Month: February 2023

As Bitcoin nears $25K, questions about rally’s sustainability remain

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It is no secret that the global economy has continued to weaken over the course of the past year. To this point, on Jan. 19, the United States government hit its “debt ceiling,” i.e. the total sum of money that the U.S. Treasury can borrow to fund its ongoing federal operations, leading to renewed concerns that more financial pain and the economic slowdown could be incoming. Similarly, on the other side of the Atlantic, the United Kingdom has been struggling as well. This is made evident by the fact the…

Bitcoin BTC Price Hovers Near $23K; Why AI Token Prices Are on a Months-Long Tear

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Meanwhile, ether followed bitcoin’s lead, holding its most recent support comfortably above $1,600, although it was recently down over 2% from Tuesday, same time. But as CoinDesk markets analyst Glenn Williams noted Wednesday in a column column, the second largest crypto in market value had regained its correlation to BTC after lagging so far this year. Both cryptos are up about 38% since Jan. 1. Original

Robinhood board gives nod to buy Sam Bankman-Fried’s $578M stake

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Robinhood’s board of directors has approved a plan to buy back the $578 million stake in their company which was bought by former FTX CEO Sam Bankman-Fried and FTX co-founder Gary Wang last year. Robinhood confirmed it got board approval to buy back the stake in its fourth quarter report, which was published on Feb. 8. “Our Board authorized us to pursue purchasing most or all of our shares that Emergent Fidelity Technologies bought in May 2022,” said Robinhood’s chief financial officer Jason Warnick, adding “The proposed share purchase underscores the…

Commodity Strategist Mike McGlone Says Cryptocurrencies May Be Facing Their First Real Recession – Markets and Prices Bitcoin News

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Bloomberg Intelligence’s senior commodity strategist Mike McGlone has warned that “cryptos may be facing their first real recession.” The Federal Reserve tightening despite the risk of a recession “could be a primary headwind for most risk assets, notably cryptos,” he added. ‘Cryptos May Be Facing Their First Real Recession’ Bloomberg Intelligence (BI), the research arm of Bloomberg, published its February 2023 crypto outlook last week. BI’s senior commodity strategist Mike McGlone tweeted Sunday: Cryptos may be facing their first real recession, which typically means lower asset prices and higher volatility.…

Deutsche Bank’s DWS eyes 2 German crypto firms for investment: Report

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Deutsche Bank’s asset management arm is in discussions to invest in two German crypto companies, according to people familiar with the matter. Per a Bloomberg report on Feb. 8, DWS Group CEO Stefan Hoops is currently in talks to buy a minority stake in Deutsche Digital Assets, a crypto exchange-traded products provider. It’s also in talks with Tradias, a market maker firm owned by Bankhaus Scheich — a traditional finance market maker. Hoops has been bullish about the opportunities presented in the digital assets space. During a recent earnings call, the executive…

Cryptocurrency Exchanges Offer Assistance to Earthquake-Hit Turkey – Exchanges Bitcoin News

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Major crypto exchanges have offered to help the people of Turkey to overcome the consequences of this week’s devastating earthquake. While the crypto industry pledged support, the country’s financial authorities allowed the raising of relief funds through cryptocurrency donations for a charity organization. Leading Exchanges Commit to Supporting the Victims of the Earthquake in Turkey The global crypto trading sector has quickly reacted to the news of the deadly earthquake that brought destruction to parts of Turkey and the region. Over the past few years, the country became a growing…

Crypto Council for Innovation GC to testify at US Senate ‘crypto crash’ hearing

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United States lawmakers with the Senate Banking Committee have announced three witnesses scheduled to appear before a hearing scheduled on Feb. 14. At the time of publication, the U.S. Senate Banking Committee’s hearing titled ‘Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets’ had witnesses including Vanderbilt University law professor Yesha Yadav, Duke Financial Economics Center policy director Lee Reiners, and Linda Jeng, a lecturer at Georgetown University Law Center’s Institute for International Economic Law. The hearing will be one of the first in the 118th session of…