Crypto
SEC tokenized stock plan targets the register, not the token: Bitget analyst
The SEC has proposed a 60-day rulemaking process to modernize transfer-agent systems for blockchain records as offshore demand for tokenized stocks grows.
Summary
- SEC rules would permit transfer agents to use blockchain-based systems for securities records.
- The proposal does not make tokens legal shares or grant holders shareholder rights.
- Bitget recorded $1.16 billion in tokenized-stock volume from June 2 to July 19.
- Shared ownership records remain necessary for US and offshore products to become interchangeable.
Bitget Research Chief Analyst Ryan Lee told crypto.news that the SEC’s proposal addresses a part of tokenized stock markets that has received less attention than trading venues: the official record showing who legally owns each share.
Most tokenized stock products available outside the United States give investors price exposure through a synthetic or custodial structure, Lee said. Under such arrangements, a platform or custodian holds the underlying security, while the investor owns a token carrying a claim against that intermediary.
“The key difference is how ownership is recorded, not the token itself,” Lee said.
In the traditional US market, registered transfer agents maintain issuer records, process ownership changes, and help manage corporate actions. Connecting a token to an authoritative transfer-agent register could allow legal ownership to appear on the same official record used for conventional shares, according to Lee.
SEC tokenized stock proposal modernizes the ownership system
The SEC proposal, published on Sep. 1, would update federal rules and forms governing registered transfer agents. Existing transfer-agent rules have not received a substantial update since the late 1970s and early 1980s, according to the agency.
Under the plan, transfer agents could use electronic communications and blockchain technology when handling securities offerings and share transfers. Proposed changes also cover registration, reporting, recordkeeping, and safeguards for securities and funds.
SEC Chair Paul Atkins said the proposal would update the rules to account for current transfer-agent operations, including the use of blockchain technology. Public comments will remain open for 60 days after the proposal appears in the Federal Register.
Lee cautioned that the rulemaking deals with the systems supporting securities ownership, not the legal status of tokenized shares themselves. Adoption would not automatically establish a token as the underlying security or give its holder voting, dividend, and other shareholder rights.
“It modernizes the plumbing an authoritative tokenized register would eventually need,” Lee said, calling the proposal meaningful while stressing that substantive securities-law questions remain unresolved.
For American investors, the distinction determines whether an onchain product amounts to registered stock ownership or merely financial exposure tied to a listed company. Issuance terms, custody arrangements, and applicable securities laws would still govern investor rights even if a transfer agent stores records on a blockchain.
Offshore volume shows demand is concentrated in active stocks
Bitget recorded $1.16 billion in tokenized-stock trading volume between June 2 and July 19, according to figures provided by the exchange. Non-crypto assets have accounted for about 20% of its total trading volume, indicating that offshore users already trade stock-linked products without a dedicated US tokenization framework.
Citing research from DeFiLlama, Lee said Bitget’s activity centered on semiconductor and technology companies rather than being distributed evenly across more than 500 listed stocks.
The study found that Bitget had a median bid-ask spread of 0.83 basis points, the lowest among five tokenized-equity markets included in the comparison. It also recorded the deepest available liquidity at the top of its order book, according to the research.
Lee described the figures as evidence of demand for efficient trading in selected high-momentum names. However, volume alone does not establish whether users hold the products as long-term investments or repeatedly trade them.
Moving from price access to direct ownership would require clear rules governing legal title and shareholder rights, Lee said. A July tokenized stock study found that the number of holders across five platforms had risen 92% in 30 days to 752,000.
Robinhood accounted for 328,000 holders but only $44 million in assets, producing an average position of about $134. Ondo held $857 million in tokenized equities, while xStocks followed with $487 million, showing that holder counts and capital concentration can present different pictures of adoption.
Shared records could make tokenized shares interchangeable
Legal fungibility between a US-regulated tokenized share and an offshore counterpart would require both products to refer to the same authoritative ownership record, according to Lee. Without such a link, transferring a product between jurisdictions could create a separate instrument rather than move the original security.
