Bitcoin News and Finance: What You Need to Know

Following the United Nations Conference on Trade and Development (UNCTAD) report that the U.S. Federal Reserve should stop raising rates, Ark Invest CEO Catherine Wood has published an open letter to the U.S. central bank asking the institution to stop raising interest rates. Wood says that the “unprecedented 13-fold increase in interest rates” has not only shocked the world but it’s also pushing the economy toward risking a “deflationary bust.” Ark Invest’s Catherine Wood Says Fed’s Last 75bps Rate Hike Was ‘Surprising,’ Letter Says 13 to 16-Fold Increase in Benchmark Bank Rates Is Risky Ark Invest CEO Catherine Wood has published an open letter to the Federal Reserve which notes that the central bank’s aggressive benchmark bank rate hikes have been risky. Wood’s letter says the “Fed’s last decision to increase the Fed funds rate by 75 basis points was surprising.” Wood’s letter says that the Fed’s concept of reducing upstream price deflation is “likely to turn into downstream de

Bitcoin was trading near a key support point on Monday as markets prepared for a big week of economic data. The headline release will be Wednesday’s U.S. inflation report, which is forecasted to come in at 8.1% for September, which is lower than August’s rate of 8.3%. Ethereum was also in the red, as the token slipped to a one-week low to start the week. Bitcoin Bitcoin started the week trading at a seven-day low, as markets prepared for a big week of economic data. BTC /USD slipped to a bottom of $19,162.31 on Monday, which saw prices drop below a key support point of $19,300. Since hitting this floor, bulls have since reentered, pushing prices back above the aforementioned support. Looking at the chart, today’s drop in price came as the 14-day relative strength index (RSI), fell to a bottom of its own. As of writing, the index is tracking 45.47, which is marginally above a support of 45.00, however, bulls have thus far rejected a breakout attempt. Should this continue to be t

Changpeng Zhao, founder and CEO of Binance, the biggest cryptocurrency exchange by volumes traded, pondered the importance of decentralization and the relation it has with security and freedom. Zhao stated that there are several aspects of decentralization and that this is part of a gradient scale, explaining the different ways in which even Bitcoin can be seen as centralized. Binance CEO Changpeng Zhao on Decentralization and Its Degrees A lot has been said about the benefits decentralization brings to cryptocurrency projects and how it differentiates some initiatives from others. Changpeng Zhao, CEO of Binance, pondered on the importance of decentralization and how this characteristic must not be the objective, but a tool to achieve several objectives related to a cryptocurrency project. In a blog post published on October 9, Zhao explained that decentralization was not absolute and that there are several key aspects to it. He explained : Every aspect is a gradient scale, not s

PRESS RELEASE. The world’s first blockchain-based global equity crowdfunding network – the Dacxi Chain – has been unveiled. The Dacxi Chain is a unique global ecosystem that creates digital tokenized versions of company shares, which can then be quickly and easily bought and sold all over the world. Connecting investors, entrepreneurs and deal makers from across the globe. A singularly complex technical challenge, the Dacxi Chain has taken the company’s tech team four years to develop. The advanced technical features within Dacxi Chain are built on the unique capabilities of blockchain. Dacxi CEO Ian Lowe says , “When we set out to create a global ecosystem to deliver thousands of funding deals to hundreds of thousands of investors around the world, there are many significant problems to solve. Emphatically, blockchain is the path to unlocking the limitless potential of equity crowdfunding.” The Dacxi Chain ecosystem must be equipped to deal with tokenized assets, cryptocurrency-

With limited access to global finances, Russian businesses have begun settling in cryptocurrency with their partners abroad. Although these are still small-scale payments, government officials have noted their increase, which comes even before authorities have decided how to regulate these transactions. Cross-Border Crypto Settlements on the Rise in Russia as US Dollar and Euro Payments Decline Companies operating under sanctions imposed on Russia over the escalating conflict in Ukraine have started employing cryptocurrencies despite that the new regulations for this type of payment are expected to come into force in 2023 at the earliest, a government representative has revealed. Director of the Financial Policy Department at the Ministry of Finance Ivan Chebeskov acknowledged the trend in conversation with the Russian daily Izvestia. At the same time, he remarked that such cross-border settlements are still carried out on a limited scale. Russian entities are now actively using d

