Month: January 2023

Crypto Market on Edge of Another Downturn, Metadoro Analysts Believe

The overall positive expectations of the global economy, including the widely praised reopening of China’s economy, may provide a positive boost to the markets as energy prices are slowing down worldwide. The crypto market has suffered again after lender Genesis, a Digital Currency Group affiliate, filed for bankruptcy on the premise that it owes more than $3.4 billion to its creditors. It looks like another breach of the crypto market infrastructure haul that may bring it to the edge of another downturn. A recent revival of the risky assets after…

United States to Prioritize Stablecoin Regulation, Says Chairman of Subcommittee

It remains unclear which regulator will have jurisdiction and control over different types of assets. A newly-formed United States House of Representatives committee on digital assets, financial technology, and inclusion, has revealed its plans to make stablecoin regulation its top priority. Speaking to CoinDesk on Thursday, the chairman of the committee, Rep. French Hill, says the committee has a lot on its plate and would be pursuing several legislations. That will include going for a privacy statute on the federal level, which, according to him, is also very vital to…

What is an ascending triangle pattern and how to trade it?

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Market analysts rely on many technical indicators to anticipate future trends, one of which is the very-popular ascending triangle chart pattern. What is an ascending triangle pattern? As the name indicates, an ascending triangle on a chart forms when the price consolidates between a rising trendline support and a horizontal trendline resistance. The pattern typically appears during persistent uptrends or downtrends. Most technical analysts see it as a “continuation pattern,” meaning the general market trend is likely to resume. BTC/USD three-day price chart featuring ascending triangle breakout. Source: TradingView For example,…

BuzzFeed to Leverage OpenAI to Write Stories, BZFD Stock Shoots 120%

BuzzFeed stock zoomed more than 200% during Thursday’s trading session as the media house announced the use of OpenAI tools for content production. On Thursday, January 26, BuzzFeed (NASDAQ: BZFD) said that would be using OpenAI, the creators of the popular ChatGPT platform, and leverage artificial intelligence to create content for its audience. This is the first big announcement by a media company to leverage the new tech into their business which has positively influenced BuzzFeed stock. ChatGPT has created a major buzz recently in the market and has stunned…

US SEC Rejects Cboe BZX’s Bid to List ARK 21Shares Bitcoin ETF for Second Time

SEC concluded that Cboe BZX has not established that it has a comprehensive surveillance-sharing agreement with a regulated market of significant size related to listing Ark 21Shares Bitcoin ETF. The United States Securities and Exchange Commission (SEC) has rejected a bid from Cboe Global Markets Inc to list a Bitcoin ETF jointly issued by Ark Investment Management and 21Shares for the second time. According to the SEC, Cboe Exchange has not yet demonstrated the required balance to protect investors from fraudulent activity including price manipulation. Since the FTX fallout, which…

Tesla (TSLA) Shares Pop 10% after Record Profits in 2022 Q4 Earnings

During the fourth quarter, Tesla reported automotive revenue of about $21.3 billion and total revenues of about $24.31 billion. Tesla Inc (NASDAQ: TSLA) shares closed Thursday trading at $160.27, up 10.97 percent from the day’s opening price. Tesla shares spike has been attributed to record 2022 Q4 earnings results that beat analysts’ expectations. Notably, Tesla cut unit prices at the end of 2022, which analysts think significantly contributed to the record results. As such, the electric vehicle behemoth is optimistic 2023 will yield even better results. “Thus far in January,…

Paraguayan Bitcoin Mining Companies Hurt by Power Rate Hikes of Over 50% – Mining Bitcoin News

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Paraguayan mining companies are taking a hit to their profitability due to the steep power fee hikes the government has established for cryptocurrency mining activities. According to reports from Braiins Mining business developer Nano Grijalba, after the veto of the crypto law, the change in power fees makes mining hosting an unprofitable business in Paraguay. Bitcoin Mining Power Fee Hike Hurts Paraguayan Companies Once seen as a haven for bitcoin and crypto miners, Paraguay has changed. Paraguayan miners now complain due to the price hikes the government has applied specifically…

SEC Probing Investment Advisors Over Crypto Custody: Report

The SEC has been warning public companies that if they have a stake in the industry’s recent crypto contagion, they’d better tell investors, as Coindesk previously reported. The SEC asked if companies face any risks to their businesses “due to excessive redemptions, withdrawals or a suspension of redemptions or withdrawals, of crypto assets.” Source