Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Galaxy Digital Holdings Ltd T.GLXY

Alternate Symbol(s):  BRPHF

Galaxy Digital Holdings Ltd. is a digital asset and blockchain company. The Company provides institutions, startups, and qualified individuals access to the crypto economy. Its full suite of financial services is custom-made for a digitally native ecosystem, providing multiple business lines: trading, asset management, investment banking, mining, and ventures. Its trading business, Galaxy Trading, provides spot and derivative executions, as well as liquidity to institutional clients, counterparties and venues that transact in cryptocurrencies and other digital assets. Its asset management business, Galaxy Asset Management, manages capital on behalf of third parties in exchange for management fees and performance-based compensation. Its investment banking business, Galaxy Investment Banking, offers financial and strategic advisory services for the digital asset, cryptocurrency and blockchain technology sectors. The Company operates various offices across North America, Europe and Asia.


TSX:GLXY - Post by User

Post by bubba9on Dec 19, 2024 12:17pm
54 Views
Post# 36370501

24-48 Hrs

24-48 Hrs

Federal Reserve Chair Jerome Powell has ruled out the possibility of the central bank adding Bitcoin to its balance sheet, citing legal restrictions under the Federal Reserve Act.

Powell addressed the issue during a Dec. 19 press conference, emphasizing that the Fed is not pursuing any legislative changes to alter this position.

 

"We’re not allowed to own Bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change," Powell said. "That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed."

Bitcoin faced its first drop in four days following Powell’s comments and a more cautious tone from the Federal Reserve. BTC fell 5.9% to $100,605, retreating from its record-breaking high of $108,000 achieved on Dec. 18.

The global cryptocurrency market also dropped, with its market capitalization falling to $3.67 trillion — a 7.6% drop in the last 24 hours. Other major cryptocurrencies were also hit hard. Ethereum, XRP, and Solana recorded losses ranging from 4% to 11%, reflecting a broader market correction.

On Wednesday, the Federal Reserve cut interest rates by a quarter-point, bringing the target range to 4.25%–4.5%. Stocks reacted negatively too, with the S&P 500 and Nasdaq Composite each falling 0.4%, and the Dow Jones Industrial Average losing roughly 100 points, marking its 10th consecutive losing day.

 

Powell noted that the central bank’s rate policy is now “significantly less restrictive” after a full percentage point reduction since its peak. He said future cuts in 2025 would depend on incoming economic data, with a focus on inflation progress and labor market strength.

Despite the pullback, analysts at Santiment observed a potential silver lining.

"Considering BTC has stayed above $100K (for the time being) and not dipped as aggressively as its normal fluctuations compared to the S&P 500, this can actually be interpreted as a sign of strength once the dust settles over the next 24-48 hours," wrote analysts at Santiment, a blockchain analytics platform.

Trump’s Push for a Bitcoin Reserve

President-elect Donald Trump has reiterated his vision for a strategic Bitcoin reserve, a concept he first proposed during his campaign.

On Dec. 12, Trump said, “We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead.”

The U.S. government already holds 212,847 BTC, valued at $22.3 billion, from law enforcement seizures. However, it remains unclear whether Trump’s proposed reserve would incorporate these holdings or involve additional market purchases.

Trump has consistently championed Bitcoin as a strategic asset, promising to position the United States ahead of nations like China in the cryptocurrency race. Speculation is growing that an executive order could formalize Bitcoin’s status as a reserve asset shortly after Trump takes office on Jan. 20, 2025.

<< Previous
Bullboard Posts
Next >>