Bitcoin News and Finance: What You Need to Know

Global investment bank Goldman Sachs has warned that bitcoin is increasingly vulnerable to the Federal Reserve’s rate hikes as the cryptocurrency grows more widely adopted. “Over the last two years, as bitcoin has seen wider mainstream adoption, its correlation with macro assets has picked up,” the Goldman analysts explained. Goldman Sachs Warns Bitcoin Increasingly Vulnerable to Fed Rate Hikes Global investment bank Goldman Sachs published a research note Thursday detailing bitcoin’s increased vulnerability to the Federal Reserve hiking interest rates. Zach Pandl, bank’s co-head of foreign exchange strategy, and FX analyst Isabella Rosenberg explained that as mainstream adoption of bitcoin increases, so does the cryptocurrency’s vulnerability to Fed policy. They described: Over the last two years, as bitcoin has seen wider mainstream adoption, its correlation with macro assets has picked up. Noting that higher bond yields have affected technology stocks in recent weeks, with

Ethereum’s average network fees have dropped to the lowest value in 30 days at 0.0096 ether or $24.64 per transaction. Median-sized ethereum fees are lower today as well, as fees are between $8.37 to $10.82 per transaction as ether fees haven’t been this low since January 1. Onchain Ethereum Fees Drop, Current Bitcoin Fees 91% Cheaper Than Ethereum Fees It’s cheaper today to send ethereum ( ETH ), as network fees are 0.0096 ETH or $24.64 on average to send the second leading crypto asset. On January 30, 2022, ethereum has a 24-hour price range of around $2,575 to $2,647 per unit. Average-sized ETH fees haven’t been this low since January 1, 2022, when the average-sized fee (ASF) was $25.75 per transfer. Ethereum fees reached a high on January 10, at $52.46 per transaction and the current ASF today is 53.03% lower than the high. Median-sized fees (MSF) on Ethereum are also lower today, as the MSF on ETH on January 10, is $29.92 per transfer. Statistics show MSF on Ethereum t

A new Russian law may oblige potential crypto investors to take a test before being allowed to purchase digital assets over a certain limit. The authors are also hoping to regulate cryptocurrency mining and cut access to cheap energy for those who mint coins in their homes. Bill to Bring ‘Tight Regulation’ to Crypto Industry, Strict Requirements for Investors Russian lawmakers are working on a law to fill regulatory gaps in the crypto space. The legislation may introduce special exams for non-qualified investors who want to buy cryptocurrencies with a total annual value exceeding 600,000 rubles ($7,700). One of its sponsors, the Deputy Chair of the parliamentary Security and Anti-Corruption Committee Andrey Lugovoy, told the daily Izvestia that the new law is about “tight regulation” of the sector. The bill is expected to hit the floor of the State Duma during the spring session of the lower house of parliament, the deputy noted. Before that, it will be discussed with relevant min

Kenya’s position on cryptocurrencies is still unchanged the governor of the Central Bank of Kenya (CBK), Patrick Njoroge has said. Njoroge latest remarks come as Kenya continues to cement its position as one of the countries on the African continent that has the highest adoption of cryptocurrencies. CBK’s New Stance of Cryptocurrencies to Be Unveiled Soon The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has said Kenya’s stance on cryptocurrencies remains unchanged. Njoroge, who made the comments soon after the CBK’s monetary policy announcement, revealed however that the central bank will be talking more about cryptocurrencies in the near future. As noted in the Kenyan Wallstreet report, the governor’s reiteration of the CBK’s stance on cryptocurrencies is coming more than six months after reports emerged that Kenyan banks were issuing alerts that urged clients to desist from the practice of trading cryptocurrencies. Njoroge’s reaffirmation of the central bank’s

A new survey has indicated that Russians who have heard about cryptocurrency are deeply divided in their opinions on the recently suggested ban on operations with digital assets. A third of the respondents support the central bank’s proposal while an equal number of participants in the survey oppose it. Bank of Russia’s Call to Prohibit Cryptocurrencies Backed by 32% of Russians Who Know Bitcoin Amid ongoing discussions on the future of digital currencies, the Russian Public Opinion Research Center (Vtsiom) has published a new study measuring the attitudes of Russian citizens towards crypto assets and operations with them. It comes as officials are trying to put the country’s crypto space in order, not without disagreements between regulators. According to the poll, the majority of Russians (64%) have heard about bitcoin and 17% have good knowledge of the cryptocurrency, an increase of four percentage points in comparison with the data from a 2017 survey. The share of those who ar

