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Moments after the Chinese yuan’s onshore exchange rate versus the U.S. dollar slumped to 7.2458 per dollar, the Peoples Bank of China responded by stating that it will prioritize stabilizing the currency. Similar to other currencies that have been depreciating against the dollar, the yuan has now lost 12% versus the greenback so far this … Read more
The cryptocurrency market’s momentum is slowing down once again after exhibiting high trading volume throughout the week. Bitcoin and Ethereum’s price manages to hold support, with BTC trading above $19k and ETH holding above $1,300. Let’s look at any relevant news affecting crypto prices this week. Key Points: The cryptocurrency market is losing momentum as … Read more
After Robinhood Markets launched the company’s beta Web3 wallet on Tuesday and listed the stablecoin usd coin on the exchange platform Robinhood Crypto last week, the company announced a strategic partnership with Circle Financial. The deal revealed on Wednesday will provide Robinhood Crypto and Robinhood Wallet users with the ability to purchase and sell usd … Read more
On Wednesday, the decentralized oracle network platform, Chainlink, announced the launch of a market-wide interest rate product for Web3 protocols and the decentralized finance (defi) economy, called the CF Bitcoin Interest Rate Curve (CF BIRC). Chainlink revealed the new product at Smartcon 2022 in New York City, and the newly launched CF BIRC product aims … Read more
After rising in trading volume last night and stagnating in price, the cryptocurrency market is gaining momentum as Bitcoin trades above $19k, and Ethereum remains above $1,300. The 24-hour trading volume continues to rise, with BTCUSD’s 24-hour volume up 19%, currently at $59 billion, and ETHUSD’s trading volume up 32%, currently at $20 billion. The … Read more
According to a representative from the bitcoin mining company backed by the Chinese crypto billionaire Jihan Wu, Bitdeer is crafting a $250 million fund to buy distressed assets from embattled bitcoin miners. Bitdeer’s chief executive officer Matt Kong details that “opportunities” arise in “every cycle.” Bitdeer Wants to Acquire Cheap Machines From Distressed Bitcoin Miners … Read more
On Tuesday, September 27, 2022, Celsius Network CEO Alex Mashinsky submitted a letter of resignation from the company. Mashinsky added that he still plans to help the embattled crypto lender “achieve a successful reorganization.” Alex Mashinsky Resigns From Embattled Celsius — Founder Apologizes for the ‘Difficult Financial Circumstances’ After Celsius paused withdrawals on June 12, … Read more
After showing signs of life on Monday, Bitcoin and Ethereum’s prices stagnate with little movement over the past 24 hours. The good news is that the trading volume for both BTC and ETH remains relatively high, which could suggest a potential upcoming bull run later in the week. Let’s look at relevant news affecting markets … Read more
Grayscale Investment’s Bitcoin Trust (GBTC) has dropped to a new low this week as the bitcoin fund tapped a record 35.18% low against bitcoin spot prices. GBTC’s discount to spot has been underwater for a total of 577 consecutive days. GBTC Discount to NAV Widens by 35% — Fund Reaches an All-Time Low Against BTC … Read more
The world’s oldest fiat currency, the British pound sterling, slid to an all-time low against the U.S. dollar at a little after 1 a.m. (ET) Monday morning. At the time, the pound tapped 1.0327 nominal U.S. dollars per unit, but rebounded against the greenback to 1.0775 by 11 a.m. Monday morning. Pound Sinks Against Greenback … Read more