Anomalous Precipitation: A Closer Look at Cases of Odd Fortean Falls, Part One

Strange occurrences involving objects falling from the sky have remained a staple in the study of anomalous occurrences for close to a century. With the publication of Charles Fort’s The Book of the Damned in 1932, a heavy emphasis on these unusual aerial happenings by the first chronicler of what became eponymously dubbed “Forteana” helped cement them as a genuine curiosity.

Even prior to this, earlier newspaper reports and entries in science journals show that the fascination with such events has persisted for much longer, and such “anomalous precipitation” events, as they were later called by physicist William R. Corliss, seem to have been logged for centuries before Fort ever brought widespread attention to them.

A number of these incidents have been reported at MU over the years, including a mysterious fish rain investigated in Iran, as well as a rain of fish in Oroville, California, a similar fish fall in India, and another in Texas. Other instances involve rains of not only fish, but octopus, starfish, and prawns as well.

Although Fort’s theories about such precipitation events were often entertaining (if not entirely bizarre), there are a number of modern theories about what might actually account for these occurrences. One possible mechanism involves meteorological phenomena like tornados, waterspouts, and other weather-related occurrences that may occasionally carry small objects or animals skyward, and later deposit them over various areas. Such events might give the appearance of everything from frogs, to fish and other aquatic life seemingly “raining” from the sky, as has been recorded in a number of historical instances that populate the pages of various Fortean volumes.

A classic example of such an “anomalous precipitation” involving animals appeared in 1877 in Scientific American, which gave a most unusual account of serpents falling during a heavy rain over Memphis, Tennessee.

“The Kentucky meat shower, which attracted so much attention recently, has now been supplemented by a rain of live snakes in Memphis, Tenn,” the entry read.

“Thousands of little reptiles, ranging from a foot to eighteen inches in length, were distributed all over the southern part of the city,” the brief entry stated, adding that “They probably were carried aloft by a hurricane and wafted through the atmosphere for a long distance; but in what locality snakes exist in such abundance is yet a mystery.”

Although Fort might have surmised that some “Super-Sargasso Sea” might have qualified for such a mysterious locality, others express skepticism about whether the animals actually fell from the sky at all. As some have argued, while the sudden appearances of large numbers of reptiles and amphibians aren’t disputed, there are no records of the animals ever having been seen falling from the sky. Hence, the notion of “raining” animals in some cases might have arisen from failed attempts at explaining their sudden appearances in swarms, which never really involved their falling from the sky in the first place. However, this proposed explanation becomes more problematic in cases where the falling creatures in question were fish (as the many stories linked to earlier in this article appear to show). Hence, perhaps the notion of atmospheric phenomena holds a bit more water, at least when falling fish are involved.

Arguably, some of the most unusual occurrences involving strange “Fortean” falls have had nothing to do with animals at all. One of the most famous instances within the past half century occurred in 1979, when a trio of mysterious purplish blobs appeared in a yard near Frisco, Texas. One of the weird gelatinous clumps reportedly evaporated, before they could be retrieved, but the remaining two were collected and sent to NASA for analysis, based on the assumption that they had actually fallen from the sky. Were these mysterious fallen objects evidence of jelly from space?

Had this been the case, it might not have been the first time. In fact, a long tradition involving the belief that jelly remnants of rotted stars occasionally fell to Earth had persisted in Wales, where the phenomenon was known as pwdre ser. The conventional explanation for this phenomenon had been that on clear spring nights when people observed shooting stars, their attempts to find them might have led them to discover natural fungi growing in fields which they mistakenly associated with where the purported stellar debris had fallen.

Apparently, NASA didn’t immediately rule out the possibility that the strange purple jellies recovered from Texas might have come from space. However, an Associated Press brief that appeared the following day appears to have brought clarity to the matter.

“Mysterious purple blobs found in this farming community after a meteorite shower turned out to be chemical leftovers from a battery reprocessing plant, Ron Dilulio, an official of the Fort Worth Museum of Science and History, said.”

“The blobs had been turned over to United States space officials to determine whether they had come from outer space,” the brief news item added.

