Aurelia Butler

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    in Cryptocurrency

    Bitcoin price today: slides below $60k as Mt Gox token movements rattle sentiment

    Broader risk sentiment also cooled as Wall Street snapped an eight-day winning streak, with traders now seeking more positive cues to extend a mid-August rebound rally. Bitcoin dropped 2% to $59,570 by 09:07 ET (13:07 GMT) after failing to hold above the $60,000 support level.A wallet associated with Mt Gox was seen mobilizing about $2 billion worth of Bitcoin, potentially preparing for more token distributions.The defunct exchange began returning tokens stolen during a 2014 hack back to clients in early-July, and had initially triggered steep losses in Bitcoin’s price by sparking fears of increased supply and a mass sale event. But while Bitcoin did recover most of the initial losses, traders still remained on edge over any more potential distributions by the exchange. It is also unclear just how much Bitcoin Mt Gox holds, although the exchange was seen moving some $9 billion worth of tokens earlier this year. Bitcoin recovered a bulk of losses marked in early-August as fears of a U.S. recession dwindled.But the token struggled to break above the $60,000 level consistently, amid few positive signals for crypto markets.While broader risk sentiment was buoyed by expectations of interest rate cuts and a soft landing for the U.S. economy, Bitcoin mostly lagged a stronger recovery in stocks.This trend also came amid dwindling capital inflows into crypto investment products. Trading volumes in the products were also at a fraction of highs seen during the launch of spot Bitcoin exchange-traded funds (ETFs) earlier this year, data showed this week.But despite an underwhelming performance in recent months, institutional investors continue to boost their exposure to ETFs, according to a report from asset manager Bitwise on Monday.”The biggest question in crypto right now is whether institutions and professional investors will allocate to crypto in a major way,” Bitwise said.The report highlighted that the total number of institutional investors holding bitcoin ETFs increased by 14% in the second quarter, rising from 965 in the first quarter to 1,100. Moreover, these investors’ share of the total assets under management (AUM) in bitcoin ETFs grew from 18.74% to 21.15%, with institutions ending the quarter holding $11 billion in BTC ETFs.”This is a great sign,” the note states. “If institutions will buy bitcoin when prices are volatile, imagine what could happen in a bull market.”Bitwise also addressed the criticism that bitcoin ETFs are primarily held by retail investors, calling this claim “simply untrue.” The firm noted that institutions have adopted these ETFs “at the fastest rate of any ETF in history.” While most ETFs gain momentum gradually, Bitwise predicts that bitcoin ETF inflows will be larger in 2025 than in 2024, and even bigger in 2026.”The institutions are coming, and they’re coming in size,” the report emphasized.Broader altcoin prices drifted lower on Wednesday, tracking losses in Bitcoin. World no.2 token Ether fell 2.2% to $2,581.85SOL and XRP shed between 1.6% and 3%, while MATIC and ADA added 7% and 2.2%, respectively. Among meme tokens, DOGE slipped 0.5%.Markets are focused squarely on more cues on U.S. interest rate cuts this week, with the minutes of the Federal Reserve’s late-July meeting due later on Wednesday. The Fed had struck a dovish chord during the meeting.Fed Chair Jerome Powell is set to speak at the Jackson Hole Symposium on Friday, and is set to potentially offer up more cues on interest rates, amid growing expectations that the central bank will cut rates in September.Ambar Warrick contributed to this report.  More

