The plans, set to be discussed at a Wednesday hearing, would duplicate any independent examination of the exchange’s downfall, U.S. Trustee Andrew Vara said in a legal filing made Thursday. An independent examiner has yet to be appointed. The examiner issue will be discussed at a Monday hearing, with new FTX Chief Executive Officer John Ray set to give testimony. Source
EUROe allows easy-to-monitor and instant payments across the globe at non-zero cost. Finnish fintech organization Membrane Finance has inaugurated EUROe, Europe’s first and exclusive EU-regulated full-reserve stablecoin and payment network. EUROe converts a fiat Euro into a one-to-one pegged digital currency transactable on Ethereum, with prepared backing for an increasing number of blockchains. One EUROe stablecoin will always be one Euro. For every EUROe rolled out, at least one fiat Euro is present in a European Financial Establishment or bank, ring-fenced from Membrane Finance. The international Payments industry helps approximately…
The Coinbase stock has rallied by more than 142% year-to-date as of Thursday’s closing. Stocks of several crypto firms witnessed a healthy recovery last month. On Thursday, February 2, public-listed crypto exchange Coinbase Global Inc (NASDAQ: COIN) saw its stock price shoot up by a staggering 26% after the dismissal of a class-action lawsuit against the company. As of yesterday’s closing, the stock price was trading at $81.46 The lawsuit filed in federal court in New York in October 2021, accused Coinbase of selling 79 digital assets as unregistered securities.…
Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex reserves. Joining BRICS Following the Egyptian parliament’s recent endorsement of an agreement that paves the way for the country to join the New Development Bank, lawmaker Mohamed Abdel-Hamid, reportedly said the move helps reduce demand for U.S. dollars. Set up…
While Bitcoin may not reach its previous all-time high of $69,000 before the end of 2023, some investors believe that crypto has bottomed out and would begin recovering. Building on its new year rally, the price of Bitcoin crossed the $24,000 threshold on Wednesday night. The upsurge corresponded with a gain in general tech stocks and a drop in the US dollar currency Index (DXY) and US Treasury yields. Bitcoin price has remained closely correlated to the tech-heavy Nasdaq stocks. Its latest rally comes after the Federal Reserve raised its…
Bitcoin (BTC) headed toward $23,000 on Feb. 3 after a night of losses erased bulls’ latest progress. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar rebound halts crypto party Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $23,329 on Bitstamp. The pair had come off a second trip above the $24,000 mark at the Feb. 2 Wall Street open, with buyers failing to sustain momentum amid macro market volatility. In classic style for interest rate announcements by the United States Federal Reserve, an initial move was…
While billionaire Ray Dalio believes that fiat is in jeopardy, he also thinks that neither Bitcoin (BTC) nor stablecoins are the answer. In response, crypto community members took to Twitter to express their opinion on the topic. In a recent interview on CNBC’s Squawk, Dalio shared his takes on Bitcoin being a potential solution to the problems with fiat currency. The billionaire argued that it would not be effective as a store holder of wealth and a medium of exchange. Dalio also highlighted that stablecoins are also a replica of…
Russian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be paid any interest or cashback. Launch of Russia’s Digital Ruble Said to Result in Losses for Banking Institutions Commercial banks may lose up to 50 billion rubles annually (almost $715 million) when a digital version of the ruble is introduced, according to a forecast produced by financial experts…
India has officially revealed details of the ongoing work in the G-20 around how to regulate crypto. Source
Despite China’s great firewall, there are hundreds of thousands of people that reside in the country active on Western social media platforms like Facebook, Instagram, and Twitter thanks to the wide availability of Virtual Private Network (VPN) services. Source