Bitcoin News and Finance: What You Need to Know

A former Coinbase employee’s brother has been sentenced to 10 months in prison in what the U.S. Department of Justice (DOJ) called a “groundbreaking cryptocurrency insider trading case.” ‘Groundbreaking’ Crypto Insider Trading Case The U.S. Department of Justice (DOJ) announced Tuesday that Nikhil Wahi “was sentenced to 10 months in prison” in a “groundbreaking cryptocurrency insider trading case.” He pled guilty to one count of conspiracy to commit wire fraud. The Justice Department explained that Wahi was sentenced “for his participation in a scheme to commit insider trading in cryptocurrency assets by using confidential information from his brother, a former product manager at Coinbase Global Inc. (Coinbase), about which crypto assets were scheduled to be listed on Coinbase’s exchanges.” Referring to the case as “the first-ever insider trading case involving cryptocurrency markets,” U.S. Attorney Damian Williams commented: At a time when the cryptocurrency markets have been

The asset purchase agreement between Binance US and bankrupt crypto lender Voyager Digital has reportedly received initial court approval despite objections from various regulators, including the U.S. Securities and Exchange Commission (SEC). Court Lets Binance US Buy Voyager’s Assets The proposed asset purchase deal between the U.S. arm of cryptocurrency exchange Binance (Binance US) and bankrupt crypto lender Voyager Digital reportedly received initial court approval Tuesday. The court greenlighted the deal despite objections by the U.S. Securities and Exchange Commission (SEC) and a number of state securities regulators. In addition, the U.S. Committee on Foreign Investment in the United States (CFIUS), an interagency body that reviews the national security risks of foreign investments in U.S. companies, has voiced concerns regarding the Binance US-Voyager deal. CFIUS said in a Dec. 30 court filing that its review “could affect the ability of the parties to complete the transac

Federal Reserve Governor Michelle Bowman says while “cryptocurrency activities can pose significant risks,” the Fed does not want to “hinder innovation.” She added: “B y inhibiting innovation, we could be pushing growth in this space into the non-bank sector, leading to much less transparency and potential financial stability risk.” Fed Governor on Crypto, US Economy, and Inflation Michelle Bowman, a member of the Board of Governors of the Federal Reserve System, talked about cryptocurrency, the U.S. economy, and the Fed’s effort to lower inflation Tuesday at a Florida Bankers Association Leadership event in Miami. Commenting on the collapse of crypto exchange FTX and other recent events in the crypto space, the Fed governor said: “These events have made it clear that cryptocurrency activities can pose significant risks to consumers, businesses, and potentially the larger financial system.” Noting that she expects some banks to continue exploring “how to engage in crypto-related

JPMorgan Chase CEO Jamie Dimon says he “shouldn’t ever use the word hurricane” when warning about the U.S. economy. However, he insisted that there are “storm clouds” that “could be a hurricane.” JPMorgan CEO Jamie Dimon on US Economy The chief executive of global investment bank JPMorgan Chase, Jamie Dimon, discussed the U.S. economy in an interview with Fox Business Tuesday. Regarding his previous warning about an incoming economic hurricane that everybody should brace for, Dimon said: I shouldn’t ever use the word hurricane. He clarified: “What I said was there were storm clouds which may mitigate, and people said, ‘Oh, he doesn’t think it’s a big deal.’ So I said, ‘No, those storm clouds could be a hurricane.'” The JPMorgan boss emphasized that he is not predicting a specific scenario, adding that what he is warning about could “be nothing” or “could be bad.” He stated: “I think we should understand that I’m not predicting one or the other, I’m just saying, be a littl

