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ECB Governing Council member Pereira: Inflation is currently at the target level, and we expect it to remain so in the coming months.On December 19th, European Central Bank (ECB) policymakers warned on Friday that their latest economic forecasts carry significant risks, urging caution in policy-making and not ruling out further interest rate cuts. The ECB kept interest rates unchanged on Thursday and raised some of its growth and inflation forecasts. Investors interpreted this as an indication that borrowing costs would not be lowered further. Although the market has ruled out rate cuts and now expects a rate hike in 2027, several policymakers, including Bank of France Governor Villeroy, Dutch Central Bank Governor Sleipön, Austrian Central Bank Governor Kocher, Bank of Spain Governor Eskriva, and Finnish Central Bank Governor Rehn, warned against drawing premature conclusions. Kocher noted, "In terms of the overall economic situation, we are not optimistic at the moment because uncertainty remains high," adding, "This means that if necessary, we could either cut or raise rates further."ECB Governing Council member Pereira: We are in a good position, but shocks can always come.On December 19th, ECB Governing Council member and Dutch Central Bank Governor Alexis Sleipön stated that the risks to growth and inflation in the Eurozone are fairly balanced, but remain significant, therefore the ECB needs to remain open to future policy moves. The ECB kept interest rates unchanged on Thursday and raised some of its growth and inflation forecasts, a move that likely indicates no further rate cuts in the near term. However, policymakers, including Sleipön, were quite cautious in their public comments on Friday, unwilling to prematurely rule out any policy options given the substantial risks that could rapidly alter the outlook. “We are still in a good position right now, with inflation in Europe very close to 2%. You could say thats almost the ideal situation a central bank governor dreams of,” Sleipön said. “But at the same time, we also know that the risks remain significant.” “Thats why we must stick to the meeting-by-meeting assessment approach and continue to rely on data,” he said. “I think the risks to growth and inflation are fairly balanced, although significant.”Market news: According to sources, AbbVie, Bristol-Myers Squibb, Gilead, Merck, and other pharmaceutical companies are expected to announce an agreement with the U.S. government on Friday afternoon local time to lower the prices of certain prescription drugs.

Bitcoin Drops as Wall Street Shares Tumble

Jimmy Khan

May 10, 2022 10:01

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On Monday, bitcoin fell to its lowest level since July 2021, falling in lockstep with sagging US stock markets on fears about the Federal Reserve's aggressive tightening policy.


Bitcoin, the world's most valuable cryptocurrency by market capitalization, fell to $30,331.28 for the fifth straight session. Bitcoin was last trading at $30,724, down 9.8%.


Bitcoin has lost over half its value since reaching an all-time high of $69,000 in November last year, falling 19 percent in May.


The S&P 500 index fell to its lowest level since April 2021 on Monday, owing to falls in mega-cap growth stocks. The Nasdaq was down more than 3%, while Apple shares were down more than 3% and were the Nasdaq and S&P 500's greatest drag.


"Volatility in the market arises from speculation," according to Alex Miller, CEO of Hiro. And since bitcoin is so speculative, its price, as well as that of the rest of the crypto market, is falling in tandem with the broader markets."


Hiro creates developer tools for Stacks, the bitcoin network that powers apps and smart contracts.

Ether, the world's second-largest cryptocurrency and the basis for the Ethereum blockchain, has dropped to its lowest level since late January.


"The most essential thing to do to prepare for bear markets is to keep your portfolio balanced and not overinvest in assets that you can't afford to wait out a crypto winter with," Miller added. "Holding long-term assets like bitcoin, or even increasing your stake if you're set up to do so, is the smartest thing you can do, as we've seen from every downturn ever."


Despite bitcoin's price decline, funds and products related to it received $45 million in inflows last week, according to a report issued on Monday by digital asset management Coinshares.


Investors took advantage of bitcoin's price falls, according to CoinShares investment manager James Butterfill.


According to the CoinShares report, the crypto industry as a whole received $40 million in inflows.


Other causes in bitcoin's decrease, according to Matt Dibb, chief operating officer of crypto platform Stack Funds, occurred during the weekend amid the crypto market's infamously low liquidity.


There were also concerns, according to Dibb, that the algorithmic stablecoin Terra USD (UST) would lose its linkage to the dollar.


Stablecoins are digital currencies that are linked to conventional assets, most often the US dollar.


UST is being keenly followed for its unusual method of maintaining a 1:1 dollar peg, as well as its creators' ambitions to construct a $10 billion bitcoin reserve to support the stablecoin, implying that UST volatility might possibly leak over into bitcoin markets.


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