Bitcoin News and Finance: What You Need to Know

Wyre, the San Francisco-based crypto payments firm, has said it is winding down operations “in order to protect the best interests” of its users and stakeholders. The firm urged users with assets on its platform “to continue to withdraw them via Wyre’s dashboard until Friday, July 14th.” A statement released by the firm said parties interested in acquiring Wyre or its subsidiaries should contact 88 Partners via email. No Pressure From Regulatory Agencies United States-based crypto payments firm Wyre said on June 16 that it is winding down operations. According to a statement , Wrye’s decision to shut down was made in order to “protect the best interests” of its stakeholders and customers. The payments firm insisted that the move was not forced on Wyre by some regulatory agency. The firm’s decision to wind down comes more than six months after the CEO Ioannis Giannaros denied reports the payments platform had shut down. At the time, Giannaros instead claimed that Wyre was scaling ba

The Nigerian currency’s official exchange rate versus the greenback recently plunged to NGN634 per dollar from just under NGN470 per dollar. The central bank’s decision to allow the naira to “float” came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end the CBN’s multiple exchange rate regime. The Naira Devaluation The Nigerian currency’s official exchange rate versus the U.S. dollar plunged to an all-time low of NGN634 per greenback on June 14. The naira’s fall by more than 30% came just days after the Central Bank of Nigeria (CBN) denied devaluing the currency’s exchange rate to NGN631 per dollar from just NGN470 per dollar. The central bank’s decision to allow the naira to “float” also came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end the CBN’s multiple exchange rate regime. Understanding the Operational Changes to the Foreign Exchange (FX) Market 1/3 pic.twitter.com/kNIhH7GIsw — Central Bank of Nigeria (@cenbank) June 16, 2023 Be

Russian President Vladimir Putin has discussed the end of the U.S. dollar dominance, claiming that Russia has nothing to do with the USD’s downfall. “We have never had and do not have the goal of de-dollarization,” Putin also stressed, highlighting global trends that could lead to the end of the U.S. dollar. Putin Discusses the ‘End of the Dollar’ Russian President Vladimir Putin responded to some questions Friday regarding de-dollarization and the U.S. dollar potentially losing its dominance during a plenary session at the St. Petersburg International Economic Forum (SPIEF). Putin was asked whether the allegations that he is using Russia’s conflict with the U.S. to speed up the process of de-dollarization were true, and if so, what the outcomes would be for him if the U.S. dollar loses its hegemony in the international financial system. The Russian president replied (translated by Google): First of all, I want to say … we have never had and do not have the goal of de-dollarizati

Economist Peter Schiff says the U.S. dollar decline will be “far greater” than what Treasury Secretary Janet Yellen has warned. “This portends a significant decline in our standard of living,” he cautioned. Furthermore, the economist stressed that Federal Reserve Chairman Jerome Powell “is clearly worried about the evolving financial crisis, but doesn’t want to spook markets.” Peter Schiff Predicts Larger U.S. Dollar Decline Than Yellen Expects Economist and gold bug Peter Schiff issued more warnings about the U.S. economy, the banking system, and the U.S. dollar in several tweets this week. Treasury Secretary Janet Yellen warned during her testimony before the House Financial Services Committee on Thursday that there would be a “slow decline” in the U.S. dollar as the global reserve currency. Emphasizing concerns that sanctions imposed by the U.S. have motivated a number of countries to look for USD alternatives, she cautioned that the decline in USD dominance is “something we ha

Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, has warned that more banks are about to fail. “Regional banks and mortgage companies are falling,” he cautioned, urging investors to think for themselves and not rely on the guidance of President Joe Biden, Federal Reserve Chairman Jerome Powell, or Treasury Secretary Janet Yellen. More Banks Are on the Verge of Failing, Says Kiyosaki Rich Dad Poor Dad author Robert Kiyosaki has issued more warnings about the U.S. economy and the banking system. 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. The renowned author warned of impending bank failures in a tweet Thursday. He wrote: More banks about to fail. Rumor is mortgage giant Loan Depot is on the ropes. Regional banks and mortgage companies are falling. He t

