Bitcoin News and Finance: What You Need to Know

Authorities in Iran are taking steps to make crypto payments easier for companies importing goods in the sanctioned country. A dedicated platform has been established to allow local businesses to transfer cryptocurrency for the purpose of cross-border settlements. Iran to Use Cryptocurrencies for Imports, Trade Organization Chief Vows Iranian companies will be able pay for imports with cryptocurrencies, the country’s Trade Promotion Organization (TPO) has assured, according to local media. Alireza Peymanpak, head of the government body, said that the Central Bank of Iran ( CBI ) has issued a permission for using cryptos in settlements for imported goods. “The final decision will be taken by the Economy Ministry,” Peymanpak added, quoted by the official Economy and Bank of Iran News Network ( Ibena ) on Sunday. Peymanpak’s statements come several months after he announced that Iran had placed its first official import order in cryptocurrency. In August 2022, the government offici...

Bank of Russia raised its forecast for the profits of Russian banks in 2023, expecting results that may break the 2021 record. This year’s high numbers are coming after 2022 became the worst annual period in seven years for the sanctioned Russian banking sector in terms of financial outcome. Banks in Russian Federation Headed for at Least $23 Billion in Profits in 2023 Data from the first months of 2023 give the Central Bank of Russia ( CBR ) reason to believe that by the end of the year Russian banks can earn 1.9 trillion rubles (almost $24 billion), “or even more, which is comparable to the profit for 2021,” Deputy Governor Olga Polyakova unveiled at a conference held by the National Credit Ratings (NCR) agency. Two years ago, Russian banking institutions made a record-high 2.37 trillion rubles (close to $30 billion at current exchange rates), the business daily Vedomosti noted in a report, quoting the central bank official and the organizers of the forum. When it released its b...

Russia is closely monitoring the U.S. economy amid discussions of the U.S. government defaulting on its debt obligations. Treasury Secretary Janet Yellen said the Treasury will be unable to pay the government’s bills if Congress does not act by June 1. Russia Monitoring US Economy in Case of Debt Default Russia is closely monitoring the state of the U.S. economy as discussions of possible debt default intensify, Kremlin Spokesman Dmitry Peskov told reporters on Tuesday. “We see that the U.S. economy, just as the global economy, is currently experiencing certain problems,” Peskov was quoted by Russian news outlet Tass as saying. “Inflation expectations continue staying at a rather high level,” he stressed, adding: Certainly, we are keeping a close eye on all that. All our fiscal agencies. The United States is currently facing a debt ceiling crisis. Treasury Secretary Janet Yellen warned on Monday that the Treasury Department will not be able to pay all of the government’s debt o...

Florida governor Ron DeSantis reiterated his call for a ban on central bank digital currencies (CBDCs) during a visit to Jacksonville on Tuesday. Last March, DeSantis pushed for legislation to prohibit a CBDC in Florida. At Tuesday’s event called “Government of Laws, Not Woke Politics,” he stated that if the U.S. Federal Reserve or Treasury were to codify a CBDC, his state would have a “prohibition against” it. DeSantis Slams ‘Woke Politics,’ Insisting ‘They Don’t Like Crypto Because They Can’t Control Crypto’ On May 2, 2023, the Republican Florida governor Ron DeSantis spoke about the state’s economic policy during a visit to Jacksonville on May 2, 2023. He signed a bill aimed at combatting the U.S. government’s environmental social governance (ESG) standards, stating that he wanted to protect Floridians from ESG. The bill prohibits the use of Florida’s state funds for ESG standards and investments. “We are recognizing the dangers with this agenda,” DeSantis stated. “It’s not yo...

Economist Peter Schiff has warned that the U.S. economy is facing stagflation and the situation is going to get worse. “Not only is the economy weakening, but inflation is strengthening,” he stressed, emphasizing: “You have the worst of both worlds.” U.S. Economy and Stagflation Economist and gold bug Peter Schiff warned about the U.S. economy facing a period of stagflation, characterized by high inflation and high unemployment, in an interview with Fox News Thursday. Schiff explained: In Q1 of this year, inflation actually strengthened over the fourth quarter of last year. So, not only is the economy weakening, but inflation is strengthening. You have the worst of both worlds. This is stagflation and it’s going to get worse. Commenting on Nobel laureate Paul Krugman’s opinion piece, published by the New York Times last week, stating that the U.S. economy is in better shape than most people realize and that “America has experienced a remarkably fast and essentially complete job ...

Coinbase, the San Francisco-based cryptocurrency exchange, recently announced the launch of a new service called Coinbase International Exchange. The new platform will enable institutional users outside of the United States to trade bitcoin and ethereum perpetual futures. The company stated in a tweet that the service will begin by offering perpetual futures settled in USDC with up to 5x leverage to institutional clients in eligible jurisdictions. Coinbase Reveals Bitcoin and Ethereum Perpetual Futures Settled in USDC With up to 5x Leverage The launch of Coinbase International Exchange follows the company’s approval to operate its digital currency operations in Bermuda, which was granted by the Bermuda Monetary Authority (BMA). In a blog post , Coinbase noted that “building out a global perpetual futures exchange for digital assets will help support an updating of the financial system by making Coinbase’s trusted products and services more accessible to users of digital assets wh...

