Commodity Strategist Warns US Economy Heading Toward ‘Severe Deflationary Recession’

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, has warned that the U.S. economy is “heading towards a severe deflationary recession,” emphasizing that the Federal Reserve is still tightening. “Typically, when you have commodities collapsing at this velocity in the past, the…

Ether’s Security Status Remains Unclear as SEC Chair Gensler Fails to Answer Lawmaker’s Question

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, would not answer a direct question in a congressional hearing about whether ether is a security. While the SEC chair insisted that the law is clear on crypto, Congressman…

Gold Slides on Higher US Treasury Yields, Dollar

Prices of gold, and other precious metals, fell on Wednesday due to stronger U.S. yields and national currency. The decline comes on the backdrop of expectations of new interest rate increases next month amid persistent inflation in the United States and…

Binance Sued by CFTC for Alleged Violations of Trading and Derivatives Rules

The world’s largest crypto exchange by trade volume, Binance Holdings Ltd., has been sued by the U.S. Commodity Futures Trading Commission. Binance CEO Changpeng Zhao has been named in the lawsuit and the charges claim the crypto exchange broke several trading…

Vladimir Putin Says Russia Wrote Off African Countries’ Debts Totaling Over $20 Billion in 2022

African countries’ debts totaling more than $20 billion were written off in the past year, Russian President Vladimir Putin said on March 20. Putin also revealed that trade between Russia and Africa had nearly reached $18 billion by the end of…

Mike Novogratz Warns of Credit Crunch in US and Globally — Expects Fed to Cut Rates ‘Sooner Than We Think’

Galaxy Digital CEO Mike Novogratz has warned of a credit crunch in the U.S. and globally. Emphasizing that “we are heading into a recession,” he expects the Federal Reserve to cut interest rates “sooner than we think.” Novogratz on Global Credit…

Analysts Suspect Banking Crisis Triggered ‘Resting Bull Market’ in Gold, Silver Could Print Much Higher Gains

At the start of the week, a troy ounce of .999 fine gold was trading at $1,813 per unit. Seven days later, gold rose 9.65% against the U.S. dollar to the current spot price of $1,988 per ounce. Gold’s rise comes…

US Judge Dismisses Customer Lawsuit Against Crypto Exchange Coinbase

A U.S. district judge has dismissed a lawsuit against Coinbase and its CEO Brian Armstrong filed by customers of the crypto exchange. The lawsuit alleges that Coinbase sold 79 crypto tokens that are unregistered securities. Customer Lawsuit Against Coinbase Dismissed A…

Jim Cramer Says Avoid Crypto, Stick With Gold for ‘Real Hedge’ Against Inflation and Economic Chaos

The host of Mad Money, Jim Cramer, has advised investors to avoid crypto and stick with gold if they “seriously want a real hedge against inflation or economic chaos.” He added that bitcoin is too volatile to use as a currency….

Samsung’s Asset Management Arm Launches Bitcoin Futures ETF in Hong Kong

Samsung’s asset management arm has launched a bitcoin futures exchange-traded fund (ETF). The new actively managed ETF is listed and traded on the Hong Kong stock exchange. It seeks “to provide economic exposure to the value of bitcoin,” Samsung detailed. Samsung’s…