Bitcoin News and Finance: What You Need to Know

The Government of the city of Shanghai has proposed a group of guidelines to help it shift into a metaverse power. The plan of action defines each one of the technologies that the municipality needs to focus on to achieve the goals of building a $52 billion metaverse economy, while at the same time helping to establish 10 innovative companies in the area. Shanghai Establishes Metaverse Development Plan The metaverse is emerging as a technology that is attracting the interest of major countries and cities in the world. Shanghai, the largest city in China by population, has issued a document where it presents a plan to turn itself into an important center for metaverse industry activities. One of the main goals of this focus is to grow a $52 billion metaverse cluster in the city. To this end, the city plans to house at least 10 innovative leading enterprises in the metaverse industry, and 100 companies that present metaverse-related technologies, all of these with international reac

The interior ministry of Russia has decided to go after those providing money-laundering services to crypto fraudsters, suggesting they should go to prison. The department wants to introduce criminal liability for the activities of these people, also known as ‘droppers.’ Law Enforcement in Russia Targets Droppers Involved in Fraudulent Crypto Schemes The Ministry of Internal Affairs of the Russian Federation ( MVD ) and other security agencies are hoping to introduce criminal liability for citizens providing assistance to scammers that exploit the popularity of cryptocurrency investments. Law enforcement officials say they have been registering a growing demand for the services of so-called “droppers” — people who are willing to help crypto fraudsters with laundering illegally obtained funds, Russian crypto news outlet Bits.media reported. A dropper is usually someone who was offered to accept illicit funds to their bank account or crypto wallet. The person can then buy cryptocurr

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has advised investors not to miss “the greatest sale on earth.” He said asset prices are crashing and indicated that he is waiting in cash position to pick up bargains, including bitcoin. Robert Kiyosaki Waiting to Buy Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, reiterated this week that he is waiting to buy bitcoin, emphasizing that “the Greatest Sale on Earth” is coming as asset prices are crashing. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Noting that his “Favorite 4-letter word is SALE,” Kiyosaki tweeted Monday: Asset bubble found a Pin. Asset prices crashing. In cash position waiting to pick up bargains especially in real estate and bitcoin … Do not miss the Greatest Sale

Bank of America has forecasted that the U.S. economy will slide into a recession this year. “A number of forces have coincided to slow economic momentum more rapidly than we previously expected,” the bank’s economists said. US Economy Heading Into a Recession This Year, Says Bank of America Bank of America’s economists now expect a recession in the U.S. this year. In a report published Wednesday, they explained: “Our previous baseline outlook for the U.S. economy featured a growth recession. But a number of forces have coincided to slow economic momentum more rapidly than we previously expected.” The analysts added: We now forecast a mild recession in the U.S. economy this year. They considered factors such as inflation from food and energy prices, tighter financial conditions, and higher mortgage rates. Bank of America estimated in June that there was a 40% chance of a U.S. recession next year. The economists now expect the fourth-quarter U.S. gross domestic product to decline

PRESS RELEASE. Monopoly Millionaire Game, a marine-themed GameFi that involves island construction, cultivating, shooting and more, announced that it has completed a seed funding of 1 million US Dollar. By this round of funding, MMG was valued at 10 million US Dollar. Mirana Ventures led the seed funding round. Other notable investors included Kernel Ventures, Mint Ventures, Crypto J, and Ventorylabs. MMG Team said it will use the fund to help realize the MMG GameFi vision and attract more users to participate in the Web3 games. In MMG, players shall buy Cannon NFTs to get the entry. With the NFT entry, players can earn daily check-in rewards and P2E rewards. Daily check-in rewards guarantee players to earn their principal back. Besides, players can earn additional rewards by P2E within the NFT life cycle. “In MMG GameFi economic model, each NFT has a life cycle, that means, each can only be used for P2E for a limited period of time. Players have to upgrade the NFT or sell it in

During the last 30 days, the Celsius Network’s native token CEL increased in value by over 140% against the U.S. dollar. On July 13, just before the lending company filed for Chapter 11 bankruptcy, CEL was exchanging hands for $0.961 per unit. Following the news that the company filed for bankruptcy protection, the native crypto asset dropped 58% to a low of $0.40 on the same day. CEL has managed to climb back from the drop as the digital currency is currently swapping for prices between $0.69 to $0.73 per coin on July 14. So-Called CEL Short Squeeze Attempt Slips, Token Drops 58% After Bankruptcy News Following the company pausing withdrawals and other operations on the lending platform, traders on social media started a trend to get people to “short squeeze” the crypto asset CEL. Social media posts on Twitter , Reddit , and Facebook claim that Celsius Network’s native token CEL is being short-squeezed by members of the Celsius community. Some people promoting the trend explain

The Central Bank of Russia has spoken out against stablecoins, which it says are highly risky and not fit for payments. The monetary authority reacted to a statement by a top finance ministry official who suggested that his department would support the development of Russian stablecoins. Russia’s Central Bank Voices Opposition to Stablecoins Unlike the Ministry of Finance, the Central Bank of Russia (CBR) believes stablecoins are not intended for settlements, either within the country or abroad. The monetary authority said that the issuance and use of private stablecoins is associated with high risks as the underlying assets do not belong to the holder. Quoted by the crypto news outlet Bits.media, it elaborated: Therefore, redemption at the nominal price of the assets in collateral is not guaranteed, and the price of a stablecoin is not actually stable. The regulator commented on a recent statement by the head of the finance ministry’s Financial Policy Department Ivan Chebeskov,