PRESS RELEASE. ProBit Global has announced the native asset for the Ethereum network, ETH , as the next token for its series of trading competitions. The crypto trading contest, which allows ProBit Global users to win rewards based on their trading volume, gives traders a low-risk way to win additional assets, with a total prize pool of 5,000 USDT up for grabs in this latest edition. The ETH edition of ProBit Global’s popular trading competition comes in the wake of Ethereum’s successful completion of its Shapella upgrade, which introduced new features to the network, including enabling validators to withdraw their staked 32 ETH from December 2020. The opportunity to win a share of the 5,000 USDT prize pool in return for trading the second-largest cryptocurrency comes as the dust settles on speculations around the upgrade’s impact on ETH ’s price. Despite what some market insiders had earlier suggested, data from token.unlocks and analytics firm, Glassnode, have now show...

International analysts have called out the supposed use of the national security policy of the U.S. as a tool to justify the establishment of blockades and economic sanctions against countries like China and Russia. While U.S. Treasury Secretary Janet Yellen has recognized that a decoupling of the economies of the U.S. and China would be “disastrous,” the U.S. government is said to be putting its security policies over this concern. U.S. Using National Security Policy as Abusive Tool, Analysts Warn Several analysts have referred to the usage of the U.S. national security policy as a pretext to establish economic sanctions and take unjustified measures against other countries. While on April 20, U.S. Treasury Secretary Janet Yellen stated that the U.S. was seeking a “constructive and fair economic relationship with China,” but that it would use its tools to protect its national security with no interest in gaining an economic advantage as a consequence, these policies are indeed hur...

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...

Rich Dad Poor Dad author Robert Kiyosaki says the Fed is wiping out regional banks by supporting only big banks, like JPMorgan Chase. Stating that the Fed “is criminal,” he warned that its actions “will bring down” the United States. Robert Kiyosaki Says the Fed Is Criminal The author of Rich Dad Poor Dad, Robert Kiyosaki, warned in a series of tweets this week that the Fed is wiping out regional banks by supporting only the big banks, such as JPMorgan Chase. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Wednesday: “WTF. What The Fed? Why is Fed destroying regional banks across America? Regional banks are [the] heart and soul of [the] economy. Fed via the Repo Market [is] killing regional banks. Is this intentional? Is a depression intentional? WTF is Fed up ...

The chairman of the State Duma Committee on the Financial Market says that an agreement on the BRICS currency can be reached in 2023 as BRICS nations ramp up their de-dollarization efforts to shift away from U.S. dollar reliance. “By linking its economy and currency to politics, the U.S. is practically undermining the foundations of its dominance,” said the Russian official. Agreement on BRICS Currency Could Be Reached in 2023, Says Russian Official Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, discussed BRICS currency and the de-dollarization trend on Wednesday at the press center of Parliamentary Newspaper, the publication of the Federal Assembly of the Russian Federation. Aksakov expects the share of the U.S. dollar in international trade to decline, noting that Americans continuing to destroy the value of the dollar with their own hands shows the whole world that the USD is being used for political purposes. He said: By linking its economy and...

Just over two weeks have passed since Ethereum’s Shapella upgrade on April 12, 2023, which occurred at block height 6,209,536, enabling stakers to withdraw for the first time. At the time of the upgrade, slightly over 8 million ethereum was locked into liquid staking protocols. Since then, over 400,000 ether, valued at $763 million, has been added to 17 liquid staking platforms. Ethereum Liquid Staking Platforms Continue to Swell As of today, April 30, 2023, the total value locked into liquid staking protocols such as Lido Finance, Coinbase’s Wrapped Staked Ether, Rocket Pool, Frax, Stakewise, Stakehound, Ankr, Ether.fi, and Bitfrost is just over $16 billion . According to 30-day statistics, six out of the top ten protocols, ranked by value locked, have experienced gains over the past month, with four of them showing double-digit growth. At present, Lido dominates the $16 billion market, holding 73.6% or 6,206,101 of the 8,431,605 ethereum locked in liquid staking protocols. Data...

Another week has passed in the world of crypto and finance, with the anniversary of Bitcoin creator Satoshi Nakamoto’s last known emails, predictions of massive declines in Americans’ standard of living, and important developments at the struggling First Republic Bank. All this and more just below, in the latest Bitcoin.com News Week in Review. The Elusive Satoshi Nakamoto: Last Emails Reveal Bitcoin Creator’s Thoughts Before Disappearing Over a Decade Ago Twelve years ago, on this very day of April 23, 2011, a cryptic individual, known only as Satoshi Nakamoto, penned one of the final correspondences to software developer Mike Hearn. The elusive mastermind behind Bitcoin conveyed in the message that he, she, or they had “moved on to other things” and confidently asserted that the project was entrusted in “good hands.” Read More Economist Warns of ‘Catastrophic’ Fall in American Living Standard — Elon Musk Weighs in on De-Dollarization, US Dollar Weaponization Economist Peter S...

The Reserve Bank of Zimbabwe (RBZ) has said it will start issuing gold-backed digital tokens on May 8. The first phase of the launch will see the digital tokens being issued for “investment purposes with a vesting period of 180 days.” The RBZ also revealed that the gold-backed digital tokens “would be used both as a means of payment and a store of value.” Gold-Backed Tokens Additional Value-Preserving Instruments According to the Zimbabwean central bank, it plans to start issuing the recently mooted gold-backed digital currency on May 8. The digital currency, which will be backed by the gold held at the Reserve Bank of Zimbabwe (RBZ), is expected to complement the physical gold coins that went into circulation in July 2022. The announcement of the digital currency’s issuance date came just a few days after the central bank governor, John Mangudya, was quoted revealing the RBZ’s intention to fight local currency depreciation with gold-backed digital currency. Also, as reported by ...