Bitcoin News and Finance: What You Need to Know

Deloitte estimates the metaverse could add $1.4 trillion to Asia’s GDP annually by 2035. Noting that the metaverse market could be as large as $13 trillion by 2030, the global financial services firm said: “The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions.” Deloitte’s Metaverse Study A new report by Deloitte, titled “The Metaverse in Asia: Strategies for Accelerating Economic Impact,” estimates that the metaverse is a trillion-dollar opportunity in Asia. The study takes an in-depth look at 12 selected Asian economies: Hong Kong, India, Indonesia, Japan, mainland China, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. Deloitte’s report states: We estimate that the impact of the metaverse to GDP in Asia could be between US$0.8 trillion – US$1.4 trillion per year by 2035, roughly 1.3-2.4% of overall GDP per year by 2035. “The metaverse presents a trillion-dollar opportunity to significantly transf...

For most retail investors, trading has traditionally been a solitary exercise, making the barrier to entry relatively high. Information regarding trading instruments and market conditions can often be hard to come by or, at other times, too complex for beginners to grasp. Here at Bitget, the organisation is determined to remove this barrier by turning trading into a social, collaborative activity that investors can engage in together. To further enhance social trading experience, the team at Bitget have recently launched two new services: Bitget Insights and Bitget Strategy Plaza. Both of these platforms allow traders to more easily share their knowledge and opinions on market conditions and trends, giving users the space and opportunity to engage in constructive collaboration. Along with other social trading products such as One-Click Copy trade, Bitget gives investors an edge with a series of crypto social trading features. What Is Social Trading? Social trading places a focus on...

U.S. authorities have seized seven domains used in “pig butchering” cryptocurrency schemes. “Once the money is sent to the fake investment app, the scammer vanishes, taking all the money with them, often resulting in significant losses for the victim,” the Department of Justice warned. 7 Domains Used in Pig Butchering Crypto Scam Seized The U.S. Department of Justice (DOJ) announced Tuesday “the seizure of seven domain names used in a recent cryptocurrency confidence crime, known as ‘pig butchering.'” The DOJ explained that “In pig butchering schemes, scammers encounter victims on dating apps, social media websites, or even random texts masquerading as a wrong number,” elaborating: Scammers initiate relationships with victims and slowly gain their trust, eventually introducing the idea of making a business investment using cryptocurrency. “Victims are then directed to other members of the scam syndicate running fraudulent cryptocurrency investment platforms, where victims a...

A Ripple executive says there is one important lesson from the meltdown of crypto exchange FTX that he “can say with total confidence will not be learned.” The executive added: “Regulation that punishes after the fact won’t catch it. Investor due diligence won’t either.” One Lesson From FTX Collapse That Won’t Be Learned The CTO of Ripple Labs, David Schwartz, shared his thoughts on the collapse of cryptocurrency exchange FTX in a series of tweets Monday. FTX filed for Chapter 11 bankruptcy on Nov. 11. While noting that several lessons should be learned from the FTX fiasco, the Ripple executive said: There’s one important lesson that is really pretty obvious in retrospect and that I can say with total confidence will not be learned. He explained: “If you hold billions of dollars of other people’s money for indefinite time periods, the temptation to speculate with those funds is irresistible if there aren’t verifiable checks that make such risk-taking virtually impossible, noth...

The mayor of New York City, Eric Adams, is not discouraged by the collapse of crypto exchange FTX and heavy market sell-offs. Noting that crypto is coming whether we like it or not, he stressed the importance of moving into this space. NYC’s Mayor on FTX Collapse and the Importance of Embracing Crypto New York City Mayor Eric Adams answered some questions about how the meltdown of crypto exchange FTX affects his crypto stance Tuesday at the Manhattan Family Justice Center. Adams is a big supporter of bitcoin and crypto. He converted some of his paychecks into BTC and ETH earlier this year “to send a message that New York City is open to technology.” The mayor was asked if he has any regrets about supporting bitcoin and whether New York City should continue to promote the crypto industry. “Well, first I believe in technology — the whole thought of using crypto, blockchain currency, you call it cyber wallets,” he replied, elaborating: We need to move into this space. This space...

Digital asset mining and staking firm Foundry has agreed to purchase two “turnkey” bitcoin mining facilities from Compute North, a bitcoin miner that filed for Chapter 11 bankruptcy protection on Sept. 22, 2022. Foundry says the two data centers have a total power capacity of around 17 megawatts (MW), and the company also has the rights to purchase a third site from the troubled bitcoin mining business. Foundry’s acquisition announcement follows the speculation surrounding Genesis Global Capital, another business owned by the company’s parent firm Digital Currency Group. DCG-Owned Foundry Digital Plans to Acquire 2 ‘Turnkey’ Facilities from Compute North, Foundry Has Option to Purchase a Third Site On Tuesday, the mining and staking firm Foundry Digital announced it has plans to acquire two data centers from Compute North. The two “turnkey sites” are located in North Sioux City, SD, and Big Springs, TX. The sites will give Foundry 17 MW of operational capacity and “a fleet of minin...