Month: June 2023

Stablecoins are shaky as USDT shows signs of depeg

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied As the crypto market’s volatility continues, the total stablecoin market capitalization declined by 0.25% over the past 24 hours, with an average price change of 0.71%.  The downward movement comes after the largest stablecoin by market cap, USDT, shows signs of depeg. USDT’s price fell by 0.23% over the past 24 hours and plunged to a local bottom of $0.997 after the asset lost roughly $270 million of its market capitalization. USDT price – June 15…

Apple Rejects Updates to Bitcoin Wallet Zeus Citing Violation of Its License Guidance

Apple cited the absence of licenses and permissions required for an app to be available in the App Store. Since Zeus has not provided any licenses, including money transmitter licenses, it is considered to be violating Apple’s policy. Tech giant Apple Inc (NASDAQ: AAPL) has denied approving the latest version of the open-source, non-custodial Bitcoin (BTC) wallet Zeus. Zeus founder Evan Kaloudis took to Twitter to announce the news. Zeus v0.7.6 has been rejected by Apple pic.twitter.com/9dNSjBrVBd — EVAN KALOUDIS (@evankaloudis) June 14, 2023 Currently, the App Store offers the “0.7.5” version…

EU Parliament Passes AI Draft Act to Regulate Growth and Use of Artificial Intelligence Technology

The EU is taking the lead with legislation for artificial intelligence as it passes its AI Act to minimize risks posed by the technology. The European Union (EU) Parliament has passed the EU AI Act to oversee the development and application of artificial intelligence in the region. On Wednesday, Parliament passed the law with 499 votes in favor, 93 abstaining, and 28 votes against. The EU AI Act became necessary as government officials worried that the ongoing explosion of AI development and use could be dangerous. Officials are concerned that…

China’s Shanghai Prioritizes Blockchain, Web3.0, and Metaverse in Three-Year Manufacturing Development Plan

Shanghai, a front-runner in the deployment of emerging technologies in China, has recently announced its ambitious “Three-Year Action Plan for Promoting High-Quality Development of Manufacturing (2023-2025).” This strategic initiative was revealed by the Shanghai Municipal Government Office, highlighting the city’s commitment to accelerating the development of its digital economy with a focus on Blockchain, Web3.0, and the Metaverse. The plan underscores the role of these three key technologies in shaping the future of the city’s manufacturing industry. Blockchain and Web3.0, both pillars of the next generation digital economy, are spotlighted…

President of Brazil Signs Decree Giving Central Bank Control Over Crypto Firms

According to the bill, the central bank of Brazil has control over crypto firms, while the CVM handles tokens that are securities. Brazil has introduced a new law that passes regulation of crypto firms to the country’s central bank. President Luiz Inácio Lula da Silva (Lula) signed the law increasing the central bank’s duties and extending them to crypto oversight. On Wednesday, the president signed decree No. 11.563 in compliance with a legal framework introduced in Brazil in December last year. In addition to the central bank’s oversight function, the new decree…

US prosecutors say SBF will be tried on original 8 criminal charges

The criminal trial of FTX co-founder Sam Bankman-Fried will only be going ahead with the eight charges he was originally pinned for by United States prosecutors, at least for now. In a June 14 court filing, prosecutors with the Department of Justice (DOJ) wrote a letter to District Judge Lewis Kaplan saying they would proceed to try Bankman-Fried on the eight charges they unveiled against him in December 2022. The DOJ lawyers cited a motion filed by Bankman-Fried in The Bahamas, who argued that many of the 13 charges he…

US prosecutors say SBF will be tried on original 8 criminal charges — for now

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The criminal trial of FTX co-founder Sam Bankman-Fried will be going ahead with the eight charges he was initially pinned for by United States prosecutors — at least for now. In a June 14 court filing, prosecutors with the U.S. Department of Justice (DoJ) wrote a letter to district judge Lewis Kaplan saying they would proceed to try Bankman-Fried on the eight charges they levied against him in December 2022. The DoJ lawyers cited a motion filed by Bankman-Fried in the Bahamas, who argued that many of the 13 charges…

‘Pick your targets’ — Bitcoin analyst believes Fed will favor bulls

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Bitcoin (BTC) stayed below $25,000 on June 15 after a snap reaction to United States economic policy changes saw three-month lows. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Hawkish Powell “all bark, no bite” Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it consolidated after the prior day’s losses totaled over 3%. The U.S. Federal Reserve had delivered an expected pause in interest rate hikes — its first since 2021 — while keeping the mood hawkish. Fed chair Jerome Powell suggested that fresh hikes may be necessary…