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Tag Archives: AA News

Circle CEO Urged Watchdogs to Accept That People Want Digital Cash

The Circle CEO continued to push the adoption of digital currencies as he viewed cash’s features, including portability, privacy and role in securing individual sovereignty, are what could make digital cash alluring to people. “Cash Is King” In a panel discussion hosted by the World Economic Forum, Circle CEO Jeremy Allaire elaborated his bullish thesis on the power of physical cash, saying that economic sovereignty is the predominant feature that makes people prefer it over...

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Crypto Investor and Influencer Arrested for Visiting Terra Founder Do Kwon’s Apartment

The unknown person visiting Terraform Labs’ founder, Do Kwon, has been identified and later arrested. According to a BBC News report, an AfreecaTV streamer who goes by “Chancers” was the desperate man who knocked on the controversial exec’s home earlier this month. The social media personality made quite a fortune after entering the digital asset space in 2017. Chancers had invested $800,000 in LUNA. Following the latest crash, he lost approximately $2.4 million. He was...

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Risk-Aversive Bets Reigned Amid Terra’s Notorious Plunge (Report)

Crypto exchange Bybit collaborated with blockchain analytics platform Nansen to publish another monthly report on the state of the crypto industry. It focused on the broader market condition, DeFi activities, and NFT markets. The paper regarded Terra’s notorious collapse as fundamentally destructive to the nascent crypto community but beneficial to other Layer-one competitors since they have attracted the outflow capital derived from the fallen community. Investors Adopting a...

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Ray Dalio Still Holds ‘Tiny Percentage’ of Portfolio in Bitcoin

Bridgewater Associates founder Ray Dalio confirmed on Tuesday that a “tiny percentage” of his portfolio is allocated to Bitcoin. He acknowledged how it could play a special role in today’s worldwide inflationary environment, among a broader set of safe-haven assets. Cash is Still Trash In conversation with CNBC’s Andrew Sorkin, Dalio reiterated his “cash is trash” thesis, due to the speed at which its holders are losing buying power. Annual CPI inflation in the United States...

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South Korean Authorities Ask Exchanges to Block LFG From Withdrawing Funds: Report

South Korean police are reportedly looking to freeze assets associated with the non-profit organization Luna Foundation Guard (LFG) following the eventful collapse of Terra (LUNA). According to South Korea’s national broadcaster Korean Broadcasting System (KBS), on Monday (May 23, 2022), the Seoul Metropolitan Police Agency asked several exchanges in the country to prevent LFG from withdrawing funds. Although such platforms are not mandated by law to carry out the police...

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Investors Shouldn’t Abandon Crypto Because of Terra’s Collapse, Says IMF’s Managing Director

According to Kristalina Georgieva – the Managing Director of the International Monetary Fund (IMF) – the recent fiasco with LUNA and UST should not become a reason for people to turn their backs on the cryptocurrency industry entirely. Unlike her previous statements, she praised the “faster service, much lower costs, and more inclusion” that the asset class provides. Not all Digital Assets are the Same Terra’s native token – LUNA – and its algorithmic stablecoin – UST – were...

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South Korean Crypto Exchanges Issue Investment Warnings After Litecoin’s MWEB Update

Two leading South Korean cryptocurrency exchanges, UpBit and Bithumb, have issued a warning for Litecoin after the activation of MimbleWimble Extension Blocks (MWEB). Growing Concerns UpBit revealed terminating “transaction support for digital assets with technology that makes transmission records indistinguishable from the past” while pointing to Korea’s Act on the Reporting and Use of Specific Financial Transaction Information. Under this act, crypto exchanges in the...

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Bloodbath: Half of Top 30 Cryptocurrencies 80% Below ATH

As BTC gets rejected from $30,000 and ETH slides below $2,000, the broader crypto market is deep in the red zone. As of now, half of the top 30 cryptocurrencies are 80% (or more) down from ATHs. Altcoins in Bloodbath After major cryptocurrencies hit ATHs last November, with Bitcoin touching the $69,000 level at one point, a months-long bear market has brought 15 of the top 30 cryptocurrencies 80% down from their record highs. As the selloff extends in time with no signs of...

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Luxury Fashion House Balenciaga Accepts Payments in BTC and ETH (Report)

The French fashion brand – Balenciaga – will reportedly embrace cryptocurrencies as a payment method for its products. Initially, the offering will be available at the firm’s US shops on Madison Avenue in New York and Rodeo Drive in Beverly Hills, Los Angeles. Balenciaga Catching the Crypto Wave According to a recent coverage, Balenciaga will allow its American customers to buy clothes, shoes, bags, and other products using bitcoin and ether. Customers will also be able to...

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Sumitomo Mitsui Trust to Establlish a Crypto Firm Targeting Instiutional Clients

Sumitomo Mitsui Trust – one of the largest asset managers in Asia – will tap Tokyo-based crypto exchange Bitbank to set up a company offering digital asset services to institutional clients this year. The newly created firm will hold cryptocurrencies and Non-Fungible Tokens (NFTs) for “large investors and corporations.” Sumitomo Mitsui Trust Focused on Security Issues Sumitomo Mitsui Trust’s latest crypto partner Bitbank reportedly ranked as the third-largest crypto exchange...

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