Tag: Report

BTC Hits Fresh 3-Week High, Ahead of Thursday’s US Inflation Report – Market Updates Bitcoin News

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Bitcoin raced to a fresh multi-week high on Wednesday, as markets turned their attention to tomorrow’s U.S. inflation rate report. Thursday’s report is expected to show that consumer prices have fallen to 6.5%, down from 7.1% the month prior. Ethereum also rose marginally higher in the day. Bitcoin Bitcoin (BTC) rallied above a key resistance level on Wednesday, ahead of tomorrow’s U.S. inflation report. Following a low of $17,226.64 on Tuesday, BTC/USD raced to a peak of $17,493.32 earlier in today’s session. As a result of the move, the world’s…

Coinbase to close majority of Japan operations following global layoffs: Report

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Crypto exchange Coinbase will be closing down most of its operations in Japan as part of its efforts to survive in the bear market. The move is part of the company’s restructuring plan and follows the recent layoff announcement that it was reducing its employees by 20%.  In an interview with BNN Bloomberg, Coinbase executive Nana Murugesan said that most of the operations in Japan will be closed. “We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our…

90% of WazirX’s User Assets are in Binance Wallets, According to Proof Of Reserves Report

CoinGabbar, a third party platform that tracks crypto assets, released WazirX’s proof of reserves. At the time of writing, WazirX had $285 million of total user assets, displayed in the form of stablecoin USDT, which is pegged to the U.S. dollar. Of the total user assets, around 92% or $259.07 million was held in Binance wallets, with $26.45 million being held in other exchanges. Source

World Bank Report Forecasts Bleak Global Economic Outlook, Citing ‘Adverse Developments’ and ‘Long-Lasting Slowdown’ – Economics Bitcoin News

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On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board, with the global economy projected to grow by 1.7% in 2023 and 2.7% in 2024. The World Bank also cited a number of adverse developments that could push the world’s economy into a deep recession. World Bank Report Urges Action on Climate Change, Increased Investment to Offset Adverse Economic Shocks…

Binance pushes back against report stablecoin isn’t fully backed

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Major crypto exchange Binance initially pushed back against a Bloomberg report that its Binance-Peg BUSD stablecoin “doesn’t always appear to have been completely backed by BUSD”.  In a Jan. 10 blog post, Binance said the basis for the report — which was later amended to clarify the difference between a pegged and backed stablecoin — was a “timing mismatch in backing Binance-Peg BUSD with BUSD”. Based on an analysis from ChainArgo co-founder Jonathan Reiter, the news outlet reported that the Binance-peg BUSD was often undercollateralized between 2020 and 2021, a…

Bitcoin On-Chain Data Shows Weak Baseline For 2023: Report

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Even though Bitcoin (BTC) and the broader crypto market are experiencing an upswing in the first days of the new year, on-chain data shows that the market remains in a deep slumber. As Glassnode explains in its latest report, the BTC price has shown historically low volatility over the past weeks. And according to the on-chain data for Bitcoin, there is currently little reason to believe that the boredom in the market will change quickly. However, if a move does occur, it will likely be an explosive market move, as…

Russia to begin work on CBDC settlement system in Q1 as sanctions endure: Report

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Russia’s central bank is reportedly set to begin developing a cross-border settlement system using its Central Bank Digital Currency (CBDC) amid ongoing sanctions in response to its invasion of Ukraine. The plans to move forward with Russia’s digital ruble are expected to come in the first quarter of 2023 and will see Russia’s central bank study two possible cross-border settlement models, according to a Jan. 9 report from local media outlet Kommersant. The first proposed model sees various countries entering into separate bilateral agreements with Russia to integrate their CBDC…

US Hedge Funds Receive Subpoenas Over Communications With Binance As Investigators Probe Crypto Exchange: Report

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Binance, the world’s largest crypto exchange, is reportedly being investigated by federal prosecutors, which has led to multiple American hedge funds being subpoenaed by the Western District of Washington in Seattle. According to a report from the Washington Post, investment firms in the US have been directed by prosecutors to hand over records of their communications with Binance. The Washington Post cites two people who reviewed the subpoenas and spoke on the condition of anonymity. Binance chief strategy officer Patrick Hillmann told Washington Post that the exchange is talking to…