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Major cryptocurrencies are back slightly in the red on Wednesday evening following renewed concerns regarding inflation.CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)Bitcoin BTC/USD -2.26%$27,079Ethereum ETH/USD -1.17%$1,874Dogecoin DOGE/USD -1.25%$0.071

What Happened: The latest JOLTS report brought a surprise as job openings surged to 10.1 million in April, surpassing expectations of 9.375 million.

In an interview with the Financial Times that was published on Wednesday, Loretta Mester, the President of the Federal Reserve Bank of Cleveland, expressed her stance on the Feds continuous rate increases. Mester firmly stated that she sees no reason to halt this trend, and expressed her willingness to reconsider if there are shifts in the current hot employment market and prices that characterize high inflation periods.

Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)XDC Network+22.31%$0.03837MX TOKEN+5.13%$3.23Stellar+2.08%$0.09264

At the time of writing, the global crypto market capitalization stood at $1.14 trillion, a decrease of 1.32% over the last day.

On the last day of May, investors observed the federal debt ceiling debate in Washington, causing U.S. Stocks to experience a decline. The S&P 500 index dropped by 0.61%, while the Nasdaq Composite decreased by 0.63%. The debate was centered around a bill to raise the debt limit and cap government spending, which was passed in the House with substantial support on Wednesday.

See More: Best Crypto Day Trading Strategies

Analyst Notes: "Bitcoin's monthly win streak will come to an end as Wall Street directs its attention on short-dated Treasuries, AI bets, and more traditional safe-haven trades. ? If Bitcoin were Superman, Fed tightening would be its kryptonite. Today's Fed speak and hot labor data support the case for more Fed rate hikes and that should keep Bitcoin trapped in the lower boundaries of its trading range," said Edward Moya, Senior Market Analyst at OANDA.

Crypto analyst Michael van de Poppe said that the current state of the altcoin market has reached a critical point. The 200-Week MA and EMA indicators indicate a strong level of support, suggesting a possible upward trend in the near future. If these indicators continue to hold, a new impulse move towards the upside may be imminent.

Crypto trader Alex Krger is exuding confidence in the future performance of Bitcoin and Ethereum. He cited the Federal Reserves movements on interest rates as a pivotal factor in the markets potential to rally in anticipation of a recovery trajectory.

The trader points out that the Feds fast and furious run of 20 x 25bps (basis points) rate hikes are likely drawing near its end a trend that could provide just the impetus to reignite momentum in the higher echelons of crypto trading.

"The Fed has delivered 20 x 25bps (basis points) rate hikes in its fastest and most aggressive hiking cycle in history. Which means at least 90% of the Fed hikes are behind (if not all). That to me is all that matters, and makes it easy to stay long. This has been my view all year," he said.

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

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Environment

Renewables to continue driving US power generation growth – EIA

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Renewables to continue driving US power generation growth – EIA

Renewable capacity additions, especially solar, will continue to drive the growth of US power generation over the next two years, according to the US Energy Information Administration (EIA). 

According to its latest “Short-Term Energy Outlook” (STEO), the EIA expects that US utilities and independent power producers will add 26 gigawatts (GW) of solar capacity to the US electric power sector in 2025 and 22 GW in 2026.

Last year, the electric power sector added a record 37 GW of solar power capacity to the electric power sector, almost double the solar capacity additions in 2023. The EIA forecasts wind capacity additions will increase by around 8 GW in 2025 and 9 GW in 2026, slight increases from the 7 GW added in 2024.

Generating capacity for most other energy sources will remain mostly unchanged in 2025 and 2026. Natural gas-fired capacity growth slowed in 2024, with only 1 GW of capacity added to the power mix, but natural gas is still the largest source of US power generation.

The EIA forecasts that US coal retirements will accelerate, removing 6% (11 GW) of coal generating capacity from the US electricity sector in 2025 and removing another 2% (4 GW) in 2026. Last year, coal retirements represented about 3 GW of electric power capacity removed from the power system, which is the lowest annual amount of coal capacity retired since 2011.

