Browsing:Market News

The lawsuit says that the FTX crypto exchange allegedly profited from Tether (USDT) by using a covert agreement with Deltec Bank.
2 months ago 1 min read

FTX exchange’s secret bank deal to profit from Tether revealed in court

Bloomberg published the lawsuit on February 17. The lawsuit says that the FTX crypto exchange allegedly profited from Tether (USDT) by using a covert agreement with Deltec Bank. As per Caroline Ellison, the former CEO of Alameda Research, the company could produce USDT on credit and sell it for a profit through an unauthorized line of credit with Deltec without having to pay for it right away. Alameda generated billions of dollars in USDT through the arrangement in 2020 and 2021 by selling the crypto for a profit and then paying for the expenses. By using this strategy, referred to

A ban on crypto trading for financial institutions has been implemented in Honduras.
2 months ago 1 min read

Honduras imposes crypto trading ban to secure financial sector

A ban on crypto trading for financial institutions has been implemented in Honduras. The National Banking and Securities Commission (CNBS) declared it. This move seeks to preserve the integrity of the nation’s financial system in contrast to the growing global acceptance of crypto, like the US’s Bitcoin ETFs. The lack of specific laws about crypto in Honduras is the reason behind the CNBS’s decision. When regulations are unclear, customers are vulnerable to fraud and other illicit activities, such as money laundering. The decentralized structure of crypto businesses, which makes it challenging for regional regulators to monitor their operations, has also

Bitcoin to $150,000 Soon
2 months ago 1 min read

Bitcoin to $150,000 Soon, Predicts This Hedge Fund Veteran

Mark Yusko, the founder and CEO of Morgan Creek Capital, thinks that the Bitcoin (BTC) bull market just started. Yusko claims that BTC may reach $150,000 by the middle of next year in an interview on The Wolf of All Streets YouTube channel. He notes that this price will double the fair value of BTC. Yusko claims that the number of Bitcoin miners and users and the network effects of the crypto are used to estimate the fair value of Bitcoin. Mark Yusko says, “It’s possible that [Bitcoin’s] fair value only goes to $75,000 or $80,000 [this bull cycle]. Let’s

Bakkt crypto
2 months ago 1 min read

Bakkt can now raise $150 million from securities sales over three years

The US Securities and Exchange Commission (SEC) has approved Bakkt‘s shelf registration application, providing a lifeline that could pull the company back from the precipice. The cash-strapped crypto firm revealed late on Wednesday that the “universal shelf” registration of the crypto custody and trading platform had been approved by the SEC, as shown in a recently filed Form S-3. With the approval of the regulator, Bakkt can raise additional funds over the next three years through securities sale offers. In particular, Bakkt can raise up to $150 million in fresh capital thanks to the shelf registration, which eliminates the need for

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, plans to launch a Central Bank Digital Currency (CBDC) in two years
2 months ago 1 min read

Philippines’ central bank to launch a secure digital currency, bypassing blockchain

Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, plans to launch a Central Bank Digital Currency (CBDC) in two years, presenting it as a stable and regulated alternative to the volatile crypto market. In contrast to other digital currencies, the Philippine CBDC will make use of the Peso Real Time Gross Settlement System, which is governed by the National Payment Systems Act, rather than blockchain technology. BSP Governor Eli Remolona Jr. underlined that the CBDC is motivated by China’s e-CNY success to offer a safer digital currency option. It provides a more secure option than the erratic

Torrevieja is striving to become a leader in the use of digital currency
2 months ago 1 min read

Torrevieja sets to pioneer a digital economy by embracing crypto payments

Enormous and ‘crypto-friendly’, Torrevieja is striving to become a leader in the use of digital currency, such as Bitcoin, to modernize and bolster its economy. This initiative is being spearheaded by APYMECO, the merchant association. Their goal is to facilitate the acceptance of digital currencies like Bitcoin as payment by retailers. The idea is to link traditional business with the emerging digital world by allowing consumers to make purchases using digital currency. Rosario Martínez Chazarra, the city’s Commerce Councilor, thinks that this is a major improvement for small businesses, making it simpler for consumers to use digital currency. Though digital

