Author: Steven Sahiounie

BitMEX co-founder Arthur Hayes has proposed NakaDollar (NUSD), a stablecoin backed by bitcoin (BTC) and bitcoin derivatives, that would theoretically be deeply liquid, attractive to traders and provide stability if accepted and used by investors and crypto exchanges. The token, which is wholly-theoretical as of Thursday, will not rely on any centralized entity, such as a bank, and instead be supported by member crypto exchanges that list inverse bitcoin perpetual swaps – a derivative product that is traded and settled with the underlying asset. “We, the crypto faithful, have the tools and the organisations needed to support $1 trillion or more…

Shipments to the UAE have been steadily growing, data shows The United Arab Emirates has boosted its purchases of Russian crude oil despite increasing pressure from the US and its Western allies to curb trade with Moscow, Reuters reported on Tuesday, citing ship tracking data and sources. Statistics show that around 1.5 million barrels of Russian crude have been shipped to the Gulf nation since November, with overall volumes having grown since early 2022. The latest cargo with Russian Urals crude reportedly arrived at the oil hub of Fujairah earlier this month. According to energy analytics firm Kpler, the first…

The decision by crypto-friendly bank Silvergate (SI) to wind down operations amid the worsening macroeconomic picture has fueled digital-asset investor anxiety, spurring demand for derivatives that offer protection against price slides in major tokens. At press time, the 30-day bitcoin skew, derived by looking at the difference in implied volatility/demand for cheap out-of-the-money (OTM) calls and OTM put options expiring in four weeks, shows the strongest bias for bearish put options in over two months. That’s a sign investors are worried about a deeper slide in the bitcoin price and are buying put options to hedge their long spot or futures positions, or are…

LONDON, March 9 (Reuters) – Bitcoin steadied on Thursday near its lowest since mid-February, after U.S. crypto-focused bank Silvergate said it would voluntarily liquidate, the latest in a series of high-profile crypto collapses triggered by the collapse of the FTX exchange. Silvergate Capital Corp (SI.N) said on Wednesday it planned to close and voluntarily liquidate, after warning last week that it was evaluating its ability to operate as a going concern. The California-based company, which was a key banking partner for crypto businesses, had been hit by investors rushing to withdraw around $8 billion of deposits after the sudden bankruptcy of FTX last…

Crypto prices fell on Thursday after Silvergate, a bank that has been at the center of the industry’s growth, made a decision to shut down. Bitcoin dipped nearly 2% to $21,641.71, according to Coin Metrics. Ether lost 1.5% and was last trading at $1,534.05. The slight move lower began late Wednesday, a few hours after Silvergate Capital announced it will wind down operations and liquidate its crypto-friendly bank. The relatively small size of the move indicates that cryptocurrency investors priced the news in last week when the company first warned it may not be able to continue operating and it shut down the SEN, or…

The Netherlands is joining the US supply ban on the most advanced chip technology The Netherlands plans to restrict exports of semiconductors to China under pressure from the US to join its policy of curbing Beijing’s access to advanced technology, Reuters reported on Thursday, citing the Dutch government. In a move that is reportedly aimed at defending national security interests, the Dutch authorities are set to take the first step towards adopting the new export controls initiated by Washington last year. In October, the White House imposed sweeping export restrictions targeting China’s semiconductor industry. The package included a…

A pair of private equity firms are battling to acquire control of an online aggregator which sells ferry tickets for operators including P&O and Stena Line. Sky News understands that 3i Group and Intermediate Capital Group (ICG) are two of the frontrunners to acquire Direct Ferries. The ferry tickets platform, which was founded in 2001, is among the world’s biggest businesses of its kind. City sources said it was expected to command a price tag of more than £150m. It has been part-owned by Livingbridge, another private equity house, since 2016. Based in Blackfriars, London, it offers tickets for more…

Tesco has begun sounding out candidates to replace John Allan, its long-serving chairman, paving the way for a change at the top of Britain’s biggest retailer. Sky News has learnt that the FTSE 100 supermarket chain is working with headhunters to identify Mr Allan’s successor. City sources said a number of heavyweight boardroom figures had been approached in recent weeks about the role. Mr Allan will step down next year, by which time he will have served for nearly a decade and be ‘timed out’ under corporate governance guidelines which mean that he would no longer be regarded as independent.…

Crypto-friendly US-based bank Silvergate Bank has begun the voluntary process of liquidation, according to a statement issued by the California Department of Financial Protection and Innovation (DFPI).  The announcement of Silvergate Bank’s liquidation comes just a day after reports surfaced suggesting that the bank was discussing ways to avoid a shutdown with US federal officials. The majority of the bank’s many crypto clients abandoned the bank earlier this month, sending its share price tumbling, after Silvergate delayed the filing of its annual 10-K filing report.  The bank cited multiple reasons for the delay, including the need to respond to auditor requests, ongoing regulatory inquiries, and investigations.…

The bankrupt cryptocurrency lender, Celsius Network, is reportedly pursuing more bids and exploring new buyers despite having an offer on the table. During a bankruptcy court hearing in Manhattan, Celsius attorney Chris Koenig said the company remains open to better offers, per a report by Reuters. He added that the lender’s official unsecured creditors committee (UCC) met with a potential buyer just days ago to review an alternate proposal. The crypto lender also asked judge Martin Glenn, who is overseeing Celsius’ Chapter 11 bankruptcy proceedings, to extend the time limit for submitting a bankruptcy restructuring plan built around the NovaWulf deal. The…