Day: October 16, 2023

Kokusai Electric Raises $724 Million in IPO despite Reduced Chip Demand

Kokusai’s IPO appears promising and may become a reference point for new listings in the future. Chip equipment maker Kokusai Electric has raised $724.4 million after pricing its shares at 1,840 yen each in its IPO. Kokusai Electric spun out of Hitachi Kokusai Electric Inc. which KKR bought in 2017. The current share offerings put the company’s valuation at 423.9 billion yen ($2.8 billion) – a 60% increase from the price KKR paid to acquire the group in 2017. Kokusai set its shares at the top end of its marketed…

Unlocking Potentials of Grayscale’s Bitcoin ETF as Court Ruling Stands

The progress on the Grayscale conversion front offers a welcome degree of clarity to the ETF approval process, which had been somewhat murky. The crypto community has witnessed a significant milestone as recent reports indicate that the Securities and Exchange Commission (SEC) decided not to appeal a court ruling that could potentially pave the way for Grayscale Investments to convert its Bitcoin Trust into an Exchange-Traded Fund (ETF). This development has left analysts and investors eager to understand the implications and potential future of this groundbreaking decision. A Historic Victory…

Australia open to idea of CBDC as future of money — RBA

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The Reserve Bank of Australia (RBA) is open to using a central bank digital currency (CBDC) as the future of money, where state-issued digital money would represent a tokenized form of central bank reserves. In a speech titled “A Tokenised Future for the Australian Financial System,” Brad Jones, assistant governor (financial system) of the RBA, talked about the opportunities and challenges arising from the tokenization of assets and money in the digital age while shedding light on the proposed plan to use CBDCs as a form of money. Jones started his speech…

Gov. Gavin Newsom Signs California Crypto Licensing Bill

“Ambiguity of certain terms and the scope of this bill will require further refinement in both the regulatory process and in statute to provide clarity to both consumers, regulators and businesses subject to this new licensure framework,” Newsom said in the letter. “It is essential that we strike the appropriate balance between protecting consumers from harm and fostering a responsible innovation and I look forward to working with the author of the bill to achieve this.” Source

Bitcoin Price Shoots to $28,000 amid High Whale Activity, Altcoins Join Party

The developments between US SEC and Grayscale over the past weekend led to whales accumulating Bitcoin in huge numbers. Over the last week, the world’s largest cryptocurrency Bitcoin (BTC) gave a strong breakout moving all the way to the $28,000 level. As of press time, the BTC price is up 3.8% trading at $27,904 with a market cap of $544 billion. The recent price rally comes as the US Securities and Exchange Commission (SEC) decided not to challenge the court ruling that allowed Grayscale to convert its GBTC to a…

Tokopedia Founder Sells His GoTo Stake, GoTo Shares Plummet by 19%

Over the last week, GOTO stock lost about 20% in price, from 83 rupiahs per share on Monday to an all-time low of 67 rupiahs on Friday, with its market cap dropping to 80.5 trillion rupiahs from 101 trillion rupiahs.  William Tanuwijaya, the founder of the leading Indonesian e-commerce company Tokopedia, has sold a staggering number of shares in the digital company PT GoTo Gojek Tokopedia Tbk (JKT: GOTO). Following the news, GOTO stock tanked by 19.4%. As of the press moment, GOTO stock is another 8.22% down, trading at 65 rupiahs…

Scammers prefer banking customers over crypto investors in Ireland: Report

Fraudsters in Ireland prefer targeting traditional banking customers instead of cryptocurrency investors amid a two-year-long bear market. The frequency of cryptocurrency scams is often directly proportional to the hype and profits around the ecosystem at a given time. It appears that the ongoing crypto bear market has helped eradicate at least some of the bad actors, including scams and businesses, while it has largely retained serious investors who believe in due diligence. The resultant difficulty in targeting crypto investors has led scammers in Ireland to focus on banking customers. According…

Bitcoin Hashrate Poised To Complete 100% Growth In 2023

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As analysts continue to debate the future of the flagship cryptocurrency, Bitcoin, the network’s hashrate has seen exponential growth, with this key indicator poised to experience an 100% increase (from the beginning of the year) before the year runs out.  How Bitcoin’s Hashrate Has Grown The hashrate, which is used to measure the computational power used to mine and process transactions on the network, currently (at the time of writing) stands at 445 exahashes per second (EH/s). This figure represents a significant increase, considering that the network hashrate stood at…