It is easy to see why such instances of purported anomalous precipitation have continued to capture our imaginations the way they do. On more careful review of these historical cases, many of them do appear to have convincing explanations which, although hardly as entertaining as Fort’s ideas of a “dimension into which lost things go,” nonetheless agree with his general premise as to how downright weird nature can be.

However, do all of these necessarily involve creatures and other unusual objects falling from the sky? As we the next installment in this series of posts will show, other theories have been proposed over the years which may point to a “deeper” underlying cause… and in the very most literal sense.

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Taking a Look at the Manipulative “Trickster” Phenomenon – Part 1

Today’s article is focused on the strange phenomenon of the Trickster. Here’s a perfect example that defines it: “A Trickster is a legendary supernatural creature that features in the stories, myths and legends of the different tribes of Native American Indians. Tricksters are mythical creatures that are mischievous supernatural beings who take the form of animals such as the coyote, spider, ram, hare and raven. The trickster, who is almost always male, represents uncertainty. The trickster disobeys normal rules and conventional behavior. The trickster loves to upset things and spread confusion. The Trickster can be fun, like a clown, but they can also have a cruel side. The Trickster can be a hero in one tale and a villain in the next tale. His outrageous and totally unconventional behavior might include lying, cheating, tricking, and deceiving. These traits might be unconscious due to the Trickster being a fool lacking in intellect or may have the deliberate actions of a spiteful spoiler who lacks morality.”


Now, with that said, let’s look at some “things” that have fallen into the category of the Trickster. The Djinn clearly enjoy taunting and tormenting us, too. Sometimes, this can be to a mild degree, and even relatively innocuous in nature, with Djinn moving items in the home of their target, and placing them in other rooms. This is an issue that mirrors the odd antics of so-called Tricksters like elementals, who enjoy manipulating us – chiefly for their own warped amusement. More often than not, however, the Djinn display highly dangerous activity. That very often begins with disrupting electrical equipment – everything from microwaves to refrigerators, computers to telephones, and electric lights to ovens. Sometimes a Djinn will perform a favor for its target – which is specifically where the concept of the “Genie” and the “three wishes” derived its origins.

Perceived almost unanimously by Native Americans as a trickster-like animal, the coyote is said to have the ability to control the weather, specifically rain and storms. And, like so many other trickster entities – such as fairies and goblins – the coyote can be friendly, playful, and helpful. But, and also like all tricksters, the coyote has a dark side: it can be manipulative, deceitful, and even deadly, and as the mood takes it. As for what Native American lore says of the shapeshifting abilities of the coyote, we are told that the animal can take on human form – usually in the guise of a man with a large mustache. Coyotes are said to be able to transform into the forms of birds, fish and cats. Also according to Native American mythology, witches and those familiar with magical rituals can transform themselves into coyotes. Thus, a coyote seen running wildly late at night may well be a shapeshifting witch or wizard, embarking on some dark and disturbing mission.

Coyote – the Native American trickster

Japan has its very own equivalent: the Kitsune. It is a word that means “fox.” Japanese lore has long maintained that each and every fox that lives – and which has ever lived – has the ability to take on the appearance of a human, whether that of a man or of a woman. And, like many of the shapeshifters that we have focused on so far, the Kitsune alternates from being a malevolent creature to a placid and helpful entity. Mostly, however, it acts as a classic Trickster – manipulating people, and playing endless mind-games. I’ll leave the last words to The Encyclopedia of the Great Plains. They say: “Ultimately, the trickster is disturbing, not because of his difference but because of his lack of difference. As purely a cultural construct, the trickster’s body is a cultural body–our body. He is always a part of us, and he exists only to be interpreted. And when we interpret trickster, we interpret ourselves. Even though we often attempt to alienate ourselves from the trickster–by making his body grotesque, indistinguishable–wherever we are, there is trickster, laughing at what we’ve become.”

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Man in India with Rare Disorder Sleeps for 300 Days a Year

In the famous Hindu epic ‘Ramayana’, Kumbhakarna is a rakshasa – a supernatural being known as a man-eater – who was tricked into asking Lord Brahma for a blessing while his tongue was tied, and his garbled requests instead got him a bed and six months of sleep per year. A man in India didn’t ask for his affliction either, but got a worse ‘blessing’ – he reportedly sleeps 300 days a year, sometimes for 25 days at a time. Who did he upset – the god of alarm clocks?


