Day: June 19, 2023

Hawkish Fed, stocks market rally, and crypto falling behind

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Macro Markets, hosted by crypto analyst Marcel Pechman, airs every Friday on the Cointelegraph Markets & Research YouTube channel and explains complex concepts in layperson’s terms, focusing on the cause and effect of traditional financial events on day-to-day crypto activity. Episode 13 of Cointelegraph’s Macro Markets begins by exploring why the United States Federal Reserve’s latest move has been pinned on the stock market rally. According to Cointelegraph analyst Marcel Pechman, part of the market was doubtful that the Fed would continue to sustain interest rates above 5% for the…

CertiK receives $500K bounty after Sui blockchain threat discovery

Blockchain security firm CertiK has received a bounty of $500,000 from the Sui network after flagging a threat that had the potential to disrupt Sui’s entire layer-1 blockchain. In an announcement sent to Cointelegraph, the CertiK team highlighted that the vulnerability dubbed “HamsterWheel” was different from traditional attacks which focus on shutting down blockchains by crashing nodes. This attack traps nodes, letting them perform operations without processing new transactions, similar to hamsters jogging on a wheel. The attack has the capability to cripple networks and make them unable to operate.…

Binance Withdraws Request for FCA Registration in UK

Binance has been considering expanding its business to the UK and other regions due to the crackdown on crypto exchanges in the US.  Following its lawsuit with the United States Securities and Exchange Commission (SEC), the global leading digital asset service provider Binance has withdrawn its registration of Binance Markets Limited (BML) with the Financial Conduct Authority (FCA). Markedly, BML is the United Kingdom subsidiary of the global crypto exchange. With these latest developments, Binance and its associates hold no operational license or approval in the UK. BML submitted a…

Fidelity Investments Preps to Make Big Crypto Move

The traditional firm could dominate the US digital asset space for a long time to come. Asset management firm Fidelity Investments is reportedly planning a major move that can potentially shake the cores of the crypto markets. According to WhaleChart, the firm has two major moves lined up and would be hoping to achieve one or both of them soon. The Monday morning announcement reads: “Fidelity Investments is preparing to apply for a Bitcoin ETF and submit an offer to acquire Grayscale.” Fidelity Investments Keen About US Digital Assets Market…

Goldman Sachs Cuts Growth Outlook on China Following Similar Reductions from Major Wall Street Banks

Several Wall Street Banks, including Goldman Sachs, have cut their outlook on growth in China as the economy struggles. Leading global investment banking and management firm Goldman Sachs has joined several Wall Street banks to reduce its growth outlook for China. This downgrade comes as the East Asian powerhouse is experiencing a dwindling economy as it battles the effects of the coronavirus pandemic. Goldman Sachs reduced the growth outlook for China’s full-year 2023 GDP (gross domestic product) to 5.4% from 6%, and that of 2024 to 4.5% from 4.6%. Led…

Big Players of Crypto Donate $1M to Crypto Investigator ZachXBT after Defamation Lawsuit

Prominent crypto personalities and businesses have extended help to ZachXBT as he faces the defamation lawsuit from musician and tech entrepreneur Jeffrey Huang. Several prominent businesses and members from the crypto community have donated more than $1 million in stablecoins and tokens to crypto investigator ZachXBT, as he prepares to fight against several defamation charges. As per the data from the on-chain analytics platform Nansen, ZachXBT received stablecoin donations in the form of USD Coin (USDC), Tether (USDT), Dai (DAI). Additionally, they also received memecoins such as PEPE and JESUS…

Terra Co-founder Do Kwon Points Finger at Chinese Agency in Fake Passport Scandal 

Kwon’s denial comes as a response to the accusations linking him to the forged travel documentation and alleged financial ties with Milojko Spajić. The Terra founder asserts that these claims are baseless, denying personal involvement. Terraform Labs co-founder and CEO Do Kwon has reportedly denied allegations of passport forgery, shifting the blame onto an undisclosed Chinese travel agency. Do Kwon and Passport Scandal Kwon’s denial comes as a response to the accusations linking him to the forged travel documentation and alleged financial ties with Milojko Spajić. The Terra founder asserts…

Binance cancels registration in the UK amid regulatory scrutiny

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Troubled cryptocurrency exchange Binance continues to withdraw from major markets amid the ongoing pushback from global regulators. Binance Markets Limited (BML), Binance’s United Kingdom-based subsidiary, has officially canceled registration with the Financial Conduct Authority (FCA). After deregistration, no Binance entity is authorized by the FCA to provide any services in the United Kingdom, the regulator stated on its website. According to the FCA, the authority completed Binance’s cancellation request of BML’s permissions with the authority on May 30, 2023. “Following the completion of the cancellation of permissions the firm is…

Hong Kong says Cyberport attracted 150 Web3 firms in a year

In the past year, more than 150 Web3 firms have set up operations in Hong Kong’s Cyberport, a digital hub set up by the country’s government to promote innovation, Financial Secretary Paul Chan Mo-po said in a statement. The influx came after the Hong Kong government invested $7 million (50 million yuan) to help Cyberport speed up the development of Web3 with blockchain as the supporting technology, Chan Mo-po said. Chan Mo-po detailed the Hong Kong government’s investments in the sector, and said that Cyberport has been allocated around $64…