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Crypto investing may have allowed lower-income Americans to buy their own homes at a higher rate than the rest of the population, according to a paper released Tuesday by the U.S. Treasury's Office of Financial Research.The rise in cryptocurrency investment in recent years came with a pronounced uptick in debt — most notably mortgages — sought in the areas where digital assets activity was highest, according to the research conducted by the Treasury's independent arm that sniffs out U.S. economic hazards. It was looking for evidence that such financial stretching may be a danger to U.S. stability, but so far the researchers found that delinquency rates in those places have remained low."Low-income consumers in high-crypto exposure areas are disproportionately more...

The fall of 2020 was an exciting time for crypto, with bitcoin — after beginning the year around $7,000 and plunging to below $4,000 during the March Covid panic — in the middle of a rollicking bull market and appearing set to push through the $20,000 milestone.Mr. Market had a different idea though and as families began to get together for the U.S. Thanksgiving holiday, a wave of selling took place. Between East Coast Wednesday morning hours and the first football game early afternoon Thursday afternoon, bitcoin plunged from roughly $19,500 to $16,200, a decline of nearly 17%. The action was quickly dubbed the Thanksgiving Day Massacre.Exactly four years to the day later, bitcoin is seeing another swift decline after...

Crypto billionaire Justin Sun, who founded the Tron blockchain, has become an adviser to Donald Trump's crypto project, World Liberty Financial. The Tuesday announcement comes a day after Sun bought $30 million worth of World Liberty's WLFI tokens. Sales of WLFI had been sluggish before Sun's purchase."Justin's insights and experience will be instrumental as we continue to innovate and grow," World Liberty said on X.World Liberty seeks to become a player in decentralized finance, or DeFi, the once-bustling lending and borrowing ecosystem.Source link

The North African country of Morocco has drafted regulations for the crypto sector, its central bank's head said Tuesday.Abdellatif Jouahri, governor of Bank Al-Maghrib, did not provide many details about these regulations in a speech. The country previously banned crypto in 2017."In this regard, Bank Al-Maghrib, with the participation of all stakeholders and the support of the World Bank, has prepared a draft law regulating cryptoassets, which is currently in the adoption process," he said at an international conference in Rabat.Morocco will also continue to explore whether or not central bank digital currencies —- which are digital tokens issued by central banks —- can contribute to the country's policy objectives like financial inclusion, he said. The country launched its CBDC...

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index. The CoinDesk 20 is currently trading at 3150.49, down 5.3% (-175.81) since 4 pm ET on Monday. None of the 20 assets are trading higher.Leaders: BTC (-2.5%) and AVAX (-2.7%).Laggards: XLM (-14.6%) and POL (-10.4%).The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.Source link