“Around 23 years back, Purkharam was first diagnosed with this rare syndrome, and since then his condition has affected his lifestyle as well as well-being. Once he sleeps, it becomes difficult for him to wake up. In fact, his family members perform the everyday chores for him, including feeding and bathing him when he’s asleep.”

Purkharam (only name given) lives (OK, mostly sleeps) in the Nagaur district of Rajasthan in northern India. reports he noticed the sleeping problem 23 years ago and it has become so serious that his entire village helps his family take of him and his small grocery store, which he’s only able to keep open five days a month. According to, the 42-year-old was eventually diagnosed with ‘HPA Axis hypersomnia’, a rare disease caused by fluctuations in the brain protein TNF-alpha, which can also cause sleep apnea, narcolepsy, and idiopathic hypersomnia. Connected to the pituitary gland – HPA stands for hypothalamic–pituitary–adrenal, the exact cause is still unknown, although stress and metabolism are factors.

“We conclude that good sleep quality achieved through sleep hygiene and treatment of sleep disorders, in addition to nutritional education with regular meal frequency and circadian alignment of food intake, would be interesting strategies for preventing metabolic disorders.”

A study on HPA Axis hypersomnia recommends behavioral changes, and Purkharam’s wife Lichmi Devi seems to think he’s improving, although Purkharam says his body is fatigued most times, his productivity at work is almost nil and he suffers from severe headaches. His mother Kanvari Devi, thinks it’s just a matter of time before he cured, but has started a farm to help the couple and their two daughters.

This story tells us that too much sleep can be just as serious as sleep deprivation. In this busy world, sleep is one of those things we often pride ourselves in doing without, and use as a reward for surviving the work week. Those are times to remember people like Purkharam for whom sleep is a curse. Perhaps the rises in sleep apnea and narcolepsy are self-inflicted.

Apologies to the coffee industry.

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Lark Davis exposes the biggest Bitcoin price manipulators in the world 

According to Lark Davis, the big investors intentionally pull the price through bearish predictions, buy cheaply then sell high in a cycle that does not favour the smaller investors.
Davis cautions investors to watch the actions of these big institutions, and not their words or predictions. 

Lark Davis, a popular YouTuber and crypto influencer has revealed that the biggest and most experienced financial players and investors in the industry are manipulating the Bitcoin price.

In a video dubbed “Bitcoin price manipulation rampant”, he stated that the big investors intentionally pull the price through bearish predictions, buy cheaply then sell high in a cycle that does not favour the smaller investors. The major manipulators according to Davis are BlackRock, Guggenheim, JPMorgan, and Goldman Sachs.

BlackRock claims no one wants Bitcoin

Recently, BlackRock CEO Larry Fink claimed that institutional investors are not interested in crypto. According to Davis, Fink has a different motive for making that statement as his words do not match the action of his company.

About six months ago, BlackRock claimed Bitcoin was going to hit a $10 trillion market cap. The company further predicted that Bitcoin could replace gold. Furthermore, a couple of days ago, the company bought 12 percent of all MicroStrategy shares. MicroStrategy has roughly 100,000 Bitcoins, so basically, BlackRock bought 12,000 Bitcoins from them. According to Davis, they want to scare people to sell their Bitcoins while they buy them cheaply. 

You do not buy a stake in MicroStrategy unless you want exposure to Bitcoin…Don’t look at their words, look at their actions.

Fink’s statement further contradicts the reality on the ground as Fidelity Digital Asset proved otherwise by announcing plans to increase staff by 70 percent due to the high Bitcoin demand from institutions. 

Guggenheim claims Bitcoin is going to 10K

Guggenheim’s Scott Minerd recently predicted that Bitcoin will go down to $10,000 days after his $15,000 prediction. However, Davis claims that like Fink, he wants to play with the emotions of investors. Guggenheim interestingly predicted in February that Bitcoin will go as high as $600,000, which is basically in agreement with BlackRock’s prediction that the market cap would match that of gold.

They are overly bullish at the top, and overly bearish at the bottom.

