Category: Market News

A widely followed crypto analyst is looking forward to what a new month might mean for the top two crypto assets by market cap. In a new Daily Price Action blog post, crypto trader Justin Bennett says that yesterday’s sell-off in the Bitcoin (BTC) markets might just be due to institutional traders balancing their books. “As large institutions close their books, we often see markets become erratic and indecisive in the final 24-48 hours of the month. So how Bitcoin trades in the first week of June will be telling. But if…

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First Digital’s stablecoin FDUSD will be pegged on the US dollar and regulated in Asia, the Hong Kong-based company said. All reserves will be held in segregated accounts at regulated financial institutions. The FDUSD stablecoin will launch on the BNB Smart Chain. First Digital, a Hong Kong-based qualified custodian and registered trust company, has launched a new stablecoin First Digital USD (FDUSD). The USD-pegged stablecoin will be backed 1:1 with the US dollar reserves and issued by First Digital subsidiary FD121 Limited. The cash or highly liquid reserves will be…

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Crypto exchange Bybit announced that it will cease offering its products and services in Canada just weeks after industry giant Binance decided to leave the country. In a new statement, Bybit says it will stop serving the Canadian market citing challenges in complying with new regulatory measures. “It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in Canada. In light of recent regulatory development, Bybit has made the difficult but necessary decision to pause the availability of our products and…

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June 1, 2023 – Phoenix, Arizona Devour, a pioneering restaurant engagement technology company, is thrilled to announce its strategic partnership with AlterVerse, an innovative force in the gaming industry. The collaboration aims to revolutionize the restaurant and gaming experience by expanding DevourGO, Devour’s Web 3.0 enabled guest engagement platform, to the upcoming release of AlterVerse’s Sky City gaming metaverse. DevourGO has emerged as a prominent player in token-gating food ordering experiences. It is gaining swift recognition for its innovative approach, which allows users to unlock these experiences by utilizing their…

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Coinbase chief executive Brian Armstrong thinks the US regulatory approach to crypto will weaken the country’s “national security posture.” In a new opinion piece published in MarketWatch, Armstrong argues that crypto innovation is moving offshore due to lack a of clarity and threats of enforcement action from regulators. The Coinbase CEO says American innovation in the financial system throughout the 20th century benefited US economic interests and maintained the dollar’s status as the global reserve currency. Armstrong warns, however, that China is currently testing the dollar’s financial supremacy. “Two Chinese…

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Tether, the leading blockchain-enabled platform behind the widely used stablecoin, USD₮, has achieved a significant milestone by surpassing its previous all-time high market cap of $83.2 billion, which was set in May 2022. The company’s Chief Technical Officer, Paolo Ardoino, attributes this achievement to the growing demand for financial freedom and the trust that customers have placed in Tether. Ardoino stated, “Today’s numbers demonstrate that people want access to financial freedom, and when given that access, they will make use of it.” He emphasized Tether’s role in providing a safe…

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