Day: March 24, 2023

Crypto Market Bounces Back despite Fed Rate Hike and SEC Warnings

Thursday’s price pump in crypto comes following a rally in US equities as markets choose to look beyond the Fed rate hikes. It seems that the crypto market has finally decided to look past the traditional market and chart its own trajectory. Earlier this week, the Federal Reserve announced a 25 basis points rate hike in its continued fight against inflation. Although the crypto market showed some consolidation earlier, it bounced back strongly on Thursday, March 22, after the news from the Fed. The Bitcoin price has jumped by more…

Accenture to Cut 2.5% Workforce with 19,000 Layoffs, Lowers Annual Growth Forecast

Accenture said that amid the overall inflationary environment and rising interest rates, there’s a drop in the levels of business confidence among its clients. On Thursday, March 23, tech consulting giant Accenture (NYSE: ACN) announced that it is planning to cut 2.5% of its workforce, or 19,000 jobs worldwide. The company said that the decision comes in the wake of uncertain global economic conditions as it also trims down its yearly revenue outlook. Accenture Is Cutting Its Workforce The company on Thursday said that more than half of the job…

Character.AI Reached Unicorn Status after $150M Series A Funding

Before becoming a unicorn, Character.AI had constantly hit milestones since its beta launch in September 2022. As the AI buzz continues, Silicon Valley chatbot startup Character.AI has attained a unicorn status after securing $150 million in a funding round. The company announced the Series A round earlier in the month. Having generated this amount, Character.AI saw its valuation rise to $1 billion as it hit unicorn status. Character.AI Attains Unicorn Status In a press release announcing the successful Series A funding, Character.AI said Andreessen Horowitz (a16z) led the round that caused it…

Ethereum Co-founder Joseph Lubin Reiterates ETH Is Not Security but Commodity like Oil

Ethereum price gained approximately 4 percent in the past 24 hours to trade around $1,815 during the early Asian market on Friday. In the recent White House annual economic report to Congress, the Joe Biden administration noted that most crypto assets are unregulated securities,  a commodity, a derivative, or other financial products, depending on the underlying fundamentals. As a result, all digital assets apart from Bitcoin, primarily viewed as digital gold, have been rushing to get a favorable classification from the United States, among other jurisdictions. Is Ethereum a Security…

Arbitrum overtakes Ethereum in transaction numbers as airdrop approaches

Ethereum’s (ETH) layer-2 scaling solution Arbitrum (ARB) experiences unprecedented growth in anticipation of the ARB token airdrop. The Ethereum-based layer-2 scaling solution, Arbitrum, has reached an all-time high in daily transactions and unique wallets interacting with the network, according to Dune Analytics. This surge in activity comes just ahead of the highly anticipated airdrop of the platform’s native governance token, ARB. On March 23, nearly 495,000 unique wallets interacted with the Arbitrum network, almost double the previous peak recorded in February 2023. For context, the leading smart contract-enabled blockchain, Ethereum,…

Greenpeace war on Bitcoin unintentionally spawns ‘badass’ new mascot

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Environmental group Greenpeace’s latest salvo against Bitcoin (BTC) has seen the commissioning of an artwork aimed at highlighting its climate impact. Instead, the art piece has been widely praised by Bitcoiners, who want to adopt it as its mascot. On March 23, the climate activism group partnered with art activist Benjamin Von Wong for its ongoing “change the code, not the climate” campaign that seeks to convert Bitcoin’s consensus mechanism to a proof-of-stake (PoS) model. Greenpeace revealed its art piece dubbed the “Skull of Satoshi” — an 11 feet (3.3…

DigiToads can impact crypto markets as SushiSwap did before the SEC subpoena

The hype around DeFi protocols has driven a lot of excitement and investment over the last few months. DigiToads (TOADS) could set a new course for the crypto market. The question remains: will it impact the market more than SushiSwap (SUSHI)? SushiSwap’s subpoena Earlier this week, The United States Securities and Exchanges Commission (SEC) served a subpoena on SushiSwap, a decentralized exchange (DEX), and Jared Gary, its chief executive officer (CEO). The SEC said they wanted certain documents related to a case they were investigating. What is DigiToads (TOADS)? DigiToads (TOADS) is a…

Cathie Wood’s ARK loading up on Coinbase shares again, buying $18M

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Cathie Wood’s Investment Management firm Ark Invest has gone back to buying Coinbase shares again, just a day after the COIN’s stock price dipped amid news of its Wells notice.  On March 23, the firm purchased 268,928 Coinbase shares via its ARKK Innovation and ARKW Next Generation Internet exchange-traded funds (ETFs), which are worth $17.88 million at the time of writing. Only two days prior, and before the news of the Wells notice broke, ARK Invest sold 160,887 Coinbase shares from its ARK Fintech Innovation ETF. The sale was the…