Day: September 18, 2023

Tether Co-Founder William Quigley Sizes Up PayPal’s Stablecoin Ambitions

The payments world is blanketed by financial intermediaries, each extracting a toll for their services. Creating a stablecoin involves PayPal buying a basket of currencies and holding these yen, euros, rupees, won and so on in banks across the world. Once PayPal tokenizes the currency backed by those bank deposits, it has a private, multicurrency money supply that exists outside the global banking system and is free of any third-party toll collectors, Quigley explained. Source

Three Chinese AI Firms Launch IPOs in Hong Kong, Targeting $280M

These IPOs align with the broader trend of Chinese companies seeking public listings in Hong Kong, driven by regulatory scrutiny and market dynamics. Three prominent mainland China-based companies, led by Beijing Fourth Paradigm, a cutting-edge artificial intelligence (AI) software firm, have debuted on the Hong Kong Stock Exchange with initial public offerings (IPOs). Collectively, the companies plan to raise up to $280 million through the IPOs. Fourth Paradigm completed the necessary procedures for its IPO on the Hong Kong Stock Exchange back in July and received the official green light…

NFL Quarterback Trevor Lawrence Settles Lawsuit with FTX

NFL quarterback Trevor Lawrence has reached a settlement in a lawsuit involving FTX. This follows a trend of celebrities settling similar cases involving FTX promotions, including YouTubers Kevin Paffrath and Tom Nash. As Sam Bankman-Fried readies himself for a trial defense in Manhattan next month, court documents reveal that three celebrity promoters associated with his unsuccessful FTX cryptocurrency exchange have chosen to reach a settlement in the case. The lawsuit relates to the sponsorship deals struck by the trio before the crypto exchange FTX went bankrupt the last year. NFL…

Could We See A 10% Dip Due To Supply Pressure?

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Dogecoin (DOGE) has found itself caught in a tug-of-war between buying pressures and bearish sentiment, leaving investors and enthusiasts wondering about the coin’s future direction.  A sudden dip in DOGE’s price sent shockwaves through the market, breaking a pivotal support trendline that had historically bolstered the coin’s recovery phases. This breach raised concerns of a continued decline, but recent developments suggest that the meme-inspired cryptocurrency may be gearing up for a fresh rally. One glimmer of hope for DOGE came in the form of newfound support at the $0.06 price…

South Korea focuses on OTC crypto regulations as unlawful deals reach $4B

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South Korean regulators have turned their focus to over-the-counter (OTC) crypto trades amid growing concerns about their use for criminal activities. The financial regulators in the country are reportedly monitoring trading in the OTC crypto market. According to a report published in a local daily, deputy chief prosecutor Ki No-Seong and Park Min-woo of the Financial Services Commission (FSC) and other vital regulatory officials attended a session on “Criminal Legal Issues Related to Virtual Assets” with a focus on the unregulated OTC crypto market. During the event, No-Seong called for regulating…

Coinbase-backed Base Catches Up with Top Layer 2 Ether Chains after Hitting Almost 2M Daily Transactions

Last week, the Base Layer 2 network hit its ATH in daily transactions of about 1.88 million, higher than Optimism and Arbitrum combined. Coinbase Global Inc (NASDAQ: COIN) launched its Ethereum-based layer two (L2) network dubbed Base earlier in August. Less than two months later, the layer two network has registered exponential growth following high adoption by leading DeFi projects. Moreover, the Base network offers reliable security, and sustainable and scalable services all without any native token. According to on-chain data provided through BaseScan, a product of Etherscan, the Coinbase-backed…

FOMC versus BTC price ‘local bottom’ — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts the new week with optimism as traders greet the first green weekly candle in over a month. BTC price strength appears to be gradually improving after a weak August and start of September, with BTC/USD climbing toward $27,000. A solid weekly close provides the backdrop to what promises to be an interesting few days, which will include a key United States macroeconomic event as a potential volatility driver. The U.S. Federal Reserve will meet to decide on interest rate policy, and any surprises could have significant repercussions…

Toncoin Shatters Bearish Predictions With 40% Rally

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Toncoin (TON), in a surprising turn of events amidst a bearish market, has witnessed an extraordinary surge in its price value over the last seven days. Market indicators and metrics have overwhelmingly favored TON, painting a bullish picture for the cryptocurrency.  This unexpected rally was ignited by the breaking news of a partnership involving the renowned messaging app Telegram, further solidifying TON’s position as a preferred blockchain for Web3 infrastructure. Endorsement Of Toncoin Fuels Bullish Momentum The catalyst behind TON’s remarkable surge was the official endorsement of the TON network…

Crypto Exchange JPEX Suspends Operations Due to Hong Kong Probe

Hong Kong law enforcement is conducting an inquiry into JPEX following a referral from the SFC regulator, over offering suspiciously higher returns for its interest bearing products. Amid the ongoing investigation by the Hong Kong police, crypto exchange JPEX has suspended its operations along with raising the withdrawal fees on the platform. The development happens amid the ongoing liquidity crisis with JPEX stating that the third-party market makers have “maliciously frozen” the company’s funds. Hong Kong law enforcement is conducting an inquiry into JPEX following a referral from the Securities…