The EIA expects that planned renewable capacity additions will support most of the growth in US electric power generation, which is anticipated to increase by 2% in 2025 and by 1% in 2026. The US electric power sector produced a total of 4,155 billion kilowatt-hours (kWh) of electricity in 2024, up 3% from 2023.

Natural gas. In 2024, US natural gas-fired power plants generated a total of 1,767 billion kWh, 4% more than in 2023. Natural gas-fired power accounted for around 42% of the US electricity mix, mostly unchanged compared with 2023. The EIA expects natural gas generation to decline in 2025 by 3% to 1,712 billion kWh and decrease a further 1% to 1,692 billion kWh in 2026.

Renewables. The EIA expects renewable power generation will increase by 12% in the US to 1,058 billion kWh in 2025 and increase a further 8% to 1,138 billion kWh in 2026. Renewable sources were the second-largest contributor to US power generation in 2024 and accounted for 945 billion kWh, up 9% from 2023.

Nuclear. The EIA forecasts that US nuclear power generation will grow 2% to 796 billion kWh in 2025 and increase a further 1% to 800 billion kWh in 2026. Nuclear power generation in 2024 was up slightly from 2023, totaling 781 billion kWh.

Coal. Coal electricity generation was 647 billion kWh in 2024. The EIA expects US coal power generation to remain unchanged at around 640 billion kWh in 2025 and 2026.

Read more: No other energy source came close to matching solar’s rate of growth in 2024 – in numbers


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Washington DC plane crash: Army withholding name of female soldier killed as helicopter black box recovered

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Washington DC plane crash: Army withholding name of female soldier killed as helicopter black box recovered

The name of one of the three soldiers killed in the plane crash in Washington is not being released.

The army identified two of the soldiers killed when an American Airlines jet and a military helicopter collided mid-air as Staff Sergeant Ryan Austin O’Hara and Chief Warrant Officer 2 Andrew Loyd Eaves.

However, it made the unusual decision, at the request of the family, not to release the name of the third soldier.

Meanwhile, investigators announced the black box from the Black Hawk helicopter has been recovered.

They are reviewing the flight data recorder along with two from the plane as they probe the cause of the devastating crash.

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New videos emerge of DC crash

Read more:
What air traffic audio tells us about helicopter pilot’s actions moments before collision
What we know about the passengers

Forty-one bodies had been pulled from the river as of Friday afternoon, including 28 that had been positively identified, Washington DC fire chief John Donnelly Sr said at a news conference.

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He said next of kin notifications had been made to 18 families, and that he expects that all 67 of the bodies of the dead will eventually be recovered.

“It’s been a tough response for a lot of our people,” Mr Donnelly said, noting that more than 300 responders were taking part in the effort at any one time.

Investigators have already recovered the cockpit voice recorder and flight data recorder of the American Airlines plane, which struck the helicopter as the plane was coming in for a landing at the airport next to Washington.

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Plane Crash: What went wrong?

Officials are scrutinising a range of factors in what National Transportation Safety Board chairwoman Jennifer Homendy has called an “all-hands-on-deck event”.

Investigators are examining the actions of the military pilot as well as air traffic control, after the helicopter apparently flew into the jet’s path.

Air crash investigations normally take 12-18 months, and investigators told reporters on Thursday that they would not speculate on the cause.

It has been suggested the helicopter exceeded an altitude limit.

Read more:
Washington DC plane crash: What we know so far
Air traffic control heard diverting planes moments after collision

Mr Trump said in a Friday morning post on his Truth Social platform that the helicopter was “flying too high” at the time of the crash.

“It was far above the 200 foot limit. That’s not really too complicated to understand, is it???” he said.

His comments came a day after he questioned the helicopter pilot’s actions while also blaming diversity initiatives for undermining air safety.

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Details have been emerging about others who died in the crash, including Danasia Elder, a flight attendant on the American Airlines flight, WSOC-TV in Charlotte, North Carolina, reported.