Regulators would first need to recognize that a token representing a US-registered security remains the same security when held through an offshore platform. Lee identified cross-border recognition as the hardest condition because jurisdictions have not settled how an offshore holder could own a claim on the same registered share.
Market operators would also need a common or interoperable settlement and registry layer. A transfer would then update one accepted record instead of requiring two independent ledgers to be reconciled after each transaction.
Corporate actions add an operational requirement. Platforms and transfer agents would have to apply dividends, shareholder votes, transfer limits, and regulatory reporting consistently so that an asset does not gain or lose rights when it crosses from one venue to another.
Current products handle such rights in different ways. An August report on xStocks explained how Backed Assets collects voting instructions from token holders and passes them through its custodial structure. Backed remains the beneficial owner of the underlying shares, while token holders receive contractual instruction rights rather than direct registration as shareholders.
Access also varies by jurisdiction. In July, Kraken added selected xStocks as collateral for futures and margin positions, but the service remained limited to eligible users outside the United States. The launch covered ten products, including tokenized versions of Apple, Nvidia, Tesla, the SPDR S&P 500 ETF Trust, and the Invesco QQQ Trust.
Coinbase and Base have pursued another structure. Base founder Jesse Pollak said in July that the companies were preparing tokenized equities backed one-for-one by underlying shares, according to an earlier report on the plan. Coinbase had said its planned non-US products would represent equity ownership and include dividends and shareholder rights, though the companies had not disclosed the proposed custody or registry process.
Transfer-agent control could become a competitive advantage
Control over shareholder records may become more valuable as exchanges compete on fees, liquidity and trading hours, Lee said. Every venue ultimately needs to settle transactions against an accepted ownership register, giving transfer agents a central place in the market structure.
Lee pointed to Bullish’s planned Equiniti acquisition as evidence that companies are directing capital toward registry infrastructure. Announced in May, the $4.2 billion transaction would add a regulated transfer agent to Bullish’s tokenization, trading and market-infrastructure operations.
Equiniti maintains shareholder records for more than 2,500 companies and 20 million shareholders while processing about $500 billion in annual payments. The transaction includes $1.85 billion of assumed debt and roughly $2.35 billion in Bullish stock, according to the deal announcement.
Licensing demands, established issuer relationships and the trust placed in recordkeepers create high entry barriers for transfer-agent services, Lee said. Although the structure could concentrate activity among a limited number of providers, he argued that regulated and interoperable registers could reduce the fragmentation that prevents tokenized shares from becoming fungible.
Under Lee’s preferred model, several authoritative registers would operate under clear oversight and communicate with one another, while exchanges compete through liquidity and execution. The Bullish transaction is expected to close in early 2027, subject to regulatory approvals, with Equiniti’s management retaining responsibility for daily operations, compliance duties and client relationships.
Key takeaways
- LINK rose about 6% while much of the crypto market retreated, extending its reported 30-day gain to 30.3%.
- Chainlink’s CCIP 2.0 launch gives institutions the option to add their own cross-chain transaction verifiers.
- LINK met resistance near $15, while the supplied chart analysis identifies $12-$13 as a potential support zone.
Chainlink’s LINK token outperformed a weaker crypto market following the launch of Cross-Chain Interoperability Protocol (CCIP) 2.0.
The token gained about 6% in the session described in the supplied analysis, taking its 30-day advance to 30.3% and its year-to-date return into positive territory.
The upgrade gives financial institutions more control over transactions that move data or assets between blockchains.
Traders appeared to welcome the announcement, though LINK’s approach to $15 brought a technical test after its recent rally.
CCIP 2.0 adds institution-operated verifiers
Cross-chain transfers require a way to confirm that an action occurred on one blockchain before a corresponding action is completed on another. CCIP provides that communication layer.
With version 2.0, institutions and asset issuers can add Cross-Chain Verifiers to apply their own checks alongside Chainlink’s default verification network. Chainlink says starter kits will let users run those verifiers on infrastructure including Amazon Web Services and Google Cloud.
