26 Apr 2025, 18:01

US Dollar Witnesses Deepest Slide in 16 Years As Bond Behemoth Warns Global Reserve Status ‘Not Guaranteed’: Report

A $1.7 trillion asset manager is flipping bearish on the US dollar, warning Trump’s push to revitalize America’s industries by increasing tariffs is eroding the USD’s dominance. Analysts at bond giant Pacific Investment Management Company (PIMCO) say in an investment note that President Trump’s trade war has triggered uncertainty about the status of the dollar and US Treasuries as safe-haven assets, reports Reuters. The PIMCO market strategists say that investors are now questioning whether US assets will remain the anchor of the global financial system amid Trump’s abrupt policy shift that his administration claims will bring manufacturing jobs back to America. “The US has long enjoyed a privileged position, with the dollar serving as the global reserve currency and Treasuries as the go-to reserve asset. However, this status is not guaranteed. If global capital flows into US assets dwindle, it could point toward a more multipolar world with a diminished reliance on a singular reserve currency. “ With investors beginning to doubt the long-standing trend of US exceptionalism, PIMCO warns that the door is now open for investors to move their capital away from the US dollar and Treasuries into bonds issued by Europe, Japan, the UK and emerging economies. Earlier this month, Trump signed an executive order that imposed a 10% tariff on all imported goods entering the US, with the stated aim of safeguarding domestic manufacturing. The president also issued a proclamation that slapped reciprocal tariffs on dozens of countries. The move has triggered a steep decline in the US dollar index (DXY), which measures the strength of the USD against a basket of other major foreign currencies weighted by volume. The DXY dropped as much as 6% this month, from an April open of 104.18 to as low as 97.92. The last time the DXY slid by about 6% was in May of 2009, when the US economy collapsed due to the 2008 financial crisis. The DXY has bounced since and is trading at 99.58 as of Friday’s close. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post US Dollar Witnesses Deepest Slide in 16 Years As Bond Behemoth Warns Global Reserve Status ‘Not Guaranteed’: Report appeared first on The Daily Hodl .

26 Apr 2025, 17:50

Swiss National Bank Shuns Bitcoin Amid Ongoing Debate

Latest market data shows that the Swiss National Bank (SNB) has decided once again not to include Bitcoin (BTC) in its reserves, despite rising pressure from supporters of digital assets. SNB Upholds its Cautions on Bitcoin (BTC) In a recent event, SNB President Martin Schlegel clarified that Bitcoin would not be added to the bank’s list of reserve assets. He pointed out that although sometimes liquid, Bitcoin can quickly lose that liquidity during financial crises. The president stressed that the bank’s reserves must always be reliable and ready for use, especially when buying and selling foreign currencies. Furthermore, the national bank president explained that Bitcoin’s well-known price swings made it unsuitable for the bank’s needs. Schlegel stated that stability is critical for any asset to be worthy of national reserve inclusion. However, Bitcoin’s extreme volatility could put the strength of the SNB’s reserve position at risk. He also highlighted the security concerns tied to cryptocurrencies, including risks from software bugs and data breaches. Despite growing public interest in Bitcoin (BTC), the SNB intends to keep its traditional, low-risk strategy for now. Unlike the Swiss National Bank, the United States recently established a national crypto reserve , placing Bitcoin, the largest cryptocurrency, at the center of this innovation. Bitcoin Initiative Argues for National Reserve Reacting to the update, the Bitcoin Initiative, a group pushing for the SNB’s adoption of Bitcoin, argued that Bitcoin could have greatly boosted the bank’s returns. According to the initiative’s rough estimate, adding 1% Bitcoin to the Swiss national bank reserve could have nearly doubled gains since 2015, with only a slight increase in risk. The group emphasized that BTC remained available for transactions even during public holidays and market stress. They also mentioned that Bitcoin’s behavior should be judged alongside other assets in the portfolio, not on its own. Still, the group opined that adding Bitcoin to the national reserve could help overcome the uncertainty caused by Trump’s tariffs. Referendum Push for Bitcoin Inclusion It is worth stating that despite the growing movement, Schlegel remains unmoved. He remains keen on the fact that Bitcoin’s volatile nature is the main reason it can not be included in the reserve. Facing opposition from the SNB leadership, the Bitcoin Initiative has moved to launch a referendum campaign. The aim is to change the Swiss Constitution to require the SNB to hold reserves in both Bitcoin and gold. However, Schlegel remains firm, insisting that the SNB’s priority must be liquidity, security, and stability. In related news, Arizona is on the brink of establishing one of the first state-backed crypto reserve funds in the U.S. The post Swiss National Bank Shuns Bitcoin Amid Ongoing Debate appeared first on TheCoinrise.com .

26 Apr 2025, 16:48

$28,000 Drained From JPMorgan Chase Customer in Alleged Zelle Scandal, Wells Fargo Customer Loses $8,265 As Thieves Laugh, and Bank of America Addresses Account...