The Reserve Bank of India (RBI) plans to introduce offline features for its Central Bank Digital Currency (CBDC)
2 months ago 1 min read

India introduces offline digital rupee to connect India’s remote areas to modern finance

According to reports, the Reserve Bank of India (RBI) plans to introduce offline features for its Central Bank Digital Currency (CBDC), the digital rupee. RBI Governor Shaktikanta Das unveiled the program to encourage increased uptake in India’s underconnected areas. This declaration, made on February 8 during a review by the Monetary Policy Committee, emphasized the RBI’s dedication to enabling digital currency use even in the most isolated areas of the nation. The one million daily transactions of the digital rupee, which were first introduced in a pilot program in December 2022, have already been completed by December 2023. Offline capabilities

NBA is being sued for its connection to Crypto lender Voyager
2 months ago 2 mins read

NBA is being sued for its connection to crypto lender Voyager Digital

The National Basketball Association (NBA) is the target of a lawsuit brought by a group of investors who allege the league’s marketing connection with crypto lender Voyager Digital. Plaintiffs in the proposed class-action lawsuit, which was filed in a Miami District Court, claim that the NBA’s approval of Voyager’s advertising arrangement with the Dallas Mavericks amounted to gross negligence and caused losses of over $4.2 billion. According to the case, Voyager Digital’s unregistered securities were promoted by the NBA, a promotional partner that served as a “gatekeeper” and should be held responsible for causing investors’ losses. The plaintiffs further assert

MicroStrategy has increased the size of its crypto holdings
2 months ago 1 min read

MicroStrategy Buys 850 Bitcoin (BTC) for $37.2 million

Known for taking a bullish position on Bitcoin (BTC), MicroStrategy has increased the size of its crypto holdings, which as of January stood at 190,000 BTC. Under the direction of Executive Chairman Michael Saylor, the firm spent $37.2 million to buy an extra 850 BTC at an average cost of $43,764—a little bit more than the $43,200 current market value. In addition, the company disclosed an average price of $31,224 in its year-end financial disclosure for Bitcoin purchases, demonstrating the firm’s systematic approach to acquisitions. “With 31,755 Bitcoins added since the last quarter, we’ve seen our largest quarterly boost in

South Korea intends to impose more regulations on the executives of crypto companies
2 months ago 1 min read

South Korea is set to enforce a new regulation requiring crypto companies

A new rule requiring executives of crypto companies to get prior approval from the Financial Services Commission (FSC) is about to go into effect in South Korea, which is a big step in the direction of tighter regulation of the crypto market. South Korea intends to impose more regulations on the executives of crypto companies, mandating that they obtain authorization from the FSC, the nation’s financial regulator, before commencing their positions. By the end of March 2024, this new rule—which is a part of proposed changes to how crypto services report their activities—will be in effect. The FSC stated on

Genesis seeks court nod to sell $1.4 billion in Bitcoin shares amid financial woes
2 months ago 1 min read

Genesis seeks court nod to sell $1.4 billion in Bitcoin shares amid financial woes

Genesis, which is having financial issues, is seeking permission from the court to sell off a sizable amount of its digital currency holdings, with a target price of about $1.4 billion in shares of GBTC. Crypto lender Genesis’s move comes while the company is navigating bankruptcy procedures to sell off assets and regain stability. To help with its financial difficulties, Genesis is asking the court to approve the sale of $1.4 billion worth of assets, including a sizable amount of its GBTC shares. The crypto lender hopes to ease its financial burden and create a path for recovery during bankruptcy

Celsius Network emerges from bankruptcy
3 months ago 1 min read

Celsius Network emerges from bankruptcy, marking a victory for the company

Celsius Network, a crypto lending platform, has emerged from bankruptcy, marking a victory for the company and its investors. The completion of the confirmed plan of reorganization, approved by 98% of the company’s account holders and confirmed by the Bankruptcy Court for the Southern District of New York on November 9, 2023, marks the end of an eighteen-month restructuring process. The comprehensive plan entailed reaching an agreement among various stakeholders, resolving complex legal issues, fully cooperating with regulatory investigations, and carrying out transactions under the plan. A key component of the plan is the distribution of more than $3 billion

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