“She flipped the title on his car, sold all his furniture and told us that our dad didn’t leave me or my sister anything.”
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U.S. Treasury Secretary Janet Yellen testifies during a hearing before the Financial Services and General Government Subcommittee of the House Appropriations Committee at Rayburn House Office Building on Capitol Hill on March 21, 2024 in Washington, DC.
Alex Wong | Getty Images
Treasury Secretary Janet Yellen on Wednesday warned that China is treating the global economy as a dumping ground for its cheaper clean energy products, depressing market prices and squeezing green manufacturing in the U.S.
“I am concerned about global spillovers from the excess capacity that we are seeing in China,” Yellen said during a speech at a Georgia solar company called Suniva. “China’s overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world.”
China has a surplus of solar power, electric vehicles and lithium-ion batteries that it can ship out to other countries at cheaper prices. That makes it difficult for the more adolescent green manufacturing industries of the U.S. and elsewhere to compete.
Yellen said she intends to put pressure on Chinese officials about these trade practices during her upcoming visit to China.
“I plan to make it a key issue in discussions during my next trip there,” she said. “I will press my Chinese counterparts to take necessary steps to address this issue.”
The secretary’s concerns come as the White House tries to build a burgeoning clean energy industry domestically with investments from the 2022 Inflation Reduction Act, along with other legislation like the CHIPS and Science Act.
Yellen has regularly touted the gains from these investments, including at another recent speech where she doubled down on the electric vehicle “boom” spurred by the IRA.
But those investments are playing catch-up with China’s government.
“The Biden Administration also recognizes that these investments are new,” Yellen said Wednesday.
Meanwhile, China has been pouring billions into clean energy for years, outpacing the rest of the world in the energy transition.
Yellen added that the more China’s clean energy glut interferes with global market prices, the worse off supply chains for these energy sectors will be.
“President Biden is committed to doing what we can to protect our industries from unfair competition,” Yellen said.
The Chinese Embassy in Washington did not immediately respond to a request for comment.
Yellen’s comments highlight ongoing U.S.-China trade tension even as the two countries try to steady relations.
President Joe Biden met with Chinese President Xi Jinping in November as an olive-branch effort to break the ice after years of tension, marked in part by a tariff war launched by former President Donald Trump.
Trump has floated reinstating significant tariff levels on Chinese products if he wins a second presidential term.
In the time since the Biden-Xi meeting, strengthening U.S.-China relations has proven a precarious effort due to ongoing cybersecurity and trade concerns.
In February, Biden launched an investigation into Chinese smart cars, which he said pose a national security risk because they connect to U.S. infrastructure when they drive on American roads.
“China is determined to dominate the future of the auto market, including by using unfair practices,” Biden said in a February statement. “China’s policies could flood our market with its vehicles, posing risks to our national security. I’m not going to let that happen on my watch.”
The crypto community’s attention has been drawn to a Bitcoin whale who recently moved a huge portion of their BTC holdings across different wallets. This action has sparked the curiosity of those in the community about the reason for these transactions.
Bitcoin Whale Moves $6 Billion In BTC
Blockchain analysis platform Arkham Intelligence first brought this occurrence to the community’s attention when it mentioned in an X (formerly Twitter) post that the Bitcoin address (37XuVSE) had moved over $6 billion in BTC to three new addresses.
As part of the transactions, $5.03 billion worth of BTC was sent to one of these addresses (bc1q8yj), while the two other addresses (bc1q6m5 and bc1q592) received $561.46 million and $488.40 million worth of BTC respectively. Arkham added that one of the wallets (bc1q592) has since then proceeded to transfer the received funds to another wallet.
Notably, the wallet which moved $6 billion in BTC was before now the fifth richest Bitcoin address having held over 94,500 BTC in its wallet. As of now, it still holds 1.31 BTC in the wallet in question. Interestingly, before now, this address was dormant as it had not moved any of this BTC which it received since 2019.
Transactions of such magnitude are always sure to cause a stir in the crypto community, considering the impact such whales can have on the market. Usually, a move like this can cause community members to speculate that the whale may be looking to offload their tokens and take profits. However, the fact that these transactions weren’t made to exchange-linked wallets has quelled such speculations.
Another BTC Whale On The Rise
Bitcoinist recently reported on BlackRock’s Bitcoin wallet, which has continued to accumulate Bitcoin at an astonishing rate due to the impressive demand for its iShares Bitcoin Trust (IBIT). Despite just launching this ETF in mid-January 2024, BlackRock now holds 243,126 BTC for the fund.
BlackRock’s BTC holdings has seen it rise to becoming one of the largest corporate BTC holders, only behind centralized exchanges Binance, Bitfinex, and Coinbase and fellow Bitcoin ETF issuer Grayscale. A sustained demand for the IBIT ETF could however see BlackRock surpass these entities at some point.
