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Bitcoin price is down today after new U.S. inflation data has investors wondering about how long the Feds interest rate hikes will last. 70604 Total views 137 Total shares Listen to article 0:00 Markets News Own this piece of history

Collect this article as an NFT The bullish momentum that propelled Bitcoin (BTC) price to a 2023 high of $25,000 initially on Feb. 16 and Feb. 20 appears to have waned. The pause in bullish momentum appears connected to higher-than-expected U.S. inflation data, the possibility of the Federal Reserve continuing higher interest rate hikes and large amounts of long liquidations.

The contraction in Bitcoin price follows a market-wide decline, and analysts fear that the crypto market continues to face considerable danger from the the United States Federal Reserves interest rate decisions.

Lets take a closer look at the factors impacting Bitcoin price today.Stocks drop on high inflation data

Stocks and Bitcoin tumbled after the Bureau of Economic Analysis (BEA) released the Personal Consumption Expenditures (PCE) report on Feb. 24 which showed inflation rising 5.4% in January compared to the previous year. Core inflation, which is one of the Federal Reserves favorite tools to gauge inflation, was up 4.7% compared to January 2022.PCE price index. Source: BEA

While the correlation between Bitcoin and stocks hit its lowest level since 2021 on Feb. 22, Bitcoin price remains closely correlated to equities and the stock market. Investors have previously expressed strong concerns about a potential upcoming recession in the U.S. economy.Bitcoin, Dow Jones Index, Nasdaq, and S&P 500. Source: TradingView

While some analysts believe Bitcoins current price represents a generational buying opportunity at current levels, others believe BTCs close correlation to the U.S. dollar index (DXY) and equities is reflected by the price weakness to retain the $24,000 level.

Bitcoin price is reacting to the markets consensus expectation that inflation is not yet under control which will lead the Federal Reserve to continue raising interest rates. Rising interest rates in the U.S. and abroad weigh on Bitcoin price

The PCE report is the Federal Reserves favorite tool to gauge inflation. And with Federal Reserve Chairman Powell still aiming to reach 2% overall inflation, further interest rate hikes are expected. Inflation has been a determining factor in raising interest rates. In order to combat inflation, Chairman Powell may not be able to pivot the aggressive rate hike strategy.

The PCE report is leading the market to speculate that a 0.5% interest rate hike is possible at the FOMC meeting on March 22.Rate increase probability. Source: CME Group

On the back of persistently sticky inflation, some analysts believe Bitcoin is in for a cold winter and the price could continue to see volatility leading into the FOMC.

On Feb. 24, in a span of 5 hours, over $95 million in Bitcoin longs were liquidated. When BTC longs are liquidated without buy pressure from trading volume, Bitcoin price is negatively affected. While Chinas recent monetary easing injected $92 billion in liquidity to the Chinese economy, it did not stop BTC longs from being liquidated.BTC liquidations. Source: CoinglassIs there a chance for Bitcoin price to reverse course?

On Jan. 23 and Jan. 24, the Bitcoin futures market saw $230 million in liquidations on long positions. This put further pressure on BTC price. When BTC longs are liquidated without buy pressure from trading volume, Bitcoin price is negatively affected. Real BTC-USD Daily Volume. Source: Arcane Research

Related: Bitcoin 2024 halving will be its most important Interview with Charles Edwards

The recent uptick in Bitcoin trading volume could be because of Binances removal of trading fees. Vetle Lunde, senior analyst at Arcane Research presumed from data that:However, volumes are still concentrated on Binance following Binances removal of tradingfees. Volumes on the other spot exchanges sit below the peaks from January at $680m, asBinances volume still represents 95% of the daily BTC spot volume.

If this is the case, that means there is not a large cushion of buy pressure for Bitcoin long liquidations leading to further downside. And with recent Securities and Exchange Commission (SEC) actions against Binance, more assets are flowing from exchanges.

The short-term uncertainties in the crypto market do not appear to have changed institutional investors’ long-term outlook. According to BNY Mellon CEO Robin Vince, a poll commissioned by the bank found that 91% of institutional investors were interested in investing in tokenized assets in the following years.

CME, a leading tool for institutional investors to gain Bitcoin exposure, has seen its dominance grow in 2023. Open interest in CMEs Bitcoin future has grown by 8,000 BTC since Feb. 17.CME BTC futures open interest. Source: Arcane Research

Data shows CME BTC options also representing a majority of Bitcoins open interest.

Futures premiums are rising.

CME's basis sits at 8.7%, the highest since Nov 2021, trading at a premium to offshore futures' 6.3%.

CME also accounts for 68.2% of the BTC futures market, excluding perps. The futures dominance offshore has fallen steadily throughout the year. pic.twitter.com/wxxiCJNh9H— Vetle Lunde (@VetleLunde) February 24, 2023

In the short term, worries are high with Bitcoin price being directly impacted by macroeconomic events, and it is also likely that potential rate hikes at the next FOMC is also having some effect on BTC price.

