Bitcoin (BTC) headed back to $28,000 on March 29 as a classic short squeeze took the market to five-day highs. BTC liquidations mount as Bitcoin reverses Binance dip Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $28,159 on Bitstamp. The abrupt uptick came courtesy of exchanges , where a band of shorts were
The central bank in the United Arab Emirates said it has started implementing its digital currency strategy with partners G42 Cloud and R3. According to the central bank, the digital currency initiative is expected to “further position and solidify the UAE as a leading global financial hub.” CBDC Strategy to Focus on Three Pillars The
European equities rose on Wednesday while stocks in Asia were buoyed by Chinese ecommerce giant Alibaba’s plans to splinter into six business units following years of pressure from domestic regulators. Europe’s region-wide Stoxx 600 index added 0.6 per cent in early trading, with shares in UBS up 2 per cent after the bank said it
SafeMoon, a project previously endorsed by A-list celebrities and social influencers such as Jake Paul and Soulja Boy, announced its liquidity pool (LP) was compromised. Without revealing further details about the attack, SafeMoon confirmed undertaking steps “to resolve the issue as soon as possible.” Just like many other crypto projects in 2021, SafeMoon was backed
The UBS board, in bringing back Sergio Ermotti as chief executive, has gone for someone who knows the bank well. Ermotti held the role from 2011 to 2020 and won plaudits for leading its recovery from the financial crisis. The Swiss-born 62-year-old is a career banker, having completed stints at Citigroup, Merrill Lynch and UniCredit
UBS has brought Sergio Ermotti back as chief executive to steer its takeover of Credit Suisse. Ermotti, who was chief executive for nine years before stepping down in 2020, will replace Ralph Hamers, UBS said on Wednesday. Hamers will remain as an adviser during a transition period, the Swiss bank said. UBS said it acted
According to the token protocol startup Noble, the second-largest stablecoin, USDC, will be integrated into the Cosmos blockchain, as the company has partnered with Circle Financial for the rollout. Noble details that the integration will give access to Circle’s USDC stablecoin to more than 50 Inter-Blockchain Communication (IBC) networks. USDC Native Support Is Coming to
When First Citizens Bank agreed over the weekend to buy most of what is left of Silicon Valley Bank, there was one thing it absolutely did not want. Though SVB, whose March 10 failure shook the global banking sector, was best known for serving venture capitalists and techies, First Citizens’ purchase agreement went out of
The UK’s largest asset manager has warned that businesses and financial markets are failing to price in the risks of climate change, telling investors to “strap in” and prepare for a “bumpy ride”. Legal and General Investment Management, which oversees more than £1.2tn in assets, said a delayed shift to a low-carbon economy could leave
Your browser does not support playing this file but you can still download the MP3 file to play locally. After the collapse of Silicon Valley Bank, markets were anxious, and the prestigious, yet scandal-ridden Credit Suisse looked as if it could be next to fall. But over the span of a single weekend, the Swiss
Some banks will struggle to issue a form of risky bonds used to bolster their capital and others will pay a much higher price for them after similar debt held by Credit Suisse was wiped out in its forced sale, investors have warned. Swiss regulators’ decision to write down $17bn worth of Credit Suisse’s additional
Switzerland’s private banks are seeking to poach key staff and clients from Credit Suisse as steep job and bonus cuts force bankers into the market following the takeover by UBS. Julius Baer, Pictet, Lombard Odier, EFG and LGT are among Swiss wealth managers sounding out disgruntled Credit Suisse bankers, people familiar with ongoing conversations have
Binance CEO Changpeng Zhao (CZ) has addressed the allegations against him by the U.S. Commodity Futures Trading Commission (CFTC). “We do not agree with the characterization of many of the issues alleged in the complaint,” the executive stressed. CZ Responds to CFTC’s Allegations The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), published a blog
The strategy doesn’t sound a subtle one: pay up or blackout. This winter, as hundreds of thousands of UK households were reading by torchlight to reduce electricity demand at peak times, some traders are alleged to have taken a somewhat less collaborative approach to the energy crisis. Both the government and the opposition have called
Mike Pence must testify to a grand jury about conversations he had with Donald Trump relating to the former president’s attempt to overturn the results of the 2020 presidential election, according to a person familiar with the matter. Judge James Boasberg in the US District Court for the District of Columbia ruled that Pence, Trump’s
The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says the current banking crisis has pushed the U.S. economy closer to a recession. “We have fundamental issues, regulatory issues facing our banking system,” the Fed official stressed. Neel Kashkari on U.S. Economy, Banking Crisis, Recession Federal Reserve Bank of Minneapolis President Neel Kashkari
Ethereum validators will soon be able to withdraw their Ether (ETH) from the Beacon Chain, with the Shapella hard fork set to be activated on the Ethereum mainnet on April 12. Shapella will take effect at epoch 194,048, which is scheduled for 10:27 pm UTC on April 12, Ethereum core developers confirmed. The withdrawals will
Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic
According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with
Italy’s rightwing government has approved a draft law that would ban domestic production of lab-grown meat as it seeks to protect the country’s traditional culinary heritage and powerful agribusiness interests. The draft law, which must still be approved by parliament before it can take effect, prohibits the cultivation of meat from cells in Italy, though
Jamie Dimon, the longtime chief executive of JPMorgan Chase, will be interviewed under oath over his bank’s decision to retain the late sex offender Jeffrey Epstein as a client, said people familiar with the matter. The sworn deposition, due to take place behind closed doors in May, is the latest development in two high-profile cases