Bitcoin News and Finance: What You Need to Know

According to current data, about 2,086,034 bitcoins were held on exchanges as of July 11, 2023. This figure is 154,160 bitcoins less than the number held on centralized trading platforms 72 days earlier, on April 30. The number of bitcoins on exchanges has significantly dropped since July 31, 2020, when nearly 3 million bitcoins were held in exchange reserves. Centralized Crypto Exchanges Face Bitcoin Drain The number of bitcoins held in exchange reserves has steadily decreased over the past two years and 11 months, data from cryptoquant.com shows. On July 31, 2020, metrics indicated that 2,941,655 bitcoins were held on exchanges. As of today, the number has decreased to 2,086,034. This means that over the past 1,075 days, customers have removed 855,621 bitcoins from centralized trading platforms. Since April 30, 2023, approximately 154,160 bitcoins have been removed from exchanges, which then held 2,240,194 bitcoins in reserves. Bitcoin reserve balance data from coinglass.com sh

Economist Peter Schiff has warned that all banks will fail and anyone having a bank account will end up losing money. “No matter what happens, people are going to lose a tremendous amount as this banking crisis unfolds,” Schiff stressed. Peter Schiff Warns About All Banks Failing Economist and gold bug Peter Schiff reiterated his concerns regarding the state of the U.S. economy and the impending banking crisis on the David Lin show, published last week. “The whole banking sector is completely insolvent, thanks to what we’ve done over the last decade or so by loading up these banks with all this long-term, low-yielding debt. And we had all [this] deposit insurance so nobody really cared about what the banks were doing with their money because it was all insured by the government,” Schiff described. However, he stressed that the collapses of major banks earlier this year have made people aware that the government may not fully cover all bank deposits in the event of a failure, espe

The U.K.’s Financial Conduct Authority (FCA) is proceeding with efforts to shut down all bitcoin ATMs “illegally operating” in the country. After more inspections in the past couple of months, the watchdog vowed to continue to take action against operators of unregistered crypto teller machines. Financial Watchdog Shuts Down Dozens of Crypto ATMs in the U.K. This Year British authorities have inspected 18 more sites believed to be illegally operating automated teller machines (ATMs) supporting cryptocurrencies in the United Kingdom, the country’s financial regulator announced on Tuesday. The checks have been carried out in May and June by the FCA, working together with representatives of the South West Regional Organized Crime Unit, Bedfordshire Police, Hertfordshire Police, and the Metropolitan Police. “This action follows the FCA’s previous inspections of a number of sites across the U.K. including East London, and Leeds, Exeter, Sheffield, and Nottingham that were suspected of

Egyptian fintech startup Masroofi recently raised $1.5 million through an investment round supported by unnamed investors. The capital raise came shortly after Masroofi’s co-founders reportedly rejected a funding offer from investors in the “Shark Tank” program. Investors Drawn by Fintech Startup’s Focus on Children Masroofi, the Egyptian fintech focused on electronic payment services for children, recently raised $1.5 million via an investment funding round. The raised capital is expected to fund the fintech startup’s operational and expansion activities. According to a report, Masroofi was able to raise $1.5 million after the company’s directors reportedly rejected funding from investors in the “Shark Tank” program. As explained in the African Heroes report , the unnamed participants in Masroofi’s investment round were drawn by the fintech’s focus on the 20 million Egyptian youth aged between five and 20. The track records as well as the rapport between the fintech startups’ co-f

Sega, one of the biggest game developers in Japan, has recently announced changes regarding its blockchain and Web3 gaming policy. The company announced it would not involve its largest franchises in blockchain initiatives, avoiding a possible devaluation of its intellectual properties (IPs), shelving in-house developed games and developments from third parties. Sega Changes Its Blockchain Gaming Strategy Sega, the Japanese game development and publishing company, once a supporter of blockchain games, is now withdrawing its support for initiatives of this kind. In a recent interview with Bloomberg, co-Chief Operating Officer Shuji Utsumi stated that the company was pulling the plug on games using this technology. Furthermore, Utsumi also declared that Sega would not license its most prominent intellectual properties (IPs) to third parties involved in these kinds of games to avoid “devaluing” its content. However, Utsumi acknowledged that lesser franchises like Three Kingdoms and V

