Bitcoin News and Finance: What You Need to Know

PRESS RELEASE. Crypto investment platform Midas Investments has reported that it has created an infrastructure that is designed with built-in, automated tools and strategies that don’t require investors to master the nature of trade within the volatile decentralized finance market. Traditional CeFi refers to centralized finance mechanisms such as crypto lending and borrowing, which have been used to generate moderate passive yields for investors from as far back as 2016. Contrary to DeFi, CeFi is different in that security measures are strict and investor activity is closely regulated by measures like KYC/AML. Human involvement is also vital, being pertinent to network processes, as established on original platforms like Crypto.com. CeDeFi bridges the gap between the centralized and decentralized finance worlds. Midas Investments reports that it is built upon a similar model as CeFi platforms like Nexo and combines it with algo and DeFi strategies together to offer hybrid yields st...

The Argentinian Tax Agency, the AFIP, has ramped up the seizures of digital wallets of taxpayers in the country. The institution managed to seize more than 1,200 digital wallets of taxpayers that had debts and didn’t have a bank account, or other properties available to be collected by the courts. While the organization has yet to order crypto-related seizures, this could be possible in the future. Argentinian Tax Agency Seizes More Than 1,200 Digital Wallets Tax regulators around the world are becoming more and more aware of the different ways in which taxpayers can hide their funds to avoid paying taxes. The Argentinian tax agency, the AFIP, has been busy taking control of the digital wallets of debtors to the institution. These digital wallets are custodial services provided by fintech companies to third parties, that in some ways are not directly related to banks. The basis for the seizures was established in February when the AFIP included these in the list of seizable assets....

Deutsche Bank has predicted that the price of bitcoin will increase nearly 40% from the current level to $28K by the end of the year. The bank’s analysts also warned that “the crypto free fall could continue.” Deutsche Bank’s Bitcoin Price Prediction Deutsche Bank has reportedly predicted that the price of bitcoin will rise to $28,000 by year-end, Bloomberg reported Wednesday, citing an analysis by the bank’s senior economist and market strategist Marion Laboure and research analyst Galina Pozdnyakova. Based on their analysis, bitcoin’s price will rally 38% from the current price of $20,329 given how closely BTC has been trading with U.S. stocks. They noted that cryptocurrencies have been correlated to benchmarks like the tech-heavy Nasdaq 100 and the S&P 500 since November. The S&P 500 is down 21% since the beginning of the year. The Deutsche Bank strategists expect the index to recover to January levels by the end of the year. Laboure and Pozdnyakova liken bitcoin to d...

Cryptocurrency exchange Coinbase has revealed its plan to expand in several European markets. The company is reportedly in the process of registering a crypto exchange in Spain, France, Italy, and the Netherlands. Coinbase Expanding in Europe Coinbase Global Inc. (Nasdaq: COIN) is reportedly planning to expand operations in Europe, Bloomberg reported Wednesday, citing an interview with Nana Murugesan, Coinbase’s vice president of International and Business Development. Noting that Coinbase is focused on growing its presence in Europe, the executive revealed that the exchange is in the process of applying for a license in various European markets including Italy, Spain, France, and the Netherlands. The Nasdaq-listed company is currently registered in the U.K., Ireland, and Germany, Murugesan confirmed, noting that Coinbase also recently hired its first employee in Switzerland. “In all these markets our intention is to have retail and institutional products,” the executive emphasiz...

The Foresight Ventures founding and partnership team includes veterans of some of the top financial and technology firms dedicated to sourcing and supporting the next generation of disruptive innovations across Web3. They believe the future is multi-chain and thus the chains that find product market fit will all need partners to help expand their ecosystems. They hope to become that partner, investing early and supporting their ecosystems by holding and providing resources for growth. Tony Cheng, general partner from Foresight Ventures , recently joined the Bitcoin.com News Podcast to talk about the market: Tony graduated from Nankai University with a BSc in Applied Mathematics, then went on to the University of Oxford for post-graduate studies resulting in a MSc in Financial Economics. After graduation Tony worked as a management consultant at Oliver Wyman in HK, mainly covering financial services and Fintech clients in the APAC region. After doing many consulting projects for F...

One of the Onecoin co-founders, Ruja Ignatova, otherwise known as the ‘Cryptoqueen,’ has been added to the Federal Bureau of Investigation’s (FBI) Ten Most Wanted Fugitives list on Thursday. In addition to adding the Cryptoqueen to the most wanted list, the FBI is offering a reward of up to $100K for tips that lead to the 42-year-old woman’s arrest. Onecoin’s Cryptoqueen Is Now on the FBI’s Top 10 Most Wanted List Ruja Ignatova is well known for her involvement with the Onecoin Ponzi scheme , and it is estimated that the scam allegedly defrauded people out of $4 billion. The pyramid scheme promoted Onecoin as a blockchain project with a native cryptocurrency but there was no blockchain and no real crypto asset behind the scam. However, Onecoin’s management, recruits, and Ignatova promoted the project as if it was a “bitcoin killer.” From late 2014 to March 2016, Ignatova pitched Onecoin sales and recruited members on a regular basis. During the end of the scheme’s functional state,...

On Tuesday, the Canada-based investment firm Cypherpunk Holdings Inc. announced that the company has sold all of its bitcoin and ethereum due to the “risk of further significant drawdowns.” The company has transitioned its treasury to cash after selling 214.72 bitcoin and 205.82 ethereum as Cypherpunk Holdings continues “to see systemic risks propagating” across the crypto economy. Cypherpunk Holdings Sells All of the Bitcoin and Ethereum on Its Balance Sheet Crypto winter has done a lot of damage since the bull run’s price highs, as more than $2 trillion has left the digital currency economy since the first week of November 2021. Today, the crypto economy is worth roughly $945 billion and bitcoin (BTC) is coasting along just above the $20K per unit range. BTC is down more than 70% from the all-time high ($69K) on November 10, 2021, and ethereum (ETH) has lost more than 77% since the ATH ($4,878) recorded on the same day. On June 28, 2022, or eight months later, the publicly li...

Taiwan’s central bank is yet to conclude work on its central bank digital currency (CBDC) and according to the bank’s governor, the institution may need two more years to finish its work, a report has said. Some of the bank’s next tasks include winning the public’s support, ensuring the system is stable, and building the currency’s legal framework. Simulating Use of the CBDC Some two years after work on Taiwan’s central bank digital currency (CBDC) commenced, the governor of the country’s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task. Yang, who spoke at a digital currencies forum, also disclosed the central bank had been simulating the use of the CBDC in what a Reuters report called a closed-loop environment. However, the same report said the central bank now faces three key tasks. These include communicating and ultimately winning the public’s s...