2023-02-08
What's Next for Crypto? Key Takeaways From Today's Powell Speech
A week after giving the post-FOMC press conference, US Fed Chairman Jerome Powell talked in an interview with Carlyle Group co-founder David Rubenstein at the Economic Club of Washington, DC, on Tuesday. The US Bureau of Labor Statistics announced massive job growth to the economy last week following the Fed's 25 basis point rate hike, reducing the unemployment rate in the nation to its lowest level in fifty years.
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Golden Cross Confirmation for Bitcoin (BTC) Flashes Another 154% Rally
Bitcoin (BTC), the most popular cryptocurrency in the world, is still strong despite the unfavorable macroeconomic situation. At the time of publication, BTC is trading 1.66% higher at $23,278 and has a $448 billion market cap.
The comments made by February Chair Jerome Powell on Tuesday and the positive US jobs data have so far encouraged the cryptocurrency market. The price of Bitcoin (BTC) has been fluctuating between $20,000 and $23,000 for some time, and analysts are split on what the potential next increase will look like.
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Second Halving Event for Flux Results in Five Month High Price
The second halving event for the decentralized cloud infrastructure protocol Flux has recently taken place. The market has also responded favorably, with FLUX prices reaching a multi-month high.
The Web3 cloud computing network Flux had a successful halving phase on February 8.
Flux halves its block reward in half every 655,350 blocks, much like Bitcoin does. However, because one block is generated every two minutes on average, the halving occurs every 2.5 years. The block reward was decreased by the halving event from 75 to 37.5 FLUX.
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Fined in Netherlands for $3.6 Million, Coinbase Tries Appeal
The cryptocurrency exchange Coinbase has been fined by the Dutch central bank for previously offering services without the required registration. The trading platform is thinking about filing an appeal against the decision, which it has until March to object to.
On January 18, 2023, De Nederlandsche Bank (DNB) assessed Coinbase Europe Limited an administrative punishment of €3,325,000 (more than $3.6 million). A statement described the punishment for the exchange that had previously provided cryptocurrency services in the Netherlands without registering with the central bank.
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Gemini, Under Investigation in New York for FDIC Claims
According to reports, cryptocurrency exchange Gemini told consumers that their money in its interest-bearing Earn product were secure since they were covered by the Federal Deposit Insurance Corp. (FDIC).
According to reports, the exchange purports that consumers didn't seem to grasp that Gemini's interactions with customers about the FDIC seemed to be in regard to the company's deposits at other banks rather than its own products.
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Montenegro and Ripple Partners for Central Bank Digital Currency Adoption
The central bank of Montenegro is collaborating with Ripple to create a central bank digital currency (CBDC), according to the country's prime minister, Dritran Abazonic. According to reports, while attending the most recent World Economic Forum in Davos, Switzerland, the country's Prime Minister had a meeting with Ripple CEO Brad Garlinghouse and Vice President James Wallis.
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Michael Burry, "The Big Short" Hero is Back With a Fresh Outlook
Michael Burry, a well-known analyst and hedge fund manager, has returned to the public spotlight with a fresh viewpoint on the financial markets. Recall that following the most recent, somewhat pessimistic prognosis, the market turned upward and Burry canceled his Twitter account.
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Former Coinbase Manager Pleads Guilty for Insider Trading
Former product manager at Coinbase Global Ishan Wahi has admitted to engaging in a conspiracy to conduct wire fraud in conjunction with an insider trading scam.
He became the first person to admit guilt in an insider trading case involving the cryptocurrency market when he acknowledged disclosing sensitive information regarding Coinbase's upcoming token listings for personal benefit.
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Thanks for reading,
J.K.
