Bitcoin News and Finance: What You Need to Know

Since June 12, 2022, the Tron-based stablecoin USDD has remained below a U.S. dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day prior on June 19, USDD saw an all-time low at $0.928 per unit. Despite being below the U.S. dollar parity, the Tron DAO Reserve says the stablecoin has not depegged in a Twitter thread that discusses a combination of an “on-chain mechanism [and] collateralized assets.” USDD Trades Below $1 for an Entire Week USDD has been trading for lower than a U.S. dollar for over a week and on Sunday, USDD tapped an all-time low at $0.928 per unit. The following day on Monday, the stablecoin has been exchanging hands for $0.966 at the time of writing, and it saw a 24-hour low at $0.943. USDD is the ninth-largest stablecoin by market capitalization, with approximately $696.28 million on Monday evening at 7:00 p.m. (ET). The stablecoin has seen roughly $83 million in global trade volume and the top USDD exchanges...

Everyone would agree that the DeFi industry is absolutely booming right now, and for good reason. After all, there is an abundance of technological innovation right now through aspects such as cryptocurrencies, NFTs, P2E games, blockchain, and most recently the metaverse. With that being said, it can often prove difficult to ascertain which projects in this sector are worth more than just the initial hype and can actually offer something of real value. This is where BOSO TOKYO comes in. What is it? Naturally, it is crucial to understand what something is before being comfortable enough to invest in it. In a nutshell, BOSO TOKYO is an initiative that wants to make a metaverse identity brand. One of the project’s primary goals is to hence introduce avatars to the metaverse. At its core, the ‘metaverse’ is essentially a fully digital space which may be copied and altered, in other words, it is a world without a specific identity. Even if a user establishes their identity within a me...

Deutsche Bank has updated its recession forecast. The bank’s economists now see “an earlier and somewhat more severe recession” than previously predicted. “The Fed has undertaken a more aggressive hiking path, financial conditions have tightened sharply and economic data are beginning to show clear signs of slowing,” said the economists. Deutsche Bank’s Recession Forecast Deutsche Bank’s chief U.S. economist, Matt Luzzetti, explained in a note to clients Friday that a recession will come sooner and it will be more severe than previously predicted, Yahoo Finance reported . The bank said in April that the U.S.economy will be in a “major” recession by the end of next year. However, Luzzetti explained in the note: “Since that time, the Fed has undertaken a more aggressive hiking path, financial conditions have tightened sharply and economic data are beginning to show clear signs of slowing.” The Deutsche Bank economist continued: In response to these developments, we now expect an ...

President Joe Biden and Treasury Secretary Janet Yellen say that a U.S. recession is not inevitable, dismissing the concerns of many economists who have predicted an upcoming recession. In addition, Biden insisted that the U.S. will “overcome this inflation” while Yellen admitted that “inflation is unacceptably high.” Biden: U.S. Recession Isn’t Inevitable President Joe Biden reiterated to reporters Monday in Rehoboth Beach, Delaware, that a U.S. recession is not “inevitable.” Asking Biden about a potential recession, a reporter said, “Economists are saying that a recession is more likely than ever.” The president quickly interrupted the reporter by saying: “Not the majority. Come on, don’t make things up.” Biden added: “Now you sound like a Republican politician. I’m joking. That was a joke, that was a joke.” Stating that “all kidding aside,” the president continued: No, I don’t think it is. I was talking to Larry Summers this morning, there’s nothing inevitable about a recess...

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned the public about crypto investments that seem “too good to be true.” Meanwhile, the U.S. Treasury Department says that the recent crypto market turmoil underscores the urgent need for regulatory frameworks that mitigate the risks posed by digital assets. SEC Chair Gensler’s Crypto Warning SEC Chairman Gary Gensler cautioned investors last week about crypto lending platforms offering products that seem too good to be true, Reuters reported. The securities regulator’s warning followed crypto lender Celsius Network’s withdrawal freeze early last week. “We’ve seen again that lending platforms are operating a little like banks. They’re saying to investors ‘Give us your crypto. We’ll give you a big return 7% or 4.5% return,'” Gensler was quoted as saying. “How does somebody offer (such large percentage of returns) in the market today and not give a lot of disclosure?” The SEC chair stressed...

PRESS RELEASE. Seychelles, June 20, 2022 – Bitflex Inc. (the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced that the Company will commence BETA testing of its cryptocurrency exchange and plans to officially launch the exchange by October this year. The Bitflex exchange offers an aesthetically pleasing interface built-in with news, notifications, and charting tools to create a superior environment for users to make the most educated trades. The BETA platform will offer up to 8 trading pairs for linear perpetual swaps. BETA versions are immediately available on https://www.bitflex.com. “We are so excited to finally be opening up beta testing after a long road of development,” states CEO Ee Wui Yang, “we are confident the platform we have built will provide a safe and enjoyable trading environment for our users.” “In addition, we are also providing zero-fee trades in our platform for the first month from our BETA testing launch whic...

Coinmena, the Bahrain-headquartered and sharia-compliant digital asset exchange, announced recently that it had secured a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Coinmena to not only expand its activities but to “further strengthen [its] banking relationships within the UAE.” Expanding Coinmena’s Activities in the UAE A Bahrain-headquartered digital asset exchange, Coinmena, has been granted a provisional virtual assets license by Dubai’s Virtual Assets Regulatory Authority (VARA). The provisional license allows Coinmena to continue its operations in Dubai while “it undertakes the in-depth process” of acquiring a license, the digital asset exchange has said. According to a statement released by the sharia-compliant exchange, the provisional license allows Coinmena to expand its activities within the United Arab Emirates (UAE). In their joint statement, the digital asset exchange’s co-founders, Talal Tabbaa and ...

Meta announced that it was launching a designer digital clothing store that will allow users to purchase pieces of clothing for their avatars in its metaverse. The company believes that clothing and other accessories will become an important part of the users’ identity expression and that this will entice them to spend money on digital clothes that will be wearable on all Meta’s apps, including Facebook and Instagram. Meta to Sell Metaverse Clothing With the rise of the metaverse, an alternative and digital take of our world, companies have begun to include industries like clothing to capitalize on the earnings that the need for expression of metaverse users can produce. One of these companies is Meta, which has recently announced the launch of a digital clothing store, named the “Meta Avatars Store,” that will allow users to purchase clothing of different brands to dress their metaverse avatars. The store, which will be rolling to different markets this week, will feature digital...