Day: October 6, 2023

Banks to disclose cryptocurrency holdings amid 2023 bank failures

International regulators propose new transparency measures for banks’ crypto asset exposures, following a tumultuous year marked by banking disruptions linked to digital currencies. With the sudden growth and popularity of cryptocurrencies like Bitcoin (BTC) and Ether (ETH), international regulators are now turning their attention towards the disclosure of these assets by banks, in a bid to maintain financial stability. The Basel Committee on Banking Supervision, an influential body that defines norms for traditional financial institutions, has already made its stance clear: banks should maintain potentially hefty capital against their holdings…

Elon Musk hits at SEC, DOJ amid suit to force testimony in Twitter probe

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Elon Musk has called for a “comprehensive overhaul” of the United States Securities and Exchange Commission hours after the regulator sued Musk alleging he failed to testify in its probe relating to his $44 billion Twitter (now X) purchase last October. The SEC is investigating if Musk’s purchase triggered securities laws and an Oct. 5 filing by the regulator in a California District Court seeks to compel Musk to comply with an earlier SEC subpoena. In an X post the same day Musk suggested the SEC — along with the…

Sui Foundation repurposes 117 million tokens for community development

The Sui Foundation reallocates 117 million SUI Tokens from external market makers to accelerate ecosystem development and support growth initiatives, including decentralized applications and liquid staking protocols. Sui Foundation has undertaken a major repositioning of its resources by retracting 117 million SUI Tokens from external market makers. The tokens will be redirected towards supporting Sui Network’s development and various other growth initiatives, without affecting the existing circulating supply. 📣Breaking news! We’re reallocating 117M SUI from external market makers and redirecting them to initiatives designed to fuel ecosystem and community growth!…

Time To Buy More BTC?

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On X, one trader going by the handle “CryptoJelleNL” is convinced that accumulating Bitcoin below $30,000 can be rewarding. The trader expects prices to not only expand towards all-time highs printed in 2021 at around $69,000 but break above $100,000 in the coming sessions.  BTC may be undervalued below $30,000| Source: “CryptoJelleNL” on X Although the analyst didn’t give timelines, the “game plan remains the same,” acknowledging that it will be a “tough mental battle” before exiting the market when BTC soars above $100,000, nearly 4X at spot rates. It is not…