Jim Rickards, economist and best-selling author, has accused the Biden administration of destroying the U.S. dollar as a reserve currency. Rickards stated that Biden is to blame for the upcoming marginalization of the U.S. dollar at the hands of a BRICS bloc common currency to be proposed on August 22. Jim Rickards States Biden ‘Destroyed the Dollar’ Best-selling author and economist Jim Rickards has given his opinion about the Biden administration’s handling of U.S. monetary policy. Rickards, an investment expert with 35 years of experience, accused President Joe Biden of taking down the U.S. dollar as a global reserve currency. On social media, Rickards stated : Biden is now a world historic figure. He has destroyed the dollar, not an easy task. The currency expert noted that one of the biggest rivals for the dollar is the birth of a BRICS bloc-wide currency that could potentially link the economic transactions of Brazil, Russia, India, China, and South Africa (the BRICS bloc

In a recent report, Goldman Sachs Research details that India is set to outpace Japan, Germany, and the U.S. to become the world’s second-largest economy by 2075. The financial institution’s researchers predict a dramatic expansion in India’s gross domestic product. Economic Shift: Goldman Sachs Predicts India’s Ascent to World’s No. 2 Economy In a report titled “How India Could Rise to the World’s Second-Biggest Economy,” Santanu Sengupta, an economist with Goldman Sachs Research, projects substantial expansion for India’s economy. The report forecasts a surge in India’s gross domestic product, making it the world’s second-largest economy by 2075. This growth is largely credited to India’s advantageous demographic makeup, balancing its working-age population and those too young or old to work. The study indicates that the key for India is to boost labor force participation and offer ample training and skill development opportunities. “Over the next two decades, the dependency ra

On July 7, Ray Youssef, the former CEO of Paxful, told users of the peer-to-peer crypto marketplace to stop trading on the platform. Youssef claimed that Paxful is now “just paying legal bills” and that “no African or any non-American should trust any IS corporation.” Paxful’s Alleged Removal of Reserve Funds From Status Page Raises Concern Following reports that Paxful, the peer-to-peer crypto marketplace, has removed the reserve funds amount from the status page, former CEO Ray Youssef advised users to cease trading. In his reply to a Twitter user who warned of an FTX-style collapse, Youssef suggested that users should consider switching to self-custody until “we get to the bottom of this.” In addition to exposing the alleged removal of reserve funds from Paxful’s website, the unidentified social media user also claimed to have seen tweets from former employees who complained of not being paid all their dues after they left. The user also claimed to have heard rumors that Paxfu

A study by a $1.5 trillion asset management firm has revealed that central banks are reducing their U.S. dollar holdings while seeking to increase Chinese yuan holdings. “Central banks are diversifying currency holdings, stirred by geopolitical uncertainties and attractive opportunities in emerging markets,” the study shows. ’Central Banks Are Diversifying Currency Holdings’ Invesco, an asset management firm with $1.5 trillion in global assets under management, published its 11th annual study of sovereign investors on Monday. The “2023 Invesco Global Sovereign Asset Management Study” includes insights from 142 chief investment officers, heads of asset classes, and senior portfolio strategists representing 85 sovereign wealth funds and 57 central banks. Together, these institutions oversee around $21 trillion in assets as of March 31. Noting that “Central banks are diversifying currency holdings, stirred by geopolitical uncertainties and attractive opportunities in emerging markets,

According to the Egyptian Statistics Bureau, Egypt’s annual inflation rate hit 36.8% in June, a staggering 33.7% increase from May’s inflation rate, breaking records. Egypt, the world’s 14th most populous country, grapples with soaring prices for goods and services across the region. Additionally, the bitcoin exchange rate in Egypt is approaching the record high set in November 2021. Egyptian Pound Plummets as Inflation Reaches Highest Level in Decades, Bitcoin Nears All-Time High Recent inflation figures show Egypt is currently grappling with soaring inflation rates. The annual inflation rate surged to 36.8% in June. Citizens face rising food prices, a depreciating currency, higher fuel costs, and a growing fiscal deficit. Since June 2022, when the inflation rate was at 14.7%, the cost of goods and services in Egypt has more than doubled. The Egyptian pound (EGP) has declined significantly against the U.S. dollar in the first half of 2023, according to the latest exchange rates.

