Bitcoin News and Finance: What You Need to Know

Former Treasury Secretary Lawrence Summers has expressed concerns that a rising number of countries, including China, Russia, and the Middle East, are aligning themselves and gaining global influence. “I think [it] is a huge challenge for the United States,” he cautioned. Larry Summers on Countries Banding Together Against the US Former Treasury Secretary Lawrence Summers expressed concern on Bloomberg TV Friday about an increasing number of nations coming together and gaining global influence against the U.S. He made these remarks on the sidelines of the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C. Summers is currently the Charles W. Eliot University Professor at Harvard University. He previously served as Director of the National Economic Council and the Treasury Secretary of the United States, as well as chief economist at the World Bank. He explained that a growing number of countries are aligning themselves on the opposite si

Kosovo police have seized dozens of crypto mining devices from residents of a majority Serb region in the north of the country. Authorities in Pristina and Belgrade exchanged accusations over the move, which has the potential to raise tensions in the ethnically divided, partially recognized Balkan state. Kosovo Government Cracks Down on Crypto Mining in Mainly Serb North Law enforcement in Kosovo has carried out raids against cryptocurrency mining in a northern municipality where Serbs form the majority of the population, the Turkish Anadolu Agency reported, quoting a member of the Albanian-led government in Pristina. According to Economy Minister Artane Rizvanolli, police have seized 174 devices designed to mint digital currencies. Announcing the operation in Zubin Potok on social media, she insisted that the failure to pay electricity bills encourages such illegal activities. Consumers in the predominantly Serb northern part of Kosovo have not paid for electric power in over tw

In crypto news this week, the Ethereum network’s long awaited Shapella upgrade took effect, unlocking staked ether. In the broader financial world, economist Harry Dent has predicted a massive crash to hit by mid-June, bank lending plummeted by a record $105 billion in two weeks, and the USD’s ability to maintain its value even in the short-term has once again been called into question. All this and more just below, in the Bitcoin.com News Week in Review. Ethereum’s Shapella Upgrade Unlocks Staked Ether, Over 860K ETH Poised for Withdrawal, Price Surges 6% On Wednesday, April 12, 2023, at 6:30 p.m. Eastern Time, Ethereum’s Shapella upgrade was successfully implemented, enabling validators to withdraw staked ether. Data reveals that more than 860,000 ether is poised for unlocking, and 77,000 ether is expected to be withdrawn on Thursday. Ether’s price has experienced a surge, rising 6% against the U.S. dollar within the past 24 hours. Read More Economist Harry Dent Expects Bigge

Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Terraform Labs Transferred Large Amounts of Money to South Korean Law Firm Prior to Crash South Korean prosecutors working on the fraud case against Terraform Labs co-founder and CEO Do Kwon have revealed that the company has paid a total of 9 billion won (nearly $7 million) to Kim & Chang, the country’s leading law firm, national broadcaster KBS reported . Tracking financial flows from its Singapore headquarters, they were able to establish that the funds were sent in several transactions which started right before the collapse of Terraform’s digital currencies, stablecoin terrausd and cryptocurrency luna, in May of last year. Investigators from Seoul are cooperating with law enf

Nigerian economic experts have said the country’s five-year-old currency swap agreement with China has not eased the pressure against the Nigerian currency. According to one expert, implementation of the swap arrangement is being held back by the size of the trade imbalance between Nigeria and China Easing Pressure on the Naira According to experts on the Nigerian economy, the country’s five-year-old currency swap agreement with China has failed to ease the pressure on the naira. Signed between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBOC), the agreement was also intended to reduce pressure on Nigeria’s external reserves and to ensure foreign exchange stability. However, since the signing of the swap arrangement in 2018, the Nigerian currency has depreciated versus the dollar from N305:$1 in 2018 to over N460:$1 in the first week of April 2023. Against the yuan, the Nigerian currency slid from the 2018 exchange rate of N48:CNY1 to N66.70:CNY1 on April 6, 2

Jeffrey Tucker says we are at the turning point for the U.S. dollar, citing a growing de-dollarization trend. “The dollar’s just not going to be king,” he warned, adding that history will record recent events “as the turning point for the dollar.” Jeffrey Tucker on De-Dollarization, USD’s Turning Point Jeffrey Tucker, an author and publisher who worked for former U.S. Representative Ron Paul and the Mises Institute for many years, shared his view on the growing de-dollarization trend and its effects on the U.S. economy in an interview with NTD News on Wednesday. Responding to a question about whether de-dollarization is actually happening and when we will feel its effects, he explained that the U.S. has held dominance in the global currency market since 1944, which has enabled it to influence policies worldwide. However, referring to the attack and sanctions imposed by the U.S. government on Russia following the outbreak of the Russia-Ukraine war, he opined: History will record t

