Bitcoin daily
Bitcoin is in the midst of its best day in almost a month. It’s up 2.3%, or $752 to $29,925 as it threatens to retake $30,000 for the first time in a week.
The catalyst for the buying appears to be the Moody’s downgrade of several medium-sized US banks and threats to cut larger once. The Bank of New York Mellon, US Bancorp, State Street and Truist Financial were all put on review for downgrades following downgrades to 10 smaller banks.
“Many banks’ second-quarter results showed growing profitability pressures that will reduce their ability to generate internal capital,” Moody’s said in a note.
“This comes as a mild U.S. recession is on the horizon for early 2024 and asset quality looks set to decline, with…
Read More