FIVE Financial News

Billionaire Steve Cohen has removed his investment from cryptocurrency trading startup Radkl.

Litecoin has always been an asset that neither shines too brightly nor does it disappear after a while.

At the time, Zipmex had claimed it was working to address exposure of $53 million to crypto lenders Babel Finance and Celsius amid the threat of legal actions from creditors, as reported by Coindesk. Zipmex is the latest victim in a growing line of crypto firms experiencing issues after the sharp selloff in May 2022 that resulted in the collapse of Luna and TerraUSD.

Singapore-based crypto trading platform Zipmex has halted some of its core activities in response to its partner Celsius Network and Babel Finance's financial woes, which it has exposed. Reportedly, the trading platform is seeking bankruptcy protection from the local court. 

While domestic digital payment usage surged during the pandemic, the EIU expects this to slow over the next five years, largely owing to strong base effects. However, customers are increasingly demanding a similar revolution in cross-border payments, which are still mostly facilitated by the "old-fashioned" and "cumbersome" correspondent banking network. At the centre of this is Swift, which the paper notes has "encountered criticism for its relative inflexibility and lack of transparency" and seen a decline in the number of correspondent banking relationships over the last decade. More recently, Russian has been kicked off the Swift network, a move which could see the country and others such as China and India double down on their nascent Swift alternatives. Nevertheless, the paper says "setting up and scaling a full-fledged alternative bank-messaging system would be expensive and time consuming. It would also have limited real-world impact, given the prevalence of dollar-denominated cross-border flows. Swift will remain the dominant network, as long as countries and lenders come together to improve the Belgian network." Separately, cross-border payments will be disrupted by government-backed efforts to link systems. In Asia, moves are already underway to do this, allowing travellers across the region to purchase goods and services by scanning QR codes. As well as challenging Swift, disrupting cross-border payments will mean adopting emerging technologies, including blockchain, APIs and tokenisation, says the EIU.

Germany’s economy hasn’t grown for nearly five years. Its recovery from the Covid-19 pandemic has been weaker than any major advanced economy. Its ability to fill its energy needs is in question. And now the country once known as the economic engine of Europe is teetering on the brink of a recession.

Credit Suisse has just installed its third chief executive in five years, in yet another attempt to turn around a business beset with corporate scandals and executive failures.

Independent investment bank Lazard has hired a new chief financial officer from Citadel.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

It’s fair to say now that the crypto participants are accustomed to a volatile market. Along with crypto tokens, even litigations continue to see new developments weekly. In this case, the ever-lasting lawsuit between theSEC and Ripple- the Daubert challenge edition.

In the last week, some key metrics of the Near Protocol registered growth while most recorded declines.

The UK government dropped its flagship legislation that would change many of the rules governing Britain’s financial markets.

The bullish revival from the $0.0098-mark laid a foundation for the recent week-long buying spree. As a result, Shiba Inu [SHIB] rose to retest the $0.0129-level after multiple weeks. (For brevity, SHIB prices are multiplied by 1000 from here on).

BEIJING — Goldman Sachs has cut its forecast for the MSCI China index due to a worsening slump in China's property market.

On 18 July, MakerDAO’s native token, MKR, rode the ongoing bull wave to mark its spot at a high of $1,043. However, this was followed by a retracement that sent the price of the token chasing new lows. With a 7% decline in price since 18 July, MKR exchanged hands at $970.87 at press time.

The biggest lending protocol AAVE successfully survived the April to June crash. Of late, the momentum of the market has changed. And, AAVE has been climbing up the price charts.

Over the last five days, Ethereum [ETH] saw a revival from its month-long demand zone in the $1,049 zone. The streak of recent green candlesticks has transposed ETH into a near-term bullish control.

The fine was increased from a basic amount of EUR2 million because Binance has a "very large number of customers" in the Netherlands and the violations took place over a long period of time.

In the last few days, VGX, the native token of the troubled crypto brokerage company, Voyager Digital, took on an upward price rally. Surging by over 100% this week, the price uptick came about due to the short squeeze initiated by investors in the face of the company’s recent troubles.

European workers have put in fewer hours than Americans for decades. Now, they are working even less than before the pandemic—almost one day a week less than Americans in 2021, according to data for the five biggest European Union economies.

Different speculations around the Cardano [ADA] Vasil hard fork have been circulating in the crypto space for the last month. Fair to say, the Cardano community has been buzzing with excitement. Nonetheless, ADA’s price failed to showcase the same enthusiasm despite a number of attempts to climb up the price charts.