Former U.S. President Donald Trump has warned that the U.S. losing a currency war against China would be like America losing a world war. “We’ll be a second-tier country,” Trump cautioned, adding that the U.S. dollar is “what makes us powerful and strong.” Donald Trump on US-China Currency War Former President Donald Trump warned in an interview with Fox News, aired Wednesday, that China pushing a large portion of the world off of the dollar standard would be the equivalent of America losing a world war. “Iran gets together with Saudi Arabia through China. And China is taking over … And, I heard a couple of people say, ‘Well, we’ll never lose a dollar standard.’ Are they kidding?” he said, elaborating: China wants to change the standard, the currency standard. And if that happens, that’s like losing a world war. We’ll be a second-tier country. In addition, the former U.S. president explained that Western countries have already lost Brazil to Chinese influence and are on the ve

Economist Paul Krugman questioned why Republican Florida governor Ron DeSantis opposes a central bank digital currency (CBDC) in a recent opinion editorial. Krugman suggested that DeSantis may be motivated by “general paranoia.” He speculated that DeSantis may be influenced by individuals who fear a digital currency could hinder “un-woke activities such as tax evasion and money laundering.” Referring to CBDCs as ‘Woke’ Money, Krugman Attacks ‘Monetary Conspiracy Theory Types’ Economist Paul Krugman, who follows the Keynesian school of economics, wrote an opinion article criticizing Florida governor Ron DeSantis’s opposition to a central bank digital currency (CBDC). Krugman noted that the U.S. does not yet have a CBDC, but the Federal Reserve is exploring the idea. Krugman argued that if the Fed does create a CBDC, it is “highly unlikely that a state government would have the right to prohibit its use.” He also pointed out that the current financial system is already largely digit

Cardano rose to a fresh multi-month high on Saturday, as the token surged for a ninth consecutive session. The price is now up by over 15% in that time, cementing its place as the world’s seventh-largest cryptocurrency. Avalanche is also trading higher, hitting a two-month high in the process. Cardano ( ADA ) Cardano ( ADA ) once again extended a recent bull run, with the token climbing for a ninth straight day. Following a low of $0.4274 during Friday’s session, ADA /USD rose by as much as 5% today, hitting a peak of $0.4581 in the process. Saturday’s surge has sent ADA to its highest level since September 27, when the price was above $0.4600. From the chart, it appears that the latest rise in price coincides with the relative strength index (RSI) moving past a key ceiling. The aforementioned point of resistance was at the 72.00 mark, with the index currently tracking at 75.92. Should price strength continue to move higher, an upcoming wall at the 80.00 mark could be a potent

Ethereum remained above $2,100 to start the weekend, despite crypto markets moving into consolidation. Following this week’s gains, traders have seemingly started to secure gains, with the global market cap down by 0.52% as of writing this. Bitcoin has fallen below yesterday’s peak above $31,000. Bitcoin Bitcoin ( BTC ) moved back below the $31,000 level on Saturday, as cryptocurrency markets consolidated to start the weekend. Following a high of $31,005.61 on Friday, BTC /USD dropped to a low of $30,044.50 earlier in today’s session. Yesterday’s peak saw bitcoin climb to its highest level since June 7, which has seemingly prompted bulls to secure gains. Looking at the chart, the decline in price comes as the 14-day relative strength index (RSI) collided with a ceiling at 71.00. At the time of writing, the index is now tracking at 70.18, which is marginally higher than a floor at 68.00. In the event the RSI drops below 70.00 there is a good chance that even more bulls could vac

On Friday, Chia Network Inc. announced that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC), requesting an initial public offering (IPO). The blockchain network company, founded by Bittorrent creator Bram Cohen, will initiate the IPO after the U.S. securities regulator approves the filing. Bittorrent Creator’s Chia Aims for an IPO Bram Cohen’s Chia network intends to go public and took a step in that direction on Friday, April 14, 2023, when the firm submitted a Form S-1 filing with the SEC. The blockchain and cryptocurrency project, launched in 2018, leverages storage for consensus through a mechanism called Proof of Space and Time (PoST), in contrast to Bitcoin’s proof-of-work (PoW). PoST uses hard disk space as the foundation for its consensus algorithm. Chia’s COO Gene Hoffman indicated that the company had been focused on an IPO since May 2021. On April 14, Chia announced that it had confidentially submitted a

