Last Week in Review: Block’s Bitcoin DCA strategy, and the Fed kept rates unchanged

The highlights from last week’s headline grabbers. All the important crypto news, numbers and events in three bullet points or less.
News from the block
Jack Dorsey’s Block said it’s dollar-cost averaging into Bitcoin
- Block, the Bitcoin-focussed company founded by Twitter founder Jack Dorsey, is dollar-cost averaging into Bitcoin and sharing its roadmap so other companies can follow.
- “We view bitcoin as an instrument of global economic empowerment; it is a way for individuals around the world to participate in a global monetary system and secure their own financial future,” the document notes. “We’ve chosen to open source this documentation to clearly articulate the process behind our purchase as others consider similar moves.”
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“Higher for longer” narrative from the Fed resurfaced after the latest press meeting
- “It is likely to take longer for us to gain confidence that we are on a sustainable path down to 2% inflation,” Fed chair Jay Powell said during a news conference on Wednesday last week, following the Federal Reserve Bank’s decision to keep interest rates at current levels between 5.25 to 5.5%.
- The Fed noted a lack of further progress in achieving its targeted inflation rate of 2%, which analysts are saying is likely to delay rate cuts until later this year. Powell did, however, say that a rate hike in the next meeting is unlikely.
- “It is likely that gaining such greater confidence will take longer than previously expected. We are prepared to maintain the current target federal funds rate for as long as appropriate,” Powell said during the press conference.
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Hong Kong spot BTC and ETH ETFs saw $6.3 million trading volume on first day
- The spot Bitcoin and Ethereum exchange-traded funds (ETFs) that started trading in Hong Kong yesterday saw $6.3 million of trading volume. For perspective, the 11 spot Bitcoin ETFs that launched in the US in January recorded roughly $4.6 billion of trading volume on the first day, according to The Block.
- Six spot ETFs started trading in Hong Kong.
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ASX exchange in Australia next to list spot Bitcoin ETFs?
- Bloomberg reported that Australia’s ASX stock exchange is expected to list spot bitcoin exchange-traded funds by the end of the year. ASX manages about 80% of the local trades.
- According to reporting by The Block, several issuers have already submitted their ETF applications.
- Spot Bitcoin ETFs have been trading in Australia since 2022, but only on the CBOE Australia exchange.
TL;DID read
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