Just like BlackRock, Guggenheim is literally scaring investors to sell their Bitcoins while they silently buy the dip. 

Goldman Sachs claimed Bitcoin is not viable as a currency

For some time now, Goldman Sachs has been saying Bitcoin is not a viable currency or investment. Yet, their internal memo disclosed that they are unveiling a new crypto trading team. Another report also claims that Goldman Sachs is ramping up Bitcoin trading in a new partnership with Mike Novogratz’s Galaxy Digital. 

This is like somebody saying ‘I love you, I love you, I love you, but beats you all the time.

JPMorgan claims Bitcoin will fall to $25,000

JPMorgan recently predicted that Bitcoin will drop to $25,000. Davis admitted that this is the closest prediction to reality, however, they just want people to dump their assets. The same institution predicted this year that Bitcoin will hit $146,000 when it was bullish. The firm also endorsed clients’ 1 percent allocation to Bitcoin as a hedge. According to Davis, all the biggest manipulators in the world are bearish on Bitcoin. 

These guys are the biggest financial criminals in the world.

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Ethereum developers confirm London upgrade to mainnet

Node operators will be required to upgrade their client versions to be compatible with the London upgrade.
Part of the London upgrade are five  Ethereum Improvement Proposals (EIPs) meant to simplify existing financial instruments and initiatives.

Following successful testnet, the London upgrade is now set for activation on the Ethereum mainnet. The upgrade is expected to be launched on block 12 965 000, between August 3rd and 5th, 2021.

Node operators will be required to upgrade their client versions to be compatible with the London upgrade. The clients include Nethermind, Erigon, Besu, and OpenEthereum among others. Certain clients, such as Besu and Nethermind, will be eligible for a bug bounty bonus.

Additionally, the operators are asked to note that initial versions supported London on testnets but not on mainnet. Developers further confirmed that teams are working to ensure that this transition is as seamless as possible.

London upgrade to include EIPs

Part of the London upgrade are five specific Ethereum Improvement Proposals (EIPs). EIPs on the London upgrade include fee market change for ETH 1.0 chain, BASEFEE opcode, and reduction in refunds. Additional ones are the Reject new contracts starting with the 0xEF byte and Difficulty Bomb Delay to December 1st, 2021.

The EIP-1559, for instance, will add a new transaction type that will affect mining and transaction pools, among other areas. These changes are set to improve the network; reducing gas fees, and scaling.

Expected outcomes

Ethereum holders, including those using exchanges, and wallets services, will not be required to make any changes. The exception is if users are prompted to take certain steps by the platforms they use.

Notably, the London upgrade will require miners to manually double their target gas limit on the Ethereum network. Miners will, therefore, need to update their Ethereum clients so that they do not lower the block size on the network.

Miners and node operators on the other hand are requested to participate in the upgrade. Those that do not will be stuck in an incompatible blockchain. Such an unfortunate situation would mean the inability to send Ether or operate on the new Ethereum network.

Decentralized network upgrades alter underlying Ethereum protocols to modernize the system. Their extensive nature requires communication and collaboration with the network’s community as well as Ethereum client developers.

Before upgrades are implemented, the network’s community agrees upon which changes should be included in the upgrade. Those approved are written into the various Ethereum clients and activated at a specific block number. Nodes that do not upgrade are left in the old chain where the previous rules still apply.

For the latest upgrade, London was chosen because it is one of the Devcon city names. London is where Devcon 1 happened following the Berlin Devcon 0.

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European Central Bank (ECB) begins investigation phase of the digital euro project 

The Governing Council at ECB has approved the investigation phase of the digital euro.
In an announcement, the ECB said that the investigation process will kick start in October and last for about 24 months. 

The European Central Bank (ECB) has taken a step further in developing its central bank digital currency (CBDC), the digital euro. This came as several countries move forward with their CBDC plans, and a few already in the testing stage. On the 14th of July, the Governing Council at ECB approved the digital euro project to advance to the investigation phase. 

Investigation stage for the digital euro begins in October

The ECB said that the investigation phase of the digital euro project would begin in October and last through 2 years. Additionally, the bank said that the exploration stage would focus on the design and distribution of the CDBC. To achieve this, the ECB intends to consult with stakeholders such as banks and retailers.

