updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Bitcoin broke above $78,000 on Friday, April 17 as U.S. President Donald Trump revealed that Iran agreed to suspend its nuclear program. The statement signals that the US-Iran war could be close to resolution. It boosted the overall global market sentiment, splurging into the crypto market as well. Ad Ad Bitcoin Reclaims $78K As US-Iran
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]]>Coinbase noted that Tether’s USDT doesn’t meet their listing standards for Canada and thus they decided to suspend the stablecoin.
By the end of this month on August 31, crypto exchange Coinbase has decided to suspend the trading of Tether’s USDT stablecoin along with DAI, and RAI, for Canadian users.
The crypto exchange sent an email notice to users on Thursday, August 17, stating that they have been regularly monitoring the assets making sure they meet their listing standards. Thus, based on their review, they have decided to suspend trading for the above-mentioned stablecoins for Canadian users.
It’s just four days before that crypto exchange Coinbase launched its Canadian subsidiary. “Coinbase Canada, Inc. has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Coinbase Canada, Inc. obtains registration, it has agreed to abide by the terms of an undertaking,” the exchange noted.
Coinbase carried out the Canadian launch in collaboration with an open banking platform named Trustly. “Working with Trustly allows users a more seamless experience to make deposits, withdrawals, and high-value daily transaction limits,” a company spokesperson said.
Crypto exchange Coinbase believes that the Canadian government offers a better regulatory approach through dialogue. Unlike America’s “regulation by enforcement” approach, Canada undertakes a “regulation by engagement” approach.
In the earlier part of this year, Crypto.com, another digital asset exchange, removed USDT support for its Canadian users. In 2021, the Ontario Securities Commission imposed a ban on USDT, although the reasons for this ban were not explicitly stated.
On February 22, the Canadian Securities Administrators (CSA) released a notification mandating registered cryptocurrency exchanges, or those awaiting registration, to enter into legally binding agreements with the regulatory authority. Additionally, the undertaking requires:
“A prohibition on the part of the CTP [crypto asset trading platforms] in respect of clients buying or depositing Value-Referenced Crypto Assets (commonly referred to as stablecoins) through crypto contracts without the prior written consent of the CSA.”
Tether functions as a stablecoin backed by fiat reserves, while Dai operates as a hybrid stablecoin, blending fiat and algorithmic elements. In contrast, RAI stands as an algorithmic stablecoin with no specific asset peg. Presently, the Canadian Securities Administrators (CSA) has only endorsed USD Coin as a stablecoin eligible for listing on centralized cryptocurrency exchanges.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The Senate has sent an approved bill to President Biden, allowing the government to borrow without a debt ceiling for nearly 2 years.
The Senate has officially passed a bill that raises the US debt ceiling only a few days before an official debt default. Members of the Senate approved the bipartisan deal to raise the debt ceiling in a 63-36 vote. The Senate’s approval is the last barrier before President Joe Biden’s assent.
Biden’s expected signature saves the United States from a June 5 default. According to the Treasury Department, the US would have begun suffering outstanding bills if the Senate had not decided by then, or had rejected the bill.
Before the Senate’s approval, the US debt ceiling was $31.4 trillion. Following President Biden’s eventual assent, the government will be able to borrow unlimited amounts for two years until January 2025. According to the Congressional Budget Office, the debt ceiling deal will also reduce federal expenses by $1.5 trillion over the next 10 years.
The Senate approval is a culmination of efforts at resolving the debt ceiling deliberations because of the effects of a default. Treasury Secretary Janet Yellen agreed with Biden and other leaders in Congress that a default would have been problematic. The first of its kind in the country’s history, this default would have significantly affected global financial markets. In the US, likely effects include an increase in interest rates on mortgages and credit cards, as well as job losses. The US may also have entered a recession.
Biden praised the Senate’s decision to avoid the default, saying in a statement:
“No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people.”
Biden will sign the approval on Friday and also address the country at 7 pm E.T.
Last weekend, Biden and House Speaker Kevin McCarthy agreed to begin proceedings to raise the US debt ceiling. Their agreement resulted from continuous deliberations between the aides of both politicians over several weeks. Following an official agreement, European markets responded positively and opened higher on Monday. The CAC40 in France and Germany’s DAX both recorded pre-trade increases of 0.5%. Before this, the Stoxx Europe 600 had suffered an 8-week low.
