Bitcoin News and Finance: What You Need to Know

Although they grabbed less media attention than the collapse of centralized organizations, the so-called bridge exploit incidents in 2022 again proved that the decentralized finance (defi) ecosystem still lacks sufficiently secure solutions, Hugo Philion, the co-founder and CEO of Flare Networks, has argued. Philion insists that the lack of such secure solutions has constrained the growth and use of defi products. Lack of Communication Between Chains In written responses sent to Bitcoin.com News, Philion claimed that the large-scale, cross-chain experimentation primarily seen in 2020 and 2021 potentially explains why more than $2 billion has been lost via the so-called bridge exploits of the past 12 months. However, according to the Flare Network CEO , while it may not be possible to completely eliminate risks for users, bridges could “be made substantially safer.” Besides addressing security-related issues, Philion also offered his thoughts on many other issues that range from the...

The International Monetary Fund (IMF) has warned that 2023 will be a tougher year for most of the world economy because the U.S., EU, and Chinese economies are all slowing down simultaneously. “We expect one-third of the world economy to be in recession … Even countries that are not in recession, it would feel like recession for hundreds of millions of people,” said IMF chief Kristalina Georgieva. IMF’s 2023 Economic Predictions International Monetary Fund (IMF) Managing Director Kristalina Georgieva shared the IMF’s predictions on the U.S., the EU, China, and the world economy in an interview with CBS, aired Sunday. She detailed: This is what we see in 2023. For most of the world economy, this is going to be a tough year, tougher than the year we leave behind. Why? Because the three big economies, U.S., EU, China, are all slowing down simultaneously. “The U.S. is most resilient. The U.S. may avoid recession. We see the labor market remaining quite strong. This is, however, a mi...

Economist Peter Schiff has predicted that the U.S. dollar will have “one of its worst years ever” in 2023, warning that the inflation problem is “about to get much worse.” He also shared his prediction about the worst-performing sectors of the stock market this year. Peter Schiff’s 2023 Economic Predictions Economist and gold bug Peter Schiff shared his 2023 predictions about the U.S. economy, the dollar, and the stock market in a series of tweets Friday. “The U.S. dollar index may have had a strong year, but it ended the year on a six-month low, down 10% from its November high,” he began, elaborating: This weakness will likely continue in 2023, with the dollar having one of its worst years ever. If I’m right the inflation problem is about to get much worse. Schiff also disagreed with Wharton University’s finance professor Jeremy Siegel who shared his economic view on CNBC last week. “Jeremy Siegel is wrong,” Schiff contended. Siegel “thinks falling real estate prices means th...

According to statistics, daily cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the last 24 hours, compared to double that amount, $54.78 billion, two weeks earlier. On November 8, 2022, 54 days prior, amid the FTX collapse, global cryptocurrency trade volumes were approximately $115.33 billion. Crypto Trade Volumes End 2022 46% Lower Than the Month Prior Cryptocurrency trade volumes worldwide have significantly declined since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion , according to archived coingecko.com statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion . In addition, 71.63% of all trades on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins. While all the stablecoins today represent $16.44 billion in trade volume, tether ( USDT ) commands $12.4...

Robert Kiyosaki says the time to buy gold and silver is now, predicting a stock market crash will send prices of the precious metals higher. In other news, the crypto community has been curious about the former Alameda Research co-CEO Sam Trabucco, and his whereabouts, as the guilty plea of Alameda’s former CEO Caroline Ellison has been unsealed, revealing troubling information about customer funds. Bitcoin.com News further reports that as the United States Fed has turned 109 years old on Dec. 23, the dollar has lost 96% of its purchasing power since the Federal Reserve was created. Finally, one market strategist expects oil to “crush” other investments in 2023. All this just below, in this latest issue of the Bitcoin.com News Week in Review. Robert Kiyosaki Warns Last Chance to Buy Gold and Silver at Low Prices — Says Stock Market Crash Will Send Them Higher The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says now may be the last chance to buy gold a...

Growing electricity consumption in the crypto mining sector may require the construction of new power generation facilities in Siberia, the energy minister of Russia has acknowledged. Demand continues to increase in residential areas as well, after regional authorities abandoned a proposal to introduce higher tariffs for Russians minting digital coins at their homes. Authorities in Russia Think New Energy Infrastructure, Generation Capacities in Crypto Mining Regions Russian Minister of Energy Nikolay Shulginov has recognized the increased demand for electricity from cryptocurrency miners in some parts of Siberia where the industry has been expanding. Additional generating capacities may be necessary to meet their needs, he indicated, quoted by local media and crypto news outlets. Shulginov did not reveal specific plans but made it clear that Russian authorities in these regions are considering the further development of the energy networks used by mining companies and the construc...