During the investigation phase, the ECB will also look at the impact the digital euro will have on the market and the required changes to the European legislation. 

The ECB has declared that the digital euro will only complement fiat currency and not replace it. The ECB’s statement on the digital euro supporting cash tallies with a comment by the bank’s president Christine Lagarde in 2020. During the Franco-German Parliamentary Assembly held on the 21st of September last year, Lagarde said that the CBDC would be “a complement to, not a substitute for cash.”

In a more recent statement, the ECB president noted:

Our work aims to ensure that in the digital age, citizens and firms continue to have access to the safest form of money, central bank money.

Also, an ECB Executive Board member, Fabio Panetta, revealed that past experiments on the digital euro showed that the currency would be environmentally friendly. The ECB executive said that the digital euro would use an insignificant amount of energy compared to cryptocurrencies like Bitcoin. Panetta added:

A digital euro would also provide safety. Just like cash, a digital euro would be a direct claim on the central bank and would therefore have no risk – no liquidity risk, no credit risk, no market risk.

ECB on the issuance of CBDC

Several banks globally have been researching the creation of CBDCs. Most have intensified their research as the coronavirus pandemic persists and consumers prefer digital payments over cash. 

As for the ECB, the financial institution has been considering the potential issuance of the digital euro for years. Earlier this year, the central bank liaised with the European Commission to examine the potential challenges the government may face with the digital currency. 

Furthermore, the central bank conducted a consultation with members of the public. The consultation included about 8,000 participants. The result of the public consultation showed that the public is more concerned about privacy. About 43 percent of participants said privacy is what they want the most from the digital euro, while 18 percent shared security concerns. Notably, the ECB is keen on finding a solution to the frequent illicit activities using digital money. 

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Somerset Pub Haunted By a Child is Currently For Sale

A pub in Somerset, England, that is allegedly haunted by the spirit of a young child has been put on the market for £695,000 (just over $963,000 in American funds). The Smugglers Inn at Blue Anchor which is close to the town of Minehead has three storeys which includes an owners’ flat on the top floor. Underneath the flat are three luxurious en-suite rooms called The Captain’s Suite, The Smuggler’s Suite, and The Commander’s Cabin.

The building was believed to have been built in the 17th century and could have possibly been originally used as a Yeoman’s house or farm. At the start of the 19th century, the building was being used as a guest house called Cleeve Villa that was connected to the Blue Anchor Inn. In 1871, it was renamed The Lodging House, followed by the new name of Cleeve Bay Villa just two years later that was used as a guest house and inn. In the 1920s, the name changed again to The Old House, and during WWII, evacuees stayed there (renamed again to Cleeve Bay Villa). It was considered a hotel in the 1950s and 1960s that was known as The Old House. The name changed once again in 1965 to The Old House Restaurant, and finally The Smugglers Inn in 1972. Wow, I never knew one building could have so many names.

The Smugglers Inn does have a reputation for being haunted, specifically by the spirit of a young child who often makes its presence known to guests and staff. Witnesses have reported seeing the child-like ghost sitting at a table that’s located in the corner of the pub.

The building even appeared on an episode of the Real Ghost Hunters. When the team investigated the building, they experienced some pretty unusual and creepy activity. At one point during their investigation, landlord Mark Forman claimed to have seen the head of a child behind the bar prior to the spirit running off which visibly startled the man.

Interestingly, cutlery and napkins were put neatly on the tables but they inexplicably ended up all being moved around in a messy fashion – the cutlery was all touching each other and the napkins were all messed up. The investigators then captured a voice on their spirit detector that seemed to have said the names Craig, Milly, Scott and Anita. Furthermore, an electrical response was detected when the team placed a children’s toy on top of the bar close to where the ghost had previously been seen.

While there seems to be a decent amount of paranormal activity associated with the Smugglers Inn, it doesn’t appear to be malicious, so whoever decides to buy the building may only have a mild ghost child to share the space with on a continuous basis. A couple of pictures of the pub can be seen here.

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Crypto mining site using PlayStation 4 consoles shutdown in Ukraine for stealing electricity

Ukraine Security Service (SBU) has uncovered a crypto mining facility that’s been stealing electricity to power its operation.
Since the time of operation, electricity worth $186,200 to $259,300 was stolen each month.

