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.
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
Sir Keir Starmer will join other European leaders in Kyiv on Saturday for talks on the “coalition of the willing”.
The prime minister is attending the event alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk.
It will be the first time the leaders of the four countries will travel to Ukraine at the same time – on board a train to Kyiv – with their meeting hosted by President Volodymyr Zelenskyy.
Image: Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kiev. Pic: Reuters
Military officers from around 30 countries have been involved in drawing up plans for the coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.
Ahead of the meeting on Saturday, Sir Keir, Mr Macron, Mr Tusk and Mr Merz released a joint statement voicing support for Ukraine and calling on Russia to agree to a 30-day ceasefire.
Image: Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP
“We reiterate our backing for President Trump’s calls for a peace deal and call on Russia to stop obstructing efforts to secure an enduring peace,” they said.
“Alongside the US, we call on Russia to agree a full and unconditional 30-day ceasefire to create the space for talks on a just and lasting peace.”
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2:21
Putin’s Victory Day parade explained
The leaders said they were “ready to support peace talks as soon as possible”.
But they warned that they would continue to “ratchet up pressure on Russia’s war machine” until Moscow agrees to a lasting ceasefire.
“We are clear the bloodshed must end, Russia must stop its illegal invasion, and Ukraine must be able to prosper as a safe, secure and sovereign nation within its internationally recognised borders for generations to come,” their statement added.
“We will continue to increase our support for Ukraine.”
The European leaders are set to visit the Maidan, a central square in Ukraine’s capital where flags represent those who died in the war.
They are also expected to host a virtual meeting for other leaders in the “coalition of the willing” to update them on progress towards a peacekeeping force.
This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.
If you want a very visual representation of the challenges of transatlantic diplomacy in 2025, look no further than Oslo City Hall.
Its marbled mural-clad walls played home to a European military summit on Friday.
In December – as it does every year – it will host the Nobel Peace Prize ceremony. It’s an award Donald Trump has said he deserves to win.
But while the leaders gathering in the Norwegian capital may not say it publicly, they all have a very different perspective to the US president on how to win the peace – particularly when it comes to Ukraine.
Image: Sir Keir Starmer at a summit in Oslo. Pic: PA
So far, Sir Keir Starmer has managed to paper over these foreign policy gaps between the US and Europe with warm words and niceties.
But squaring the two sides off on trade may be more difficult.
The US-UK deal announced on Thursday contained no obvious red flags that could scupper deeper trade links with the EU.
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2:42
PM defends UK-US trade deal
However, that’s in part because it was more a reaction and remedy to Mr Trump’s tariff regime than a proactive attempt to meld the two countries together.
Laced with party-political venom, yes, but the Tory leader Kemi Badenoch is getting at something when she says this agreement is “not even a trade deal, it’s a tariff deal and we are in a worse position now than we were six weeks ago”.
There may be more to come though.
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2:45
How good is the UK-US deal?
The government will talk up the possible benefits, but there are risks too.
Take the Digital Services Tax – much hated by the Trump White House as an unfair levy on US tech firms.
Despite the apparent pitch-rolling from the government, that was left untouched this week.
But asked to rule out changes in the future, the prime minister was non-committal, simply saying the current deal “doesn’t cover that”.
For trade expert David Henig, the potential flashpoints in the transatlantic Venn diagram Downing Street is trying to draw around food standards, digital regulation and services.
“It is a tricky balancing act, at this stage it looks like the UK will go more with the EU on goods regulations, but perhaps a little bit more with the US on services regulations,” he said.
For veterans of the post-2016 Brexit battles, this may all sound like Labour embracing the Boris Johnson-era mantra of “cakeism” – or trying to have it both ways.
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Sir Keir Starmer will join other European leaders in Kyiv on Saturday for talks on the “coalition of the willing”.
The prime minister is attending the event alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk.
It will be the first time the leaders of the four countries will travel to Ukraine at the same time – on board a train to Kyiv – with their meeting hosted by President Volodymyr Zelenskyy.
Image: Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kiev. Pic: Reuters
Military officers from around 30 countries have been involved in drawing up plans for the coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.
Ahead of the meeting on Saturday, Sir Keir, Mr Macron, Mr Tusk and Mr Merz released a joint statement voicing support for Ukraine and calling on Russia to agree to a 30-day ceasefire.
Image: Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP
“We reiterate our backing for President Trump’s calls for a peace deal and call on Russia to stop obstructing efforts to secure an enduring peace,” they said.
“Alongside the US, we call on Russia to agree a full and unconditional 30-day ceasefire to create the space for talks on a just and lasting peace.”
Please use Chrome browser for a more accessible video player
2:21
Putin’s Victory Day parade explained
The leaders said they were “ready to support peace talks as soon as possible”.
But they warned that they would continue to “ratchet up pressure on Russia’s war machine” until Moscow agrees to a lasting ceasefire.
“We are clear the bloodshed must end, Russia must stop its illegal invasion, and Ukraine must be able to prosper as a safe, secure and sovereign nation within its internationally recognised borders for generations to come,” their statement added.
“We will continue to increase our support for Ukraine.”
The European leaders are set to visit the Maidan, a central square in Ukraine’s capital where flags represent those who died in the war.
They are also expected to host a virtual meeting for other leaders in the “coalition of the willing” to update them on progress towards a peacekeeping force.
This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.