press conference scheduled for early July 30 in Korea, Fed Chair Kevin Warsh will be closely watched for signals on the timing of future rate cuts and the central bank's response to inflation pressures from higher oil prices.
The Middle East is another variable. If tensions between Saudi Arabia and Houthi rebels escalate, pressure on international oil prices could continue to build. That could weigh on sentiment toward risk assets.
In Chinese equities, ChangXin Memory Technologies, China's largest DRAM maker, will list on July 27. Later in the week, investors will watch the Chinese Communist Party Politburo meeting for signs of additional economic stimulus or industry support measures.
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