Month: May 2023

Tech Observers Show Little Faith in UK IPO Market Following Arm Snub

The UK IPO market has come under scrutiny as analysts believe it has lost its appeal in attracting big-name tech listings.    Tech investors have questioned the UK market as a veritable IPO destination after native semiconductor giant Arm shunned the country. The British designer recently opted to list in New York at London’s expense, which many fear could have ripple effects for other IPOs down the line. According to industry analysts and observers, London could miss out on additional lucrative tech initial public offerings. Analysts also cited the capital city’s perceived lack of finesse in treating high-growth…

Liechtenstein explores bitcoin payment option for government services

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Liechtenstein’s Prime Minister, Daniel Risch, has announced plans to allow citizens to pay for government services using bitcoin. In a May 7 interview, Risch stated that a bitcoin payment option is coming, without providing further details. The European microstate plans to accept payments in bitcoin and immediately convert them to Swiss francs, its national currency. This move follows similar initiatives by Swiss communities Zug and Lugano, where local authorities have made bitcoin payments legal for certain…

Defending against SEC to cost Ripple $200M, CEO Brad Garlinghouse says

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Ripple has spent $200 million defending the case brought against it by the United States Securities Exchange Commission (SEC), according to CEO Brad Garlinghouse.  Garlinghouse dropped the figure during a fireside chat at the Dubai Fintech Summit on May 8. He stated that the U.S. is stuck compared with the regulatory progress of the United Arab Emirates virtual asset regulatory authority and the recent Markets in Crypto-Assets (MICA) bill in the European Union. He went on to share that by the time the case is decided, Ripple will have spent…

Binance ‘FUD’ meets CPI — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts a new week at the center of new crypto industry drama as the highest fees in two years pressure price action. Downside volatility is greeting traders thanks to a full mempool, and explanations point the finger at multiple parties. The largest exchange, Binance, is adding to the confusion, pausing BTC withdrawals several times over what it calls network “congestion.” Amid the turmoil, BTC/USD is showing signs of strain, breaking down from $28,000 to threaten an exit of its broader trading range. The events mark a flustered start…

European Indices Inch Forward as Investors Digest Economic Realities

The growth in the European indices recorded an encompassing ripple effect that spread to other major Asia-Pacific markets. Indices in the European stock market opened the week with promises of growth as economic realities for the near future became more visible. Besides, earnings from publicly traded firms have been seen to be a major catalyst in boosting sentiments as well as the expectations of monetary actions from the Bank of England (BoE) this week. Effectively, the FTSE 100 Index (INDEXFTSE: UKX) inched upward by 0.98% to 7,778.38 on Friday. The…

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…