Rates Continue to Surge, Chase Censors Crypto Payments

Name: FS Insight
Price range: $$$

Sep 26, 2023

Author

Sean Farrell ^AC

BTC -3.49% MKR 3.73% OP 2.93%

Market Update Recent bearish trends continue to persist this afternoon. The SPX has sunk to its lowest level in months in part due to underwhelming home sales and consumer confidence data. Despite this data, rates continue to rise, with the U.S. 30-year yield eyeing the 4.7% mark after an early morning bout of short covering. All market sectors are currently in negative territory, and in the commodities market, oil prices are rebounding to levels just above $90. Meanwhile, gold is pulling back, approaching the $1,900 level. The DXY is maintaining its strength, solidly crossing the 106 threshold and on track for its 11th straight week of gains. In contrast to the broader market downturn, $BTC has managed to hold its ground, staying above the $26,000 level despite the strong dollar, increasing interest rates, and declines in both gold and equities. The altcoin market is largely struggling, although there are notable exceptions such as $OP, up about 2% for the day, and $MKR, which has surged by 7% today and has been one of the few crypto assets to show consistently positive price performance over recent weeks.Starting October 16, Chase Bank will implement a ban on crypto-related payments via debit cards or bank transfers for its U.K. customers, citing an uptick in crypto-related fr

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