Month: September 2023

Industry leaders and policymakers weigh in on a potential US gov’t shutdown

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The United States House of Representatives has rejected a bill passed by the Senate aimed at funding the government, and Speaker Kevin McCarthy’s proposals have so far failed to gain traction with hard-right lawmakers in the House — all actions suggesting that the U.S. government is heading toward at least a partial shutdown starting on Oct. 1. A U.S. government shutdown, which occurs when Congress fails to pass legislation for funding for the next fiscal year, would effectively stop all federal agencies and departments from doing anything considered “nonessential.” Even…

Bitcoin’s inflation-hedge theory tested as rising interest rates bring turbulence to markets

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The U.S. economy has been facing turbulent times lately, with the U.S. personal consumption expenditure (PCE) inflation index rising by a significant 3.5% over the past 12 months. Even when excluding the volatile food and energy sectors, it’s evident that the efforts made by the U.S. Federal Reserve to curb inflation have fallen short of their 2% target rate. U.S. Treasuries have lost a staggering $1.5 trillion in value, primarily due to these rate hikes. This has led investors to question whether Bitcoin (BTC) and risk-on assets, including the stock…

Pond0x DEX claims $100M in trading volume as critics allege it’s a scam

The Pond0X decentralized exchange (DEX) has reached more than $100 million in total trading volume, according to a September 28 social media post from its official channel. Investors previously lost over $2 million in the launch of the exchange’s native token, PNDX, when the coin turned out to have a transfer function that allowed anyone to transfer it without the owner’s permission. But supporters claim these losses were not the fault of the developer. $108,000,000 Trade Volume ✅ And counting. What comes next…? pic.twitter.com/lpetFqJAkq — Pond Coin (@Pond0x) September 28,…

MATIC Price Downtrend Halted As Google Cloud Joins Polygon Network

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Google Cloud, the renowned cloud computing service provided by Google, has made a significant move by becoming a validator on the Polygon (MATIC) network.  This collaboration aims to bolster the security of the Polygon Proof-of-Stake (PoS) network, with Google Cloud employing its infrastructure, which powers popular platforms like YouTube and Gmail, to contribute to the network’s integrity. Google Cloud Strengthens Polygon Network Security Polygon Labs, the team behind the Polygon protocol, recently announced that Google Cloud has joined their validator set. This move brings Google Cloud into the fold of…

Chainlink quietly changes multisig rules, Mixin offers $20M bounty: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The past week in DeFi was dominated by developments in some of the OG DeFi protocols, with Uniswap Foundation announcing plans to raise $62 million in new funding and decentralized oracle service provider Chainlink brushing aside concerns about changes it made to multisignature wallets. Mixin Network, which was hacked for nearly $200 million in crypto assets on Sept. 23, has now offered…

Georgia preparing limited live CBDC pilot, considering Ripple among tech providers

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The National Bank of Georgia (NBG) has announced that it will advance its research on a digital lari central bank digital currency (CBDC) in a limited-access live pilot environment. Nine companies, including Ripple Labs, will take part in the project, and one of them will be selected to move forward to the next stage of testing. In a paper released in February, the NBG stated that it was considering a two-tier design for its CBDC, with wallets provided by a third party. It would be programmable and support asset tokenization.…

CommEX dismisses rumors, denies connection with Binance

Despite rumors, CommEX, the company that acquired Binance’s Russian business, has denied any connection with Binance.  In a statement, CommEX acknowledges that they have former Binance employees on their team but emphasizes that Binance does not own their company.  CommEX did not disclose the identities of their leaders as they prefer to remain private. The company also revealed that it took six months to develop the platform, with former Binance employees contributing their experience in product creation and internal processes. The similarity of cultures and values between the two companies played…

Could A New All-Time High Be On The Horizon? Analyst Predicts

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Crypto Rover, a seasoned cryptocurrency trader and analyst, has recently shared insights suggesting that Bitcoin’s current trajectory may change. Based on the latest technical analysis, Bitcoin might soon paint a brighter, bullish picture. Bitcoin Break From The Bearish Shackles In his recent analysis, Crypto Rover explained Bitcoin’s price action shift. It’s been noted that the leading crypto is making headway in breaking a longstanding negative trend that has persisted for 77 days. This shift marks a monumental moment for Bitcoin, which had been entrapped in bearish confines for a considerable duration.…

Invesco Galaxy applies for Ether spot ETF

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Asset managers keep pursuing digital asset products, as Invesco and Galaxy Digital allegedly filed for a spot Ethereum (ETH) exchange-traded fund (ETF) on Sept. 29.  Bloomberg ETF analyst James Seyffart disclosed the filing on X (formerly Twitter), even though the application hasn’t been uploaded to the SEC’s public database at the time of writing. Invesco Galaxy just filed for a spot Ether ETF, I think this is the 3rd of 4th one of these, have to check tho.. pic.twitter.com/SIJVu8VzFk — Eric Balchunas (@EricBalchunas) September 29, 2023 A spokesperson for Invesco…