Bitcoin raced to a fresh multi-week high on Wednesday, as markets turned their attention to tomorrow’s U.S. inflation rate report. Thursday’s report is expected to show that consumer prices have fallen to 6.5%, down from 7.1% the month prior. Ethereum also rose marginally higher in the day. Bitcoin Bitcoin ( BTC ) rallied above a key resistance level on Wednesday, ahead of tomorrow’s U.S. inflation report. Following a low of $17,226.64 on Tuesday, BTC /USD raced to a peak of $17,493.32 earlier in today’s session. As a result of the move, the world’s largest cryptocurrency climbed to its strongest point since December 15. Looking at the chart, today’s price surge came as the 14-day relative strength index (RSI) broke out of a resistance point at the 60.00 mark. Currently, the index is tracking at 63.80. This comes as BTC continues to hover around its own ceiling at the $17,400 mark. In order to move closer to the $18,000 zone, the RSI will first need to move beyond a ceiling of

Brazilians are turning to stablecoins as a way of shielding themselves from the volatility of economic circumstances. This is happening now in the wake of the inauguration of the new government of Luis Inacio “Lula” Da Silva. According to statements coming from exchange executives, the trading volumes of stablecoins have soared in 2022, especially during the last two months of the year. Brazilians Harness Stablecoins as Dollar Replacement The popularity of stablecoins in Brazil is soaring as investors and companies are looking to take refuge in the U.S. dollar to hedge against the volatility of the asset market. Executives from several exchanges have declared that demand for stablecoins has skyrocketed during 2022, and exploded during the last months of the year. Jose Artur Ribeiro, CEO of Coinext, a national exchange, told local newspaper O’Globo about the benefits that using stablecoins presents, versus using dollars in bank accounts. He stated : Stablecoins do not pay an admin

The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year. Russia’s Central Bank to Propose Platforms for Digital Currency Payments in Foreign Trade Moving forward with efforts to introduce its central bank digital currency ( CBDC ) amid sanctions and financial restrictions, the Bank of Russia is preparing to offer solutions for processing cross-border CBDC payments, the Russian press unveiled. The proposals are part of a presentation seen by the business daily Kommersant. The document outlines two potential payment models which the Russian monetary policy regulator intends to develop in the first quarter of 2023. The first one relies on bilateral agreements between countries to integrate their digital currency platforms. This approach puts an emphasis on ensuring convertibi

On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board, with the global economy projected to grow by 1.7% in 2023 and 2.7% in 2024. The World Bank also cited a number of adverse developments that could push the world’s economy into a deep recession. World Bank Report Urges Action on Climate Change, Increased Investment to Offset Adverse Economic Shocks The World Bank, the financial organization with 174 member countries, released its Global Economic Prospects report on Tuesday. The report envisions a “sharp, long-lasting slowdown to hit developing countries hard.” The World Bank cites numerous issues plaguing the global economy, including the Covid-19 pandemic and “escalating geopolitical tensions,” as reasons why the world’s economy could spiral into a recession. The report also mentions in

The U.S. government has arrested and charged the creator of “Mutant Ape Planet” non-fungible tokens (NFTs) for allegedly defrauding crypto investors. “The purchasers were ‘rug pulled,'” the Department of Justice (DOJ) described, adding that millions of dollars in cryptocurrency were diverted for the NFT creator’s personal benefits. DOJ Takes Action Against NFT Rug Pull Scheme The U.S. Department of Justice (DOJ) announced Thursday that Aurelien Michel has been charged with “defrauding purchasers of ‘Mutant Ape Planet’ NFTs, a type of digital asset, of more than $2.9 million in cryptocurrency.” The defendant is a French national residing in the United Arab Emirates (UAE). He was arrested Wednesday at John F. Kennedy International Airport. The Mutant Ape Planet (MAP) NFTs were marketed and sold with false promises of numerous rewards and benefits, including exclusive opportunities for additional investments, giveaways, merchandise, and other rewards, the DOJ detailed, elaboratin