Canadian company Dapper Labs has blocked operations with non-fungible tokens (NFTs) for Russian accounts. The move follows a new round of sanctions recently imposed by the EU which prohibit the provision of crypto-related services to Russian residents and entities. NFT Platform Dapper Labs Conforms to Latest EU Restrictions Against Russian Federation Dapper Labs, the creators of the Flow blockchain network and projects like Cryptokitties and NBA Top Shot , has complied with the new restrictive measures adopted by the European Union in response to Russia’s military intervention in Ukraine. The eighth package of EU sanctions was approved by Brussels on Thursday, Oct. 6, after the latest escalation of the conflict with Russia announcing partial mobilization and taking steps to annex four Ukrainian regions through what the bloc sees as fake referendums. The penalties, targeting the Russian economy, government and foreign trade, also feature financial measures affecting the business

Li Lin’s controlling stake in Huobi, one of Asia’s largest cryptocurrency exchanges, was recently acquired by About Capital Management for an undisclosed sum. Huobi’s acquisition by the Hong Kong-based asset management firm came shortly after the crypto exchange had exited the Chinese market. Lin’s Arrest in 2020 a Key Event for the Huobi Founder The Hong Kong-based asset management company, About Capital Management, recently became the biggest shareholder in the crypto exchange Huobi after it acquired founder Li Lin’s stake in the firm. The Asian crypto exchange’s acquisition by the “secretive” asset management firm has put an end to rumors suggesting that Sam Bankman-Fried’s FTX, Binance, and Justin Sun were interested in buying, or had already bought, Huobi. According to a Wublockchain report, following his arrest in 2020 by local law enforcement, Lin hinted he wanted to quit the Chinese market. “Without Huobi, everyone still has Binance and Okx. If you are disappointed, I’m so

The host of Mad Money, Jim Cramer, has challenged crypto investors to bet against him. “You do not do this for 42 years and lose money every year,” he said. His statement followed a filing with the U.S. Securities and Exchange Commission (SEC) for “Inverse Cramer ETF.” Jim Cramer to Crypto Investors: Bet Against Me The host of CNBC’s Mad Money show, Jim Cramer, challenged cryptocurrency investors to bet against him in a tweet Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. While discussing the Advanced Micro Devices stock (Nasdaq: AMD), he wrote : “As always I welcome people betting against me. I have done this for 42 years. Those who know me know that you would have been betting against Apple at $5, Google since inception, Meta at $18, Amazon at $10, Nvidia at $25, and AMD at $5. I welcome all comers.” Cramer then followed up with another tweet about crypto. Noting that he bought a farm with his bitcoin profits a

In this week’s edition of the Bitcoin.com News Week in Review, two of the world’s largest banks — Credit Suisse and Deutsche Bank — are suffering from distressed valuations, with credit default insurance levels looking like those last seen in the 2008 financial crisis. For those interested in assets outside of such behemoth tradfi (traditional finance) institutions, a handy guide on how to claim your ETHW tokens from the recent Ethereum hard fork can also be found in this edition. Further, a U.S. senator has introduced a “No Digital Dollar Act,” and Japanese gaming giant Sega is set to launch its first blockchain game. ‘Trading Like a Lehman Moment’ — Credit Suisse, Deutsche Bank Suffer From Distressed Valuations as the Banks’ Credit Default Insurance Nears 2008 Levels It’s been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the United States, collapsed and filed bankruptcy. Close to 14 years later, Credit Suis

PRESS RELEASE. With the arrival of October, the much-anticipated Rugby League World Cup (RLWC) 2021 is about to kick off. CoinEx, the Exclusive Cryptocurrency Trading Platform Partner of RLWC, took the lead in holding an on-site meet-up, inviting fans and crypto users to celebrate the RLWC 2021 together. According to official news, the tournament is set to take place from October 15 to November 19, 2022, at 21 stadiums in 17 cities across the UK, including London, Manchester, Newcastle, York, Leeds, Coventry, and Sheffield. A total of 32 teams will compete in 61 matches. For the first time in RLWC history, the men’s, women’s, and wheelchair competitions will take place together. The pinnacle event will be broadcast live on the BBC and televised worldwide, with an audience of more than 150 million around the world to watch the tournament online. As the Exclusive Cryptocurrency Trading Platform Partner of RLWC, CoinEx held an on-site meet-up in Manchester, the venue of the finals, b

