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The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says the current banking crisis has pushed the U.S. economy closer to a recession. “We have fundamental issues, regulatory issues facing our banking system,” the Fed official stressed. Neel Kashkari on U.S. Economy, Banking Crisis, Recession Federal Reserve Bank of Minneapolis President Neel Kashkari shared his thoughts on the state of the U.S. economy, the current banking crisis, and whether the U.S. is headed toward a recession in an interview with CBS News Sunday. Responding to a question about whether the present banking crisis has caused the U.S. economy to edge closer toward a recession, Kashkari said: It definitely brings us closer. Right now, what’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch. “That credit crunch … would then slow down the economy,” he cautioned, noting that the Fed is monitoring the situation “very,...

Unlike AI applications such as Chatgpt, cryptocurrencies do not bring “anything useful,” a top executive of U.S. chip maker Nvidia is convinced. The comment comes despite his company making significant sales in the space where its powerful processors are widely used to mint digital coins. Developing Chatbots More Worthwhile Than Crypto Mining, Nvidia Exec Claims Cryptocurrencies do not “bring anything useful for society,” according to a high-ranking representative of Nvidia, the leading manufacturer of graphics processing units (GPUs). The executive expressed this opinion despite his company selling quantities of video cards to the industry. Other uses of their processing power, such as those associated with artificial intelligence (AI) applications like the Chatgpt chatbot, are more worthwhile than mining crypto, Nvidia’s Chief Technology Officer Michael Kagan told the Guardian. The U.S. tech firm, which is also a major supplier of AI hardware and...

Twitter personality FatMan tweeted about a report from Bloomberg that covered the recent updates on the arrest made by Montenegro authorities of crypto fugitives Do Kwon and Han Chang-Joon, CFO of Terraform Labs. Update on Do Kwon via BBG: – He is currently being held in medical quarantine for COVID for 5 more days – Montenegro officials have gone through his phones and found "very interesting" info – Do Kwon entered as an illegal immigrant, no entry record https://t.co/1bw1PVjCYA — FatMan (@FatManTerra) March 28, 2023 In his tweet, FatMan offers three major highlights of the report. FatMan states that reportedly Do Kwon was being held in medical quarantine for COVID for an additional five days, that the Montenegro officials have gone through his phones and had found “very interesting,” information, and that Do Kwon had entered as an illegal immigrant, without an entry record. According to the report, the authorities seized three lapto...

Prosecutors have reached a revised bail condition for Sam Bankman-Fried (SBF), the embattled former Chief Executive of the defunct cryptocurrency exchange FTX. According to reports, SBF’s lawyers and the U.S. prosecutors reached an agreement after a judge considered sending him to jail pending trial. The new bail conditions will reportedly allow SBF access to a phone without internet capability. It will also give him access to a laptop with basic functions, and those two will be all about his interaction with electronic devices. Monitoring software will be installed on the laptop, and SBF will not have administrative access to the device, preventing him from tampering with the settings or altering the restrictions placed on the device. The phone will only permit SBF to send text messages and make voice calls, and no other messaging applications will be installed on the phone. The application by SBF’s lawyers also contained an agreement by his parents to restrict him fro...

Market observers pointed out that CFTC goes after the bigger fish, and its regulatory action often proves fatal for the crypto companies. The United States Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance for violations of trading and derivatives laws. The lawsuit, filed on March 27, alleged that the global crypto exchange offered its derivatives trading services to U.S. customers without applying for a derivatives license. The lawsuit from the commodities watchdog in the U.S. took many by surprise with market observers and reporters claiming it to be a political move. Eleanor Terrett, a Fox news reporter tweeted that sources close to the CFTC suggest the commodities regulator decided to go for a lawsuit in order to show the Securities and Exchange Commission (SEC) that this is a commodities issue rather than a securities one. than a securities one. They also say "Vegas odds" have the @SECGov rushing out a similar lawsuit against @ Binance as a count...

