Day: May 24, 2023

Xpeng Shares Slide 5% Following Weak Q1 2023 Outing & Q2 Deliveries Forecast 

China’s Xpeng shares were trading lower in US pre-trade after the EV company forecast significantly lower vehicle deliveries for Q2.  The shares of Chinese electric vehicle (EV) giant XPeng Motors (NYSE: XPEV) slid 5% following missed Q1 earnings and a gloomy delivery forecast. Xpeng shares sank in US pre-market trade after the company reported a 50% year-over-year (YoY) decline in Q1 revenue. The company raked in income of 4.03 billion Chinese yuan ($571.6 million) compared to the 5.19 billion yuan analysts expected. For the first quarter of 2023, the Chinese Tesla rival also sustained…

Multichain token plunges 30% on backend upgrade delay

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On May 24, the token price of cross-chain router protocol Multichain (MULTI) fell by 30% over 24 hours to trade at $4.97 at the time of publication.  The selloff came after users reported that their multi-chain funds had not arrived due to a backend node upgrade “taking longer than expected.” An admin in the Multichain Discord channel wrote: “Most routes are working as usual, as some routes (Kava, zkSync, Polygon zkEVM) are temporarily suspended. All affected transactions will arrive after the upgrade is complete. We sincerely apologize for the inconvenience…

Worldcoin Credentials Black Market Pops Up in China

Searches for the Worldcoin hashtag grew from 0 to almost 20,000 on Weibo – China’s Twitter-like social media site – from earlier in May until a peak on May 21. On WeChat, another popular social media app, searches peaked on May 18, growing 225% from the previous day. Worldcoin and OpenAI founder Sam Altman testified before the U.S. Congress on May 16, which could have stirred up interest in his project. Source

0x Labs Releases new Decentralized Exchange Version to Improve Trading Experience

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“In a world where there are billions of tokens, there are dozens of different blockchain networks and there are hundreds of different decentralized exchanges scattered across them, figuring out where to go, in order to buy or sell a token and get the best price gets more and more complicated,” added Warren. Aggregation and providing a multichain product like Matcha is “going to become more and more valuable for users over time.” Source

Crypto exchange Bitfinex Expands Latin American Presence With Investment in Chile’s OnionX

“We’re excited to collaborate with Orionx as we look to expand our presence in Chile and across Latin America,” Paolo Ardoino, CTO at Bitfinex, said in a statement. “This represents a major step forward in our efforts to harness the power of Bitcoin and decentralized technology to promote financial freedom and empower businesses that share our values,” he added. Source

Bitfinex partnership pushes crypto adoption in Latin America

The digital asset platform Bitfinex announced a new partnership with a local exchange in Latin America, as a part of a larger effort to push for wider adoption in the region.  On May 24, Bitfinex revealed a new investment in one of Chile’s leading cryptocurrency exchanges OrionX. According to the announcement, the partnership between the two digital asset companies aims to support local education programs, along with financial freedom and inclusion efforts.  This comes just over a month after Bitfinex Securities El Salvador was granted an operating license in El…

Ethereum Has Dual Regulatory Potential as Commodity and Security

Dan Berkowitz, a former commissioner of the CFTC and former general counsel at the SEC, hinted that it is possible to categorize Ethereum as both a commodity and a security. As cryptocurrencies grow more popular, there is a rising need for clarity about their legal status, as many people see them differently based on the regulatory provisions within their jurisdiction. In what seems like an addition to the ongoing talks about the regulatory status of Ethereum, Dan Berkovitz, a former commissioner of the Commodities Future Trading Commission (CFTC), said in…