Bitcoin News and Finance: What You Need to Know

Following the United Nations Conference on Trade and Development (UNCTAD) report that the U.S. Federal Reserve should stop raising rates, Ark Invest CEO Catherine Wood has published an open letter to the U.S. central bank asking the institution to stop raising interest rates. Wood says that the “unprecedented 13-fold increase in interest rates” has not only shocked the world but it’s also pushing the economy toward risking a “deflationary bust.” Ark Invest’s Catherine Wood Says Fed’s Last 75bps Rate Hike Was ‘Surprising,’ Letter Says 13 to 16-Fold Increase in Benchmark Bank Rates Is Risky Ark Invest CEO Catherine Wood has published an open letter to the Federal Reserve which notes that the central bank’s aggressive benchmark bank rate hikes have been risky. Wood’s letter says the “Fed’s last decision to increase the Fed funds rate by 75 basis points was surprising.” Wood’s letter says that the Fed’s concept of reducing upstream price deflation is “likely to turn into downstream de...

Bitcoin was trading near a key support point on Monday as markets prepared for a big week of economic data. The headline release will be Wednesday’s U.S. inflation report, which is forecasted to come in at 8.1% for September, which is lower than August’s rate of 8.3%. Ethereum was also in the red, as the token slipped to a one-week low to start the week. Bitcoin Bitcoin started the week trading at a seven-day low, as markets prepared for a big week of economic data. BTC /USD slipped to a bottom of $19,162.31 on Monday, which saw prices drop below a key support point of $19,300. Since hitting this floor, bulls have since reentered, pushing prices back above the aforementioned support. Looking at the chart, today’s drop in price came as the 14-day relative strength index (RSI), fell to a bottom of its own. As of writing, the index is tracking 45.47, which is marginally above a support of 45.00, however, bulls have thus far rejected a breakout attempt. Should this continue to be t...

Changpeng Zhao, founder and CEO of Binance, the biggest cryptocurrency exchange by volumes traded, pondered the importance of decentralization and the relation it has with security and freedom. Zhao stated that there are several aspects of decentralization and that this is part of a gradient scale, explaining the different ways in which even Bitcoin can be seen as centralized. Binance CEO Changpeng Zhao on Decentralization and Its Degrees A lot has been said about the benefits decentralization brings to cryptocurrency projects and how it differentiates some initiatives from others. Changpeng Zhao, CEO of Binance, pondered on the importance of decentralization and how this characteristic must not be the objective, but a tool to achieve several objectives related to a cryptocurrency project. In a blog post published on October 9, Zhao explained that decentralization was not absolute and that there are several key aspects to it. He explained : Every aspect is a gradient scale, not s...

PRESS RELEASE. The world’s first blockchain-based global equity crowdfunding network – the Dacxi Chain – has been unveiled. The Dacxi Chain is a unique global ecosystem that creates digital tokenized versions of company shares, which can then be quickly and easily bought and sold all over the world. Connecting investors, entrepreneurs and deal makers from across the globe. A singularly complex technical challenge, the Dacxi Chain has taken the company’s tech team four years to develop. The advanced technical features within Dacxi Chain are built on the unique capabilities of blockchain. Dacxi CEO Ian Lowe says , “When we set out to create a global ecosystem to deliver thousands of funding deals to hundreds of thousands of investors around the world, there are many significant problems to solve. Emphatically, blockchain is the path to unlocking the limitless potential of equity crowdfunding.” The Dacxi Chain ecosystem must be equipped to deal with tokenized assets, cryptocurrency-...

With limited access to global finances, Russian businesses have begun settling in cryptocurrency with their partners abroad. Although these are still small-scale payments, government officials have noted their increase, which comes even before authorities have decided how to regulate these transactions. Cross-Border Crypto Settlements on the Rise in Russia as US Dollar and Euro Payments Decline Companies operating under sanctions imposed on Russia over the escalating conflict in Ukraine have started employing cryptocurrencies despite that the new regulations for this type of payment are expected to come into force in 2023 at the earliest, a government representative has revealed. Director of the Financial Policy Department at the Ministry of Finance Ivan Chebeskov acknowledged the trend in conversation with the Russian daily Izvestia. At the same time, he remarked that such cross-border settlements are still carried out on a limited scale. Russian entities are now actively using d...

Canadian company Dapper Labs has blocked operations with non-fungible tokens (NFTs) for Russian accounts. The move follows a new round of sanctions recently imposed by the EU which prohibit the provision of crypto-related services to Russian residents and entities. NFT Platform Dapper Labs Conforms to Latest EU Restrictions Against Russian Federation Dapper Labs, the creators of the Flow blockchain network and projects like Cryptokitties and NBA Top Shot , has complied with the new restrictive measures adopted by the European Union in response to Russia’s military intervention in Ukraine. The eighth package of EU sanctions was approved by Brussels on Thursday, Oct. 6, after the latest escalation of the conflict with Russia announcing partial mobilization and taking steps to annex four Ukrainian regions through what the bloc sees as fake referendums. The penalties, targeting the Russian economy, government and foreign trade, also feature financial measures affecting the business ...