Day: May 8, 2023

Alibaba Logistics Business Cainiao Seeks Hong Kong IPO in Early 2024

With the IPO move in full force, the logistics arm of Alibaba is looking forward to raising between $1 billion and $2 billion. Cainiao Network Technology, the logistics arm of online marketplace Alibaba (NYSE: BABA), is seeking an initial public offering (IPO) in Hong Kong early next year. In the post-hours trading session, Alibaba stock trades up 0.44% to $83.59 on the New York Stock Exchange (NYSE). The IPO plan for the logistics business kick-started after Alibaba revealed in March that it would split its business into six units. The Group…

Bolivia Sells Gold for Dollars, Argentina Bans Fintech Crypto, Fitch Upgrades El Salvador’s Credit Rating – Bitcoin News

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Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia passes a law to sell gold for dollars, the Central Bank of Argentina bans fintech companies from using crypto, and Fitch improves El Salvador’s credit rating. Bolivia Passes Law to Sell Gold for Dollars Bolivia recently passed a law that will allow the government to sell up to 50% of its gold reserves in dollars, easing the internal scarcity of dollars. The law gives…

China is developing AI without US chips: Here’s how

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The race to create artificial intelligence (AI) continues as China pushes forward the development of home-grown AI without utilizing the latest technology from the United States due to current sanctions.  According to a report from the Wall Street Journal, Chinese companies are studying AI methods to develop AI via weaker semiconductors, along with combinations of chips, in order to bypass reliance on a single type of hardware.  The report said researchers and analysts believe creating alternatives to such chips will be difficult for Chinese tech firms but some experiments have…

Ethereum’s withdrawals are rising amid price drop

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The number of ethereum (ETH) withdrawals from exchanges has constantly risen over the past week as the asset’s price plunges from local highs. According to data provided by crypto.news, the ETH price dropped by 3% in the past 24 hours. Ethereum is trading at $1,850 at the time of writing. The second-largest cryptocurrency is also down by over 8% from its local high of $2,008 on May 6. Moreover, the number of ethereum withdrawals from exchanges…

South Korea Lawmaker Kim Nam-kuk Investigated by Prosecutors Over Suspicious Crypto Transfers: Report

Rep. Kim Nam-kuk of the Democratic Party of Korea allegedly withdrew 800,000 WEMIX tokens from late February to early March in 2022, and the transactions were reported to the Financial Services Commission’s Financial Intelligence Unit (FIU), according to CoinDesk Korea. Kim’s WEMIX holdings stood at 6 billion won ($4.5 million) between January and February 2022. Source

Pepe Coin (PEPE) Struggles to Hold Above $1B Market Cap, Whales Under Loss

As the price of Pepe coin (PEPE) tanked over the last weekend, whales have turned active again which could cause further price volatility going ahead. Last week, the frog-themed memecoin Pepe coin (PEPE) created a massive frenzy in the crypto space registering over 300-400% price gains, with its price peaking at $0.00000420 on Friday, May 5. With less than a month since its launch on April 18, Pepe coin daily trading volumes shot up to %3 billion last week, second to Bitcoin and Ethereum. However, PEPE has come under some…

Binance Resumes Bitcoin Withdrawals after Second Temporary Pause in 24H

Despite the huge withdrawals and the network congestion, Binance had since resumed Bitcoin operations during the early Asian market on Monday. The most regulated centralized exchange with the largest daily traded volume Binance temporarily closed Bitcoin withdrawals on Sunday due to network congestion. In a rare blockchain moment, Bitcoin block 788695 contained transaction fees greater than the block subsidy. Meaning some Bitcoin miners earned the entire block reward on Sunday. According to the on-chain insight platform Glassnode, the Bitcoin network experienced extremely high demand for block space, driven by BRC-20…

Policy could impact digital identity

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The approval of the National Blockchain Policy for Nigeria has left the nation’s crypto community over the moon as it signals room for more development in the nation’s crypto industry. Some local experts have expressed their opinions about the implications of this new policy and the blockchain ecosystem in Nigeria. The government of Nigeria approved a National Blockchain Policy during a meeting on May 3, 2023. A policy draft stated that blockchain and decentralized ledger technology would “facilitate the development of the Nigerian digital economy.” Cointelegraph contacted the local blockchain ecosystem…

Operating Earnings of Berkshire Hathaway Increases Nearly 13% in Q1 2023

For the first time since Q1 2021, Berkshire Hathaway repurchased stock worth $4.4 billion smashing the previous record of $2.8 billion. According to a report, Berkshire Hathaway Inc (NYSE: BRK), an American multinational conglomerate company, gained almost 13% year-on-year operating earnings in Q1 2023. The company’s insurance business solely contributed to the increase in operating earnings. Berkshire Hathaway’s latest financial reports indicate an operating profit of $8.065 billion in the year’s first quarter. Meanwhile, the Warren Buffett company announced operating earnings of $7.16 billion.   The profit from Berkshire Hathaway insurance…