The Tron-based stablecoin USDD fell below $1 parity again during the first week of 2023 and on Jan. 10. Four days ago, the stablecoin dropped to $0.972 per unit and on Tuesday, Jan. 10, 2023, USDD slipped to $0.977 per unit. At the time of writing, the Tron-issued stablecoin is trading at 98 cents per coin. USDD Stablecoin Dips Down to 97 Cents per Token There have been some slight fluctuations in USDD’s price at the start of the new year, as the stablecoin has dipped to the 97-cent range on a few occasions in 2023. After Terra’s stablecoin depegging event in May 2022, USDD started to slip slightly below the $1 peg , causing anxiety in the crypto industry. A number of other stablecoins saw similar deviations . On June 19, 2022, USDD reached a low of 92.8 cents per unit , but the stablecoin managed to regain the $1 peg, trading between 98 cents and 99 cents per unit. In mid-Dec. 2022, USDD deviated from the $1 parity, and Tron’s Justin Sun said that the team deployed more capital

Ethereum mostly consolidated during Tuesday’s session, as prices continued to trade close to recent highs. Following a move to a three-week peak to start the week, markets maintained bullish sentiment, earlier in the day. Bitcoin also upheld recent momentum, with the coin remaining near its ceiling at $17,400. Bitcoin Bitcoin ( BTC ) continued to trade close to the $17,200 level in today’s session, as traders moved to secure Monday’s gains. Following a low of $17,162.99 to start the week, BTC /USD hit a high of $17,389.96 earlier in the day. However, earlier gains have since diminished, with the world’s largest cryptocurrency currently trading at $17,271.27. Looking at the chart, today’s price consolidation came as the 14-day relative strength index (RSI) continued to hover close to a key resistance at the 60.00 mark. Despite the index currently tracking above this point at 60.89, price uncertainty has heightened, leading to previous bulls abandoning positions. Traders may once

Cryptocurrencies rose in popularity in Chile, according to a survey from global consulting firm Bain & Company. The survey found that crypto is ranked as the third most popular investment asset among Chileans, only behind investment funds, which were the most popular investment option, and real estate, which ranked second. Popularity of Crypto Rises in Chile in 2022 Countries in Latam that have been affected by high devaluation and inflation rates are starting to turn to crypto as an investment option. In Chile, which is among the five countries with the worst inflation in the zone, crypto has risen to be among the most popular investment choices among all options available in the market. The findings are from a survey by Bain & Company, a global consulting firm headquartered in Boston, which inquired about the most interesting investment options in the country during 2022. 23% of the polled answered that crypto was the go-to choice for their investments in 2022, putting i

According to a recently unveiled document, the Nigerian central bank will in the future be open to developing a regulatory framework for potential implementations of stablecoins. The document also discusses the regulation of initial coin offerings (ICOs) and how these can become “a new way to attract foreign direct investment (FDI) and raise capital.” ‘A Successful Payment Mechanism’ In its recently unveiled payments system document, the Central Bank of Nigeria (CBN) said the bank would be open to developing “a regulatory framework for [the] potential implementations of the stablecoin.” The document claims that such stablecoin implementations are likely “are likely to be a successful payment mechanism,” hence there is “a need to develop a regulatory framework for such implementation.” Besides mentioning stablecoin implementations, the CBN’s Nigeria Payments System Vision 2025 document also discusses the creation of a framework to regulate initial coin offerings (ICOs). While ackno

Prices in Venezuela have been rising steadily even when denominated in foreign currency. According to data collected by Ecoanalitica, a market research firm, prices marked in dollars have grown close to 54% during 2022, affecting the income and savings of Venezuelans that have been using the U.S. dollar as an inflation hedge. Prices Grow Even in Dollars in Venezuela Inflation has taken another leg up in Venezuela, with prices of products and services being marked up even when denominated in dollars. Asdrubal Oliveros, economist, and partner at Ecoanalitica, a market research firm, stated that dollar-denominated prices rose close to 54% during 2022, being affected by the inflation that is currently hitting the country. Among the most affected items are food and beverages, which registered a price increase of 66.7%. In the same way, prices in the restaurant and lodging sector, linked to national and international tourism, rose by 95%, making this the sector that registered the highe

