Day: June 30, 2023

Bitcoin ‘overreacting’ as SEC returns ETF filings, BTC price dives 6%

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Bitcoin (BTC) fell below $30,000 after the June 30 Wall Street open as markets panicked over the fate of its first spot exchange-traded funds (ETFs). BTC/USD 1-hour chart. Source: TradingView Bureaucratic error may explain Bitcoin ETF filing hiccup Data from Cointelegraph Markets Pro and TradingView showed BTC price action hurtling downward, briefly reaching $29,500. The volatility accompanied a report that United States regulator the Securities and Exchange Commission had refused applications for the first Bitcoin spot-price ETF. Those applications had kickstarted the latest BTC price rebound, one which had taken the…

What is the International Monetary Fund, and how does it work?

Maintaining stability in the international financial system is essential for sustaining economic growth in a connected global economy. In this context, the International Monetary Fund (IMF) is essential for fostering international monetary cooperation, maintaining exchange rate stability and managing financial crises. This article provides an overview of the IMF and its objectives, governance structure and key functions. What is the International Monetary Fund? The International Monetary Fund is a global institution with its main office in Washington, D.C. Its 190 member countries represent nearly the entire world. The main objective…

Universities use blockchain-based storage to protect and democratize data

Academic institutions house some of the world’s most important data generated from years of research. Yet centralized data storage models are becoming a concern for many universities looking to keep critical information safe and accessible.  Danny O’Brien, a senior fellow at the Filecoin Foundation and Filecoin Foundation for the Decentralized Web (FFDW) — an independent organization that facilitates governance of the Filecoin network and funds development projects — told Cointelegraph that data stored by academic institutions is at risk of vanishing due to centralized storage models. To put this in…

Flare Inks Partnership with aiPX to Debut New Perpetual Exchange

In addition to its focus on risk management and liquidity solutions, aiPX, the perpetual DEX built on Flare blockchain, offers a range of features designed to enhance the trading experience for users. In an exciting development within the blockchain space, Flare, a data-centric Layer 1 blockchain, has announced a partnership with aiPX to launch a decentralized non-custodial perpetual exchange on the Flare network. According to a press release shared with Coinspeaker, Flare’s native network will serve as the underlying infrastructure for aiPX, providing a robust and efficient foundation for the…

Why Tokenized Assets Are Safer Than Banks During a Banking Crisis

Born and raised in Greece to Lebanese parents, and now living in Cyprus, I’ve paid for the failed risk governance of banks on this island (2013), the 2016 capital controls in Greece limiting people to 20 euros a day, and the hyperinflation and value-loss of having my dollar deposits turned to “Lollars” in Lebanon. Yes, I’ve racked up plenty of air miles travelling through Athens, Larnaca and Beirut. Source

Alibaba Group’s Freshippo Expands Brick and Mortar Presence in China Ahead of Its IPO

Freshippo’s expansion comes three months after its parent company Alibaba revealed its restructuring plans. Freshippo, Alibaba Group’s retail grocery subsidiary, has opened 12 new stores across Mainland China. The stores are strategically located in key cities such as Beijing, Shanghai, and Guangzhou, aiming to cater to the growing demand for high-quality products and exceptional service in the highly competitive grocery market. According to an official press release on June 30, seven of the newly launched stores feature a new Freshippo logo that offers an extensive range of products, an expanded…

SEC vs Coinbase Case Slated for July 13

In the Coinbase defense that triggered a new hearing date in July, the exchange noted that many of the tokens SEC highlighted in its allegations are outside the Commission’s purview. The long-awaited legal battle between crypto exchange Coinbase (NASDAQ: COIN) and the US Securities and Exchange Commission (SEC) has been scheduled to hold on the 13th of July. Coinbase is just one of the crypto companies under the radar of the US financial watchdog. The Commission alleges that the exchange has been operating its crypto asset trading platform as an unregistered national securities…

What New York City Can Learn From Hong Kong in Regulating Crypto

Beijing’s restrictive policy, and the Hong Kong securities regulator’s lack of clarity, resulted in the loss of many entrepreneurs, high-skilled jobs, investors (with their billions of dollars of capital), exchanges and countless other active participants of the industry. From China, these people moved to Hong Kong, Singapore, Dubai, Silicon Valley and beyond. Technological innovation and the further development of the country’s capital markets was resolutely stifled. Yet, what transpired afterwards is quite impressive: It appears that Chinese authorities realized the damaging impact of this ruinous direction and decided to dramatically…