Bitcoin News and Finance: What You Need to Know

Xrp plunged to a six-week low on Monday, as cryptocurrency markets moved further into the red. The global crypto market cap fell by over 3% to start the week, which comes days ahead of the upcoming U.S. inflation report. Solana also declined, hitting a multi-week low. XRP Xrp, formerly known as ripple, fell by as much as 5% on Monday, with the global market cap slipping by over 3% in the day. XRP /USD dropped to an intraday low of $0.4333 to start the week, less than 24 hours after hitting a high of $0.4606. As a result of this decline, XRP moved to its lowest point since March 25, breaking out of a floor at $0.4360 in the process. Looking at the chart, the slippage came as the relative strength index (RSI), broke out of a floor at 39.00. At the time of writing, the index is tracking at 36.04, with XRP at a level of $0.4365. Overall, the token is down 5.11% as of writing. Solana (SOL) Solana (SOL) remained in the red, as the token extended its own recent declines to a third...

Bitcoin transaction fees have surged significantly in the past 24 hours, with the average fee reaching $19.20 per transfer. The increase in fees can be linked to a backlog of transactions trapped in the mempool, as over 440,000 unconfirmed transactions are currently awaiting confirmation. Block Reward Dethroned: Bitcoin Transaction Fees Surpass Mining Subsidy for the First Time Since 2017 On Sunday, May 7, 2023, bitcoin transaction fees exceeded the block reward for the first time since December 2017 at block height 788,695. Subsequent block heights 788,700 and 788,702 also witnessed fees surpassing the subsidy. At present, over 440,000 bitcoin transactions are pending confirmation with 193 blocks left to mine for clearing them all. Fees soared past the $25 mark per transaction on Sunday, and current data displays an average fee of 0.00069 BTC or $19.20 per transaction . According to bitinfocharts.com data, the median-sized fee is 0.0004 BTC or $11.05 per transfer . High-priori...

Bitcoin fell below $28,000 to start the week, as markets continued to react to last Friday’s United States nonfarm payrolls (NFP) report. The payrolls report came in at 250,000 versus expectations of 180,000 jobs. Ethereum was also lower, as prices fell back below $1,900. Bitcoin Bitcoin ( BTC ) moved lower to start the week, as cryptocurrency markets continued to react to the latest nonfarm payrolls report. The number of jobs added to the U.S. economy came in higher than expected, in many’s eyes justifying the Federal Reserve’s decision to hike interest rates by 0.25%. As a result, BTC /USD fell to an intraday low of $27,691.26 earlier in today’s session, following a peak of $29,119.38 the day prior. Bitcoin chart by TradingView Overall, BTC has now fallen for a third straight session, with this latest drop sending prices to a one-week low. One of the catalysts for the decline was a breakout which took place on the relative strength index (RSI), which fell below a floo...

Spanish law enforcement recently nabbed three individuals who befriended and eventually kidnapped a Syrian cryptocurrency dealer. Following their arrest, the kidnappers, who were demanding a ransom of over $1.1 million, were found in possession of weapons and fake identity documents. Syrian Crypto Dealer’s Captors Were His Party Friends Spanish law enforcement recently freed a Syrian cryptocurrency dealer from three kidnappers that were demanding a ransom of $1.12 million (or €1 million). According to a report by a Spanish-language publication, the captured trio was set to appear in court on May 6 where they were expected to face kidnapping as well as illegal possession of weapons charges. As revealed in the report, the unnamed Syrian crypto dealer had partied with the trio before the kidnapping. However, when they four met on May 3, the Hungary-based crypto dealer’s party friends pounced and started demanding the ransom money. According to the report, the crypto dealer whose comp...

Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia passes a law to sell gold for dollars, the Central Bank of Argentina bans fintech companies from using crypto, and Fitch improves El Salvador’s credit rating. Bolivia Passes Law to Sell Gold for Dollars Bolivia recently passed a law that will allow the government to sell up to 50% of its gold reserves in dollars, easing the internal scarcity of dollars. The law gives faculties to the government to negotiate the sale of 22 tons of gold out of the almost 44 available in the local reserves. The initiative had been presented back in 2021, but it was only recently rescued and passed by the Congress, which is dominated by the party of Bolivian president Luis Arce. Jorge Richter, a presidential spokesperson, explained the objective of the swift approval of the law. He stated : The country has a tool so that these events and sit...

  The Nigerian payments startup, Nomba, is reported to have raised $30 million via a pre-Series B that was led by Base10 Partners. The new solution is expected to help the startup operate more efficiently and deliver “excellent customer experiences.” Plugging Gaps in Payment Processes Nomba, a Nigerian payments startup, has raised a US$30 million pre-Series B funding round. According to a Disrupt Africa report , the startup’s oversubscribed equity round was led by San Francisco-based Base10 Partners. Helios Digital Ventures, Shopify, Partech, and Khosla Ventures also participated in the round. As per the report, Nomba, which was previously known as Kudi, will the investment to produce a payments solution that enables it to plug gaps in its payment processes. The new solution is expected to help the startup operate more efficiently and deliver “excellent customer experiences.” Commenting on the startup’s successful capital raise, Yinka Adewale, who co-founded the payments firm i...

  New York State Attorney General Letitia James has proposed “landmark” crypto legislation that claims to be “the strongest and most comprehensive set of regulations on cryptocurrency” in the United States. “Rampant fraud and dysfunction have become the hallmarks of cryptocurrency and it is time to bring law and order to the multi-billion-dollar industry,” said Attorney General James. NYAG Letitia James Launches ‘Landmark’ Crypto Legislation The New York State Attorney General (NYAG) Office announced Friday that Attorney General Letitia James has proposed “landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy.” The announcement states: Attorney General James’ program bill, which proposes the strongest and most comprehensive set of regulations on cryptocurrency in the nation, would increase transparency, eliminate conflicts of interest, and impose commonsense measures to protect investors, consistent wi...

  Increasing regulatory pressures, tax burden and energy costs in countries like the U.S. and Kazakhstan are likely to result in a new great migration of crypto miners, Russian analysts believe. Under such a scenario, Russia has what it takes to occupy up to 18% of the global bitcoin hashrate, they claim. Russia May Attract Half of Kazakhstan’s Cryptocurrency Miners The Russian Federation has a chance to increase its leadership in the field of crypto mining, against the backdrop of negative developments for the industry elsewhere. According to specialists from Intelion Data Systems, a major Russian importer and distributor of mining hardware, the country’s share in the Bitcoin hashrate can potentially reach 18%. As of January 2022, Russia accounted for nearly 4.7% of the global hashrate, according to calculations by the Cambridge Center for Alternative Finance, ranking fifth among major mining destinations. However, the toughening of policies towards the sector in the leading ...

  Central banks have continued to consistently purchase gold during the first quarter of 2023, according to the latest report of the World Gold Council (WGC), the global gold statistics organization. Central banks added nearly 230 tonnes of gold to their national reserves, representing a 176% rise compared to the purchases made in Q1 2022. World Gold Council Registers Strong Gold Demand From Central Banks Central banks have registered a strong demand for gold during the first quarter of the year, according to the latest report of the World Gold Council (WGC), which keeps global statistics on gold production and demand. According to its Gold Demand Trends report, central banks kept buying gold consistently, adding nearly 230 tonnes during Q1 2023. This represents a rise of 176% over what these institutions purchased in Q1 2022, signaling strong demand. However, when compared to the numbers from the last quarter, central banks and other institutions reduced their demand significa...