Ukrainian authorities have uncovered and shut down the largest cryptocurrency mining facility in the country. According to reports, Ukraine’s Security Service (SBU) found an abandoned warehouse in the city of Vinnytsia situated along the Southern Bug River. A closer look discovered that the facility once belonged to an electricity company called JSC Vinnytsiaoblenergo. 

Upon entry, about 3,800 rigged Sony PlayStation 4 consoles together with phones, laptops, 500 graphic cards, and 50 processors were discovered. The operators allegedly used stolen electricity from the city to power the equipment to mine cryptocurrency.

Authorities discovered that the facility operators had tampered with the electricity meter to prevent the actual readings of the energy consumption. Since the time of operation, electricity worth roughly $186,200 to $259,300 had been stolen each month. 

SBU disclosed that the action could have led to electricity scarcity due to a spike in power consumption caused by the mining facility. JSC Vinnytsiaoblenergo released a statement to object to the claim that it is behind the operation of the facility, stating that there is no evidence to support the theft of electricity. 

Our company has nothing to do with any illegal activity. Cryptocurrency mining equipment has never operated in the premises owned by our company.

Many reports also mentioned that the illegal mining facility was being run by the residents of Kyiv and Vinnytsia. The security service of Ukraine has initiated criminal proceedings for the unauthorized use of water, electricity, and thermal energy according to the reports. 

Ukraine cracking down illegal mining facilities

Interestingly, using gaming consoles to mine crypto is not popular, but not completely unheard of. A YouTuber identified as Stacksmashing once modified his GameBoy to mine Bitcoin.

Ukraine has been very active in the past few months cracking down mining facilities that are using unauthorized power. In early June, the Security Service of Ukraine uncovered a mining facility that was illegally connected to the Dnipropetrovsk Oblast power grid. The facility had used electricity worth $70,000 in three months, which led to the seizure of 350 mining rigs. About two weeks ago, another crypto mining facility that illegally operated in Chernihiv Oblast was shut down. 150 ASICs were seized after it was discovered that $110,000 worth of electricity had been used in two months. 

Ukraine is recognized as one of the world’s biggest adopters of crypto. However, regulations have not yet been introduced to control its use. An updated bill on virtual assets was submitted by the Digital Transformation Committee which according to some government bodies needs to be revised. 

Related: Stellar Lumens: SDF picked by Ukraine’s government to develop CBDC

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Crypto derivatives giant Bybit ventures into spot trading

Bybit customer-centric platform incorporates crypto spot trading to complement its main derivatives offering.
Bybit has been the most usable, stable, and reliable exchange of the crypto bull run, running throughout without overload or downtime.

Bybit, one of the largest derivatives-only cryptocurrency exchange platforms, has expanded its services into the crypto spot trading market. The company launched a new zero-maker fees spot trading platform, which opened on July 15 at 6.00 a.m. UTC. To begin with, the platform will have four trading pairs, namely; BTCUSDT, ETHUSDT, XRPUSDT, and EOSUSDT. More trading pairs will soon be incorporated, according to the company’s announcement.

Essentially, spot trading, just like its name, allows trading of crypto assets “on the spot”. Once an order is filled, trading takes place at the current market rate. Additionally, ownership of crypto assets is directly transferred between seller and buyer.

Bybit is esteemed for being a support base for new traders. The company’s new crypto spot trading is a “complementary vector for derivatives traders engaging in hedging strategies.”

July 15, 2021 — Bybit, hitherto the world’s largest derivatives-only cryptocurrency exchange, has announced its expansion into the crypto spot trading market. Upon launch, BTCUSDT, ETHUSDT, XRPUSDT and EOSUSDT will be supported.

— Wu Blockchain (@WuBlockchain) July 15, 2021

Bybit World-Class Reliability and Liquidity

The Singapore-based company takes pride in being the most usable, stable, and reliable exchange of the crypto bull run. During this time, the platform managed to run all activities without overload or downtime.

Moreover, with liquidity being the quintessential element in asset exchanges, Bybit has put effort to ensure its constant presence. The exchange offers great liquidity and a tight spread.

