Hut8 relocates 6,400 rigs, sees growth in AI & high performance computing
North American mining firm Hut8 is seeing new demand for AI and high performance computing as it looks to re-energize some 6,400 rigs being moved from its inoperative North Bay site in Ontario. As previously reported, Hut8 is in an ongoing legal battle with its third party energy supplier Validus Power over alleged failure to meet contractual obligations. Operations at the facility have been suspended since Nov. 2022. Source: Cointelegrah
Swiss Inflation returned below SNB’s 2% Ceiling in June
The figures offer limited reassurance to officials who have already signaled further
tightening is likely.
CPI YoY rose 1.7%, down from 2.2% the previous month, as energy costs fell. Underlying inflation, which strips out such volatile elements, also slowed to 1.8%. Source: BBG, Swiss statistics agency
SEC Says Spot Bitcoin ETF Filings Are Inadequate
The Securities and Exchange Commission said a recent wave of applications filed by asset managers to launch spot bitcoin exchange-traded funds are inadequate, according to people familiar with the matter. The agency informed exchanges Nasdaq and Cboe Global Markets, which filed the applications on behalf of asset managers including BlackRock and Fidelity Investments, that the filings aren't sufficiently clear and comprehensive, the people said.
JPMorgan Chase is again trying to break major resistance.
This is the 10th time since March 2022 that JPMorgan Chase (JPM US), it trying to break major resistance 144. Volume increased strongly yesterday. Is this the one ? Source : Bloomberg
Visa is reaching strong resistance 235.50
Since October 2021 Visa (V US) is trying to break the 235.50 resistance level. Is this time the one ? Source : Bloomberg
Shifting Dynamics in 3-Month US Futures: A Hawkish Turn
The recent shift in the 3-month US futures market has grabbed investors' attention. FED Governor Powell's increasingly hawkish tone has sparked a repricing frenzy, altering market expectations for rate cuts. The latest data shows a significant turnaround, with futures no longer projecting any cuts in 2023 and only one in the first half of 2024. This remarkable repricing indicates a growing sentiment of an extended period of higher interest rates. The resurgence of the 3-month SOFR Future June 24 contract to pre-SVB crisis levels further underscores the market's confidence in this new direction. Source: Bloomberg
UK bond market is sending a signal!
The recent developments in the UK bond market have caught the attention of investors. In June, the UK yield curve (2s10s) experienced an unprecedented decline, marking one of the steepest drops in decades, and it is now approaching -100bps. This significant shift reflects the market's conviction that the Bank of England (BoE) will take decisive measures to combat inflation. However, it also raises concerns about the potential impact on the UK economy and its medium-term growth prospects. Should the BoE keep pushing the limits (rate hikes) until something breaks?
Despite pilot, Swiss National Bank has no plans to launch CBDC
Though the Swiss National Bank is set to pilot central bank digital currencies, or CBDCs, amid a changing financial ecosystem, it doesn’t necessarily have plans to launch one. The pilot is meant to test a wholesale CBDC for “a limited time” to test transactions with market participants on the SIX Digital Exchange, a spokesperson told Blockworks. The central bank sees signs in Switzerland of the development of a new financial ecosystem where transactions take place with tokenized securities and tokenized money — an environment set to make financial markets more efficient. Source: Blockworks
