Bitcoin News and Finance: What You Need to Know

  As per the latest statistics recorded before the weekend, the meme token PEPE has witnessed a massive surge in value, following its recent listing on the crypto exchange Binance. In just seven days, the crypto asset has skyrocketed by 896% against the U.S. dollar, making it the third-largest meme token in terms of market valuation. Amid the price spike, PEPE’s market cap now exceeds the $1 billion mark. Green Frog Crypto Asset PEPE Makes Waves in Meme Economy Dominated by Dogs Dogecoin (DOGE) and shiba inu (SHIB) have a new challenger in the meme token arena, as Pepe the Frog meme coin, pepe (PEPE) , has emerged as a formidable competitor. With an impressive surge of 896% over the past week, PEPE has now become the third-largest meme token , trailing only DOGE and SHIB. In the last 24 hours alone, the token has seen a remarkable increase of over 79%. Bitcoin.com News had previously reported on PEPE’s initial rise when it was launched on April 14, 2023. PEPE has come a long way s

  The crypto platform Cryptoys, backed by Andreessen Horowitz, has announced the launch of Star Wars collectible digital toys featuring iconic characters Darth Vader, Luke Skywalker, and Princess Leia. Cryptoys stated on Thursday that 15 digital action figures will be available to collect in total, and the initial Star Wars non-fungible token (NFT) drop will begin on May 24. Cryptoys to Drop Star Wars Digital Collectibles at the End of May On May 4, 2023, Cryptoys , the digital collectible platform crafted by the Miami startup Onchain Studios , announced a new line of Star Wars collectible digital toys. The company recently partnered with Disney to bring the latest collection featuring classic Star Wars characters like Darth Vader, Luke Skywalker, and Princess Leia. The announcement notes that the digital action figures will be “paired with powerful weapons” and come in different rarity levels. Disney has been exploring the non-fungible token (NFT) industry for some time. In 2021,

  The European Central Bank (ECB) raised its key interest rates by 25 basis points, slowing the pace from previous increases. However, as inflation in the euro area remains persistently high, future rate hikes may still be expected with the regulator insisting it will continue to seek a “timely return” to its 2% inflation target and ECB president Christine Lagarde stating that rates are not “sufficiently restrictive” yet. ECB Eases Pace of Hiking Interest Rates in the Eurozone The Governing Council of the European Central Bank (ECB) decided to raise three key interest rates by 25 basis points (bps) on Thursday. While slowing the rate hikes, the monetary authority indicated that future increases are possible as its fight to tame inflation goes on. “The inflation outlook continues to be too high for too long,” the regulator highlighted in a press release after the council’s meeting. It explained that while headline inflation has declined over recent months, underlying price pressures

  A buzz has been generated around a new layer one (L1) proof-of-stake blockchain initiative named Sui, following the network’s mainnet debut on May 3, 2023. The native token SUI has been listed on various cryptocurrency exchanges, drawing attention to the project. On the same day the network launched, SUI peaked at $2.16 per unit, but has since dropped by 37% from its record high. Mysten Labs Launches Sui Mainnet, Draws Attention with Delegated PoS Blockchain and Move Programming Language As established cryptocurrencies continue to compete for dominance, a fresh wave of digital assets has emerged in the crypto sphere. Among them is SUI , a new digital currency whose network went live on Wednesday. The founders of SUI hail from Mysten Labs , and like Aptos, its founders stem from Facebook’s crypto project. SUI operates on a delegated proof-of-stake (dPoS) blockchain, utilizing the Move programming language. At present, there are 528,273,718 SUI in circulation, with a maximum supply

