Day: July 17, 2023

Binance cuts back on employee benefits, citing ‘decline in profit’: Report

Global cryptocurrency exchange Binance reportedly cut back on certain benefits to its employees in June amid reevaluation efforts at the firm. According to a July 17 report from The Wall Street Journal, Binance said it had stopped offering reimbursement to employees for certain expenses including use of mobile phones, fitness, and working from home. The crypto exchange reportedly cited the “current market environment and regulatory climate” which lead to a “decline in profit”, suggesting more cost-cutting measures may be needed. The report followed one suggesting Binance had let go of…

Bitcoin and crypto brace for further upside as equities look to extend their recent gains

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The long-awaited recession and resulting resumption of the 2022 bear market that many have been expecting has failed to materialize so far in 2023. In fact, most assets have caught a bid, with the NASDAQ hitting a 52-week high on July 12. How can this be, and will the rally continue? Michael Burry of Big Short fame declared in January that the US could be in recession by late 2023, with CPI lower and the Fed cutting rates (note that today’s CPI print came in much lower than expected, further…

Crypto Exchange Binance Slashes Worker Benefits as Profit Falls: WSJ

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Changpeng “CZ” Zhao, Binance’s CEO, however, told workers in a company meeting on Friday that Binance was still profitable and had not been impacted by the recent lawsuit against it by the U.S. Securities and Exchange Commission, according to attendees at the meeting that spoke to the Journal. He did say, though, that there could be additional layoffs every three to six months and that he did not know if and when the worker benefits that had been cut would be coming back. Source

Euro stablecoin market set to take off, thanks to real-world uses, regulatory clarity: Circle exec

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The future is bright for euro-denominated stablecoins, according to Patrick Hansen, European Union strategy and policy director at Circle. The United States dollar may preserve its “first mover” advantage, but euro stablecoin will see increasing real world use cases emerge to lift it above its current meager market share, Hansen said at EthCC in Paris. Euro-denominated tokens currently represent 0.3% of the stablecoin market and are worth $300 million. At the same time, the euro occupies 20% of the traditional monetary system. It is in second place to the U.S. dollar…

Bitcoin ‘full breakout’ not here yet as BTC price spends month at $30K

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Bitcoin (BTC) refused to give up $30,000 at the July 17 Wall Street open as observers placed bets on a step lower next. BTC/USD 1-hour chart. Source: TradingView Bitcoin traders line up downside targets Data from Cointelegraph Markets Pro and TradingView followed what one analyst called boring BTC price action into the new trading week. After an equally quiet weekend, BTC/USD showed no signs of volatility amid a lack of catalysts for change across risk assets. Twenty-six days within this range for #Bitcoin. Boring. pic.twitter.com/JghJp1dCCQ — Michaël van de Poppe…

Bitcoin ‘full breakout’ not here yet as BTC price spends month at $30K

Bitcoin (BTC) refused to give up $30,000 at the July 17 Wall Street open as observers placed bets on a step lower next. BTC/USD 1-hour chart. Source: TradingView Bitcoin traders line up downside targets Data from Cointelegraph Markets Pro and TradingView followed what one analyst called “boring” BTC price action into the new trading week. After an equally quiet weekend, BTC/USD showed no signs of volatility amid a lack of catalysts for change across risk assets. Twenty-six days within this range for #Bitcoin. Boring. pic.twitter.com/JghJp1dCCQ — Michaël van de Poppe…