Tag: News

Dubai Free Trade Zone Partners With South Korean Companies to Expand Web3 and Metaverse Business – Metaverse Bitcoin News

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The Dubai Multi Commodities Centre, one of the biggest free trade zones in the world, signed agreements with governments and companies in South Korea to bring more Web3 and metaverse businesses to the emirate. The objective of this move is to consolidate the status of Dubai as an international blockchain hub in the region. Dubai Free Trade Zone Inks Web3 and Metaverse Partnership With South Korean Entities Dubai is working to solidify its image as a worldwide decentralized tech hub. The Dubai Multi Commodities Centre, one of the biggest free…

Undeterred by Fears of a Banking Crisis, ECB Raises Interest Rates by 50bps – Economics Bitcoin News

The European Central Bank (ECB) has convened to raise three of its key interest rates by 50bps (0.5%), fueled by the persistence in the inflation numbers reported by the bloc. Christine Lagarde, president of the institution, stated that the banking sector in Europe was resilient and that the institution was ready to provide liquidity if necessary. European Central Bank Hikes Rates in Battle Against Inflation The European Central Bank (ECB) has decided to keep raising interest rates in its war against inflation. On March 16, the institution announced a hike…

‘Next Round of Bailouts Is Here’ — Bitcoin and Precious Metals Soar Amid Speculation of Fed Policy Change – Bitcoin News

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At around 7:30 a.m. ET, the price of bitcoin skyrocketed past the $27,000 range to a high of $27,025 per unit. Precious metals, or PMs, like gold and silver, also rose between 1.98% and 2.12% against the U.S. dollar over the past day. While many market observers are wondering why specific assets like PMs and cryptocurrencies have rebounded, a number of speculators suspect it’s because the U.S. central bank will now relax its monetary tightening policy. 4 Major Banks Bailed Out Following Silvergate Bank’s Collapse; Federal Reserve’s Easing Sparks Rebound…

$7.4B Dollar-Pegged Tokens Withdrawn From Circulation – Altcoins Bitcoin News

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During the past 11 days, over 7 billion USDC stablecoins have been withdrawn from circulation, with most of the redemptions occurring following the depegging event of USDC on March 11, 2023. Furthermore, since March 6, a total of 439.48 million BUSD stablecoins have been redeemed. Stablecoin Depegging Event Triggers Billions in Redemptions The stablecoin landscape has undergone significant changes this month after a stablecoin depegging event took place on March 11. During this time, USDC dropped to a low of $0.877 per coin, and half a dozen other stablecoins also…

SVB Financial Group Files for Chapter 11 Bankruptcy Protection to ‘Preserve’ Firm’s Value – Bitcoin News

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On March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it into receivership last week. 3 SVB Entities Unaffected by Bankruptcy Filing; CEO Faces Scrutiny for Share Sale Before Silicon Valley Bank Collapse On Friday, SVB Financial Group released a press release detailing its voluntary petition for a court-supervised reorganization under…

LINK Climbs Above $7.00, as DOGE Rebounds From Recent Decline – Market Updates Bitcoin News

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Dogecoin rebounded from a recent decline on Friday, as cryptocurrency markets shook off yesterday’s bear wave. The meme coin has now risen by over 5%, a day after falling by the same sum. Chainlink was another notable mover, as prices climbed by over 7%. Dogecoin (DOGE) Dogecoin (DOGE) rose by as much as 5% in today’s session, as the meme coin recovered from yesterday’s bear run. Following a low of $0.07007 on Thursday, DOGE/USD raced to an intraday high of $0.07579 earlier today. The move came as dogecoin bulls bought…

11 Banks Bail Out First Republic Bank From Collapse – Bitcoin News

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After the fall of Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank (SNBY), First Republic Bank, a commercial bank and wealth management services provider, is the latest financial institution to receive a bailout. Close to a dozen lenders announced they will deposit $30 billion into the beleaguered bank’s coffers to shore up liquidity. U.S. banks have suffered from the financial contagion that followed the three bank failures last week. According to reports, depositors removed $8.8 billion from Charles Schwab Corporation’s prime money market funds. Impact of Recent Bank Failures…

BTC Hits $27,000, Securing Fresh 9-Month High – Market Updates Bitcoin News

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Bitcoin moved to a fresh nine-month high on Friday, as prices moved above the $27,000 level. The surge comes following the U.S. Federal Reserve’s decision to backstop embattled banks to a record tune of $152.9 billion. Ethereum was also in the green in today’s session. Bitcoin Bitcoin (BTC) rose back above $27,000 in today’s session, as markets reacted to the Federal Reserve’s decision to pump liquidity into the U.S. economy. Following a low of $24,624.74 on Thursday, BTC/USD raced to an intraday peak of $27,002.39 earlier in the day. As…

Africa-Focused Venture Capital Firm Echovc Launches Blockchain Fund – Africa Bitcoin News

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The Africa-focused venture capital (VC) firm, Echovc, has launched a fund that seeks to support blockchain startups on the continent. While global blockchain funding has been on a decline over the past year, Echovc founder Eghosa Omoigui claimed that investing now enables the VC to get in “at lower entry valuations on average than in prior years.” Startups Offering Blockchain-Based Solutions Qualify for Funding The pan-African venture capital firm, Echovc, recently said it had launched an $8 million fund which is dedicated to Africa’s blockchain startups. According to the company’s…

International Operation Takes Down Crypto Mixer Chipmixer — Creator Could Face 40 Years in Prison – Regulation Bitcoin News

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An international operation has taken down Chipmixer, a cryptocurrency mixing service that allegedly laundered more than $3 billion worth of cryptocurrency, according to the U.S. Department of Justice (DOJ). The operation involved national authorities in the U.S., Germany, Belgium, Poland, and Switzerland — with Europol’s support. International Operation Takes Down Chipmixer The U.S. Department of Justice (DOJ) announced Wednesday “a coordinated international takedown of Chipmixer,” which it described as “a darknet cryptocurrency ‘mixing’ service responsible for laundering more than $3 billion worth of cryptocurrency.” Europol, which provided support for the…