Day: May 4, 2023

Russia Projected to Start Purchasing Chinese Yuan for Its Foreign Reserves as Soon as May – Economics Bitcoin News

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Russia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will supposedly demonstrate a turnaround in the economy of the country. Russia to Purchase Chinese Yuan for Reserves Russia will start purchasing Chinese yuan for the first time since the invasion of Ukraine, according to reports from local economists. The move marks a departure from the sell-off that the Russian Federation began executing…

It can ‘drive substantial economic growth’

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The United Kingdom’s Competition and Markets Authority (CMA) has turned its attention to artificial intelligence (AI) after announcing an examination of the impact of the technology on consumers and the economy. On May 4, the regulator said it will be looking at the development and deployment of foundation models –  applications like OpenAI’s ChatGPT-  against key principles. Those include safety, transparency, fairness and accountability, among others.  Our goal is to help this new, rapidly scaling technology develop in ways that ensure open, competitive markets and effective consumer protection. Read more: https://t.co/wIC25o6qsN…

PEPE Coin Price May Spiral Further Down, Here’s Why

Despite regaining much of its losses, there are reasons to believe that the coast is not yet clear for PEPE. The new meme token PEPE coin recently enjoyed a spell of fortune after its price surged by more than 2000% shortly after launching a few weeks ago. However, it appears that it has now lost momentum and risks losing large portions of those earlier gains. On Wednesday, PEPE entered a sharp correction that saw it lose over 35% of its record high value of $0.00000138, which it attained on May…

WallStreetBets mod dumps memecoin worth $635K in alleged rug pull

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A moderator of the popular trading subreddit r/WallStreetBets has dumped a large portion of the WSB Coin (WSB), a token project that claims to be the official memecoin of Wall Street Bets. On May 2, WSB was launched by people involved in moderating the WallStreetBets Reddit forum. The subreddit gained notoriety for the GameStop short squeeze, sending hedge funds to their knees in January 2021. The creators of the WSB token claimed that there would be no allocation for the team and that 10% of the coins would be reserved for…

SEC has 10 days to respond to Coinbase complaint: Legal exec

Paul Grewal, chief legal officer of Coinbase, announced on May 4 that the Third Circuit has responded to the complaint against the United States Securities and Exchange Commission (SEC) regarding the need for clear rules for trading digital crypto assets. This marks a development in the legal battle for regulatory clarity. According to Grewal, the court’s response to their complaint against the SEC was a text-only order. The court has instructed the SEC to respond to Coinbase’s writ of mandamus within ten days. A writ of mandamus is a court order…

Bitcoin (BTC) Price Jumps Past $29,000 Soon after Fed Rate Hike

Amid the unfolding banking crisis and interest rate hikes, Bitcoin has been showing strong resilience attempting another breakout above $30,000. On Wednesday, May 3, the US Federal Reserve announced another 25 basis points rate hike taking the US funds rate to more than 5% for the first time since 2007. In hours after the Fed announced the rate hike, Bitcoin (BTC) made a quick surge of more than 2% taking the price above $29,000. This Bitcoin price surge amid the recovery in the broader cryptocurrency market. In the accompanying statement…

Coinbase to Stop Issuing New Bitcoin-Backed Loans via Its Borrow Service

The reason behind the exchange’s decision is not clear. According to those familiar with the matter, closing the service is not linked to the scrutiny from SEC which has alleged that Coinbase was offering and trading unregistered securities, thereby violating federal securities laws.  Crypto exchange Coinbase Inc (NASDAQ: COIN) has announced its decision to stop issuing loans through its Coinbase Borrow service where Bitcoin (BTC) has been serving as collateral. Starting from May 10, customers will no longer be able to access the feature. However, the existing outstanding loans will not…

Fed Interest Rate Hikes Impact Everything from Credit Cards to Student, Auto, and Home Loans

While inflation may be slowing, Americans are groaning under the direct and indirect impact of the Fed increasing the interest rate. The US Federal Reserve (Fed) has continued raising the interest rate and on Wednesday increased the rate by another 0.25 percentage point, causing worry about the potential impact. The apex agency has been trying to stem a stubborn rise in inflation and has been increasing the rate consistently. The recent increase is the 10th in about a year and is the quickest succession of Fed rate hikes since the…

Microsoft Opens Up AI-Backed Bing to All Users 

Microsoft is offering more features for users to enjoy as it opens up the new AI-powered Bing search and chat. After rolling out the waitlist for its new AI-powered version of the Bing search engine in February, Microsoft Corporation (NASDAQ: MSFT) is opening up the new feature to all users. The technology company announced that it was reinventing the Bing search engine and Edge browser and was available in preview. The new Bing incorporates OpenAI’s ChatGPT, giving Microsoft an additional chance to compete with Alphabet’s Google. Referring to the upgrade…