Salvador has started mining Bitcoin with vulcanoes
Salvador has become an official crypto pioneer. Thanks to many different steps that the government and the president of the country, Naiyb Bukele, has taken, Salvador is the first country to be officially mining Bitcoin. Moreover it is using volcanic and geothermal energy to do so, which is also a pioneering approach to Bitcoin mining.
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BlockFi officially filed for bankruptcy on Monday. It has become the latest crypto company crippled by the collapse of FTX. It was functioning since 2017 with more than 450,000 clients.
Binance has allocated another $1 billion for its industry recovery fund, raising its size to more than $2 billion. Other cryptocurrency companies like Aptos Labs and Jump Crypto joined Binance’s initiative and plan to contribute $50 million.
Core Scientific, as one of the largest Bitcoin miners, has one year before it may declare bankruptcy. Core Scientific’s troubles include rising power costs, falling Bitcoin prices, and more difficult mining. They reported a total net loss of $1.7 billion in the first nine months of 2022.
Russia has started developing an official and regulated Russian cryptocurrency exchange. This exchange shouldn’t flee from Russian regulations, laws, and will operate within the national legislative frame. This move should help the government to gather more taxes that people avoid by using foreign exchanges.
Litecoin (LTC) surged by 16% to $70 today, up from $48 just two weeks back. LTC became the TOP gainer among cryptocurrencies despite a stron market selloff. Now it is the 13th biggest cryptocurrency according to its market cap, overtaking Shiba Inu.
Ethereum plunged to $1,100, its lowest level since July, and Bitcoin dropped below $16,000 to levels not seen in two years. The FTX crash is still impacting the crypto market, and concerns about further spread are growing. FTX is said to owe creditors $3.1 billion. BlockFi, a company near FTX, is allegedly preparing to declare bankruptcy soon.
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Spain’s annual inflation fell to 6.8% in November 2022, moving further away from July’s 38-year high of 10.8%. Inflation remained below market expectations at 7.4%. The slowdown in the inflation rate was mainly led by declines in the cost of fuel and electricity.
After going down for eight months, the EU economic sentiment indicator went up by one point in November 2022 to reach 93.7. The result slightly exceeded forecasts of 93.5, but it remained close to its lowest level in two years. Rising interest rates, high inflation, and a worsening energy crisis during the winter all put a damper on sentiment.
Pinduoduo (PDD) stock jumped 15% in the pre-market after quarterly results. The company reported much higher earnings per share of 8.62 instead of 4.79. The forecasted revenue for Q3 was $30.71 billion, but the firm surprised the market with $35.5 billion revenue.
WTI crude oil fell more than 3% below $74, the lowest price in one year. Widespread protests in China over its strict zero-Covid policy hurt investor confidence and the outlook for demand. Oil prices were also pushed down by reports that the US had granted Chevron Corp permission to restart oil production in Venezuela.
On Monday, the dollar fell against a group of major currencies and is closing in on a price of 105. This is the lowest level since August, as investors reevaluated the outlook for growth and monetary policy. Fed’s possible slow down of rate hikes is currently driving the dollar pullback.