The added checks could matter to firms with internal security or compliance requirements. An issuer, for example, may want a transfer to proceed only after its own verifier has approved it.
CCIP 2.0 also offers configurable compliance controls, fees, and execution options, allowing users to choose how a transaction is checked and completed. These features are optional; Chainlink says its existing verification network remains the default.
Speed is another part of the upgrade. CCIP 2.0 supports faster-than-finality transfers where a user’s chosen risk settings permit them.
Chainlink also says it is working to support Ethereum’s Fast Confirmation Rule when that feature launches. Its future integration should not be treated as a speed improvement already available for every Ethereum transfer.
The supplied market analysis reported an 89% jump in LINK trading volume following the CCIP 2.0 announcement.
Higher volume shows that more tokens changed hands during the move, but it does not, by itself, show whether buyers will remain in control.
The same analysis cited a recovery in Chainlink’s total value secured from about $43 billion in June to $57 billion in August. That metric describes value associated with assets using Chainlink services; it is distinct from revenue earned by Chainlink or the market value of the LINK token.
The product announcement gives traders a reason to reassess Chainlink’s role in institutional blockchain infrastructure. Even so, a network upgrade does not automatically create immediate demand for LINK. Adoption, usage, and the broader market’s direction will matter to whether the price move lasts.
Can LINK break above $15?
LINK’s advance encountered selling pressure near $15, a level the supplied daily-chart analysis identifies as immediate resistance.
It also noted a bearish divergence in the relative strength index: price strengthened while the momentum reading weakened. Such a signal can precede a pause or pullback, although it does not establish that one must occur.
If LINK retreats, the analysis places a possible support zone at 12–13. Holding that area could leave the broader recovery intact, while a decisive break below it would weaken the bullish setup.
A sustained move above $15 would shift attention toward higher levels, including the article’s $20 upside scenario. From $12, a rise to $20 would be roughly 67%, but that percentage describes a hypothetical entry and exit, not an expected return.
For now, the clearest test is whether LINK can absorb selling around $15 while maintaining support if the wider crypto market remains under pressure.
BTC’s move above $80,000 has triggered a “double-bottom breakout,” a technical analysis pattern confirming a bullish trend and opening the door for a rally to $100,000, according to Jurrien Timmer, director of global macro at Fidelity Investments.
“Bitcoin is looking particularly interesting here as it challenges key resistance at $80k. If it breaks it will confirm a double bottom targeting $100K,” Timmer wrote on X on Friday.
A double bottom looks like the letter W on a price chart. The price drops to a low, bounces, falls back to roughly the same level, then rises again. The two dips show buyers stepping in at the same price twice. The peak in the middle of the W acts as resistance. A break above it suggests sellers have run out of steam and a new uptrend may be starting.
Timmer’s chart shows bitcoin’s two lows this year at $60,033 and $57,742, with the middle peak near $82,800.
Chart patterns are not guarantees. Breakouts often fail, reversing quickly and trapping buyers who chased the move.
Still, the bullish setup is consistent with options traders positioning for more gains. The $90,000 call is the most popular bitcoin options bet on crypto exchange Deribit, with $2.45 billion in open interest. The $95,000 call follows with $2.33 billion, and the $100,000 call holds $1.79 billion. A call gives the buyer the right to buy at a set price and profits when the market rises above it.
XRP price hovers under $1.49 after three consecutive daily declines left the token losing the $1.50 support, even as a modest bounce pulled it off session lows. CoinGlass data showed the long-to-short ratio at 0.975, meaning short positions marginally outnumbered longs, while the funding rate sat at a positive 0.008%, the reading that determines whether long or short traders pay a periodic fee to hold perpetual futures.
XRP Long Short Ratio, Coinglass
That combination is the crux of the problem. Traders are still paying to stay long, yet the spot price has not moved in a way that rewards the bet, and the disconnect between heavy spot selling and futures demand is the setup that tends to unwind fast once a key level gives way.
