Bitcoin News and Finance: What You Need to Know

Citizens of Argentina are hedging their savings by using stablecoins amidst the recent climate of uncertainty created by the resignation of certain key members of the government. The minister of economy in the country resigned last weekend, alongside other personalities, creating the turmoil that prompted the price of stablecoins in the country to rise by 11% on some exchanges. Dollar-to-Peso Exchange Rate Plummets Due to Political Uncertainty in Argentina The rate that citizens in Argentina use to exchange the native fiat currency, the Argentinian peso, for dollars, has plummeted due to the climate of political and economic uncertainty the country is currently facing. The resignation of economy minister Martin Guzman caused shockwaves, as he was one of the biggest articulators of the deal the country inked with the International Monetary Fund (IMF) to restructure the debt that the country has with the organization. The resignation of Guzman also brought about demissions from othe...

The Monetary Authority of Singapore (MAS) has told Parliament that the central bank is considering imposing additional restrictions on cryptocurrency trading. They include “placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies.” MAS Considers New Restrictions on Crypto Trading Tharman Shanmugaratnam, the minister in charge of the Monetary Authority of Singapore (MAS), answered a parliamentary question about the regulation of cryptocurrency Monday. Murali Pillai, a member of the Singapore Parliament, asked whether the MAS “intends to implement further restrictions on cryptocurrency trading platforms with a view to protect unsophisticated persons from entering into such trades which are considered highly risky.” The minister in charge of the MAS explained that since 2017, the central bank “has consistently warned that cryptocurrencies are not suitable investments for the retail public.” He detailed that in January, the central...

A hacker claims to have stolen the personal data of a billion Chinese citizens from the Shanghai National Police (SHGA) and is selling it for 10 bitcoins. “This database contains many TB of data and information on billions of Chinese citizens.” 23 Terabytes of Data on a Billion Chinese Citizens on Sale for 10 Bitcoins An anonymous hacker has claimed to have stolen about 23 terabytes of data on a billion Chinese citizens from a Shanghai police database. Experts say that, if true, this would be one of the biggest data breaches in history. The data is being offered for sale for 10 bitcoins. At the time of writing, this sum amounts to about $197,806. On a hacker forum, an anonymous user using the handle “Chinadan” offered the data for sale on Thursday. The user claimed that the information was leaked from the Shanghai National Police (SHGA) database. “This database contains many TB of data and information on billions of Chinese citizens,” the post details. The leaked data includes na...

Meta, the company formerly known as Facebook, is preparing to face a strong market downturn. According to reports, Mark Zuckerberg, CEO of Meta, announced a change in the hiring policies of the company, lowering the number of engineers planned to be hired from 10K to 6-7K. Previously, Zuckerberg had warned about the metaverse pivot of the company and how it could make it lose money in the near future. Meta Preparing for a Difficult Future Meta, the social media and tech company that pivoted to metaverse tech, has announced a series of actions to help it face a market downturn in the future. According to reports , Mark Zuckerberg, founder and CEO of the organization, stated that the current economic situation would change the hiring plans of the company for this year. Zuckerberg stated that Meta will now only hire between 6,000 and 7,000 engineers this year, lowered from the estimated 10,000 planned before. This means that the company will effectively reduce hiring between 30% to 40...

BTC briefly rose back above $20,000 on Tuesday, as U.S. markets reopened following yesterday’s Independence Day holiday. Prices of ETH also surged, climbing over its $1,100 resistance level. Overall, the crypto market cap is trading 0.63% higher. Bitcoin On Tuesday, bitcoin rallied back above $20,000, as traders returned from the U.S. Independence Day celebrations. In what has been a highly volatile trading session, BTC /USD rose to an intraday peak of $20,405.12 earlier in the day. However, these gains were not sustained, with prices since moving to a low of $19,438.48, as bulls likely liquidated their positions. As of writing, prices are now trading at $19,447.73, which is roughly around 1.13% lower than today’s high. Looking at the chart, the drop comes as prices approached a short-term resistance point of $20,500. Overall, volatility continues to be high, with bearish pressure remaining present, and bears likely looking to take price below $19,000 in upcoming sessions. E...

Between June 13 and June 27, or roughly two weeks, Tron’s stablecoin USDD dropped lower than the $1 parity and slipped to a low of $0.928 per unit on June 19. During the past seven days, USDD has managed to jump back to the $0.98 to $0.99 region while reaching $1 on July 3. Tron’s USDD Stablecoin Climbs Back Above $0.98 per Unit The stablecoin USDD , issued on top of the Tron network, saw its value slip below the typical $1 parity it held prior to June 13. Prior to that day, the stablecoin’s chart looked similar to an electrocardiogram flatline holding a stable value of around $0.994 to $1. Between June 13th to the 15th, however, USDD’s fiat value slipped to a low of $0.964 per unit. At that time, the Tron Reserve DAO collateralized the stablecoin with crypto assets such as tron (TRX) and usd coin (USDC) . During that time, bitcoin ( BTC ) and a number of other top crypto assets slid significantly in value. On June 18, the crypto economy shuddered and around 2 p.m. (ET), BTC hi...

The Ghanaian government has reportedly changed its mind and will now seek a financial rescue package from the International Monetary Fund (IMF). The decision comes just a few days after residents took to the streets to protest the spiraling inflation and growing economic hardships. Ghana’s Growing Balance of Payments Deficit After initially refusing to seek the International Monetary Fund (IMF)’s support, the Ghanaian government has said it will now hold formal talks with the financial institution, a report has said. According to the report, the government’s decision followed a conversation between President Nana Akufo-Addo and the IMF’s managing director, Kristalina Georgieva. As per the report , the government’s about-face comes after Ghana’s inflation rate, which topped 27.6% in May, as well as the deteriorating economic situation, helped spark street protests across the country in late June. Ghana’s apparent volte-face also came less than two months after the central bank hike...