The U.S. Securities and Exchange Commission (SEC) answered the latest filing of Coinbase by shooting down the arguments presented by the exchange to throw out the ongoing lawsuit. The filing reaffirms the institution’s jurisdiction on securities laws, explaining that Coinbase misinterprets the Howey test and criticizing the “major questions doctrine” usage in the case. SEC Rails Against Coinbase, Reaffirms Jurisdiction on Securities The U.S. Securities and Exchange Commission (SEC) answered the latest filing of Coinbase regarding the exchange’s criticism of the regulator’s actions in the crypto environment. The filing, introduced on July 7 before judge Katherine Polk Failla, tries to bring down each statement presented by Coinbase to disesteem the lawsuit the agency is taking against the exchange for unregistered brokerage and securities violations. In its response , the SEC reaffirms its jurisdiction over securities cases, stating that this legal action against Coinbase is part o

On July 7, 2023, a Clive, Iowa resident fell victim to a scammer posing as a Polk County sheriff’s deputy, who coerced the individual into depositing $6,600 into a bitcoin automated teller machine (ATM). The Clive Police Department insists that the scammers utilized cryptocurrencies due to the challenges in tracking these assets. Scammer Poses as Polk County Deputy, Defrauds Iowa Resident of $6,600 in Bitcoin ATM Scheme The Clive Police Department has notified the public that an individual was defrauded of $6,600 after being persuaded to deposit the funds into a bitcoin ATM. The account was shared on Facebook, and the police stated that the person affected would not be identified for “security reasons.” As per the statement, the victim received a call from an individual who falsely identified themselves as a Polk County Sheriff’s Deputy. The impersonator informed the woman about an arrest warrant and persuaded her to “send $6,600 through a Bitcoin ATM to resolve the matter.” Foll

An Iranian official has stated that Iran stands to benefit from a gold-backed common BRICS currency. The official further asserted that such a BRICS currency would erode the U.S. dollar’s dominance and result in increased wealth for Iranians holding gold. “A tremendous change is taking place in the international economy,” the official stressed. Iran Will Benefit From Gold-Backed BRICS Currency, Official Says Rasoul Mousavi, Assistant Foreign Minister and Director General of the South Asia Department of the Iran’s Ministry of Foreign Affairs, stated Sunday that a common BRICS currency backed by gold will benefit Iran and weaken the U.S. dollar, Press TV reported. The BRICS comprises Brazil, Russia, India, China, and South Africa. The Iranian official’s remarks followed a report last week by Russian news outlet RT claiming that Russia has confirmed the creation of a gold-backed common currency within the BRICS framework. According to RT, this announcement is expected to be officiall

U.S. Treasury Secretary Janet Yellen has stated that she does not see the U.S. dollar’s dominance being threatened by any development, including the proposed BRICS currency. Yellen stressed that all the data of which she is aware shows that the dollar is overwhelmingly used in international transactions, emphasizing: “I don’t think that there is an alternative that could possibly displace that for the foreseeable future.” Janet Yellen on BRICS Currency, Challenges to US Dollar Dominance U.S. Treasury Secretary Janet Yellen addressed concerns regarding the dominance of the U.S. dollar and the potential challenges by a proposed BRICS currency during a press conference at the U.S. embassy in Beijing on Sunday. The press conference took place at the conclusion of her four-day visit to China. While there has been no official announcement by the BRICS, speculation about a new BRICS currency has been rife after Russian news outlet RT reported that Russia has confirmed that the BRICS bloc

According to data recorded on July 9, 2023, Bitcoin’s next difficulty adjustment is estimated to rise between 4.74% and 7.7%, erasing the 3.26% reduction that occurred on June 28. Moreover, the total network hashrate achieved a 24-hour all-time high on July 8, reaching 538 exahash per second (EH/s) at block height 797,733. Record-Breaking Bitcoin Difficulty Increase Imminent, Total Hashrate Taps a 24-Hour Record at 538 EH/s Statistics recorded on July 9, 2023, indicate that the next Bitcoin mining difficulty adjustment is scheduled for July 12, 2023. In the previous difficulty change, Bitcoin’s mining difficulty experienced a 3.26% reduction, lowering the total to 50.65 trillion. Estimates suggest that the difficulty is expected to increase by 4.74% to 7.7% due to block intervals being consistently shorter than the ten-minute average. Currently, the average block time on July 9 ranges from 8 minutes and 2 seconds to 9 minutes and 18 seconds per block. Additionally, the total hash

