TL;DR Breakdown Corporate depositors are pushing US banks for higher interest rates, putting pressure on banks’ profit margins. US banks, having benefited from raising loan rates faster than savings interest rates, are now facing challenges as clients shift funds to higher-yielding accounts. Banks such as Bank of America, PNC, and BNY Mellon have reported drops in net interest income. Description The dynamics of the banking sector are undergoing a seismic shift as corporate depositors urge US banks to offer higher interest rates. This move is causing ripples of concern for the profitability of these financial institutions and underscores the growing challenges they face in generating revenue amidst tightening monetary policy. Corporate Demand Squeezes US Bank … Read more The dynamics of the banking sector are undergoing a seismic shift as corporate depositors urge US banks to offer higher interest rates. This move is causing ripples of concern for the profitability of these financial institutions and underscores the growing challenges they face in generating revenue amidst tightening monetary policy. Corporate Demand Squeezes US Bank Margins In the wake of aggressive rate…

TL;DR Breakdown Microsoft to charge a bit costly for AI features in its productivity software, a 53-83% cost increase for Microsoft 365 business users. CEO Satya Nadella defends pricing, arguing AI is a “third leg” of Office, like Word, Excel, and Teams. Description Signaling a pioneering stride in the domain of generative artificial intelligence, Microsoft has unveiled its plan to levy a $30 monthly fee for its new AI features in its widely accepted productivity software. This move is slated to create a significant revenue uptick, albeit at a steeper cost than anticipated, leaving industry experts and users … Read more Signaling a pioneering stride in the domain of generative artificial intelligence, Microsoft has unveiled its plan to levy a $30 monthly fee for its new AI features in its widely accepted productivity software. This move is slated to create a significant revenue uptick, albeit at a steeper cost than anticipated, leaving industry experts and users mulling over the value for cost proposition. The AI-infused capabilities are expected to attach a substantial 53-83% escalation to the average monthly expense of…

TL;DR Breakdown A previously dormant crypto wallet transferred over 61,000 Ether (ETH), worth $116 million, to a wallet linked to the Kraken exchange. Acquired during the 2014 Ethereum ICO, the tokens, known as ‘whale’ due to the massive volume, may hint at the owner’s intention to sell, stake, or diversify. The significant transfer showcases the benefits of ‘hodling,’ an investment strategy focusing on long-term crypto accumulation, and echoes a trend of large token movements to exchanges this year. Description A historic crypto transaction occurred a few hours ago when a crypto wallet transferred over 61,000 Ether (ETH), currently worth $116 million, after a long slumber of eight years. This dormant account awoke with a splash, stirring the crypto community with speculation and curiosity. Journey of a dormant giant The crypto wallet, 0x8b, had been … Read more A historic crypto transaction occurred a few hours ago when a crypto wallet transferred over 61,000 Ether (ETH), currently worth $116 million, after a long slumber of eight years. This dormant account awoke with a splash, stirring the crypto community with speculation and…

TL;DR Breakdown Robert F. Kennedy Jr. has shared his vision to progressively back the US dollar with Bitcoin if he is elected president to help re-stabilize the economy Kennedy Jr. will also make exemptions for Bitcoin to USD conversions. The presidential candidate has been a vocal bitcoin supporter Description Robert F. Kennedy Jr. has shared his vision to progressively back the US dollar with Bitcoin if he is elected president. RFK Jr. asserted in a speech at a Heal-the-Divide PAC event on July 19 that supporting the dollar with what he said was “hard currency,” such as gold, silver, platinum, or Bitcoin, may assist … Read more Robert F. Kennedy Jr. has shared his vision to progressively back the US dollar with Bitcoin if he is elected president. RFK Jr. asserted in a speech at a Heal-the-Divide PAC event on July 19 that supporting the dollar with what he said was “hard currency,” such as gold, silver, platinum, or Bitcoin, may assist in re-stabilizing the American economy. RFK Jr. acknowledged that the process would be gradual and would change the…

TL;DR Breakdown Funds will be used to settle outstanding financial obligations and support expansion. The shares were sold at a discount, representing 12% of the company’s market value. Argo Blockchain faced challenges due to cryptocurrency market volatility and incurred a significant net loss. Description London-based cryptocurrency mining company, Argo Blockchain (ARB), has successfully raised £5.7 million ($7.5 million) by issuing additional shares. The company, listed on the London Stock Exchange, recently announced its decision to sell shares to raise funds. The public auction yielded £616,000, while the private offering brought a substantial £5.134 million. These funds will be utilized … Read more London-based cryptocurrency mining company, Argo Blockchain (ARB), has successfully raised £5.7 million ($7.5 million) by issuing additional shares. The company, listed on the London Stock Exchange, recently announced its decision to sell shares to raise funds. The public auction yielded £616,000, while the private offering brought a substantial £5.134 million. These funds will be utilized to settle Argo’s outstanding financial obligations. Before the acquisition, Argo had disclosed an outstanding debt level of £59.1 million. The shares were priced…