Steve Hanke, an economist and professor of Applied Economics at Johns Hopkins University, as well as a former member of Ronald Reagan’s Council of Economic Advisors, recently expressed his belief that the U.S. Federal Reserve is lacking direction and “doesn’t know what it is doing.” Hanke further predicts a bleak economic downturn in 2024, referring to it as an “ugly recession.” Steve Hanke: ‘I Think the Fed Doesn’t Know What It’s Doing’ During a recent interview with Kitco News’ lead anchor Michelle Makori, economist Steve Hanke delved into the future of the U.S. economy and the Federal Reserve’s recent decision to halt the federal funds rate at the Federal Open Market Committee (FOMC) meeting held on Wednesday. Hanke emphasized that while the interest rate garners significant attention, it is the monetary supply that warrants closer scrutiny. He pointed out that Federal Reserve chairman Jerome Powell acknowledged the continuation of quantitative tightening despite the pause i

Kenyan President William Ruto has repeated his call on African countries to consider ditching the U.S. dollar when settling cross-border trades. The Kenyan leader claimed that the African continent already has a mechanism that enables the seamless settling of transactions between traders. Further, freedom advocate and entrepreneur Kimdotcom said as more countries reject the greenback the “U.S. Govt will pay a higher price for printing money.” Ruto: African Traders Do Not Need to Settle Using the Greenback Kenyan President William Ruto has again urged African countries to consider settling cross-border transactions with their respective currencies instead of the U.S. dollar. In his remarks made while addressing the Djibouti parliament, Ruto argued that the African continent’s Afreximbank already has the mechanism in place to enable seamless settling of transactions between traders. Just In: President of Kenya, @WilliamsRuto , Urges African Nations to Dump the US Dollar for Intracon

According to Chris Watkins, the co-founder and CEO of the non-fungible token (NFT) marketplace Digital Arms, many of the Web3 games developed in the last bull cycle were not only seemingly rushed but “lacked the essential element of fun,” hence they ultimately failed. Watkins also argued that the few games which did gain traction “relied on the allure of making money” which is not a sustainable model. Web3 Gaming Not a Passing Fad However, in his written answers sent to Bitcoin.com News, the Digital Arms CEO insisted that the industry’s focus has shifted back to making games with experiences and benefits which cannot be matched by traditional gaming. This shift in turn means Web3 gaming “is really just getting started” and may not be a passing fad as claimed by some critics, Watkins added. Concerning his platform’s reported collaboration with the firearms industry, the CEO disclosed that this was made possible by the fact that some of Digital Arms’ founding members, including himse

Blackrock, the world’s largest asset manager, has filed to register a bitcoin trust that some believe is actually a spot bitcoin exchange-traded fund (ETF) in disguise. Blackrock is seeking to launch a bitcoin product despite the U.S. Securities and Exchange Commission’s (SEC) efforts to crack down on unregistered crypto platforms and securities tokens. The asset management firm has also chosen Coinbase, the Nasdaq-listed crypto exchange that was recently charged by the SEC for securities law violations, to serve as custodian for its bitcoin trust. Blackrock Files to Launch a Bitcoin Trust The world’s largest asset manager, Blackrock, filed for the registration of Ishares Bitcoin Trust (the Trust) with the U.S. Securities and Exchange Commission (SEC) on Thursday despite the regulator’s ongoing regulatory crackdown on the cryptocurrency sector. According to Blackrock’s filing: The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The Tru

Bittrex US, the now-defunct cryptocurrency exchange in the United States, has recently introduced a plan that permits American customers to withdraw crypto and fiat from the platform, provided they satisfy the required regulatory criteria. This withdrawal arrangement was approved on Tuesday by the U.S. bankruptcy court located in Delaware. Cryptocurrency Exchange Bittrex US Enables Customer Withdrawals On May 8, 2023, Bittrex US filed for Chapter 11 bankruptcy protection, citing liabilities ranging from $500 million to $1 billion and having over 100,000 creditors. Before the bankruptcy filing, the U.S. Securities and Exchange Commission (SEC) had sued Bittrex for running an unregistered exchange, broker, and clearing agency, and for listing unregistered crypto securities. Bittrex sent emails to its U.S. customers this week, following approval from the U.S. bankruptcy court to enable withdrawals. However, there is a caveat: users must update their know-your-customer (KYC) informatio

