Meta shares rose over 18% in after-hours trading Wednesday following a rosier-than-expected quarterly earnings report. But rising tides across Meta still couldn’t lift the tech giant’s embattled metaverse division. The company’s metaverse-focused Reality Labs lost a whopping $4.28 billion in 2022’s final fiscal quarter, Meta announced, marking a new low for the struggling department that has been repeatedly positioned as…
The U.K. has unveiled “ambitious plans” to “robustly regulate” various crypto activities, while seeking to protect customers and grow its economy. In the next three months, British authorities will accept public feedback on the new regulatory proposals designed to govern digital assets like traditional finance. British Government Sets Out to Regulate Crypto Market, Remains Committed to Innovation The executive power…
A proposed class action suit against cryptocurrency exchange Coinbase, Coinbase Global and CEO Brian Armstrong alleging unregistered securities sales was dismissed in the United States District Court of Southern New York on Feb. 1. The suit, filed on March 11, claimed that 79 of the tokens listed on Coinbase were securities being sold without proper registration and customers were not…
The FTX saga and the developments that led to the crypto exchange’s collapse will be framed in a new documentary focusing on the volatile relationship between Sam Bankman-Fried and one of his fiercest critics, Binance founder Changpeng Zhao. According to The Hollywood Reporter, the production is a partnership between media outlet Fortune and Unrealistic Ideas, a non-scripted production company co-founded…
What happens to the developers of a blockchain network after an entire ecosystem implodes? Terra offers a glimpse. More than half of the 323 open-source developers who contributed to projects on Terra’s network before its algorithmic stablecoin collapsed in spring 2022 stopped working on crypto projects altogether by December, according to a report from Electric Capital. Terra’s network halted in…
More individual NFTs were sold on Polygon than Ethereum via leading overall marketplace OpenSea for the second consecutive month, according to public blockchain data curated via a Dune dashboard. In January, OpenSea handled over 1.5 million NFTs sales on Ethereum sidechain Polygon, while Ethereum’s own mainnet tallied a little over 1.1 million sales via the same marketplace. That continues the…
Bitcoin’s (BTC) price has been trading above $22,500 for 12 days. Of course, this situation can change even if Federal Reserve chair Jerome Powell issues positive statements about the economy in today’s post-FOMC presser. Even if the decision matches the market consensus, the post-meeting statement should be investors’ primary area of focus. Specific areas to focus on would be clues…
Cool Cats was one of the hottest profile picture projects to come out of the late 2021 NFT market boom, but prices declined sharply last year as collectors’ gripes piled up. Today the founders behind the project unveiled a new path forward with refreshed branding—and future expansion beyond Ethereum with customizable, full-body avatars. “With our new strategic direction and rebrand,…
Recent signs of life in the NFT space ultimately yielded a significant jump in market activity in January, as organic trading volume grew 38% from December, per data from DappRadar. Sales of NFT assets totaled $946.7 million last month, according to the analytics firm, which tracks data across multiple blockchain networks and marketplaces. That’s a significant rise from the $683.9…
The U.S. Federal Reserve raised its benchmark federal funds rate by 0.25% on Wednesday after markets priced in near 100% certainty the Federal Open Market Committee (FOMC) would codify the quarter-point increase. The FOMC statement further detailed that ongoing rate increases are anticipated to bring inflation down to the target range of 2%. FOMC Outlines Expectations for Future Rate Hikes…
