Day: May 29, 2023

European Markets Open Higher Following US Debt Ceiling Deal

European stock markets were higher in pre-trade amid impending Congress vote on the proposed US debt ceiling bill. European markets opened higher on Monday following the US debt ceiling deal between President Joe Biden and House Speaker Kevin McCarthy. Over the weekend, the two high-ranking politicians finally agreed to raise the US debt ceiling, thereby preventing a default. In light of the deal, Biden and McCarthy now seek to convince Congress to approve implementation in the coming week. European Markets Respond Positively to US Debt Ceiling Development Following Choppy Week The development…

Tourists are unhappy with crypto payments ban in Bali

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The government of Bali, Indonesia, recently cracked down on crypto payments for goods and services and reminded tourists that the Indonesian Rupiah is the only legal tender. Some tourists were dissatisfied with the decision, saying that they will not visit again.  On May 28, the Indonesian government affirmed that tourists who will use crypto for payments “will be dealt with firmly.” They could be subject to punishments such as deportation, criminal penalties, and administrative sanctions. In addition, the businesses that would be caught accepting crypto could also be punished and…

President Biden Strikes Deal to Raise US Debt Ceiling, Japanese Market Gains Most

Despite China’s uneven economic recovery, Deutsche Bank “remains optimistic” about China for the medium to long term. Over the last weekend, US President Joe Biden and congressional leaders struck a deal to raise the US debt ceiling. This will allow the government to borrow more and spend on infrastructure and other social welfare schemes. The voting for the bill shall likely happen later this week. The news led to some optimism in the early trading hours of the Asia market on Monday. Japan’s Nikkei closed 1.03% higher at 31,233.54 with…

Bybit gets pre-approval in Kazakhstan as crypto custody service provider

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Cryptocurrency exchange Bybit continues the expansion of its operations after receiving “in-principle” approval from regulators in Kazakhstan. On May 29, the exchange announced its pre-approval from Kazakhstan’s Astana Financial Services Authority (AFSA) to operate as a digital asset trading facility and custody services provider at the Astana International Financial Centre (AIFC). Ben Zhou, co-founder and CEO of Bybit, said he believes in the “promising potential” of the Commonwealth of Independent States (CIS) as a region for growth in the crypto industry. Zhou also stressed Bybit’s commitment to compliance with local…

Temasek Executives behind FTX Stake See Compensation Reduced

According to Temasek, despite the absence of any misconduct, both its senior management team and investment body assumed collective accountability and accepted a reduction in their compensation. Executives of Singapore investment firm Temasek Holdings who oversaw the company’s investment in FTX will have their compensation slashed. According to reports, the firm ranked second among the major external investors in the now-insolvent  FTX. The latest update comes after Temasek carried out an internal assessment of its funding six months ago. During this assessment, the investment company disclosed that certain executives and…

Mining difficulty passes 50 trillion — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts a new week in an altogether different mood as the weekly candle close brings a move higher. The largest cryptocurrency, still stuck in a narrow range, is at last showing signs of life after several spikes to two-month lows. With volatility back in play, traders nonetheless remain conflicted — can short-timeframe strength lead to an overall trend breakout? Opinions differ as May comes to an end, and brings with it a macroeconomic showdown, which is already making itself felt — the United States debt ceiling deal. With…

Bitcoin (BTC) Price Gains Momentum Ahead of US Debt Ceiling Increase

BTC, ETH, and many other leading altcoins are all showing positive signs in the past few hours. Following a recent stint of decline in value, Bitcoin (BTC) price may finally be showing some signs of recovery. This follows after its price surged by over 2.5% in the past day, per CoinMarketCap data. Incidentally, the surge follows shortly after a CNBC report surfaced about the United States President Biden and House Speaker Kevin McCarthy agreeing to raise the nation’s debt ceiling. Bitcoin (BTC), Ether (ETH), Others Jump in Excitement As of…

Turkish Lira Slumps as Incumbent President Erdogan Retains Power

The suppression of the lira stems from Erdogan’s core idea that economic growth can be hampered by raising interest rates. Turkish President Recep Tayyip Erdogan has retained his seat after winning the past presidential election in the country and while this naturally calls for celebration, the outlook of the Lira is showcasing the industry’s perception of the victory. According to CNBC, the Turkish Lira was trading as low as 20.44 against the United States Dollar by 10 am local time. The revelation that Erdogan will continue in power with his…