That is also something that could reflect positively on Bitcoin’s price seeing as how instituitional demand for the flagship crypto has helped propel it to new highs.
At the time of writing, Bitcoin is trading at around $70,500, up in the last 24 hours according to data from CoinMarketCap.
BTC price recovers above $71,000 | Source: BTCUSD on Tradingview.com
Featured image from Forbes, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Fidelity Investments has taken another step in its effort to launch a spot Ethereum ETF, filing a registration statement on March 27 despite the uncertain regulatory landscape.
The move follows a previous filing by Cboe, the exchange planned for this ETF, which submitted a form 19b-4 to the SEC on Fidelity’s behalf in November 2023.
Fidelity’s actions, alongside those of other firms aiming to introduce spot ether ETFs, illustrate the growing interest in integrating digital assets into traditional financial products. Yet, obtaining regulatory approval presents a notable challenge, highlighting the evolving and uncertain nature of crypto regulation.
S-1 filing
The company’s recent Form S-1 filing marks an essential step in seeking SEC approval for the Fidelity Ethereum Fund to begin trading. The regulator must approve both the 19b-4 and S-1 forms before the fund can trade,
Fidelity’s latest submission did not disclose the fund’s details, such as the ticker and fees. However, it detailed the fund’s intention to stake a portion of its assets with one or more staking infrastructure providers, anticipating that staking rewards of ether could count as income for federal income tax purposes.
Fidelity Digital Asset Services, serving as the fund custodian, will exclusively maintain the private keys associated with any staked ETH, ensuring security for the fund’s operations.
The regulator is expected to decide on ETFs that directly hold ETH by late May. However, industry experts predict the SEC may not be as open to Ethereum as Bitcoin.
Uncertain landscape
The SEC’s approval of spot Bitcoin ETFs in January led to expectations of a potential opening for other cryptocurrency-based investment products. However, the regulator said at the time that the approval did not mean the regulator had softened its stance toward the digital asset industry.
The Ethereum Foundation recently revealed it was under scrutiny by an unnamed “state authority,” triggering concerns about the impact on Ethereum’s future and the approval of related ETFs.
The inquiry has led to speculation about its implications for Ethereum’s market performance and regulatory status.
Meanwhile, Republican lawmakers are pressing the SEC for clarity on Ethereum’s regulatory classification, highlighting the need for definitive guidance to mitigate market uncertainties.
Despite this, the industry remains optimistic about the approval of Ethereum ETFs, citing previous engagements with the SEC over Bitcoin ETFs as a positive precedent.
The post Fidelity files registration statement for Ethereum ETF despite regulatory uncertainty appeared first on CryptoSlate.
On Monday, the U.S. spot bitcoin exchange-traded funds (ETFs) experienced their first positive inflows, breaking a streak of five consecutive days of outflows totaling $887.6 million. The momentum continued into Tuesday, with the ETFs amassing $418 million in inflows, building on the $15.4 million gained the previous day. Bitcoin ETFs’ Fortunes Flip The week prior […]
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Carnival Corp.’s stock dropped Wednesday after the cruise operator reported an narrower-than-expected fiscal first-quarter loss but also provided an estimate for what the collapse of the Francis Scott Key Bridge in Baltimore would cost it this year.
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Oslo, Norway, March 27, 2024 – Dune, a web-based platform that allows users to query public blockchain data and create it into interactive live dashboards, has officially integrated the TRON network, a high-performance blockchain known for being the home of Web3. This collaboration marks a significant milestone in increasing coverage of accessible data for the blockchain ecosystem, and in particular the stablecoin ecosystem. Additionally, Dune has joined HackaTRON Season 6 as a partner and will offer judging support. Season 6 features a prize pool of up to $650,000*, featuring $500,000 in TRX, the TRON network’s native utility token, for regular prizes and $150,000* in energy prizes. Developers can use energy to subsidize network fees allowing for a better user experience for their dApps.
*All prizes are issued in TRX or TRON network Energy, not USD, restrictions applied. All contest rules can be viewed here:
“By joining forces with Dune, we are opening up a new world of possibilities for data analysis and transparency within the TRON ecosystem. This collaboration aligns perfectly with our mission to empower developers, users, and researchers with the tools they need to unlock the full potential of blockchain technology.” – Dave Uhryniak, Ecosystem Lead, TRON DAO
The TRON network’s integration into Dune brings a wealth of data and insights to the fingertips of users. From transaction volumes to smart contract interactions, the TRON ecosystem offers a diverse and dynamic landscape for exploration and analysis.
