An economic bubble is a time of fast economic expansion that is driven by speculative enthusiasm and excessively high asset prices. A bubble is characterized by an increase in demand for an asset, such as commodities, stocks or real estate, which drives up its price. A number of factors, including easy access to credit, low
Month: February 2023
Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex reserves. Joining BRICS Following the
According to blockchain security firm CertiK, the damage caused to decentralized protocol BonqDAO on Feb. 1 may have been much less than initially thought. As told by CertiK, the attacker first borrowed 100 million BEUR, a euro-pegged stablecoin, with less than $1,000 in collateral due to a lack of controls on the collateralization ratio. If
The memecoin phenomenon didn’t prove as effective in the last month’s crypto market rally, as the gains of the top cryptocurrencies in this category barely outperformed Bitcoin. The monthly gain of Bitcoin (BTC) stood at 44.5%, while the top two meme-based coins, Dogecoin (DOGE) and Shiba Inu (SHIB), gained 27% and 40.7%, respectively. Top meme-coins
The second largest publicly-listed holder of Bitcoin, crypto mining firm Marathon Digital Holdings has offloaded some of its Bitcoin for the first time in two years. A spokesman told Cointelegraph this was not a result of financial distress. As per a January update posted on Feb. 2, the company disclosed it sold 1,500 BTC, worth $35.3
Our weekly roundup of news from East Asia curates the industry’s most important developments. Huawei moves to trademark its NFTs According to a Jan. 28 report by Sina News, Chinese telecom giant Huawei has recently filed for eight trademarks related to its Huawei “YunYunBao” nonfungible tokens (NFT) series. The trademarks include digital collectibles in the
The Australian government is bolstering its market regulator’s digital asset team as part of a “multi-stage approach” aimed at clamping down on crypto and ensuring proper risk disclosures from crypto firms. A Feb. 2 joint statement by Australian Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones explained that the new measures are aimed at protecting consumers
The community is hopeful that XRP could be relisted on Coinbase following the success of attorney John E. Deaton who won what is believed to be regulatory clarity regarding secondary market sales of cryptocurrencies earlier this week. In the legal battle between blockchain-based content sharing and publishing platform LBRY and the U.S. Securities and Exchange
On Feb. 1 and Feb 2. Bitcoin’s (BTC) price surpassed even the most bullish price projections after the U.S. Federal Reserve (FED) announced plans to raise interest rates by 25 basis points. Even though FED chair Jerome Powell told investors not to wait for interest rate cuts in 2023, during his press conference he did
Ether (ETH) has been struggling with the $1,680 resistance since Jan. 20. Still, the ascending triangle pattern and improvements in investor sentiment in ETH derivatives provides hope that Ether price could reach $1,800 or higher by the end of February. This, of course, depends on how the Ether price behaves as it reaches the pattern
The number of crypto-related enforcement actions in the United States grew notably in 2022, according to a survey released by blockchain risk monitoring firm Solidus Labs. Both federal and state regulators broke records for enforcement actions. There were 58 actions carried out by the four main U.S. federal agencies engaged in crypto enforcement in 2022.
The Squiggles NFT project has become the subject of a federal grand jury probe. The project’s founders are reportedly being investigated for wire fraud and money laundering. Squiggles came under fire early last year following an independent report which alleged that the project was a rug pull. The founders were allegedly behind several other NFT
Avalanche moved to its highest point since August, as the token rose by as much as 17% in today’s session. Cryptocurrencies surged across the board, following the latest Federal Reserve rate hike, with the global market cap 4.29% higher as of writing this. Polygon also hit a multi-month high on Thursday, rising by over 14%
Avalanche (AVAX) bulls should brace themselves for impact led by a growing divergence between severalkey indicators on the daily-timeframe chart. AVAX price chart paints bearish divergence The daily AVAX chart shows a classic bearish divergence between its price and relative strength index (RSI), a momentum oscillator forming since Jan. 11. In other words, the price of
‘Snow Crash’ by Neal Stephenson Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal
Summary: The average number of 56 industry experts expect ETH to hit finish 2023 above $2,000 and hit $6,000 by 2025. Finder’s panelists also opined that Ethereum could flippen Bitcoin as the largest crypto by market cap by 2024. 56% of Finder’s experts said now is the time to buy Ether and 60% believe ETH
