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Congressman takes aim at peers who think crypto could cause a ‘financial 9/11’
Representative Ted Budd of North Carolina, a member of the House Financial Services Committee and Congressional Blockchain Caucus, has urged lawmakers to embrace decentralized innovation. In what appears to be the first occasion in which a publicly elected official has met with a decentralized autonomous organization (DAO), Budd acknowledged the increasing concern about crypto among lawmakers while speaking to MakerDAO’s Chris Cameron on July 29. “There are some on the Senate side and some on the House side which fear, especially when it comes to currency, the blockchain, decentralized finance and how it’s going to evolve,” he said. “The fear is whether it will hurt our national sovereignty? Will it destabilize the dollar? Is it a threat to national security?” he added. “You even hav...
PayPal set to launch crypto trading in the UK and may embrace DeFi
Global payments platform PayPal is looking towards the United Kingdom as the next market in which to expand its crypto trading services. According to the company’s second-quarter earnings call on Wednesday, PayPal has done very well out of crypto trading for the period. CEO Dan Schulman stated that the U.K. is likely to be the next country where crypto trading is offered. “Yeah, well, we continue to be really pleased with the momentum we’re seeing on crypto. […] We’re going to launch, hopefully, maybe even next month in the U.K., open up trading there.” He stated that the company is adding “incremental functionality” to the crypto trading platform, having already increased the crypto purchasing limits to $100,000 per week on July 15. PayPal is also working on open banking integ...
Reservoir Media Stock Stumbles on First Day of Trading
Roth CH Acquisition II shares had a $10 IPO price and briefly exceeded $11 in February. Since then, investors have showed less enthusiasm and with few exceptions have traded below $10 since mid-May. Reservoir, which had revenue estimated at $64 million for its fiscal year ended March 31, is now the fourth publicly traded company that focuses on music rights acquisitions — Hipgnosis Songs Royalty Fund, Round Hill Music Royalty Fund and One Media iP Group are listed on the London Stock Exchange. It is the first to trade in the U.S. and the first led by a female, CEO and founder Golnar Khosrowshahi. “This entry into the public markets is a testament to the growth and bright future that lies ahead within the industry,” Khosrowshahi said in a statement Thursday. “As we focus on our growth...
Amazon Reports $7.8 Billion USD in Profit For Second Quarter, Misses Revenue Expectations
Amazon shared its mixed second-quarter financial results on Thursday, falling short of Wall Street’s revenue expectations, but turning over strong net income. The company reported revenue of $113.1 billion USD, a 27 percent increase and a record for Q2, though still missing analyst’s expectations of $115.07 billion USD. Additionally, Amazon reported a net income of $7.8 billion USD, which equates to $15.12 USD per diluted share. That figure is a 50 percent increase from last year’s $5.2 billion USD in the same period. Looking to third-quarter guidance, Amazon expects net sales to land between $106 billion USD and $112 billion USD, or to increase between 10 and 16 percent compared to last year’s figures. The company expects operating income to fall between $2.5 billion USD and $6.0 billion ...
Ethereum price can hit $14K if the March 2020 chart fractal holds
Ethereum’s native asset Ether (ETH) faces prospects of closing above $14,000 sometime in 2021 based on its current trend’s striking similarity with the one from last year. Ether price fractal First spotted by user TradingShot, the Ethereum fractal involves three technical indicators: a 50-day simple moving average (50-day SMA), a Fibonacci channel, and a relative strength index (RSI). Ether closed above its 50-day SMA in July 2021, the first time since the May 2021 bearish correction. As TradingShot noted, breaking above the said moving average wave historically predicts bull runs. For instance, a run-up above the 50-day SMA in April 2020 took the ETH/USD exchange rate from around $170 to over $500 in September 2020 — in only 137 days. Ethereum bullish fractal by TradingShot. S...
Altcoins pump while traders anticipate a lower support test from Bitcoin
Bitcoin (BTC) bulls are locked in a battle with bears in order to take control of the $40,000 level and dovish comments from U.S. Federal Reserve Chair Jerome Powell suggest that loose monetary policies will remain in place for the foreseeable future. Generally, the crypto ecosystem is “cautiously optimistic” about further price rises as the fallout from China’s miner purge begins to subside and displaced miners begin to establish mining operations in other countries, resulting in a rebound of the Bitcoin hash rate. Data from Cointelegraph Markets Pro and TradingView shows that while the momentum in Bitcoin has slowed down, several altcoins have gained more than 30% on the 24-hour chart, led by THORChain (RUNE), Quant (QNT) and Perpetual Protocol (PERP). Top 7 coins with the highest 2...
