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Ted Cruz (R-TX) – a crypto-supportive Republican senator – believes a US Central Bank Digital Currency (CBDC) is likely to become a reality.  The politician believes both the Federal Reserve and the White House currently want one, and that the Democratic party won’t vote against its issuance.  In an interview published by What Bitcoin Did on Friday, Cruz discussed the current political climate surrounding crypto. In general, the senator believes Democrats are more opposed to the industry than Republicans, due…

In a Friday announcement,  financial services and investment management company Galaxy Digital revealed plans to purchase asset custody solution GK8. The firm, led by Mike Novogratz, won a bid allowing it to acquire GK8 from Celsius network under the lender’s bankruptcy proceedings. Galaxy to Implement GK8’s Custody Technologies GK8 is a blockchain-focused cybersecurity provider for financial institutions to store their digital assets. The platform also allows users to perform transactions without an internet connection. In their release, Galaxy digital noted…

Economic journalist Max Keiser recently joined Fox News host Tucker Carlson to discuss how FTX went bankrupt. The two personalities discussed how Bitcoin can fix corruption within the financial system, including at FTX and on Wall Street.  Crypto and Financial Corruption In an interview released on Monday, Tucker began by suggesting that FTX’s collapse may be used as an excuse to regulate the crypto. However, Max Keiser argued that Bitcoin is “designed” to be attacked, and only grows more resilient…

After nearly three weeks in the dark from the media, former FTX chief Sam Bankman-Fried is finally making public appearances. On Thursday, he partook in a live Twitter space to take questions directly from the crypto community. Here are the highlights from his interview and questioning. Sam Bankman-Fried said he is making media appearances in the name of transparency. He believes the community deserves answers. SBF claimed that he had little relationship with Alameda Research, over worries about conflicts of interest.…

According to an update on the crypto platform’s help page, Coinbase wallet will no longer support payment network Ripple’s XRP token. The digital asset is not the only cryptocurrency Coinbase has delisted as Bitcoin Cash, Ethereum Classic, and Stellar will also be unavailable. Coinbase Halts Wallet Support for XRP, BCH, ETC, and XLM The delisting will take effect from January next year and Coinbase’s wallet application will drop support for the aforementioned tokens. Coinbase Wallet like MetaMask and similar providers…

The crypto borrowing and lending platform Nexo recently provided transparency into exactly how its business makes money. Its lengthy breakdown follows the collapse of numerous high-profile crypto lending firms that were overexposed to defunct projects and businesses.  Nexo’s Business Model As Nexo explained in a Twitter thread on Monday, Nexo’s primary business strategy is to facilitate collateralized credit. Its core services include crypto collateralized loans, interest-bearing crypto accounts, and spot, futures, and options trading.  Through its Earn product (crypto interest…

According to a recent press release, crypto lending firm BlockFi has filed for chapter 11 bankruptcy protection. The company predictably began to battle liquidity issues in the wake of FTX’s monumental crash. BlockFi Hopes to Restructure The lender submitted its application for bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey alongside 8 affiliated companies. BlockFi's goal is reportedly to bring operations back to steady ground. Chapter 11 of the Bankruptcy Code typically allows for…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $842 billion. Bitcoin is trading at around the same value as last week, $16,500. Ethereum gained more than 3% over the past seven days. XRP increased by nearly 8% this past week. Almost all altcoins and Metaverse projects are trading in the green. The DeFi sector decreased the total value protocols (TVL) to around…

Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books.  However, many in the crypto community question Binance’s approach. Also, they aren’t fully sure they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement, the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings.  The company’s initial audit…