China unexpectedly cuts policy rate amid Covid-19 lockdown. The People’s Bank of China has cut its benchmark five-year lending rate to 4.45% from 4.6%. This is the biggest cut since the rate was introduced into the bank’s policy arsenal in 2019. The move represents an unexpected turnaround in China’s monetary policy.Economists believe the rate change …
Terra’s stablecoin, UST, falls below $1 for the first time since its launchThe value of TerraUSD has slipped below the dollar mark, hitting a low of $0.69, exacerbating the crypto market’s overall decline.The Luna Foundation Guard (LFG), a non-profit organisation responsible for maintaining the peg, announced its intention to lend $750m in Bitcoin and $750m …
BUFFETT’s BIG MOVE! Warren Buffett buys $51bn worth of stocks in the first quarter amid general market weakness. Berkshire Hathaway announced ahead of its annual meeting on Saturday that it bought more than $51 billion worth of shares in the first quarter. Excluding share sales during the quarter, Berkshire increased its stock holdings by $41 …
Crypto adoption on Wall Street is in full swing! Goldman Sachs makes first Bitcoin-backed loan as Wall Street warms to cryptocurrencies Bitcoin holders can borrow from Goldman in fiat currencies using BTC as collateral. The credit facility, which is tied to cryptocurrencies, carries the risk of liquidation if the bitcoin price falls too low and …
