Day: March 17, 2023

This US Lawmaker Says Signature Bank Collapse Was Due to Instability in Crypto

Senator Michael Bennet from Colorado said that Signature Bank didn’t make “prudentially sound” decisions while dealing with crypto. Other US lawmakers believe crypto is being made a scapegoat in the failed banking policies of the Fed. Michael Bennet, the United States Senator from Colorado, recently opened up about the shutting down of crypto-friendly Signature Bank, with the intervention of the Fed and the FDIC. He said that the bank with crypto clients didn’t make “prudentially sound” decisions while functioning. Speaking before the Senate Finance Committee on Thursday, March 16, Bennet…

Marathon Digital (MARA) Shares Up 7% though Firm Reports Lower Q4 2022 Revenue

Marathon Digital has also revealed the nature of its exposure to the now-defunct crypto-focused Silvergate Bank. Embattled Bitcoin (BTC) mining firm, Marathon Digital Holdings Inc (NASDAQ: MARA) has released its performance report for the fourth quarter (Q4) of 2022 in which it unveiled a poorer-than-expected revenue. According to the firm, its revenue came in at $28.4 million, down by 58% from its year-ago record. Marathon Digital operates in a very strained market as the global economy, the high cost of energy, and the dwindling price of Bitcoin have largely kept…

Microsoft Announces Copilot Assistive AI Backed by OpenAI Technology

Computer software powerhouse Microsoft is launching a ‘Copilot’ feature for its business apps to enhance user experience.  Microsoft Corporation (NASDAQ: MSFT) has launched Copilot, an OpenAI-powered AI assistant, to its popular business apps – Word, Excel, and PowerPoint. According to the computer software giant, this assistive artificial intelligence (AI) technology seeks to enhance user experience. The company explained that Copilot is based on AI software called a large language model (LLM). Microsoft claims that in recent years, LLM has become more capable of comprehending and responding to text and can execute…

PLBY Group Loses $4.9M after Receiving Ethereum Payments for Its ‘Rabbitars’ NFT

Negative swings in the market price of Ethereum may have had a material impact on the company’s earnings and carrying value. PLBY Group (NASDAQ: PLBY) has announced that it lost about $4.9 million in the value of the Ethereum (ETH) assets it held last year. The parent company of Hugh Hefner’s Playboy confirms that the impairment loss came as a result of the crypto winter that swept through the industry and significantly impacted market prices across the board. PLBY Group Gives Analysis, Claims Impairment Losses May Not Be Recovered According…

FedEx Pumps Full-Year 2023 Earnings Expectation as Cost-Cutting Measure Improves Financial Performance

FedEx has hiked its 2023 earnings forecast as expenses have started reducing due to the cost-cutting initiative. Transport company FedEx (NYSE: FDX) has increased its expectation for 2023 earnings following the benefits it recorded from its cost-cutting initiative. The company said the cost-cutting measure addressed the continued demand weakness across several units, including FedEx Express. The multinational transport company gained over 11% in extended trading after releasing impressive reports for its fiscal Q3 2023. During the fiscal third quarter, revenue slightly missed the $22.74 billion expected at $22.17 billion. However, earnings…

Bitcoin is back above $26k

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Bitcoin’s price has returned to the $26,000 level today in early morning trading hours on March 17, which is only a hair below its all-time high for the year. The recent decline in crypto markets was brought on by the insolvency of two major banks involved in the bitcoin business. It didn’t help that these establishments went bankrupt and joined the others. BTC 24-hour chart | Source: CoinMarketCap Bitcoin is benefiting from the SVB saga BTC, trading at $26,089 as of writing, was 5.7 % up within 24 hours, giving…

Web3 Community LinksDAO Acquires Popular Scottish Golf Course

The LinksDAO CEO said that the platform aims to build a vibrant community of golf lovers and provide them with a whole new experience for being part of a golf club. On Thursday, March 16, Web3 community LinksDAO announced the purchase of a real-world golf course by securing the winning bid to acquire Spey Bay Golf Club, an oceanside 18-hole golf course in Scotland. The Spey Bay golf course is 100 years old and was receiving bids for 750,000 GBP, or nearly $910,000. However, it is unclear as to how…