Brazil and China have reached a milestone in their economic integration, as the first bilateral settlement in Chinese yuan was completed ahead of the visit of President Luis Inacio “Lula” da Silva to China. The settlement, which was processed by the Industrial and Commercial Bank of China (ICBC) paves the way for cheaper and simpler payments between the countries, according to analysts. Brazil and China Move to Settle Trades Using the Chinese Yuan Brazil and China have moved towards a tighter trade integration, having processed their first bilateral settlement using the Chinese yuan. The first transaction was processed by the Industrial and Commercial Bank of China (ICBC), the bank designated by the Chinese government to act as a clearing institution for Brazilian companies determined to use the yuan for international settlements. The integration of the Chinese yuan in cross-border settlements signals a new, simpler way for companies to be involved in trade transactions without inc

The Nigerian crypto and Web3 startup Lazerpay announced on April 13 that it will cease operations. Co-founder and CEO Njoku Emmanuel said the decision to cease operations was made after Lazerpay failed to successfully close a funding round. The CEO also said he is ready to listen to offers from companies that may want to acquire the startup’s intellectual property (IP). Stablecoin Payments Lazerpay, a Nigerian crypto and Web3 startup, announced on April 13 that it will cease operations and has asked merchants to withdraw their funds before the end of the month. According to a statement shared by the startup’s co-founder and CEO Njoku Emmanuel on Twitter, Lazerpay’s failure to close a successful funding round proved to be the last straw. Launched in 2021 with the objective of helping merchants convert their crypto to fiat and vice versa, Lazerpay is reported to have helped over 3,000 businesses accept payments in stablecoins. In addition, the startup claimed to have established a ne

ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector. The banking platform will offer crypto-to-fiat conversions and account services as the Chinese financial center is seeking to embrace the industry. ZA Bank to Provide Services to Crypto Exchanges Licensed in Hong Kong Hong Kong’s first and largest virtual bank, co-founded by Chinese billionaire Ou Yaping, is looking to facilitate transfers of digital and fiat currencies for participants in the city’s developing crypto sector, Bloomberg reported quoting the lender’s top executive. According to CEO Ronald Iu, ZA Bank will offer crypto-to-fiat currency conversions through licensed exchanges, acting as a settlement bank for clients who deposit digital coins to the trading platforms and want to withdraw Hong Kong and U.S. dollars or Chinese yuan. Iu pointed out: For the dozen of interested firms, big or small, from abroad and local, top of their concern is

French president Emmanuel Macron has decided to double down on his strategic autonomy policy thesis, declaring that Europe should not be forced to side with Beijing or Washington on Taiwan. Macron declared that being a U.S. ally ‘does not mean being a vassal’ in a state visit to Amsterdam, propping criticism and praise alike for his position. Macron Doubles Down on Strategic Autonomy Policy for Europe on Taiwan Issue French president Emmanuel Macron has reinforced his stance when it comes to the allegiance of France and Europe in the case of a potential conflict in Taiwan. In a recent state visit to Amsterdam, Macron doubled down on his earlier remarks, stating that Europe should remain neutral, rejecting to be grouped with any sides in a war conflict. In a press conference given alongside Dutch Prime Minister Mark Rutte on April 12, Macron stated : Being an ally does not mean being a vassal… doesn’t mean that we don’t have the right to think for ourselves. The statements come

Solana’s cryptocurrency and Web3 smartphone, Saga, will be available for purchase on Monday, May 8, 2023. Crafted by OSOM, the Android smartphone is designed specifically for Web3 applications and enables users to self-custody crypto assets using its Seed Vault feature. Solana Smartphone Saga Ready for the Masses Solana Labs, Inc., the company behind the Solana blockchain ecosystem, announced that the Saga smartphone will be available for purchase on May 8, with pre-orders shipping on April 20. As stated by Solana Mobile’s Twitter account, the team aims to “modernize how people interact with their digital assets for enhanced usability and increased security.” The smartphone comes with several pre-installed decentralized applications (dapps) and runs on the Android 13 operating system. The phone includes a Seed Vault for securely storing crypto assets and offers 512 GB of storage. Its 6.67-inch OLED display pairs with a fingerprint scanner for extra security. The device charges u

Social trading company Etoro has partnered with Twitter to will allow users of the microblogging platform to invest in cryptocurrencies and other assets. The move is viewed as a step towards turning the social media into a “super app,” a mission under Musk, providing financial and a range of other services. Musk’s Twitter Cashtags to Cover Crypto Assets Israel-headquartered investment firm Etoro took to Twitter on Thursday to announce its new deal with the social media platform that will offer market charts on various assets and give you the option to buy and sell stocks and cryptocurrencies. Very excited to be launching a new $Cashtags partnership with @Twitter which will enable Twitter users to see real-time prices for a much wider range of stocks, crypto & other assets as well as having the option to invest through eToro. @elonmusk https://t.co/Iv2q9iNxbf — eToro (@eToro) April 13, 2023 Twitter’s ‘$Cashtags’ feature, which was launched December 2022, already provides