Brazil registered its highest number of companies and institutions declaring ownership of cryptocurrencies in August. The numbers, which come directly from the Brazilian Tax Authority (RFB), show that more and more institutions are eager to purchase cryptocurrency, and also indicate that the most significant volumes are moved using Tether’s stablecoin usdt. Institutions Are Holding More Crypto in Brazil Institutions are attracted to holding crypto in Latam countries due to their economies’ specific problems. Recently, the Brazilian Tax Authority (RFB) registered a record increase in the number of these institutions declaring ownership of some kind of cryptocurrency. The numbers, that correspond to August’s statements, show that more than 12,000 companies in Brazil acknowledge holding crypto as part of their treasury. This indicator rose from the number of companies that declared having crypto in July (11,360). However, the statements of individuals did register a slowdown when com

Veteran trader Peter Brandt’s latest remarks which mock crypto traders still using laser eyes crypto memes have sparked an immediate and angry response from bitcoiners on Twitter. One very famous bitcoiner, Michael Saylor, reminded Brandt that the laser eyes signify “a long-term commitment to bitcoin based on its ethical, technical, and economic superiority to alternative assets.” Technical analyst and inventor of the Bollinger Bands technical indicator, John Bollinger, suggested that Brandt’s tweet was “a bit mean.” All BTC Purchased in 2021 is Currently ‘a Losing Trade’ Veteran trader Peter Brandt recently reignited his feud with bitcoiners who use laser eyes crypto memes after he reminded them that every bitcoin purchase in 2021 is at the moment “a losing trade.” Brandt added that even he could not have predicted that the crypto would be trading under $20,000 in October 2022. In response to the veteran trader’s tweet, Micheal Saylor, who recently left his position as CEO at M

It’s been over a year since El Salvador codified bitcoin as legal tender in the Latin American country, and by popping the ‘orange pill,’ the country was propelled into the international spotlight. At the end of September, the 41-year-old Salvadoran president Nayib Bukele penned an opinion editorial that takes aim at the detractors who think it was the wrong decision, those who think it was a good decision but for the wrong reasons, and opponents who “are afraid of our decision.” Nayib Bukele’s Opinion Editorial Tells People to ‘Stop Drinking the Elite’s Kool-Aid’ According to Salvadoran president Nayib Bukele , if the bitcoin experiment his country is participating in succeeds, a great number of other countries worldwide will follow in the Latin American country’s footsteps. Bukele said this in a recently penned opinion editorial called “ Stop Drinking the Elite’s Kool-Aid ,” which was published on September 30, 2022, in English and Spanish. In the editorial, Bukele criticized thre

The new crypto sanctions imposed by the European Union are likely to spur the development of the country’s digital asset market, according to a Russian lawmaker. Anatoly Aksakov, who chairs the parliamentary Financial Market Committee, believes Russians will manage to bypass the restrictions. Meanwhile, major exchanges have reportedly informed Russian users that trading continues. Russians Find Ways to Circumvent Mounting European Crypto Sanctions, Duma Member Insists This week, the EU adopted its eighth package of penalties against Russia, meant to hit its government, economy, and energy exports in response to the recent escalation of the military conflict in Ukraine and the annexation of Ukrainian territories. Russian access to cryptocurrency, viewed as a tool to circumvent financial restrictions and export wealth, was also targeted. The Council of the European Union completely banned the provision of crypto wallet, account, and custody services to Russian residents and entities

Xrp, the token formerly known as ripple, rose close to a five-month high on Saturday, despite the current red wave sweeping through markets. The token was trading marginally above a ceiling of $0.525, as bulls attempted to recapture recent highs. Cosmos was also higher, nearing a breakout of a key resistance point. XRP XRP surged towards a five-month high to start the weekend, despite crypto markets trading mostly lower on Saturday. Following a low of $0.4855 in yesterday’s session, XRP /USD rose to a high of $0.5279 less than 24-hours after the previous bottom. This surge saw the token marginally break out of a key resistance point of $0.525, climbing for a sixth straight day in the process. Looking at the chart, since the day’s previous peak, gains have somewhat eased, and as of writing prices are trading at $0.5184. The decline comes as earlier bulls opted to secure gains, and close their positions as opposed to holding on as XRP entered an area of uncertainty. One of thes