On Wednesday, the US House of Representatives passed the debt ceiling deal and sent it to the Senate for approval. The vote ended with disapproval from 71 Republicans, which usually would suspend partisan attempts. However, the 165 Democrats who voted in favor – with 16 votes more than the 149 Republicans who approved – saved the day. The vote passed the House of Representatives at 314 to 117.
Yesterday, Coinspeaker reported BlackRock CEO’s opinion on the debt ceiling. According to Laurence Fink, the “drama” that has followed the increase in the US debt ceiling will negatively affect the dollar. Fink believes the government is eroding trust in the dollar and “jeopardizing its reserve currency status.”
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Paxful CEO Ray Youssef has published a post on the exchange’s website stating that the peer-to-peer (P2P) exchange will be suspending its marketplace. Ray went ahead to state that they are not sure if the exchange will resume operations.
This is the second popular P2P exchange to shut down in 2023 after LocalBitcoins announced shutting down in February.
The CEO cited key staff departures and regulatory challenges in the post saying:
“This will probably come as a big shock to many. While I cannot share the full story now, I can say that we unfortunately have had some key staff departures. Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S. While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.”
The CEO said that the biggest priority at the moment is safeguarding customer funds and advised customers to withdraw where possible. He has gone ahead to recommend withdrawing to self-custody wallets like Exodus and Muun.
Ray also stated that Paxful will be offering an easy migration to other P2P alternatives for non-US customers. He highlighted three P2P exchanges namely Noones, Bitnob and Yellow Card.
The Paxful Wallet will however remain operational for customers to retrieve their funds.
It is not clear how long the hiring freeze will last as the company is expanding its factories, which means it needs to bring in more employees.
Elon Musk‘s EV maker Tesla Inc (NASDAQ: TSLA) is reportedly planning to conduct a round of layoffs as soon as next quarter. According to those familiar with the matter, the reason behind such a step is Musk’s “very bad feeling about the economy.” The company will also put on hold its hiring process across its locations worldwide.
Notably, Tesla just resumed the recruitment process after suspending it back in June. At that time, Musk said that a 10% cut of its workforce would be required. Besides, in the emails sent to employees, Musk announced the ending of the remote work option. In other words, those who didn’t want to return to the office should leave the company. In addition, in June, Tesla announced shutting down its office in San Mateo, which cost 200 of the EV maker’s staff to lose their jobs.
Elon Musk himself explained that the problem in Tesla’s performance is a general one and relates to the stock market that results from rising bank account interest rates and general market volatility rather than any specific challenge facing Tesla.
It is not clear how long the hiring freeze will last as the company is expanding its factories, which means it needs to bring in more employees. Recently, Tesla received the green light from the Grünheide municipality for its plan to expand the Gigafactory site near Berlin by 100 hectares. There were also reports about the planned water supply and the workforce at the German Tesla factory. Besides, Tesla is also reportedly expanding its business in Turkey. mNotably, this market has been asking for Tesla services for years now.
Following the announcement about layoffs, Tesla stock closed the trading session 0.17% down, at $137.57 per share. After hours, it added 0.58% to $138.37. The market cap of Tesla totals $435.14 billion. Year-to-date, Tesla stock is as much as 60.95% down.
The EV giant is now having a tough time. Firstly, its revenue for the third quarter missed estimates, reporting a revenue of $21.45 billion vs the $21.96 billion projected by analysts polled by Refinitiv. As a result of missing the target, Tesla stock declined. Secondly, its CEO Elon Musk keeps selling his Tesla shares, which also undermines the company’s performance. In November, following his takeover of Twitter, Musk sold 19.5 million Tesla shares worth $3.95 billion. Last week, he sold another 20 million shares of the company with the accrued funds coming in at over $3.5 billion. Before offloading the shares, Elon Musk owned roughly 25% of Tesla in stock and options. Currently, the billionaire is still Tesla’s largest individual shareholder, with 423.6 million shares that give him a 13.4% ownership position in the company.
Further, after closing the Twitter deal, critics say that Elon Musk got distracted from Tesla’s business, which also led to the company’s downturn.
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