Bitcoin News and Finance: What You Need to Know

Indian crypto exchange Wazirx has denied the allegations made by Binance regarding the relationship between the two crypto exchanges. Emphasizing that the allegations “are false and unsubstantiated,” Wazirx stressed. “As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights.” Wazirx Says Binance’s Accusations Are ‘False and Unsubstantiated’ Wazirx said Tuesday that Binance’s allegations regarding its relationship with Zanmai Labs, allegedly the entity that operates the Indian crypto exchange, are “false” and “misleading.” The company added that it is seeking recourse. Wazirx wrote on its website: The allegations made by Binance in their blog are false and unsubstantiated. As far as Binance’s actions are concerned, we are taking the necessary steps to seek recourse and protect our legal rights. The global cryptocurrency exchange has accused Zanmai of making “a series of misleading claims related to Binance’s alle...

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that most crypto tokens are worthless and they will eventually drop to zero in value. He added that he now owns seven cryptocurrencies and he is getting the same volatility he did when he owned 32 crypto tokens prior to the collapse of crypto exchange FTX. O’Leary: Most Crypto Tokens Are Worthless Kevin O’Leary shared his view on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, published Tuesday. He said: 10,000 tokens, most of them worthless. They’ll eventually just go to zero because of lack of volatility and lack of volume. They are irrelevant. According to some data providers, there are currently about 10,000 cryptocurrencies. Coinmarketcap, however, shows a total of 22,476 crypto tokens. The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, also said on several occasions that most crypto tokens will fail . He recently urged investors not to get c...

Bloomberg Intelligence’s senior commodity strategist Mike McGlone has warned that “cryptos may be facing their first real recession.” The Federal Reserve tightening despite the risk of a recession “could be a primary headwind for most risk assets, notably cryptos,” he added. ‘Cryptos May Be Facing Their First Real Recession’ Bloomberg Intelligence (BI), the research arm of Bloomberg, published its February 2023 crypto outlook last week. BI’s senior commodity strategist Mike McGlone tweeted Sunday: Cryptos may be facing their first real recession, which typically means lower asset prices and higher volatility. “The last significant U.S. economic contraction, the financial crisis, led to the birth of bitcoin, and the possible coming economic reset may mark similar milestones,” he added. Regarding “how much price pain will be before longer-term gains resume,” the report details, “Our graphic shows the Nasdaq 100 at parity with [bitcoin’s] 200-week moving average, relatively lofty ...

Elementus, a New York-based blockchain firm, has raised $10 million as part of its Series A-2 funding round, led by Web3 VC company Parafi Capital. The raise, which values the company at $160 million, aims to allow Elementus to keep improving its processes for providing effective and sound blockchain analytics to Web3 companies and government institutions. Blockchain Analytics Firm Elementus Raises $10 Million in Lukewarm Market Blockchain firms that are focused on providing tools to examine the Web3 landscape have managed to survive and even thrive during the current market downfall. Elementus, a New York-based blockchain firm that aims to disrupt the market by bringing Google-like granular analytics for Web3 platforms, has raised $10 million as part of its Series A-2 funding round, led by Parafi Capital, a crypto VC company, and with the participation of Moonshots Capital, Spitfire Ventures, and Colaco Investment Group. With this investment, Elementus reaches a valuation of $160...

Nouriel Roubini, an economist known as “Dr. Doom,” has warned about the demise of the U.S. dollar and the rise of a “bipolar” world. Roubini believes that the Chinese renminbi might be a substitute for the dollar, as new technologies like central bank digital currencies (CBDCs) and corporate payment rails contribute to a new landscape. Nouriel Roubini Predicts Greenback’s Fall From Grace Nouriel Roubini, an economist known for the accuracy of his predictions regarding the 2008 housing crisis, has warned about the rise of a “bipolar currency regime” preceded by the demise of the U.S. dollar as a world currency. The Iranian-American economist, called “Dr. Doom” by some due to his pessimistic predictions, alerted readers in an article about the substitution of the U.S. dollar by the Chinese renminbi due to a series of actions that the Chinese government has been executing since the Covid lockdowns. Roubini states: Given the increased weaponization of the dollar for national securit...