Makerdao’s DAI stablecoin is now the third-largest stablecoin by market capitalization, surpassing Binance USD (BUSD), which has officially declined to $4.304 billion. DAI’s market valuation on Friday, June 16, 2023, is approximately $4.394 billion, but the number of circulating DAI has decreased by 5.7% since last month. Stablecoin Rankings Shuffle: DAI Ascends to Third-Largest Stablecoin Position In May 2022, terra usd (UST), now known as terra usd classic (USTC), decoupled from its $1 parity, causing its value to plummet by over 98%. As a result, BUSD emerged as the third-largest stablecoin asset. Additionally, the stablecoin token issued by Paxos held a position among the top ten largest crypto assets by market valuation for several months, until February 13, 2023, when the New York Department of Financial Services (NYDFS) instructed the company to halt the minting of BUSD. Since then, a substantial amount of BUSD has been redeemed, with data indicating that approximately 11

A judge in the United States considered on Thursday whether the cryptocurrencies created by Terraform Labs were securities. The failed blockchain firm and its founder, Do Kwon, have asked the court to dismiss a case filed by the U.S. Securities and Exchange Commission (SEC) alleging that they defrauded investors whom they sold unregistered securities. Judge Reviews Status of the Digital Assets Sold by Terraform in SEC’s Fraud Case A judge in New York has considered whether the digital coins issued by Terraform Labs were securities during a hearing in the SEC’s case against the crypto company and its South Korean co-founder and CEO Kwon Do-Hyung, better known as Do Kwon. Earlier this year, the U.S. securities regulator charged the crypto entrepreneur and his company with defrauding investors and selling billions of dollars’ worth of digital assets that the commission deems unregistered securities. The value of the cryptocurrencies in question, stablecoin terrausd and the token luna

Ripple CEO Brad Garlinghouse has criticized the role that the U.S. Securities and Exchange Commission (SEC) decided to assume against the cryptocurrency industry. After the release of the Hinman docs, which explain the internal discussions of the institution before the now famous Hinman speech, Garlinghouse stated that the SEC “weaponized the lack of regulatory clarity,” throwing an entire industry into chaos. Ripple CEO Brad Garlinghouse Accuses SEC of Overreach Ripple CEO Brad Garlinghouse has reacted to the recent release of a set of documents that show the internal debates of the U.S. Securities and Exchange Commission (SEC) previous to a 2018 speech from its Director of the Division of Corporation Finance William Hinman. Commonly referred to as the Hinman docs, these show the internal differences and the confusion the agency had to deal with in qualifying some tokens and cryptocurrencies as securities. According to Ripple CLO Stuart Alderoty, Hinman ignored some of the offer

The emergence of cutting-edge artificial intelligence capabilities has ignited the imagination of business strategists worldwide, urging them to envision the future operations of their respective industries in this era of AI. Simultaneously, the advent of Web3 is transforming our very interaction with the internet, which serves as the foundation of the contemporary global economy. Consequently, it is indisputable that the amalgamation of AI and Web3 will reshape business practices across all sectors, including the realm of cryptocurrencies, and give rise to unprecedented models that were previously inconceivable. The Dawn of Intelligent Blockchains, dApps, Protocols and More CoinEx, the preeminent cryptocurrency exchange boasting a user base of over 5 million worldwide, has recently released an article on the Medium platform , delving into the remarkable possibilities that arise from the fusion of artificial intelligence (AI) and web3. This insightful piece aims to shed light on the

Egypt has filed an application to join the BRICS bloc, Russia’s ambassador to the Arab nation confirmed. The government in Cairo is interested in using alternative currencies in foreign trade, either national fiats or a new common currency, the diplomat unveiled. Egypt Takes Step to Join BRICS Club, Russia Backs Bid Egypt has applied to become a member of the BRICS bloc of nations, according to the Russian Ambassador to Cairo, Georgy Borisenko. In an interview with the Tass news agency, the diplomat explained: Egypt has submitted its application to join the BRICS group because one of the endeavors that BRICS is currently pursuing is to shift trade to alternative currencies, be it national currencies or a new common currency. Egypt is very much interested in that. Borisenko also pointed out that Egypt is willing to boost trade and economic cooperation with the Russian Federation. He revealed that new payment mechanisms are currently being developed to facilitate international tra

