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 supplying weapons to Russia. Banking giant JP Morgan said it now projects South Africa’s gross […]
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, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This move will help them reduce their reliance on the U.S. […]
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 with the estimate by the Treasury Department that a […]
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 the European Union share similar concerns, she emphasized that any action by the U.S. will be “narrowly scoped and targeted at […]
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, Superphiz, an Ethereum developer, emphasized that despite this setback, “No transactions were halted” and the incident had “zero impact on […]
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 $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022. Stablecoin […]
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$215.7 million and assets totaling around C$28 million, had left its creditors in a state of uncertainty. In the latest notice […]
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) Solana (SOL) moved back above the $20.00 mark to start […]
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 also higher, climbing above $1,800. Bitcoin Bitcoin (BTC) moved away from a recent two-month low on Saturday, […]
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 calling on the Chinese government to deliver cash handouts in order to push consumer demand. Low Inflation Numbers […]