Stronghold Digital, a leading Bitcoin mining firm, announced the company has entered into a two-year hosting agreement with Cantaloupe Digital LLC, a subsidiary of the bitcoin application-specific integrated circuit (ASIC) manufacturer, Canaan. Under the new partnership, Stronghold Digital plans to activate 2,000 Avalon A1346 miners and 2,000 A1246 models. This will result in a total hashrate capacity of 400 petahash per second (PH/s) by the end of June. Stronghold Digital’s Hosting Agreement With Canaan Subsidiary Aims to Increase Bitcoin Mining Capabilities On May 4, 2023, Stronghold Digital Mining, Inc. (Nasdaq: SDIG ) announced a two-year hosting deal with Cantaloupe Digital , a subsidiary of Canaan, the manufacturer of Avalon-made ASICs. Starting May 15, Stronghold Digital will install Avalon A1246 mining rigs, each with 90 terahash per second (TH/s) of hashpower. According to the announcement, the company plans to install 2,000 Avalon A1346 miners in June. Each A1346 miner i

PRESS RELEASE. As Bitcoin becomes an increasingly popular payment option, we can now use BTC for quick ordering and online shopping in many countries/regions. You can even buy a car with BTC in some places. None of this would be possible without Laszlo Hanyecz, a Bitcoin pioneer who bought two pizzas with 10,000 bitcoins 13 years ago. This is the first time Bitcoin has been priced. Since then, this crypto has been attached with genuine exchange value. Nearly 13 years have passed since that “pizza transaction”. To commemorate the occasion, Bitcoin enthusiasts have designated May 22 as Bitcoin Pizza Day, which has evolved into a major festival celebrating the advancement of crypto. As the crypto community prepares for the 13 th Pizza Day in May 2023, CoinEx has also planned a “pizza” feast with multiple giveaway events to help users review the history of crypto, experience crypto culture, and have fun during CoinEx Pizza Month! So, what events does CoinEx Pizza Month include? How

Argentine Foreign Minister Santiago Cafiero referred to the advantages the issuance of a Latin American common currency would give Argentina. Cafiero stated that the existence of such a currency would relieve the stress that the country is currently facing regarding the state of its foreign reserves and the devaluation of its fiat currency. Argentine Foreign […]

Brazilian President Luiz Inacio Lula da Silva stated Brazil will serve as a facilitator to try and arrange BRICS bloc assistance for Argentina. Lula stated that the New Development Bank — the BRICS bank — could modify some of its rules to aid Argentina. Also, the two countries are negotiating the establishment of a credit […]

The Nigerian Federal government said on May 3 it had passed what it called the “national blockchain policy.” The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said the Central Bank of Nigeria (CBN) is unlikely to reverse its stance on privately issued digital currency. Blockchain Policy a Product of Widespread Consultations The Nigerian Federal government recently approved what Isa Pantami, the country’s minister of communications and digital economy, has described as the country’s “national blockchain policy.” According to Pantami, the new policy is a product of widespread consultations with some 56 Nigerian institutions and personalities. Remarking on what this feat means for Nigeria’s blockchain industry, Pantami, who spoke after a Federal Executive Council meeting chaired by outgoing pre

  Bitcoin’s network has been putting miners through the wringer lately, with five straight difficulty increases that had them on edge. However, on May 4, 2023, at block height 788,256, the network difficulty level took a dip, dropping by 1.45% and bringing the overall difficulty down to 48.01 trillion for the next two weeks. Bitcoin Difficulty Takes a Dip After Five Straight Increases Bitcoin’s difficulty level finally dropped on May 4, 2023, after increasing five times since the February 24 increase of 9.95%. The five difficulty increases combined equated to a 22.62% increase, and the latest drop brings it down 1.45% lower . The change occurred at Bitcoin block height 788,256. At the time of writing, the network’s hashrate is 355.90 exahash per second (EH/s). Just two days ago, the Bitcoin network hit a major milestone as its hashrate soared to an all-time high of 491 EH/s at block height 787,895. But with the next difficulty adjustment just around the corner on May 18, 2023, and

