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The United State Federal Reserve Board has rejected Custodia Bank’s application to become a member of the Federal Reserve System. In its announcement, the Fed stated that the application was “inconsistent with the required factors under the law.” It also claimed Custodia had an “insufficient” management framework and cited an
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The voting comes as Gemini, the issuer of GUSD, is under pressure after halting withdrawals from its yield-paying product, called Gemini Earn, and because of a lawsuit by the top U.S. securities regulator. Gemini is the brainchild of mega-crypto investors Cameron and Tyler Winklevoss, who still helm the company. Source
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The author of “The Price of Tomorrow,” Jeff Booth, has warned about debt deflation, calling it a “great depression on steroids,” if the Federal Reserve continues to hike interest rates. He believes that eventually the Fed “will be forced to pivot.” Jeff Booth Warns About Danger of Continued Fed Rate Hikes The
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On-chain data shows the Bitcoin spot and derivative exchange reserves have both shot up recently, a sign that could be bearish for the price. Bitcoin Spot And Derivative Reserves Register Growth As pointed out by an analyst in a CryptoQuant post, the open interest and the funding rates are also heating up
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During the last month, Russia’s ruble has dropped 16.48% against the U.S. dollar as energy and commodity prices have slowed over the last few weeks. Russia’s central bank revealed two weeks ago that it is further distancing itself from U.S. dollar dependence by purchasing the Chinese yuan on foreign exchange
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“Given the significant risks highlighted by recent failures of several large crypto-asset companies, the agencies continue to take a careful and cautious approach related to current or proposed crypto-asset-related activities and exposures at each banking organization,” according to the statement from agencies that also included the Office of the Comptroller
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The U.S. central bank’s Federal Open Market Committee (FOMC) convened on Wednesday and raised the federal funds rate by 50 basis points (bps). The 0.5 percentage point rise follows the four consecutive three-quarters of a point increases codified during the last few months. The FOMC’s rate hike follows the recent
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The U.S. central bank raised its benchmark interest rate to a range of 4.25%-4.5% on Wednesday. Officials now expect the current rate-hiking cycle to peak next year at a "terminal rate" above 5%. Source
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By a very large margin, Tether comes off as one of the top three companies operating as a Virtual Asset Service Provider (VASP) that receives a constant attack from mainstream media per its reserve. Tether Holdings Plc, the issuer of the world’s largest stablecoin, USDT has announced plans to reduce the
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Withdrawals rose following a string of concerning news reports about Binance, and as investors have become increasingly cautious about their funds on centralized exchange. The swift collapse of rival exchange FTX, piled on other industry debacles, has prompted other exchanges to prove that they are safeguarding customers’ assets. Source
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