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    in Economy

    Hopes dim for six missing after sinking of Mike Lynch’s yacht

    PORTICELLO, Italy (Reuters) -Divers resumed a search on Wednesday for six missing people after British tech entrepreneur Mike Lynch’s yacht sank off the coast of Sicily two days ago, although hopes dwindled for finding them alive. The British-flagged Bayesian, a 56-metre-long (184-ft) superyacht, was carrying 22 people and was anchored off the port of Porticello, near Palermo, when it capsized during a fierce storm on Monday.Fifteen people survived and one crew member’s body was recovered. The six missing include Lynch, his 18-year-old daughter and Jonathan Bloomer, a non-executive chair of Morgan Stanley International.Underwater inspection of the wreck resumed early on Wednesday, the fire department said on social media, having earlier described the operations as “long and complex”. The yacht was lying sideways at a depth of around 50 metres, giving divers 8-10 minutes to inspect it before having to resurface. Efforts have been hampered by “very confined” spaces inside the wreck, fire department spokesman Luca Cari said. The Italian coast guard said it was using a remotely operated vehicle to inspect the seabed and take underwater pictures and videos that may provide “useful and timely elements” for ongoing investigations into the disaster. MISSING PASSENGERSLynch, 59, is one of the UK’s best-known tech entrepreneurs and has been referred to as the country’s Bill Gates. He built the UK’s largest software firm, Autonomy, which was sold to HP (NYSE:HPQ) for $11 billion in 2011, after which the deal spectacularly unravelled with the U.S. tech giant accusing him of fraud, resulting in a lengthy trial. Lynch was acquitted on all charges by a jury in San Francisco in June. The other missing passengers were Bloomer’s wife Judy, Clifford Chance lawyer Chris Morvillo and his wife, Neda Morvillo. Morvillo represented Lynch in the San Francisco trial, while Bloomer was a character witness on his behalf.Experts have been at a loss to explain how a large luxury vessel, presumed to have top-class fittings and safety features, could have sunk within minutes, as recounted by witnesses. Another yacht anchored next to it was unharmed by the tempest.The Bayesian, which was owned by Lynch’s wife, was built by Italian shipbuilder Perini in 2008 and last refitted in 2020. It had the world’s tallest aluminium mast, measuring 72 metres, according to its makers.BLACK SWAN EVENTIts captain James Cutfield, a 51-year-old New Zealander who survived the shipwreck, was a “very good sailor” and “very well respected” in the Mediterranean, his brother Mark told The New Zealand Herald. Matthew Schanck, chair of the Maritime Search and Rescue Council, a UK-based non-profit organisation that trains sea rescuers, said the Bayesian was the victim of a “high impact” weather-related incident.”If it was a water spout, which it appears to be, it’s what I would class as like a ‘black swan’ event,” he told Reuters, referring to a rare and unpredictable phenomenon. He said he was confident the authorities would “get to the bottom” of what caused the shipwreck, thanks to the accounts of survivors, witnesses and examination of the sunken hull, which did not show any apparent signs of damage. More

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    in Cryptocurrency

    Tether plans new stablecoin pegged to UAE dirham

    The yet-to-be-named stablecoin will be rolled out in collaboration with UAE-based tech giants Phoenix Group PLC and Green Acorn Investments Ltd. While the companies did not provide a specific launch date, Tether CEO Paolo Ardoino said obtaining licensing from the Central Bank of the UAE will be the next step, and could take a few months.The Dirham-pegged stablecoin will be fully backed by liquid UAE-based reserves, following Tether’s reserve standards to “ensure stability and trust in its value,” Ardoino said in a press release. The new token is expected to streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations.The UAE’s central bank has already paved the way to regulate cryptocurrencies pegged to real assets. In June, it approved a plan to oversee and license stablecoin arrangements, specifically those backed by the UAE dirham. While the details are still being ironed out, the step is part of the UAE’s push to become a leader in crypto space under its Financial Infrastructure Transformation Programme. Currently, stablecoins not backed by the dirham are regulated by Dubai’s Virtual Assets Regulatory Authority (VARA). While there are still some questions over how existing payment service providers will be affected, the proposed framework creates a clear path for regulated stablecoins in the UAE.Tether’s expansion into the UAE market comes as the issuer continues to expand its services beyond its flagship USDT, which is the largest stablecoin by market value and a key component of the digital asset ecosystem.The company has recently launched USDT on the Aptos blockchain to reduce gas fees to “only a fraction of a penny,” it said in a statement earlier this week.Tether’s USDT is available on multiple blockchains, with Tron leading the way at $60.73 billion in net circulation, followed by Ethereum at $52.59 billion. More