Hong Kong has reaffirmed its commitment to become a regional crypto hub in following the collapse of cryptocurrency exchange FTX. “As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates,” said a top government official. Hong Kong Aims to Become Regional Crypto Hub Hong Kong Financial Secretary Paul Chan Mo-po reaffirmed the city’s crypto commitment at a web3 summit in Cyberport Monday. Emphasizing that Hong Kong remains committed to becoming a regional crypto hub, the financial secretary described : As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates. He added that Hong Kong has a robust regulatory framework for crypto that “matches international norms and standards.” Joseph Chan, the undersecretary for financial services and the Treasury for the government of Hong Kong, revealed at the same event that the city is preparing to iss

According to a report from South Korea, the Korean subsidiary of Huobi Global is planning to cut ties with the parent company. The management of the trading platform stated that they plan to “strengthen its position” as a domestic cryptocurrency exchange and change its name. Huobi Experiences Significant Withdrawals as Subsidiary Huobi Korea Looks to Go Independent There has been much speculation and many rumors surrounding the cryptocurrency exchange Huobi Global, which rebranded to simply “Huobi” at the end of November 2022. Reports indicated that Huobi laid off 20% of its staff and plans to maintain “a very lean team” going forward. Additionally, Huobi has experienced a significant amount of withdrawals recently. Cryptoquant statistics show that on November 2, 2022, Huobi held more than 20,000 BTC . As of today, the cryptocurrency exchange’s BTC reserves are approximately 16,709 BTC . Similarly, Huobi had 22 million ETH in reserves on November 2, 2022, but according to crypto

Airtm, a Latam popular cryptocurrency exchange and wallet, has announced it is winding down cryptocurrency trading and custody in its platform. The company stated that starting Jan. 4, 2023, all cryptocurrency deposits and withdrawals would be paused due to the changes in the service offer of one of its providers. Airtm Removes Cryptocurrency Trading Options Airtm, a popular exchange used by freelancers in Latam, has announced it is winding down cryptocurrency trading and custody services. The company, which has more than 2 million customers in the region, disclosed in a message on its platform that they were retiring cryptocurrency-based services in its wallet, leaving customers unable to deposit or withdraw their cryptocurrency funds out of the exchange. The action was taken by the company supposedly due to the change of the services offered by an unidentified provider. Local sources state this provider is Wyre, a cryptocurrency-based payments firm, which has recently stated it

Authorities in Vietnam have caught and sentenced a hacker who stole money and data from a local cryptocurrency exchange. The man, who was arrested and charged for extorting the trading platform’s owner, has been ordered to return the money he misappropriated. Vietnamese Court Jails Hacker for Attacking Crypto Exchange Website A resident of Ho Chi Minh City in Vietnam has been given 10 years in prison for stealing 300 million Vietnamese dong (close to $13,000) from a crypto entrepreneur whose coin trading site he subjected to cyberattacks. Nham Hoang Khang, the hacker, was charged with extortion and sentenced on Friday by the city’s People’s Court, the English-language edition of the VN Express daily reported. He was also ordered to return the stolen money. The crypto exchange was established by Vu Ngoc Chau in 2018 to connect potential buyers and sellers of cryptocurrencies, taking a fee for the transactions it facilitated. Users were required to open accounts and provide personal

Mastercard, the payments giant, has partnered with Polygon, an Ethereum scaling platform, to introduce emerging artists into Web3 technology. Mastercard’s artist accelerator, as the program is called, will teach five different emerging artists, including singers, musicians, DJs, and producers, to use blockchain tools to grow their brand and fan engagement. Mastercard Partners With Polygon to Teach Web3 Traditional finance companies are now seeking to harness the power of blockchain for a myriad of activities in different fields. Mastercard, one of the biggest payments companies, has partnered with Polygon, an Ethereum scaling platform, to introduce five different emerging artists to the possibilities that Web3 tech can bring to their activities. The Mastercard artist accelerator program will use the Polygon network to teach the selected artists how to perform a series of activities that will allow them to cut the middleman, mint their own NFT (non-fungible tokens) collections to

