It now costs Bitcoin (BTC) miners at least $17,000 to produce one BTC in the U.S. versus the $5,000-10,000 range a year ago, according to Bitcoin mining data resource Hashrate Index and Luxor. Bitcoin hashprice has dropped 58% in a year Unsurprisingly, soaring electricity rates across the U.S. states have contributed to rising Bitcoin mining costs. Notably, between
Month: April 2023
Risky assets marginally extend their up-move in April. The S&P 500 Index rose around 1.5% in April while Bitcoin (BTC) is on track to end the month with gains of more than 4%. Could the rally continue in May or is it time for a pullback? The recovery could face headwinds if the United States
The United States Federal Deposit Insurance Corp’s (FDIC) post-mortem assessment of Signature Bank of New York (SBNY) revealed poor management and inadequate risk management practices as the root cause for its collapse. Signature Bank was shut down by federal regulators on March 12 in a bid to protect the U.S. economy and strengthen public confidence
After the most recent increase in the federal funds rate, the U.S. Federal Reserve is set to raise the lending rate by 25 basis points (bps) to 5.25% in three days, according to expectations. A recent poll of 105 economists revealed that 94 of them predict a 25bps rate hike will occur during the May
Prominent YouTuber DidYouKnowGaming was able to regain access to his YouTube channel, which an anonymous bad actor hacked to promote XRP (XRP) cryptocurrency scams. While hacking into YouTube channels to promote scams has been a long-standing method of targeting unwary investors, the number of creators on the platform reporting hacks has increased. Most recently, DidYouKnowGaming
An executive at JPMorgan Asset Management is unsure how United States regional banks are “going to operate” when the Federal Deposit Insurance Corporation (FDIC) and Federal Home Loan Bank (FHLB) emergency lending programs expire – warning that the possible collapse of First Republic Bank may cause a domino effect. In an April 27 Bloomberg television
After the American financial technology giant Paypal rolled out crypto payments last year, the company is now introducing cryptocurrency transfer services to Venmo users. The firm detailed that Venmo customers will be able to send funds to an existing Paypal account, an external wallet, or a crypto exchange platform. Venmo Customers Can Now Transfer Cryptocurrency
The Hong Kong Monetary Authority (HKMA), the city’s central banking institution and regulator, has called on banks to provide their services to cryptocurrency firms. On April 27, HKMA issued a circular related to the access of corporate customers to banking services. In the document, the regulator has required authorized institutions, referred to as AI, to
Top Stories This Week Circle launches cross-chain USDC transfer protocol Circle launched a cross-chain protocol that enables USDC transfers between the Ethereum and Avalanche blockchains. The protocol works by burning the selected amount of native USDC on the source chain, and minting an equivalent amount of new USDC on the intended destination chain. The protocol
The Federal Deposit Insurance Corporation (FDIC) has requested Cross River Bank – known for its services to fintech and crypto firms like Visa and Coinbase – to “self-correct” and “appropriately address” weaknesses in its lending activities. On April 28, the FDIC made public a consent order executed with Cross River Bank on March 8, alleging that
Economist Stephen Jen, a former Morgan Stanley managing director, expects a shift “from a unipolar reserve currency world to a multipolar world,” with the Chinese yuan, the euro, and the U.S. dollar forming a “tripolar” reserve currency configuration. ‘A Multipolar World’ Economist Stephen Jen, the CEO of asset management firm Eurizon SLJ, expects multiple currencies
Bitcoin (BTC) returned to a familiar range on April 27 as panic over alleged Mt. Gox and United States government transactions faded. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “Rough” price action keeps Bitcoin traders cautious Data from Cointelegraph Markets Pro and TradingView showed BTC/USD traded near $29,000 on Bitstamp, up nearly $2,000 from the
If Bitcoin (BTC) were a country, it might be one of the biggest in the world. That’s according to Jeff Booth, general partner at Bitcoin venture fund Ego Death Capital and author of The Price of Tomorrow: Why Deflation is the Key to an Abundant Future. Cointelegraph spoke to Booth to better understand and visualize the Bitcoin movement’s
At the intersection of tech and cryptocurrency news, the Google for Startups Cloud Program has expanded to include 11 blockchain firms. Together, the entities will provide grants, expertise and services to emerging Web3 entrepreneurs. Meanwhile, the United Kingdom government has allocated $125 million in funding for a task force aimed at accelerating the country’s artificial intelligence
According to multiple reports, First Republic Bank is facing significant financial difficulties and could be taken over by the Federal Deposit Insurance Corporation (FDIC) if private sector banks do not intervene. The FDIC has reportedly approached several large commercial banks regarding purchasing First Republic after the bank’s stocks dropped more than 50% on Friday. FDIC
Tim Draper, one of the most known Silicon Valley venture capitalists, has played a crucial role in the Draper VC dynasty. Not only because he was an early investor in tech firms like Tesla or Skype but also because he made a turning point in the Draper family’s path to Bitcoin (BTC). In the latest
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