In the long term market participants still expect the price of Bitcoin to go up, especially as more banks and financial institutions are seemingly turning to digital cash for settlement purposes even amidst the chaos.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. #Bitcoin #Cryptocurrencies #Altcoin #Federal Reserve #Central Bank #Bitcoin Price #Bitcoin Regulation #Markets #Cryptocurrency Exchange #Interest Rate #BTC Markets #Interest Rates

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Premier League clubs at risk of legal action over unlicensed casino sponsors

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Premier League clubs at risk of legal action over unlicensed casino sponsors

Casinos sponsoring two Premier League clubs are accepting UK customers without a licence, putting club officers at risk of prosecution, Sky News has learned.

The gambling websites, BC.Game and DEBET, are the matchday shirt sponsors of Leicester City and Wolverhampton Wanderers, respectively.

But an investigation by anti-gambling advert campaigners, shared with Sky News, suggests the casinos have continued to accept UK customers – despite this becoming unlawful after they lost their licences to operate in the UK.

DEBET lost its licence on 15 May, while BC.Game lost its licence in December 2024.

Neither club has indicated that they intend to end the sponsorships, despite criticism from campaigners and warnings from the Gambling Commission.

With the end of the 2024/25 season this weekend, both clubs are now half-way through two-year sponsorship deals with the casinos – putting them in a difficult position for next season.

The campaign group Coalition to End Gambling Ads (CEGA) told Sky News it was able to make deposits on both gambling websites, despite the sites having no licence to accept UK customers.

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CEGA also successfully deposited cash on Burnley FC sponsor 96.com. Burnley are due to be promoted to the Premier League next season.

The findings come one week after the Gambling Commission warned five football clubs, including Wolverhampton and Burnley, that their officers “may be liable to prosecution and, if convicted, face a fine, imprisonment or both if they promote unlicensed gambling businesses that transact with consumers in Great Britain”.

The Commission had issued a similar warning to Leicester City in February.

It made clear then that the clubs must either cut ties with the casinos or ensure they are not accessible to UK customers “by any means” – including virtual private networks (VPNs) – software used to hide a user’s real location.

Other than the need to use a VPN, CEGA director Will Prochaska says it “really wasn’t very difficult” to access the sites.

The Gambling Commission declined to be interviewed by Sky News, but said that “where we have evidence that meets the standard for criminal prosecution we will take appropriate action”.

Head of enforcement at the Commission John Pierce previously said the body would “conduct ongoing spot checks as necessary to ensure they are not accessible to consumers in Great Britain by any means”.

Mr Prochaska, however, said the Commission was taking “far too long” to take action.

“Far too many children, far too many football fans, are seeing these adverts every day,” he said. “It’s got to stop.”

Leicester City’s sponsor has had no UK licence for almost six months

The three sites that appear on the matchday shirts of Leicester, Wolves and Burnley were previously licensed by TGP Europe, a company based on the Isle of Man.

On 15 May, TGP Europe surrendered its UK gambling licence to avoid a £3.3m fine, leaving DEBET and 96.com unable to legally accept UK customers.

Leicester City sponsor BC.Game has been unlicensed in the UK since it parted ways with TGP Europe in December 2024 – almost six months ago.

Jamie Vardy celebrating scoring for Leicester City last December.
Pic: PA
Image:
Jamie Vardy celebrating scoring for Leicester City last December.
Pic: PA

Mr Prochaska said he contacted Leicester City on 13 March to alert them that BC.Game was still accepting UK customers.

“In fact, it was one of the easiest for me to gamble on – there were very few checks whatsoever,” he says. “But Leicester don’t seem to have done anything about it, and it’s still on the front of their shirts.”

Leicester City FC did not respond to a request for comment.

Sky News was able to sign up to every single site

Bournemouth, Fulham and Newcastle United are also sponsored by casinos that were formerly licensed by TGP Europe, but have been unlicensed since 15 May.

These casinos (bj88, SBOTOP and FUN88) are no longer able to legally accept UK customers.

However, Sky News was able to use a VPN to sign up to all three casinos, as well as those sponsoring Leicester City, Wolverhampton and Burnley.

On all six websites, Sky was able to access QR codes for making cryptocurrency deposits. Sky News did not attempt to make any deposits.

All six casinos are forbidden by law from accepting UK customers.

Yet Burnley sponsor 96.com allowed Sky News to sign up using a Telegram account registered to a UK phone number.

The other websites all required phone numbers to be entered upon registration, which could be used as an additional layer of security to filter out UK customers.

However, most of the websites did not check whether the phone number provided was genuine.

Only one website, Leicester City sponsor BC.Game, did check.

However, after confirming the phone number’s authenticity, BC.Game allowed registration to proceed – even though Sky News had provided a UK phone number.

