Bitcoin News and Finance: What You Need to Know

The Singapore High Court has granted a court injunction which stops or blocks the sale of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that one man claims was wrongfully taken away from him. NFT Used as Collateral A Singapore man has won a court injunction that blocks the sale or potential transfer of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that he claims to be rightfully his. According to a report, the NFT is currently in the possession of an online lender named Chefpierre. The man, who has been identified by the Strait Times (ST) as Janesh Rajkumar, is seeking to recover the BAYC 2162 NFT which he pledged as his security for a loan obtained from Chefpierre. Rajkumar claimed the NFT was wrongfully taken from him. The Bored Ape Yacht Club NFTs are popular with celebrities, some of whom have paid large sums of money to acquire them. The ST report notes Madonna is the latest celebrity to become the owner of a BAYC non-fungible token, after she reportedly pa...

Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time. BRICS Countries’ Dependence on the US-Dominated Global Financial System Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates. As explained in a Global Times report , the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancin...

Microsoft co-founder Bill Gates has explained why he does not own any bitcoin or other cryptocurrencies. “I like investing in things that have valuable output,” Gates said, adding that crypto is “not adding to society like other investments.” Bill Gates on Crypto, and Why He Isn’t Investing Microsoft co-founder Bill Gates shared his opinion about bitcoin and cryptocurrencies in a Reddit AMA (Ask Me Anything) session Thursday. One of the questions he was asked was “What do you think about bitcoin and cryptocurrencies?” Gates replied: I don’t own any. I like investing in things that have valuable output. He added: “The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.” Gates’ stance on cryptocurrency echoes that of Berkshire Hathaway Warren Buffett. The Oracle of Omaha explained in detail why he would not invest in bitcoin or cryptoc...

SOL was trading lower to start the weekend, as prices slipped on Saturday. This comes as bears re-entered the market following a week of consolidation. ATOM was one of the biggest movers, falling by 10%. Cosmos ( ATOM ) After climbing by over 15% on Friday, ATOM was one of the biggest losers on Saturday, as prices fell by over 10%. ATOM /USD followed up yesterday’s peak of $12.12 by falling to an intraday low of $10.82 to start the weekend. The move comes as ATOM moved back towards its floor of $9.90, just as some were preparing for a rally towards $15.00. However, instead of this, we have seen ATOM move back towards a ten-day low, as bearish pressure pushed prices lower. Looking at the chart, the drop comes as the Relative Strength Index (RSI) failed to break out of a ceiling at 38. Markets will now likely continue to move around the current support point, prior to any further rallies or possible declines. Solana (SOL) SOL fell to ninth in the list of most valuable crypt...

President of the European Central Bank Christine Lagarde has insisted that unlike a digital euro, cryptocurrency has no underlying asset. It should be regulated to prevent people from losing their life savings by speculating on crypto assets, the top ECB official has suggested. Cryptocurrency Is ‘Worth Nothing,’ ECB Governor Claims The head of the eurozone’s monetary authority, Christine Lagarde, maintains that cryptocurrencies are “based on nothing,” and is concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.” Speaking to Dutch TV, Lagarde admitted she is skeptical about the value of crypto assets, as opposed to a central bank digital currency ( CBDC ) such as the digital euro , which the European Central Bank (ECB) is planning to issue within the next few years. Regarding cryptocurrency, she also stated: My very humble assessment is that it is worth nothi...

ETH started the weekend trading below $2,000 as the price consolidation in crypto continued. Bitcoin is also trading lower during Saturday’s session, with the world’s largest cryptocurrency once again falling under $30,000. Bitcoin Following marginal gains above the $30,000 level during yesterday’s session, BTC once again fell below this point. Friday saw BTC /USD trading at a high of 30,664.98, however these gains were short-lived, with prices falling to a bottom of $28,793.61 earlier today. As of writing, prices are down 3.27% to start the weekend, with this decline coming as bulls were unable to sustain the price floor at $28,800. The recent consolidation in bitcoin comes as a result of increased market uncertainty, following recent actions by the Federal Reserve, leading investors to move away from riskier assets. This is encapsulated by the fact that BTC has only seen a marginal move in price over the past week, despite all the ups and downs. Overall and as we speak, pr...

As the consumer price index (CPI), a measure of prices for goods and services, hit another all-time high in April reaching 8.3%, Americans are stressed out more than ever about inflation and money. A recent survey published by the American Psychological Association shows that 87% of U.S. residents say inflation on everyday items has driven their stress levels way up. APA Survey Says 87% of Americans Are Stressed About Inflation Two recent studies show that a great number of Americans are stressed out over inflation and the rising costs of everyday goods and services. According to the American Psychological Association (APA) “ Stress In America Survey ,” Americans are burdened by mental health issues tied to money and inflationary pressures. Vaile Wright, a senior director of health care innovation at the American Psychological Association, further explained to CNBC’s Charlotte Morabito that “Eighty-seven percent of Americans said that inflation and the rising costs of everyday goo...

Tim Draper, an early bitcoin investor, has declared he is still optimistic about the value of the first cryptocurrency even with the downturn its price has taken in the last months. Draper believes that the asset is still valuable as an inflation hedge, and that the market we are navigating right now is “very similar” to the dot-com bubble burst, but with higher inflation. Tim Draper Still Bullish on Bitcoin Tim Draper, the venture capitalist famous for his early investments in bitcoin, has explained his stance when it comes to the value of bitcoin in the current market situation. In an interview broadcast by CNBC, Draper explained that the importance of bitcoin in the downturn that crypto and traditional markets are experiencing, has to do with its inflation hedge traits. Draper told CNBC: I’m still a bull on Bitcoin because it’s a great hedge against inflation, and as speculators leave it will diverge from tech stocks. I do believe that tech stocks will keep going down as long...