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    in Cryptocurrency

    $DOGS Token Launches on Bybit: What Traders Should Know

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is listing the highly anticipated $DOGS token on its Spot trading platform. The listing will go live on August 26, 2024, at 12:00 UTC. This new edition reflects Bybit’s dedication to offering its global trading community the latest and most exciting tokens.As one of the recommended crypto exchanges to support the $DOGS airdrop, Bybit is committed to offering its global trading community the latest and most exciting tokens. The $DOGS token, a part of the TON-blockchain-based $DOGS project, has garnered significant attention and popularity, attracting millions of users and becoming a prominent player in the tap-to-earn market. Over 8 million verified users have already claimed their airdrop.With its recent surge in popularity, $DOGS is now competing with notable memecoins like Hamster Kombat. The project’s official Telegram group has experienced an impressive 80% user increase overnight, now boasting over 16 million subscribers. This rapid growth underscores the strong community support and potential for future development.To celebrate this momentous launch, Bybit has rolled out a series of exclusive promotions with a total prize pool of 3,410,000,000 DOGS:#Bybit / #TheCryptoArkAbout BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit Press. For media inquiries, users can contact: [email protected] more information, users can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaContactHead of PRTony [email protected] article was originally published on Chainwire More

  • 188 Shares199 Views

    in Cryptocurrency

    Can’t Stop Peeling, Won’t Stop Peeling: TON Game BANANA Notches 5M Users In 3 Weeks

    BANANA, the idle TON game, continues its meteoric rise hitting 5 million users in less than three weeks. This milestone cements BANANA’s position as one of the fastest-growing TON games and highlights the immense potential of the TON blockchain for user engagement.Backed by CARV, a leading modular data layer for gaming and AI, BANANA’s success story began with a bang, gaining 1 million users in just 72 hours post-launch. To date, BANANA counts more than 1M daily active users, 1.4M connected social accounts, and 45M in-game tasks completed.In BANANA, players enter a world where they collect a wide array of Bananas, each with unique attributes and rarities. Clicking on Bananas rewards players with points (PEELs), and when luck is on their side, players can trade these Bananas for various rewards, including points and USDT (up to 500 USDT), ensuring engagement.At the heart of BANANA’s appeal is the CARV Protocol, a revolutionary data layer that empowers users with unprecedented data sovereignty. Players can own, control, and monetize their in-game data, participating directly in the value their engagement generates. About CARVCARV Protocol is a modular data layer that facilitates data exchange and value distribution across the gaming and AI sectors. It encompasses end-to-end data flow processes, including data verification, identity authentication, storage, processing, model training, and value distribution. With CARV Protocol, every individual can now own, control, verify, and monetize their data, revolutionizing how data is used and shared, by ensuring privacy, ownership, and control are firmly in the hands of individuals, pioneering a future where data generates value for all. Join the vibrant community on Twitter (X), Discord and Telegram.ContactCOOVictor [email protected] article was originally published on Chainwire More

  • 100 Shares189 Views

    in Economy

    Factbox-China’s probes on EU products following EV tariffs

    BEIJING/LONDON (Reuters) -China has opened an anti-subsidy probe into imported dairy products from the European Union, stepping up tension with the bloc a day after Brussels released its revised draft decision related to tariffs on China-made electric vehicles.Below are details on the probe into EU dairy imports and other industries which are under investigation.DAIRYThe anti-subsidy investigation on dairy announced by China’s commerce ministry on Wednesday will focus on various types of cheeses, milks and creams intended for human consumption.It was prompted by a complaint submitted by the Dairy Association of China and the China Dairy Industry Association on July 29 on behalf of the domestic dairy industry.China will examine 20 subsidy schemes from across the 27-strong bloc, specifically those from Austria, Belgium, Croatia, Czech Republic, Finland, Italy, Ireland, and Romania, it said in a statement.The EU was China’s second-largest source of dairy products with at least 36% of the total value of imports in 2023, behind only New Zealand, according to Chinese customs data.The EU exported 1.7 billion euros ($1.84 billion) in dairy products to China in 2023, down from 2 billion in 2022, according to European Commission data. PORKThe anti-dumping investigation announced in June by China’s commerce ministry is focussing on pork intended for human consumption, such as fresh, cold and frozen whole cuts, as well as pig intestines, bladders and stomachs.It was prompted by a complaint submitted by the China Animal Husbandry Association on behalf of the domestic pork industry, the ministry said.Pork suppliers from South America, the U.S. and Russia could be among those gaining market share if Beijing restricts imports from the European Union.The EU accounts for more than half the roughly $6 billion worth of pork China imported in 2023, according to customs data, around a quarter of which was from Spain alone.Second- and third-ranking, the Netherlands and Denmark last year exported to China pork products worth $620 million and $550 million respectively. BRANDYBeijing in January opened an anti-dumping investigation on brandy imported from the EU, a step that appears to be mainly targeted at France. Almost all European brandy exported to China is made in France.The investigation will focus on brandy in containers of less than 200 litres (44 British gallons).PLASTIC In May, Beijing launched an anti-dumping probe into POM copolymers, a type of engineering plastic, imported from the EU, U.S., Japan and Taiwan. More

