Month: May 2023

Coinbase to Stop Issuing New Bitcoin-Backed Loans via Its Borrow Service

The reason behind the exchange’s decision is not clear. According to those familiar with the matter, closing the service is not linked to the scrutiny from SEC which has alleged that Coinbase was offering and trading unregistered securities, thereby violating federal securities laws.  Crypto exchange Coinbase Inc (NASDAQ: COIN) has announced its decision to stop issuing loans through its Coinbase Borrow service where Bitcoin (BTC) has been serving as collateral. Starting from May 10, customers will no longer be able to access the feature. However, the existing outstanding loans will not…

Fed Interest Rate Hikes Impact Everything from Credit Cards to Student, Auto, and Home Loans

While inflation may be slowing, Americans are groaning under the direct and indirect impact of the Fed increasing the interest rate. The US Federal Reserve (Fed) has continued raising the interest rate and on Wednesday increased the rate by another 0.25 percentage point, causing worry about the potential impact. The apex agency has been trying to stem a stubborn rise in inflation and has been increasing the rate consistently. The recent increase is the 10th in about a year and is the quickest succession of Fed rate hikes since the…

Microsoft Opens Up AI-Backed Bing to All Users 

Microsoft is offering more features for users to enjoy as it opens up the new AI-powered Bing search and chat. After rolling out the waitlist for its new AI-powered version of the Bing search engine in February, Microsoft Corporation (NASDAQ: MSFT) is opening up the new feature to all users. The technology company announced that it was reinventing the Bing search engine and Edge browser and was available in preview. The new Bing incorporates OpenAI’s ChatGPT, giving Microsoft an additional chance to compete with Alphabet’s Google. Referring to the upgrade…

Qualcomm Reports 17% Phone Chip Sales Fall in Q2 2023, QCOM Stock Tanks by 6% in Pre-market

The company explained a 17-per cent drop in revenue by a tough macroeconomic environment and a “broad downturn” in the semiconductor sector. Semiconductors and wireless telecommunications products manufacturer Qualcomm Incorporated (NASDAQ: QCOM) has reported its earning for the second quarter (Q2) of 2023. Qualcomm has beaten analysts’ revenue forecasts, with $9.27 billion versus Wall Street’s estimate of $9.1 billion. However, with a better-than-expected revenue, the company has seen a 17-per cent drop from last year’s mark in phone chip sales, which is its key business unit. Besides, it missed EPS estimates,…

Investors Eagerly Await Apple’s $90B Buyback Announcement and Dividends

Apple expects a 5% drop in revenue amid sluggish sales for Mac and iPad. The Street expects the Apple board to authorize $90 billion worth of buybacks and share repurchases. Later today on Thursday, May 4, Apple Inc (NASDAQ: AAPL) will report its quarterly earnings with the Street expecting muted results from the tech giant. As per the company’s guidance, revenue could see a dip of 5% due to a drop in Mac and iPad sales. However, considering the fact that Apple has huge cash reserves, the Street expects Apple…

Bitcoin reaches $29k mark after latest FOMC meeting

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) surpassed the $29,000 mark after the US Federal Reserve (Fed) hit another 25 basis point rate hike.  The Fed surged its fund’s rate to 5.25%, according to a CNBC report on May 3. This rate hike, similar to previous ones, has triggered a bullish sentiment among crypto investors. Consequently, bitcoin’s market cap rose 1.4% in the past 24 hours. According to crypto.news data, BTC is trading at $29,075 at the time of writing. The…

Bitget pledges $10M for Blockchain4Youth corporate responsibility project

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On May 4, cryptocurrency derivatives exchange Bitget announced it would allocate $10 million over five years for its novel corporate social responsibility project. Dubbed “Blockchain4Youth,” the project will provide blockchain courses and certifications through Bitget Academy and host campus lectures in partnership with universities worldwide. In addition, Bitget staff wrote: “The platform will also collaborate with other leading blockchain firms to incubate innovative projects by young entrepreneurs and host U30 (Under the age of 30) hackathons to identify the most promising ones.” Blockchain4Youth will commence this month with a series…

IMF Chief Warns of More Weaknesses in US Banking Sector — Sees ‘Gradual’ Shift Away From US Dollar – Economics Bitcoin News

International Monetary Fund (IMF) Managing Director Kristalina Georgieva expects “more vulnerabilities” in the U.S. banking sector amid a growing de-dollarization trend worldwide. “There has been a gradual shift away from the dollar,” the IMF chief acknowledged. U.S. Banking Crisis Continues The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, talked about the U.S. banking crisis and a growing de-dollarization trend Monday at the 2023 Milken Institute Global Conference in Beverly Hills, California. The IMF chief warned of more vulnerabilities in the U.S. banking sector, noting that the Federal…

US Fed Announces 25 Basis Point Rate Hike Taking Interest Rate Above 5%

Amid the banking crisis emerging in the market, the US economic environment looks extremely fragile. On Wednesday, May 3, the US Federal Reserve (Fed) announced its 25 basis point rate hike, the 10th consecutive one in just over a year’s time. Although the announcement was in line with the Street expectation, the US equity market reacted negatively with all three indices ending in the red. Fed Announces Another Rate Hike The central bank’s Federal Open Market Committee unanimously agreed to raise its benchmark borrowing rate by 0.25 percent. This increase…