Day: May 12, 2022

Look out below! Ethereum derivatives data hints at further downside from ETH

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Ether (ETH) is down 38% in three weeks and the current $2,000 level is 59% below the $4,870 all-time high that was reached in November 2021. Additional newsflow that added to the current market wide volatility were the bankruptcy fears that emerged after Coinbase, the largest U.S. exchange reported a $430 million first-quarter 2022 loss.  In the most recent 10-Q filing Coinbase included the following disclosure: “In the event of a bankruptcy, the crypto assets we hold on behalf of our customers may be subject to bankruptcy proceedings.” Regulatory uncertainty…

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Derivatives’ Old Guard Fights FTX Chief Over Plan to Cut Out Middlemen

But representatives of the derivatives markets made it clear FTX is directly threatening their territory, arguing that cutting out intermediaries for derivatives trades wasn’t just an idea that was going to stop with digital assets. Terry Duffy, the chief executive officer of CME Group, the world’s leading derivatives exchange, aimed much of his criticism at the possibility FTX would expand beyond crypto, because its application would allow it to do so. Source BitcoinChiefcryptoexchangecutDerivativesExchangesFightsFTXGuardMiddlemenPlan CryptoX Portal

US Senate confirms Jerome Powell for another four years as Fed chair

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The United States Senate has confirmed the nomination of Jerome Powell as the chair of the board of governors of the Federal Reserve System until 2026. In an 80–19 landslide vote on the Senate floor on Thursday, U.S. lawmakers confirmed Powell as chair of the Federal Reserve, a position he held from February 2018 until February 2022, when he was named chair pro tempore until a confirmation vote could be secured. Powell was one of four Fed nominees awaiting a full Senate vote following weeks of delays due, in part,…

The Latest Zcash Software Release Supports the Network’s ‘Largest Upgrade in History’ – Bitcoin News

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According to the Electric Coin Company, the team behind the cryptocurrency network Zcash, the protocol is soon to implement the largest upgrade in history. The Zcash development team has released the 5.0.0 codebase which supports the NU5 upgrade that will occur on or around May 31, at block height 1,687,104. Electric Coin Company and Zcash Prepare for Network Upgrade The second-largest privacy-centric crypto network, in terms of market capitalization, Zcash, will see a significant upgrade take place on or around May 31. Electric Coin Company and Zcash developers released the…