Bitcoin started the week trading in the red, as markets prepared for an important week of U.S. economic events. On Wednesday, the Federal Reserve is expected to increase rates by 25 basis points, with nonfarm payrolls for April being released this coming Friday. Ethereum was also lower in today’s session. Bitcoin Bitcoin (BTC) continued to
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On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan Chase submitted the winning bid
Emily Magee and Bailey Williams have joined Butler Snow LLP’s public finance practice at its new office in Jacksonville, Florida, the firm announced Thursday. The Jacksonville office is the firm’s first in Florida and 28th location in the United States. “We are thrilled to welcome Emily and Bailey to Butler Snow and our national public
Uday Kotak, the CEO of Kotak Mahindra Bank, a financial institution based in India, recently expressed his view on the dominance of the U.S. dollar in global financial markets. Kotak stated that the U.S. dollar has “disproportionate power” as a reserve currency, retracting his previous statement in which he referred to the currency as the
JPMorgan Chase will acquire most of First Republic, the embattled California lender that US government officials had been racing to save for much of the past week. The Federal Deposit Insurance Corporation and California regulators, which announced the deal early on Monday morning, said they were simultaneously closing the bank and selling off all $93.5bn
Nigeria, one of the world’s most curious nations about cryptocurrencies like Bitcoin (BTC), is preparing new industry regulations for digital asset platforms. The Securities and Exchange Commission (SEC) of Nigeria is considering allowing licensed digital exchanges to list tokens backed by certain assets, Bloomberg reported on May 1. According to SEC head of securities and
Will the deadlock in the Ukraine war be broken in Bakhmut or Beijing? At the moment, all eyes are focused on the much-trailed Ukrainian counter-offensive — which is likely to begin soon. But there are also significant developments on the diplomatic front. Last week, Xi Jinping called Volodymyr Zelenskyy. On a recent visit to Kyiv,
The writer served in the US Treasury and SEC during the 2008 financial crisis, and as chief risk officer at big banks. He is author of The End of Theory In 2008, regulators did not see the potential for contagion from a subprime crisis. Nor did they see the possibility of a resulting nationwide residential real estate meltdown. Lesson
Bitcoin (BTC) starts a new week digesting major macroeconomic news as the United States sees the second-largest bank failure in its history. After a sideways weekend, BTC/USD was already volatile into the new weekly and monthly candle as downside kicked in. After steadying below $29,000, BTC price action is already facing more potential pressure as
Bitcoin Legal Defense Fund (BLDF) recently delivered on its promise to fund the legal costs of 11 Bitcoin developers that are the target of the self-proclaimed Bitcoin inventor Craig Wright’s lawsuit. According to Alex Morcos, the “mission [of BLDF] is to safeguard innovation by shielding developers from legal intimidation.” The Future of Open-Source Software Development
Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, economist Steve Hanke calls to dollarize Argentina, Bitcoin City plans are still not formalized in El Salvador, and Venezuelan crypto watchdog Sunacrip is allegedly involved in mass layoffs. Steve Hanke
Immutable is a game development platform that simplifies building Web3 games on the Ethereum blockchain. Headquartered in Sydney and co-founded in 2018 by James Ferguson, Robbie Ferguson and Alex Connolly, this leading Web3 gaming platform is focused on a mission to bring digital ownership to players by making it easy to build Web3 games for
The BRICS bloc is now focused on expanding the use of the currencies of its members, according to the representative of one of them. The establishment of a single currency for the group is not an immediate task at this point in time, the diplomat indicated in an interview. Wider Use of National Fiats of
Alibaba’s founder Jack Ma is taking up a teaching position in Japan as the Chinese entrepreneur begins to reassume a public profile after largely disappearing from view during Beijing’s crackdown on tech. Tokyo College said on Monday that Ma had joined as a visiting professor from May 1 and would research projects in sustainable agriculture
Block, a financial services and technology company owned by former Twitter CEO Jack Dorsey has announced it has completed the prototype design of its new five-nanometre (5nm) Bitcoin (BTC) mining chip — which it claims is key to decentralizing the supply of Bitcoin mining rigs. According to a blog post published on April 28, Block
A legal regulator is to examine the role of lawyers in the misuse of so-called gagging clauses in England and Wales as it considers whether stronger regulation is needed. The Legal Services Board, an independent body that oversees the legal services sector, will on Tuesday issue a call for evidence amid growing concerns that non-disclosure
The chief executive of TotalEnergies has complained to investors that the French oil group’s valuation gap with its US-listed rivals is down to its listing in Europe, not its profitability. Patrick Pouyanné argued in several investor meetings that while Total’s operations were as profitable as Chevron’s, the French company was trading at a discount only
Last week was the tenth anniversary of the Rana Plaza factory collapse in Bangladesh, in which 1,100 garment workers were killed because a shoddily constructed factory collapsed on top of them. It turned out that the factory was making goods for major global brands. The managers who took the decision to outsource to unknown individuals
“Never have so many crustaceans died in vain,” mocked a top Tory on Labour’s wooing of business ahead of 1992 elections won by his party. Such pushes are nicknamed “Prawn Cocktail Offensives” after a cheap hors d’oeuvre. The latest may sacrifice fewer shrimps needlessly. Shadow chancellor Rachel Reeves is impressing business leaders and Labour is
Christine Lagarde’s partner has asked her to stop changing jobs, the European Central Bank president likes to joke, because each time she begins a new role a major crisis seems to follow. Soon after becoming French finance minister in 2007, she found herself handling the global financial crisis for which she eventually won plaudits. After
Cryptocurrency may be bad for investors but it can be useful in international settlements, according to a top government official in Moscow. Russian authorities intend to set up a special committee that would issue permits to operators employing crypto in foreign trade transactions, he indicated. Russia Plans to ‘Experiment’ With Cross-Border Crypto Payments Amid Sanctions