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Reef Labs Is Launching a $10M Accelerator Program to Empower Web3 Projects in the Middle East

PRESS RELEASE. Reef is thrilled to announce the launch of a $10 Million Accelerator Program for Web3 projects building on the Reef Chain, which are based out of the Middle East. The program, managed by Reef Labs, aims to support, incubate, and invest...

South Korean Politician Quits Party Over Crypto Scandal

A member of the South Korean parliament is leaving his party amid mounting allegations of massive crypto investments inconsistent with his frugal public image. The controversy, which has caught the attention of the Korean society, involves accusation...

Latam Insights: Bolivia Mulls Chinese Yuan for Trade Settlements, Steve Hanke Proposes 30-Day Solution for Venezuelan Inflation

Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia mulls using the Chinese yuan in international trade settlements, inflation reaches 108.8...

China, France to Deepen Ties Following Meeting of French President Macron and Chinese Leader Xi Jinping

Chinese and French foreign ministers have expressed readiness to strengthen cooperation and pursue a “close and enduring comprehensive strategic partnership,” according to China’s Ministry of Foreign Affairs. This followed a “...

Harvard Economics Professor: US Default Could Spark Global Financial Crisis

Harvard economics professor Kenneth Rogoff, who previously served as the chief economist at the International Monetary Fund (IMF), has warned that the U.S. defaulting on its debt obligations could spark a global financial crisis. “It’s a very perilou...

Hedge Fund Mogul Stanley Druckenmiller Warns of ‘Hard Landing’ for US Economy

Billionaire hedge fund manager Stanley Druckenmiller has a dire prediction for the U.S. economy: a recession is looming, and it’s likely set to hit this June. Druckenmiller’s forecast comes as American consumer spending remains low, and is larg...

NFT Sales Surge 31% This Week as Bitcoin NFTs Secure Second Place in Blockchain Sales

Non-fungible token (NFT) sales witnessed a minor rise last week, registering a humble increase of around 1.46% compared to the preceding week. The cumulative value of NFT sales amounted to $149.31 million from April 29 to May 6, 2023. Nevertheless, t...

Biden Appoints New Fed Vice Chair as Fedwatch Tool Shows Slim Chance of Rate Hike at June Meeting

Investors believe it is highly likely that the target rate will remain unchanged at the June 14 Federal Open Market Committee (FOMC) meeting, following the U.S. Federal Reserve’s decision to increase the federal funds rate by 25 basis points on...

Bitcoin Makes Progress in Clearing Backlog, but Lightning Network Capacity and Channels Dropped Amid Congestion

In the past week, the Bitcoin network has made progress in resolving its congestion issues. On May 7, 2023, the number of unconfirmed transactions reached an all-time high of over 500,000 transfers, causing a major backlog. However, as of today, that...

Musk on ‘Massive Incentive’ to Get Money Out of Banks, Dave Ramsey Dismisses De-Dollarization Fears, BTC Network Congestion Eases, and More — Week in Review

Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.’” Personal finance co...

‘The Future of Digital Payments Lies in Web3 Payment Services’ Says Robert Miller of Fuse

Despite not being mainstream payment solutions yet, cryptocurrency-based payments (also known as Web3 payments) already bring benefits such as lower transaction fees, Robert Miller, the vice president of growth at Fuse, a layer 1, EVM-compatible bloc...

Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws, Official Says

Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border set...

Gallup Poll: Americans’ Preference for Real Estate, Crypto Plunges — Fondness for Gold Skyrockets

A recent Gallup Poll reveals a significant decline in the percentage of Americans favoring real estate as their preferred long-term investment, despite its continued popularity. Conversely, the Gallup survey indicates that the perception of long-term...

South African Currency Plunges to New Low Versus the Dollar a Day After the US Accused Country of Secretly Supplying Ammunition to Russia

The South African currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of ZAR19.51:US$1 on May 12. The rand’s latest fall came a day after the U.S. ambassador to South Africa accused the country of secretly supply...

10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies

The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia...

US Government Faces ‘Significant Risk’ of Default in June, Congressional Budget Office Warns

The Congressional Budget Office (CBO) has stressed that “there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June” if the debt ceiling is not raised or suspended. The CBO’s projection is in line...

G7 Nations Discuss Countering China’s ‘Economic Coercion’

The Group of Seven (G7) countries are discussing ways to counter China’s “economic coercion” against other nations, U.S. Treasury Secretary Janet Yellen has shared. Noting that Canada, France, Germany, Italy, Japan, the U.K., and th...

Ethereum Patch Set to Fix Transaction Finality Challenges After Second Bout Disrupts Network

On Friday, Ethereum’s Beacon chain encountered yet another bout of transaction finality challenges, reminiscent of the glitch experienced on May 11, 2023. For over an hour, the blockchain stopped the process of finalizing blocks. However, Super...

Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions

Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82....

Quadriga CX Customers to Finally Receive Payout: Creditors to Get 13% per Dollar

EY, the global accounting and professional services organization, released a long-awaited update on Friday for the creditors of Quadriga CX. The Canadian cryptocurrency exchange, which had sought bankruptcy protection in 2019 with liabilities of C$21...

Biggest Movers: SOL up 5%, as LINK Breaks Key Resistance Level on Saturday

Solana rose by as much as 5% in today’s session, as cryptocurrencies began to recover from Friday’s red wave. The global market cap was up by nearly 2% at the time of writing. Chainlink also rose, moving back above a key resistance level. Solana (SOL...

Bitcoin, Ethereum Technical Analysis: BTC Rebounds From 2-Month Low, as Bulls Enter the Market

Bitcoin bounced back from a near two-month low on Saturday, as bulls moved in to buy the recent dip in price. Saturday’s move came as the cryptocurrency rebounded from a recent support point, after yesterday’s breakout. Ethereum was als...

Former Paxful CEO Says He Cannot ‘Vouch for Anything Happening There Now’ — Platform Tells Users It Is Back Online

The former CEO of Paxful, Ray Youssef, has told users of the peer-to-peer bitcoin marketplace that he is no longer in control and therefore cannot vouch for “anything that is happening there now.” Youssef also told a user who claimed to h...

Leaked Memo Suggests Democrats on US House Committee Were Told to Support Party Position on Crypto Regulation

submitted by /u/nevjera [link] [comments]

Inflation in China Down to Lowest Number in More Than Two Years; Analyst Proposes Giving Cash Handouts to Avoid Deflation

Inflation in China registered an increase of 0.1% year-over-year in April, according to numbers from the National Bureau of Statistics of the country, falling below expectations. Some analysts are already warning about the dangers of deflation, even...

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