Dalio does not believe in Bitcoin

Ray Dalio, the legendary hedge fund manager, believes that 10-fold increase of Bitcoin does not make any sense. In a recent interview with CNBC he stated that regulators have the power to kill Bitcoin if its becomes too important. Moreover, he specified that he does not believe Bitcoin has intrinsic value, yet, he has BTC in his portfolio.

More market movers from category

Tether created new stablecoin

Tether (USDT) as the largest stablecoin provider is expanding on Tron network by adding a Chinese Yuan. Bitfinex plans to be the first to offer Chinese Yuan stablecoin (CNHT) on its crypto exchange.

Strict crypto advertising rules introduced

The Financial Conduct Authority (FCA) consultation implies reducing the number of firms with marketing communications approval authority. Once the Financial Services and Markets Bill is enacted into law, only businesses with FCA permission will be able to approve crypto advertising material.

FIFA NFTs to be released soon ⚽️

Coca-Cola and Crypto.com have joined hands to release 10,000 FIFA World Cup NFTs. A digital artist, GMUK, will make the NFTs and host them on the NFT platform on Crypto.com. The NFTs were made by tracking the movements of players in FIFA World Cup matches.

ByBit cuts 30% of its workforce 🚨

ByBit is another crypto exchange to introduce massive layoffs of 30%. CEO Ben Zhou said they have to reorganize their business amid a deepening bear market, and reducing the workforce is one of the main operations.

Kraken lays off 30% of staff

The cryptocurrency exchange Kraken announced on Wednesday that it will lay off approximately 1,100 employees, or 30% of its global workforce. Earlier this year, Kraken declared that it was actively hiring. This is a response to the drastic crypto winter.

Porsche will launch NFT project 🏎

Porsche plans to launch its first Web3 project, which will consist of 7,500 NFTs. The NFT collection is based on the classic Porsche 911 and will launch in January 2023. Each NFT will be built as a unique 3D asset in Unreal Engine 5.

More market movers

WTI oil rises after touching 1-year low

WTI crude oil jumped by 4% to $75.5, bouncing back from a one-year low of $71.8 from yesterday. Optimism about the Chinese economy reopening drives the commodity higher after it has been trending downward for several months.

BoC raises interest rates to 4.25%

The Bank of Canada (BoC) increased its key rate by 50 basis points, from 3.75% to 4.25%, in its final meeting of 2022. This rate hike brought borrowing prices to their highest level since 2008, up 4% since March. Policymakers affirmed that they would keep their tightening policy in the near future.

Tether created new stablecoin

Tether (USDT) as the largest stablecoin provider is expanding on Tron network by adding a Chinese Yuan. Bitfinex plans to be the first to offer Chinese Yuan stablecoin (CNHT) on its crypto exchange.

EU economy rises 0.3% in Q3

The economy of the Eurozone grew by 0.3% in the Q3 2022, which was a bit more than the initial estimate of 0.2%. This is 0.5% less than in the previous quarter as the economy grew by 0.8% in Q2.

WTI crude oil drops further

WTI crude oil fell almost 2% to $73, the lowest level reached since December 2021. Worries about weak global demand keep the bearish momentum going. The US and Europe, in particular, are seeing a drop in manufacturing activity because of tighter financial conditions.

RBI lifts interest rate by 35 bps

The Reserve Bank of India (RBI) raised its key interest rate by 35 basis points, from 5.9% to 6.25%. This was the fifth rate hike in a row, and it was widely anticipated. As a result of continuous rate hikes, inflation slowed to 6.7% in October, down from a high of 7.4% in September.

News

S&P 500 advances as dip buyers re-emerge
SP500
-0.19%

S&P 500 advances as dip buyers re-emerge

It looks like the selling could ease as bears appear exhausted, giving a nice chance to bulls for a short-term rally.
Gold to $3,000? Saxo Bank says so!
XAU
0.65%

Gold to $3,000? Saxo Bank says so!

Gold struggles to find serious investors. Nevertheless, the outlook looks promising.
Bitcoin payment app Strike expands to Africa
BTC
0.12%

Bitcoin payment app Strike expands to Africa

Strike and Bitnob will collaborate by using the Lightning Network to empower African nations with a better payment system.
USD/JPY at critical technical crossroads
USDJPY
-0.34%

USD/JPY at critical technical crossroads

The greenback is trying to recover from the recent selling pressure. However, it stays below previous lows, implying the weakness of bulls.