Shiba Inu has emerged as one of the most successful meme coins out there. With head-to-head competition with Dogecoin, the Shiba Inu team has been working relentlessly on different projects for the community. Even though 2022 was not the best year for cryptocurrencies in terms of price, 2023 began with a bang. The whole cryptocurrency market has displayed double-digit gains over the last two weeks. SHIB, however, was exhibiting slower gains as opposed to other cryptocurrencies. Also read: Shiba Inu Burn Rate Spikes by 61765%; 830,384,034 SHIB Burned With the cryptocurrency prices trading in the red amidst the lawsuit against Binance, here is our Shiba Inu Price Prediction for April 2023. Source: Analytics Insight Shiba Inu price prediction for April 2023 Shiba Inu’s price currently stands at $0.00001038 with a 1.7% drop in value over the last 24 hours. Even though Bitcoin has exhibited a 16% gain over the last seven days, SHIB has only dropped by 15.7% during this per...

Ripple ’s native token XRP became the largest traded cryptocurrency on two of South Korea’s leading exchanges. Korea’s top crypto trading platforms Upbit and Bithumb experienced a combined trading activity of $348 million on March 26. The rise in trading activity was achieved in pairs with the Korean Won. The trading volume of XRP on Upbit exceeded that of Binance (BNB) by over 100 million tokens, according to CoinMarketCap. The sudden spurt in purchases came at a time after the token cooled down post rising 25% last week. XRP shied away from touching $0.50 reaching a new yearly high of $0.493. After the cryptocurrency briefly dipped during the weekend reaching $0.42, the two Korean exchanges experienced a surge in purchases. XRP/USD Chart by TradingView The XRP community also highlighted the development on social media indicating that Korean investors are keen on accumulating the token. The rise in its trading volume in the country shows an increased interest from investors who fi...

Gate Pay has partnered with fiat-crypto payment solutions provider Alchemy Pay to bridge crypto and fiat through Gate Pay wallet. The pair will help Gate Pay to integrate Alchemy Pay merchants network such as Allvalue, Instpower, and other major merchants. Gate Pay is a contactless, borderless, secure crypto payment technology fully developed by Gate.io. At present, Gate Pay supports over 30 cryptocurrencies, while users and merchants can choose their preferred options for making and receiving payments. With the support of Alchemy Pay’s integration, it will serve merchant-based transactions more effectively and satisfy the needs of merchant users who want to receive cryptocurrencies anytime, anywhere in the Web 3.0 world. By integrating these merchants, Gate Pay users will have access to enjoy a wider range of products and services. Through this collaboration, Gate Pay will be able to leverage Alchemy Pay’s extensive network of merchants. Alchemy Pay merchant networks include Shopify...

Following nearly a week of losses, Shiba Inu (SHIB) could see a price recovery incoming if certain factors do come to fruition. Currently, the meme coin is trading at $0.00001056, down 3.00% over the last 24 hours, but a turnaround could be on the horizon. Earlier today, the meme coin had seen a gradual ease of its selling pressures, while showcasing a balance of trading activity, according to U.Today. Now, on the heels of a losing streak, and immense volatility, a price recovery is not out of the question if some things fall into place. Source: Twitter What Could Drive a SHIB Turnaround? According to CoinMarketCap, SHIB has been on quite a low recently. Specifically, it had reached prices of $0.00001033, currently regaining some, but still showing a concerning chart. Yet, things may be looking up for one of the most popular meme coins in the industry. So, how could a Shiba Inu (SHIB) price recovery be incoming? Well, it all starts with the overall market. Specifically,...

Litecoin is the winner in daily crypto gains as whales appear to be behind the ongoing LTC price rally, on-chain data suggests. Litecoin (LTC) emerged as one of the best-performing cryptocurrencies on March 23, surpassing its top-ranking rivals Bitcoin (BTC) and Ether (ETH).  Litecoin attracts Bitcoin and Ethereum investors LTC price rallied 5.5% to reach an intraday high of around $92.50. In comparison, the total crypto market capitalization (TOTAL) has risen 2.25% to $1.14 trillion, with BTC and ETH rising 1.79% and 1.42%, respectively. The Federal Reserve's 25 basis points (bps) rate hike on March 22 appears to be the key driver behind Litecoin beating its crypto rivals over the past 24 hours. Notably, LTC price rallied over 15% versus BTC and about 14.5% versus ETH since the Fed announcement. LTC/ETH and LTC/BTC daily price chart. Source: TradingView One reason could be that Litecoin has relatively underperformed the cryptocurrency market in March, dropping over 6.5% month-t...