An investment banker formerly employed by Deutsche Bank has been charged with perpetrating a crypto-related fraud. The man from Brooklyn has been accused of misappropriating funds from victims whom he promised large returns on cryptocurrency investments in a Ponzi-like scheme. Ex-Deutsche Bank Investment Banker Arrested and Charged for Defrauding Crypto Investors Rashawn Russell, a 27-year-old investment banker and registered broker from Brooklyn, New York, was arrested on April 10 on criminal charges related to his alleged role in running a crypto investment fraud scheme, the U.S. Department of Justice announced on Tuesday. Prosecutors claim that Russel defrauded multiple investors, luring them with promises of big and even guaranteed returns from cryptocurrency investment and trading. However, he used their money for his own benefit, to gamble and to repay other investors in order to keep the scheme going. The indictment alleges that the accused repeatedly failed to provide inv

Economist Peter Schiff has cautioned that the present banking crisis is the cusp of a much worse financial crisis. “It’s going to get much much worse if you are going to try to dismiss it,” he stressed. Citing the Federal Reserve’s recession forecast, he warned: “Normally the Fed doesn’t forecast a recession. So if they can actually see this one coming, it likely means it will be massive.” Peter Schiff on Banking Crisis, Financial Crisis, and Recession Gold bug and economist Peter Schiff warned in a recent interview on Trader TV Live that the current banking crisis is not over and a much worse financial crisis will follow. Schiff explained that “Everybody has talked about a banking crisis” but “nobody wants to refer to it as a financial crisis.” He exclaimed: “No! This is a financial crisis. The 2008 financial crisis was also a banking crisis unless people forget it was the banks that were failing.” The economist stressed: This is the cusp of the crisis. It’s going to get much mu

Economist Peter C. Earle says de-dollarization has begun, emphasizing that “It’s not just the conscription of the dollar in economic warfare, but increasingly error-fraught monetary policy regimes that are driving various interests away from the greenback.” He described: “By weaponizing dollar dominance and permitting expanding mandates to disorient U.S. monetary policy, the dollar’s fate as the lingua franca of world commerce over the long haul may already be sealed.” Rising De-Dollarization Trend Economist Peter C. Earle wrote an opinion piece, titled “De-dollarization Has Begun,” published by the American Institute of Economic Research last week. He explained that “The profound economic disruption experienced by Iran, and more recently Russia, after being evicted from dollar-based trading systems like SWIFT … have led many nations to consider imminent contingency plans,” elaborating: It’s not just the conscription of the dollar in economic warfare, but increasingly error-frau

According to Mastercard, the payments giant has launched non-fungible tokens (NFTs) that grant access to the Mastercard Artist Accelerator program, designed to support emerging musicians. Developed in collaboration with Polygon, the NFT project highlights Mastercard’s intent to embrace Web3 technologies. Mastercard Launches Second NFT Offering In January, Mastercard announced its partnership with Polygon to support up-and-coming artists through the Mastercard Artist Accelerator program. During the NFT.NYC conference, the company unveiled NFTs that provide entry to this program. “Until the end of the month, music and Web3 enthusiasts can redeem Mastercard Music Pass NFT,” the company stated on Wednesday. When unveiling the music artist program, Mastercard did not reveal the participating musicians, as they had not been chosen yet. The selected artists are R&B soul singer Young Athena, Venezuelan vocalist Manu Manzu, Nigerian-based artist LeriQ, pop sensation Emily Vu, and West

Tech entrepreneur, angel investor, and author of The Network State, Balaji Srinivasan, says a proverbial “giant robot” of supportive governing bodies and crypto proponents is needed to do battle with the “giant monster” of the U.S. federal government. The former CTO of Coinbase also said he will issue an update on his ongoing $1 million-dollar bitcoin bet “soon,” noting that “the reason I did that was to draw attention to this crisis.” Balaji Envisions Fall of Western Fiat, Promotes In-Person Meetups to Build Trust Speaking remotely at the first in-person ETHGlobal Pragma Tokyo Summit on April 13, tech entrepreneur, author, and bitcoin proponent Balaji Srinivasan emphasized to attendees that difficult economic and societal changes are coming, but he is also optimistic about the tools crypto and the larger community focused on “network states,” already provide to weather the storm. Asked by Bitcoin.com News what the next practical steps are on the road to setting up network states