Bitcoin News and Finance: What You Need to Know

On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board, with the global economy projected to grow by 1.7% in 2023 and 2.7% in 2024. The World Bank also cited a number of adverse developments that could push the world’s economy into a deep recession. World Bank Report Urges Action on Climate Change, Increased Investment to Offset Adverse Economic Shocks The World Bank, the financial organization with 174 member countries, released its Global Economic Prospects report on Tuesday. The report envisions a “sharp, long-lasting slowdown to hit developing countries hard.” The World Bank cites numerous issues plaguing the global economy, including the Covid-19 pandemic and “escalating geopolitical tensions,” as reasons why the world’s economy could spiral into a recession. The report also mentions in...

The U.S. government has arrested and charged the creator of “Mutant Ape Planet” non-fungible tokens (NFTs) for allegedly defrauding crypto investors. “The purchasers were ‘rug pulled,'” the Department of Justice (DOJ) described, adding that millions of dollars in cryptocurrency were diverted for the NFT creator’s personal benefits. DOJ Takes Action Against NFT Rug Pull Scheme The U.S. Department of Justice (DOJ) announced Thursday that Aurelien Michel has been charged with “defrauding purchasers of ‘Mutant Ape Planet’ NFTs, a type of digital asset, of more than $2.9 million in cryptocurrency.” The defendant is a French national residing in the United Arab Emirates (UAE). He was arrested Wednesday at John F. Kennedy International Airport. The Mutant Ape Planet (MAP) NFTs were marketed and sold with false promises of numerous rewards and benefits, including exclusive opportunities for additional investments, giveaways, merchandise, and other rewards, the DOJ detailed, elaboratin...

The Tron-based stablecoin USDD fell below $1 parity again during the first week of 2023 and on Jan. 10. Four days ago, the stablecoin dropped to $0.972 per unit and on Tuesday, Jan. 10, 2023, USDD slipped to $0.977 per unit. At the time of writing, the Tron-issued stablecoin is trading at 98 cents per coin. USDD Stablecoin Dips Down to 97 Cents per Token There have been some slight fluctuations in USDD’s price at the start of the new year, as the stablecoin has dipped to the 97-cent range on a few occasions in 2023. After Terra’s stablecoin depegging event in May 2022, USDD started to slip slightly below the $1 peg , causing anxiety in the crypto industry. A number of other stablecoins saw similar deviations . On June 19, 2022, USDD reached a low of 92.8 cents per unit , but the stablecoin managed to regain the $1 peg, trading between 98 cents and 99 cents per unit. In mid-Dec. 2022, USDD deviated from the $1 parity, and Tron’s Justin Sun said that the team deployed more capital...

Ethereum mostly consolidated during Tuesday’s session, as prices continued to trade close to recent highs. Following a move to a three-week peak to start the week, markets maintained bullish sentiment, earlier in the day. Bitcoin also upheld recent momentum, with the coin remaining near its ceiling at $17,400. Bitcoin Bitcoin ( BTC ) continued to trade close to the $17,200 level in today’s session, as traders moved to secure Monday’s gains. Following a low of $17,162.99 to start the week, BTC /USD hit a high of $17,389.96 earlier in the day. However, earlier gains have since diminished, with the world’s largest cryptocurrency currently trading at $17,271.27. Looking at the chart, today’s price consolidation came as the 14-day relative strength index (RSI) continued to hover close to a key resistance at the 60.00 mark. Despite the index currently tracking above this point at 60.89, price uncertainty has heightened, leading to previous bulls abandoning positions. Traders may once...

Cryptocurrencies rose in popularity in Chile, according to a survey from global consulting firm Bain & Company. The survey found that crypto is ranked as the third most popular investment asset among Chileans, only behind investment funds, which were the most popular investment option, and real estate, which ranked second. Popularity of Crypto Rises in Chile in 2022 Countries in Latam that have been affected by high devaluation and inflation rates are starting to turn to crypto as an investment option. In Chile, which is among the five countries with the worst inflation in the zone, crypto has risen to be among the most popular investment choices among all options available in the market. The findings are from a survey by Bain & Company, a global consulting firm headquartered in Boston, which inquired about the most interesting investment options in the country during 2022. 23% of the polled answered that crypto was the go-to choice for their investments in 2022, putting i...

According to a recently unveiled document, the Nigerian central bank will in the future be open to developing a regulatory framework for potential implementations of stablecoins. The document also discusses the regulation of initial coin offerings (ICOs) and how these can become “a new way to attract foreign direct investment (FDI) and raise capital.” ‘A Successful Payment Mechanism’ In its recently unveiled payments system document, the Central Bank of Nigeria (CBN) said the bank would be open to developing “a regulatory framework for [the] potential implementations of the stablecoin.” The document claims that such stablecoin implementations are likely “are likely to be a successful payment mechanism,” hence there is “a need to develop a regulatory framework for such implementation.” Besides mentioning stablecoin implementations, the CBN’s Nigeria Payments System Vision 2025 document also discusses the creation of a framework to regulate initial coin offerings (ICOs). While ackno...