Markets

[PRESS RELEASE – Victoria, Seychelles, April 4th, 2023] Wallet upgrade also includes first-of-its-kind independent ‘Emergency Escape’ 2/3 asset recovery feature OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today upgraded its OKX Wallet to become the first Web3 wallet to utilize leading-edge multi-party computation (MPC) technology in combination with its support of an industry-best 37 blockchains. In addition, the wallet...

When Virgin Orbit went public, its valuation was pegged at around $4 billion, however, the tides have shifted over the past few months with the company’s market capitalization now pegged at around $65.38 million. Satellite launcher and space technology company Virgin Orbit Holdings Inc (NASDAQ: VORB) has filed for Chapter 11 bankruptcy in the United States bringing a solemn end to its months of financial instability. As reported by CNBC, the bankruptcy was filed in the US Bankruptcy...

According to the company, it has plans to produce a total of 1.8 million vehicles with the total delivery expectations pegged around that figure. American multinational electric vehicle manufacturing company Tesla Inc (NASDAQ: TSLA) recorded a bearish close of its stock on Monday following the publication of its first quarter delivery numbers. The figures, unveiled over the week showed the company delivered a total of 422,875 electric vehicles in the quarter with a total production of...

Research from blockchain analytics firm Kaiko shows that Bitcoin’s correlation to gold soared to its highest level in over a year in March.  The newfound correlation has occurred amidst a falling correlation to the stock market, indicating that Bitcoin may be drifting toward risk-off asset status.  Bitcoin As Digital Gold Per Kaiko’s report, the correlation between Bitcoin and gold now stands at 50%. Meanwhile, its stock market correlation stands at roughly 20%, having been...

The blockchain security company – PeckShield – outlined that wrongdoers siphoned $211.5 million worth of cryptocurrencies last month via 26 attacks. The Euler Finance exploit accounted for the bigger part of the amount after hackers stole $197 million in staked ETH, USDC, wrapped BTC, and DAI. March Was Not All Sunshine and Roses The revival of the cryptocurrency market last month and the rising prices of many digital assets seemed like great news for investors and proponents...

Bitcoin and Ethereum took some nasty dips in early March due to negative news surrounding popular digital currency bank Silvergate Capital. Silvergate Has Sent Ripples Throughout the Space The company announced a net loss of more than $1 billion, and other crypto-based companies – like Paxos and Coinbase – were quick to step away from it and cut off all business with the firm. In addition, Silvergate stock fell by more than 60 percent. The good news – according to...

VCs remain the major source through which institutional investors access crypto. Venture capital (VC) firm Re7 Capital has tapped web3 advisory and crypto infrastructure firm Republic Crypto to launch a $100 million fund for liquid tokens. The fund, which is dubbed RxR Opportunities Fund, is one of the early initiatives of the 2022 strategic joint venture between the two firms. According to The Block, the fund will allow eligible investors to have access to a limited number of hand-picked...

A new deal sees the WWE and UFC merge under the same umbrella for all-round combat sports offerings subject to regulatory approval. The World Wrestling Entertainment (WWE) has agreed to merge with the Ultimate Fighting Championship (UFC) to form a publicly-traded combat sports company. According to reports, the new company will be run by a talent and media holding company and UFC parent Endeavor Group Holdings. The WWE deal comes months after news first emerged that the popular wrestling...

Ethereum Layer 2 governance platform Arbitrum Foundation has spoken out following the community FUD from its controversial ARB sale.  The Arbitrum Foundation is taking heat for offloading 50 million ARB tokens on-chain without community consent. ARB’s value slumped 11% following the sale, with the Foundation explaining it utilized the proceeds in the DAO’s interest. The Foundation also revealed it loaned 40 million ARB from the total on-chain transfer to a financial markets player. In...

As the growing liquidity strain in the price of Bitcoin is a major concern, American banks are likely to start exploring new avenues to rebuild that part of the industry. The recent bank runs of American banks as recorded in March have fueled a massive pulldown on the liquidity base of Bitcoin (BTC), the world’s largest digital currency by market capitalization. As reported by CoinTelegraph citing data from crypto analytics provider, Kaiko, the drained liquidity in the market has hit a...