This article explores the contrasting characteristics of DApps and protocols, shedding light on their respective functionalities and importance in the world of decentralized technologies.Continue Reading on Coin Telegraph More
Data shows that S&P 500 and gold diverge with Bitcoin with a correlation of -0.05 and -0.12, respectively. Meanwhile, the greenback and Nasdaq slightly moved in sync with the king of crypto since their correlation figures stood at 0.04 and 0.12, respectively. Notably, Bitcoin and Ethereum have the highest positive correlation at 0.70. Bitcoin versus gold, usd, and equities correlation: Source: RedditOverall, the study’s results suggest that Bitcoin is a distinct asset class since its correlations with major traditional financial assets are generally weak or negligible. This independent nature suggests that Bitcoin’s performance may, under ordinary market conditions, not be significantly influenced by the volatility of other assets, especially in traditional finance, including stocks and precious metals. The decrease in correlation is seen as a net positive for Bitcoin. Subsequently, this may make Bitcoin a more appealing investment option for those seeking portfolio diversification. The bitcoin-equities correlation might continue falling in the coming months, considering recent developments in the crypto sphere. For example, the recent spot Bitcoin ETF filings by major financial institutions like BlackRock (NYSE:BLK) and Fidelity, have sparked optimism and increased investor interest in Bitcoin. Although the United States Securities and Exchange Commission (SEC) has been cautious and has yet to approve a spot Bitcoin ETF, the community is overly upbeat that there have been improvements, and the regulator could eventually green-light one.Approving this crypto derivative will likely support Bitcoin prices as institutions would have a means of diversifying into the world’s most liquid crypto asset, finding exposure for potential high growth in months ahead.Despite the positive outlook for Bitcoin due to reduced correlation, analysts remain cautious about potential macroeconomic factors that could impact prices, such as monetary policy changes as seen throughout 2022 and the better half of 2021.However, the long-term outlook for Bitcoin remains optimistic for now, given its deflationary nature and increasing adoption. In Q2 2024, the Bitcoin network will adjust its emissions, slashing miner rewards by half to 3.125 BTC, increasing the coin’s scarcity.This article was originally published on Crypto.news More
In an interview published by Milano Finanza, Andrea Enria said that European banks were stronger than before but that financial markets were still in a “delicate phase” due to the Ukrainian war, higher inflation and fast-rising interest rates.All these factors can increase liquidity and funding risks, Enria said, adding that the ECB would be very focused on this in the stress tests and other supervisory processes underway.”We have decided to send banks, starting in September, a request for information on a weekly basis, in order to have fresher data that will allow us to better monitor liquidity developments,” Enria said. Currently banks are required to provide liquidity information to the ECB on a monthly basis.The results of the bank stress tests will be unveiled in the next few days, and Enria said they would show that the European lenders can face a potential financial crisis from a stronger footing, with higher capital levels and more solid and reliable assets.Asked if in Italy there was a need for a third big banking group besides UniCredit and Intesa Sanpaolo (OTC:ISNPY), Enria said there was margin for further consolidation as in other European member states. More
A collaboration between the China Merchants Bank and the Civil Aviation Administration of China led to the introduction of a digital yuan platform, which aims to facilitate transactions for travelers in the aviation network, according to a local media report.Continue Reading on Coin Telegraph More
Some major whales have instigated movements amounting to hundreds of millions of dollars in crypto. These transactions span a range of digital assets, including industry giants Bitcoin (BTC) and Ethereum (ETH), as well as emerging platforms such as Solana (SOL) and Chainlink (LINK), and meme cryptocurrencies like Shiba Inu (SHIB).As reported by Whale Alert, a tracking platform committed to monitoring large crypto transactions, an unidentified investor relocated an enormous sum of 14,159 BTC, translating to approximately $421.7 million, from one undisclosed digital wallet to another. Further hefty BTC movement comprised of 1,881 units ($55.9 million) transferred to Coinbase (NASDAQ:COIN).Moreover, attention was drawn to considerable transactions involving Ethereum and Solana. Notably, Ethereum saw a $51.6 million worth of crypto transferred, while Solana reported a slightly larger $53.9 million movement.Whale Alert’s data revealed a whopping 27,366 ETH being shifted from Binance.US – the American counterpart of the world’s most voluminous cryptocurrency exchange – to an undisclosed wallet.In addition, a Solana movement of 2,000,000 SOL, from Binance to an anonymous wallet, was documented. Another 409,823 SOL ($10.3 million) were moved back to Binance from an undisclosed wallet.Interesting movements were also seen with Shiba Inu and Chainlink, a decentralized oracle network. As per the updates, a mammoth amount of 2,416,836,656,676 SHIB ($18.7 million) was transferred from Binance.US to a hidden wallet, while 3,743,238 LINK ($29.9 million) was moved from one covert wallet to another.While the reasons behind these transactions remain undisclosed, these large-scale movements inevitably influence market behavior and the valuation of these digital assets.This article was originally published on Crypto.news More
