Bitcoin News and Finance: What You Need to Know

Russia’s president, Vladimir Putin, says the trend toward multipolarity is inevitable and will only intensify. “Those who do not understand this and do not follow this trend will lose,” the Russian president warned. Putin on Multipolarity Trend Escalating Russian President Vladimir Putin talked about a global trend towards multipolarity at a recent meeting of the Council for Local Self-Government Development. Putin said: This trend — the trend toward multipolarity in the world — is inevitable. It will only intensify. And those who do not understand this and do not follow this trend will lose. “It is an absolutely obvious fact. It is as obvious as the sunrise. Nothing can be done about it. Those who try to prevent this will only face additional problems that they already have,” the Russian president added. On Saturday, Russian Foreign Minister Sergey Lavrov quoted Putin while addressing participants of the World Online Conference on Multipolarity in Moscow. Representatives from ...

U.S. Treasury Secretary Janet Yellen has warned that the Treasury will not be able to pay all of the government’s debt “as early as June 1, if Congress does not raise or suspend the debt limit before that time.” Yellen also cautioned that the U.S. defaulting on its debt obligations “would produce an economic and financial catastrophe.” U.S. Debt Default Could Happen by June 1, Says Yellen United States Secretary of the Treasury Janet Yellen warned Monday that the U.S. government may default on its debt by June 1, which is earlier than the government and Wall Street had expected. In a letter to House Speaker Kevin McCarthy, Yellen wrote: After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time. She clarified that the Treasury Department’s estimate of when it could default...

Johann Steynberg, the founder and CEO of Mirror Trading International, has been ordered to pay over $1.73 billion in restitution to victims of his bitcoin ponzi scheme. The court has also ordered Steynberg to pay a civil monetary penalty of a similar amount. The Commodity Futures Trading Commission (CFTC) conceded that orders requiring payment of funds “may not result in the recovery of any money lost because wrongdoers may not have sufficient funds or assets.” ‘Largest Fraudulent Scheme Involving Bitcoin’ in the History of the CFTC A United States Federal Court recently handed down a default judgment and permanent injunction against Johann Steynberg, the CEO of the now-defunct bitcoin ponzi Mirror Trading International (MTI). According to a statement released by the U.S. derivatives regulator the Commodity Futures Trading Commission (CFTC) on April 27, Steynberg is required to pay $1,733,838,372 in restitution to defrauded victims and a $1,733,838,372 civil monetary penalty. The ...

Mawson Infrastructure Group announced on Monday that the company has secured a new mining site in Corning, Ohio. The bitcoin mining firm, on May 1, 2023, unveiled its plans to set up its miners at the new location by Q3 of this year, with an aim to raise the operation’s hashpower by 1 exahash per second (EH/s). Bitcoin Miner Mawson Acquires 24 MW in Ohio With Room for Expansion On May 1, 2023, Mawson Infrastructure Group revealed it has signed an agreement for a new site in Ohio. This development comes on the heels of the company’s prior ventures in Pennsylvania and the decision to pull out of Australia. The new mining site, located in Ohio, is expected to offer a starting capacity of 24 MW. Mawson, however, anticipates expanding its operations to harness an additional 26 MW of power, effectively bringing the total capacity of the site to 50 MW. MIGI stock chart by TradingView The mining company disclosed it already operates 240 MW of capacity in the surrounding area. “W...

Bitcoin started the week trading in the red, as markets prepared for an important week of U.S. economic events. On Wednesday, the Federal Reserve is expected to increase rates by 25 basis points, with nonfarm payrolls for April being released this coming Friday. Ethereum was also lower in today’s session. Bitcoin Bitcoin ( BTC ) continued to trade lower on Monday, as markets remained in consolidation ahead of a pivotal week of economic events. Following a high of $29,952.03 on Sunday, BTC /USD slipped to an intraday low of $28,360.50 earlier today. This move saw bitcoin briefly fall below a key support point at $28,500, hitting its lowest point since April 27 in the process. Bitcoin chart by TradingView Overall, bitcoin remains nearly 4% higher than at the same point last week, when prices were close to the $27,000 mark. As a result of today’s sell-off, the relative strength index (RSI) has dropped to a floor of its own at 50.00. The index is now tracking at 50.09, with...

Uday Kotak, the CEO of Kotak Mahindra Bank, a financial institution based in India, recently expressed his view on the dominance of the U.S. dollar in global financial markets. Kotak stated that the U.S. dollar has “disproportionate power” as a reserve currency, retracting his previous statement in which he referred to the currency as the “biggest financial terrorist in the world.” Kotak explained that several countries were exploring alternative reserve currencies to reduce their dependence on the U.S. dollar. Top Indian Banker Refers to the Dollar as ‘Biggest Financial Terrorist’ in the World Uday Kotak, CEO of Kotak Mahindra Bank, an institution that registered more than $8.5 billion in revenue in 2023, referred to the subordination that world markets have to the U.S. dollar hegemony. In a panel at the ET Corporate Excellence Awards, an event of the Indian news conglomerate Times network, Kotak stated that the American currency was “the biggest financial terrorist in the world,” ...

Bitcoin Legal Defense Fund (BLDF) recently delivered on its promise to fund the legal costs of 11 Bitcoin developers that are the target of the self-proclaimed Bitcoin inventor Craig Wright’s lawsuit. According to Alex Morcos, the “mission [of BLDF] is to safeguard innovation by shielding developers from legal intimidation.” The Future of Open-Source Software Development Bitcoin Legal Defense Fund (BLDF), a Jack Dorsey-backed fund, has said it will make its services available to 11 Bitcoin developers named in a lawsuit filed by the self-proclaimed Bitcoin creator Craig Wright. According to the trio behind the fund, defending Bitcoin developers not only eases the pressure on them but ensures the legal system will not interfere with open-source software development. In a statement, Dorsey, who founded BLDF along with Alex Morcos and Martin White, argued the case for defending the eleven individuals. He said : The outcomes of these cases are important for everyone, even those who ma...