According to an emergency cease-and-desist order from the Texas State Securities Board, the cryptocurrency firm Abra is “insolvent or nearly insolvent.” The filing alleges that a group of state securities regulators has been investigating Abra, and the working group interviewed William Barhydt, the company’s founder, in March 2023. Texas State Regulators Issue Cease-and-Desist Order, Citing Insolvency Claims Against Crypto Firm Abra The Texas State Securities Board (TSSB) has issued an emergency cease-and-desist order against the company Abra and its network of subsidiaries. The notice alleges that Abra and its affiliate companies are “collectively insolvent or nearly insolvent.” The order also named Plutus Financial, Plutus Lending, Abra Boost, and the firm’s founder, William John “Bill” Barhydt. The TSSB allegations suggest that in 2022, Barhydt restructured the firm into multiple entities and “sold investments in Abra Earn, a digital asset depository account, to unaccredited an

Amid the regulatory crackdown in the United States, the bankrupt crypto lender Celsius has announced that all of its customers’ “altcoins” will be converted to bitcoin ( BTC ) and ethereum ( ETH ). Over $215 million worth of coins such as CEL, ADA , LINK, LTC , and others will be sold beginning on July 1, 2023. Celsius Plans to Convert 15 Different Tokens to Bitcoin and Ethereum In mid-February 2023, Celsius announced it would be acquired by Novawulf Digital Management to execute the reorganization plan. The firm filed its plan on June 15, and as per the latest revisions, customers who possess “altcoins” will have their balances converted to BTC and ETH on July 1. The only accounts exempted from this conversion are the “custody and withhold accounts.” “Celsius will be selling all altcoins from all customers (except custody and withhold accounts) starting July 1st and will be converting them into bitcoin and ethereum,” the official Twitter account wrote . The coins included in t

Republicans of the House Financial Services Committee have criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, stating he is using Rule 3b-16 amendments to impose his views on cryptocurrency assets. In a letter sent to the SEC, republicans push back against the new proposed definition of “exchange” and its implications. Financial Services Committee Republicans Push Back Against SEC’s Proposed Ruleset Republicans of the House Financial Services Committee are pushing back against the proposed amendments to Rule 3b-16 presented by the U.S. Securities and Exchange Commission (SEC) that expands the definition of “exchange.” The group, comprising Chair Patrick McHenry and 28 other representatives, sent a letter on June 13 criticizing the implications of the approval of the rule, and its effects on the cryptocurrency market and its operators. According to these representatives, passing this rule would imply that software protocols and even developers of decentra

Bitcoin fell below the $25,000 level for the first time since March, as the Federal Reserve opted to keep rates unchanged. However, to the surprise of many, the Fed also forecasted two further hikes in this current cycle. Ethereum reacted negatively to the news, dropping below $1,700. Bitcoin Bitcoin plunged to a multi-month low on Thursday, as markets continued to react to the U.S. Federal Reserve’s decision not to increase interest rates. Chair Powell did forecast two further hikes, with core inflation still higher than the bank would like. He stated: “I think if you look at the core PCE inflation overall, look at it over the last six months, you’re just not seeing a lot of progress.” BTC /USD dropped to an intraday low of $24,820.20 on the news, which comes following a high of $26,040.66 on Wednesday. As a result of the drop, bitcoin slipped to its weakest point since March 16, when price was at a bottom of $24,200. Today’s decline came as the 14-day relative strength

A Hong Kong lawmaker has invited global cryptocurrency exchanges, including the Nasdaq-listed Coinbase, to register in Hong Kong to provide crypto services. “Please feel free to approach me and I am happy to provide any assistance,” the lawmaker noted. Hong Kong Welcomes Crypto Exchanges Hong Kong legislator Johnny Ng has invited global cryptocurrency exchanges to apply for a license to operate in Hong Kong, following a recent crackdown by the U.S. Securities and Exchange Commission (SEC) on unregistered crypto exchanges and securities tokens. Noting that there has recently been a lot of news about cryptocurrency exchanges, the lawmaker tweeted Saturday: I hereby offer an invitation to welcome all global virtual asset trading operators including Coinbase to come to HK for application of official trading platforms and further development plans. “Please feel free to approach me and I am happy to provide any assistance,” the lawmaker added. Hong Kong recently revamped its regulat

