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Wider income gaps linked to lower cultural participation, study finds

People in regions with wider income gaps are less likely to use cultural facilities such as cinemas, theatres, museums and performance venues, a study found. Tracking Italy’s 20 regions from 2011 to 2022, researchers found cultural participation was lower where income inequality was higher. The link held after accounting for per-capita income, regional characteristics and year-by-year changes. The researchers cited cost burdens and unequal opportunities as barriers, and warned that expanding venues alone may not narrow gaps.

Crypto

Bitcoin shows signs of rebound as it builds a base, Glassnode says inverse correlation with U.S. dollar strengthens

Bitcoin is showing signs of a rebound while still building a base, according to on-chain analytics firm Glassnode. It said bitcoin reacted more than other major assets after U.S. inflation data came in below expectations, suggesting selling pressure has largely been exhausted. Glassnode said bitcoin’s correlation with U.S. stocks has weakened since winter while its inverse correlation with the U.S. dollar has strengthened. It highlighted key on-chain price levels and noted easing selling pressure, while cautioning conditions are not yet sufficient to confirm a sustained uptrend.

Crypto

Morgan Stanley moves to set up digital asset trust bank, internalise custody and staking

Morgan Stanley has begun procedures to establish a trust bank aimed at bringing cryptocurrency custody, staking and collateral support for lending inside the group. CryptoSlate reported that the Office of the Comptroller of the Currency gave preliminary conditional approval in June for a national trust bank dedicated to digital assets. The proposed unit, Morgan Stanley Digital Trust, would handle asset safekeeping, transaction administration, trustee-style staking and collateral management. Final approval requires capital and liquidity requirements, including at least $50 million in core capital.