Sky News presented these findings to the football clubs concerned, to TGP Europe and to the Gambling Commission, but did not receive any comment.

Anyone concerned about their gambling, or that of a loved one, can visit BeGambleAware.org for free, confidential advice and support, or The National Gambling Helpline is available on 0808 8020 133 and operates 24 hours a day, seven days a week.


The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.

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Former BBC executive and presenter Alan Yentob dies

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Former BBC executive and presenter Alan Yentob dies

Alan Yentob, the former BBC presenter and executive, has died aged 78.

A statement from his family, shared by the BBC, said Yentob died on Saturday.

His wife Philippa Walker said: “For Jacob, Bella and I, every day with Alan held the promise of something unexpected. Our life was exciting, he was exciting.

“He was curious, funny, annoying, late, and creative in every cell of his body. But more than that, he was the kindest of men and a profoundly moral man. He leaves in his wake a trail of love a mile wide.”

Read more on Sky News:
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My week with Prince William, the quiet disruptor

Yentob joined the BBC as a trainee in 1968 and held a number of positions – including controller of BBC One and BBC Two, director of television, and head of music and art.

He was also the director of BBC drama, entertainment, and children’s TV.

Yentob launched CBBC and CBeebies, and his drama commissions included Pride And Prejudice and Middlemarch.

Alan Yentob with former BBC director general Tony Hall in 2012. Pic: Reuters.
Image:
Alan Yentob (left) with former BBC director general Tony Hall in 2012. Pic: Reuters.

The TV executive was made a Commander of the Order of the British Empire (CBE) by the King in 2024 for services to the arts and media.

In a tribute, the BBC’s director-general Tim Davie said: “Alan Yentob was a towering figure in British broadcasting and the arts. A creative force and a cultural visionary, he shaped decades of programming at the BBC and beyond, with a passion for storytelling and public service that leave a lasting legacy.

“Above all, Alan was a true original. His passion wasn’t performative – it was personal. He believed in the power of culture to enrich, challenge and connect us.”

BBC Radio 4 presenter Amol Rajan described him on Instagram as “such a unique and kind man: an improbable impresario from unlikely origins who became a towering figure in the culture of post-war Britain.

“I commend his spirit to the living.”

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Mother and three children who died in house fire in London named by police

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Mother and three children who died in house fire in London named by police

A mother and three of her children who died in a house fire in northwest London have been named by police.

Warning: This article contains pictures of a fire in which people died

Detectives say Nusrat Usman, 43, Maryam Mikaiel, 15, Musa Usman, eight, and Raees Usman, four, died following the fire in Stonebridge, near Wembley, in the early hours of Saturday.

A woman in her 70s was taken to hospital but has since been released. A 13-year-old girl remains in hospital in a critical condition.

A 41-year-old man was arrested at the scene and has since been bailed. He was subsequently detained under the Mental Health Act.

A 43-year-old woman and three children died at the scene in Brent, northwest London.
Image:
The blaze gutted two homes in Stonebridge


Flowers and a blue teddy bear have been left near the scene, where crews wearing helmets and respiratory equipment were seen building scaffolding against the burnt-out buildings.

Neighbour Cecilia Marquis, 60, said she was “stunned by the devastation”.

“This will leave a devastating impact,” Ms Marquis, who witnessed the fire, said.

A 43-year-old woman and three children died at the scene in Brent, northwest London.

Witness Mohamed Labidi, 38, said he “can’t even look at the house right now”.

“We used to socialise together.

“They’re very good people, no problems on their side at all. It’s really shocking. It’s a really strong community here, we look after each other.”

The inferno that claimed the lives of a mother and her three children

A neighbour, who asked not to be named, said: “It’s horrible, we saw people running outside.

“It’s hard to process. I only just moved in, so it’s hard to think about it.”

Read more from Sky News:
Police officer fighting for life after on-duty traffic incident named
Premier League clubs at risk of legal action
Rayner says she ‘never’ wants to be Labour leader

Emergency services on the scene. Pic: PA
Image:
Emergency services on the scene. Pic: PA

Eight fire engines and around 60 firefighters responded to the blaze, London Fire Brigade (LFB) said.

Two terrace houses, each with three floors, were severely damaged in the fire, which was under control by around 3.25am, the fire service added.

Superintendent Steve Allen, from the Met’s local policing team in northwest London, said: “Our thoughts go out to all those impacted by what has happened.

“Specialist officers are continuing to support the wider family who have asked for privacy at this deeply upsetting time.

“Local officers are working closely with officers from the Specialist Crime Command on what continues to be a very complex investigation.”

Mayor of London Sadiq Khan said in a post on X: “This is devastating news and my thoughts are with the family, friends and wider community of the four people who sadly have lost their lives.

“I remain in close contact with the London Fire Brigade and Metropolitan Police as they work to establish the cause of the fire and offer support to all those impacted.”

This breaking news story is being updated and more details will be published shortly.

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