A JPMorgan Chase customer says tens of thousands of dollars has been drained from his account via Zelle, a Wells Fargo customer says bank impersonators laughed at her loss, and Bank of America clarifies reports of a new warning on account terminations. JPMorgan Chase Account Drained via Zelle A JPMorgan Chase customer has allegedly lost $28,000 due to a brazen and merciless theft utilizing the Zelle payments platform. Authorities in Connecticut say 37 year-old caretaker Jennifer Cedeno-Leon initiated multiple unauthorized transactions to herself from an 86 year-old man’s cell phone, reports the Greenwich Time. Police say the man had hired Cedeno-Leon to look after him. The victim says his daughter discovered the suspicious transactions after gaining power-of-attorney access to his finances late last year. Wells Fargo Customer Says Thieves Laughed at Her Loss A Wells Fargo customer says criminals stole $8,265 from her account and laughed at her expense. Aleah McPherson says she received a phone call from someone posing as a Wells Fargo employee and warning of fraudulent activity, reports Fox 5 Atlanta. The caller instructed her to transfer funds via Zelle and a Chase Bank digital wallet for “safekeeping.” After complying, McPherson realized scammers had taken her money. “That was my savings. What I’ve been [saving] for a while. Once I was done talking to them, I heard laughing in the background. They are telling you that you’ve been scammed – laughing.” The local sheriff’s office is investigating the crime as a theft by deception, which is a felony. Bank of America Addresses Account ‘Warning’ Bank of America is addressing reports that the bank is warning customers about new account closure policies. Recent reports have stated BofA customers could now face account closure and lose access to their money if their accounts are declared inactive for three years or more. However, a spokesperson at the bank tells People magazine that the policy has long been in place and is nothing new. “There has been no announcement, no warning, no changes at Bank of America. Every bank is required to follow state laws on what to do with abandoned accounts.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post $28,000 Drained From JPMorgan Chase Customer in Alleged Zelle Scandal, Wells Fargo Customer Loses $8,265 As Thieves Laugh, and Bank of America Addresses Account Closure Confusion appeared first on The Daily Hodl .

26 Apr 2025, 16:05

Swiss National Bank Rejects Bitcoin Reserve Proposal

Bitcoin is unlikely to become a reserve asset in Switzerland anytime soon, Martin Schlegel, chairman of the country's National Bank, has hinted. He said at a shareholders' meeting in Bern that ”cryptocurrencies do not currently meet the requirements of foreign exchange reserves.” However, many local cryptocurrency companies expect that digital assets will still receive the necessary recognition from officials. Bitcoin as a reserve asset in Switzerland This is not the first time Schlegel has spoken out against the radical adoption of crypto. In March, he said he did not want to make Bitcoin a Swiss reserve asset, citing lack of stability, liquidity issues and security risks. The Swiss Federal Chancellery has initiated a proposal to constitutionally enshrine the National Bank's obligation to hold Bitcoin at the end of 2024. To launch the referendum, the initiators need to collect 100,000 signatures. The proposal is to change the third paragraph of Article 99 of the constitution. It currently reads as follows “The Swiss National Bank shall create sufficient currency reserves from its revenues; part of these reserves shall be held in gold.” If successful, the phrase ”and in Bitcoin” will be added to the text. The Swiss non-profit project 2B4CH participated in the development of the initiative and prepared and filed the necessary documents. 2B4CH is backed by some big names in the industry. In particular, we are talking about Jeev Zangana, vice president of Tether, which is the issuer of the largest stablecoin USDT. 2B4CH founder and chairman Yves Bennaim commented on the initiative. Here is the relevant comment on the matter. “We are not saying — go all in with bitcoin, but if you have nearly 1 trillion francs in reserves, like the SNB does, then it makes sense to have 1–2% of that in an asset that is increasing in value, becoming more secure, and that everyone wants to own.” If successful, the phrase ”and in Bitcoin” will be added to the text. The Swiss non-profit project 2B4CH participated in the development of the initiative and prepared and filed the necessary documents. Bitcoin Suisse board member Lusius Meisser noted that ”holding bitcoins makes more and more sense as the world transitions to a multipolar arrangement.” He added that the need is especially great now that ”the dollar and euro are weakening.” Maser argues that holding Bitcoin would spare the central bank from political influence from foreign currencies, most of whose reserves are denominated in dollars and euros. The rejoinder was as follows. Politicians are eventually tempted to print money to fund their agendas, and Bitcoin is a currency that cannot be diluted because of its scarcity nature. Switzerland remains one of the world centers of the crypto industry. For example, it was in the Swiss city of Zug that the history of Ethereum, the second largest cryptocurrency in terms of capitalization, began. And the country continues to generate crypto initiatives even now. In particular, international chain Spar started accepting bitcoin payments in a city in Switzerland this month, as we reported earlier. How real assets are tokenized According to RWA.xyz , a platform that tracks tokenized real assets, just six institutions control 88 percent of all tokenized U.S. Treasuries. This information points to the concentration of the sphere in the hands of a few funds as it evolves. BlackRock remains the largest issuer of tokenized bonds. The company's tokenized Treasury bond fund called BUIDL has a market capitalization of $2.5 billion, 360 percent more than its nearest competitor. Meanwhile, BlackRock reported $11.6 trillion in assets under management in the first quarter of 2025. The top six also includes Franklin Templeton's BENJI with a capitalization of $707 million, Superstate's USTB with $661 million, Ondo's USDY with $586 million, Circle's USYC with $487 million and Ondo's OUSG fund with $424 million in assets. Together, these six funds account for 88 percent of all tokenized bonds issued. The largest tokenized funds have been undergoing consolidation since the start of 2025. According to analyst data , of the six leading funds, only Circle's USYC has shown a decline in market capitalization in recent months. Most notably, BUIDL's capitalization rose 291 percent from Jan. 1 to April 24. It now occupies 41.1 percent of the total capitalization of the tokenized U.S. Treasury bond industry. MEXC Chief Operating Officer Tracey Jin noted that centralizing the tokenized asset sphere carries notable risks: Most tokenized assets will be issued on semi-centralized blockchains. This gives authorities the ability to impose restrictions or confiscate assets. Tokenization of real estate or bonds is still closely tied to the national legal system. The market for tokenized real assets is expected to experience rapid growth in 2025. The trend is supported by regulatory clarity, increased interoperability, liquidity solutions, identity transition from physical to digital, and development of fractional ownership. On April 21, the total capitalization of the sector reached a record $21.3 billion. The bottom line Although Switzerland is not yet ready to add Bitcoin to its reserves, the very fact that this idea is being discussed at the state level shows that the crypto industry is maturing. Against the backdrop of the development of tokenization of real assets, it is clear: digital technologies are penetrating deeper and deeper into the traditional financial system. And even cautious countries will sooner or later have to recognize this seriously.

