Bitcoin News and Finance: What You Need to Know

South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won. Evaders Hid a Total of $32.24 Million in Assets Per the Korea Herald , the National Tax Service of South Korea (NTS) identified 2,416 individuals who reportedly hid their assets in cryptos to bypass taxation. The agency stated that evaders used bitcoin ( BTC ), ethereum ( ETH ), ripple ( XRP ), among other cryptos, to avoid being scrutinized by the tax authorities. According to the officials, assets involved in the tax evasion account for a total of 36.6 billion won ($32.24 million). Also, the NTS clarified they mainly targeted people owing over 10 million won ($8,800) in taxes. Still, the tax authorities managed to recover hidden assets in cash and bonds. At the same time, they launched an investigation against 222 of those who allegedly ...

PRESS RELEASE. TNC Group, the global blockchain entity responsible for massive projects in the blockchain and crypto space, recently launched the Aladdin Exchange — a UAE-based cryptocurrency exchange. The TNC team moves closer to realizing their vision of pushing forward more blockchain technology adoption in the world as the exchange garnered much support even before its launch. Before the launch of the Aladdin Exchange, the team conducted a pre-registration event . In this event, the platform amassed 1.5 million users, which is already a massive success according to the group. “We are expecting more users as they have many rewards in store for those who register,” the team announced. By the end of March, qualified users can participate in Aladdin Exchange’s 1 million USD event. In this event, users have a chance to win various prizes that the team prepared to celebrate the launch. TNC also integrated the Aladdin Exchange with their existing project, the Aladdin Pro wallet. As...

Hedge fund manager Bob Prince has warned that the recent sell-off in the U.S. government bond market could accelerate and this could “threaten high-flying assets” like cryptocurrencies and blank cheque companies. Prince, who is the co-CIO at Bridgewater Associates, links this looming downturn in the $21 trillion Treasury market to the improving economy as well, as growing inflation pressurizes. These two factors according to Prince could “push the Federal Reserve to consider reeling back its stimulus measures.” Still, as one report explains, the Federal Reserve policymakers are “brushing off the Treasury sell-off as a healthy reaction to the budding U.S. economic recovery.” However, Prince asserts that this “surge in cryptocurrencies like bitcoin is a manifestation of that environment created by the loose monetary policy of the US central bank and stimulus provided by the U.S. Congress.” Meanwhile, the report says U.S. inflation expectations have picked up this year, hitti...

As mainstream media pundits like the Bloomberg economics editor Peter Coy tell Americans to “tune out the hyperinflation hype,” fund managers from a recent Bank of America survey who collectively manage $630 billion, believe inflation is the biggest risk to markets right now. Instead of the former concern over Covid-19, the current number one risk to markets is inflation, as federal stimulus spending has invoked worry among investors. While Inflation Concerns Grow, Mainstream Media Publications Tell Americans Not to Worry Just recently, Jerome Powell , the Federal Reserve Chairman, showed little concern about rising inflation and never really said when the Fed’s monetary easing policies would end. After Powell did an interview at a Wall Street Journal Jobs Summit and showed no signs of worry, 10-year U.S. bond note markets saw a massive sell-off . Following the market carnage on March 4, 2021, a number of mainstream media publications simply wrote off people who are concerned abou...

Telsa’s new Technoking, Elon Musk, said that he is selling a song about NFTs as a non-fungible token (NFT). Many people have expressed their interest in buying it on social media. Artist Beeple made him an offer for $69 million and bids for his tweet on Valuables are up to $1.121 million. Elon Musk Selling an NFT Elon Musk, the new Technoking of Tesla , announced via Twitter Monday that he is selling a song about NFTs as an NFT. At the time of writing, his tweet has garnered 42.7K comments and has been liked 176.2K times. His 2:20-minute-long video has been viewed more than 8.5 million times. Musk’s techno song briefly describes the nature of NFTs. The video shows a rotating rocket-to-the-moon trophy, displaying repeating words at the base: “HODL” and “Computers never sleep.” More words circling the trophy brightly flash “Vanity Trophy,” and the lyrics repeat: NFT, for your vanity. Computers never sleep. It’s verified. It’s guaranteed. I’m selling this song about NFTs as an...

The online cryptocurrency and stock brokerage platform Etoro has announced the company is going public via a deal with a special purpose acquisition company called Fintech Acquisition Corp V. The Etoro merger is a $10.4 billion deal, backed by the banking entrepreneur and Fintech Acquisition Corp V chair Betsy Cohen. Etoro Enters a Special Purpose Acquisition in a $10.4 Billion Deal The popular cryptocurrency trading platform and stock brokerage service, Etoro , has plans to go public with a $10.4 billion merger. The merger was invoked by a firm called Fintech Acquisition Corp V, and investments also stem from the Japanese company Softbank and the finance manager’s Vision Fund 2. The deal is a special purpose acquisition (SPAC) as it leverages the proceeds from an initial public offering (IPO) to take private firms to the public venue. In addition to the merger with Fintech Acquisition Corp V, an acquisition business, the firms Fidelity Management & Research, and Wellington M...