Due to the unique traits it presents, Latin America has been a thriving region for cryptocurrency, as the technology aims to complement or even substitute traditional finance components that cannot be used in certain countries in the area. Marked by the vast differences between its countries, grouping Brazil — one of the first economies of the world — and countries like Venezuela and Argentina, which face enormous economic challenges, Latam is home to two crypto use cases. The first presents its speculative side, while the second, grassroots-focused use case seeks to substitute payment channels in sanctioned countries, serving as a hedge against devaluation and inflation. Bitcoin mining is also an emergent activity on the continent, with companies seeking to take advantage of the cheap power tariffs and ideal climates that countries like Paraguay and Argentina offer to incoming mining companies. The region is home to El Salvador, the first country to adopt bitcoin as legal tender,

On June 13, 2023, several individuals discovered a significant transfer of Ethereum ( ETH ) that had remained dormant for a few years. While the observers believed the funds were being deposited into Coinbase, they shared this information on social media to highlight the unusual occurrence. However, despite the speculation, it was soon clarified that the transfer was simply an internal Coinbase transfer from a cold wallet. Blockchains Never Lie: The Truth Behind the Ethereum Transfer Hype Amidst the volatility and unpredictability in the cryptocurrency community, numerous observers closely monitor onchain transactions using tools such as the Whale Watch alert system and other monitoring systems. On June 13, 2023, a Twitter account known as “Napgener” posted a summary regarding the movement of approximately 1.5 million ETH that had been accumulated in 2016 and recently transferred. The tweet read, “This guy accumulated 1.5 million ETH in August 2016 … Just sent 450K to [Coinbase].

On Wednesday, June 14, 2023, at block height 794,304, the Bitcoin network recorded its third consecutive mining difficulty increase since May 18. The mining difficulty climbed by 2.18%, bringing the overall difficulty to another unprecedented high at 52.35 trillion. Bitcoin Mining Difficulty Hits All-Time High Amidst Price Dip Bitcoin’s mining difficulty experienced yet another surge on Wednesday morning at 7:27 a.m. (ET), rising by 2.18% and making it even more challenging for bitcoin miners to uncover blocks. Before this modification, the preceding 2,016 blocks had an average hashrate of roughly 374.5 exahash per second (EH/s). Currently, the hashrate is cruising at 329 EH/s; however, on June 11, 2023, the network notched another 24-hour all-time high of 516.61 EH/s at block height 793,868. The most recent spike in difficulty has also propelled it to a record-breaking high of 52.35 trillion. Over the last six weeks, miners have grappled with three consecutive increases and an ove

PRESS RELEASE. During the Blockchain Pizza Festival held from May 22nd to May 31st, BitFuFu organized an exciting “Team Up, Mine More” event that attracted the attention and participation of many miners. This special event showcased BitFuFu’s commitment to delivering exceptional mining experiences and garnered significant attention from influential mining Key Opinion Leaders (KOLs) and media outlets. It exemplified BitFuFu’s professionalism in the cloud mining industry and garnered high praise from its users. BitFuFu’s “Team Up, Mine More” campaign during the Blockchain Pizza Festival resonated strongly with the mining community, fostering a spirit of collaboration and unity. Seasoned miners eagerly participated, leveraging their collective expertise and resources to maximize mining efficiency and profitability. The “Team up, Mining more” campaign captured the imagination of miners, creating a sense of community and collaboration. This unique approach not only deepened the sense of

Bitcoin fell below a key resistance level on Wednesday, as markets prepare for the upcoming U.S. Federal Reserve interest rate decision. It is expected that the Fed will keep interest rates unchanged at 5.25%. Ethereum remained below $1,800 in today’s session. Bitcoin Bitcoin traded below a key price ceiling in today’s session, as traders began to anticipate this afternoon’s U.S. Federal Reserve rate decision. BTC /USD dropped to a bottom at $25,728.37 earlier in the day, which comes less than a day after trading at a high of $26,376.35. Today’s low comes as BTC bulls were unable to sustain a breakout above the aforementioned resistance of $26,300. Bitcoin chart by TradingView Overall, the relative strength index (RSI) of 14 days is also hovering around a ceiling of its own at 43.00. At the time of writing, the index is tracking at 42.56, with BTC attempting to break into the $26,000 mark. Should bulls manage to move beyond the obstacle on the RSI, there is a strong chanc