As the United States stares down the barrel of a potential debt default come June, a curious and intriguing solution has emerged: crafting a single $1 trillion platinum coin. This unusual tactic exploits a legal loophole that allows the Treasury Department to mint platinum coins of any value. By delivering such a coin to the U.S. central bank, the Treasury would create enough funds to settle its debts. Though this proposal might sound bizarre, it’s gained traction as a potential escape route from the impending debt catastrophe. The Trillion-Dollar Platinum Coin Idea to Stave off U.S. Debt Default Returns Devotees of Modern Monetary Theory (MMT) will be thrilled to learn that the trillion-dollar coin concept is making headlines once more as America edges ever closer to defaulting on its debt. Just three days ago, Treasury Secretary Janet Yellen cautioned that a U.S. debt default could likely result in an “economic and financial catastrophe.” As tensions rise over the debt ceiling, ta

El Salvador’s president, Nayib Bukele, has enacted a law that eliminates all taxes on technology innovations, software and app programming, AI, computer, and communications hardware manufacturing. The law is expected to boost the country’s technology sector, generate more jobs for its population, and attract foreign investment. Bukele Signs Law to Boost Technology Industry in El Salvador The president of El Salvador, Nayib Bukele, announced Thursday on Twitter: I’ve just signed into law the Innovation and Technology Manufacturing Incentives Act that eliminates all taxes (income, property, capital gains, and import tariffs) on technology innovations, software and app programming, AI, computer and communications hardware manufacturing. Commenting on the new tax law, Salvadoran Minister of Economy María Luisa Hayem described: “El Salvador is ready to attract new investments in the technology sector, and thereby generate more jobs for our population.” El Salvador’s director of the Cen

     On May 2, 2023, Europol announced a collaborative effort between law enforcement agencies from the U.S., Europe, the U.K., and Brazil culminated in 288 arrests, along with the confiscation of 850 kg of illegal drugs, 117 firearms, and $53.4 million in cash and cryptocurrencies. This joint venture, named “Operation Spector,” successfully dismantled the darknet marketplace (DNM) Monopoly Market and confiscated its infrastructure back in December 2021. Monopoly Market Taken Down via a Consortium of Global Law Enforcement Officials The U.S. Justice Department and Europol reveal that officials from around the globe collaborated to bring down the DNM Monopoly Market, resulting in the arrest of 288 individuals throughout the investigation. The statement discloses that Monopoly was captured in December 2021 and led to over 100 federal investigations and prosecutions within the United States. In January 2022, an anonymous DNM and Tor researcher known as “Dark.fail” noted that Monopoly’

   Geoff Kendrick, the head of forex research at the banking institution Standard Chartered, recently said that the price of bitcoin is likely to jump by $20,000 in the event of the United States defaulting on its obligations. According to Kendrick, while bitcoin is likely to surge when the U.S. defaults, other cryptocurrencies like ethereum are likely to go down. U.S. Debt Default a ‘Low-Probability’ and ‘High-Impact Event’ As fears mount that the United States government may default on its debt obligations, Geoff Kendrick, a forex research head at Standard Chartered, said such an event would cause the price of bitcoin ( BTC ) to surge by more than $20,000. While Kendrick characterizes the default as a “low-probability, high-impact event,” he nonetheless suggested that the top cryptocurrency’s reputation for performing well when markets are down as well as its safe haven status means the nearly 70% surge in its price is possible. However, the Forex analyst said he believes the surg

2023 has been a rollercoaster ride for the U.S. banking industry. The collapse of three major banks has sent shockwaves through the financial world, with their combined assets surpassing the top 25 banks that crumbled in 2008. The following is a closer look at what has triggered a ‘great consolidation’ in the banking sector, a recurring theme in the industry’s history over the past century. A Listicle of Bank Consolidation, Failures, and Issues Facing the U.S. Banking Sector The U.S. banking industry has taken a beating in 2023, with the market capitalizations of dozens of banks across the country dropping considerably in recent months. The reasons for this struggle are varied, with some blaming poor choices by financial institutions and others pointing fingers at the U.S. central bank. While it’s important to consider different opinions, a comprehensive listicle of information can shed light on the country’s ‘great consolidation’ in the banking sector and the largest bank failures

