Bitcoin News and Finance: What You Need to Know

A The Input-Output Global (IOG) team has said it will postpone sending the Vasil hard fork update proposal because it still needs to solve seven outstanding bugs that are currently ranked as non-severe. While acknowledging that the news will likely be disappointing for some, the IOG team insisted it was “taking an abundance of caution to ensure that we do this deployment correctly.” More Time Needed The core Input-Output Global (IOG) team working to facilitate a Cardano Testnet upgrade announced recently that it had “agreed” to delay sending the Vasil hard fork update proposal as previously stated. The team hinted that some seven outstanding bugs, none of which have been ranked as severe, necessitated the delay. According to a June 20 blog post , the decision to postpone the hard fork followed the core team’s end-of-the-week evaluation call. While noting that the team had managed to get through 95% of the Plutus V2 test scripts, the post said the core team still needed to run a few...

PRESS RELEASE. Cryptocurrency exchange LBank has continued to hire more crypto and blockchain talents as well as interns for its global offices. Against the backdrop of extreme volatility in the crypto market and investors dumping risky assets, as well as certain crypto firms laying off employees and freezing withdrawals, LBank makes a move in the right lines. At the moment, the exchange is hiring from all parts of the world including Indonesia, Philippines, Morocco, Turkey, Nigeria, India, etc., to add to its team members located in over 14 countries. The crypto exchange, which has been in the space since 2015 has a slew of advantages that has earned it the spot as one of the top 20 exchanges with deep liquidity. To add to that, in the era of hacks and security breaches among crypto platforms, LBank has managed to remain ‘unhacked’ and secured. In other words, the user-friendly platform provides users with secure, professional and convenient products and services, including s...

Billionaire investor Seth Klarman says he cannot see the point of crypto. “I don’t think anybody needs to own it. It just seems to me that it could end up very much in tears,” he added. Seth Klarman on Crypto Investing, Gold, and U.S. Dollar American billionaire investor and hedge fund manager Seth Klarman shared his views on a variety of topics, including cryptocurrency, gold, and the U.S. dollar, in an interview with Harvard Business School, released this week. Klarman is the chief executive and portfolio manager of the Baupost Group, a Boston-based hedge fund he co-founded in 1982. The investment firm currently has about $30 billion under management. According to Forbes, his estimated net worth is $1.5 billion. On the topic of cryptocurrency, Klarman said: I can’t see the point of crypto. It has this feel to me of being like catnip for techies. “The idea that we’re using more energy than the country of Iceland, to mine extra crypto, to solve math problems that don’t need t...

The Bank of International Settlements (BIS), the global body for central banks, claims the weaknesses in crypto that were pointed out before “have pretty much materialized.” BIS General Manager Agustin Carstens opined: “You just cannot defy gravity … At some point, you really have to face the music.” BIS on Crypto Weaknesses The Bank of International Settlements (BIS) has warned that a perceived danger of decentralized digital money is materializing. The BIS explained in its Annual Economic Report, published Tuesday, that the crypto market sell-off and the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) are indicators of a structural problem in crypto. “Structural flaws make the crypto universe unsuitable as the basis for a monetary system: it lacks a stable nominal anchor, while limits to its scalability result in fragmentation. Contrary to the decentralisation narrative, crypto often relies on unregulated intermediaries that pose financial risks...

During the past week, Bitcoin’s hashrate has dropped a few percentages after reaching 288 exahash per second (EH/s) on June 8, 2022. Bitcoin miners, however, got a break on Wednesday, June 22, as the mining difficulty dropped by 2.35% making it easier for miners to find blocks. The 2.35% drop brings the difficulty down to the 29.50 trillion range for the next two weeks. Bitcoin’s Mining Difficulty Drops 2.35% On Wednesday, June 22, at block height 741,888, Bitcoin’s mining difficulty decreased 2.35% lower than two weeks ago. At that time, the difficulty rating was 30.28 trillion and today it is 29.50 trillion. Furthermore, bitcoin’s fiat value dropped to a low of $17,593 on June 18. Essentially, Bitcoin’s difficulty adjustment algorithm (DAA) shifts every 2016 blocks and the changes are based on the amount of time it took to find the previous 2016 block subsidies. The difficulty is meant to keep block times consistent at roughly 10 minutes in between each BTC block found. The la...

In an apparent message to critics of the Central African Republic’s bitcoin decision, the country’s president, Faustin-Archange Touadéra, recently argued that understanding the crypto’s disruptive power is crucial and that “mathematics don’t account for human emotions.” According to Touadéra, the country’s future generations are likely to applaud his government for “choosing the right path during hard times.” Bitcoin Adoption Beneficial for Future Generations In remarks that appear to be directed at critics of the Central African Republic (CAR)’s decision to adopt bitcoin as its currency of reference, President Faustin-Archange Touadéra, recently reiterated his country’s unwavering belief in the top cryptocurrency. He suggested to his followers that the CAR’s adoption of bitcoin is set to benefit the country’s future generations. These latest remarks by Touadéra came as the crypto market continued with its downward momentum, initially sparked by the Terra Luna crash but later exac...