Author: Steven Sahiounie

The cryptocurrency market has been experiencing a lot of turbulence lately, with both Bitcoin and Ethereum struggling to gain momentum. Bitcoin is currently facing bearish pressure and struggling to stay above the $27,750 support level, leading many traders to speculate whether more sell-offs are on the way.  Meanwhile, Ethereum has failed to break above the $1,850 resistance level, leaving investors wondering if there’s more downside ahead.  In this price prediction, we’ll take a closer look at the current state of both Bitcoin and Ethereum and provide some predictions on where the market may be heading. Bitcoin Price Falls for Fourth Consecutive Day as…

Bittrex US has filed for bankruptcy in a federal court in Delaware less than a month after the US Securities and Exchange Commission accused the crypto platform of running an unregistered securities exchange. On Monday, the US arm of cryptocurrency exchange Bittrex Global filed for Chapter 11 bankruptcy, the company announced in an official press release.  The exchange noted that the bankruptcy filing would not impact Bittrex Global, which serves customers outside the United States. The exchange will continue operations “as normal” for customers outside the US. In early April, Bittrex announced that it is shutting down US operations due to an uncertain…

The Central Bank of Brazil has effectively blocked crypto firms from taking part in its central bank digital currency (CBDC) pilot. The bank this month issued a call for interested firms to join the next phase of its pilot. But while the bank did not explicitly rule out the participation of crypto companies, the media outlet Livecoins explained that the call was a de facto snub for crypto players. The bank requires all would-be participants to be registered and regulated finance or fintech providers. But as crypto firms are not currently regulated under Brazilian law, this effectively means companies in this sector cannot even apply to…

Apollo Global Management has teamed up with crypto investment firm NovaWulf to explore the acquisition of the bankrupt cryptocurrency lending platform, Celsius Network. On April 30, Celsius named several companies interested in buying the lender, including NovaWulf, Fahrenheit LLC, and the Blockchain Investment Recovery Committee. “NovaWulf […] is one of several parties bidding for Celsius’s assets alongside a consortium that includes crypto exchange Gemini Trust, court documents show,” according to Bloomberg. On Monday, CoinDesk reported, citing “a person familiar with the matter,” that Apollo, a private equity and private credit investor managing over half a trillion dollars in assets, is supporting NovaWulf as a capital partner in its bid for Celsius. The…

The XRP price has dropped by 2.5% in the past 24 hours, falling to $0.425150 as the cryptocurrency market as a whole declines by 1%. This dips means that XRP has fallen by 8.5% in the past week and by 16% in the last 30 days, although the altcoin remains up by 25% since the beginning of the year. Despite XRP’s losses today, Ripple has published a report on central bank digital currencies that underlines the key role the company, and XRP, is likely to play in the economy of the future. And with the company expecting a positive outcome in its…

The move worked out in the end as the entity is sitting on a fat profit of several hundred thousand. Crypto traders are paying through the roof to get in early on newly-issued meme coins and rack up a large percentage of the supply. On-chain data shows a trader paid over 64 ether (ETH) in fees on Monday to get 84 ether worth of four (FOUR), a newly-issued meme token on the Ethereum blockchain likely based on the Crypto Twitter meme of “4.” This means that the trader spent over $120,000 to get $156,000 worth of FOUR tokens. However, some sleuths…

The widening discrepancy between the bitcoin price on Binance’s U.S. arm and global counterparts has some observers worried about impending legal action directed at the unit. The gap between bitcoin’s price in U.S. dollars (BTC/USD) on prominent digital assets exchanges like Binance and Coinbase and the price on Binance’s U.S. arm has widened sharply this month, causing unease among crypto commentators on Twitter. At 09:26 UTC Tuesday, the BTC/USD pair listed on Binance.US traded at a nearly $650 premium to its Coinbase-listed counterpart and to Binance’s bitcoin-tether pair (BTC/USDT) – a significant rise from the premium of around $20 seen at the end of…

UBS said on Tuesday that Credit Suisse CEO Ulrich Körner will stay on after the takeover of its Swiss rival as part of a new leadership team of the combined banking group. Announcing its leadership reshuffle, UBS also promoted Todd Tuckner, now finance chief of its core wealth management business, to group chief financial officer, succeeding Sarah Youngwood who decided to leave once the deal closes. UBS (UBS) is taking over Credit Suisse (CS) as part of a Swiss government-orchestrated rescue backed by as much as 250 billion Swiss francs ($281.25 billion) of state support after recent banking sector turmoil brought the country’s No. 2 lender to the…

The financial sector has been churning in rough water since the shocking collapse of Silicon Valley Bank in March. Now, it appears that two factions on Wall Street, fear-motivated short-sellers and value-based fundamental investors, are locked in a volatile battle over where the sector’s stock prices should settle. A look back: Last week was rough on US regional banks — shares of mid-sized lenders got crushed as the sale of First Republic Bank (FRC) and other news triggered fears that the crisis in the sector was far from over. PacWes (PACW)t shares lost half their value on Thursday after the California-based lender said it was exploring all…

Stock futures were under pressure Tuesday, with regional bank shares retreating, as investors readied for key inflation reports due later in the week. Futures tied to the Dow Jones Industrial Average lost 144 points, or 0.4%. S&P 500 futures dipped 0.4% while Nasdaq-100 futures fell 0.6%. PacWest shares fell more than 8% in the premarket after a volatile session in which the regional bank rose more than 3%. The SPDR S&P Regional Banking ETF (KRE) dipped 0.8%, as investors continued to fret over the state of the U.S. banking system. Lucid, PayPal and Skyworks were all down after their quarterly reports were released. Meanwhile, Palantir…