Day: October 5, 2023

SEC has no choice but to approve Bitcoin ETFs

boss

Stephen Schoenfield and Martin Bednall, former senior executives at BlackRock, are optimistic that the Securities and Exchange Commission (SEC) has “no choice” but to approve multiple Bitcoin exchange-traded funds (ETFs) within the next 3-6 months.  Despite initial predictions, Schoenfield changed his timeline due to the commission’s decision to request comments on applications instead of rejecting them outright. The Grayscale lawsuit victory also suggests that the SEC may have to allow the Grayscale Bitcoin Trust to be converted into an ETF. Shenfield believes that all applications will be approved at once, similar to…

Metro Bank Shares Slumps 29%, Triggers Double Suspension on LSE

The recent halts in the trading of Metro Bank’s shares on the London Stock Exchange come on the heels of reports that the Bank was seeking to raise $727 million in debt and equity.  In a surprising turn of events, shares of Britain’s Metro Bank Holdings PLC (LON: MTRO) experienced a dramatic plunge, leading to not one but two suspensions on the London Stock Exchange (LSE) in the early hours of today’s trading. Metro Bank’s Volatile Slide According to recent reports, Metro Bank shares spiraled downwards, plummeting by over 29%…

Wirex taps ZK-proofs for noncustodial crypto debit card issuance

boss

Crypto payment service provider Wirex announced the launch of a zero-knowledge proof (ZK-proof)-based noncustodial crypto debit card service called W-Pay on Oct. 3. Wirex’s new decentralized solution utilizes zero-knowledge technology and is built on Polygon’s Chain Development Kit (CDK), promising increased scalability and security. Polygon’s CDK has been built with ZK-proofs in focus, enabling companies and users to develop their own ZK-powered layer-2 rail. ZK-proof-based scalability solutions have become popular in the crypto space as the ZK protocol allows one party to prove to another party that something is true without disclosing any…

OpenAI Rival Anthropic Taps Google and Others to Raise $2 Billion

With the massive fundraise, Anthropic will focus on making significant developments on Claude Next and increase spending to boost its AI model. A week after raising $1.25 billion from tech giant Amazon, OpenAI rival firm Anthropic has tapped Google and others to raise an additional $2 billion in fresh funding. Google had already picked up a 10% stake in Anthropic last year in 2022. Sources familiar with the matter stated that Google is planning to raise its stake further. The two-year-old startup, known for its chatbot Claude, a competitor to…

Bitcoin still beating US dollar versus ‘eggflation’ — Fed data

boss

Bitcoin (BTC) is beating inflation better than the United States dollar, the U.S. Federal Reserve says — but unintentionally. In a blog post first released in June 2022 and since updated, the St. Louis Fed compares buying eggs with BTC compared to dollars — still with surprising results. Bitcoin vs. U.S. dollar: “Eggflation” has gone nowhere Bitcoin hodlers arguably have many better use cases for their BTC holdings than buying eggs, but that is the topic of a dedicated Fed blog post that attempts to demonstrate Bitcoin’s uncompetitive buying power…

SBF’s Crypto Empire Was Built on a Lie

Some of FTX’s employees in the U.S. knew about the backdoor in the exchange that allowed Alameda Research to withdraw billions in customer funds, according to a Wall Street Journal report on Thursday. The employees flagged their discovery to FTX’s director of engineering Nishad Singh but the problem never got fixed, the WSJ reported, citing people familiar with the matter. The team, who worked for LedgerX, the crypto derivatives exchange bought by FTX in 2021, was examining whether the code for FTX’s main exchange could be used in the U.S…

Solana On Fire: October Red-Hot Prediction

boss

Solana (SOL) kicked off the month with a remarkable price surge, surging by more than 10% and decisively breaking through the local resistance level of $22. This substantial move has left traders and investors wondering if SOL has what it takes to sustain this bullish momentum and embark on a sustained recovery. The breakout from the $22 resistance, bolstered by a notable increase in trading volume, suggests a heightened level of confidence among buyers. It’s a clear signal that they are poised for further gains, but the question that looms…

Bird Downsizes after Acquiring Spin, Aims for Leaner Operation

Bird’s second-quarter earnings in 2023 showed a 19% year-over-year reduction in average rides per vehicle daily. Shared micromobility company Bird is downsizing again. The details were contained in an email sent to the entire company by interim CEO Michael Washinushi. “Regrettably, today we need to reduce our headcount in order to achieve our broader goals and to ensure that the entire organization can sustain itself and continue its mission,” admitted he. Bird’s interim CEO noted that the Spin acquisition process resulted in redundancies in roles and scope. The need to…

Sam Bankman-Fried’s jets are subject to forfeiture, says prosecution

boss

Sam Bankman-Fried’s (SBF) two multi-million dollar luxury jets are now subject to forfeiture, according to a filing from the United States Department of Justice (DOJ) on Oct. 4.  The document says that the possibility of forfeiture comes as a result of the “offenses described in Counts One through Four and Seven of Indictment 22 Cr. 673 (LAK)” which were brought against SBF. The jets listed included a Bombardier Global and an Embraer Legacy aircraft. These two aircraft are currently at the heart of an ownership debacle between the government, SBF’s…