Billboards saying “Bitcoin is the future,” featuring laser eyes, can now be seen in the Netherlands. They are part of an election campaign for Robert Valentine, the chairman of the Dutch Libertarian Party and candidate for the upcoming parliamentary election. Dutch Pro-Bitcoin Parliamentary Candidate With Laser Eyes on Billboards The Dutch Libertarian Party candidate for the upcoming parliamentary election, Robert Valentine, is featured on billboards with a bitcoin message and laser eyes. The billboards say, “Bitcoin is de toekomst,” which means “Bitcoin is the future.” The 2021 Dutch general election to elect the members of the House of Representatives, the lower house of the bicameral parliament of the Netherlands, is scheduled for March 17. Thirty-seven parties met the requirements to participate in the election, including Valentine’s Libertarian Party. A billboard featuring political candidate Robert Valentine, bitcoin, and laser eyes. Source: Robert Valentine Valentine is ...

Just recently, the onchain data and research company Glassnode published a report that introduces variations of Bitcoin’s Spent Output Profit Ratio (SOPR) and Market Value to Realized Value (MVRV) Ratio. Glassnode analyst, Rafael Schultze-Kraft, explains the difference between long-term holders and short-term holders in order to analyze the behaviors of these types of investors. Assessing Bitcoin Spending Behaviour Ever since bitcoin ( BTC ) touched an all-time high at $61,782 per unit market prices have been a bit more tumultuous. Currently, BTC is hovering just above the $55k handle and it happened awfully close to the anniversary of March 12, 2020, when Bitcoin’s Market Value to Realized Value (MVRV) Ratio dropped to 0.88. Basically an MVRV is a calculation that divides market value by realized value every day. It can give someone a sense of what the “fair value” just might be when looking at the two combined. Researchers from Coinmetrics show that after the MVRV ratio dropp...

A massive police operation took place in Istanbul, Turkey, against a Chinese gang’s crypto scam. Authorities found that criminals kidnapped 101 people and forced them to run scam operations. Scammers Tricked Hostages by Promising Them Work in a Legit ‘Crypto Investment Consultancy’ According to Demirören Haber Ajansı , Istanbul police cracked down a fake “crypto investment consultancy” agency that allegedly hired these 101 people to run the scheme. In reality, the gang turned out to be a massive criminal operation, as they held hostage the employees in villas across the city. Per the investigation, 18 Chinese nationals suspects are involved in the gang, who are computer engineers and programmers, and promised hostages a work opportunity in their scam. The scam published online ads with texts such as “hand over your virtual money to us, we will win twice and give it back to you.” The Public Security Branch Extortion Bureau Team deployed 100 police officers to crack down on the gang...

The token economy is exploding, as is decentralized finance. But no matter how brilliant these new ways of controlling and building wealth may be, they are not penetrating the mainstream market the way that they should. Joshua Galloway, Founder, and CEO at Lepricon.io, a community-driven hyper-casual games platform, believes he knows why. Attacking the Mainstream Audience’s Real-Life Activities “People need to hear about blockchain as it relates to an activity that means something to them. For example, Gamers understand in-game currencies, in-app purchases, and special game items and power-ups. If these are delivered on-chain, they become tokens, swaps, and NFTs.” Galloway says that the next generation of token-financed companies must start attacking the mainstream audience’s real-life activities. He believes that gaming is the low-hanging fruit that can do this most quickly. What is Lepricon? Lepricon is a community-driven gaming platform specializing in hyper-casual prediction...

As the Polkadot project enters the final phase of a strategic rollout that’s been orchestrated over the last year, prominent stakeholders Moonbeam, Acala and Centrifuge shed a light on the future of the ecosystem and how the blockchain’s infrastructure will deliver its advantages for users. Soon To Be Parachain Projects Underline Their Perspectives On Polkadot Ahead of a formal launch of the parachain functionality on the Polkadot network protocol, Zero-Knowledge Podcast host Anna Rose joined several key crypto stakeholders to discuss how this progress will transform the blockchain landscape for developers and users alike. The conversation centered primarily on how three budding projects plan to use these advances and the promise the future holds. Bringing Parachains To Life Parachains play a fundamental role in unlocking the complete functionality of the Polkadot network. As the final stage of the overall rollout proceeds, many commentators seek to compare the network with othe...

New details have emerged suggesting that the Indian government will go ahead with banning cryptocurrency, in contrast to what the crypto community believes. In her latest interview regarding cryptocurrency legislation, India’s finance minister said that there will be a window for experimentation for cryptocurrency, blockchain, and fintech. Reports of India Banning Cryptocurrency The Indian crypto community is closely watching whether the government will ban cryptocurrencies, including bitcoin. A cabinet note regarding cryptocurrency legislation is being finalized and will soon be submitted to the cabinet. The latest information regarding the Indian crypto ban comes from Reuters which reported Sunday night that “India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.” The publication cited an unnamed senior government official who claims to have direct knowledge of the plan. He said that bill “would criminalise pos...

A new study, which was undertaken by the Slovakian internet security company Eset, finds 50% of 35 to 44-year-olds have become involved in cryptocurrencies since the pandemic. The figure, the highest for any age group, underscores the role Covid-19 restrictions had in forcing citizens from six countries into embracing crypto assets. Changed Habits and Preferences According to Eset’s press release, a total of about 10,000 consumers participated in the study, and from that figure, 2,000 came from the United States. The rest of the respondents were from the U.K., Australia, Japan, Mexico, and Brazil. As the findings of the so-called Eset Global Fintech Study suggest, the changed habits and preferences may have been prompted by the “lack of access to physical banks during the Covid-19 lockdowns.” In addition to fueling the use of cryptocurrencies, the pandemic lockdowns also contributed to the rise of banking practices that adhere to social distancing regulations. “(About) 30% of Ame...