Bitcoin News and Finance: What You Need to Know

A leading marketplace on the dark web, Solaris, has been hit by a rival, according to crypto analytics company Elliptic. The Russia-linked platform, which tried to occupy space vacated by the busted Hydra, is believed to have conquered up to a fifth of the illicit market before the hack. Solaris Allegedly Taken Over by Darknet Marketplace Called Kraken Solaris, a major marketplace for drugs and other illicit products, has been targeted in a hacking attack carried out by a similar enterprise, Kraken, not to be confused with the well-known cryptocurrency exchange with the same name. After in April last year law enforcement authorities shut down Hydra, the former leader in this business, seizing its servers in Germany and arresting an alleged operator in Russia, Solaris managed to gain between 20% and 25% market share, according to estimates quoted by Elliptic. This week, the blockchain forensics company reported that since Friday, Jan. 13, those who visited the onionsite were bein...

Bank of America says “digital currencies appear inevitable,” adding that central bank digital currencies (CBDCs) and stablecoins are “a natural evolution of today’s monetary and payment systems.” The bank expects “private sector beneficiaries to emerge in all phases of CBDC implementation.” Bank of America on Future of Money and Payments Bank of America (BOA)’s global research team published a report on global cryptocurrencies, digital assets, and central bank digital currencies (CBDCs) earlier this week. The bank wrote: Digital currencies appear inevitable. We view distributed ledgers and digital currencies, such as CBDCs and stablecoins, as a natural evolution of today’s monetary and payment systems. “Our view is CBDCs that leverage distributed ledger technology have the potential to revolutionize global financial systems and may be the most significant technological advancement in the history of money,” BOA described. The report explains that there are currently 114 central ...

The host of Mad Money, Jim Cramer, has thanked Securities and Exchange Commission (SEC) Chairman Gary Gensler for standing up to the “crypto bullies” who want the regulator to approve a spot bitcoin exchange-traded fund (ETF). Cramer has repeatedly warned about the SEC cracking down on uncompliant crypto firms, urging investors to get out of the asset class now. Jim Cramer Praises SEC Chairman Gary Gensler The host of CNBC’s Mad Money show, Jim Cramer, has thanked the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for not approving a spot bitcoin exchange-traded fund (ETF). Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. The Mad Money host tweeted Friday: Thank you, SEC Chief Gary Gensler for standing up to the crypto bullies who wanted an ETF. They could have been blown to kingdom come by Genesis Global, now filing for bankruptcy. Crypto lender Genesis Global Capital LLC is part of a subs...

Morgan Stanley CEO James Gorman says two changes have happened recently that “really matter” to the economy. The executive explained that inflation has clearly peaked and China has made a “major, major pivot” economically. Morgan Stanley’s CEO on U.S. Economy and Inflation The chairman and CEO of global investment bank Morgan Stanley, James Gorman, discussed the U.S. economy and China’s relationship with the U.S. in an interview with CNBC Thursday in Davos, Switzerland. “Two things have changed recently that really matter,” he began, noting that the first concerns inflation while the second concerns China’s recent pivot economically. “The inflation numbers are better,” the Morgan Stanley chief said, emphasizing: Clearly, inflation peaked. That’s no longer a question. It’s a fact. He added that the question is can the Federal Reserve get to its 2% inflation target and “how hard will they try to get to 2% vs. stabilizing around 3%, 4%.” Regarding the Fed hiking interest rates, ...

Equities, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting, which is 11 days away. On Friday, Federal Reserve governor Christopher Waller said that he favors a quarter-point benchmark rate increase at the next FOMC meeting. Analysts believe that current market trajectories will be dependent on the outcome of the next Fed meeting. Markets Still on Edge Ahead of Fed Meeting Despite Equities, Cryptocurrencies, and Precious Metals Rallying in 2023 On Saturday, Jan. 21, 2023, at 2:45 p.m. Eastern Time, the global cryptocurrency market capitalization was up 5.87% over the previous day and hovering around $1.06 trillion in value. The leading crypto asset, bitcoin (BTC) , had climbed 11.63% higher against the U.S. dollar in the past seven days. The second-leading digital currency in terms of market valuation, ethereum (ETH) , had risen 8.33% that week against t...

The United Arab Emirates virtual assets regulator has said no crypto entity has been granted the full market product (FMP) license. According to the country’s minister of state for artificial intelligence and the digital economy, Omar Sultan Al Olama, no crypto entity has been “able to onboard any customers even last week.” VARA Has Yet to Grant a Full Market Product License The United Arab Emirates’ virtual assets regulator, the Virtual Assets Regulatory Authority (VARA), has not issued any operating license to date, the country’s digital economy minister Omar Sultan Al Olama has said. Speaking at the World Economic Forum (WEF), Al Olama reportedly said that no crypto exchange entity including Binance and FTX has been granted the full market product (FMP) license. As per Al Olama’s remarks published on Laraontheblock, no crypto is yet to complete the VARA’s four-step process. Accordingly, this means “no one was able to onboard any customers even last week.” In March 2022, the VA...

A World Economic Forum (WEF) panel comprised of central bankers and global tech providers has profiled central bank digital currencies (CBDCs) as the future of central bank money, presenting them as one of the solutions for limitations in the payments sector today. However, they have also stated these present several limitations still to be addressed. WEF Panel Explains Advantages of CBDCs A central bank digital currency panel, part of the World Economic Forum (WEF) Davos meetings, stressed it has high expectations for central bank digital currencies (CBDCs) as part of the future of central bank money. The panel, consisting of central bankers like Julio Velarde, governor of the Central Bank of Peru, Lesetja Kganyago, governor of the South African Reserve Bank, and Amir Yaron, governor of the Central Bank of Israel, noted several supposed advantages these new financial tools might present, but also highlighted the difficulties in implementing them efficiently. Governor Velarde ex...