Visa has now partnered with more than 65 crypto platforms and exchanges. In addition, the payments giant revealed that crypto-linked card usage exceeded $2.5 billion in the first fiscal quarter, “which is already 70% of the payments volume for all of fiscal 2021.” Visa Outlines Crypto Strategy and Achievements Visa Inc. discussed its crypto strategy and achievements during the company’s earnings call Thursday. Visa CEO Al Kelly said: “Many current trends in payments, including … crypto, and wallets, are enabling new ways to pay. These represent opportunities for Visa.” Regarding his company’s efforts in the crypto space, the executive highlighted: We’re also providing on-ramps for crypto players creating connectivity with fiat economies. There are over 65 crypto platforms and exchanges that have partnered to issue Visa credentials. Recently, Bitcoin.com News reported that consumers will be able to spend cryptocurrency at 80 million merchants using crypto-linked Visa cards. How

Ethereum co-founder Vitalik Buterin has unveiled how he will use $100 million in cryptocurrency from India’s Covid Crypto Relief Fund (Cryptorelief) to accelerate relief efforts and “bring great benefit to Indians and non-Indians.” The crypto is part of the Shiba Inu funds Buterin donated to Cryptorelief last year. Vitalik Buterin to Personally Deploy $100M From Shiba Funds to Help Covid Relief Efforts Ethereum co-founder Vitalik Buterin tweeted Friday that Cryptorelief is sending $100 million in cryptocurrency from the “Shiba funds” back to him. He added that he plans to “personally deploy these funds” in some “higher-risk, higher-reward Covid science and relief projects worldwide.” Buterin’s statement was in response to a tweet by Sandeep Nailwal, co-founder of Polygon. Nailwal founded the Covid Crypto Relief Fund (Cryptorelief) in April last year. Noting that he and Buterin have been in discussion “on how to accelerate relief efforts in India,” the Cryptorelief founder detailed

Nobel Prize-winning economist Paul Krugman sees parallels between the crypto market and the subprime mortgage crash. “There’s growing evidence that the risks of crypto are falling disproportionately on people who don’t know what they are getting into and are poorly positioned to handle the downside,” he stressed. Nobel Laureate Paul Krugman Warns About Crypto Crashing Like Subprime Mortgage Nobel laureate Paul Krugman warned about cryptocurrency investing in an opinion piece he authored in the New York Times, published Thursday. Krugman won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 “for his analysis of trade patterns and location of economic activity,” the Nobel Prize website shows. The Nobel Prize winner began by acknowledging that “crypto has become a pretty big asset class,” noting that the market value of all cryptocurrencies reached almost $3 trillion last fall. He added that the prices of cryptocurrencies have crashed, “wiping out arou

Leading investment bank JPMorgan has changed its view on the estimate of bitcoin’s price on a long-term basis. The institution had estimated a long-term price of $146K back in November when bitcoin was over $60K. One of the most important reasons for this change has to do with the increased volatility the asset has faced in recent times. JPMorgan Changes Long-Term Bitcoin Price Estimate JPMorgan, one of the biggest financial institutions in the world, has drastically changed its opinion on the price that bitcoin will reach long term. While JPMorgan was bullish last year, when it estimated this number at almost $150K, it has lowered its estimations due to the situation the market is experiencing this year. The new $38K price, about one-fourth of the previously calculated number, was estimated in a different context concerning gold and bitcoin and the volatility of the market. On this, JPMorgan stated in a note: Our previous projection that the bitcoin to gold volatility ratio wil

Some disgruntled Nigerian users of the cryptocurrency exchange Binance have launched a campaign to boycott the platform, which they accuse of freezing client accounts without valid reason. Accounts Blocked Cryptocurrency exchange platform Binance recently became the target of a boycott campaign initiated by disgruntled users in Nigeria. Using the hashtag #Binancestopscamming, the campaigners are urging other Binance users around the African continent to join them in registering their displeasure with the exchange. According to a report in the Premium Times newspaper, the users’ anger towards Binance stems from apparent changes made to the platform’s terms of use which have resulted in certain users losing access to their funds. Similarly, on Twitter, frustrated users shared their experiences with the exchange and how efforts to get their issues resolved have proved to be in vain so far. For instance, one user named Brown-Mi alleges that Binance blocked his account and therefore h

