Bloomberg Intelligence senior commodity strategist Mike McGlone has explained that a supercycle may be happening in bitcoin, noting that the cryptocurrency is beating gold by almost 10 times so far this year. The strategist added that if past trends hold, bitcoin’s volatility is more likely to recover compared to commodities when the crypto “heads toward
United States Federal Reserve chairman Jerome Powell has conceded that his regulator was blindsided by the sudden collapse of Silicon Valley Bank (SVB), despite it being under their watch. In a press conference held just after the Federal Open Market Committee meeting on March 22, Powell said he immediately knew there was a need for
Following the fallout over the past two weeks in the U.S. banking industry, the Federal Reserve raised the federal funds rate by 25 basis points (bps) on Wednesday, citing the need for the inflation rate to return to 2% over the long run. Fed Raises Rate Despite Calamity in the U.S. Banking Sector It’s been
The U.S. Securities and Exchange Commission (SEC) has sent Coinbase a “Wells notice” about potential violations of securities law. The Nasdaq-listed cryptocurrency exchange noted that, unlike what SEC Chairman Gary Gensler said, the securities regulator “will not let crypto companies ‘come in and register.’” Coinbase CEO Brian Armstrong explained: “A Wells notice typically precedes an
Crypto exchange Coinbase said it received a ‘Wells Notice’ from the United States Securities and Exchange Commission recommending the regulator take enforcement action. In a March 22 blog post, Coinbase said the “legal threat” could potentially target the exchange’s staking program Coinbase Earn, listed digital assets, its wallet, or Coinbase Prime services. A Wells Notice
As part of the talks that Russian president Vladimir Putin and Chinese president Xi Jinping are currently conducting in Russia, Russia has vowed to move to use the Chinese yuan as a settlement currency with countries in Asia, Africa, and Latam. Putin expressed that using national currencies for international trading “should be encouraged further.” Russia
The United States Securities and Exchange Commission, or SEC, has called for a jury trial against Tron founder Justin Sun for the “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.” In a March 22 filing in U.S. District Court for the Southern District of New York, the
The U.S. Securities and Exchange Commission (SEC) has taken action against Justin Sun, the founder of Tron, and the Tron Foundation, issuing charges for offering unregistered securities and market manipulation. Additionally, a group of influencers have been charged by the organization for promoting tron without disclosing that they were being compensated for their endorsements. Tron
Arbitrum developers announced an airdrop of its governance token, ARB, to eligible users and DAOs on the Ethereum Layer-2 platform. An average user received around 625 ARB tokens, which corresponds to around $625 to $1,250, according to pre-launch trading prices and popular estimations. The prospect of earning free money has instilled excitement around users looking
United States Senators Elizabeth Warren and Ron Wyden have cited the recent collapse of three major banks to call on the Public Company Accounting Oversight Board to “rein in” audits of crypto firms. In a March 21 letter to Public Company Accounting Oversight Board chair Erica Williams, Warren and Wyden reiterated concerns over “shady audits”
Ether’s price (ETH) reached $1,400 on March 10, which proved to be a bargain as the cryptocurrency rallied 27.1% until March 21, at the time of writing. However, the three reasons that supported the price gain, including correlation with tech stocks, its increasing total value locked and its deflationary token economics, all suggest that the
The total value locked (TVL) in decentralized finance (defi) has risen above the $50 billion mark after falling below the range throughout most of March. At present, the value locked in defi is approximately $50.34 billion, up 1.97% over the past 24 hours. Defi Value Swells Close to 2% Higher to Over $50 Billion With
Bitcoin (BTC) saw heavy volatility on March 22 as the United States Federal Reserve hinted that it may stop interest rate hikes. Powell on rates: “‘May’ and ‘some’ instead of ‘ongoing'” Data from Cointelegraph Markets Pro and TradingView showed sharp moves both up and down for BTC/USD as the Fed hiked by an anticipated 25 basis
According to the U.S. Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will be certified in April to leverage the Fednow Pilot Program. Ken Montgomery, the Fednow program executive, is urging American financial institutions to make preparations to join the central bank’s new payment service. Economist Richard Werner,
According to Claudio Riff, the CEO of Pooky, a sport prediction game powered by blockchain, gaming may be one of the more effective ways of getting users to experience the potential of blockchain and Web3 without dealing with the associated complexities. Onboarding People to Web3 Through Gaming Pointing to the gaming industry’s appeal and reported
Bitcoin (BTC) has been sustaining above the $25,000 level for the past few days, increasing the likelihood that the bear market may have ended. Generally, in the initial stages of a new bull phase, several analysts remain in a state of disbelief and expect the resumption of the downtrend. Another group of traders continue to
Xrp moved to its highest point since November, as markets reacted to news suggesting a verdict could be near in Ripple’s case with the Securities and Exchange Commission (SEC). Cardano was also higher on Wednesday, hitting a one-month high. XRP rose to its highest point since November, as markets continued to react to the latest
The first day of Paris Blockchain Week (PBW) is bringing more thoughts on the ongoing crisis in the global banking system, with industry executives comparing the collapses of major cryptocurrency firms like FTX with the fall of banks like Silicon Valley Bank (SVB). On March 22, PBW hosted a panel discussion titled “FTX, Luna, Celsius,
The metaverse continues to be a hot topic in the Web3 space, as a group of industry professionals took to the Venus de Milo stage at Paris Blockchain Week 2023 to discuss the future of digital reality. In the panel “Metaverse Regulation: Dos and Don’ts,” the group discussed how regulators around the world might interpret
African countries’ debts totaling more than $20 billion were written off in the past year, Russian President Vladimir Putin said on March 20. Putin also revealed that trade between Russia and Africa had nearly reached $18 billion by the end of the year. According to the Russian leader, the majority of the world is opposed