Finance Magnates
Finance Magnates
Finance Magnates
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Finance Magnates
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Finance Magnates (formerly Forex Magnates) is a website offering online financial trading news and r

Tether’s Message to Extortionist Demanding 500 BTC: “We Are Not Paying”

Photo: Finance Magnates Stablecoin issuer Tether (USDT) has allegedly received of a ransom note demanding 500 Bitcoin (BTC). The note’s author claims that if Tether doesn’t pay up, he or she will publish documents that could “harm the bitcoin ecosystem.” Tether tweeted about the alleged ransom note

IS Prime Taps Reactive Markets for New Trading and Risk System

Photo: IS Prime Hong Kong IS Prime, a prime brokerage and execution venue, launched on Monday a new trading GUI and risk system, which is targeted towards its growing client base of FX hedge funds and asset managers. The prime of prime brokerage detailed that the services allow its clients to combin

NFT Revolution: NBA’s “Top Shop” Token Marketplace Rakes in $230M in Sales

Photo: Image source: TheBigWord The same company that started the CryptoKitties craze is at it again: Dapper Labs, creator of nun-fungible tokens extraordinaire, signed on last year to help National Basketball Association (NBA) to create a non-fungible token (NFT) set of its own. Recently, the NBA’s

Cboe Sees MoM Surge in FX Demand as February Volumes Hit $742 Billion

Photo: Bloomberg Cboe FX Markets, a major institutional spot foreign exchange trading venue, published its trading statistics for February 2021, showing a solid $43 billion gain in total volumes from the previous month’s numbers. In total, the exchange handled $742.9 billion in trades last month, co

Bitcoin Whale Moves 7,073 BTC to Unknown Wallet

Photo: Finance Magnates Bitcoin whales are on the move again as an anonymous user transferred 7,073 BTC to an unknown wallet on 27 February. The move came after Bitcoin crashed from $58,000 to as low as $44,000 in the last few days. According to the blockchain tracker and crypto analytics platform W

BTC Recovers to $47.5K After Dropping Below $44K on Sunday

Photo: FM Bitcoin’s sink to ~$43,400 on Sunday, February 28th, was its lowest point in roughly three weeks. Although the price had corrected to levels above $47,480 at press time, some analysts believe that Bitcoin could be in for further drops in the next few days. Indeed, CoinDesk reported that ye

Bitcoin Miners Reduce BTC Selling Amid Price Crash

Photo: Reuters Bitcoin, the world’s largest crypto asset, is down more than 20% in the last 7 days after heavy selling pressure pushed the price of BTC below $44,000 on Sunday. Bitcoin miners have reduced their BTC selling as their net position turned positive for the first time in 2021. According t

Cryptocurrency Assets Are Not Very Useful, Says LSE Economist

Photo: FM The cryptocurrency assets must provide some valuable services to justify the high valuation, according to Jon Danielsson, Director of the Systemic Risk Centre at the London School of Economics. Danielsson added that a price rise in cryptocurrencies will increase inequality. According to a

AxiCorp Settles Australian Financial Services License Issue with ASIC

Photo: Bloomberg AxiCorp, a multi-regulated financial broker, announced today that the Australian Securities and Investments Commission (ASIC) decided to withdraw the proposed suspension of Axi’s Australian Financial Services License (AFSL) on 15 February 2021. According to the official announcement

Eurex Collaborates with FTSE Russell to Expand TRF Segment

Photo: Eurex Eurex, an international derivatives exchange and a member of the Deutsche Börse Group, announced today that it has partnered with FTSE Russell to expand its pioneering Total Return Futures (TRF) segment through a new contract on the FTSE 100 Index. According to the official announcement

Higher Sales Costs for FY2020 Pushed AETOS UK into Losses

Photo: Bloomberg AETOS Capital Group UK Limited (AETOS UK), the wholly-owned subsidiary of Australian broker AETOS Capital Group, published its annual financials for the year ending on March 31, 2020. The performance of the broker remained dull in terms of volumes, resulting in a net loss. According

Admiral Markets Ended 2020 with 340% Profit Jump

Photo: FM Estonia-based Admiral Markets AS, operating with the tradename Admiral Markets, published its unaudited financials for 2020, showing significant jumps across all performance metrics. 2020 was impressive for the entire brokerage industry as the retail demand skyrocketed with the Covid-spurr

XRP Soars, Bitcoin Rollercoaster, eToro Down, India Crypto: Editor’s Pick

Photo: FM In another rollercoaster of a week in the crypto world, let’s take a look back at the news that dominated the forex, fintech, and crypto spheres in our best of the week segment. XRP Price Jumps 25% within 30 Minutes The trading week kicked off with the news that XRP price gained significan

Will the EU Class Spot FX Contracts Under Market Abuse Regulation?

Photo: ESMA Foreign exchange (“FX”) trading activities constitute one of the largest markets in the world, worth billions of euros every day. However, the FX market remains the least regulated and opaque of all financial markets, in which FX rates that influence the value of billions of Euros of ass

Why Are Blockchain Oracles the Life-Blood of Smart Contracts?

Photo: FM Smart contracts operating on blockchains hold the potential to revolutionize businesses globally through the creation of Dapps, DAOs, and DeFi applications. But, to ensure a conducive infrastructure for all such futuristic developments, smart contracts need access to real-world data. Now,

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