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Bloomberg Crypto

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Bloomberg Crypto

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  • Gold Edges Higher on US Rate-Cut Bets and Dollar Weakness Gold rose for a second day on optimism the Federal Reserve will resume rate cuts later this year, while investors continued to monitor US trade talks ahead of a July 9 US tariff deadline. Bullion traded near $3,310 an ounce, after rising 0.9% on Monday as traders priced in higher odds of at least two US rate reductions in 2025. A jobs report on Thursday also looms as a potential catalyst for a drop in yields on Treasuries — a scenario that typically tends to benefit gold.
  • Musk Rages as Trump Tax Bill Slashes Electric Vehicle Credits Elon Musk in the Oval Office of the White House on May 30. Elon Musk slammed the US Senate’s latest version of President Donald Trump’s multi-trillion dollar tax bill Saturday, raging online that the cuts to electric vehicle and other clean energy credits would be “incredibly destructive” to the country. Musk, the chief executive officer of Tesla Inc. and SpaceX, posted on his social media platform X about the bill, which the Senate was planning to put to an initial vote on Saturday. Musk recently left Trump’s side after working for several months as the head of Trump’s so-called Department of Government Efficiency.
  • Musk Rages as Trump Tax Bill Slashes Electric Vehicle Credits Elon Musk in the Oval Office of the White House on May 30. Elon Musk slammed the US Senate’s latest version of President Donald Trump’s multi-trillion dollar tax bill Saturday, raging online that the cuts to electric vehicle and other clean energy credits would be “incredibly destructive” to the country. Musk, the chief executive officer of Tesla Inc. and SpaceX, posted on his social media platform X about the bill, which the Senate was planning to put to an initial vote on Saturday. Musk recently left Trump’s side after working for several months as the head of Trump’s so-called Department of Government Efficiency.
  • Stocks Are Defying the Naysayers. They Can Keep Going. There are plenty of tail risks, and you might think that investors are being cavalier. But don’t forget about the upside risks. The S&P 500 Index just rallied back to all-time highs, brushing off the April tariff shock, the conflict with Iran and the insidious and persistent increase in US continuing jobless claims. A growing chorus of bears thinks traders are whistling past the graveyard, and they’re far from crazy to think so. But then again, index highs almost always feel like this. Consider August 2020, when the Covid-19 pandemic was still in full swing. The government data had put unemployment at over 10%, and yet blended forward price-earnings ratios were in the 99th percentile of the previous two decades. There was some general optimism about the prospects for a vaccine, but clinical trials were still ongoing and a summer surge of Sun Belt cases had dashed hopes for a quick resolution to the pandemic disruptions. Meanwhile, a popular narrative posited that “dumb money” retail traders were driving the stock rally. How did that turn out? Even after the Aug. 18 high, the index returned another 11.5% in 2020 and 28.7% in 2021. Not too shabby.
  • China Credit ETFs to Almost Double as Funds Rush to Tech Bonds The number of corporate bond exchange-traded funds in China is set to almost double to 21 as a growing number of money managers draw up strategies to invest in the fledgling tech-related bond market. Ten Chinese firms including E Fund Management Co., China Southern Asset Management Co. and Invesco Great Wall Fund Management Co., have submitted applications to the securities regulator to set up ETFs that will invest in notes that fund technology businesses, state media reported last week. Brokerage Huaxi Securities Co. says there are currently 11 corporate bond ETFs in China.
  • China Opens First Offshore Gold Vault and Contracts in Hong Kong The Shanghai Gold Exchange has expanded outside mainland China for the first time, with the roll out of two new contracts and a bullion vault in Hong Kong. The launch serves a number of purposes, from broadening the Shanghai exchange’s international reach, to strengthening China’s clout in commodity and currency markets and Hong Kong’s status as a financial center.
  • Carney Energy Chief Seeks Indigenous Equity in Major Projects As Prime Minister Mark Carney’s government prepares to plow forward on major new energy and infrastructure projects, his natural resources minister says he wants Indigenous groups to pursue large ownership stakes in them. “If we are serious about retooling our economy, then economic reconciliation must be front and center,” said Energy Minister Tim Hodgson in prepared remarks to the Toronto Regional Board of Trade.
  • Crypto Firm BitGo’s Assets in Custody Jump to Top $100 Billion Crypto custody firm BitGo Inc. has seen its assets under custody soar from $60 billion to $100 billion in the first half of 2025, Abel Seow, managing director for Asia-Pacific at the firm said in an interview. The jump is driven by rising crypto adoption flowing from greater regulatory clarity globally, Seow said. Of the total assets looked after by the firm, half are tied to staking — a process that involves investors pledging cryptocurrencies to help validate transactions on blockchains, which in turn helps them earn more tokens.
  • LIVE NOW: What are the geopolitical and market impacts of the US’s involvement in the Israel-Iran conflict?
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