Powell Says Fed Is 'Prepared to Raise Rates'; Mastercard, Binance Back Away From Crypto Card Partnership

Mastercard and Binance are breaking up and fed. Chair Powell speaks at Jackson Hole. You're watching Coindesk Daily, I'm your host, Jenna. Although inflation has moved down from its peak. A welcome development, it remains too high. We are prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective. That's Powell speaking this morning at the Kansas City Fed's annual retreat in Jackson Hole. The Coin desk, Bitcoin price XPX index hasn't moved much since the remarks, although it rose slightly to $26,200 right after those comments, it now remains around the $26,000 mark. Jp Morgan expects the selling pressure on the crypto market to end soon. A new report says it sees quote limited downside for crypto markets in the near term and quote. It comes as a result of the correction in the crypto markets this month. Jp Morgan says analysis of open interest in Chicago mercantile exchange. Bitcoin futures shows that the unwinding of long positions appears to be in its end phase rather than its beginning. Mastercard is ending its crypto card relationship with Binance. The crypto exchange says Binance cards will no longer be available to users in Latin America and the Middle East. It comes as Binance faces increasing regulatory scrutiny after being sued by the SEC in June for securities violations. Visa recently backed away from a similar partnership with Binance. According to Bloomberg, a cyber security incident has affected Kroll, a third party agent that gathers customer claim data on behalf of bankrupt companies. The company says they access online files including customers names, addresses, email addresses and size of their claim. It includes customer data of bankrupt crypto exchange. FTX Genesis and lender block five customers are being warned to be on the lookout for scammers. That's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.