USD Financial News

The US Branch of the world's largest crypto exchange, Binance US, recently communicated to its users that their cryptocurrency deposits are no longer covered by Federal Deposit Insurance Corporation (FDIC) insurance.

USD 230 million crypto heist last year, WazirX is «hopeful» of securing adequate votes from users in favour of its upcoming scheme of arrangement, with founder Nischal Shetty asserting that while being legally binding, the scheme will allow the company a fighting chance to re-build value in «golden era of crypto» market. Shetty told PTI that the company's promise of returning 85 per cent to users «immediately» is a result of nearly USD 450 million reserves it has — the appreciated value of leftover tokens post July 2024, when the hackers stole USD 230 million of digital assets. "...if I can push this (scheme of arrangement) through, I will not rejoice. I and my team are going to work the next three years to bring back value," Shetty said.

Cryptocurrencies fell heavily and bitcoin broke below $60,000 on Friday in a rush out of risky assets following reports of an Israeli missile strike on Iran. Bitcoin slid more than 5.5% to $59,961 in the Asia session as the U.S. dollar rose broadly. Ether fell by a similar margin, dropping below the $3,000 barrier to $2,895.

Gold and the US Dollar have long held their positions as stalwart players, Bitcoin has boldly entered the race, establishing itself as an emerging asset class. Each of these three assets possesses distinct characteristics and potential benefits, creating a dynamic landscape reflecting wealth and investment evolving nature. Let’s delve into the comparative study of Bitcoin, USD, and gold over the past decade. Age and Nature of the Assets Gold, a trusted store of value for centuries, has been a staple in the financial markets since the 1970s. However, the landscape changed significantly with the introduction of the first gold exchange-traded fund (ETF), Gold Bullion Securities. Launched on March 28, 2003, on the Australian Securities Exchange by ETF Securities and its major stakeholder, Graham Tuckwell, this event marked a significant evolution in gold investment. Historically, gold has demonstrated its resilience by serving as a hedge against inflation amid economic uncertainties. This characteristic has established Gold as a preferred choice for investors looking to safeguard their portfolios. Despite encountering short-term fluctuations, Gold has maintained its reputation as a stable investment, particularly appealing to risk-averse investors. The enduring popularity of Gold as an investment option underscores its time-tested role in providing stability amid the dynamic currents of the financial markets.

Tether (USDT), the USD-pegged stablecoin issued by web3/fin tech company Tether, fell slightly below its 1:1 peg against the US dollar on Thursday on decentralized exchange (DEX) Curve Finance, pushing the DEX’s main stablecoin liquidity pool (Curve 3pool) into imbalance.