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WATCH RELATED VIDEO: This Western State Wants to Be America’s Crypto Capital

Bitcoin Climbs Back Above $40,000 as Risk Appetite Returns


We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. More than two years after it was first announced, the Facebook-sponsored cryptocurrency formerly known as Libra appears to be coming to an end.

The Diem Association set up by Facebook to manage the digital token is exploring a sale of its assets after meeting resistance by regulators who opposed the initiative, according to a new report by Bloomberg.

The U. Originally, Libra was meant to be a digital token backed by a basket of currencies from around the world, but regulators quickly halted that idea. So a simplified design was created, pegging a rebranded Diem token to the US dollar. There have been other recent signs that Diem may not see the light of day. Facebook, which now calls itself Meta, recently launched the digital wallet it originally built for the Diem coin with another stablecoin from Paxos instead.

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City bundling blockchain hacks for homelessness in Bloomberg challenge

Disclaimer: The opinion expressed here is not investment advice — it is provided for informational purposes only. It does not necessarily reflect the opinion of U. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

There are few things scarier for investors than a bear.

Tegna in advanced buyout talks with Standard General - Bloomberg News

The Bank of England 's deputy governor for financial stability, Jon Cunliffe, has warned that cryptocurrencies could spark a global financial crisis unless tough regulations are introduced. Cunliffe acknowledged that governments and regulators must be careful not to overreact or classify new approaches as "dangerous" simply because they are different, and also noted that crypto technologies offer a prospect of "radical improvements" in financial services. However, he contended that although financial stability risks remain limited for now, the current applications of cryptoassets pose a financial stability concern since the majority "have no intrinsic value and are vulnerable to major price corrections. Prices are susceptible to a variety of external triggers, from comments by Tesla CEO Elon Musk to regulatory crackdowns by the Chinese government. And, crucially, this is happening in largely unregulated space," Cunliffe said. His comments echo those of Bank of England Governor Andrew Bailey in May , who cautioned that cryptocurrency investors should be prepared to lose all their money due to the assets' lack of "intrinsic value. The U. Cunliffe said the risk to financial stability could grow rapidly if the market continues to expand at such a pace, but the scale of those risks will be determined by the speed of response by regulators and governments. Central to whether major price corrections can be absorbed by the system, saddling some investors with painful losses but avoiding a knock-on impact on the real economy, depends primarily on interconnectedness and leverage, Cunliffe argued. Both of these were present in the subprime mortgage market prior to , enabling the knock-on effects that ultimately brought the global economy to its knees, and both are becoming increasingly prominent in the crypto space, Cunliffe suggested.


Bitcoin ETF goes from boom to bust after a record US debut

bloomberg blockchain news

The compiled work will be submitted to Bloomberg for evaluation on Aug. Adler helped judge the results of the competition and said the city will make progress in reducing homelessness by finding new ways to make connecting to service programs easier. Andrew Overby, a member of the Compass team that worked on the digital wallet piece during the hackathon, said the briefings ahead of the event with those working to reduce homelessness helped participants learn how problems of loss, theft and document deterioration can make it difficult for the homeless to maintain control of their identification. Overby, who works in digital product management, learned of the event through his work with the Back on My Feet Austin nonprofit that looks for new approaches to help the homeless.

Binance Holdings Ltd.

Bitcoin, Ethereum And Stablecoins Poised For A Massive Takeover, According To Bloomberg

Meta Platform, Inc. According to a Bloomberg report, the project is searching for a buyer for its intellectual property IP. The report, which quotes anonymous sources, does not specify contents of Diem's IP portfolio nor the price that a buyer may be willing to pay for it. The company is also assisting engineers from the project with placements. The report states that pressure from the Federal Reserve, which was uneasy with plans by the project's partner Silvergate Bank Inc. An official Diem spokesperson told online publication The Verge that the Bloomberg report contained "some factual errors.


Grayscale Launches First Equity ETF Tracking New Joint Index With Bloomberg

Solana is now the third cryptocurrency to be tracked by the Bloomberg terminal, following in the footsteps of bitcoin and ethereum. The price tracker, titled "Bloomberg Galaxy Solana Index," went live on the terminal Monday as "the first institutional grade pricing source for Solana," wrote Tim Grant , the head of Europe at Galaxy Digital, which partnered with Bloomberg to list the new crypto. Bloomberg did not immediately respond to Insider's request for comment. Solana is the fourth-largest cryptocurrency by market cap , behind bitcoin, ethereum, and binance coin, according to CoinMarketCap data. Solana has become a popular coin among those who believe it could overtake ethereum someday as the go-to for smart contracts.

Justice Department, IRS seek information about crypto exchange in untraceable cryptocurrency within hours of the breach, Bloomberg News.

Blockchain Spending Steady in FY19, May Dip in FY20: This Is IT

The meeting is the largest crypto and blockchain event for investors in the U. Thomas Peterffy took out a full-page ad in the Wall Street Journal in warning of the dangers that bitcoin futures posed to capital markets. These days, the Hungarian-born billionaire is well versed in cryptospeak. He owns some himself, while his firm Interactive Brokers Group Inc.


Bitcoin flirts with $69,000 on heels of surging inflation news

RELATED VIDEO: Cryptocurrency in Your Portfolio Is Important: Yeh

India is planning to launch a digital version of the rupee, becoming the latest country to join the rush to create state-backed virtual currencies. The announcement comes as other major economies move forward with their own plans to launch virtual versions of their own currencies. China has been trialing its digital yuan in major cities for the last two years. Europe and the United States have also been exploring the possibilities for a digital euro and digital dollar , though both have stressed the importance of mitigating financial risk presented by any e-currency. India has for years expressed concern about cryptocurrencies and how best to regulate digital assets, at times even flirting with a ban on cryptos. The central bank has often expressed concerns that cryptocurrencies can be used for money laundering and to finance terrorism.

The announcement marks a decisive direction on such trades after years when buying or selling cryptocurrencies like Bitcoin or Ether were entirely unregulated, with even a definition for how the government saw them lacking. The new proposals, Sitharaman said, are an initial step on taxing their continuing trade and a more detailed framework could be developed.

Dorsey’s Block Loses Compliance Chief to Crypto Platform Paxos

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Blockchain is a semi-anonymous public ledger of verifiable and unalterable transactions, best known as the technology behind the virtual currency Bitcoin but with applications beyond finance that federal agencies want to implement. Federal agencies formed a blockchain community of practice and came up with about blockchain use cases during a forum in July , including supply chain management, financial management, and smart contracts. Based on spending trends and agency initiatives, Bloomberg Government predicted an uptick in fiscal obligations. The projection is a wide range, but in such a small market, it could be the difference of one or two awards. Spending has probably tapered off because most of the contracting work and projects across the federal government are still in pilot phases and therefore have low values.

The largest digital asset by market value rose as much as 1. Other coins also rose, with the Bloomberg Galaxy Crypto Index — which tracks major cryptos — gaining as much as 2. The rise in the token can, at least partly, be explained through the fundamental argument — which has gained traction in recent months — that Bitcoin can act as an inflation hedge.


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  1. Deryck

    It is a pity that I cannot express myself now - there is no leisure. I will come back - I will absolutely express the opinion on this issue.

  2. Fariq

    I thought and moved away the idea

  3. Clarke

    not! YOU CAN ONLY KNOW POSITIVE THINKING!