Month: July 2023

Dragonfly, Arthur Hayes Back $6M Round for New Stablecoin, Ethena

“Ethena is building the holy grail of stablecoins: a coin that is truly stable, decentralized, and capital-efficient,” said Dragonfly general partner Tom Schmidt in the press release. “Stablecoins have grown massively in popularity over the past few years by providing access to USD-denominated savings and remittances for people around the world, but they’ve always been handicapped by one of these three issues. Ethena has a breakthrough design that remedies these issues while also benefiting a broad user-base. We’re thrilled to be partnering with them to bring their vision to life.”…

SPX, DXY, BTC, ETH, XRP, BNB, SOL, ADA, DOGE, MATIC

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Bitcoin (BTC) remains stuck inside a narrow range, making it difficult to predict the direction of the next possible breakout. The United States dollar index (DXY), which generally moves in inverse correlation to Bitcoin, dropped below 100 but that has failed to propel Bitcoin higher. This suggests that Bitcoin is charting its own course in the near term. Therefore, the earnings season from big companies this week may sway the U.S. equities markets but may not have the same effect on Bitcoin. It is becoming increasingly difficult to pinpoint the…

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

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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 the use of mobile phones, fitness and working from home. The crypto exchange reportedly cited the “current market environment and regulatory climate,” which led to a decline in profit, suggesting more cost-cutting measures may be needed. The report followed one suggesting Binance had let go…

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…