Month: May 2023

French Senate proposal would allow influencers to promote cryptocurrency

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The French Senate’s Committee on Economic Affairs recently approved an amendment to pending legislation allowing registered cryptocurrency companies to hire social media influencers for advertising and promotional purposes. According to a translation of the amendment provided by Bing, the new wording would allow companies that are registered with France’s Autorité des Marchés Financiers (AMF) to hire influencers for their products: “The current wording is more restrictive than the existing provisions in the Consumer Code, since it excludes the possibility for digital asset service providers (PSAN) registered with the Autorité des…

Nifty Newsletter, April 26–May 2

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In this week’s newsletter, read about Sotheby’s auction house launching a secondary nonfungible token (NFT) marketplace. Find out about the popular marketplace Blur introducing an NFT lending protocol, and learn how a neobank has introduced soulbound NFTs for Know Your Customer (KYC) information. In other news, sellers are dominating the NFT market, and Meta is offsetting losses in its metaverse unit with artificial intelligence efforts.  Sotheby’s auction house launches on-chain secondary NFT marketplace Sotheby’s has launched an on-chain marketplace for NFTs. The platform allows purchasing secondary NFTs with Ether (ETH)…

Federal Reserve Raises Interest Rate by 25bps, Insists ‘US Banking System Is Sound and Resilient’ – Bitcoin News

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The U.S. Federal Reserve, in conjunction with the Federal Open Market Committee (FOMC), announced on Wednesday that the central bank would raise the federal funds rate by 25 basis points (bps), as was widely expected by the market. This marks the tenth consecutive occasion in which the Fed has raised interest rates since the initial 25bps increase in March 2022. FOMC Announcement Says ‘Additional Policy Firming May Be Appropriate’ At 2:00 p.m. Eastern Time, the central bank raised the benchmark interest rate citing that economic activity expanded “at a modest…

BRC-20 token standard spurs meme coin frenzy on Bitcoin

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The BRC-20 token standard has ignited a meme coin frenzy on the Bitcoin blockchain. There is a marked increase in meme token volume, market capitalization, and transaction fees. The cryptocurrency world is buzzing with the emergence of the BRC-20 token standard on Bitcoin, primarily driven by the rising prominence of meme coins like Pepe (PEPE) and Memetic (MEME). This standard has been employed to mint more than 8,500 tokens, most of which are meme coins. The…

Bitcoin briefly rallies to $57,000 after a “glitch” on Bitfinex

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied On May 2, 2023, bitcoin prices spiked to $57,000 in less than a minute on Bitfinex in an unconfirmed glitch.  Bitcoin’s price spiked due to an unconfirmed glitch Bitcoin’s price rose from  $28,000 to $57,000 in a few seconds on a trading volume of 231 BTC, worth $7m. However, prices swung back to $28,000 on falling trading volumes of just 69 BTC a few seconds later. Bitcoin price on Bitfinex Afterward, coin trading resumed normally; although…

The Fed’s FOMC Raises Fed Funds Rate by 25 Basis Points; Bitcoin Price Flat on the News

The Fed, however, is fighting a two-front war, with its rate hikes possibly having helped expose balance sheet issues at a number of U.S. banks. This past weekend saw the latest in a series of lender failures, with the nation’s 12th-largest bank by assets, First Republic (FRC), requiring a joint rescue by the Federal Deposit Insurance Corporation (FDIC) and JPMorgan (JPM). Source BasisBitcoinFedFedsFlatFOMCFundsNewsPointsPriceRaisesRate CryptoX Portal

Securities token platform launches MPC wallet for institutions

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Securities token platform INX has launched a wallet with compliance features for institutions, according to a May 3 announcement. The new wallet was created in partnership with wallet infrastructure provider BitGo and uses multi-party computation (MPC) technology. Exciting announcement! INX now collaborates with @BitGo to enable institutional #investors to fully and confidently participate in the #security #tokens market and the greater digital economy: ⤵️https://t.co/AbpdS86lYk — INX (@INX_Group) May 3, 2023 INX securities tokens exist on the Ethereum network and follow the ERC-1404 token standard. The standard was created in 2018…

Mashinsky files motion to dismiss NY AG suit, says it ‘parrots misinformation’

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Alex Mashinsky, co-founder and former CEO of bankrupt crypto lending platform Celsius Network, has filed a response to New York Attorney General Letitia James’ suit against him. According to the document, the suit has shortcomings in presenting the facts in the case and its legal argument and should be dismissed. James claims in her suit on behalf of the people of New York state that Mashinsky defrauded over 26,000 New York residents out of billions of dollars, particularly by making false statements about the company’s financial situation. Mashinsky’s response alleges…