Fredrik Haga, Co-Founder & CEO of Dune, expressed his enthusiasm for the collaboration, stating, “Adding TRON to our platform is a testament to our commitment to bringing all blockchain data together. We are excited to welcome the TRON community to Dune and look forward to the innovative analyses and discoveries that will emerge from this collaboration, especially the large USDT activity that happens on TRON.”
Accessing TRON’s data is now as straightforward as any other blockchain on Dune. Users can effortlessly create dashboards and queries to delve into the intricacies of the TRON network or explore pre-existing visualizations crafted by the community. Here are some initial dashboards to get you started:
Dashboard #1 – TRON Network Overview
Dashboard #2 – Stable Coin Activity
Dashboard #3 – Transaction Dynamics
This integration is a leap forward for analysts, developers, and enthusiasts alike, offering a new lens through which to view the evolving landscape of blockchain technology.
Dive into the rich data landscape of TRON on Dune today!
About TRON DAO
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of January 2023, it has over 205.11 million total user accounts on the blockchain, more than 6.96 billion total transactions, and over $20.43 billion in total value locked (TVL), as reported on TRONSCAN.
In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which marks the first time a major public blockchain partnered with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.
TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum
Media Contact
Hayward Wong
press@tron.network
About Dune
Dune is a web-based data analytics platform that democratizes access to blockchain data by enabling users to query, visualize, and share insights across various blockchains. With over 700,000 community-contributed data tables, Dune supports comprehensive analysis of tokens, wallets, protocols, and more. The platform’s recent launch of the Dune API extends its capabilities for automated reporting, alerting, and integration into user applications.
Dune | Dune Dashboards | X (Twitter) | YouTube | Discord | GitHub | Warpcast
Media Contact
Arnaud Simeray
arnaud@dune.com
The post Dune Integrates the TRON Network and Joins HackaTRON Season 6 as a Partner appeared first on CryptoSlate.
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The ever-vibrant Shiba Inu community is thriving once more as SHIB gains widespread recognition surpassing top cryptocurrency assets in the market to become the second most sought-after digital asset in the entire European continent, securing its stance in the crypto landscape.
Shiba Inu Takes Europe By Storm
XRP enthusiast and market expert Marcel Knobloch, also known as Collin Brown, reported the coin’s latest milestone on X. According to Brown, Shiba Inu has seen significant growth in its long-term investor base, taking Europe by storm by becoming the second most search crypto in the continent.
Brown noted that the milestone is reminiscent of the peak of 2021, having rallied a startling 300% in just 8 days. SHIB’s interest is not limited to Europe, and it has taken the top spot on search charts all the way from Italy to Nigeria.
As a result of the development, WazirX’s poll has crowned SHIB the king of meme cryptos. Thus, Collin Brown has urged the cryptocurrency space to watch out for Shiba Inu, noting that the Shiba pack is at the forefront of the race.
The rankings were determined following a comprehensive analysis of Google Trends data in the past 1 year in order to ascertain the cryptocurrency that, based on searches, each nation in Europe desires to invest in. After gathering collective data, the findings showed a noteworthy pattern that indicated changes in people’s interest in the crypto market.
Shiba Inu went past notable coins like Ethereum (ETH) – the second largest crypto asset, Cardano (ADA), and Dogecoin (DOGE) – the largest meme coin, securing the top pick in about 7 European countries. These include Russia, France, Italy, the United Kingdom, and among others.
Meanwhile, Bitcoin (BTC) – the largest crypto asset remains the most searched coin in the continent acquiring top choice in about 21 European nations, such as Poland, Germany, Belgium, Romania, etc.
Latest Milestone Buttresses SHIB’s Price
SHIB’s recent achievement displays a constant rise in its interest, reflecting the trust of its community members around the world. In addition to bolstering SHIB’s standing, this ranking indicates that European investors are considering adopting the token even more.
Following the project’s landmark, the Ethereum-based memecoin has managed to secure gains of over 18% in the past week. SHIB has experienced a rebound to the $0.000030 threshold, after falling as low as $0.000025 during the start of the week. With the memecoin market demonstrating momentum presently, SHIB might be poised for more significant gains in the coming months.
Consequently, SHIB’s rise to the aforementioned price has taken advantage of the market’s general recovery and its seven-day upswing. As of the time of writing, Shiba Inu was trading at $0.0000305, indicating a decline of 1% in the past day. Meanwhile, its trading volume and market cap have decreased by over 1% and 16%, respectively.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Bitcoin miner Marathon Digital Holdings has crafted a block that prominently displays the letter “M” by carefully arranging transactions and fee rates within its mining pool. This novel approach introduces a creative twist to block creation in the blockchain realm. Despite this innovative step, Marathon has made it clear that it currently does not offer […]
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