Day: September 22, 2023

Bank of Japan Leaves Interest Rates Unchanged, Experts Share Concerns

Analysts believe that Bank of Japan would soon face pressure to raise interest rates and reverse from its loose monetary conditions. On Friday, September 22, Japan’s central bank decided to leave its interest rates unchanged amid “extremely high uncertainties”, and continue with its ultra-loose policy. Following its September meeting, the Bank of Japan confirmed its decision to keep short-term interest rates at -0.1%. The central bank also set a target to limit the yield on 10-year Japanese government bonds to approximately zero, in line with expectations. In a policy statement…

Bitcoin mining can help reduce up to 8% of global emissions: Report

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A paper published by the Institute of Risk Management (IRM) concluded that Bitcoin (BTC) has the potential to be a catalyst for a global energy transition.  IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen published a report titled “Bitcoin and the Energy Transition: From Risk to Opportunity.” The paper argued that while BTC was perceived as a risk because of its energy consumption, it can also catalyze energy transition and lead to new solutions for energy challenges worldwide. Within the report, the authors also highlighted the important…

Core Scientific seals $77M Bitmain deal for 27K Bitcoin mining rigs

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Cryptocurrency mining hardware maker Bitmain and bankrupt crypto mining firm Core Scientific have agreed on a combination of equity and cash to finalize the deal on expanding mining facilities.   The deal between the two mining companies will see Bitmain supply 27,000 Bitcoin (BTC) mining rigs for $23 million in cash, along with $53.9 million worth of common stock of the bankrupt firm. Apart from the mining hardware purchase deal, Bitmain and Core Scientific have signed a new hosting arrangement to assist Bitmain’s mining operations. The deal was finalized in August when…

XRP Rally In Jeopardy? Decoding The Altcoin’s Bear Flag Pattern

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XRP, a cryptocurrency Ripple Labs uses to facilitate transactions on its network, has been making headlines recently for all the right reasons. The digital asset has emerged as one of the top performers in the crypto market in recent months, largely owing to Ripple’s significant legal victory against the US Securities and Exchange Commission in July. This victory marked a turning point in the ongoing legal battle that has been unfolding since December 2020. As XRP enthusiasts eagerly anticipate Ripple’s “Proper Party” scheduled for September 29, the crypto’s price remains…

Crypto Mining Giant Bitmain to Invest $53.9 Million in Core Scientific

Bitmain’s investment represents not only a significant financial commitment but also a strategic move to fortify its partnership with Core Scientific. Bitmain, a leading manufacturer of crypto mining rigs, has announced a substantial investment of $53.9 million in Core Scientific, a major North American blockchain data center provider and digital asset miner since 2017. Core Scientific operates data centers in multiple US states and utilizes their Minder software for efficient mining management and monitoring. This partnership signifies an expansion of their already-established relationship and supply contract. Both companies have agreed…

Immediate Edge leverages AI to enhance crypto trading

The global trading landscape has evolved significantly over the past fifty years, expanding accessibility from exclusive wealthier groups to everyday individuals through online platforms. The rise of artificial intelligence (AI) has reshaped trading, contributing to the emergence of platforms like Immediate Edge. What is Immediate Edge Immediate Edge is an AI-driven trading platform designed for automated monitoring of market trends, risk assessment, and precise trade execution. While AI can make mistakes depending on the quality of training data, Immediate Edge rely on its team of industry experts and funding, which…

Instacart Founder Apoorva Mehta Now Is Billionaire after Selling Stake Post-IPO

Mehta stepped down from his role as the company’s CEO last year and following Tuesday’s IPO, will cease to serve as Executive Chairman. Online grocery delivery startup Instacart’s founder Apoorva Mehta is now a billionaire after selling 700,000 shares of the company. Mehta, 37, co-founded Instacart in 2012 and went on to grow the business to a market value of $8.8 billion following an Initial Public Offering (IPO) on Tuesday. Mehta is now reportedly worth $1.1 billion. At its peak in March 2021, Instacart was valued at $39 billion. The…

NHN Embraces Web3, Taps Sui Blockchain for Crypto Games

NHN said it chose the Sui blockchain for its crypto game development thanks to its low transaction fees, fast processing time, and high scalability. South Korean mobile game developer NHN has joined the crypto bandwagon through a partnership with Mysten Labs, the owner of the Sui blockchain, to develop games for players in the industry. In an official press release dated September 21, the company’s gaming division announced its expansion into the Web3 ecosystem, joining the ranks of South Korean gaming companies such as Krafton, Com2us, Wemade, Nexon, Neowiz, NCSoft,…

FTX opens lawsuit against former employees of Hong Kong affiliate

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Defunct cryptocurrency exchange FTX filed a lawsuit on Sept. 21 against former employees of the Hong Kong-incorporated company Salameda, which was previously affiliated with the FTX group, according to court documents. The court filing says FTX seeks to recover $157.3 million that it claims was fraudulently withdrawn in the hours before the exchange filed for bankruptcy. According to the filing, Michael Burgess, Matthew Burgess and their mother, Lesley Burgess, as well as Kevin Nguyen and Darren Wong, along with two other companies, allegedly held ownership of companies with registered accounts…

Bybit Launches Perp Protect to Redefine Crypto Risk Management

Bybit noted that traders anticipating market volatility can leverage Perp Protect to secure their positions, giving them a proactive edge in navigating turbulent market conditions. Bybit, one of the world’s leading crypto exchanges, has taken a bold step by introducing Perp Protect, an industry innovation tool poised to reshape the way traders safeguard their investments. The Birth of Bybit Perp Protect Bybit, a platform known for its commitment to providing traders with cutting-edge features, has developed Perp Protect as a response to the challenges faced by crypto traders. Traditional risk…