Of note, Bybit aims to reduce the entry threshold of the crypto trading market. Through retail-focused products and customer support services, Bybit inches towards being the haven for crypto trading novices. Such services also ensure instant delivery of crypto trades, which is every trader’s holy grail.

Bybit’s co-founder and CEO, Ben Zhou said:

It has been Bybit’s utmost privilege to have enjoyed the ardent support of our community and partners as we continue to grow and improve. We are excited to bring with us to spot trading the world-class liquidity and reliability derivatives clients have come to associate with Bybit.

On the Flipside

Founded in March 2018, Bybit was developed as a professional platform to serve crypto traders in different aspects. These include offering quick matching engines, top-notch customer service, and also multi-lingual community support.

The company is registered in the British Virgin Islands and has offices in Singapore, Hong Kong, and Taiwan. While the exchange’s clientele is mostly Asian, it has expanded users all over the world. Bybit’s user base has grown to over 2 million registered users and over 300 features across major media outlets.

Notably, the company saw its derivatives volume surge 18 percent to $133 billion. Worldwide recognition also fueled its partnership with UNICEF New Zealand for charity purposes. In addition to intuitive and innovative online trading services, the company provides cloud mining products. Also in store is API support to both institutional and retail clients globally. 

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The digital dollar will eliminate the need for other digital currencies: US Fed Chairman

Fed Chairman Jerome Powell says a digital dollar would undercut other digital assets
He also acknowledged the need to better regulate stablecoins to prevent ‘fragmentation’ in the payments system

Federal Reserve Chairman Jerome Powell believes that a digital dollar would eliminate the need for other digital currencies. He made these comments while addressing the United States House of Representatives Financial Services Committee on Wednesday. He presented this as a reason for the U.S Central Bank to issue a digital currency. When asked if a central bank-issued digital currency would be a more viable option to cryptocurrencies and stablecoins, Powell responded,

I think that may be the case and I think that’s one of the arguments that are offered in favor of digital currency. That, in particular, you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency – I think that’s one of the stronger arguments in its favor.

Powell also revealed that the Fed would soon release a paper discussing the potential merits and demerits of a CBDC.

The need for better regulation of stablecoins

Speaking on stablecoins, Powell stressed that if they are to be part of the payment system, there is a need for stricter regulation. Tether, currently the most valuable stablecoin and third-largest cryptocurrency by market value was brought up by Rep. Anthony Gonzalez. It had previously been asserted that each coin was backed by a single dollar. It has since been revealed that Tether is backed largely by commercial paper or debts.

In response, Powell remarked that usually, such assets were very liquid but that had changed during the recent financial crisis. He likened stablecoins to bank deposits and money market funds, adding that they needed to be treated as such.

We have a pretty strong regulatory framework around bank deposits, for example, or money market funds. That doesn’t exist currently for stablecoins, and if they’re going to be a significant part of the payments universe – which we don’t think crypto assets will be but stablecoins might be – then we need an appropriate regulatory framework

His comments were in tandem with those of Federal Reserve Governor Lael Brainard who, in May, expressed concern that the increase in digital currency options could lead to a “fragmentation” of the payments system, to the detriment of many households and businesses.

Opposition from the financial elite

The idea of a digital dollar does not sit well in some circles. A digital dollar would mean a reduction and in some cases, a complete elimination of some banking fees. Banks in the United States make about $17 trillion from deposits and billions from overdraft and account maintenance fees per year. A CBDC would be a threat to their business.

Greg Baer, head of the Bank Policy Institute has warned that businesses and individuals would find it more difficult and expensive to access loans should the central bank be given such “extraordinary power”.

Another expert, Professor Eswar Prasad of Cornell University, who is set to release a book on digital currencies in September theorized that in case of a financial meltdown similar to that of 2008, the digital currency might “actually make matters worse”.

Meanwhile, Powell also addressed concerns regarding rising inflation rates, maintaining his view that this was a temporary situation. According to the Fed chairman, inflation will return to pre-pandemic levels once some markets return to their normal conditions.

Related: Bulls in agony as Bitcoin slips below $32K but new CPI report reveals US economy is strained

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