A member of the Brussels Parliament, Christophe De Beukelaer, says he will receive his entire salary in bitcoin this year. He believes that the technology will disrupt all industries and crypto adoption is going to be “exponential.” Belgian MP Says He Will Receive Entire Salary in Bitcoin — ‘We Can No Longer Remain Ignorant of This New World’ Christophe De Beukelaer, a member of the Brussels Parliament, said in a blog post on his personal website that he will receive his 2022 salary in bitcoin. The lawmaker explained that “with the blockchain, we are at the dawn of a revolution of the same order as what we experienced with the internet 30 years ago.” He believes that all sectors “will be disrupted,” adding that in other countries, “large institutions are beginning to invest massively in crypto assets in order not to miss this gigantic opportunity.” Noting that “it is the role of politicians to make the population aware of these societal changes that are coming,” he stressed: We

Finder’s panel of 33 fintech specialists has forecasted that the price of bitcoin will peak at about $94K before ending the year above $76K. In addition, the panel expects the price of the cryptocurrency to reach $192,800 in 2025 and $406,400 in 2030. Finder’s Experts Predict BTC Price for 2022, 2025, and 2030 Finder, a major product comparison website, published an updated bitcoin price prediction Wednesday for 2022 by “Finder’s panel of 33 fintech specialists.” According to the panel’s BTC price forecasts: Bitcoin ( BTC ) is expected to peak at US$93,717 this year before dropping to $76,360 by the end of 2022 … This is roughly 60% higher than the price of bitcoin at the beginning of 2022. The panel of specialists also predicted the price of bitcoin for 2025 and 2030. However, their most recent predictions are lower than their October forecasts. At the time of writing, the price of bitcoin is $36,311.13 based on data from Bitcoin.com Markets. By the end of 2025, the panel

American Express (Amex) sees cryptocurrency as an asset class, according to CEO Steve Squeri. He added that right now, the firm does not see crypto as an immediate or medium-term threat to its business. American Express CEO Discusses Crypto Strategy The chairman and CEO of American Express (Amex), Steve Squeri, answered some questions regarding cryptocurrency during the company’s Q4 earnings call Tuesday. Squeri said: “As far as cryptocurrency goes, we watch cryptocurrencies … We think about the spectrum of digital currencies. We think about crypto. We think about stablecoins. We think about central bank digital currency [CBDC].” The CEO continued: At this particular point in time, we view cryptocurrency more as an asset class. Regarding crypto’s use as currency for payments, he said, “that’s a hard thing to utilize that way.” The American Express executive further noted: “And as far as blockchain, we’ve got investments in blockchain companies … We constantly look at blockchai

The founder of Barstool Sports blog, Dave Portnoy, announced he purchased 29 bitcoin on January 28, spending more than a million dollars. The day trader has had his ups and downs with bitcoin over the last few years, and it seems he’s now jumping back into the market. Day Trader Dave Portnoy Bought 29 Bitcoin on the Fly After His Ups and Downs With the Leading Crypto In August 2020, the stock trader and the founder of Barstool Sports blog, Dave Portnoy, told his Twitter followers that he currently owned “zero bitcoins.” “I will wait and watch,” the day trader wrote at the time. “I lost 25K. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done,” Portnoy added. Earlier in the day, Portnoy seemed very irritated with cryptocurrency markets and stressed in a video : This Bitcoin — I don’t trust this market at all. I may be out of it by the end of today,

Al Fardan Exchange, a money transfer firm, has joined up with Ripplenet in a deal that will see the company use the Ripplenet blockchain when sending funds across national borders. Al Fardan’s Reasons for Joining Ripple A United Arab Emirates (UAE)-based money transfer platform, Al Fardan Exchange, has partnered with Ripple in a deal in which the remittances firm will use the latter’s blockchain to send funds across borders in real-time. According to a report in The National News, Al Fardan will become part of the Ripplenet Cloud, the blockchain firm’s cloud-based global financial network. In his comments following an announcement of the agreement, the money transfer firm’s chief executive, Hasan Al Fardan, explained why his company went into this partnership. He said: We are well into a digital future and payments powered by technology, which is becoming key in the region. This partnership underscores our commitment to offering new channels and opportunities for people to remit