A 0.975 long-to-short ratio is not a bearish signal in any decisive sense. It sits close enough to 1.0 that it reads as near-balanced positioning rather than a market leaning hard in either direction.
XRP Funding Rate, Coinglass
Funding tells a more interesting story on its own. A positive rate means demand for long exposure in crypto derivatives is real enough that longs are compensating shorts to hold the position, which typically signals conviction that price moves higher.
However, it cuts both ways: if price falls further, those same leveraged longs become forced sellers, and a positive funding regime built on thin spot demand can flip into a liquidation cascade faster than one built on genuine accumulation.
CryptoQuant’s summary data flagged overheating conditions across both XRP’s spot and futures markets, alongside sell-side dominance in futures, meaning sellers have retained the upper hand in derivatives even as funding stays positive. That is the missing piece: positive funding shows traders are willing to hold bullish exposure, but it has not yet translated into enough buying pressure to absorb the futures selling and push through resistance.
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XRP Price and the $1.37 Support
The daily chart still leans bullish on a longer timeframe. XRP held above its 50-day price exponential moving average near $1.365 and its 200-day EMA near $1.369 through the three-day slide, with the 100-day EMA sitting lower at $1.307 as a secondary reference.
Momentum has cooled rather than reversed. The RSI sat near 55, close to neutral, and the MACD flattened around zero, a pattern consistent with consolidation after an earlier advance rather than an active breakdown.
The level that matters most sits at $1.37, where the 50-day and 200-day EMAs converge into a single support band. A clean break below that zone opens the $1.30 area, and a deeper slide would eventually put the $1.00 psychological level in play, though XRP would need to fall substantially before that becomes the immediate focus. On the upside, reclaiming the $1.574 resistance level is the trigger that would strengthen the case for a move toward $1.90.
Trade XRP on Bybit and Get a Chance to Win Our $1,000 USDT Airdrop
What Happens Next for XRP?
Two scenarios frame the near-term path. If XRP holds the $1.37 zone, the market stays in a consolidation phase where positive funding continues to reflect trader appetite for long exposure, but that alone won’t confirm a breakout without a corresponding rise in open interest and spot volume.
If XRP price instead reclaims $1.574, the technical case for a run toward $1.90 gets meaningfully stronger, and that move would likely force shorts to cover into strength. The alternative is a sustained break below $1.37, which shifts focus to $1.30 as the next line of defense, with $1.00 as the deeper level only if that support also fails.
Either way, the current setup leaves no room for complacency on either side of the trade. Near-balanced positioning combined with positive funding and futures sell-side dominance is a fragile mix, and the next move in spot price will do more to settle the argument than another shift in the long-short ratio.
Discover: The Best Token Presales
The post XRP Price in Danger: Positive Funding Masks a Fragile Setup appeared first on Cryptonews.
Bitcoin recovered Monday’s losses to trade at $84,170 on Tuesday, up 0.82% since midnight UTC and 1.4% over 24 hours, with 72 of the 100 CoinDesk 100 constituents higher and the index adding 0.89% to 1,904.49.
The bid is arriving despite conditions that have been suppressing risk assets for a week, the 10-year Treasury yield sitting at 5.234% after ending Monday above 5.2%, near levels last seen in 2007, and the 30-year at 5.549% having topped 5.56% on Monday, around a 2004 high.
U.S. stocks fell for a second session on Monday, the Dow dropping more than 300 points and the S&P 500 and Nasdaq Composite shedding 0.8% and 0.9%, with futures mixed on Tuesday morning.
Decentralized finance (DeFi) is driving the move for the second time in a week, with the DeFi Select Index (DFX) gaining 5.0% since midnight, led by lending protocol token aave at 11% and curve dao token at 5.2%. The CoinDesk 80 rose 2.0% against the CoinDesk 5’s 1.3%, though the ranking inverts over 24 hours, where the CD5’s 1.7% beats the CD80’s 0.44%.
