Bitcoin News and Finance: What You Need to Know

Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has warned that the U.S. and China are at the brink of a hot war. He has outlined a scenario where “we will see the transition from contained pre-hot-war conflicts to a brutal World War III.” Ray Dalio Warns of ‘a Brutal World War III’ Bridgewater Associates founder Ray Dalio shared his thoughts on the conflict in the Middle East and the potential for World War III in an opinion piece published on Linkedin on Oct. 12. Noting that while “Israel, Hamas, Ukraine, and Russia are in hot wars,” Dalio stressed that currently: “The major powers (the US and China) are not, though they remain at the brink of one.” He added: It appears that we are at a very critical juncture in which we will soon see if the Israel-Hamas war spreads and how far it spreads. Moreover, he said it remains to be seen “whether the great powers are forces for peace (and will back away from the brink of direct conflict) or get involve...

Several reports say that the major Chinese real estate developer Evergrande’s downfall triggered a bank run in northern China last week. The bank run began after rumors spread that the financial institution, Bank of Cangzhou, allegedly loaned billions to the struggling company. This development came on the heels of an Evergrande announcement about the detention of its founder, Xu Jiayin. Evergrande’s Crisis Spills Over, Sparks Bank Run in China’s Cangzhou Prefecture Evergrande, the Chinese real estate giant, filed for Chapter 15 bankruptcy protection in a New York court on Aug. 18, 2023. The company expanded quickly during China’s real estate boom and was once among China’s top real estate developers. However, its aggressive growth was financed by significant debt , and by 2021, it amassed more than $300 billion in debt and liabilities. Before its fall, concerns about significant financial fallout resonated both in China and globally . The implosion of Evergrande isn’t just a bli...

Nishad Singh, former director of engineering at FTX, testified this week against his former boss Sam Bankman-Fried, detailing a software bug that hid billions in missing funds and excessive spending on celebrities and real estate. Singh Points Finger at $8 Billion Bug and Bankman-Fried’s Spending Sprees Nishad Singh told the court that a coding error he helped create prevented proper accounting of FTX and Alameda Research, allowing Alameda to secretly build up an $8 billion negative balance using customer funds. “The bug prevented the correct accounting for the fiat@ FTX account – the error grew to $8 billion,” Singh said. “I overheard a conversation between Gary and Adam Yedidia about it.” The courthouse play-by-play was published by Matthew Russell Lee from the Inner City Press . The ex-director also described Bankman-Fried’s lavish expenditures, including a $30 million penthouse in the Bahamas that Singh called “too ostentatious.” He said FTX spent over $1 billion on celebrit...

After the United States recently accumulated hundreds of billions in debt and directed over $75 billion to Ukraine, U.S. Treasury Secretary Janet Yellen assured on Monday that the nation is financially equipped to back two wars. U.S. Can ‘Certainly Afford’ 2 Wars Yellen Insists Amid Rising Debt and Possible Mid-November Shutdown Last month, just three hours shy of a potential U.S. government shutdown, President Joe Biden ratified a bill ensuring a 45-day operational continuation. Yet, if bipartisan agreement on spending remains elusive, another shutdown looms by mid-November. Speaking with the U.K.’s Sky News, Treasury Secretary Janet Yellen delved into the Ukraine-Russia conflict and the Israel-Hamas dispute. In the conversation, Yellen conveyed her hesitance to gauge the economic repercussions of the Middle East’s recent turmoil but acknowledged the uptick in energy prices. Contrasting her remarks from last May, where she warned of a possible U.S. debt default by June, Yellen,...