Day: March 31, 2023

How a TikTok ban in the US could affect the crypto industry

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On March 23, the world watched as United States lawmakers questioned TikTok CEO Shou Chew at a House Energy and Commerce Committee hearing in Washington. In the hearing, lawmakers grilled the CEO over suspicions that the Chinese government is gathering user data through the app.  The intensity of the exchanges went viral online, with many believing that a ban — exemplified in the Restricting the Emergence of Security Threats that Risk Information and Communications Technology (RESTRICT) Act recently introduced in the United States Senate — may be imminent. While the…

BTC Drops Below $28,000, ETH Under $1,800 – Market Updates Bitcoin News

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Bitcoin was once again trading below the $28,000 level on Friday, as markets consolidated ahead of a key day of economic data. The University of Michigan releases its monthly consumer sentiment report, which is expected to come in lower than February’s sum. Ethereum also declined in today’s session. Bitcoin Bitcoin (BTC) fell below the $28,000 level on Friday, as markets consolidated ahead of a key day of economic data. BTC/USD slipped to an intraday low of $27,583.72 in today’s session, which comes a day after the price rose to a…

Bitcoin plunges below $28k amid market’s recent dip

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Bitcoin (BTC), the world’s largest cryptocurrency, has suddenly dropped in value, slipping below $28,000 to trade at $27,953 on March 31. This decline represents a 4.1% decrease from its 90-day high of $29,159 reached just the day before on Mar. 30. BTC daily price chart | Source: CoinMarketCap The market capitalization has also taken a hit, shrinking to $1.17 trillion, a nearly 2% drop within 24 hours.  As we analyze this recent downturn, let’s explore possible reasons for the decline and potential future movements. Key trading range and support levels…

Stellar’s XLM bounces 15% two days after hitting record low versus XRP

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The price of Stellar (XLM) rebounded 15% versus its arch-rival XRP (XRP) two days after the XLM/XRP pair set a record low of 0.181. Notably, the XLM/XRP pair rose to its intraday high of 0.20 XRP on March 31, a move that coincided with a decoupling between Stellar and XRP in the U.S. dollar market. For instance, XLM’s price has jumped over 11% since March 29 versus XRP’s 3% decline. XLM/XRP weekly price chart. Source: TradingView XLM price eyes 10% gains versus XRP in April On a broader timeframe, XLM…

The KYC and AML Challenges of Cryptocurrency Exchanges: Solutions and Best Practices

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The rise of cryptocurrency has heralded the dawn of a new age in digital finance. However, with the advent of this new technology, new challenges have emerged that conventional finance has not seen before. Among these difficulties are the Know Your Customer (KYC) and Anti-Money Laundering (AML) laws, which cryptocurrency exchanges must follow. This article will look at the KYC and AML issues that cryptocurrency exchanges encounter, as well as solutions and best practices for dealing with them. KYC Obstacles KYC regulations have been put in place to aid in…

China Welcomes Tech IPO Endeavors from Alibaba, JD.com, & Others after Lengthy Spell on Sidelines

Following two years of crackdowns and sanctions, China appears ready to unlock private sector potential via tech IPO developments.  Alibaba Group Holding and JD.com are reportedly involved in developments that could revive the long-dormant tech IPO landscape in China. Both tech giants are setting plans to float initial public offerings in the East Asian nation. These developments, three expected 2023 monumental Chinese debuts, could prop up the country’s flailing tech industry and reshape Hong Kong’s stock market. Alibaba’s logistics arm, Cainiao Network Technology, recently initiated talks with banks regarding a…

In 2022 Huawei Posts Biggest Annual Profit Decline on Record

Huawei has also stepped into booming China’s EV industry by launching vehicles in partnership with Seres. Chinese technology corporation Huawei posted its biggest annual decline in profit in 2022. The company said it has never experienced such a decline in yearly profit as it did last year. According to Huawei, the annual profit decline was due to the strict pandemic controls in China that affected many companies. Notably, Chinese businesses across different sectors felt the impact of the US sanctions and control measures as a result of the coronavirus pandemic.…

FTX EU Launches New Website to Help European Customers Regain Lost Funds

CySEC directed FTX EU to halt all its operations on November 9, 2022. The European arm of FTX, FTX EU, has just opened a new website where customers in Europe may lay claims to their lost funds. The move, which is meant to give relief to customers, comes four months after the large-scale collapse of the FTX exchange in November. FTX EU Bags Regulatory Approval to Launch According to a Finance Magnates report, the new website was approved by the Cyprus Securities and Exchange Commission (CySEC). However, the website will be…

Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions – Bitcoin News

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On Thursday, digital asset custody provider, Bitgo, announced the launch of its storage and tracking solution for Bitcoin-based Ordinal inscriptions. Moreover, users can use Bitgo’s Ordinal inscription storage system to inscribe their own inscriptions onto the Bitcoin blockchain. Bitgo’s New Solution Allows for Safe Sending of Ordinal Inscriptions Bitgo has announced a new storage solution for Bitcoin-based Ordinal inscriptions that allows users to store and track inscriptions. Bitgo has detailed that in the “coming days,” users who leverage Bitgo’s new solution will be able to send “inscribed satoshis to an…