Bitcoin News and Finance: What You Need to Know

Before taking the stage at the Bitcoin 2023 conference in Miami, U.S. presidential hopeful Robert F. Kennedy Jr. emphasized the democratic nature of bitcoin, calling it an “exercise in democracy.” Additionally, during his Florida appearance, Kennedy revealed that his campaign would accept bitcoin for political contributions. RFK Jr. Champions Bitcoin as a Democratic Tool, Now Accepts Leading Crypto for Campaign Contributions Robert F. Kennedy Jr., a Democrat challenging incumbent U.S. president Joe Biden, declared that his campaign would welcome bitcoin (BTC) donations. At the conference, Kennedy underscored the widely recognized connection between bitcoin and the pillars of democracy and liberty. If elected president, he pledged to “ensure the United States remains the global hub of bitcoin.” Many attendees at the Bitcoin 2023 conference expressed approval of Kennedy’s remarks. One individual tweeted , “Truly surreal to listen to a Kennedy speak to how his presidency would secur...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Binance Australia said on May 18 that it is “unable to facilitate PayID AUD deposits for Binance users” due to a third-party payment service provider’s decision to discontinue support for the crypto exchange. Binance Australia said while it works to find an alternative, users can still “buy and sell crypto using credit or debit cards.” Scott Collary, an executive at the service provider, claimed that “scammers are increasingly using overseas exchanges.” Binance Australia Seeks an Alternative Third-Party Payment Service Provider Crypto exchange Binance Australia announced on May 18 that it had “temporarily” suspended Australian dollar services after its payment service provider Westpac abruptly discontinued support for the platform. As a consequence, the crypto exchange said it is now “unable to facilitate PayID AUD deposits for Binance users.” The exchange warned users that t...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  On May 18, 2023, at block height 790,272, Bitcoin’s difficulty reached an all-time high after rising 3.22% on Thursday. The network’s difficulty is now at an impressive 49.55 trillion, or 0.90% away from 50 trillion hashes, making it the most difficult it has ever been to discover a block reward. Bitcoin’s Difficulty Rises to Uncharted Territory, Straining Miners This year, Bitcoin once again broke a record as the network’s difficulty jumped by 3.22% , rising to an unprecedented height of 49.55 trillion . The network’s difficulty is a measure of how hard it is to find a hash value that meets the required criteria for a new block to be added to the Bitcoin blockchain. Notably, the recent rise in difficulty followed a 1.45% drop at block height 788,256, where the chain’s difficulty remained at 48.01 trillion for approximately two weeks. ​​Bitcoin miners are currently dedicati...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Cosmos fell to a key price floor on Friday, as bearish sentiment returned to cryptocurrency markets. Volatility has been high most of the week, with today seeing the global market cap drop by 0.95% as of writing. Chainlink also slipped in today’s session. Cosmos ( ATOM ) Cosmos ( ATOM ) dropped to a key support point on Friday, as bearish sentiment returned to the market. Following a high of $10.92 on Thursday, ATOM /USD slipped to an intraday bottom of $10.50 earlier in the day. The drop in price saw the token collide with its long-term floor, with bulls opting to buy the dip from that point. At the time of writing, ATOM is trading at $10.61, which is still almost 3% lower than yesterday’s peak. From the chart, it appears that the shift in momentum came after a failed breakout of a ceiling of 48.00 on the relative strength index (RSI). The index is now tracking at 40.7...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  During the Bitcoin 2023 conference in Miami, bitcoin mining rig producer Microbt unveiled three new additions to their Whatsminer series. The latest Whatsminer models, namely the M50S++, M53S++, and M56S++, boast hashpower ranging from 150 terahash per second (TH/s) to an impressive 320 TH/s. Microbt Introduces Cutting-Edge Whatsminer Models at Bitcoin 2023 This week at Miami’s Bitcoin 2023 event, Microbt introduced three distinct application-specific integrated circuit (ASIC) bitcoin mining devices. “Microbt is glad to release three new models of Whatsminer M50 series at Bitcoin 2023 which are air-cooling M50S++, hydro-cooling M53S++ and immersion cooling M56S++,” the company tweeted on May 18. Micorobt’s three new miners are expected to be released to the general public this month. The newly released models offer significantly more hashpower compared to previous iteratio...