PRESS RELEASE. LetsExchange.io , an instant cryptocurrency exchange platform, reports the tremendous growth it has achieved since its launch in early 2021. In March 2021, the platform had 6,000 active users from 20 countries. At the time, users could swap 200 digital coins and tokens, accounting for more than 40,000 crypto pairs. The figures in December 2021 speak volumes about the growth of this platform: 120,000 supported crypto pairs (3x increase) 350,000 monthly active users (60x increase) 170 countries served (8.5x increase) With 350 cryptocurrencies available and the massive growth of its community, LetsExchange increased the number of swaps per month by 100 times as of December 2021. This achievement has positioned LetsExchange as one of the leading non-custodial exchanges worldwide. The platform’s rapid development is in great part due to the approach to crypto exchange that LetsExchange has taken. It doesn’t require registration or KYC checks. Users can exchange unli

Reddit, one of the largest micro-posting sites on the internet, is reportedly venturing further into the world of non-fungible tokens (NFTs). The company is testing a new functionality that allows users to set NFTs as profile pics, something Twitter is already doing now. Reddit released its own batch of NFTs, called Cryptosnoos, in June 2021, albeit via a limited release. Reddit to Delve Further Into NFTs Reddit, one of the leading micro-posting sites on the internet, is reportedly testing NFT-related functionality on its platform. According to Techcrunch , the company is testing a feature that will allow its users to set NFTs as profile pics on the platform. The announcement was made by Reddit spokesperson Tim Rathschmidt, who stated: We’re always exploring ways to provide value for users and communities on Reddit. At the moment we’re testing the ability to use NFTs as profile pictures (avatars) and verify ownership. Rathschmidt further stated that this is a small, internal tes

The president of Turkey, Recep Tayyip Erdoğan, has reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse. “It is a sensitive subject, a good and meticulous study should be done,” said President Erdoğan. Turkish President Wants the Ruling Party to Study Crypto and the Metaverse Turkish President Recep Tayyip Erdoğan reportedly discussed cryptocurrency and the metaverse at the Justice and Development Party’s central executive board meeting held Tuesday under his chairmanship. The Justice and Development Party (AK Party) is the largest party in Turkey, and President Erdoğan is its current leader. During the meeting, President Erdoğan directed the AK Party to analyze new developments, including cryptocurrency and the metaverse, local media reported Wednesday. He also instructed the party members to organize a forum to focus on these areas. President Erdoğan reportedly said at the meeting: It is a sensitive subject. A good and meticul

Lloyd Blankfein, a former Goldman Sachs CEO who is now the firm’s senior chairman, says his view on cryptocurrency is evolving. “I look at the crypto, and it is happening,” he added. Goldman Sachs Executive Lloyd Blankfein Says Crypto ‘Is Happening’ Lloyd Blankfein, a former Goldman Sachs CEO who has voiced skepticism about cryptocurrency in the past, said in an interview with CNBC this week that his view on crypto is “evolving.” Blankfein served as Goldman Sachs’ chairman and chief executive officer from 2006 through September 2018, and remained chairman through December 2018. He is now senior chairman of the Goldman Sachs Group. He was asked whether his view on cryptocurrency has changed given the current market condition and traditional banks, including Goldman Sachs, starting to offer crypto services, such as trading and custody. The Goldman executive replied: Look, my view of it is evolving … I can’t predict the future, but I think it’s a big thing to be able to predict th

A special agent with the Internal Revenue Service (IRS) says the tax agency is “seeing mountains and mountains of fraud” in the cryptocurrency space. The IRS criminal investigation unit is trying to train all of its agents on crypto and non-fungible token (NFT) issues because “this space is the future,” he stressed. IRS Special Agent Says Crypto Is Rife With ‘Mountains and Mountains of Fraud’ A special agent in charge of the IRS’ criminal investigation division in Los Angeles, Ryan Korner, talked about cryptocurrency at a virtual event hosted by the USC Gould School of Law Tuesday. He was quoted by Bloomberg as saying: We’re just seeing mountains and mountains of fraud in this area. He explained that non-fungible tokens (NFTs) and crypto in general are prone to market manipulation, adding that high-profile individuals could influence crypto prices with just one tweet. Noting that celebrities are not immune to the tax authority’s criminal probes, the special agent clarified: “We

