“I have just concluded a highly successful discussion with President Vladimir Putin, of Russia, wherein it was agreed that Russia will immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter,” said President Trump minutes ago on Truth Social.
“Additionally, based on the condition of their Diesel Refineries, Russia will then deliver, within a short period of time, 3,000,000 Tons of Diesel Fuel,” he continued.
The post has knocked the price of heating oil (diesel) for November delivery down by 1.6% to $4.66 per gallon. That, in turn, has shaved about one basis point off the 10-year U.S. Treasury yield, now higher by 2 basis points on the day at 5.25%.
After rising to just shy of $87,000 on Sunday evening, bitcoin suffered mostly downward price action throughout the week.
A bit less than an hour before the close of U.S. stocks, bitcoin is trading hands at $82,450, up 1% over the past 24 hours, but down 1% from highs hit earlier on Friday.
Ether followed a similar, but amplified pattern, rising 1.3% over the past 24 hours, but down 7% for the week.
Rising oil prices and interest rates, FUD over AI cracking hardware wallets, an actual exploit of Ledger wallets, and the one-year anniversary of last year’s 10/10 flash crash combined to pressure crypto prices throughout the past five days.
Next week brings September CPI and PPI reports that will be key data as the U.S. Federal Reserve contemplates when to hike its benchmark fed funds rate again. For now, the betting is that the central bank skips a 25 basis point hike at its October 27-28 meeting (ahead of midterms), but resumes tightening policy at its subsequent meeting in December.
The high-yielding preferred stock of Michael Saylor’s Strategy, STRC just touched $99.71, its strongest level since the June panic, when it plunged from about $100 to as low as $71.25.
STRC has been supported in recent months by bitcoin’s bounce from $60,000, as well as Saylor and team’s commitment to preserve the 12% dividend, no matter what. This has included the sale of common stock MSTR$154.29·Market Closed to stockpile U.S. dollars with which to pay the dividend, as well as outright repurchases of STRC.
STRC does remain below the $100 level, which is significant. Once the stock gets there, Strategy could presumably begin issuing STRC to fund additional major bitcoin purchases.
The high-yielding preferred stock of far smaller peer Stive, SATA had been above $100 for several weeks, allowing Matt Cole and team to raise capital for bitcoin purchases.
Source
This article is syndicated for educational reading. For the latest updates, visit the original publisher.
Read on coindesk.com
