Bitcoin News and Finance: What You Need to Know

China has urged the U.S. and other developed nations to assess the spillover effects of their economic and financial policies. “The economic and financial policies of the U.S. pose the biggest challenge to global financial stability,” according to the Chinese Ministry of Foreign Affairs. China Cautions About U.S. Economic and Financial Policies Wang Wenbin, a spokesperson for China’s Ministry of Foreign Affairs, expressed concerns over the state of the global economy at a press conference Thursday. Commenting on the recent International Monetary Fund (IMF) Global Financial Stability report pointing out that the turmoil in the U.S. banking sector has increased the risk of global financial stability, the Chinese official said: “Global financial stability bears on the recovery and development of the world economy and the common interests of all countries, and requires the world’s common efforts.” Emphasizing that “The notable global financial risks have much to do with the aggressive...

Economist Peter Schiff has warned that a death blow is coming for the U.S. dollar and the USD will lose its global reserve currency status in this financial crisis. “People are still reluctant to call it a financial crisis, but that’s exactly what it is, except it’s bigger in scale and it’s going to be far more impactful than the 2008 crisis,” Schiff stressed. Peter Schiff on U.S. Dollar’s ‘Death Blow’ Economist and gold bug Peter Schiff explained that a death blow is coming for the U.S. dollar as a global reserve currency in a recent interview with Commodity Culture, which he shared this week. Regarding whether de-dollarization is happening and whether it’s a real threat to the U.S. dollar’s global reserve currency status, Schiff said: “The only thing that’s surprising about the dollar’s reserve status is that it still has it. Despite everything that we’ve done, we still haven’t lost that privilege.” He elaborated: I think the current financial crisis which just started is going...

Rich Dad Poor Dad author Robert Kiyosaki has shared why he loves bitcoin and when he began investing in the cryptocurrency. Expecting to see $100K per bitcoin, he emphasized that the crypto does not need the Fed or government bailout because it’s “people’s money.” Why Robert Kiyosaki Loves Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, shared on Twitter Thursday why he loves bitcoin. He expects to see the price of BTC hit $100K. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. Over 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Thursday explaining that years ago, he watched the price of the largest cryptocurrency climb to $20,000 and then shed almost all of its value. At the time, he thought bitcoin was finished. However, when BTC slowly climbed to $6,000, he bought “lots” of it. His reasoning was that pe...

In the aftermath of a downturn in the wider crypto market, the top crypto assets bitcoin and ethereum have each risen modestly, between 1.2% to 1.6%, over the past 24 hours. However, the meme token pepe (PEPE) has surged 77% against the U.S. dollar, and its market capitalization has swelled to $141 million, just $24 million shy of its all-time high valuation. Other top meme coin assets, including dogecoin and shibu inu, have risen by 1.2% to 1.4% today, while baby doge coin has experienced a 10% increase in value over the past day. While the Meme Coin Market Is Down, Pepe and Babypepe Tokens Jump in Value The meme coin market has declined 3.1% against the U.S. dollar over the past 24 hours and currently stands at $18.9 billion. On Saturday, eight of the top ten meme coins saw daily gains, with the new crypto asset pepe (PEPE) leading the way. PEPE has risen 77% in the last day and is now 513.15% higher than the meme coin’s all-time low of $0.000000055142 per unit, which was record...

Attorneys defending the co-founder of Terraform Labs, Do Hyeong Kwon, also known as Do Kwon, have presented their argument that says the U.S. Securities and Exchange Commission (SEC) has no jurisdiction in the matter. The legal team asserts that U.S. law precludes regulators “from using federal securities law to assert jurisdiction over the digital assets in this case.” Terraform Labs Co-Founder’s Legal Team Claims SEC Lacks Jurisdiction Over Digital Assets in Terra Case As per Bloomberg , Kwon’s lawyers have filed a motion to dismiss the lawsuit, citing that the SEC’s case relies on outdated regulations and that the agency’s definition of digital assets as securities is far from clear . In fact, Patrick McHenry (R-NC), the House Financial Services Committee chairman, recently expressed that there is “a great deal of uncertainty” regarding the SEC’s enforcement actions. Kwon’s lawyers capitalize on this ambiguity to assert that the SEC’s attempt to categorize all cryptocurrencies a...

According to U.S. Treasury Secretary Janet Yellen, the United States government is prepared to take the steps necessary to ensure its financial system remains the world’s strongest and safest. Yellen said that the U.S. government will not hesitate to punish Chinese companies that violate its Russian sanctions policy. U.S. Ready to Shore up Its Financial System The U.S. Treasury Secretary Janet Yellen said while her country’s financial system is still in good shape the United States government is still prepared to take “any necessary steps” to ensure it remains the most dominant, a report has said. In her speech at the Johns Hopkins University’s School of Advanced International Studies, Yellen also touted the recent actions taken to shore up the financial system by U.S. authorities following the collapse of Silicon Valley Bank and Signature Bank. The comments by Yellen come amidst a growing chorus for the adoption of an alternative reserve currency. As has been reported by Bitcoi...