Day: May 14, 2023

Hedge Fund Mogul Stanley Druckenmiller Warns of ‘Hard Landing’ for US Economy – Bitcoin News

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Billionaire hedge fund manager Stanley Druckenmiller has a dire prediction for the U.S. economy: a recession is looming, and it’s likely set to hit this June. Druckenmiller’s forecast comes as American consumer spending remains low, and is largely driven by credit card usage. Druckenmiller, a seasoned investment mogul, warns that it would be foolish to ignore the possibility of a “really, really bad” scenario unfolding. Druckenmiller Cites Drop in Consumer Spending and Banking Industry Turmoil as Recession Indicators At the 2023 Sohn Investment Conference in San Francisco, Stanley Druckenmiller sounded…

NFT Sales Surge 31% This Week as Bitcoin NFTs Secure Second Place in Blockchain Sales – Market Updates Bitcoin News

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Non-fungible token (NFT) sales witnessed a minor rise last week, registering a humble increase of around 1.46% compared to the preceding week. The cumulative value of NFT sales amounted to $149.31 million from April 29 to May 6, 2023. Nevertheless, the most recent week exceeded anticipations, as sales skyrocketed by 31.22%. Throughout the seven-day interval, NFT sales attained $208.17 million. The substantial rise in this week’s NFT sales can be credited to the appearance of NFTs originating from the Bitcoin blockchain. Bitcoin-Based NFT Sales Gain Significant Momentum Bitcoin NFT sales…

Rhodium allegedly responsible for $26m in unpaid fees

Riot Platforms, a company that mined cryptocurrencies and was previously known as Riot Blockchain, has filed a lawsuit against Rhodium Enterprises, a bitcoin miner headquartered in Texas. It attempts to collect more than $26 million in allegedly unpaid mining facility fees. Rhodium Enterprises was the subject of a petition submitted to the Milam County Court in Texas on May 2, seeking to collect “more than $26 million” and be compensated for any legal bills that may have been expended. According to the quarterly financial report for Riot Platform for the period ending March 1,…

US Secret Service to hold AMA to educate crypto users

The US Secret Service’s San Francisco Field Office and the Bay Area Regional Enforcement Allied Computer Team (REACT) will hold an ask me anything (AMA) session on May 15, 2023, from 11 AM PM on Reddit, a social media platform. The host of this special session will be the moderators of the popular crypto-centric forum on Reddit, CryptoCurrency. The subreddit has over six million users and is a choice engagement portal for cryptocurrency fans from across the globe. The r/CryptoCurrency moderators have confirmed that the United States REACT team wants to engage…

Despite crypto market uncertainty, digitoads stands out over pepe and shiba inu

The crypto market can be fraught with uncertainties as new projects vie for attention and established coins adapt to fast-evolving market conditions. Amid this rugged landscape, DigiToads is carving out its share, distinguishing itself from popular meme coins like pepe (PEPE) and shiba inu (SHIB).  This article explores DigiToads’ features and value propositions that differentiate it from competitors. DigiToads TOADS, the native token of DigiToads, is an ERC-20 token, that powers the expansive ecosystem. The token differs from other meme coins and can be an investment that users can consider. The project…

Biden Appoints New Fed Vice Chair as Fedwatch Tool Shows Slim Chance of Rate Hike at June Meeting – Economics Bitcoin News

Investors believe it is highly likely that the target rate will remain unchanged at the June 14 Federal Open Market Committee (FOMC) meeting, following the U.S. Federal Reserve’s decision to increase the federal funds rate by 25 basis points on May 3. As the battle against inflation in the U.S. rages on, the Biden administration appointed Philip Jefferson as the new vice chair to replace Lael Brainard. The American president stated that his nominees will play a “crucial role” in maintaining price stability and overseeing the country’s financial institutions. Fedwatch…

Terra founder gets bail, institutional adoption surges, regulatory efforts endure

The crypto space witnessed an eventful week with several key developments. Authorities in Montenegro agreed to release Kwon Do-Hyung, founder of the failed Terra ecosystem, on bail despite the US and South Korea calling for his extradition. Meanwhile, institutional adoption of cryptocurrencies saw a marked uptick, with more mainstream companies setting up measures to embrace digital assets and blockchain. In addition, regulatory efforts continued with new updates on increased scrutiny. Do Kwon gets bail In what came as a shocking development considering his record of evading authorities, Kwon Do-Hyung, the…

Bitcoin price hits $27.2K, but new analysis warns more losses ‘likely’

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Bitcoin (BTC) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price gains over 7% in two days Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $27,200 on Bitstamp. Its highest in several days, the performance reflected gains of around 7.5% versus local lows from the week’s final Wall Street trading session. “Strong movements on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K,”…

Bitcoin’s recovery may trigger buying in these 4 altcoins

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The S&P 500 Index (SPX) closed the week with a nominal loss of 0.29% but Bitcoin (BTC) is on target to finish the week with a deeper cut of more than 5%. The weakness in Bitcoin pulled several altcoins lower, indicating weakening sentiment. A silver lining is Bitcoin’s solid bounce on May 12. Several analysts anticipate Bitcoin to start a recovery but monitoring resource Material Indicators sounded cautious. In a recent analysis, they said that the lack of a strong bid from the whales at lower levels could be a…

Bitcoin Makes Progress in Clearing Backlog, but Lightning Network Capacity and Channels Dropped Amid Congestion – Bitcoin News

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In the past week, the Bitcoin network has made progress in resolving its congestion issues. On May 7, 2023, the number of unconfirmed transactions reached an all-time high of over 500,000 transfers, causing a major backlog. However, as of today, that number has been reduced to 263,406. Currently, 184 blocks need to be cleared to process the majority of transactions that are still stuck in the network’s mempool. Congestion Woes Ease on Bitcoin Network The long queue of transactions is finally starting to subside as bitcoin miners have started catching…