Tag: Report

Argentines turn to Bitcoin amid inflation worries: Report

Since 2016, Argentina has been engaged in a war against inflation. Caused by multiple factors, like a lack of trust in the central bank or government overspending, the depreciation of the Argentinean peso has negatively impacted citizens’ purchasing power. This has brought 37.3% of the population under the poverty line, and many others have had their savings vanish into thin air. Against this backdrop, many Argentines have turned to Bitcoin (BTC) and crypto as a way to hedge against 60% inflation, despite the market being in the red for several…

FTX CEO Sam Bankman-Fried Says Exchange Looking To Make Multi-Billion Dollar Investments for Expansion: Report

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The chief executive of Seychelles-based crypto exchange FTX reportedly says that the company is ready to make multi-billion dollar investments to expand its operations. According to Bloomberg, FTX CEO and co-founder Sam Bankman-Fried says that the company has set aside over $2 billion from fundraising events to finance investments in other firms. “FTX is a profitable company. You can look at the amount that we’ve raised over the last year or two – it’s a few billion dollars. That gives maybe a sense of where we are in terms of…

Top Coinbase Executives Have Unloaded $1,200,000,000 Worth of Shares Since the Exchange’s Public Listing: Report

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Executives at top crypto exchange Coinbase are reportedly selling off $1.2 billion worth of the company’s shares since its direct listing in April 2021. The Wall Street Journal (WSJ) reports that Coinbase CEO and co-founder Brian Armstrong, co-founder Fred Ehrsam, president and chief operating officer Emilie Choi and chief product officer Surojit Chatterjee are responsible for the sales. The WSJ determined the figure by tracking regulatory filings. Coinbase’s shares (COIN) opened at around $342 in April 2021 but have since plummeted to $75.12 at time of writing, according to MarketWatch.…

India to roll out CBDC using a graded approach: RBI Annual Report

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Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system. In February, while discussing the budget for 2022, Indian finance minister Nirmala Sitharaman spoke about the launch of a digital rupee to provide a “big boost” to the digital economy. In the annual report released Friday by India’s central bank, RBI revealed exploring the pros and cons of introducing a…

Amid sanctions, Russia weighs crypto for international payments: Report

The Russian Federation is reportedly considering accepting cryptocurrencies for international payments in response to Western sanctions against the country that were prompted by its full-scale invasion of Ukraine earlier this year.  The Moscow-based Interfax news agency and Reuters reported Friday that Ivan Chebeskov, who heads the financial policy division within Russia’s finance ministry, is actively considering the possibility of incorporating crypto payments. “The idea of using digital currencies in transactions for international settlements is being actively discussed,” he said. According to local newspaper Vedomosti, the finance ministry is considering adding…

Two key takeaways from Nansen’s UST stablecoin depeg report

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As the dust settles on the cataclysmic collapse of the Terra ecosystem, an on-chain deep-dive carried out by blockchain analytics firm Nansen highlights two major takeaways. The cryptocurrency ecosystem was awash with varying speculatory theories around the cause of Terra’s algorithmic stablecoin UST’s decoupling from its $1 peg. The who and why seemed a mystery but the outcome was catastrophic, with UST dropping well below $1 while the value of Terra’s stablecoin token plummeting in value as a result. Nansen undertook an investigation leveraging on-chain data from the Terra ecosystem…

KuCoin Exchange Report Shows Growing Crypto Adoption In The US

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The Into The Cryptoverse US Report by KuCoin — a global cryptocurrency exchange — revealed striking statistics regarding the positive dynamics of blockchain and digital currency adoption in the United States. Findings show that adults and younger generation users are leading the integration of cryptocurrencies into daily financial operations, the report indicates. The survey provides important data related to US user investment sentiment, which has added up to 5% of new adults to the industry compared to the fourth quarter of 2021. Over 8 million new users have entered decentralized…

Crypto Exchange FTX Looking To Acquire Stock Trading Platform Amid Big Expansion: Report

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CNBC is reporting the world’s third-largest cryptocurrency exchange by volume, FTX, is targeting stock trading startups for acquisition. According to CNBC sources, FTX has approached at least three stock trading startups with a view of acquiring them. The report says the talks are at an early stage and no term sheets were signed. A term sheet is a non-binding agreement indicating basic terms and conditions upon which a potential investment could be made. Among the stock trading firms that were approached by FTX include Apex Clearing, a digital clearing and…

Fear in the Bitcoin and Ethereum Derivative Markets Points to More Pain Ahead for 3 to 6 Months – Report

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Summary: Bitcoin’s value has been declining for a record-breaking eight consecutive weeks. The ongoing pullback has put a notable dent in the entire crypto market performance. Fear in the Bitcoin and Ethereum derivatives markets indicates that downside selling pressure will continue for the next three to six months. However, bear markets eventually usher in bull markets down the road. The crypto markets have somewhat come to terms with the depegging of UST, the downward spiral of LUNA that followed, and both events affecting the price of Bitcoin and the entire…