After the Covid-19 pandemic, many people believe the implementation of extensive stimulus measures and quantitative easing (QE) policies resulted in an overwhelming surge of inflation that has burdened millions across the globe. While certain individuals attribute this economic turmoil to the actions of central banks, Andrew Bailey, the governor of the Bank of England, firmly asserts that it is the retailers who are guilty of overpricing goods and services, consequently causing distress among countless families in the United Kingdom. Bank of England Boss Andrew Bailey Pulls out the ‘Greedflation’ Accusation From the Bureaucratic Tool Box Although central banks have often been accused of bearing the brunt of responsibility for the economy’s volatile boom and bust cycles, their leaders refuse to shoulder the blame alone. European Central Bank (ECB) president Christine Lagarde, for instance, attributes Europe’s relentless inflation to the impact of climate change . Meanwhile, in an int

“The real competition is not other chains, it’s the rapidly expanding centralized world that is imposing itself on us as we speak.” So says Ethereum co-founder Vitalik Buterin addressing the current volatile regulatory realities in crypto. In other news, venture capitalist Tim Draper adjusted the timeframe of his $250K bitcoin price prediction, and a former SEC official asks the crypto community to stop the “personal attacks” against the U.S. Securities and Exchange Commission and its chair, Gary Gensler. This and more in the latest Bitcoin.com News Week in Review. Ethereum Co-Founder Vitalik Buterin on SEC Crypto Enforcement Actions: ‘The Real Competition Is the Centralized World’ Vitalik Buterin, a co-founder of Ethereum, the second largest cryptocurrency project by market cap, took a stance on the recent actions that the U.S. Securities and Exchange Commission (SEC) has taken in the field of enforcement against crypto. Buterin mentioned how projects like Solana were included in

The BRICS Bank’s vice president and chief financial officer has shed light on the economic bloc’s aspiration to develop a common BRICS currency. His remarks followed recent reports suggesting that Russia has confirmed the BRICS’ plan to introduce a gold-backed common currency, with an official announcement expected to be made during the forthcoming BRICS leaders’ summit. ‘Gold-Backed BRICS Currency’ Gains Attention The subject of a common BRICS currency has gained significant attention as the BRICS leaders’ summit approaches and an increasing number of countries pursue de-dollarization. The BRICS comprises Brazil, Russia, India, China, and South Africa. Their leaders’ summit will take place in South Africa from Aug. 22 to 24. On Tuesday, RT reported that the BRICS is set to introduce a new trading currency backed by gold which will be discussed at the August leaders’ summit. The news outlet cited a tweet by the Russian Embassy in Kenya made on Monday, stating: “The BRICS countries

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned that “the worst is yet to come” for the U.S. economy. “The U.S. is going to suffer” as the value of the dollar erodes further, he predicted, emphasizing that inflation and the debt problems are going to get worse. Jim Rogers Says ‘the Worst Is yet to Come’ Veteran investor Jim Rogers issued several warnings about the U.S. economy on Sputnik’s New Rules podcast, published last week. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management. “The worst is yet to come,” the renowned investor warned. “It always comes later after normal fluctuations and corrections.” Rogers explained: “We have printed a lot of money, we have borrowed and spent a lot of money, which is wonderful for the short term, but eventually we have to pay the price.” He cautioned: Inflation is going to get worse. The debt problems are going to get worse, a

