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The Polkadot network has submitted a new treasury proposal to cover operational costs for its PolkaWorld community over the next three months. This comes as the broader crypto market downturn weighs on Polkadot's native DOT token. PolkaWorld Requests Continued Funding for Asia Education PolkaWorld, Polkadot's community
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A former Chinese Communist Party official has received a life sentence for charges including bribery, abuse of power and assisting crypto mining companies. Xiao Yi leveraged his position to provide financial assistance and power supply guarantees to Bitcoin mining operations in violation of China's prohibitions, according to court
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The Reserve Bank of Australia (RBA) has concluded that the introduction of a central bank digital currency (CBDC) is still years away, following a year-long research project examining potential use cases with the Digital Finance Cooperative Research Centre (DFCRC). In a report published on Wednesday, the RBA said the research
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Adrian Orr, governor of New Zealand's central bank, stated the country needs a mild recession to curb runaway inflation before rates can fall again. His remarks worried crypto investors wary of broad economic impacts. Orr said slowing demand is necessary to rebalance supply constraints. He expects the projected
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Veteran investors Jeremy Grantham and David Rosenberg continue forecasting an impending US recession despite resilience so far. Their persistent warnings weighed on stock and cryptocurrency markets wary of economic cracks. Grantham believes the Fed's interest rate hikes will still trigger downturns in late 2022 or 2023. Rosenberg points
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Thailand’s economic growth decelerated more than expected in the second quarter, expanding just 1.8% year-over-year. The slowdown reflects weakening exports and political uncertainty that could affect cryptocurrency adoption. GDP increased only 0.2% over the first quarter as tourism failed to fully offset struggling exports. The data may
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Singapore’s core inflation rate slowed for a third straight month in July, reaching 3.8% year-over-year. This matched economist forecasts and could give the central bank room to maintain existing crypto policies amid a cooling economy. Overall inflation also declined to 4.1% in July from 4.5% in
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According to crypto podcast host Scott Melker, Bitcoin remains in a bull market despite recent weakness. In an interview, he explained why he doesn't expect new lows below $20,000 in the coming months barring an unforeseen "black swan" event. Melker identified $25,000 as key
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BlockFi is resisting attempts by fellow bankrupt firms FTX and Three Arrows Capital (3AC) to claw back billions in loan repayments. BlockFi argues this would unjustly impact its own creditors and customers. The struggling crypto lender filed objections in bankruptcy court against FTX seeking $5 billion and 3AC seeking $220
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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