Bitcoin News and Finance: What You Need to Know

The Indian government’s chief economic adviser has warned about innovations like crypto and decentralized finance (defi) in the absence of regulation. “We may not be fully aware or comprehend the kind of forces we are unleashing ourselves,” he opined. Indian Government’s Chief Economic Adviser Skeptical of Crypto, Defi, Decentralization The Indian government’s chief economic adviser (CEA), V. Anantha Nageswaran, reportedly warned about the danger of crypto and the risks posed by its lack of regulation Thursday at an Assocham event. Referring to cryptocurrency, he was quoted by local media as saying: The more decentralized they become and the absence of a watchdog or a centralized regulatory authority also means that there is a world of Caribbean pirates or a world of ‘winner take all’ in terms of being able to really take it all from somebody else. The government’s economic adviser explained that he agreed with Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar on crypto...

U.S. Treasury Secretary Janet Yellen warns crypto is a “very risky investment,” adding that she would not recommend it to most people who are saving for retirement. However, Yellen noted that Congress could restrict the type of investments allowed in retirement accounts, including 401(k) plans. Janet Yellen on Investing in Cryptocurrencies for Retirement The topic of whether Americans should be able to put retirement savings in cryptocurrencies continues to be hotly debated. U.S. Treasury Secretary Janet Yellen was asked Thursday at an event organized by the New York Times about Fidelity’s announcement to allow bitcoin as an investment option in 401(k) plans. Yellen replied: It’s not something that I would recommend to most people who are saving for their retirement … To me it’s very risky investment. Fidelity’s announcement followed a guidance issued by the Labor Department (DOL) warning 401(k) plan administrators about allowing cryptocurrencies in retirement plans. Fidelity...

American Express and Abra are launching a new credit card that will allow shoppers to earn cryptocurrency rewards “tradable across over 100 different cryptocurrencies” without annual or foreign transaction fees. American Express and Abra Launching Crypto Rewards Credit Card American Express (Amex) and crypto trading platform and wallet provider Abra announced the upcoming launch of the Abra Crypto Card on the American Express network Friday. Abra described the new card as: The first crypto rewards credit card on the American Express network that will transact in U.S. dollars and offer crypto back on any purchase category and amount. “The crypto rewards will be tradable across over 100 different cryptocurrencies supported by Abra, with no annual or foreign transaction fees,” the crypto company detailed. The Abra Crypto Card will offer several benefits from the American Express Network, including Amex Offers, presale ticket access, global dining benefits, and purchase protections...

The government in Vilnius has approved amendments introducing more stringent regulations for the country’s growing crypto space. The legislation is aimed at managing risks associated with crypto assets and preventing Russian attempts to circumvent Western sanctions imposed over the war in Ukraine. Lithuanian Authorities to Tighten Rules for Crypto Industry Lithuania is preparing to revise its Law on Prevention of Money Laundering and Terrorist Financing with the stated goal of ensuring greater transparency and sustainable development for its cryptocurrency sector. This week, the government approved amendments that the small Baltic nation plans to adopt before the upcoming EU regulations . The new provisions have been prepared by the Ministry of Finance, the Bank of Lithuania, the Financial Crime Investigation Service, the Ministry of Interior, and the Lithuanian Money Laundering Prevention Competence Center. Their main purpose is to further regulate the operations of crypto service...

Crypto prices plunged as the weekend commenced, following yesterday’s U.S. inflation report, which came in at a 40-year high of 8.6%. ETH fell to its lowest point in fifteen months, while BTC dropped below $29,000. Bitcoin Following days of consolidation, BTC finally moved late on Friday into Saturday, as crypto prices responded to the latest inflation report. Data from the United States showed that inflation came in at a 40-year high of 8.6%, which is higher than the 8.3% many had expected. As such, investors seem to have panicked, and in turn liquidated some of their positions in crypto markets. BTC /USD fell to an intraday low of $28,911.36 to start the weekend, taking prices to their weakest point in almost two weeks. Despite the drop, prices still remain above support at $28,800, however some expect the sell-off to intensify as the weekend progresses. Should we see the 14-day RSI move below its current support of 40.50, then we could see this expectation come into fruit...

The cryptocurrency market is stagnant. Investors are cautious and hesitant to make investments. Some initiatives, however, thrive even in such circumstances: Mars4, a play-to-earn project, has seen an upsurge in NFT sales. Mars4 is growing thanks to scheduled releases (such as a game demo) and some help from Japanese KOLs. Mars4, a metaverse game , has been generating increased sales in the first weeks of June. Mars4’s use of a regional marketing strategy has seen the majority of the sales come from Japan. In collaboration with KOLs such as Daisuke and Crypto Train , Mars4 is grabbing the Japanese market. Yuzo Kano , a famous crypto advocate and CEO of BitFlyer, took an interest in Mars4 a year earlier. This inspired the Mars4 team to create a Telegram group for Mars4 Japan , which was quickly followed by other cultural communities such as Turkey , Italy , China , and others. Some cultural channels are available on Mars4 Discord too, as the company tries to be inclusive to every...

A Nigerian court has convicted and sentenced a man to one year in prison who is accused of duping an unsuspecting cryptocurrency investor. On its charge sheet, the prosecution said that the man had contravened Nigeria’s anti-fraud laws and hence should be punished accordingly. Fake Cryptocurrency Investment Scheme A court in Nigeria has convicted a man accused of using a bogus cryptocurrency platform to defraud $680 from an unsuspecting investor, a report has said. In its ruling, the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) said the man, Obu Ebibo, whose alias is Kenneth Gibson, must serve one year in jail. The court however said the accused has an option to pay a fine of $1,180 (N500,000) which he can deposit into the government’s consolidated revenue account. According to a PM News report that details the accused’s alleged crimes, by committing the alleged offenses, Ebibo was in contravention of Nigeria’s anti-fraud laws. “That you Obu ...

Felix Capital, a London-based VC company, has raised $600 million in its fourth fundraising round, this being its biggest yet. The company, which has been investing in commerce and money-tooling startups, is planning to use part of the funds raised to increase its Web3 exposure as part of its new business strategy. Felix Capital Includes Web3 in Business Plan Venture capital firms from all over the world are now turning their eyes to Web3, a new field that intertwines the internet and crypto. One such firm has been Felix Capital, a London-based VC company that has expanded its business plan to include Web3 as part of its current interests. With its latest fundraising round, the company obtained $600 million, surpassing its initial goal of $500 million. For the firm, this is its fourth and largest fundraise to date, bringing its total assets under management to $1.2 billion. In a blog post, the company explained that these funds will be used to back another 20 to 25 companies over t...