Miners revenues drop yet mining level rises
Bitcoin miners have experienced a challenging year, with mining incentives cut in half, difficulty increasing, and new ETFs siphoning off investor capital. The two largest U.S.-listed miners, Marathon Digital and Riot Platforms, have decreased by 10% and 33%, respectively, while bitcoin has increased by 60% year-to-date to $67,859, reaching a record level in March. The…
FDIC position replacement will be announced soon
The White House may choose a candidate to succeed the current chair of the Federal Deposit Insurance Corporation (FDIC) as early as next week, as more evidence of agency failures surfaced on Friday. FDIC Chair Martin Gruenberg announced he would resign if a successor was confirmed by the Senate. Republican demands for Democratic President Joe…
Japan push public to expand capital market
Japan’s Prime Minister Fumio Kishida has emphasized asset management in a speech to international investors in Tokyo. The country’s efforts to improve business earnings and governance are beginning to pay off as the country emerges from years of deflation. The government aims to capitalize on this interest and establish itself as a major global hub…
Fed first rate cut is near end of the years
The Federal Reserve (Fed) is cautiously welcoming signs of a loosening labor market and progress in lowering inflation toward its 2% target rate. Fed Governor Christopher Waller and President of the Atlanta Fed Raphael Bostic have both expressed concerns about the timing of interest rate reductions. Waller believes that a slowdown in demand is necessary…
Brazil’s set up regulation for crypto
Brazil’s central bank has decided to divide regulation of virtual asset service providers and crypto-assets into phases, with regulatory recommendations expected by the end of this year. This decision postpones the conclusion of the 2022 statute, which allowed for later central bank regulation.
Genesis Global bankruptcy has been approved
Cryptocurrency lender Genesis Global has been approved by a US Bankruptcy Court judge to restore nearly $3 billion in cash and bitcoin to its clients, preventing its owner, Digital Currency Group, from recovering from the bankruptcy. Genesis’ Chapter 11 liquidation plan was accepted, and the court dismissed Digital Currency Group’s objection that Genesis should only…
WHO warned public to get vaccination for measles
A child under five in Ontario has died from measles, marking the first case in the province in over ten years. Public Health Ontario reported the child needed hospitalization and had not received a vaccination. Since 2000, the World Health Organization has saved almost 50 million fatalities from measles. Prime Minister Justin Trudeau attributed recent…
e-CNY is accepted now in Hong Kong
Hong Kong’s de facto central bank president announced that the city will allow mainland China’s pilot digital currency, e-CNY, to be used in local shops. The scheme will enable citizens to create digital wallets using a smartphone app created by China’s central bank, allowing them to make payments at physical stores and online retailers in…