Author: Andrei Ionescu

Goldman Sachs has reduced the likelihood of a U.S. recession in the next year to 20%, down from its previous estimate of 25%, according to a report released. The report, led by chief economist Jan Hatzius, cites strong retail sales and improved unemployment data as key reasons for the adjustment. The bank hinted that if upcoming labor market data for August is favorable, the recession probability could be further reduced to 15%. Goldman’s report also signals increased confidence that the Federal Reserve might lower interest rates by 0.25% in September. However, the economists note that a weak jobs report on…

Google is facing legal action after taking three months to remove a scam app that defrauded users of over $5 million in cryptocurrency. The lawsuit was filed by Florida resident Maria Vaca, who claims she was misled into downloading the fraudulent app, Yobit Pro, from the Google Play Store. According to the lawsuit, Vaca began investing in cryptocurrency through Yobit Pro between February and July 2023, believing her investments were growing. At one point, the app displayed a balance of around $7 million. When she attempted to withdraw her funds, she was told to pay $500,000 in “taxes,” which she…

The Turkish cryptocurrency market is undergoing a significant transformation as major players like Coinbase, KuCoin, and others vie for business licenses amid evolving regulations. This flurry of activity follows recent updates by the Turkish Capital Markets Board (CMB), which has positioned Turkey as a critical hub for the global crypto industry. Surge in License Applications On August 9, the CMB revealed that 47 cryptocurrency companies had initially applied for licenses under the new regulatory framework. The list has since expanded to 76, with prominent additions including Coinbase, KuCoin, and Gate.io. These firms join established names like Binance, Bitfinex, and OKX…

According to blockchain analytics firm Arkham, a Gnosis Safe Proxy address associated with Metalpha transferred 10,000 ETH, valued at approximately $26.02 million, to Binance around two hours ago. The transfer follows Metalpha’s recent application to Lido for redeeming the same amount of ETH. Metalpha is an asset management firm linked to Bitmain, the world’s largest Bitcoin mining company. The transaction highlights the movement of significant digital assets by a company closely tied to one of the industry’s major players. The sequence of events began when Metalpha applied to Lido yesterday to redeem 10,000 ETH, raising speculation about the purpose behind…

Digital payments platform Flexa has launched Flexa Components, a new point-of-sale tool designed to enable retailers to accept cryptocurrency payments like USDC directly at checkout. The tool allows for instant, fee-free transactions using digital wallets, simplifying the process for both merchants and customers. Flexa Components lets customers pay for purchases with their preferred crypto wallets by scanning a QR code or tapping a “Pay” button integrated into the merchant’s payment system, similar to existing mobile payment methods like Google Pay. The platform supports a wide range of cryptocurrencies, including USDC, bitcoin (BTC), ether (ETH), sol (SOL), and litecoin (LTC). “We…

In a move to strengthen Malaysia’s digital infrastructure, MIMOS Berhad, the applied R&D arm of the Malaysian Government, has signed a Memorandum of Understanding (MoU) with the Worldcoin Foundation, Tools for Humanity (TFH), and MyEG, a leading e-government service provider. This collaboration aims to integrate Worldcoin’s technology into the country’s digital systems, focusing on digital proof of humanness in the era of artificial intelligence. The partnership seeks to leverage Worldcoin’s protocol and TFH’s cutting-edge technologies to enhance digital credential initiatives in Malaysia. A core element of this integration involves providing Malaysian citizens with access to advanced iris imaging technology, developed…

Bernstein has released a new report card for the bitcoin mining sector, rating Riot Platforms, CleanSpark, IREN, and Core Scientific as “outperform” while assigning a “market perform” rating to Marathon Digital. The ratings are based on key performance metrics that include production output, operational efficiency, energy costs, and artificial intelligence (AI) strategies. An “outperform” rating signals that analysts expect these stocks to exceed average market performance, while a “market perform” rating indicates expected average returns. The report highlights Marathon, Core Scientific, and CleanSpark as the top bitcoin producers, with Core Scientific and CleanSpark leading in realized hash rates. However, Riot…

Justin Sun, the founder of Tron and prominent crypto figure, is making a bold move into the booming memecoin market with the launch of SunPump, a new platform allowing users to create their own memecoins on the Tron blockchain. This new decentralized finance (DeFi) project is part of Sun.io, the DeFi protocol associated with Sun. The platform is set to compete with Solana’s popular equivalent, pump.fun, which has seen transaction fees spike to an all-time high of $5.3 million in a single day this week. Memecoins, often launched as humorous or speculative tokens, have become a significant aspect of the…

South Korea’s National Pension Service (NPS), the world’s third-largest pension fund by assets, purchased $33.7 million worth of MicroStrategy shares in the second quarter of 2024. The NPS’ recent filing with the U.S. Securities and Exchange Commission revealed the acquisition of 24,500 MicroStrategy shares as part of its broader strategy to increase indirect exposure to Bitcoin. This move follows NPS’ previous investment in Coinbase, where the fund bought 282,673 shares worth $19.9 million in Q3 2023. As of June 2024, NPS held 229,807 Coinbase shares, valued at around $51 million. The report also indicated a slight reduction in Coinbase holdings…

Donald Trump Jr. took to social media on Thursday to unveil a new Telegram channel, “The Defiant Ones,” as part of a broader rollout for an upcoming cryptocurrency project linked to his father, former President Donald Trump. In a post on X (formerly Twitter), Trump Jr. encouraged followers to join the Telegram channel to receive official updates and avoid speculation about the project. “A lot of rumors are swirling about our crypto project,” he wrote. “To get the real story and stay updated with official announcements, join our official Telegram channel. Don’t rely on speculation—get the news directly here!” The…