Month: March 2023

Meta Announces 10,000 Layoffs in ‘Year of Efficiency’ Move; Singles Out AI Over Metaverse as ‘Largest Investment’ – Bitcoin News

boss

Meta, the social media company, will continue to shed part of its workforce, recently announcing 10,000 new layoffs to be executed during 2023 as part of its new efficiency policy. Mark Zuckerberg, CEO of the company, stated that artificial intelligence (AI) was currently the company’s most prominent investment, even over the metaverse. Meta Announces 10,000 Layoffs, Striving to Achieve Sustainability Meta, the parent company of platforms like Facebook, Instagram, and Whatsapp, has announced a new set of moves as part of its “year of efficiency” policy. In a Facebook post,…

Analyst Says Crypto Could Hit $100,000 with Bump & Run Reversal Price Pattern

Some analysts recently weighed in on Bitcoin price prediction as the prominent token appears set to embark on another rally.  Bitcoin (BTC) price prediction sees some analysts argue that the leading digital currency could hit $100,000. As it stands, BTC has found support at the $24,000 threshold after climbing from under $20K over the past few weeks. Amid talks of a bullish rally, Capriole chief executive Charles Edwards argues that the popular crypto is on a “bump & run reversal.” According to Edwards, this pattern demands substantial upside and could…

Circle CEO Says Stablecoin Issuer Seeks to Save Crypto from Banks

Circle CEO Jeremy Allaire to save crypto following the collapse of some major mainstream banks, including Silicon Valley Bank.  Circle CEO Jeremy Allaire recently disclosed that the USDC stablecoin issuer wants to save crypto from fallen banks. In an interview, Allaire touched on the adjustments the peer-to-peer payments technology company made following Silicon Valley Bank’s recent collapse. According to the Circle CEO, around $3.3 billion worth of funds was in transit from Silicon Valley to BNY Mellon. Allaire also questioned the narrative suggesting the protection of the mainstream banking system from digital currencies.…

US Federal Reserve Set to Float FedNow Payment Service in July

With the emergence of the FedNow payment system, the need for a digital dollar is now being pushed back to the sidelines by the Fed leaders. The United States Federal Reserve has announced that its long-awaited FedNow Instant Payment system is set to go live in July. In the details shared to capture its preparations for launch, the apex banking regulator said the vetting process through formal certification of participants will kickstart at the beginning of April. The FedNow is the government’s noted solution to the innovations being embodied by…

Binance-Voyager deal to go without holdings, NY judge rules

boss

The District Court of the Southern District of New York declined the United States government’s reasonings for halting the acquisition of bankrupt brokerage company Voyager by Binance.US. According to Judge Michael Wiles, any protractions with the deal will harm the interests of Voyager’s former clients, who are waiting to return their funds.  The decision to deny the government’s motion came on March 15. In it, Judge Michael Wiles realleges his prior approval of Voyager Digital’s Chapter 11 bankruptcy plan, which suggests selling billions of dollars in assets to Binance.US in…

Swiss National Bank Extends $54 Billion Lifeline to Credit Suisse amid Crisis-Like Situation

The Credit Suisse stock jumped by over 40% in Thursday’s opening trade as the %54 billion credit line extended by the Swiss National Bank comes as a major relief. The global financial and banking system seems to be under major stress with veteran bank Credit Suisse facing a crisis-like condition. On Wednesday, March 15, shares of Credit Suisse plunged to an all-time low falling more than 24% all the way to 2 Swiss francs ($2.17). The ripples of the same were visible across the European banking stocks on Wednesday’s trading…

Adobe Reports Record Revenue in Q1 Fiscal 2023, ADBE Shares Up 5%

Adobe reported revenue of $4.66 billion, up 9 percent YoY, against an estimated $4.62 billion by Wall Street. Adobe Inc (NASDAQ: ADBE), an American multinational computer software company, reported its financial results for the first quarter of fiscal 2023 which ended on March 3. During the first quarter, Adobe reported earnings results that beat analysts’ estimates and lifted its full-year forecast. As a result, ADBE shares rose over 5 percent during the after-hours trading session to trade around $350.80. The $152.6 billion valued company reported earnings per share of $3.80…

India and UAE to Collaborate on Interoperable CBDC

By issuing a CBDC, the UAE hoped to address its cross-border payment challenges and ‘drive innovation for domestic payments’. India and the United Arab Emirates have agreed to collaborate on an interoperable CBDC. This will facilitate cross-border remittances and sales transactions. The collaboration could lead to other such partnerships between countries and spur further adoption of digital currencies. According to the press release, the Reserve Bank of India and the Central Bank of the United Arab Emirates signed a memorandum of understanding that allows the two apex banks to develop…

FDIC asked Signature buyers to stop all crypto business: Report

boss

The United States’ Federal Deposit Insurance Corporation (FDIC) has reportedly asked potential rescuers of some failed U.S. banks to not support any crypto services. The FDIC regulators have asked banks interested in acquiring failed U.S. lenders like Silicon Valley Bank and Signature Bank to submit their bids by March 17, Reuters reported. The authority will only accept bids from banks with an existing bank charter, prioritizing traditional lenders over private equity firms, the report notes, citing two sources familiar with the matter. The FDIC aims to sell entire businesses of…