Day: March 28, 2023

Native Token for New Crypto Exchange Launched by 3AC Founders Goes Parabolic After Being Listed on SushiSwap

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An Ethereum-based altcoin has outperformed most of the crypto markets over the last week as the founders of bankrupt hedge fund Three Arrows Capital (3AC) gear up to launch their own exchange. FLEX Coin (FLEX) is the native token of CoinFLEX, a crypto exchange that has recently undergone restructuring and is set to have its assets acquired by OPNX, an exchange launched by 3AC founders Su Zhu and Kyle Davies. OPNX aims to be the first crypto exchange that allows for the trading of bankruptcy claims while also providing standard…

The key to Filecoin and Arweave accruing value?

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With the rise of Ordinals on Bitcoin (BTC) sparking debate over how users should store their NFTs and blockchain gaming projects searching for cheaper, secure ways to store data, it’s time to revisit the discussion surrounding decentralized storage coins. Decentralized storage protocols Filecoin (FIL) and Arweave (AR) show similar price action, leaving investors with a decision between the underdog showing signs of increased adoption by NFT users and blockchain gaming projects and the clear leader in market cap and adoption. The total market capitalization of the entire digital storage cryptocurrency…

Why Bitcoin Is Your Best Bet Against Inflation

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Facing mounting pressure to roll back rate hikes, including protests by farmers and car dealers along with bipartisan political intervention, the Federal Reserve yielded. As unemployment exceeded 7% in May, the Fed chose to substantially lower the federal funds rate, even though inflation had reached a staggering 14.7% in April. This move tarnished Volcker’s reputation as a champion against inflation, and throughout the remainder of 1980, inflation persisted at over 12%. Original

Former FTX CEO Sam Bankman-Fried Faces New Bribery Charges for Alleged Crypto Payment to Chinese Officials – Bitcoin News

Sam Bankman-Fried (SBF), the former CEO of FTX, now faces a 13-count indictment as U.S. officials have added new charges. One of the new charges alleges that SBF leveraged $40 million to influence “one or more Chinese government officials.” Details of the Bribery Charges Against Sam Bankman-Fried Sam Bankman-Fried (SBF), the co-founder and former CEO of FTX, now faces charges of bribing Chinese government officials. “Bankman-Fried and others agreed to pay cryptocurrency to one or more foreign officials in China to influence and induce them to unfreeze the accounts in…

European Banking Federation shares its vision of digital euro, wCBDC, bank tokens

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The European Banking Federation (EBF) has released a paper detailing its vision for the digital money ecosystem of the future, and the retail digital euro in particular. The carefully worded paper expressed values and concerns about the digital euro from the perspective of commercial banks.  The paper, released on March 28, emphasized the bank’s values, such as stability and privacy. It called for closer public-private partnership in the introduction of the digital euro. “There is currently no dialogue in place to address the fundamental changes and risks to the monetary…

How Bad Is the CFTC’s Binance Lawsuit?

Instead, this is likely just another significant blow to crypto’s reputation. Evidence suggests there is at least one informant at Binance, who passed private communications and self-destructing Signal messages to the commodities watchdog. Those messages paint a portrait of Binance – with Zhao at the helm – as a business that would sacrifice rules for the sake of growth. Large traders were privileged with faster settlement connections and lower fees – putting them above retail investors. And, if the CFTC is to be believed, Binance traded against its customers, which…

UK Crypto Promotions Laws Hoped to be in Place by Late 2023

The legislation also includes a limited time exemption for crypto companies that will allow those that are registered with the FCA the opportunity to approve their own ads as opposed to relying on others to do so. Some companies are authorized companies under FSMA, so can approve their own ads, but crypto companies do not fall under that umbrella. Source

Is Binance in hot water? CZ sued by the CFTC — Watch The Market Report

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This week on The Market Report, our beloved host, Joe Hall, and insightful expert Sam Bourgi, unfortunately, could not make it, but don’t worry because Marcel Pechman is here to breakdown everything that is happening between the United States Commodities Futures and Trading Commission, Binance and Changpeng “CZ” Zhao. Breaking: Binance and CZ sued by CFTC over US regulatory violations The U.S. CFTC has filed suit against Binance and CEO CZ for trading violations, according to a Bloomberg report. According to the CFTC, Binance failed to meet its regulatory obligations by…

China intensifies focus on blockchain despite cryptocurrency stance

The draft rules that have been developed by China’s Ministry of Industry and Information Technology to strengthen the requirements for the development of blockchain technology by the year 2025 are evidence of China’s increased attention on blockchain technology. In spite of China’s negative attitude toward virtual currencies, the country’s government is actively encouraging the development of its financial technology sector, notably in digital sectors such as blockchain. The People’s Republic of China has established the year 2025 as the target date for the completion of a number of technological advancements,…