Russia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will supposedly demonstrate a turnaround in the economy of the country. Russia to Purchase Chinese Yuan for Reserves Russia will start purchasing Chinese yuan for the first time since the invasion of Ukraine, according to reports from local economists. The move marks a departure from the sell-off that the Russian Federation began executing at the start of 2023, cutting its numbers since February. The purchase of these funds in Chinese yuan will help the country to keep piling up on its reserves, which had been cut by the seizures of more than $300 billion in assets due to Western sanctions enacted as a consequence of the start of the Russia-Ukraine conflict. About these purchases, Bloomberg economist Alexander Isakov stated : The volumes of FX purcha

International Monetary Fund (IMF) Managing Director Kristalina Georgieva expects “more vulnerabilities” in the U.S. banking sector amid a growing de-dollarization trend worldwide. “There has been a gradual shift away from the dollar,” the IMF chief acknowledged. U.S. Banking Crisis Continues The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, talked about the U.S. banking crisis and a growing de-dollarization trend Monday at the 2023 Milken Institute Global Conference in Beverly Hills, California. The IMF chief warned of more vulnerabilities in the U.S. banking sector, noting that the Federal Reserve’s rapid interest rate hikes have exposed weaknesses at some banks and that the pain may not be over. She said: It doesn’t mean that we have a free pass. It doesn’t mean that there wouldn’t be more vulnerabilities to come. Several major banks in the U.S. have failed in recent months, with the latest being First Republic Bank. On Monday, regulators sei

PRESS RELEASE. P2E projects have reached a dead-end due to the inherent issues of the model. Token Prices and user bases are plummeting and revenue streams of such projects are no longer functioning. So, is this it for the P2E, and is there a way out? May 4, 2023, MAHÉ, SEYCHELLES – After a tumultuous two years, the market cap for GameFi tokens stood at a staggering $27 Billion USD at the start of 2022. Fast forward to 2023, and that amount stands at a much cooler figure of just over $3 Billion USD. Experienced game developers like Red Pill Company put this down to one simple fact – that these games did not focus on creating sustainable project revenue streams and engaging mechanics for the players. As a result, a project’s revenue streams become non-existent, and the project dies. When there is a significant decline in the crypto space, the benefits become much less attractive for players – and that is what has been seen in the industry this past year. Simply put, not enough foc

Former Chief Technology Officer at Coinbase, Balaji Srinivasan, closed out early a bet that the price of bitcoin would hit $1 million by mid-June amid hyperinflation of the U.S. dollar. Srinivasan paid a total of $1.5 million, more than the initially committed $1 million, with two-thirds of the money donated to two organizations. Former Coinbase CTO Settles $1 Million Bet on Bitcoin Ahead of Time Balaji Srinivasan, the ex-chief tech officer of U.S. crypto exchange Coinbase, has closed his million-dollar Bitcoin bet with the pseudonymous Twitter pundit James Medlock. On Tuesday, Srinivasan announced on his website and social media that he has settled the apparently losing bet ahead of time. Medlock made the bet on March 16 when he tweeted: “I’ll bet anyone $1 million dollars that the U.S. does not enter hyperinflation.” Srinivasan took it on the following day, asking Medlock to buy 1 BTC and promising to send him $1 million if the leading crypto’s price doesn’t reach $1 million wi

Supported by U.S. law enforcement, police in Ukraine have disrupted a network of crypto exchange services suspected of laundering criminal proceeds. The platforms were allegedly processing dirty money obtained from ransomware attacks and various fraud schemes. Cyberpolice, US Investigators Bust Crypto Exchanges in Ukraine Officers from Ukraine’s Cyberpolice unit and Main Investigative Department, working with the Prosecutor General’s Office, have seized nine cryptocurrency exchanges, the National Police of Ukraine announced. Representatives of the U.S. Federal Bureau of Investigation (FBI) also took part in what Ukrainian authorities described as a “multi-level international operation.” The web platforms offered anonymous exchange of cryptocurrencies. They were employed to facilitate the legalization of illicit funds, a press release explained. Through these exchanges, criminals channeled digital assets obtained as a result of malware attacks and online fraud. Their services were