Bitcoin once again fell below the $27,000 level on Friday, ahead of a panel discussion which includes Fed Chair Jerome Powell. Powell will be holding a discussion with former Chair Ben Bernanke at a conference in Washington. Ethereum was marginally lower today. Bitcoin Bitcoin ( BTC ) dropped below the $27,000 mark on Friday, ahead of a panel discussion which will include Fed Chair Jerome Powell. Markets anticipate some forward guidance from Powell regarding future decisions that the Federal Reserve could take in coming months. Following a high of $27,466.53 on Thursday, BTC /USD dropped to an intraday low of $26,415.10 earlier today. Bitcoin chart by TradingView The move, which saw the price fall by over $1,000, pushed bitcoin towards a key price floor at $26,300. Friday’s slippage occurred as the 14-day relative strength index (RSI) once again dropped below a resistance of its own at the 42.00 mark. Price strength is now tracking at 40.83, with bears possibly targetin...

Eurozone banks are profitable but the benefits from higher interest rates may be smaller than expected, according to the deputy head of the single currency area’s monetary authority. The official noted that while most of the tightening has been done already, more rate increases are to come. Euro Banks Have Solid Fundamentals, ECB’s de Guindos Says, Rate Raises to Continue The turmoil in the eurozone’s banking sector has been “short-lived” due to limited exposure to bank stress in the U.S. and Switzerland and shielding regulations, Vice President of the European Central Bank (ECB) Luis de Guindos said during a banking conference in Spain. Euro area banks are weathering the storm also thanks to solid fundamentals in key areas such as resilience, liquidity, and profitability, the high-ranking official emphasized. However, he also thinks there is no room for complacency amid a challenging outlook that creates uncertainties. “While higher interest rates boost banks’ net interest income...

Cryptocurrency proponents in the United States are facing increasing challenges when it comes to utilizing digital assets for expenditures. Several crypto companies have encountered difficulties in securing banking partners. This week, Bitpay, a prominent player in the crypto payments sector, made an announcement regarding the termination of its current Bitpay prepaid Mastercard program. This decision follows the end of its partnership with Metropolitan Commercial Bank. Crypto Payment Giant Bitpay Ends Prepaid Mastercard Program Bitpay , the Atlanta-based crypto payments company, has made the decision to halt its prepaid Mastercard program, rendering the card unusable for Bitpay Mastercard holders after the specified deadline. Breaking the news through a series of informative tweets on May 18, 2023, Bitpay also notified cardholders via email . Urging users to promptly terminate any recurring payments linked to the prepaid card, the company has set June 1, 2023, as the final day for...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  The digital ruble law project, which was already discussed and approved in its first reading, could be passed in June, according to Anatoly Aksakov, chairman of the Duma’s Financial Markets Committee. The Bank of Russia is currently waiting for the enactment of this ruleset to conduct a live test of the CBDC’s (central bank digital currency) capabilities with real users. Digital Ruble Law to Be Passed in June, According to State Duma Official The race to have a digital ruble cryptocurrency law approved in Russia is coming to an end. The Russian State Duma (the lower chamber of the Russian parliament) has estimated that the digital ruble — the Russian central bank digital currency (CBDC) — cryptocurrency law might be approved in June, according to statements from the chairman of the Duma’s Financial Markets Committee Anatoly Aksakov. On Tuesday, Aksakov stated : The bill on...

The governments of Russia and Iran are starting to phase out the usage of the U.S. dollar to conduct bilateral trade settlements. Russian Deputy Prime Minister Alexander Novak stated that 80% of Russia-Iran trade transactions are settled using national currencies and that they are considering also the usage of the Chinese yuan. 80% of Russia-Iran Trade Settlements Involve National Currencies Russian and Iran have started to phase out the usage of the U.S. dollar in their bilateral trade settlements. According to Russian Deputy Prime Minister Alexander Novak, the call to use national currencies, including the Russian ruble and the Iranian rial, has been effective, leaving only a small amount of these transactions still relying on the U.S. dollar. After meeting with Iranian officials, Novak stated : We discussed these issues in great detail today, and both the Ministry of Finance and the Bank of Russia were present, as were our Iranian counterparts. I believe approximately 80% of o...