Author: Bitcoin.com
Investors, plagued by mounting pessimism, have sought refuge in cash, according to a recent survey conducted by Bank of America. The survey highlights a notable 5.6% increase in cash reserves during May, as apprehensive investors brace themselves for a potential credit crunch and a recession. Flight to Safety: Investors Increase Cash Reserves and Brace for Recession Investors are increasingly gravitating towards cash reserves, as indicated by a recent survey conducted by BOFA, which characterizes this movement as a “flight to safety” in the realm of financial transactions. Notably, stock exposure has attained its peak so far in 2023, while BOFA…
Many of the most well-known crypto firms are not adhering to basic governance standards, the findings of a Bloomberg survey have shown. Only 31 out of the 60 polled firms “currently procure a full financial audit or reserve attestations from an independent auditor.” Industry participants have said many crypto firms are not audited because the “Big Four” accounting firms are not willing to have them as clients. Many Crypto Firms Lack Independent Boards Some of the most influential cryptocurrency firms are not adhering to established corporate governance standards and many others are believed to be operating outside the norm, a…
The Council of the European Union has given its final approval to new regulations for crypto assets and markets in the EU. The decision completes a lengthy and complex legislative process for what’s considered to be the world’s first comprehensive legal framework for digital assets like bitcoin. EU Finance Ministers Give Final Nod to Markets in Crypto Assets Law At a meeting on Tuesday, the EU Council, composed of the finance ministers of the member states, adopted the Markets in Crypto Assets (MiCA) legislation. The set of rules brings crypto assets, their issuers and crypto service providers under a Union-wide…
South Africa’s BRICS Sherpa says one of the priorities at the upcoming BRICS summit is “to strengthen economic cooperation.” He added: “We need a stable global financial architecture, a global financial arena. That is why we say that we need to trade in our own currencies.” He also believes that the recession forecasts by the International Monetary Fund (IMF) and the World Bank will not affect the BRICS nations. BRICS Sherpa Discusses Summit Priorities South Africa’s BRICS Sherpa, Anil Sooklal, delved into the agendas and priorities of the upcoming BRICS summit under South Africa’s presidency in an interview with BRICS…
Top executives from 146 major companies in the U.S. — including Morgan Stanley, Goldman Sachs, Nasdaq, and Pfizer — have urged President Joe Biden and congressional leaders to act swiftly to prevent the U.S. from defaulting on its debt, which could occur as early as June 1. They warned of “potentially disastrous consequences” if the U.S. defaults on its debt obligations. Executives Warn of ‘Disastrous Consequences’ From US Default A total of 146 executives from major companies in the U.S. have jointly written an open letter to President Joe Biden and congressional leaders urging them to take swift action to…
Axie Infinity Origins, the blockchain-based, play-to-earn (P2E) game, has successfully cleared Apple’s rigorous App Store review process and the game’s app is now available for Apple iOS users. Sky Mavis, the creator behind Axie Infinity, has adopted a strategic approach by rolling out the game’s app in stages, with targeted release plans for various Latin American and Asian countries. Blockchain Game Axie Infinity Origins Clears Apple’s Review Following the phased release on the Google Play Store, Axie Infinity Origins is now available for Apple iOS users in select countries. The game’s developer, Sky Mavis, announced the launch of the iOS…
With the BRC20 token economy maintaining a market capitalization of nearly $500 million, the introduction of the DRC20 token standard has sparked a flurry of excitement within the Dogecoin community. The emerging token type has ignited a surge of activity, leading to a substantial increase in daily transactions on the Dogecoin blockchain. Specifically, on Wednesday, May 17, 2023, the network recorded a tally of over 820,000 confirmed transactions so far. Dogecoin’s DRC20 Token Standard Sparks Surge in Daily Transactions After witnessing the success of the Ordinal inscription and BRC20 trend on the Bitcoin blockchain, the Dogecoin network now has its…
Dogecoin rose to a one-week high on Wednesday, despite cryptocurrency markets mostly moving lower. As of writing, the global crypto market cap is trading nearly 1% lower. Xrp also surged, climbing by over 6% in today’s session. Dogecoin (DOGE) Dogecoin (DOGE) was able to climb to a one-week high in today’s session, despite markets mostly trending lower. Following a low of $0.07177 on Tuesday, DOGE/USD raced to an intraday high of $0.07422 earlier in the day. Today’s rally saw dogecoin climb for a second straight session, which pushed the meme coin to its highest point since May 8. As a…
Tether, the stablecoin enterprise, has revealed its intention to devote 15% of its profits to bitcoin. The firm’s announcement comes on the heels of Tether’s recent attestation report, which emphasized the company’s possession of bitcoin reserves worth $1.5 billion. Tether’s Strategic Shift: Profits to Fuel Bitcoin Acquisition Tether, the company behind the crypto economy’s largest stablecoin asset, has unveiled its strategic vision to acquire bitcoin (BTC) using its profits. “Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing bitcoin (BTC),” the firm detailed in a blog post. “Tether anticipates that the…
Introduction. When we discuss the future of the digital economy and real life in the next generation of the Internet, we are inevitably talking about Web 3.0. The future is unknown, but we have seen some tech companies already exploring and deepening on their tracks, such as Alchemy Pay, mentioned in this article. We will analyze the targeted strategies and measures it has taken in the crypto payment space, taking into account the company’s sustainable long-term goals while building a rich crypto payment ecosystem that is prepared for the Web 3.0 vision with its mission of bridging fiat and crypto…