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Binance.US recently replaced USD with USDT stablecoin as its base trading pair. This completed its transition to a purely crypto-centric exchange without direct fiat integration. The move follows banking partners cutting ties under regulatory pressure. To still facilitate dollar transactions, Binance.US now leverages third parties like MoonPay for
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Sam Bankman-Fried, founder of the collapsed FTX cryptocurrency exchange, is reportedly enduring sparse conditions in prison as he awaits trial. His legal team argues this hampers their defense preparations. Bankman-Fried recently pleaded not guilty to fraud charges. But his lawyers say he lacks proper vegan food and medication in jail.
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Bitcoin's price does not move completely independently from other assets. Its correlations with certain stocks, precious metals, and funds can provide insight for investors on market moves. But these relationships fluctuate and should not be used as a crystal ball. New reports find that Bitcoin's correlations
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Australia's unemployment rate rose unexpectedly in July as the economy shed jobs, signaling the labor market may be at an inflection point. The data supports the RBA holding interest rates steady, which could aid risky assets like cryptocurrencies. Surprise Job Losses Australia's unemployment rate climbed to
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Goldman Sachs recently upgraded its US home price forecast from a drop this year to slight gains in 2023-2024. The unexpected resilience challenges assumptions that housing weakness will weigh on growth and interconnected markets like crypto. Revising Downside Projections Goldman analysts previously predicted home prices would fall nearly 2% in
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Upcoming risky Treasury debt auctions and Fed Chair Powell's speech at the annual Jackson Hole summit could impact crypto markets this week. Hints of further rate hikes from Powell or weak auction demand highlighting recession risks could pressure Bitcoin and digital asset prices. Testing Demand for Long-Term US
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Recent economic data shows US consumer spending has remained strong despite rate hikes, reducing chances of a recession. However, this persistent demand could make it harder for the Fed to tame inflation, weighing on Bitcoin and crypto valuations. Strong Growth Defying Rate Hikes Many expected rate hikes would severely slow
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According to recent data on Treasury futures and options positioning, traders are increasingly betting on interest rates remaining elevated through 2023. As the crypto market closely tracks Fed policy, this rising expectation for a prolonged rate hike cycle could be a headwind for Bitcoin and digital asset prices. Pricing Out
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According to a recent Bloomberg survey, most institutional investors still expect to maintain or increase exposure to gold over the next year. This moderately bullish outlook persists despite recent headwinds weighing on gold prices. For crypto markets also searching for direction, gold's resilience highlights the enduring appeal of
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According to on-chain data tracked by Lookonchain, one savvy trader executed well-timed short and long Ethereum (ETH) positions on decentralized exchange GMX during crypto's recent volatility. The trades earned the anonymous trader over $1 million in profits. Prescient ETH Short Before Sell-Off On July 14, with ETH prices
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OpenAI has introduced fine-tuning support for its powerful GPT-3.5 language model. Fine-tuning allows feeding GPT-3.5 custom data to optimize it for specialized tasks and use cases. Early tests show fine-tuned versions can match or even beat GPT-4 in niche applications. How Fine-Tuning Works Fine-tuning trains GPT-3.5 on
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Decentralized autonomous organizations (DAOs) aim to be next-generation community-run networks. However, issues like voter disengagement and concentration of power threaten their decentralized ethos. DAOs are exploring new governance models to re-engage users and distribute decision-making. The Promise and Pitfalls of DAOs DAO adoption has accelerated, highlighting the appeal of blockchain-based
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The recently launched social crypto app friend.tech has quickly amassed over 100,000 users. However, the sustainability of its growth remains uncertain, as the crypto community debates whether friend.tech is just another fleeting trend or a more enduring platform. How Friend.tech's Social Tokens Work Friend.
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Former SEC enforcement official John Reed Stark has reiterated his belief that legal action by the US Department of Justice against leading crypto exchange Binance is imminent. Stark points to a recent Wall Street Journal report on Binance's alleged ties to sanctioned Russian banks as further reason why
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President Joe Biden recently announced a new student loan repayment plan called SAVE (Saving on A Valuable Education) that aims to provide relief for federal student loan borrowers. The plan could lower monthly payments and help some borrowers get their loans forgiven sooner. This move has implications not just for
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Mortgage rates crossed above 7% this past week for the third time since April 2002, according to Freddie Mac. The rapid ascent in borrowing costs presents headwinds for crypto as well. Mortgage Rates Reach New Highs The average 30-year fixed mortgage rate climbed to 7.09% for the week ending