Bitcoin News and Finance: What You Need to Know

Economist Peter Schiff has warned of “the biggest economic disaster” in U.S. history. He stressed that we are on the cusp of a financial crisis and “it’s going to be much bigger than the last.” In addition, he said the U.S. dollar is being debased in order to fund the bank bailouts. Peter Schiff Foresees ‘Biggest Economic Disaster’ in US History Economist and gold bug Peter Schiff shared his warnings about the U.S. economy, the banking crisis, and where inflation is headed on NTD News Monday. Commenting on Federal Reserve Chairman Jerome Powell claiming that the U.S. banking system is sound and resilient, Schiff exclaimed: “It’s not sound at all. It’s a house of cards that’s starting to collapse.” Schiff explained: “Thanks to the mistakes the Fed has made since the 2008 crisis, we have a much bigger bubble now. The Fed caused the bubble that led to the financial crisis of 2008, and then they inflated a bigger bubble to try to paper over those mistakes and kick the can down the road...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator “requires new tools, expertise, and resources” to combat misconduct in the crypto space. “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,” he stressed. SEC Chair Gary Gensler on Budget Request and Crypto Regulation The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on his agency’s Fiscal Year (FY) 2024 budget request before the House Appropriations Subcommittee on Financial Service and General Government Wednesday. “I am pleased to support the President’s FY 2024 request of $2.436 billion for the SEC, to put us on a better track for the future,” Gensler began. “The FY 2024 request seeks funding for an additional 170 positions, as well as full-year funding for those staff hired in FY 2023.” Commenting o...

Millions of U.S. dollars’ worth of cryptocurrency has been sent to centralized exchanges (CEXs), most notably Binance, from wallets providing funds in support of Russia’s war effort in Ukraine, transaction data suggests. According to Ukrainian analysts, the money was transferred to the crypto trading platforms in order to be laundered. Over 90% of Pro-Russian Crypto Transfers Identified in a Study Sent to Largest Exchange More than $40 million was sent last year from wallets that were used to sponsor the Russian invasion of Ukraine to cryptocurrency exchanges, according to an analysis of such transactions conducted by Hapi Labs. The main purpose of these transfers was to launder the money, the Ukrainian startup claims in a post on Twitter published Tuesday. While various amounts went to a number of crypto platforms, nearly 96% of the digital cash reached Binance, the world’s largest cryptocurrency exchange. Researchers at the company, which provides blockchain tracking tools and d...

The recent banking failures involving the fall of Silicon Valley Bank (SVB), Signature Bank, and Silvergate Bank, have high-profile government individuals trying to find a culprit. U.S. President Joe Biden and former President Donald Trump have publicly blamed each other’s policies for the outcome, but according to some analysts, the problem might be ignorance in the banking system. Biden and Trump Scuffle on Bank Failures’ Causes The recent banking crisis that the U.S. is currently facing after the fall of three medium-size banks ( Silicon Valley Bank , Signature Bank , and Silvergate Bank ), has spurred a political discussion between U.S. President Joe Biden and former President Donald Trump in order to find the responsible of the biggest bank failures since the 2008 subprime mortgage crisis. Biden and Trump have been very vocal assigning the blame to each the other’s policies. On March 13, in the wake of the fall of Silicon Valley Bank, Biden reassured people about the isolated ...

Unlike AI applications such as Chatgpt, cryptocurrencies do not bring “anything useful,” a top executive of U.S. chip maker Nvidia is convinced. The comment comes despite his company making significant sales in the space where its powerful processors are widely used to mint digital coins. Developing Chatbots More Worthwhile Than Crypto Mining, Nvidia Exec Claims Cryptocurrencies do not “bring anything useful for society,” according to a high-ranking representative of Nvidia, the leading manufacturer of graphics processing units ( GPUs ). The executive expressed this opinion despite his company selling quantities of video cards to the industry. Other uses of their processing power, such as those associated with artificial intelligence (AI) applications like the Chatgpt chatbot, are more worthwhile than mining crypto, Nvidia’s Chief Technology Officer Michael Kagan told the Guardian. The U.S. tech firm, which is also a major supplier of AI hardware and software, hasn’t been too kee...

Crypto exchange Binance has announced the opening of a blockchain hub in Georgia which will promote cryptocurrency adoption in the region. The move comes on the backdrop of a number of partnerships, initiatives, and events the company is involved in in the country. Digital Asset Exchange Binance Establishes ‘Web3 Outpost’ in Georgia Binance, the world’s largest crypto exchange by daily trading volume, has launched a new blockchain hub in Georgia, the small crypto-friendly nation in the South Caucasus. In an announcement on its website, the trading platform explained the motives behind the project: By establishing this Web3 outpost, we hope to attract top talent to the blockchain sector, facilitate educational initiatives related to digital finance, and further the development of Georgia’s crypto industry. The leading global exchange noted that it already employs 25 people on its Georgia team but hopes to add dozens more jobs in the coming months. Besides expanding its workforce ...