Day: May 11, 2023

Distressed Bittrex to borrow bitcoin to fuel bankruptcy proceedings 

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The US Bankruptcy Court for the District of Delaware has given Bittrex crypto exchange the go-ahead to borrow an initial 250 BTC ($6.8 million at current prices) to fuel its bankruptcy proceedings. Bittrex filed for bankruptcy in the US on May 8. Having successfully filed a Chapter 11 bankruptcy in the US earlier this week, the Bittrex crypto exchange has been approved by US Bankruptcy Judge Brendan Shannon to obtain bitcoin (BTC) loans from its parent…

Standard Chartered Signs MoU with DIFC to Launch Digital Asset Custody Services in Dubai

Both parties look forward to partnering on opportunities that support their visions and promote a thriving digital asset ecosystem. Banking corporation Standard Chartered plans to launch digital asset custody services in the Dubai International Financial Centre (DIFC). While the plans are still subject to regulatory approval, Standard Chartered said the new digital asset custody services in Dubai will focus on institutional investors. Also, one of the banking corporation subsidiaries, Zodia Custody, will power the new custody services. The institutional-grade crypto asset custodial platform recently secured approximately $36 billion in a funding round.…

Here’s how exchanges adjust Bitcoin withdrawal fees

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Amid the ongoing spike in Bitcoin (BTC) transaction fees, some cryptocurrency exchanges have moved to adjust the cost of withdrawing BTC from their platforms. The United States-based exchange Kraken has increased Bitcoin withdrawal fees to match the current fees on-chain, the company’s customer support manager wrote on Reddit on May 10. “This helps ensure withdrawals are processed on-chain in a timely manner,” the support manager noted. Kraken’s representative also referred to the company’s public list of cryptocurrency withdrawal fees and minimum withdrawal amounts. According to the data, Kraken charges 0.00035…

Palantir Technologies Sells Off 100-Ounce Gold Bars Acquired in August 2021

Palantir also revealed that it closed the quarter with $1.62 billion in US Treasury securities. Software company Palantir Technologies (NYSE: PLTR) has sold all the gold bars it acquired in August 2021. The company invested $50.9 million to buy 100-ounce precious metal, which it said will be initially kept in a secure third-party facility in the northeastern United States. At a time when many companies put their money in Bitcoin and other digital assets, Palantir said the gold bars investment was a hedge against economic crisis. The crypto market was booming during…

Nearly 400 Crypto Firms Lose Their Estonian Licenses Under New Rules – Regulation Bitcoin News

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The majority of crypto companies attracted by the once favorable Estonian regulations have either abandoned or lost their licenses. According to the latest numbers released by the Baltic nation’s anti-money laundering bureau, only 100 businesses are currently authorized to provide digital-asset services. Most Estonian Licenses for Provision of Crypto-Related Services Expire A total of 389 authorizations issued by the Estonian government to virtual-asset service providers are no longer valid, the country’s Financial Intelligence Unit (FIU) announced this week. As of May 1, 2023, there were 100 active authorizations, the bureau…

Milady NFT Floor Price and Milady Meme Coin Surges after Tweet by Elon Musk

With a market capitalization of approximately $126 million, the Milady Meme Coin saw its trading volume rally above $199 million. Tech billionaire and Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, has once again proved his influence in the meme coin industry through a tweet of Milady NFT. As a result, the price value of Milady-related tokens skyrocketed in the past 24 hours with increased demand demonstrated by a sharp uptick in traded volume. For instance, the floor price of Milady NFTs jumped to a high of about 7.8 ETH  from…

EU draft AI Act updated with public facial recognition ban

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Lawmakers in the European Union have forwarded their measures for artificial intelligence (AI), such as ChatGPT, to the next phase after concluding a vote from two lawmakers’ committees.  In a vote on May 11, Members of the European Parliament (MEPs) agreed to include in the highly anticipated AI Act banning the use of facial recognition in public spaces, along with predictive policing tools.  MEPs also agreed to impose new transparency measures which will affect generative AI tools. The measures were proposed in the previous meeting and entailed that AI tools must…

Stablecoin Issuer Tether Unveils Strong Q1 2023 Numbers with BTC and Gold Reserves

Tether continues to dominate the stablecoin market with a market cap of over $82 billion and is currently the third-largest cryptocurrency by market cap. On Wednesday, May 10, stablecoin issuer Tether released the results for the first quarter of the year (Q1 2023) announcing a net profit of a staggering $1.48 billion, double from $700 million in the same period last year. Interestingly, Tether also reported that the circulation of USDT jumped by 20 percent. Tether in Q1 2023 As we know, Tether benefitted from the concerns surrounding the de-pegging…

Icahn Enterprises (IEP) Stock Falls 15% amid New Regulatory Probe

The whole saga has led IEP stock lower with prices dropping 15.14% to $32.22 at the close of trading on Wednesday. The woes for Carl Icahn’s Icahn Enterprises LP (NASDAQ: IEP) are far from being over amid new revelations that the US attorney’s office for the Southern District of New York is digging deep and has opened a probe into the company. As reported by CNBC citing the company’s latest disclosures, the Attorney’s office reached out to the company last Wednesday as it sought information into every aspect of the…