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World

‘They’re the ones who wronged us’: Freed Palestinian prisoner Zakaria Zubeidi rebukes UK and US over ‘harm they’ve caused’

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'They're the ones who wronged us': Freed Palestinian prisoner Zakaria Zubeidi rebukes UK and US over 'harm they've caused'

One of the most high-profile prisoners to be released by Israel has told Sky News that the world has ignored Palestinians and says Britain is one of the countries he blames for taking away his freedom.

Zakaria Zubeidi was imprisoned in 2019 after being found guilty by an Israeli military court of involvement in terrorism.

He was released as part of the ceasefire agreement and welcomed back to the West Bank by crowds of well-wishers, including the man who was prime minister less than a year ago.

Analysis: Zubeidi an ‘extremist’ to Israel but inspiration to Palestine

Freed prisoner Zakaria Zubeidi after being released from an Israeli jail.
Pic: Reuters/Raneen Sawafta
Image:
Zubeidi after being released from an Israeli jail.
Pic: Reuters/Raneen Sawafta

In his first interview with a European broadcaster, Zubeidi told Sky News he still believes in “a resistance that will lead us to freedom” but claimed that Israeli occupation of the West Bank was wholly down to the international community.

“My life is worthless without freedom,” he said, speaking in Ramallah. “Freedom has no price. But the world that has denied me my freedom – particularly Britain, France, and the United States – must return what they have taken from me and my children.

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“They are the ones who need to reconsider their mistakes, not me.

“They are the ones who have wronged us, and they should think about rectifying the harm they have caused to me and my children.”

Crowd greets Zakaria Zubeidi.
Pic: AP/Mahmoud Illean
Image:
Crowd greets Zakaria Zubeidi. Pic: AP/Mahmoud Illean

Zubeidi, whose mother, brother and son have all died as a result of Israeli military action, has admitted involvement in a 2002 bombing that killed six people.

However, he has also been acclaimed by many in the West Bank as a symbol of the resistance.

He was famously part of a group of prisoners who briefly escaped their Israeli jail after using kitchen utensils to dig a tunnel.

“My message to the Palestinian people is to prioritise their safety and well-being because the assault being carried out against them is immense. I have no message for the occupation [Israel],” he said.

“My message is to the world – the same world that granted the occupation the right to live on my land – to grant me my freedom.”

Read more:
Trump’s Gaza comments trigger tensions with supporters
Hamas names hostages it says will be released tomorrow

In common with many other released prisoners, he claimed to have been beaten while behind bars, saying: “The situation in Israeli prisons is extremely harsh. We’ve witnessed it all: severe beatings, attack dogs, relentless insults. Every form of abuse imaginable has been inflicted on the bodies of our prisoners.”

While many in Israel will consider Zubeidi to be a dangerous, murderous extremist, he is considered a totemic figure in the West Bank, and a natural leader in Jenin, where he grew up in a refugee camp.

After being released, Israeli authorities banned him from returning to Jenin.

Instead, he has remained in Ramallah, where a long line of people came to a school building to shake his hand and hug him.

Among them, former prime minister Mohammad Shtayyeh, who resigned less than a year ago.

He embraced Zubeidi and told Sky News the release of prisoners could be a catalyst for an enduring peace deal.

“We would like to see all prisoners released and we would like to see all hostages going home,” said Mr Shtayyeh.

He continued: “It’s a historic moment for everybody. It’s time for this bloodshed to stop. And I think it is a moment of truth for everybody.

“In Gaza, 60,000 people have been killed, more than 120,000 have been injured. And of course, there have been so many casualties in Israel, too.

“We know that. And this time Palestinians are desperate for peace. We want a genuine peace process that does really bring peace and justice for everybody.”

More than 47,000 Palestinians have been killed in Israel’s offensive, according to Hamas-run authorities in Gaza, which does not distinguish between civilians and combatants.

The offensive followed Hamas’s attack on Israel on 7 October 2023, when it took 250 people hostage and killed around 1,200 others.

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