26 Apr 2025, 14:30

Wells Fargo To Pay $185,000,000 To Customers in Massive New Settlement – Here’s Who Will Benefit

Wells Fargo customers may be eligible to be beneficiaries of a $185 million payout from the bank following a court’s approval of a massive class action settlement. A lawsuit initiated last year claims that during the Covid-19 era, Wells Fargo issued mortgage forbearances to its customers when they didn’t want them, causing unnecessary hardship while also negatively affecting credit scores due to halted payments. Plaintiffs alleged that the bank decided to provide mortgage forbearances to certain clients who had made an inquiry or expressed hardship but didn’t explicitly request a forbearance. While Wells Fargo did not admit to any wrongdoing, the bank has agreed to pay $185 million to affected customers. According to Top Class Actions, Wells Fargo customers who had a mortgage placed into COVID mortgage forbearance without informed consent between March 1, 2020, and Dec. 31, 2021 are eligible for compensation. Some customers have reportedly already received letters from Wells Fargo in the mail in regards to the payout. In an emailed statement to marketplace.org , a Wells Fargo spokesperson said, “During the early stages of the pandemic, Wells Fargo worked hard to help customers who expressed concern about financial hardship and their ability to make their next mortgage payments… We support this settlement because we believe it is in the best interests of our customers.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Wells Fargo To Pay $185,000,000 To Customers in Massive New Settlement – Here’s Who Will Benefit appeared first on The Daily Hodl .

26 Apr 2025, 14:00

Breaking News: First XRP ETF Goes Live in Brazil, Not U.S

The post Breaking News: First XRP ETF Goes Live in Brazil, Not U.S appeared first on Coinpedia Fintech News XRP has just reached a major milestone with the launch of its first-ever ETF in Brazil. This exciting move could bring more investors into XRP and open the door for bigger developments in the United States. With experts predicting that billions of dollars could soon flow into XRP products. However, this could pump the XRP price by 1000%. First XRP ETF Goes Live in Brazil In a big win for the XRP community, Brazil’s B3 stock exchange has launched the world’s first XRP ETF. The fund, called XRPH11, is managed by Hashdex and Genial Investimentos. It will track the Nasdaq XRP Reference Price Index, making it easier for investors to gain safe and regulated exposure to XRP. According to Hashdex, the ETF will invest at least 95% of its assets directly in XRP or in other products like futures contracts that copy XRP’s price movements. This setup allows both regular and big investors to invest in XRP without needing to own or store the cryptocurrency themselves. Brazil Moves Ahead, US Still Waiting Interestingly, this major step happened in Brazil, not in the United States, where Ripple is based. In the US, companies like Grayscale and Franklin Templeton have already filed for XRP ETFs, but they are still waiting for approval from the SEC. Meanwhile, the demand for XRP-related investment products is growing fast. As of April 18, XRP-focused ETPs had about $950 million in assets under management, according to CoinShares . Just last week, XRP funds saw $37.7 million in new money, leading all other crypto funds. Even bigger things could be on the horizon. JPMorgan predicted earlier this year that XRP products could pull in up to $8 billion — almost eight times more than today. XRP Price Outlook Even after this big news, XRP’s price hasn’t moved much. It is still trading around $2.20, with only a small 0.8% rise in the last 24 hours. But many believe that if an XRP ETF gets approved in the US, the price could shoot up. Although XRP has been moving slowly for some time, signs are starting to look more exciting. In the past, when gold slowed down after a strong rally, XRP went up by 1,000% . Now, with gold pulling back again, some experts think XRP could rise sharply and even reach $24 this year.