Coinbase, the largest centralized cryptocurrency exchange in the United States, has revealed that it is shutting down its lending service, Coinbase Borrow.This program had previously allowed customers to secure fiat loans of up to $1 million, leveraging as much as 30% of their BTC holdings at an annual interest rate of 8.7%. The wind-down process began in May when users were first informed about discontinuing new loan applications under the program.In the latest announcement, Coinbase provided further clarity, stating that existing loan holders must settle any outstanding loan balances by Nov. 20, 2023. This news will likely impact users relying on the borrowing service for various financial purposes, and they will need to make alternative arrangements before the specified deadline. After the deadline, Coinbase will close all accounts by selling enough Bitcoin (BTC) collateral to settle any unpaid debt. The exchange says that interest rates will remain the same, and borrowers can pay off their loans early without facing any penalties. This update comes after Berenberg Capital analysts suggested that despite Ripple’s legal victory, Coinbase is still facing regulatory challenges in the United States. They opined that Coinbase’s suspension of its staking service in certain states could attract further scrutiny from the Securities and Exchange Commission (SEC) as the company has been sued for operating an unregistered securities exchange.On another front, Coinbase CEO Brian Armstrong recently met with a bipartisan group of US House Representatives politicians to discuss proposed new laws regarding digital assets. This underlines the importance of regulatory discussions in the cryptocurrency industry. Coinbase’s decision to close Coinbase Borrow does not impact Coinbase Prime Financing customers, as these are separate products and services.This article was originally published on Crypto.news More
Three-quarters of British holidaymakers who travelled abroad last year blew their budget for weekly spending by an average 38 per cent, underlining the impact of inflation in popular summer destinations. The raised cost of meals and drinks emerged as a key factor in their overspending, according to research by Post Office Travel Money, the foreign exchange provider. Nine out of 10 parents quizzed in the survey spent an average of £310 on eating out or shop-bought food and drink over a week, having budgeted for £145. The average spending on sightseeing was £87, while spending on treats for their children had risen by 35 per cent compared with their last overseas holiday. Laura Plunkett, head of travel money at the Post Office, said: “Although sterling is at a 2023 high against European currencies, inflation has hit local prices abroad just as it has in the UK. This means families should expect to pay more for meals, drinks and other tourist items in most resorts.”Surveying the costs of 16 different European destinations as schools in England prepare to break up for the summer holidays, the researchers said 15 of these places had seen price rises. But the biggest rises were in Turkey and Bulgaria, two of the places that remained cheapest overall. Costs in Marmaris had doubled since last year because of inflation in Turkey — running at an annual 38 per cent in the year to June — and the impact of a volatile economy. But the researchers calculated that a fall of 64 per cent year-on-year in the value of the Turkish lira translated into a more modest 33 per cent increase in costs for British holidaymakers once local prices were converted to sterling.At the other end of the cost ranking, Ibiza, Porec in Croatia, Lanzarote and Crete were the most expensive locations. Travellers will fork out 56 per cent more for day-to-day living costs in Ibiza than last year. The research was conducted with Tui, the travel group. Richard Sofer, commercial director at Tui UK and Ireland, said demand remained strong for all-inclusive packages, as well as self-catering options that gave customers the opportunity for cost savings. “We’re also seeing some customers taper their holiday slightly, such as reducing holiday duration from 14 nights to seven, 10 or 11 nights.”The analysis tracks prices of 12 items, from a three-course family meal, alcoholic and soft drinks, to ice cream, and the rent of a sun lounger or pedalo. More
When connected to an LLM, the new engine allows users to upload their own data libraries in order to restrict the model’s outputs to specific information. Continue Reading on Coin Telegraph More