The D’CENT wallet hack, the year’s second-largest drain of XRP behind the Bitget crypto exchange hack, has spilled beyond the XRP Ledger onto additional blockchains like Bitcoin, Ethereum, and Stellar.
Hackers have drained more than 12.4 million XRP from more than 7,000 D’CENT wallets, still some way behind Bitget’s loss of 102.9 million XRP.
Although the wallet was popular among the XRP community, D’CENT users who owned assets of other blockchains have also lost their funds.
D’CENT’s own disclosure named Bitcoin, Tron, and Ethereum, for example. Even a Stellar user has lost XLM in the incident.
Hackers are able to sweep funds across blockchains with one compromised recovery phrase for the multi-blockchain wallet.
IoTrust, the maker of D’CENT, confirmed at least 110 abnormal transfer reports, including non-XRP assets, per ZDNet Korea.
XRP holders lose $18 million in D’CENT hack
Drains of XRP are the most well-documented, due to the prominence of D’CENT among XRP holders.
At least six waves of theft occurred between September 15 and 20, emptying 6,678 wallets of 11.7 million XRP.
The thief stole from large wallets first, by hand, and soon wrote scripts to take funds from progressively smaller wallets.
Warnings from D’CENT and other members of the XRP community couldn’t stop the drainage. Thieves took 640,370 additional XRP after September 21, bringing the tally to above 12.4 million.
By Friday, 6.3 million of those stolen XRP had crossed to Ethereum’s blockchain through the swap service THORChain.
As the theft spilled over to other blockchains, researchers admitted the scope of the losses, saying, “Most of it is no longer XRP.”
Read more: David Schwartz warns of hard fork because XRP nodes won’t upgrade
In August, D’CENT was still touting its hardware wallets’ secure element, boasting that it was impervious to vulnerabilities linked to the Coldcard hack.
D’CENT now warns users that wallets they created using its app are vulnerable, urging them to create a fresh recovery phrase and immediately migrate everything, including tokens, NFTs, and any staked assets.
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
Market action since 2022 backs Thielen’s take. The 10-year yield more than doubled to 3.88% that year as the Fed raised interest rates rapidly, including several 50- and 75-basis-point hikes to fight inflation.
Bitcoin fell 64% that year. Fed tightening and rising yields added to the pain from crypto scams and blowups.
The picture has been different since. From the end of 2023, the 10-year yield has risen 135 basis points to 5.23%, the highest since 2007. Over the same stretch, bitcoin has roughly doubled to $86,000, even after pulling back from its October record above $126,000.
Thielen and others attribute much of the recent rise in yields to fiscal fears and a higher term premium. In plain English, investors want to be paid more to lock up their money in long-term bonds, given the uncertainty over inflation and government borrowing.
Chicago-based Strategic Analytics made a similar point about gold, noting that it has tracked fiscal risk more closely than the Fed’s policy path since 2022.
“Since 2022, gold has increasingly tracked fiscal-risk perceptions – term premium, deficits, debt sustainability – rather than the Fed’s policy path. Gold is not defying real yields. It is pricing fiscal sustainability and currency debasement, which has become the marginal driver,” it said recently in a LinkedIn post.
Humanoid robots box during the 5th Global Digital Trade Expo on September 25, 2026 in Hangzhou, Zhejiang Province of China.
Vcg | Visual China Group | Getty Images
BEIJING — China’s securities regulator is raising the bar for public listings of humanoid robot startups, according to three sources familiar with the CSRC’s thinking.
It’s a sign of how one of the hottest sectors of the market is cooling, as investors globally assess whether artificial intelligence stocks are in a bubble.
The Chinese regulator wants local “embodied AI” startups seeking to go public to meet three specific criteria, according to the sources, who requested anonymity due to the sensitivity of the situation.
They are:
- The “window guidance” requires that the humanoid applicants have sustainable revenue and commercial orders.
- Losses must narrow, with one source saying a three-year forecast is needed.
