Tag: News

South African Currency Plunges to New Low Versus the Dollar a Day After the US Accused Country of Secretly Supplying Ammunition to Russia – Featured Bitcoin News

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The South African currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of ZAR19.51:US$1 on May 12. The rand’s latest fall came a day after the U.S. ambassador to South Africa accused the country of secretly supplying weapons to Russia. Banking giant JP Morgan said it now projects South Africa’s gross domestic product to contract by 0.2%, down from the earlier positive projection of 0.3%. South Africa Denies It Supplied Ammunition to Russia The exchange rate of the South African currency versus the greenback fell to…

10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies – Economics Bitcoin News

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The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This move will help them reduce their reliance on the U.S. dollar. Southeast Asian Countries’ De-Dollarization Efforts The leaders of the Association of Southeast Asian Nations (ASEAN) gathered in Labuan Bajo, Indonesia, for the 42nd ASEAN Summit on May 10-11 under the chairmanship of the Republic…

US Government Faces ‘Significant Risk’ of Default in June, Congressional Budget Office Warns – Economics Bitcoin News

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The Congressional Budget Office (CBO) has stressed that “there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June” if the debt ceiling is not raised or suspended. The CBO’s projection is in line with the estimate by the Treasury Department that a U.S. default could occur on June 1. CBO Sees ‘Significant Risk’ of the U.S. Defaulting in June The Congressional Budget Office (CBO) released an update to the Budget Outlook for 2023 to 2033 Friday. The…

G7 Nations Discuss Countering China’s ‘Economic Coercion’ – Economics Bitcoin News

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The Group of Seven (G7) countries are discussing ways to counter China’s “economic coercion” against other nations, U.S. Treasury Secretary Janet Yellen has shared. Noting that Canada, France, Germany, Italy, Japan, the U.K., and the European Union share similar concerns, she emphasized that any action by the U.S. will be “narrowly scoped and targeted at technologies where there are clear national security implications.” Janet Yellen Calls for Coordinated Efforts to Counter China’s Economic Coercion U.S. Treasury Secretary Janet Yellen revealed at a press conference Thursday that members of the Group…

Ethereum Patch Set to Fix Transaction Finality Challenges After Second Bout Disrupts Network – Bitcoin News

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On Friday, Ethereum’s Beacon chain encountered yet another bout of transaction finality challenges, reminiscent of the glitch experienced on May 11, 2023. For over an hour, the blockchain stopped the process of finalizing blocks. However, Superphiz, an Ethereum developer, emphasized that despite this setback, “No transactions were halted” and the incident had “zero impact on chain activity.” Developers Insist Ethereum’s Transaction Finality Glitch Is Now Patched In a span of two consecutive days, the Ethereum blockchain encountered transaction finality challenges, commencing on May 11, 2023, and recurring on May 12.…

Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions  – Bitcoin News

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Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022. Stablecoin Tether on Brink of Record Market Capitalization Approximately 370 days ago, specifically on May 8, 2022, tether’s (USDT) market capitalization soared to an all-time high (ATH) of $83.279 billion. It was during this period that…

Creditors to Get 13% per Dollar   – Bitcoin News

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EY, the global accounting and professional services organization, released a long-awaited update on Friday for the creditors of Quadriga CX. The Canadian cryptocurrency exchange, which had sought bankruptcy protection in 2019 with liabilities of C$215.7 million and assets totaling around C$28 million, had left its creditors in a state of uncertainty. In the latest notice from EY, it was revealed that Quadriga creditors will receive a payout equivalent to 13.094156% of the total value of their claims. EY’s Update Offers Redemption for Quadriga CX Creditors With Haircut Compensation Plan After…

SOL up 5%, as LINK Breaks Key Resistance Level on Saturday – Market Updates Bitcoin News

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Solana rose by as much as 5% in today’s session, as cryptocurrencies began to recover from Friday’s red wave. The global market cap was up by nearly 2% at the time of writing. Chainlink also rose, moving back above a key resistance level. Solana (SOL) Solana (SOL) moved back above the $20.00 mark to start the weekend, as the token rose by as much as 5% today. Following a low of $19.81 on Friday, SOL/USD jumped to an intraday peak at $21.25 on Saturday. The rebound came as solana collided…

BTC Rebounds From 2-Month Low, as Bulls Enter the Market – Market Updates Bitcoin News

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Bitcoin bounced back from a near two-month low on Saturday, as bulls moved in to buy the recent dip in price. Saturday’s move came as the cryptocurrency rebounded from a recent support point, after yesterday’s breakout. Ethereum was also higher, climbing above $1,800. Bitcoin Bitcoin (BTC) moved away from a recent two-month low on Saturday, as bulls opted to buy the recent dip. After falling to a low of $25,878.43 on Friday, BTC/USD rose to an intraday high of $26,989.07 earlier in the day. Today’s rebound sees bitcoin jump back…

Former Paxful CEO Says He Cannot ‘Vouch for Anything Happening There Now’ — Platform Tells Users It Is Back Online – Featured Bitcoin News

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The former CEO of Paxful, Ray Youssef, has told users of the peer-to-peer bitcoin marketplace that he is no longer in control and therefore cannot vouch for “anything that is happening there now.” Youssef also told a user who claimed to have been scammed on the platform that he too has been banned from the platform. Former CEO Tells Users to ‘Trust No One’ The former CEO of Paxful, Ray Youssef, has again reminded users of the peer-to-peer platform on May 9 that he left the company weeks ago and…