An Ohio man has pleaded guilty to stealing over 712 bitcoin that was “seized” by the U.S. government in another criminal case. He has agreed to forfeit some bitcoin, ether, and dogecoin as part of his plea. “Due to the increase in market prices, the total value of these forfeitable properties exceeds $12 million,” said the U.S. Department of Justice (DOJ). US Man Steals Brother’s ‘Seized’ Bitcoin The U.S. Department of Justice (DOJ) announced Friday that a 31-year-old Ohio man, Gary James Harmon, has pleaded guilty to “unlawfully stealing” bitcoin that was “seized” by the federal government in his brother’s pending criminal case. The DOJ described: Harmon pleaded guilty to wire fraud and obstruction of justice for unlawfully taking more than 712 bitcoin that had been seized by law enforcement and was subject to forfeiture in the pending criminal prosecution of Larry Harmon. As part of his plea, Gary Harmon agreed to forfeit “cryptocurrencies and other properties derived from the

Disgraced FTX founder Sam Bankman-Fried (SBF) is attempting to regain access to his Robinhood shares, worth over $460 million. The former CEO of the collapsed crypto exchange claimed that he needs them to “pay for his criminal defense,” stressing that without them the consequences would be serious and “irreparable.” FTX customers, on the other hand, “face only the possibility of economic loss,” SBF’s court filing states. Disputes Over Robinhood Shares FTX co-founder and former CEO Sam Bankman-Fried (SBF) is trying to regain control of his Robinhood shares that are currently disputed by several parties, including SBF himself, the new FTX management, and bankrupt crypto lender Blockfi. Bankman-Fried has asked the bankruptcy court to deny the motion to enforce the automatic stay (stay motion) filed by the new FTX management on 56,273,269 shares of Robinhood Markets Inc. (Nasdaq: HOOD), worth more than $460 million, a Thursday court filing shows. The court document details that the fo

From the start of March, Nigerian public officials will be barred from withdrawing cash from government bank accounts, the head of the Nigerian Financial Intelligence Unit reportedly said. Public officials that want to be exempted from this new regulation will have to obtain a waiver from the Nigerian Presidency. Government Workers Vulnerable to Money Laundering Nigerian government workers will be prohibited from drawing cash from government accounts starting on March 1, Modibbo R. Hamman Tukur, the head of the Nigerian Financial Intelligence Unit (NFIU), has said. The new rule, which reportedly applies to federal, local and state officials, seeks to tackle the high levels of corruption and money laundering in government. In addition, a Reuters report said the new rule in is tandem with the Nigerian government’s goal of achieving a cashless economy. The report also quotes Tukur explaining the reasons behind this decision. He said: Civil servants are becoming more and more vulner

Gold is on the rise in 2023 and in the first week of the new year alone, the precious metal has jumped 2.36% against the U.S. dollar. Over the past 65 days, gold has soared 14.55% while silver has skyrocketed 22.31% against the greenback since Nov. 3, 2022. According to the head of metals strategy at MKS Pamp Group, there is a “decent amount of bullish ‘pent-up’ demand that has been carried over from last year” for gold. Central Bank Demand and Ongoing Geopolitical Tensions Continue to Drive Gold’s Ascent The insistence for gold has continued to rise according to market prices during the past seven days. Gold jumped from $1,823 per troy ounce to $1,866 in that time frame. While gold is up 2.36% against the U.S. dollar, a troy ounce of fine silver is down roughly 0.58% since the start of the year. Over the past two months, both gold and silver have risen a great deal, with gold jumping 14.55% and silver increasing 22.31% against the greenback. With precious metals on the rise, ‘go