The Bitcoin price prediction sees a 4.45% decline over the past few hours as the cryptocurrency fails at $29,104 and heads lower. Bitcoin Prediction Statistics Data: Bitcoin price now – $27,096 Bitcoin market cap – $521.4 billion Bitcoin circulating supply – 19.3 million Bitcoin total supply – 19.3 million Bitcoin Coinmarketcap ranking – #1 BTC/USD Long-term Trend: Bullish (Daily Chart) Key levels: Resistance Levels: $32,000, $34,000, $36,000 Support Levels: $24,000, $22,000, $20,000 BTC/USD loses its momentum after touching key resistance above $29,104. As of writing, the king coin is down 4.45% on the day at $26,802 facing the 9-day and 21-day moving averages. Meanwhile, Bitcoin may struggle to close above $28,000, and if it does, it should be free to rise well above $29,000 if it moves toward the upper boundary of the channel. Bitcoin Price Prediction: Can Bitcoin Price Trade Above $29k? After a slightly positive move above $29,000, the Bi...

Bitcoin may celebrate no matter what the Fed decides on interest rates, but the extent of longs that would be liquidated below $20,000 has one analyst worried. Bitcoin (BTC) may “take out shorts” to crack $30,000 during the day’s key United States macroeconomic policy updates, analysis says. As bets pile up over how BTC price will react to the Federal Reserve’s decision on interest rates, $30,000 is in sight — but a drop to below $20,000 is not off the table. Trader plans $30,000 profit-taking Bitcoin is hours away from what popular trader Crypto Tony calls “one of the most anticipated” Fed meetings ever. The Federal Open Market Committee (FOMC) will decide on how to tweak baseline Interest Rates on March 22, amid suspicions that the ongoing U.S. banking crisis has disrupted policy. From ongoing rate hikes forecast just last month, Markets are now considering the chances that the Fed will pause the cycle, data from CME Group’s FedWatch Tool shows. Fed target rate probabilities chart. ...

After consistently rising over the past few days and attaining new local highs, the market’s top cryptos, i.e. Bitcoin and Ethereum, were seen taking a breather on Tuesday, March 21. The effect of the same was reflected in the global crypto market cap, which was down 1.2% to $1.16 trillion at press time. Barring a few exceptions, most other cryptos followed Bitcoin and Ether’s suit and were trading at minor corrections within the 24-hour timeframe. Also Read: Has Bitcoin Finally Entered Into its Bull Phase? XRP On Tuesday, most of the 100 assets were borderline trading in the red. However, XRP was not one among them. At press time, the market’s sixth largest crypto was up by around 4.8% on the daily time frame. Like most assets, even XRP recently broke past its downtrend. Using the same bearish trendline as support, the asset recently went on the knock on the doors of $0.4. The asset’s buying momentum has not yet reached its saturation point, for the RSI continues to hov...

Time and again, Bitcoin [BTC] has been compared to GOLD as they share several similarities. Both these assets have been noted to entail store-of-value characteristics. As skeptics continue to suggest that GOLD will remain a much more significant investment than BTC, the king coin surged to a high of $28,000 for the first time in months. Amidst this, the correlation between GOLD and Bitcoin was inching close to its highest level in over 5 years. #Gold breaks 2000, #Bitcoin at $28.5k, with a correlation of 84% approaching the highest correlation in over 5 years pic.twitter.com/BxlH4mi7XR — James V. Straten (@jimmyvs24) March 20, 2023 Bitcoin and GOLD ’s surge was attributed to the ongoing turmoil in the U.S. banking system. The downfall of centralized financial institutions prompted investors to explore other sectors. This correlation could certainly prove to be beneficial for the king coin. Investor confidence in Bitcoin as a store of value has historically bee...

Bitcoin, ETH, BNB, STX, and IMX remain strong on the charts, increasing the likelihood of more gains in the near term. Bitcoin (BTC) is on track to close the week with gains of more than 23%. The banking crisis in the United States and Europe seems to have boosted buying in Bitcoin, indicating that the leading cryptocurrency is behaving as a safe haven asset in the near term. All eyes are on the Federal Reserve’s meeting on March 21 and 22. The failure of the banks in the U.S. has increased hopes that the Fed will not hike rates in the meeting. The CME FedWatch Tool shows a 38% probability of a pause and a 62% probability of a 25 basis points rate hike on March 22. Crypto market data daily view. Source: Coin360 Analysts are divided on the consequences of the current crisis on the economy. Former Coinbase chief technology officer Balaji Srinivasan believes that the U.S. will enter a period of hyperinflation while pseudonymous Twitter user James Medlock believes otherwise. Srinivasan p...