Day: April 13, 2023

Ether Nears $2K After Shanghai Upgrade, Outshines Bitcoin

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Paxos, Others Out of Canadian Market

The decision coincides with the announcement of stricter crypto regulation by the Canadian Securities Administrators (CSA). As crypto regulation broadens in Canada, blockchain infrastructure platform Paxos has announced plans to shut down its operations in Canada. In a statement published on the company website, the firm advised its Canadian customers to begin withdrawing any funds from their accounts. “Beginning June 2nd, you will no longer be able to transact from your Paxos account,” it stated. Paxos customers with no funds in their accounts will be automatically phased out by May…

FTT Surges 100% as FTX Considers Reopening

FTX’s lead attorney said that restarting the exchange would require significant capital and there was an internal debate about whether this money should come from FTX’s estate capital or through third-party capital. The legal team behind the debtors of the bankrupt crypto exchange FTX recently suggested that the exchange could consider a reopening by mid-2023 which has a positive impact on FTT price. FTX’s attorneys from Sullivan & Cromwell made the announcement during a court hearing on Wednesday, April 12. The lawyers further added that ever since FTX announced bankruptcy,…

Financial Institutions Join Avalanche Evergreen Subnet Spruce

The Avalanche Evergreen Subnet will expand to onboard more third-party applications, assets, and processes. After Avalanche Blockchain launched Evergreen Subnet earlier in the month, financial institutions like T.Rowe Price have joined the ‘Spruce’ test net to participate in DeFi use cases. Wisdom Tree, Cumberland, and Wellington have also joined the Avalanche Layer 1 Evergreen subnet, Spruce. In addition to participating in DeFi use cases, the institutions will test FX and interest rate swaps as they join Avalanche’s Subnet. These financial institutions will use Spricuce as a testnet for different applications…

Age-old bitcoin wallets coming alive amid rally to $30,000

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Bitcoin (BTC) is witnessing a reawakening of age-old wallet addresses, as its amount of supply last active in the past seven to ten years just hit a 5-year low. This metric suggests that long-term investors are engaged in profit-taking trades as they look to leverage the asset’s rally to $30,000. The amount of bitcoin tokens last active in the past seven to ten years recently hit a low of 1.18 million BTC (representing 6% of the total bitcoin supply), per data from Glassnode. The last time this metric declined to…

Montana ‘right to mine’ crypto bill passes the House

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The bill, seeking to enshrine crypto miners’ rights in the United States state of Montana, successfully passed the third reading in the state’s House of Representatives. Now, the only thing required to become law is the governor’s signature. Bill number 178, prohibiting local authorities from obstructing the crypto mining operations, was passed during the third reading by 64 votes to 35 on April 12. The legislation had already passed through Senate voting in February. It will now make it to the desk of Governor Greg Gianforte. While Gianforte has a right…

Interest Rates to Fall to Pre-Pandemic Levels Once Inflation Is Tamed – Economics Bitcoin News

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When inflation in advanced economies is tamed, real interest rates are likely to drop to pre-pandemic levels, the latest International Monetary Fund (IMF) blog post has said. According to the authors of the blog post, the transition to a “cleaner economy in a budget-neutral way” could result in lower rates in the medium term. Recent Interest Rate Hikes Temporary Interest rates in advanced economies are likely to fall to pre-pandemic levels when authorities succeed in bringing inflation back under control, the latest International Monetary Fund (IMF) blog post has suggested.…

Community celebrates as update goes live on mainnet

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The much-awaited Shapella update on Ethereum has gone live, paving the way for new features such as the unstaking of Ether (ETH). Members of the community celebrated with various responses to the newest update in the Ethereum ecosystem.  Shapella is a term used by the community that blends together “Shanghai” and “Capella,” the upgrades that happened simultaneously. The hard fork is an important milestone on Ethereum’s roadmap, leaving a lot of community members excited for the network’s future. Many members of the community offered their congratulations to the developers of…