- The company must possess core technology such as robotic brain or hands.
Even if a startup only has to meet two of the three criteria, as one source indicated, it’s unclear which, if any, of the companies can do so.
That’s lowered expectations to just a handful, or none, of these startups making it to public markets, the sources said.
At least two dozen humanoid-related embodied AI companies have filed to list in Hong Kong alone, according to two of the sources. Hong Kong in May 2025 started letting tech companies file confidentially for IPOs.
The Hong Kong stock exchange declined to comment. The China Securities Regulatory Commission did not immediately respond to a request for comment. Mainland China companies wanting to list in Hong Kong also need the CSRC’s blessing.
Unitree IPO impact
Scrutiny on China’s growing number of humanoid robot startups and their fast-growing valuations — supported by a mix of government and private sector funds — has grown over the last several weeks.
The industry’s posterchild, Unitree, got a regulatory fast-track to its listing in Shanghai on Aug. 19 as the World Robot Conference kicked off in Beijing.
But in a keynote a day later, founder Wang Xingxing cautioned that commercialization beyond dancing robots remained years away. It accentuated a debate that picked up in subsequent weeks on what humanoids can actually do — and whether industry startups were actually making money.
China now has well over 100 humanoid companies, which fall under the national push for “embodied AI.” The term received Beijing’s support in the last two annual government work reports, although authorities have warned of a bubble in the humanoid robot industry.
Reflecting a rapid surge in interest, investment in the sector hit 47.09 billion yuan ($6.95 billion) in the second quarter, more than double that of the first quarter — and up over six times versus the same period last year, according to industry data provider Xiniu.
Unitree raised about about 6.1 billion yuan ($905 million) in its IPO on Aug. 19 with Shanghai-listed shares skyrocketing more than 460% in their debut to close at 845 yuan.
The stock had nearly halved in price as of Monday, at 459.65 yuan a share.
Hong Kong-listed Ubtech has also tumbled more than 40% so far this year. The company, which went public in December 2023, still reported an operating loss for the first half of this year of 279 million yuan.
The share price decline contrasts with the flood of capital pouring into humanoid robotics companies over the last 12 months or so. The tech, often called “physical AI” in China, has been seen as a way for early-stage investors to benefit from the surge of interest in artificial intelligence models.
However, Rhodium Group analysis this month found that China’s AI companies only make about 10% the revenue of Anthropic and OpenAI. The ratio of valuation to revenue — especially for Chinese AI startups Moonshot and DeepSeek — was far higher than their U.S. rivals, the report said.
While expectations grow for the U.S. AI giants’ IPOs, chipmaker AMD said Monday it is acquiring World Labs for $8.2 billion in a stock deal. The startup, founded by AI pioneer Fei-Fei Li, is building AI models for creating virtual 3D environments frequently used in humanoid robot development.
The launch this morning was both imperfect and stripped down to its orbital essentials. On the way up, one of the Starship’s six engines failed to burn properly, requiring the other engines to compensate for the missing thrust to get the ship in orbit.
In addition, the return to Earth was simplified. SpaceX has made itself famous for safely landing the first stage of its Falcon 9 and Starship boosters—with 641 out of 688 Falcon 9 launches featuring this kind of recovery, allowing the boosters to be reused and make flying cheaper. Starship’s first stage, meantime, performs what has become known as a chopstick recovery, with the booster navigating its way back to the launch tower where two giant metal arms pluck it from the sky. For the current mission, the chopstick recovery was done away with to simplify the flight objectives; instead the first stage made a soft, engine-assisted splashdown in the Gulf of Mexico. The Starship spacecraft was planned for a six-orbit, 10-hour mission, with the ship’s engines set to fire around the dinner hour Monday to bring the spacecraft down for a similar gentle, watery landing.
Goldman Sachs’ Anshul Sehgal says bonds yielding 5% or more are not the best trade right now. He still favors AI infrastructure, which he sees as a far more asymmetric bet than the long bond.
