Diem to Sell Assets to Silvergate Bank for $200M: Report

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First Mover Asia: Interest Rate Hikes in the Future? Crypto Rally Shorts Out

Good morning. Here’s what’s happening: Market moves: Bitcoin gave up early gains after Powell’s hawkish comments. Technician’s take: Long-term momentum remains weak and BTC is at a critical point. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin (BTC): $36,826 -0.3% Ether (ETH): $2,470 +0.7% Top Gainers Asset Ticker Returns Sector Polygon MATIC +5.5% Smart Contract Platform Dogecoin DOGE +5.1% Currency Solana SOL +3.0% Smart Contract Platform Top Losers Asset Ticker Returns Sector Cosmos ATOM −5.8% Smart Contract Platform Internet Computer…

The Limits of Applying Reves v. Ernst & Young to DeFi and the Perils of Regulating Web3 by Enforcement | Latham & Watkins LLP

The SEC’s reliance on a nebulous US Supreme Court decision raises important questions for the future of decentralized finance. Reves v. Ernst & Young,[1] a 30-year-old US Supreme Court decision on farmers’ co-ops, is garnering attention in the Web3[2] world, specifically in the context of protocol-driven decentralized finance (DeFi).[3] The case popped up in recent speeches by senior Securities and Exchange Commission (SEC) officials, including congressional testimony of SEC Chair Gary Gensler,[4] and featured in one of the SEC’s latest moves in crypto enforcement — an August 2021 action against…

Bitcoin Rally Fades After Fed Signals Upcoming Rate Hike

“Short-positioned traders are dominating the derivative market. This indicates that bitcoin’s bounce was driven by [the spot market] rather than derivatives, which is confluent with the significant bidding seen on Coinbase,” Marcus Sotiriou, analyst at the UK-based digital asset broker GlobalBlock, wrote in an email to CoinDesk. Author: Damanick Dantes Source link

El Salvador’s Battle With the IMF Is Bigger Than Bitcoin

When Nayib Bukele announced that El Salvador would be making bitcoin legal tender, the international monetary establishment acted with some amount of skepticism. When he announced the nation would be issuing bitcoin bonds, that skepticism turned to anger. Now, the IMF is pushing El Salvador to ditch BTC as legal tender altogether. On today’s episode, NLW explores what’s really going on. Author: Nathaniel Whittemore Source link

Zebec announces winners of global hackathon to revolutionize DeFi & Web3 payments

Zebec, the first continuous and programmable cash stream protocol on Solana, announces the winners of its first global hackathon hosted with support from the Solana Foundation. The five winners of the hackathon were chosen from more than 250 projects and will now participate in the Zebec Launchpad program to further incubate and scale applications utilizing the company’s innovative payment technology. Unlike traditional financial settlement systems that move money on a one-time basis and require intermediaries who charge fees and take multiple days to process transactions, Zebec’s money streams can be…

For Enterprises, Privacy Is the Critical Blockchain Feature

Our early experience with partners like Microsoft tells us that we can cut the cycle-time required to handle documents by more than 90% on a blockchain and the cost of administration by around 50%. Unfortunately, without strong privacy, none of this is going to get widespread adoption. If a company were to implement these processes today, their competition would instantly be able to see how much it was producing, how much it was buying in raw materials, its key sales markets, and even the prices paid all along the supply…

Fed Keeps Interest Rates at Zero, Says Hike Appropriate ‘Soon’

The U.S. Federal Reserve said Wednesday it would hold interest rates near zero, even as it edges closer to removing some of the extraordinary stimulus provided to financial markets since the coronavirus hit in March 2020. The benchmark U.S. short-term interest rate will remain in the current range between 0% and 0.25%, according to a statement Wednesday from the Fed’s monetary-policy panel, the Federal Open Market Committee (FOMC). The Fed also released a separate statement announcing it intends to “significantly” reduce the size of its balance sheet “in a predictable…

Web3 Venture Studio SuperLayer Launches on the Solana Blockchain to Build Multichain Consumer-Facing Applications Powered by the RLY Network

SAN FRANCISCO–(BUSINESS WIRE)–Today, Web3 venture studio SuperLayer announced it will be launching on the Solana blockchain to build tokenized consumer applications. The RLY Network Association, the non-profit organization that builds and maintains the RLY network, that powers SuperLayer Labs, leading social token and NFT platform, Rally and Asia creator-focused, Unite, will enable developers to build engage-to-earn and play-to-earn features in their products on Solana while leveraging the ever-growing liquidity of $RLY across chains. The two projects will create new pathways for partners to access $RLY on the Solana network directly…