Billionaire hedge fund manager Scott Bessent, President-elect Donald Trump`s nominee for Treasury Secretary, plans to dispose of several assets, including investment in bitcoin (BTC) exchange-traded funds (ETF), to avoid potential conflicts of interest with his new role, according to a report by The New York Times. On Saturday, Bessent, who once worked for billionaire liberal philanthropist George Soros, filed the ethics agreement and financial disclosures as required for the impending Senate confirmation, revealing assets and investments worth over $700 million. The tally includes BTC ETF holdings worth $250,000 to $500,000, according to media reports. The other key investments posing a potential conflict of interest include a margin loan of more than $50 million with Goldman Sachs, an account for trading China`s currency and a stake in conservative publisher All Seasons. Bessent, in a letter to the ethics office, promised to "avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of secretary of the Department of Treasury." If confirmed, the pro-crypto Bessent would face the challenging task of managing the burgeoning federal debt amid Trump`s plans to extend expiring tax cuts and eliminate taxes on social security benefits. Bessent is an advocate for tax reform and deregulation, particularly to boost bank lending and energy production. In October last year, Bessent said that the new Trump administration would likely pursue a strong dollar in line with Washington`s multi-decade policy.
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How Will Crypto Markets React in Big Week for US Inflation Data
Crypto markets spent the past week in retreat, with more than $300 billion leaving the digital asset sector. The weekend traded flat, but there was a minor spike in activity and a subsequent price correction on Monday morning in Asia. Moreover, several key inflation reports are due in the US this week, which could impact central bank monetary policy. This will be the final set of CPI and PPI data before the Jan. 29 Federal Reserve meeting, observed the Kobeissi Letter. Last week, the Consumer Sentiment index reflected a rise in inflation expectations which was consistent with the price trends within the ISM Services PMI report. This may have impacted high-risk assets such as crypto and tech stocks, which corrected heavily. Economic Events Jan. 13 to 17 Potential reacceleration in inflation led investors and analysts to voice concerns that the Fed may pause rate reductions in the first half of the year. Additionally, Fed Governor Michelle Bowman said that inflation has risen “uncomfortably above” its long-term target “while still presenting stubborn upside risks.” December’s Producer Price Index (PPI) report is released on Tuesday, reflecting input prices for producers and manufacturers. This data measures the costs of producing consumer goods, which directly affects retail pricing and is viewed as a signal of inflationary pressures. Another key inflation indicator, December’s Core CPI report, is due on Wednesday. The Consumer Price Index is a measure of the average change over time in the prices paid by consumers for a market basket of consumer goods and services. “The Fed is widely expected to pause its rate-cutting cycle at its next meeting at the end of the month, but firmer-than-expected CPI data could push back market projections for further easing even later in the year,” wrote Reuters on Jan. 12. Key Events This Week: 1. December PPI Inflation data – Tuesday 2. December CPI Inflation data – Wednesday 3. December Retail Sales data – Thursday 4. Philadelphia Fed Manufacturing Index – Thursday 5. December Housing Starts data – Friday 6. Total of 7 Fed speaker events… — The Kobeissi Letter (@KobeissiLetter) January 12, 2025 December’s Retail Sales report is due on Thursday. It provides information on the amount of money consumers are spending on both durable and non-durable goods and is a leading indicator of the economy’s overall health. Earnings results from major banks such as JPMorgan and Goldman Sachs in the coming week kick off fourth-quarter reports for companies in the US. Crypto Market Outlook Total market capitalization remained flat over the weekend but dropped below $3.4 trillion at the time of writing. Bitcoin spiked close to $96,000 during the Monday morning Asian trading session but immediately retreated back toward and below $94,000 where it has been for the past few days. The asset remains down 5% over the past week. Ethereum mirrored the move with a spike above $3,300 only to fall back again to the $3,200 level having lost 11% over the past week. The altcoins were predominantly in the red, with larger daily losses for Cardano (ADA), Tron (TRX), Sui (SUI), and Stellar (XLM). The post How Will Crypto Markets React in Big Week for US Inflation Data appeared first on CryptoPotato . CoinDesk
ARMswap Launches its DeFi Platform
VILNIUS, Lithuania , Jan. 13, 2025 /PRNewswire/ — The ARMswap team is thrilled to announce the launch of its 1st version of its DeFi protocol. The web3 world is booming with numerous layer-1 and layer-2 blockchains, each having their unique algorithms and capabilities. However, their closed architecture hinders seamless interaction and information flow between networks, creating inefficiencies. ARMswap’s launch addresses this fundamental inefficiency in the current blockchain architecture and introduces a more optimized version of the multi-directional cross-chain swaps and bridges. Simplifying Cross-Chain Transactions “The fragmentation of blockchain networks has been a critical issue, and users were compelled to navigate through various DEXs and third-party bridges to perform a single cross-chain transaction,” notes the CTO of ARMswap. “ARMswap’s launch represents a watershed moment in addressing this fragmentation that has constrained Defi’s evolution.” ARMswap’s architecture, validated through rigorous security audits by the leading Blockchain security firm Hashlock, combines advanced cryptographic protection for user funds. ARMswap’s protocol delivers secure and rapid swap/bridge operations, setting new industry benchmarks for transaction processing efficiency. The platform supports 31 blockchains and their native coins in its V1 launch in Jan 2025 , with plans for expansion to include more blockchains every quarter. In V2, ARMswap will integrate with protocols like Chainlink, Axelar network, Layer zero, Wormhole, etc., to provide extensive coverage of EVM & non-EVM chains. In V3, Armswap will introduce its own framework for relayers and oracles for seamless interoperability across Web3. ARMSP Fair Launch ARMswap is launching its utility token, ARMSP, in Jan 2025 , incentivizing liquidity providers to actively participate in the ecosystem and to share platform and pool returns with the platform participants. ARMswap is also releasing its DeFi Mobile App (IOS & Android) in March 2025 , enabling users to connect their existing wallets and perform swap transactions and participate in liquidity pools and rewards. Limited Supply Join the ARMswap V1 platform and participate in the ARMSP token Fair Launch on 13th Jan 2025 , with a limited supply of 400 million tokens out of 1.25 billion max supplies. Early participants can enjoy bonuses and earn rewards through the ARMswap MVP program. After a 12-month vesting period, ARMSP will be listed on all major exchanges globally. About ARMswap: ARMswap UAB simplifies cross-chain asset transfers and brings the power of Web3 and the de-centralization of blockchains into our daily lives and businesses. Website: www.armswap.com For Media Inquiries: Contact Name: Husnain Aslam Title: Chief Technology Officer Email: media@armswap.com CoinDesk