Fri, Jul 5, 2024 5:06 PM
Titan Q1 Business Update: High gold prices impact demand
A Flip by Shubhangi Gupta
Jefferies reports that Bitcoin mining profitability increased in June due to a 2% rise in Bitcoin price and a 5% drop in network hashrate. The bank lowered price targets for Marathon Digital to $22, Argo Blockchain ADRs to $1.20, and U.K.-traded shares to 9.5p. US-listed miners increased their share of new Bitcoin production to 20.8% in June, with Marathon mining the most at 590 tokens.
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Jerome Powell faces pressure from lawmakers to cut interest rates, with Democrats arguing that high borrowing costs harm consumers, while others defend the Fed's independence. The Fed has held rates at a two-decade high, citing inflation concerns. Powell will testify before Congress, where he'll likely face questions on rate cuts and plans to increase capital requirements for Wall Street lenders.
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The Hang Seng China Enterprises Index fell 1.6% on Monday, bringing its decline from its May 20 high to over 9%. The CSI 300 Index declined for a 5th straight day, capping a 7th week of losses. Chinese equities have lost momentum due to a patchy economic recovery and geopolitical risks, with investors not expecting significant stimulus from the upcoming Third Plenum meeting.
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