According to a report published on Friday, Robert F. Kennedy Jr., a Democratic presidential candidate, holds between $100,000 and $250,000 in bitcoin ( BTC ). The holdings contradict his statements at the Bitcoin 2023 conference in May, where Kennedy claimed he was not an investor. Kennedy’s campaign manager maintains that the BTC acquisition occurred subsequent to the candidate’s remarks in May. Robert Kennedy Jr’s Bitcoin Fortune Revealed Financial records uncovered by CNBC reveal that Robert F. Kennedy Jr. , a Democratic candidate running against U.S. president Joe Biden , possesses bitcoin valued between $100,000 and $250,000, equivalent to 3.31 to 8.27 BTC . Kennedy, the son of former senator Robert F. Kennedy and nephew of former president John F. Kennedy, allegedly contradicted his earlier remarks at the Bitcoin 2023 conference in Miami, as stated in the CNBC report. At the time, Kennedy stated, “I am not an investor and I am not here to give investment advice,” while also

In the last half-year, there has been a remarkable surge in the value of crypto assets such as bitcoin and ethereum. BTC has skyrocketed by 77%, while ETH has experienced an impressive 44% leap. On the other hand, the leading privacy-focused cryptocurrency, monero ( XMR ), has displayed a rather unimpressive performance during the initial six months of 2023, with a modest increase of 7.6% in H1. Nonetheless, following the resolution of the aftermath caused by the collapse of the Terra ecosystem, XMR ’s worth has remained relatively stable since July 2022. Resilient Privacy Coin Monero Defies Crypto Market Volatility for 12 Months Monero (XMR) remains the top privacy token among numerous crypto tokens claiming to offer anonymity, with a current market capitalization of $3 billion. The second-leading privacy-centric coin, dash (DASH) , holds a significantly lower market valuation of $380 million. Over the past six months, DASH has experienced a 29% decline in value against the U.S

Solana extended recent gains on Saturday, as the token rose for a third straight session to start the weekend. Today’s move came following a breakout of a key price level, despite the global crypto market cap consolidating. Avalanche also rallied, climbing by as much as 10%. Solana (SOL) Solana (SOL) was a notable gainer in the crypto market for a third straight day, with today’s move taking price to an eight-week high. Following a low of $20.19 on Friday, SOL/USD jumped to an intraday peak of $22.40 to start the weekend. As a result of the surge, solana raced past a ceiling of $22.00, hitting its highest point since May 6 in the process. From the chart, the move occurred as the relative strength index (RSI) jumped beyond a ceiling at the 69.00 mark. At the time of writing, the index is tracking at 70.70, with the next visible point of resistance at 75.00. Should the index reach this point, there is a good chance that SOL will climb to $23.00. Avalanche (AVAX) Another notable

Bitcoin was hovering near the $30,000 level to start the weekend, as markets continued to digest the latest U.S. nonfarm payrolls report. Payrolls came in at 209,000, less than the 225,000 expected, putting slight doubt in a potential July rate hike. Ethereum continued to trade below $1,900 on Saturday. Bitcoin Bitcoin ( BTC ) started the weekend consolidating around the $30,000 level, following the latest U.S. nonfarm payrolls report. BTC /USD dropped to an intraday low of $30,094.87, a day after trading at a one-year high above $31,000. The price has marginally increased following today’s earlier row, and is now trading at $30,240.85. Overall, it appears that a failed breakout of a ceiling at 58.00 on the relative strength index (RSI) was the catalyst of this drop. Price strength is now tracking at the 57.63 level, with a support point at 55.00 a possible target for traders. Should it reach this point, it is highly likely that BTC will move below $30,000. Ethereum Ethereum

In a freshly unveiled blog piece, Arthur Hayes, the former CEO of crypto derivatives platform Bitmex, posits that bitcoin is the prime currency for artificial intelligence (AI). Hayes maintains that moving forward, BTC will be the favored currency for AIs since they “must use a system that is available at all times, digital, and completely automated.” Arthur Hayes Envisions AI and Bitcoin Forming an Alliance, Predicts Price Soaring to $760,000 The ex-chief executive of Bitmex has shared several essays on his cryptohayes substack.com blog, and on July 6, 2023, he delved into bitcoin and artificial intelligence (AI). Hayes envisions bitcoin playing a crucial role in AIs’ future as he contends in his latest essay that the dominant crypto asset will serve as “food of AI.” Hayes proposes that AI and robotics mainly focus on eradicating mundane tasks, freeing more individuals to chase their dreams and produce art and culture. He anticipates this leading to a resurgence of innovation and