UK calls for restraint after Israel launches airstrikes on Iran
The UK has called for restraint and diplomacy after Israel launched airstrikes on Iran early on Friday.
The Israeli military said a “pre-emptive, precise, combined offensive based on high-quality intelligence” had been launched against targets in Iran – called Operation Rising Lion.
Follow latest: Israel attacks Iran’s nuclear sites
According to Iranian state media, six nuclear scientists were killed in Israel’s strikes. An Israeli military spokesperson said Iran had launched more than 100 drones towards the country.
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Analysis: ‘This is the big one’
In a statement, Prime Minister Sir Keir Starmer urged “all parties to step back and reduce tensions urgently”.
He added: “Escalation serves no one in the region. Stability in the Middle East must be the priority and we are engaging partners to de-escalate.
“Now is the time for restraint, calm and a return to diplomacy.”
Foreign Secretary David Lammy added that “this is a dangerous moment” and said “stability in the Middle East is vital for global security”.
The US said it had not been involved in Israel’s attack on Iran, and warned against any retaliation targeting American interests or personnel.
US President Donald Trump had previously urged Israeli Prime Minister Benjamin Netanyahu not to attack Iran while Washington negotiates a nuclear deal with the country.
Speaking to Sky News, British industry minister Sarah Jones said the UK was also not involved in the Israeli military operation.
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Asked if Israel was right to say that it had no choice but to carry out dozens of airstrikes on Iranian military sites overnight, Ms Jones said: “I don’t think anybody questions how destabilising Iran is being.”
“This is escalating, not de-escalating the situation. And we would urge restraint,” she added.
“We need to be calm at this point, work with our allies, do what we can to stop escalation, because we do not believe escalation is going to be helpful in the region or the wider, wider world, of course.”
The minister said the “foreign secretary will say more in due course”.
A growing demand for US dollar-tied crypto stablecoins could help push down the interest rate, says US Federal Reserve Governor Stephen Miran.
The Donald Trump-appointed Miran told the BCVC summit in New York on Friday that the dollar-pegged crypto tokens could be “putting downward pressure” on the neutral rate, or r-star, that doesn’t stimulate or impede the economy.
If the neutral rate drops, then the central bank would also react by dropping its interest rate, he said.
The total current market cap of all stablecoins sits at $310.7 million according to CoinGecko data, and Miran suggested that Fed research found the market could grow to up to $3 trillion in value in the next five years.
“My thesis is that stablecoins are already increasing demand for US Treasury bills and other dollar-denominated liquid assets by purchasers outside the United States and that this demand will continue growing,” Miran said.
“Stablecoins may become a multitrillion-dollar elephant in the room for central bankers.”
Organizations, including the International Monetary Fund, have warned that stablecoins pose a threat to traditional financial assets and services, as they could potentially compete for customers. US banking groups have also urged Congress to tighten oversight of stablecoins with yield, arguing they could attract would-be bank users.
Related: How TradFi banks are advancing new stablecoin models
Regulation to pave the way
During his speech, Miran praised the GENIUS Act for setting out clear guidelines and consumer protections, as he indicated that the regulatory framework will play a key role in spurring broader adoption of stablecoins.
“While I tend to view new regulations skeptically, I’m greatly encouraged by the GENIUS Act. This regulatory apparatus for stablecoins establishes a level of legitimacy and accountability congruent with holding traditional dollar assets,” he said, adding:
“For the purposes of monetary policy, the most important aspect of the GENIUS Act is that it requires U.S.-domiciled issuers to maintain reserves backed on at least a one-to-one basis in safe and liquid US dollar–denominated assets.”
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The crypto market could soon see some much-needed relief after the US Senate reached an agreement on a three-part budget deal to end the government shutdown, Politico reports.
Pending legislation to fund the US government has more than enough support to pass the 60-vote threshold, Politico reported on Sunday, citing two people familiar with the matter.
It was Republican Senate Majority Leader John Thune’s 15th attempt to win Democratic support for a House-approved bill, putting the record 40-day government shutdown within reach of being lifted.
An official vote is still needed to finalize the agreement.
Ongoing uncertainty over when the US government would reopen has been a key factor holding back Bitcoin (BTC) and the broader crypto market from mounting a rebound.
Bitcoin initially rallied to a new high of $126,080 six days into the government shutdown on Oct. 6, but has since fallen over 17% to $104,370, CoinGecko data shows.
Bitcoin’s fall over the past month saw it drop by double-digit percentage points on Oct. 10 after US President Donald Trump’s announcement of 100% tariffs on China sent shockwaves throughout the markets.
Bitcoin rallied 266% after last government shutdown lifted
The last US government shutdown occurred between late December 2018 and late January the following year in Trump’s first term.
After it ended on Jan. 25, 2019, Bitcoin rose over 265% from $3,550 to $13,000 over the next five months.
Prediction markets back shutdown to end this week
Bettors on prediction market Polymarket are backing that the government shutdown will be lifted on Thursday, with the market showing a 54% chance it will happen between Tuesday and Friday.
Related: Robert Kiyosaki says he’s buying, targets $250K Bitcoin and $27K gold
Those odds were just 27% a day ago.
Odds on competitor platform Kalshi are similar, estimating the government shutdown will end on Friday, 44 days into the shutdown.
It comes as Trump announced on Sunday that most Americans will receive a $2,000 dividend from tariff revenue.
Approximately 85% of adults will be eligible, excluding high-income earners, he said.
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