Day: June 5, 2023

Oil Prices Soars Following Saudi Arabia’s Plan to Cut Oil Output

The significance of OPEC+ in the global oil market cannot be understated, as the alliance accounts for approximately 40% of the world’s crude oil production. The impact of Saudi Arabia’s decision to cut oil output has been immediate with oil prices rising in response, reflecting the expectation of a tightening supply. According to reports, both global benchmark Brent Crude Futures and US West Texas Intermediate (WTI) Futures experienced a rise of over 2% during early Asia trade on Monday. As of the latest update, global benchmark Brent futures were trading…

Binance Rumored Successor Richard Teng to Battle Regulatory Problems if CEO Zhao Steps Down

Binance head of regional markets outside the US Richard Teng is rumored to be the chosen successor if CEO Zhao relinquishes his position. Reports about a Binance CEO successor are starting to fill the grapevine following the crypto exchange’s regulatory problems. Although there is no official word from Binance or current CEO Changpeng “CZ” Zhao, Binance executive Richard Teng is the most likely heir apparent if Zhao decides to step down. Binance is currently facing several problems in different regions. In May, the crypto exchange’s third-party payment provider abruptly discontinued…

Bitcoin transitions into bull market after bottoming, analysis shows

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Recent developments in the cryptocurrency market indicate a transition from a bear market to a more optimistic bull market, primarily driven by the movement of bitcoin (BTC). CryptoQuant, a prominent crypto analytics platform, highlights several factors that support this shift, suggesting that BTC has reached its bottom. Crypto Market – Currently transitioning into the Bull Market “It’s very unlikely that $BTC will make a new low and the recession induced drop will be rather the last…

JPMorgan uses blockchain for 24/7 dollar transfers with Indian banks

Global financial services company JPMorgan continues exploring the benefits of blockchain, deploying the technology to eliminate some restraints of traditional finance. JPMorgan has partnered with six major Indian banks to introduce a blockchain-based platform enabling interbank settlement of dollar transactions, Bloomberg reported on June 5. The participating banks include HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPMorgan’s own banking unit at Gujarat International Finance Tec-City, or GIFT City. The blockchain project aims to expand the capacity of the existing settlement system, JPMorgan’s senior country officer Kaustubh…

‘Crypto Tsar’ needed to ensure coordinated approach in the UK: EU lawmakers

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A parliamentary group in the United Kingdom has published its recommendations to the government for the crypto and digital asset sector. The list of recommendations includes the appointment of an official who will ensure a coordinated regulatory approach to crypto and digital assets.  To help policymakers better understand the crypto space, the Crypto and Digital Assets All Party Parliamentary Group (APPG) published a report containing 53 recommendations for the industry. In its key conclusions, the report highlighted that the rapid growth of crypto and digital assets suggests that “the sector…

Ethereum gas fees cool down after May memecoin frenzy

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The average transaction fee or gas fee on the Ethereum network has cooled substantially in the first week of June after reaching a multi-month high in May, owing to the meme coin frenzy and many MEV Bot activities.  The average gas fee on Ethereum has come down to $7.34, almost one-third from last month’s high of $20. In terms of Gwei, a denomination of Ether (ETH) that represents one-billionth of one ETH, the daily median gas price has decreased to 24 gwei from a peak of almost 140 gwei last…

Spheroid Universe Coin to be Listed on MEXC Exchange

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Spheroid Universe, a futuristic Metaverse that augments the real world in every part of the Earth, is announcing that their token, SPH, will officially be listed on MEXC today, on June 5th. Founded in 2018, MEXC (also known as MEXC Global) is a rapidly-growing cryptocurrency exchange with more than 6 million users in over 200 countries, including the USA, UAE, Canada and Australia. MEXC is regularly featured as one the top exchanges globally for trading volume. The exchange offers one of the widest ranges of cryptocurrencies with over 1,500+ coins…

Google Search for ‘Crypto’ Falls to Late 2020 Levels

According to the recent study of crypto Google Search, Nigeria held the highest score for most crypto-related searches, while South American countries had the lowest results. It seems like people are not interested in reading about cryptocurrencies these days as the online search for “crypto” and other common cryptocurrency terms recently fell to late 2020 levels. Moreover, searches on AI have reached a new record high. Over the past few months, the word “AI” has seen an overwhelming increase in Google searches and has been claimed as the latest tech…

Atomic Wallet Gets Compromised with Attackers Draining More than $35M from Users

Atomic Wallet noted that less than 1 percent of its monthly active users were affected in the weekend’s attack. The crypto community had a rather gloomy weekend after one of the top non-custodial digital asset storage Atomic Wallet was hacked and millions of dollars siphoned from several users’ accounts. According to the latest update from Atomic Wallet via Twitter, less than 1 percent of the company’s monthly active users have been affected. However, independent on-chain researcher ZachXBT noted that the number of assets stolen had surpassed $35 million as of Monday.…