Day: November 7, 2023

Controversy Brews as US Lawmaker Proposes $1 Salary for SEC Chair

It is worth mentioning that this is not the first time the SEC and Chair Gensler have faced scrutiny from US politicians. In a surprising turn of events, United States Representative Tim Burchett has proposed an amendment that seeks to drastically reduce the salary of the Securities and Exchange Commission (SEC) Chair, Gary Gensler, to a mere $1 per year. This bold move is part of a broader effort to defund the SEC, as outlined in the Financial Services and General Government (FSGG) bill. Understanding the Proposed Amendment As it…

Coinbase.com (COIN) Blocked in Kazakhstan for Breaking New Digital Assets Law: Report

“The Information Committee of the Ministry of Culture and Information received a request from the Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan with a request to block the Internet resource www.coinbase.com, which violates paragraph 5 of Article 11 of the Law of the Republic of Kazakhstan ‘On Digital Assets in the Republic of Kazakhstan,’” the ministry told the outlet. Source

Bitcoin Price Targets $46,000 As DXY Receives Kiss Of Death

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In a striking dual analysis, the financial charts paint contrasting futures for the US Dollar Index (DXY) and Bitcoin (BTC). Gert van Lagen, a technical analyst, has provided a bearish prognosis for the DXY, while simultaneously highlighting a bullish setup for Bitcoin that could see it aiming for a $46,000 target. DXY Receives Kiss Of Death The DXY has been in an upward trend since July, as shown by the blue ascending trend line on the daily chart. However, this line was broken to the downside on October 9, indicating…

SK Telecom to Introduce New Web3 Wallet in Collaboration with Aptos and Atomrigs Lab

With the number of people involved in crypto in South Korea, SK Telecom aims to expand the accessibility of its wallet to attract more users and improve adoption in the country.  SK Telecom, one of South Korea’s leading telecommunications giants, has announced its partnership with Aptos Network, a layer 1 blockchain protocol, and Atomrigs Lab to launch its crypto wallet dubbed T Wallet. On November 7, the company revealed on LinkedIn that it aims to broaden its “affiliations with customer-preferred mainnets and decentralized applications (DApps)” using this tripartite agreement with…

WeWork Files for Bankruptcy, Now Worth Less than $50M from $47B Valuation

WeWork has filed to begin bankruptcy proceedings to protect itself as it reorganizes debt in US and Canada only. Co-working space provider WeWork Inc (NYSE: WE) has filed for Chapter 11 bankruptcy in New Jersey federal court. The bankruptcy filing is expected to protect the company from action against landlords and creditors as the company tries to manage its heavy debt. WeWork is now worth less than $50 million, from a $47 billion valuation back in 2019. WeWork Bankruptcy In a bankruptcy filing, WeWork said its liabilities range from $10…

Binance to List ORDI Ordinals with Application of Seed Tags

The listing of ORDI token on Binance comes with a Seed Tag hinting at elevated levels of risk and volatility compared to other listed tokens. In the latest announcement on Tuesday, November 7, Binance will list Ordinals (ORDI) on the platform while introducing spot trading pairs such as ORDI/BTC, ORDI/USDT, ORDI/TRY. Furthermore, Binance also announced that they would be applying a Seed Tag to ORDI. Ordinals is a new inscription protocol on the Bitcoin network. The total supply of Bitcoins is capped at 21 million, with each Bitcoin divisible into 100…

Bernstein’s stock picks to play the expected bitcoin ETF and halving

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Crypto investors are returning attention to two big catalysts – a bitcoin ETF and the Bitcoin halving – and Bernstein has ways to play each. Crypto is entering a seasonally upbeat period for markets just as investor interest in crypto has been brought back to life thanks to renewed optimism in recent weeks around a potential bitcoin ETF being approved in 2024. Even as investors debate whether or not that expected approval has been priced in to the performance of crypto assets and stocks, there’s another positive catalyst set to…

Will This Breakthrough Lead To A New Market Phase?

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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has exhibited a promising technical development, igniting optimism within the crypto community. The formation of a bullish flag pattern within the daily timeframe has captured the attention of analysts and traders, hinting at potential positive movements in the near future. A bullish flag pattern is a common technical analysis formation in financial markets, frequently visible on price charts. It involves an upward price surge (the flagpole) succeeded by a consolidation or sideways movement (the flag) within a downward or sideways channel. Typically…

Xbox to enhance game dialogues with generative AI through new partnership

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Gaming console Xbox is tapping into artificial intelligence (AI) with a new partnership intending to boost game creators by integrating generative AI into their game creation toolkits.  In a blog post, Xbox general manager of gaming AI Haiyan Zhang announced that the company is building AI game dialogue and narrative tools through a multi-year partnership with Inworld AI, a company focused on allowing the integration of AI into non-playable characters (NPCs) in-game. Zhang wrote:  “We see a world of opportunities to accelerate game developer creativity, reduce complexity, and enhance player…

Moody’s Analytics Finds over 600 Stablecoin Depegs YTD Triggered by High-Interest Rates

Moody’s Analytics launched its AI-enabled Digital Asset Monitor meant to track the volatility and risk in DeFi amid the mainstream adoption of stablecoins by institutional investors. The fast growth of fiat-backed stablecoins to over $120 billion by retail users in the past years has attracted major attention from institutional investors seeking to tap into emerging technology to revolutionize global payment systems. However, the global stablecoins market has struggled with frequent depegs, thus attracting the attention of more regulatory scrutiny. The United Kingdom is the recent major economy to map out…