IMF intends to ‘ramp up’ digital currency monitoring
The International Monetary Fund, or IMF, plans to “step up” its monitoring of digital currencies, according to a report by Reuters. This intent, as published in an IMF paper Thursday, details how the fund plans to “manage this far-reaching and complex transition” toward a digitized economy. “Rapid technological innovation is ushering in a new era of public and private digital money,” the report reads, highlighting the benefits of digital assets. “Payments will become easier, faster, cheaper, and more accessible, and will cross borders swiftly. These improvements could foster efficiency and inclusion, with major benefits for all.” Related: IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin However, such implementations can only occur ...
Bitcoin bulls control Friday’s $1.7B monthly options expiry
On Friday, July 30, a total of 42,850 Bitcoin (BTC) option contracts ($1.7 billion) are set to expire. This might be the first time since the May 21 weekly expiry that bulls will be able to profit from the $40,000 call (buy) options. The most recent surge in price may have been prompted by the rumor that Amazon would accept crypto payments, but after the e-commerce giant denied these rumors, BTC has held relatively steady. According to options markets, regardless of the reason behind the recent market strength, a few incentives are in place for bulls to sustain the $40,000 level. Aggregate July 30 Bitcoin option open interest by strike. Source: Bybt.com While the initial analysis favors the neutral-to-bullish call options by 21% according to the call-to-put ratio, a decent number of ...
iHeartMedia Strikes Multiyear Deal With NBA for 20 Podcasts
iHeartMedia has reached a multiyear podcast deal with the NBA that will result in more than 20 podcasts over the next four years, the audio giant said on Wednesday. The podcast deal comes three months after iHeartMedia announced it was creating a podcast network for the NFL as part of a multiyear, exclusive partnership. The NBA’s podcasts, which will be co-produced by iHeartRadio and the NBA, will include a mix of content from the NBA’s archives, player commentary, league news and insider analyses. The first show is expected to premiere this fall, iHeartMedia said. It’s not immediately clear which athletes will participate in the podcasts. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a datin...
Robinhood Valued at $32 Billion USD Ahead of Its IPO
Ahead of its debut on the NASDAQ, popular no-fee trading app Robinhood priced its shares at $38 USD each, valuing the company at about $32 billion USD. Robinhood filed the paperwork necessary to go public with the U.S. Securities and Exchange Commission (SEC) earlier this month and will will soon trade under the symbol “HOOD.” CNBC explained that the company sold 52.4 million shares, while the app’s co-founders Vlad Tenev and Baiju Bhatt each sold about $50 million USD worth of stock. The company raised about $2 billion USD in the move. Previously, CNBC noted that Tenev, who serves as Robinhood’s CEO, could see his net worth more than double after the app goes public on Thursday. In its filing with the SEC, the company revealed a number of key legal proceedings and financial...
Biden’s economic gains come with newer worries about the future
Some economists have already begun to ease back on forecasts for the rest of this year and 2022 as the Delta coronavirus variant surges, inflation spikes, supply chain issues persist and employers complain about a dire lack of available workers. Even the massive spending plans that Biden is trying to push through Congress, including a potential bipartisan infrastructure deal, wouldn’t provide a short-term jolt for the economy heading into the 2022 election year. The White House is keenly aware that both the economy’s future and the president’s political fortunes depend on avoiding any significant backsliding on Covid that leads to fresh lockdowns. “We’ve known since this thing started going around the globe in late 2019 that the most important thing was getting Covid fully under cont...
EU entrusts $30M to new blockchain and digital assets fund
Analysts have long decried the European Union’s lack of homegrown tech giants, pointing to the gulf between the bloc and counterparts like the United States and China. However, the EU now appears to be making moves to up its investments in innovative technologies. The European Investment Fund (EIF), the EU agency responsible for SME financing, has recently backed a new digital assets and blockchain fund. Fabric Ventures, a venture capital fund based in Luxembourg that invests in digital assets, tokenization projects and other blockchain applications, has secured $30 million from the EIF out of a total of $120 million for its 2021 fund. Other high-profile investors include executives from Ethereum, PayPal, (Transfer)Wise, Square, Google, Galaxy Digital, PayU, Ledger and man...