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    in Cryptocurrency

    Tether to launch stablecoin pegged to UAE’s dirham

    Stablecoins are digital tokens designed to keep a constant value and are backed by traditional currencies such as the U.S. dollar or euro. They can be used as a form of payment, as well as to trade in and out of other tokens, such as bitcoin, on crypto exchanges.”The main purpose is actually creating an optionality towards the U.S. dollar,” Tether CEO Paolo Ardoino said during an event in Dubai, adding that he believed the dirham would become a preferred currency as global trade shifts.”We see a lot of interest in holding AED (dirham) outside of the UAE,” he said, citing the stability and safety of both the country and its balance sheet.The UAE is pushing to become a global hub for the crypto industry as economic competition heats up in the Gulf region.It has been quick to enable cryptocurrency payments in areas like real estate and school fees, boosting rates of adoption and transaction volumes while developing virtual asset regulation in both the capital Abu Dhabi and in Dubai. Regulators have long warned about market risks from the adoption of crypto assets. The U.S. has said stablecoin reserves could be subject to rapid outflows, for example if holders rushed to exchange tokens back into traditional currencies.Tether’s eponymous dollar-pegged stablecoin (USDT) is designed to maintain a constant value of $1 and is widely used in crypto-to-crypto trading.There is around $117 billion of the token in circulation, making up the bulk of the $169 billion stablecoin market, according to CoinGecko data.Tether also provides stablecoins pegged to other currencies such as the euro and said in a statement on Wednesday that the dirham stablecoin would be “fully backed” by liquid UAE-based reserves. It will be launched in collaboration with Abu Dhabi-listed cryptomining and blockchain conglomerate Phoenix Group and “with support” from investment firm Green Acorn Investment, Tether and Phoenix said. The two firms did not provide a specific date for the product launch but Ardoino said licensing by the UAE Central Bank would take a few months. More

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    in Economy

    Britain’s insurers told to demonstrate better value for customers

    LONDON (Reuters) – Some of Britain’s car, home and other insurers are still unable to show they provide good outcomes for consumers, the country’s financial watchdog said on Wednesday, a year after the introduction of tougher protections for policyholders.The Financial Conduct Authority (FCA) published a ‘thematic review’ of the general insurance sector that found poor customer value and potential harm due to shortcomings in product governance, oversight and controls.Many insurers have not implemented effective frameworks that provide evidence of why good value is being provided to customers, the FCA said.Firms were also not adequately considering the total price paid for a policy, including the impact of remuneration on the overall value of a product.”Progress is being made, but we are still seeing too many examples of insurers and brokers lacking the right information, governance, or oversight to ensure their customers get consistently good outcomes,” Matt Brewis, the FCA’s director of insurance, said in a statement.The FCA introduced its Consumer Duty, comprising broad and comprehensive consumer protections across the financial sector, in July 2023 in a bid to draw a line under years of mis-selling scandals in the industry.On Wednesday it published its latest indicators for value in insurance products, using the proportion of premiums paid in claims as a measure.”Where our data suggests that value appears low, we will be in touch with firms later in the year to understand their products and the actions they have taken to improve value,” the FCA said.Claims costs as a proportion of premiums range from 72% for healthcare cash plans to 56% for motor insurance, and 45% for home insurance, falling sharply across a range of ‘add on’ insurance.”Where we believe a firm has failed to act and is still providing poor value products, we will intervene where necessary to protect consumers,” the FCA said. More