Bitcoin News and Finance: What You Need to Know

On Monday, S&P Global Ratings slashed ratings for five U.S. regional banks, pointing to the strenuous operating atmosphere plaguing the sector since the year’s outset. The impacted banks include Associated Banc Corp., Comerica Inc., KeyCorp, UMB Financial Corp., and Valley National Bancorp. Simultaneously, the outlook for two others has been dimmed to negative. Turbulent Waters: Regional Banks Face Downgrades, Challenges Mount in 2023 The five downgrades underscore the hurdles regional banks navigated in 2023, especially after Silicon Valley Bank’s (SVB) dramatic collapse in March. This significant failure hastened deposit withdrawals, with patrons migrating to bigger institutions, inducing notable funding strains for many regional entities. S&P’s statement elaborated, “Interest rates have surged, and since March 2022, quantitative tightening measures aimed at curbing intense inflation are burdening numerous U.S. banks in terms of funding, liquidity, and spread income. S...

Brazil’s President Luiz Inacio Lula da Silva has stated that the BRICS economic bloc does not want to be “a counterpoint to the G7, G20, or the United States,” emphasizing that the BRICS nations “just want to organize ourselves.” The Brazilian leader also pushed for “the creation of a currency for trade and investment transactions between BRICS members.” Lula: BRICS Not Seeking to Challenge US, G7, G20 Brazil’s President Luiz Inacio Lula da Silva shared his perspectives on various matters concerning the BRICS economic bloc on Tuesday in Johannesburg. The Brazilian leader arrived in South Africa on Monday to attend the annual BRICS summit that is taking place on Aug. 22-24. All leaders from the BRICS countries (Brazil, Russia, India, China, and South Africa) are attending the summit, but Russian President Vladimir Putin is not attending in person. Commenting on the BRICS economic bloc rivaling the Group of Seven (G7), G20, and the U.S., as some have suggested , Lula stressed: We d...

Chinese President Xi Jinping stated at the BRICS summit that “What people in various countries long for is definitely not a new Cold War or a small exclusive bloc.” He stressed that the BRICS group will expand and promote global multipolarity. “Hegemonism is not in China’s DNA; nor does China have any motivation to engage in major-power competition,” Xi claimed. Xi Jinping’s BRICS Summit Speech Chinese President Xi Jinping arrived in South Africa on Monday to attend the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending, with Russian President Vladimir Putin participating via videoconference. In addition, more than 40 other heads of state are also attending, according to South Africa, the host of the BRICS summit this year. On Tuesday, the Chinese leader was scheduled to deliver a speech at the BRICS Business Forum, a key event at the summit, alongside other BRICS leaders. However, Xi unexpectedly skip...

Russian President Vladimir Putin said at the BRICS summit that “A balanced, irreversible process of de-dollarization of our economic ties is gaining steam.” The Russian leader stressed: “We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.” Putin Participating at BRICS Summit The leaders of over 40 countries are currently attending the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending in person, except Russian President Vladimir Putin who took part via videoconference. South Africa is the host of the BRICS summit this year. Addressing other BRICS leaders, the Russian president said in his remarks at the summit on Tuesday: “From year to year, the BRICS countries are increasing their potential … the five partner states, with a total population exceeding 3 billion, account for a greater shar...

On August 22, 2023, the FBI issued an alert, cautioning about North Korean hackers possibly trying to cash out bitcoin valued at over $40 million. U.S. Intelligence Flags Potential $40M Bitcoin Liquidation by North Korean Hackers The FBI is urging both public and private sectors to be vigilant regarding 1,580 bitcoins ( BTC ) acquired by North Korean hacking groups, namely Lazarus Group and APT38. As of August 23, 2023, this cache’s value sits slightly above $41 million, based on current BTC exchange rates. To aid in this surveillance, the FBI disclosed six specific bitcoin (BTC) addresses linked to these funds: 3LU8wRu4ZnXP4UM8Yo6kkTiGHM9BubgyiG 39idqitN9tYNmq3wYanwg3MitFB5TZCjWu 3AAUBbKJorvNhEUFhKnep9YTwmZECxE4Nk 3PjNaSeP8GzLjGeu51JR19Q2Lu8W2Te9oc 3NbdrezMzAVVfXv5MTQJn4hWqKhYCTCJoB 34VXKa5upLWVYMXmgid6bFM4BaQXHxSUoL Detailing their concerns, the FBI pointed out that the hacking factions from the Democratic People’s Republic of Korea (DPRK) were behind multiple crypto s...

According to Steve Rosenblum, the founder and CEO of Libertify, Artificial Intelligence (AI) driven investment solutions can assist investors in making “timely adjustments to asset allocation.” This means investors using such a solution will be able “navigate the volatile crypto landscape while maintaining a balance between risk and potential returns.” Using AI to Rebalance a Portfolio Rosenblum also told Bitcoin.com News that investors who use AI-driven solutions such as Libertify’s personalized AI risk management solution are better placed to overcome cognitive biases which often cloud their judgement. However, the CEO argued that AI-driven solutions will only become a widely adopted tool if and when prospective investors are better educated. Rosenblum also said that regularly rebalancing a portfolio in order to take advantage of evolving trends can potentially help investors maximize returns. The Libertify CEO further listed the nine most common mistakes made by crypto investo...

A Nigerian crypto trading platform, Patricia, announced on Aug. 18 that it had converted users’ outstanding funds to its U.S.-backed stablecoin known as “Patricia Token.” Some social media users have slammed the crypto trading platform’s unilateral decision to convert customer funds. Some critics have characterized the conversion of user funds as the Patrica team’s attempt to exit scam users. $2 Million Reportedly Lost in Hacking Incident The Nigerian gift card and crypto trading platform, Patricia, recently converted user funds to a stablecoin known as patricia token (PTK). According to a report, the decision to convert user funds was made unilaterally and just over three months after Patricia reportedly lost $2 million in an apparent hacking incident. Say hello to stability, innovation, and your ticket to a seamless financial journey. pic.twitter.com/F0Q8G6eFJ3 — Patricia (@PatriciaSwitch) August 18, 2023 As reported by Bitcoin.com News in May, the crypto platform was bre...