Day: January 24, 2023

Silvergate Rises and Coinbase Drops as Crypto Stocks React to Bitcoin on the Mend

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Several crypto stocks saw considerable increases in value while others dropped, as the 2023 Bitcoin price rally continued. Crypto-related stocks are riding higher following the recent resurgence of the leading digital currency Bitcoin (BTC). For example, Silvergate Bank (NYSE: SI) shares were up 11%, while several crypto-mining stocks recorded their best monthly performance in a year. Prominent Bitcoin mining firm Bitfarms (TSE: BITF) rose 140% in the first two weeks of this year, with Marathon Digital (NASDAQ: MARA) registering a 120% surge. In addition, Hive Blockchain Technologies (CVE: HIVE) also…

EU Lawmakers Impose ‘Prohibitive’ Requirements on Banks’ Crypto

In the meantime, “banks will be required to hold a euro of own capital for every euro they hold in crypto,” Markus Ferber, the economic spokesperson for the parliament’s largest political grouping, said in a statement. “Such prohibitive capital requirements will help prevent instability in the crypto world from spilling over into the financial system.” Source

This $25K BTC price target would spell misery for Bitcoin shorters

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Bitcoin (BTC) has an important new price target for bulls to meet — and it is closer than it seems. As noted by Philip Swift, co-founder of trading suite Decentrader, $25,000 is now a critical BTC price level. Bitcoin price rally near “a lot of liquidity” After putting in 40% gains in January, Bitcoin continues to consolidate around the $23,000. Opinions are split as to what will happen next — after more than a year of bear market, plenty of market participants expect a dramatic correction and even new multi-year…

Elon Musk Defends His 2018 Tweets of Taking Tesla Private and Support from Saudi Investors

During his testimony, Elon Musk said that he indeed had support from Saudi investors who later backpedaled from their commitment. On Monday, January 23, Tesla chief Elon Musk testified before the jurors adding that he indeed had support from Saudi’s sovereign wealth fund for taking Tesla private. Besides, he also spoke about using his own share in his space rocket company SpaceX to fund this buyout. During his trial in the San Francisco federal court, the billionaire shared details about the matter. “With SpaceX stock alone, I felt funding was…

BlockFi Wants Court to Approve Employees Bonuses to Avoid Talent Drain to Other Companies

However, the court has objected to the BlockFi request noting that every penny used to pay employees denies the creditors their right to be reimbursed. Distressed cryptocurrency lender BlockFi has filed with the bankruptcy court in the District of New Jersey wanting to get bonuses approval for retaining experienced employees. According to the court filings, BlockFi wants to hold on to experienced employees who are constantly getting higher-paying job opportunities with other companies like Google, and Walmart. Notably, BlockFi filed for chapter 11 bankruptcy protection after it reported huge exposure…

Meta and NBA Announces Strategic Partnership to Feature VR Games, META Shares Up 2.8%

The partnership extension between Meta and NBA will allow fans to purchase NBA-licensed apparel in the Meta Avatars Store and authenticated NBA League Pass access in Xtadium. Meta Platforms Inc (NASDAQ: META) has announced a multi-year partnership extension with the National Basketball Association (NBA) to feature enhanced virtual reality (VR) games via the Meta Quest. According to the announcement, Meta Quest – the official VR headset of the NBA and WNBA – will feature live NBA League Pass games in virtual reality throughout the season. As a result, basketball enthusiasts…

Bitcoin Mining Is Booming despite Market Slowdown

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While Bitcoin mining firms face major operational challenges they continue to add more rigs and make slimmer profits from their existing machinery. During the crypto winter of 2022, Bitcoin miners had a really tough time with BTC prices collapsing and profitability sinking. On the other hand, the rising energy costs contributed to additional woes. However, Bitcoin mining activity is once again showing healthy signs amid the recent Bitcoin market rally since the beginning of 2023. Earlier this month on January 15, the Bitcoin mining activity touched a new all-time high…