Markets

Tesla has been facing growing challenges in China due to strict COVID-19 rules as well as growing competition from local electric carmakers like BYD.The world’s largest electric carmaker Tesla Inc (NASDAQ: TSLA) has decided to cut the price of its cars in one of its most-competitive markets China. As per the latest development, Tesla has cut the price of its Model and Model Y vehicles.Tesla Cars PriceThe price of the Model 3 sedan in China has been reduced to 265,900 Chinese yuan ($36,615)...

According to recent reports, the US Court has approved Voyager’s entry into a $1.42 billion agreement with FTX to acquire its virtual assets.Crypto Lender  Voyager Digital filed for chapter 11 bankruptcy on July 4 after halting withdrawals a few days earlier. According to the company, the Three Arrows Capital default caused liquidity issues forcing them to take this decision. FTX US, therefore, submitted a bid to acquire the company in a “highly competitive” auction process pending court...

Philips posted its Q3 2022 report as the company grapples with the fallout from a medical equipment recall.Royal Philips NV reported on Monday, October 24th, its Q3 2022 earnings which surpassed analysts’ forecasts for the period. However, the Dutch multinational conglomerate corporation’s revenue fell short of expectations. During the third quarter, Philips saw earnings per share of 0.25 euros on revenue of 4.30 billion euros. Meanwhile, analysts polled by Investing.com had it at 0.24 euros...

Stock traders and investors look poised for a bountiful week of earnings as they await a major interest rate decision from the Fed. Monday morning signaled some hopeful times ahead for the European stocks market, which opened on a rising note. However, it might be safe to say that the driving force behind the sudden rise in the value of European stocks, is a recent report that claims that the Federal Reserve could throttle down on its pace of interest rate hikes.  This explains why traders...

[embedded content] 1.) A stablecoin’s rise in market share has ignited the ‘Second Great Stablecoin War’Since Binance announced it would auto-convert USDC, USDP and TUSD into BUSD on Sept. 6, BUSD’s share of the total stablecoin market has risen from 10.01% to 15.48%.https://cointelegraph.com/news/a-stablecoin-s-rise-in-market-share-has-ignited-the-second-great-stablecoin-war 2.) Change of Heart: Kraken Closes Accounts for all Russian UsersFollowing the latest package of sanctions that the...

Stellar lumen price started a fresh decline from the $0.1165 resistance zone against the US Dollar. XLM price is now trading below $0.1120 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $0.1100 on the 4-hours chart (data feed via Kraken). The pair could continue to move down if it breaks the $0.1080 and $0.1065 support levels. Stellar lumen price is trading below $0.1200 against the US Dollar, similar to...

Ripple price started a fresh decline from the $0.5500 resistance against the US dollar. The price is now trading below $0.500 and near the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near $0.4580 on the 4-hours chart of the XRP/USD pair (data source from Bittrex). The pair could start a steady increase if it clears the $0.4850 and $0.5000 resistance levels. Ripple price is struggling below $0.500 against the US...

A series of enabling factors places India at the forefront of global Web3 transformation, said a report by Nasscom, a no-profit apex body of the $227-billion Indian tech industry. It identifies the rapid adoption of new technologies, vast talent pool, and robust startup ecosystem as the key drivers of the nation’s push for a key role in the global Web3 market.  India Web3 Landscape Launched in Bengaluru last week, the report – The India Web3 Startup Landscape: An Emerging...

This October 23, Klaytn, a metaverse and gamefi-focused public blockchain, announced a governance proposal to reduce its block rewards. According to an official statement, the new Q3 updates submitted to the Klaytn Governance Council (GC) seek to optimize the issuance level of KLAY tokens through a governance proposal that lowers block rewards by ⅓. An ongoing proposal by our GC recommends reducing existing block rewards by ⅓ in order to optimize the level of $KLAY...

Last year’s NFT gold rush marked the ascent of OpenSea into a $13 billion company, but its competitors have been increasingly capturing market share. A new report suggests the transition of a previously monopolistic non-fungible token (NFT) market into an oligopoly. OpenSea Faces Stiff Competition According to the latest edition of Binance’s Market Pulse, NFTs had a bad quarter throughout the board in Q3 of 2022. While OpenSea is still the leading exchange, the biggest...