Day: April 25, 2023

Economist Warns of ‘Catastrophic’ Fall in American Living Standard — Elon Musk Weighs in on De-Dollarization, US Dollar Weaponization – Economics Bitcoin News

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Economist Peter St Onge has warned that U.S. dollar weaponization will lead to “soaring inflation, a catastrophic fallen American standard of living, and a U.S. that falls off the world stage.” Commenting on the economist’s warnings, Tesla and Twitter CEO Elon Musk weighed in on de-dollarization. De-Dollarization Happening Faster Than People Realize, Says Economist Economist Peter St Onge warned about the dire consequences of weaponizing the U.S. dollar in a video he posted on Twitter Monday. St Onge is a Research Fellow and the Mark A. Kolokotrones Fellow in Economic…

FTX sells LedgerX for $50M to affiliate of Miami-based exchange holding company

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FTX announced that it has entered into a purchase agreement with an affiliate of Miami International Holdings to sell its futures and options exchange and clearinghouse LedgerX.  FTX said in a statement that the total proceeds of the transaction would total about $50 million. The deal still requires the approval of the United States Bankruptcy Court for the District of Delaware. A hearing on the deal is set for May 4. FTX stated it reached a deal with M7 Holding, a family private equity investment firm based in Akron, Ohio.…

Voyager Purchase Deal Falls Through – Bitcoin News

According to the now-defunct crypto lender Voyager, Binance US sent a letter to the company “terminating the asset purchase agreement.” While the announcement was “disappointing” for Voyager, the firm maintained that its customers would still be receiving their cash and crypto through a “direct distribution” via the Voyager platform. Voyager’s Asset Purchase Agreement With Binance US Scrapped Towards the end of 2022, Binance disclosed that its US subsidiary had entered into a billion-dollar agreement with Voyager Digital Ltd. to acquire its assets. Despite objections from the US Securities and Exchange…

Bitcoin advocates rally at Texas State Capitol to oppose bill cutting mining incentives

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Roughly 100 people answered the call from the crypto advocacy groups Chamber of Digital Commerce, Satoshi Action Fund, and Texas Blockchain Council to show Texas lawmakers they were against legislation targeting crypto mining firms. Gathering at the Texas Capitol in Austin on April 25, crypto enthusiasts, state lawmakers, industry leaders, and even a few members of the Capitol Police met to discuss the possible future of Bitcoin (BTC) mining in the Lone Star State should Senate Bill 1751 move through the legislature. The proposed legislation would amend sections of Texas’…

Binance.US backs out of $1B Voyager asset purchase, blames regulatory environment

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Binance.US has backed out of its agreement to purchase $1 billion of bankrupt cryptocurrency brokerage Voyager Digital assets, the company announced in a tweet. It laid the blame for the move on “the hostile and uncertain regulatory climate in the United States.” Voyager, the Voyager Official Committee of Unsecured Creditors and the U.S. government reached an agreement on April 19 for the purchase to go through. The deal had been blocked on March 28 by an emergency stay granted by a judge while the U.S. Department of Justice appealed Voyager’s…

Central Banks Reduce US Dollar Swap Lines to Weekly Auctions Amid Moody’s US Banking Sector Downgrade – Economics Bitcoin News

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After the tumultuous downfall of three major banks, namely Silvergate Bank, Silicon Valley Bank, and Signature Bank, several central banks made a collaborative announcement of a swift, coordinated emergency response. The intervention aimed to furnish U.S. dollar liquidity, with the intention of alleviating the impact of such severe shocks on the flow of credit to households and businesses. As per the joint statement published on Tuesday, the central banks have decided to curtail these newly introduced swap line arrangements, switching them from daily auctions to weekly operations. Central Banks Cut…

Bitcoin hits all-time high against Argentine peso 

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The persistent inflation in Argentina has resulted in a record high price of bitcoin against the Argentine Peso (ARS) on April 25.  The exchange rate of BTC to ARS crossed over 6.59 million ARS on April 18, according to aggregated price data tracked by Google Finance. BTC/ARS YTD chart | Source: Google Finance Despite a 9% correction, the BTC/ARS exchange rate currently stands at approximately 6 million ARS, representing a significant increase of more than 100%…