Bitcoin was trading lower on Saturday, as cryptocurrency prices continued to trade in the red following the latest U.S. nonfarm payrolls (NFP) report. The token dropped for a fourth consecutive day, moving closer to a key support point in the process. Ethereum was also in the red, hitting a five-day low in the process. Bitcoin Bearish sentiment remained in bitcoin ( BTC ) markets to start the weekend, as they continued to digest the latest nonfarm payrolls (NFP) report. Following the better-than-expected jobs report, BTC /USD fell to an intraday low of $19,395.79 earlier in the day. The move pushed the token close to a key support point of $19,200, and as of writing, it is trading close to a six-day low. Looking at the chart, the 14-day relative strength index (RSI) has also dropped, and is also approaching a floor of 45.70. Despite moving closer to this bottom, the 10-day (red) moving average has recently crossed over its 25-day (blue) counterpart, which is typically a sign of

Authorities in Kazakhstan have granted Binance a license to operate as a digital asset platform and provide an array of relevant services. While working out of the nation’s financial hub in the capital Nur-Sultan, the crypto exchange will offer registration to customers from other countries as well. Crypto Exchange Binance Receives License to Operate From Kazakhstan Binance, the world’s leading cryptocurrency exchange by daily trading volume, has been granted a permanent license by the Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center ( AIFC ), Kazakhstan’s financial hub. The license will allow Binance to extend its services as a digital asset platform operator and work from AIFC as a custodial service provider for global clients. The financial center is based in Kazakhstan’s capital Nur-Sultan (formerly Astana). The move comes after Binance obtained preliminary approval in August. The permanent authorization g

Despite seeing a 3.11% drop in value in September, bitcoin still outperformed both the S&P 500 and Nasdaq, the latest Cryptocompare report has shown. Ethereum, on the other hand, was named “the worst performer after the long-awaited Merge proved to be a ‘buy the rumour, sell the news’ event.” Increased tether and U.S. dollar trade volumes for bitcoin are said to suggest panicking investors were dumping depreciating currencies in favor of the cryptocurrency. Ethereum Sees ‘Biggest Decline’ According to the latest Cryptocompare report, bitcoin, which saw a negative return of 3.11% in September, still outperformed “both the S&P 500 and Nasdaq which saw negative returns of 9.34% and 10.5% respectively.” Only Solana — the cryptocurrency among the tracked four that saw a positive monthly return of 5.59% — and gold (2.87%) had better risk-adjusted returns than bitcoin. Ethereum, on the other hand, is identified in the report as “the worst performer [among four tracked cryptocurre

The Norwegian government is reviewing a proposal to abolish the policy of preferential tax treatment for data centers mining cryptocurrency with cheaper electricity. The executive power in Oslo says conditions have changed and the country needs the energy currently used by miners. Mining Firms Likely to Lose Tax Incentive as Norway Seeks to Save Power, Collect More Tax Norwegian authorities are on their way to scrap a tax cut that has been benefitting crypto mining businesses for years. They are proposing to get rid of the reduced electricity tax rate for data centers in the Nordic country, many of which are minting digital currencies. Power for data centers will thus be subject to the general electricity tax rate, the same that applies for other service industries, the government said in an announcement published this week. Finance Minister Trygve Slagsvold Vedum explained the reasoning behind the move: We are in a completely different situation in the power market now compared

According to Dappradar’s latest crypto industry report that covers 2022’s third quarter, the crypto economy and its participants are “riding out the bear market.” However, these days a number of macroeconomic events have influenced the crypto market, and Dappradar researchers say it’s currently “impossible to foresee a worldwide expansion of cryptocurrencies without a general recovery in conventional financial markets.” Dappradar Report Highlights Crypto Economy’s Slow but Steady Recovery The crypto industry is still dealing with the crypto winter and the latest report from Dappradar indicates that markets and participants are trucking through the storm. For instance, following the Terra collapse , the decentralized finance (defi) and decentralized app (dapp) industry has consolidated after taking heavy losses. Dappradar’s report shows that bitcoin (BTC) and ethereum (ETH) have remained roughly around the same price since the end of June, but the two leading crypto assets have