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MAY 30, 2023

XRP INCREASES SIGNIFICANTLY

As of 8:00 am CST, XRP has reported the biggest gains across the top 10 cryptocurrencies, as it rose by 4.22% over the past 24 hours to reach $0.50. This rise in popularity occurred after John Deaton, a lawyer supporting Ripple, tweeted that internal documents from 2018 would be shown publicly in court. The documents may weaken the legal case against Ripple, which was sued by the U.S. Securities and Exchange Commission (SEC) in December 2020 because it claimed that Ripple conducted unregistered securities transactions by selling XRP.

PASSING DEBT LIMIT DEAL

House Speaker Kevin McCarthy is facing the daunting task of securing the passage of a deal to suspend the debt limit through January 1, 2025, as the deadline for a potential default looms on June 5. Despite opposition from conservatives, a wide range of members on both sides of the aisle seem to support the deal. However, there is little room for error, and McCarthy needs strong support, especially from Republicans, to pass the bill. The powerful House Rules committee will meet on Tuesday afternoon to set parameters for debate before the final House vote can take place.

OIL PRICES FELL

Oil prices dropped by almost 2% due to concerns about the U.S. debt ceiling deal affecting market sentiment and mixed messages from major producers clouding the supply outlook ahead of their meeting this weekend. Although there are positive hopes that the debt ceiling agreement will pass Congress, there are chances that some Republicans may oppose the deal to raise the debt ceiling in the U.S., which could disrupt financial markets and oil demand. As a result, Brent crude futures fell to $75.71 a barrel, while U.S. West Texas Intermediate (WTI) crude was down to $71.48 a barrel.

NVIDIA’S UPWARD TREND

Nvidia Corp. might soon become the first chipmaker to be worth $1 trillion in the world, as its share prices have increased by 4%. If Nvidia remains high, it will be valued just as high as Alphabet, Amazon.com, Apple Inc., and Microsoft Corp. This comes after Nvidia announced new artificial intelligence products, including a supercomputer platform that can help other tech companies create their own ChatGPT.

INTERNATIONAL NEWS

Euro zone bond yields observed a downward trend in response to the Spanish inflation results, which came in lower than expected. Spain’s inflation rate fell from 4.1% in April to 3.2% in May, which was lower than the expected drop to 3.5%. In addition, prices also dropped by 0.1% on a monthly basis. These results offer a glimmer of hope, suggesting that the European Central Bank may not need to raise interest rates as much as previously feared.

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