Day: September 28, 2023

Peloton (PTON) Shares Jump 15% on Content and Apparel Partnership with Athletic Clothing Retailer Lululemon

Both Peloton and Lululemon will partner for 5 years as they hope to exchange benefits to help support the exercise and athletics businesses. American exercise equipment and media company Peloton Interactive Inc (NASDAQ: PTON) has partnered with Canadian athletic apparel retailer Lululemon Athletica Inc (NASDAQ: LULU). The two companies have officially entered a partnership that will last five years and introduce Peloton content to Lululemon’s app. In exchange, Lululemon will be the primary athletic apparel partner for Peloton. Furthermore, the deal will also make some Peloton instructors Lululemon ambassadors. In response to the announcement,…

Meta Officially Announces Quest 3 VR Headset with ‘Passthrough’ Feature, Price Starts at $499

Meta will try to compete with Apply using its much-cheaper Quest 3 VR headset ready for shipping next month. Meta Platforms Inc (NASDAQ: META) officially announced the Quest 3 headset on Wednesday at the company’s Connect conference. Interested buyers can preorder and wait for shipping, which begins on Tuesday, October 10. The new Quest 3 will start at $499, which is $200 more than the previous Quest. However, Meta’s new device comes with a much stronger Qualcomm chip. Meta also says the Quest 3 will have a “passthrough” feature and better…

CBDCs on the Rise: What the Decline of Physical Cash Means for Blockchain and Privacy

Key Takeaways * By 2028, only 9% of all payments are expected to be made in physical currency. * Central Bank Digital Currencies (CBDCs) are under development, but their design raises questions about privacy and personal freedom. * Critics argue that digital payment systems, unlike cash, can be monitored and can refuse service without consequence. The Inevitable Decline of Cash According to a report by the World Economic Forum dated September 26, 2023, the use of physical cash has been declining at a rate of approximately 15% each year since…

Shiba Inu At $0.0000072: Sellers Push For Breakout

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Shiba Inu (SHIB) has been navigating turbulent waters in the crypto market since mid-April. With its price oscillating between the lows of $0.0000068 and the highs of $0.0000076, SHIB holders have been eagerly awaiting a breakout from this sideways movement. The question on everyone’s mind: Will sellers succeed in pushing SHIB out of its current zone? Price analysis shows that since mid-August, SHIB has been grappling with a bearish market structure on both higher and lower timeframes. The ominous signs began with a sharp price rejection at the $0.00001 price…

Metaverse firm, Improbable, changes tact after slashing losses by 85%

Improbable, a London-based metaverse company, has shifted its focus from virtual experiences for video games and defense to becoming a “venture builder” after cutting losses by 85%. In a press release on Tuesday, Sep. 26, the firm said it would focus on the “metaversal experiences” development and venture building, supported by an experimentation arm, Improbable Labs.  In 2022, Improbable reduced its losses by 85%, from £131 million (~$159 million) to £19 million (~$23 million). Over the past year, the company grew its revenue by 2.6x to £78 million (~$95 million). “The focus…

Binance urges users to convert Euros to USDT after Paysafe debank

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Crypto exchange Binance has urged users to convert their Euros into Tether (USDT) before the end of October, after losing the support of its banking partner. On Sept. 28, Binance urged European Paysafe users to convert their EUR balances in their Binance accounts to USDT before Oct. 31, noting that Paysafe has “unilaterally decided to stop processing EUR deposits for Binance users.” Binance however noted that users may continue to withdraw their EUR balances from Binance accounts to their bank accounts. “Paysafe users are advised to take appropriate actions in advance.”…

5 lowlights of Gary Gensler’s evasive testimony before Congress

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Blamed for “kneecapping” the U.S. capital markets and slammed for dodging questions around Bitcoin and Pokemon cards, Gary Gensler appears to have had one hell of a grilling from Congress this week. On Sept. 27, the United States Securities and Exchange Commission chief again found himself in front of lawmakers in a scheduled hearing to discuss his agency’s oversight of the markets. Here are some of the highlights and lowlights of the hearing. “You are the Tonya Harding of securities regulations.” One of the more colorful analogies came from United…

Ethereum Price Faces Rejection But Bulls Are Not Out of Woods Yet

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Ethereum price is attempting a fresh increase above $1,620 against the US Dollar. ETH must settle above $1,620 and $1,650 to start a decent increase. Ethereum is attempting a recovery wave above the $1,600 level. The price is trading above $1,600 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if there is a close above $1,620 and $1,650. Ethereum Price Holds Ground Ethereum’s…

countries need CBDC legal frameworks

Countries need clear legal frameworks to implement central bank digital currencies (CBDCs), according to the head of the Bank for International Settlements (BIS) during a recent conference in Basel. The event focused on updating laws for the digital currency technology. In a speech held on Sept. 27, later published on their website, BIS General Manager Agustín Carstens said national laws must allow central banks to issue digital currencies if CBDCs are to meet public demand. Most countries currently prohibit or have unclear rules around CBDC issuance. Carstens said CBDCs can…

Mark Zuckerberg reveals Meta AI chatbot, his answer to ChatGPT

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Meta CEO Mark Zuckerberg has unveiled his firm’s new AI-powered assistant  — Meta AI —  his answer to OpenAI’s ChatGPT, which will integrate with Instagram, Facebook, WhatsApp and eventually, its mixed reality devices. Speaking at the Meta Connect event on Sept. 27, Zuckerberg explained that Meta AI is powered by the company’s large language model Llama 2, and has been built in partnership with Microsoft Bing to allow users access to real-time information from the internet. “Meta AI is your basic assistant that you can talk to like a person.”…