Sehgal, a global co-head of Fixed Income, Currencies and Commodities (FICC) at the bank, laid out the view just a few days after the Federal Reserve raised interest rates.
Why Goldman Sachs Is Passing on 5%+ Bonds
On Goldman’s The Markets, Sehgal said the 30-year Treasury, known as the long bond, had hovered around 5% for weeks. He noted that clients want to buy it at 5% or higher, yet he still sees little upside.
The yield has kept climbing since the recording, reaching 5.56% on September 29, a new 52-week high. Sehgal blamed structural pressure for the strain on the long end. Retiring baby boomers are buying fewer long bonds, and heavy long-dated borrowing tied to AI is crowding the market.
Those pressures explain why the selloff can persist even without a fresh inflation shock. Fewer retirees buying long bonds and a steady flow of long-dated borrowing tied to AI both weigh on prices, and neither fades quickly.
Sehgal adds that fear over US debt sustainability makes investors less willing to hold the long end, which feeds on itself.
The takeaway is that a rising yield does not necessarily break his thesis. It may instead show why he sees limited reward in owning the bond, while the risk to his AI trade is that costlier long-term borrowing squeezes the levered companies he favors.
AI Compute Is the Asymmetric Trade
An asymmetric trade offers far more potential gain than risk. Sehgal applies that label to compute (AI computing power), data centers, and Neoclouds, which are cloud providers built to rent out that capacity.
“I think the asymmetric expression is being long compute.”
Anshul Sehgal, Goldman
The catch is leverage. Savers collecting higher interest have effectively financed the AI build-out, leaving equities more indebted than a year ago. Sehgal admits these are levered bets. Still, he thinks they can multiply in value, while the wider stock market looks less certain.
Tighter Policy Hits Spenders, Not Capital
Sehgal says the Fed frames its September 16 hike as catch-up after five years above its inflation target. Schwab counts 16 of 19 Fed officials expecting another increase this year. Fed Chair Kevin Warsh also stressed three times that the Fed is easing back some stimulus rather than turning restrictive, Sehgal adds.
He argues that government interest payments flow to capital rather than workers, so higher rates curb household spending, a risk for the broader stock market.
He also rejects the debt-sustainability fears weighing on long bonds.
“For me, that’s a red herring.”
Anshul Sehgal, Goldman
Meanwhile, BlackRock’s Rick Rieder is cutting equities for bonds paying 7% to 8%, though his high-grade bond call still cautions against rushing into the 10-year Treasury.
Sehgal names the Middle East conflict as the top driver of policy and markets in the weeks ahead.
The post Goldman Sachs Explains Why Not to Buy the 5%+ Bonds and Rather Stick to AI appeared first on BeInCrypto.
“Bitcoin has pulled back to $83K, testing the lower boundary of last week’s consolidation range,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email to CoinDesk. “As with the market as a whole, a retest of the $82K region, where peaks were formed in May and early September, is entirely to be expected under current conditions.”
“Looking ahead, a sustained return to prices below $80K would be an important signal that the market is not ready to move higher for some time yet. If, however, this consolidation is soon followed by a new bullish momentum, it could send the leading cryptocurrency well above $90K,” he added.
The pressure is coming from bonds and oil.
Treasuries steadied in Asia after tumbling during U.S. trading, with the 10-year yield up one basis point to 5.25% after reaching its highest level since 2007 on Monday. A higher guaranteed return on government debt raises the bar for holding assets that pay no income, bitcoin among them.
Brent rose more than 1% to nearly $107 a barrel, its second straight gain, as hopes for an imminent diplomatic breakthrough with Iran faded.
Pricier oil feeds into inflation, and traders have been adding to bets that the Fed will raise rates again. MSCI’s All Country World Index fell to its lowest since Sept. 18, and Nasdaq 100 futures slipped 0.3% after Monday’s tech-led selloff on Wall Street.
Chainlink surges 6% after CCIP 2.0 launch, but $15 resistance tests LINK rally – CoinJournal
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