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Bitcoin had been riding the euphoric high from the CPI data released on Tuesday which showed that inflation was finally slowing down in the United States. The digital asset had been able to clear $18,000 for the first time since the FTX collapse as a result of this. However, the
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On Wednesday, the apex bank its increased its interest rate to between 4.25% and 4.5%, marking the highest level in 15 years. The Federal Reserve has hiked the interest rate to its highest level in 15 years. On Wednesday, the apex bank announced it was increasing rates to
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“Leverage, volatility and interest have faded as investors battle with declining prices,” analysts led by Joseph Ayoub wrote. “Retail interest has broadly diminished as prices have declined,” and this has “coincided with a more general decline in volatility.” Original Source
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Tesla boss Elon Musk opines that the Fed’s attempts to stem inflation may inadvertently induce a full-blown recession.Elon Musk believes that the Federal Reserve must cut interest rates immediately or risk incurring a severe recession. The outspoken Tesla CEO made his opinion known in an early tweet Wednesday, which read:“Trend is concerning. Fed needs to
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Paul, Weiss, the law firm backing FTX CEO Sam Bankman-Fried (SBF) amid bankruptcy, renounced representing the entrepreneur, citing a conflict of interest. The decision to withdraw from representation after SBF’s tweets were found to disrupt the law firm’s reorganization efforts.Starting Nov. 14, SBF published a series of tweets that amassed
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The cryptocurrency sector is the Wild Wild West in comparison to traditional finance, yet a number of banks are showing interest in digital assets and decentralized finance (DeFi). This year in particular has been notable for banks exploring digital assets. Most recently, JPMorgan demonstrated how DeFi can be used to improve
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According to Julian Hosp, co-founder of the decentralized finance entity Defi Chain, the fall of the crypto exchange FTX and the domino effect it has had may have rekindled interest in decentralized finance (defi) and associated products. Hosp, however, conceded that the crypto exchange’s dramatic collapse also encourages regulators to
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“Overall, banks’ interest in offering crypto-asset trading to their customers still seems, to me, to be limited,” Branson said in an interview posted on the ECB website, saying that blockchain technology needs to move from being merely “promising” to being “effective and scaleable.” Source
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"Last week, Alameda's balance sheet was questioned, and Binance also announced that it would liquidate FTT and other assets related to the FTX exchange," Griffin Ardern, a volatility trader from crypto asset management firm Blofin, said. "This appears to have caused a panic among investors, who chose to hedge their
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Bitcoin price dipped a few points against the US Dollar after the fed rate hike. BTC remained supported and might eye a
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