Tuesday, May 17, 2022
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$3 billion in bitcoin was sold in a last-ditch attempt to save UST stablecoin from collapse

Bitcoin fell below the $26,000 level since December 2020. (Photo credit should read CFOTO/Future Publishing via Getty Images)CFOTO | Future Publishing via Getty ImagesInvestors have been eager to find out what happened to the $3 billion in bitcoin bought up by crypto firm Terra to back its failed stablecoin.

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Regulators are growing anxious about stablecoins after Terra’s stunning collapse

The entire stablecoin market is now worth more than $160 billion.Justin Tallis | AFP via Getty ImagesRegulators are getting increasingly worried about stablecoins after the collapse of controversial cryptocurrency venture Terra.TerraUSD, an "algorithmic" stablecoin that's meant to be pegged one-to-one with the U.S. dollar, has erased much of its

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World’s biggest stablecoin regains dollar peg after $3 billion in withdrawals

Tether has long faced questions over whether it has enough assets to justify its peg to the dollar.Tiffany Hagler | Bloomberg via Getty ImagesTether, the world's largest stablecoin, regained its peg to the dollar after more than $3 billion worth of tokens left the system in a single day.The

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Goldman ‘deal guy’ behind Apple, GM cards leaves for fintech start-up iCreditWorks

iCreditWorks CEO Scott Young, former chief commercial officer of Goldman Sachs Marcus.Courtesy: Goldman SachsA Goldman Sachs executive known for securing some of the industry's biggest credit-card deals in recent years has left to join early stage start-up iCreditWorks, CNBC has learned.Scott Young, who was chief commercial officer of Goldman's

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SoftBank plans to keep majority stake after Arm IPO and wants to list the firm as soon as possible

Masayoshi Son speaks during a joint announcement with Toyota Motor to make new venture to develop mobility services in Tokyo in October 2018.Alessandro Di Ciommo | NurPhoto | Getty ImagesJapanese tech conglomerate SoftBank intends to keep a majority stake in U.K. chip designer Arm when it lists the company

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The world’s biggest stablecoin has dropped below its $1 peg

Crypto firm Tether has been reducing the amount of commercial paper in its reserves.Jakub Porzycki | Nurphoto | Getty ImagesTether, the world's largest stablecoin, broke below its $1 peg Thursday amid panic in the crypto market.The token sank to as low as 98 cents at around 3:30 a.m. ET,

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Bitcoin tumbles below $27,000 for first time since December 2020 as crypto sell-off intensifies

Bitcoin plunged further below the $30,000 mark as investors fled cryptocurrencies.Jaap Arriens | NurPhoto | Getty ImagesBitcoin slumped below $27,000 Thursday for the first time in over 16 months, as cryptocurrency markets extended their losses amid fears over rising inflation and the collapse of a controversial stablecoin project.The price

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Online grocery delivery platform Instacart confidentially files for IPO in the U.S.

A shopper prepares fill his cart at a Giant supermarket in Washington, DC, April 6, 2020.Evelyn Hockstein/The Washington Post via Getty Images)Grocery delivery platform Instacart said late Wednesday it has filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC), paving the way for the firm

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Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors

Michael Sonnenshein, CEO, Grayscale Investments at the NYSE, April 18, 2022.Source: NYSEGrayscale, the asset manager running the world's largest bitcoin fund, met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF,

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Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 40 cents

Bitcoin, the world's largest cryptocurrency, has fallen over 50% since setting an all-time high of nearly $69,000 in November.Dan Kitwood | Getty ImagesThe two main tokens from embattled crypto project Terra are now in freefall.UST, a so-called stablecoin that's meant to maintain a $1 peg, plunged more than 60%

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