TL;DR Breakdown EtherFi has published an open letter criticizing OpenSea for suspending EtherFan NFs without notifying them despite co-working on the launch In what EtherFi said was “a templated response,” OpenSea said its actions were directed towards enforcing its terms of service Description EtherFi, a liquid staking protocol, has published an open letter criticizing OpenSea. Last week, the company’s EtherFan collection of NFTs backed by staked ETH was abruptly removed from the NFT marketplace. The two had been working together on the EtherFan debut for weeks to release the collection, with an advertising plan based on cross-promotion and … Read more EtherFi, a liquid staking protocol, has published an open letter criticizing OpenSea. Last week, the company’s EtherFan collection of NFTs backed by staked ETH was abruptly removed from the NFT marketplace. The two had been working together on the EtherFan debut for weeks to release the collection, with an advertising plan based on cross-promotion and sales on the secondary market. Mike Silagadze, the founder of EtherFi, mentioned in the letter that OpenSea appeared positive and interested in the partnership…

TL;DR Breakdown A crypto fund fraudster has been sentenced to a significant prison term for orchestrating a $249 million scheme that targeted investors through a fraudulent cryptocurrency and foreign-exchange platform. The fraudster promised weekly returns of 5% or more to investors, resulting in a rapid expansion of the scheme and victimizing approximately 25,000 individuals, primarily from the Haitian-American community. Description In a landmark ruling on Tuesday, Eddy Alexandre, a resident of Valley Stream, New York, was sentenced to nine years in prison for orchestrating a fraudulent scheme that swindled hundreds of millions of dollars from investors. US District Judge John Cronan handed down the sentence after Alexandre pleaded guilty to commodities fraud in February. The … Read more In a landmark ruling on Tuesday, Eddy Alexandre, a resident of Valley Stream, New York, was sentenced to nine years in prison for orchestrating a fraudulent scheme that swindled hundreds of millions of dollars from investors. US District Judge John Cronan handed down the sentence after Alexandre pleaded guilty to commodities fraud in February. The scheme, which lasted only eight months from…

TL;DR Breakdown Zhe “Constance” Wang, former FTX executive, has joined Sino Global Capital, a crypto venture capital firm, amidst the ongoing crypto crisis. Wang’s appointment emphasizes the significance of experienced professionals in the industry and the importance of regulatory compliance and financial stability for sustainable growth. Description In the midst of the ongoing crypto crisis, Zhe “Constance” Wang, a former executive at FTX, has found a new role at the crypto venture capital firm Sino Global Capital. Wang’s appointment comes following FTX’s bankruptcy filing and subsequent investigation into its operations. Her expertise and experience make her a valuable addition to the firm, … Read more In the midst of the ongoing crypto crisis, Zhe “Constance” Wang, a former executive at FTX, has found a new role at the crypto venture capital firm Sino Global Capital. Wang’s appointment comes following FTX’s bankruptcy filing and subsequent investigation into its operations. Her expertise and experience make her a valuable addition to the firm, which focuses on investing in promising crypto-related projects. While Wang moves forward with her career, other former FTX executives have…

TL;DR Breakdown Polychain Capital raised $200 million for its fourth investment fund, aiming for a total of $400 million, and let go of three research team members. Coinfund surpassed expectations by raising $152 million for its seed fund, reflecting a renewed interest in the crypto industry. Description In a notable boost for the cryptocurrency sector, Polychain Capital and Coinfund, two prominent venture capital firms, have successfully raised a combined total of $350 million for their new investment funds. Polychain Capital secured an impressive $200 million for its fourth investment fund, while Coinfund exceeded expectations with $152 million for its seed fund. These … Read more In a notable boost for the cryptocurrency sector, Polychain Capital and Coinfund, two prominent venture capital firms, have successfully raised a combined total of $350 million for their new investment funds. Polychain Capital secured an impressive $200 million for its fourth investment fund, while Coinfund exceeded expectations with $152 million for its seed fund. These significant investments come at a time when venture funding for crypto projects has been experiencing a decline. This article delves…

TL;DR Breakdown The financial regulatory authority of Australia has taken a significant step by revoking the financial license of FTX Australia. Despite the license being revoked, FTX Australia will be allowed to offer limited financial services to its clients until July 12 next year as they finalize their dealings with their customer base. Despite its troubled past, there is speculation that the exchange may not entirely disappear from the market.  Description The financial regulatory authority of Australia has taken a significant step by revoking the financial license of FTX Australia, a crypto exchange that had already filed for bankruptcy. On July 19, the Australian Securities and Investments Commission (ASIC) made the official announcement regarding the cancellation, which had been in effect since July 14. However, despite … Read more The financial regulatory authority of Australia has taken a significant step by revoking the financial license of FTX Australia, a crypto exchange that had already filed for bankruptcy. On July 19, the Australian Securities and Investments Commission (ASIC) made the official announcement regarding the cancellation, which had been in effect since…