Tue, Dec 24, 2024 9:14 AM
Singapore pulls ahead of Hong Kong in race to be crypto hub
A Flip by Shubhangi Gupta
Major banks and business groups sued the Fed on Tuesday, alleging the Fed's annual "stress tests" of Wall Street firms violate the law. The lawsuit filed in U.S. District Court in Columbus, Ohio, claims the Fed's practice of determining how big banks perform against hypothetical economic turmoil, and assigning capital requirements accordingly, do not follow proper administrative procedure.
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The crypto market’s center of gravity is back in the US as 2025 approaches, courtesy of Donald Trump’s reelection to the presidency and widening demand for the nation’s digital-asset funds and derivatives contracts. The share of daily Bitcoin trading against the dollar occurring in US hours has climbed to about 53% from 40% in 2021, data from Kaiko show.
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Europe's main stocks index rose on Tuesday, with mining and energy stocks leading gains amid light trading volumes ahead of the Christmas break. The pan-European STOXX 600 was up 0.2%, with many markets either shut or working reduced hours for Christmas Eve. Most European markets will be closed for the next two days.
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