The Chinese stock market has been struggling recently, leading to concerns about its impact on global economic growth. Industrial output and the flow of credit in the region are weakening, and the Chinese government’s interventions may not be enough to fix the underlying structural problems.The Shanghai Shenzhen CSI 300 Index initially surged by 5.5% on […]
CoinSwitch, a crypto exchange based in India, has recently cut its workforce due to the prolonged cryptocurrency winter. The exchange has laid off 44 employees from its customer support division in August, citing redundancy in roles amid the lack of customer queries. CoinSwitch stated that this decision was made to stay competitive and prioritize innovation, […]
Canaan, a Bitcoin mining company listed on the NASDAQ, reported its unaudited financial results for Q2 2023. The company saw growth in computing power sold and BTC mining revenues, but faced a significant net loss of $110 million. Revenues for Q2 2023 totaled $73.9 million, up from $55.2 million quarter-on-quarter. This consisted of $57.9 million […]
Hong Kong’s Hashkey Exchange has recently upgraded its license to offer services to retail investors, allowing them to trade Bitcoin (BTC) and Ethereum (ETH) directly with US dollar deposits. The exchange projects that 500,000 to 1 million users could sign up on the platform by the end of the year.The decision to embrace crypto trading […]
OnlyFans’ parent company, Fenix International Limited, has invested nearly $20 million into Ethereum (ETH) to diversify its portfolio. According to a recent financial filing, Fenix International purchased Ethereum worth $19.89 million between 2021 and 2022. However, due to the ETH price dropping in the second half of 2022, the value of the firm’s ETH holdings […]
India-based crypto exchange WazirX has temporarily suspended Indian Rupee (INR) withdrawals from its trading platform. The exchange has reportedly partnered with an alternate payment service provider, and a “phased rollout” is already underway.Customers of the largest Indian crypto exchange by volume have not been able to withdraw INR for over 24 hours. According to the […]
The Bitcoin network has reported a hash rate of 400 terahashes per second, a figure never before seen in its history. This upswing in the hash rate is similar to the run-up to the 2020 halving event, which typically halves block rewards. However, this achievement comes with a high energy consumption cost. In response to […]
Indian Prime Minister Narendra Modi recently discussed the intricate dynamics of emerging digital technologies in an in-depth interview with Business Today. He highlighted the need for a global framework and regulations for blockchain and cryptocurrencies, which have transcended borders and grown in significance. Modi noted that a global consensus-based model is needed, especially one which […]
The state-owned electricity distribution company Électricité du Laos (EDL) has announced that it will suspend electricity supply to crypto mining operations in the country due to the struggle to generate enough power amid drought conditions. The extreme heat has caused hydropower plants to generate 95% of the country’s power, and the EDL aims to supply […]
Indian Prime Minister Narendra Modi has called for a global collaboration on formulating crypto regulations during the Group of 20 (G20) summit. India, which currently holds the G20 Presidency, has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies. During an interview with a local daily, Modi talked about the […]
