Coinbase debuts with international exchange
The largest U.S.-based cryptocurrency exchange launched the Coinbase International Exchange, which will be open to institutional investors outside the U.S., following tension with the Securities and Exchange Commission over the past few weeks.
Institutional investors will be able to trade perpetual bitcoin and Ethereum perpetual futures with up to 5x leverage, Coinbase said in a blog post announcing the debut of that exchange on Tuesday.
“As more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange.”
Coinbase has been embroiled in a fight with the U.S. Securities and Exchange Commission following news that the exchange was served a Wells notice in March.
A Wells notice is a letter from SEC staff saying that the agency is ready to recommend formal charges to the five-member commission.
Bhutan seeks to raise $500 million for bitcoin mining
Druk Holding & Investments, the investment arm of the Royal Government of Bhutan, partnered with the Nasdaq-listed company Bitdeer Technologies Group. Together they will introduce a $500 million fund that should support bitcoin mining activities in the Himalayan country.
Recent sources suggested that the nation might have been secretly producing BTC since 2017, using its vast amount of hydropower.
The government of the landlocked country in South Asia seems determined to establish the region as a leading factor in the bitcoin mining scene. For that purpose, Druk Holding & Investments collaborated with Bitdeer to raise half a billion-dollar fund. The financing could develop green crypto mining in the area by deploying Bhutan’s hydroelectricity resources.
US Federal Reserve increases interest rates by 25 basis points
The U.S. Federal Reserve has raised the federal funds target range rate by 25 basis points to 5.5.75%.
Wednesday’s interest rate decision was largely expected, with traders pricing in such a rise ahead of time. The Fed’s statement removed language signaling further rate hikes.
“In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.”
This is relevant for bitcoin because it proves that the monetary policy of fiat money is changing all the time.
Source: The Block