Stock Market Today: Stocks tumble on growth worries as Treasury yields plummet
Stocks kicked-off August trading with one of the biggest single-day declines of the year.
Stocks kicked-off August trading with one of the biggest single-day declines of the year.
However, leverage is a double-edged sword. While it can magnify gains, it also increases the potential for substantial losses, making it perilous when the market turns unfavorably.
According to Odaily, the Bank for International Settlements (BIS) and the Bank of England have unveiled the results of their 'Pyxtrial Project,' which aims to monitor the reserves of asset-backed stablecoins and tokenized assets. Described as a proof-of-concept project, Pyxtrial is considered an 'important first step.' However, the system is not yet fully ready for deployment. The creators of the project have noted that the global regulatory framework, which the system will help enforce, is still largely under development.
-- Gold prices steadied in Asian trade on Thursday after surging close to record highs in the prior session after the Federal Reserve flagged the possibility of an interest rate cut in September.
-- Most Asian currencies strengthened on Thursday as the dollar dropped after the Federal Reserve signaled that an interest rate cut was close, while the Japanese yen hit a five-month high on hawkish signals from the Bank of Japan.
According to BlockBeats, the collapse of Terra's LUNA and UST in mid-2022 resulted in a $40 billion loss for global investors. Terraform Labs and its founder, Do Kwon, reached a civil settlement with the U.S. Securities and Exchange Commission (SEC) in June, agreeing to pay fines of $4.47 billion and $200 million, respectively. However, the timeline for compensating affected investors remains unclear.On the 26th, the SEC released a notice addressing compensation for investors and creditors affected by Terraform Labs. The SEC clarified that compensation would be handled through the ongoing bankruptcy case of Terraform Labs. The company filed for Chapter 11 bankruptcy protection in Delaware in January, with estimated assets and liabilities between $100 million and $500 million, and 100 to 199 creditors.The SEC explained that Terraform Labs would seek approval for a Chapter 11 liquidation plan, which would establish a liquidation trust or property representative to distribute the remaining assets to creditors and investors harmed by Terraform's crypto asset securities, such as LUNA. The court's final judgment ordered Terraform to pay $4.47 billion in illicit gains, pre-judgment interest, and civil penalties. Do Kwon is required to transfer at least $204 million to Terraform's bankruptcy estate, including $7 million in cash and all crypto assets of the Luna Foundation Guard.The SEC emphasized that it would not receive any payments until investors and creditors are fully compensated. The bankruptcy plan, expected to be finalized in the fall of 2024, will outline the rights of creditors and affected investors. They will have the opportunity to review and vote on the disclosure statement and liquidation plan. The bankruptcy court has yet to determine the procedures and deadlines for submitting fraud-related loss claims against Terraform, but information will be posted on the following website once the plan is approved: https://dm.epiq11.com/case/terraform/info.As for LUNA's market performance, the token has seen a significant decline. After reaching $0.83 at the end of May, LUNA's price has dropped to $0.385, a nearly 70% decrease from its yearly high of $1.26.
-- Australia’s trade balance grew slightly more than expected in June, aided by a steady increase in exports of iron ore and other key commodities, although the trade surplus still remained close to four-year lows.
They've already attracted $5.5 billion in investments this year.