Equities, crypto markets, and precious metals did well during the early morning trading sessions on Wednesday, just before the U.S. central bank wrapped up its Federal Open Market Committee (FOMC) meeting. While the Fed said in a statement that the benchmark interest rate would rise soon, the central bank’s lead Jerome Powell said the committee “is of a mind to raise the federal funds rate at the March meeting.” Powell’s statements following the meeting, alongside discussions of reducing the balance sheet, were viewed as hawkish among investors and global markets dipped in value. FOMC Says It Plans to Raise the Federal Funds Rate ‘Soon,’ Fed Chair Jerome Powell Insists Rates Will Change in March Following a week of dismal markets, the highly anticipated Federal Open Market Committee (FOMC) meeting took place, and members of the committee unanimously approved the decision to keep rates at near-zero levels. “With inflation well above 2 percent and a strong labor market, the Committe

The main utility company in Irkutsk is looking to collect almost $800,000 from owners of crypto farms that have allegedly caused a spike in electricity consumption in the Russian region. The supplier accuses the miners of burning cheap household electricity in what is, in fact, a business activity. Power Utility Takes Crypto Miners to Court Irkutskenergosbyt, the local power distributer in Irkutsk Oblast, has filed 137 lawsuits against customers using subsidized electricity to mint digital currencies in mining facilities set up in basements and garages. Taking the cases to court, the utility hopes to recover 63 million Russian rubles (over $790,000) in compensation, Tass reported quoting its director, Andrey Kharitonov. The company says these home miners are engaged in entrepreneurial activities while paying for their electricity at the tariffs for the population, which are four times lower than commercial rates. The owners of the underground crypto farms are also increasing the lo

PRESS RELEASE. Not too long ago, Dvision Network had successfully initiated their LAND sale, and now it is time for the second sale to commence as the first month of 2022 nears its end. On January 27th, 11:00 AM UTC, the Polygon Ecosystem will witness the Dvision’s second LAND Sale via Dvision Marketplace and the NFT marketplace known as OpenSea . The NFTs, which are key units for the initiative’s Meta-Cities, shall be distributed fairly for sale through the native Dvision Marketplace and OpenSea via the Polygon Ecosystem. Moreover, the ERC-721 compliant LAND NFTs will be minted on the Polygon Mainnet in addition to all ecosystem-related operations taking place in their native chain-supported marketplaces. Furthermore, the team will continue to integrate Polygon Partners through a mutual LAND NFT Grant Program that will provide increased access and exposure to the metaverse through the allocation of LAND NFTs. The first project to receive the grant LAND NFT is Project Galaxy –

The leader of the Nigerian blockchain association, Senator Ihenyen, has implored the country’s lawmakers — currently pushing for the securities law to be revamped — to consider crafting laws that regulate the crypto industry. Proposed Law Does Not Expressly Mention Cryptocurrencies As Nigerian lawmakers debate a bill that proposes a ten-year jail term for operators of Ponzi schemes, a leader of a Nigerian blockchain lobby group, Senator Ihenyen, has urged the country’s lawmakers to consider crafting a law to govern the cryptocurrency industry. He argued that an “unregulated crypto space is not in anyone’s best interest.” Ihenyen, who heads the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), however, concedes that while the proposed bill does not expressly mention or refer to digital currencies, crypto Ponzi schemes are included in what the lawmakers call “prohibited schemes.” The remarks by the leader of SIBAN follow reports that Nigerian lawmakers had passed

Elon Musk’s electric car company, Tesla, did not sell any bitcoin in the fourth quarter, according to the company’s latest financial statement. Tesla is holding bitcoin worth $1.26 billion. The company still has not resumed accepting bitcoin payments but now accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise. Tesla Did Not Sell Bitcoin in Q4 Tesla released its Q4 and FY2021 financial statements Wednesday. The company’s unaudited balance sheet shows net digital assets of $1.26 billion at the end of December last year. This amount is unchanged from the third quarter . Tesla’s unaudited statement of cash flows also shows that there was no purchase or sale of digital assets in the last three quarters. The only cryptocurrency purchase Tesla made was bitcoin in the first quarter in the amount of $1.5 billion. The only sale the company made was also in the first quarter. While Tesla never disclosed how much bitcoin it owns, Musk previously hinted that it is close to 42

Ripple has bought back shares from its Series C funding round, which raised the company’s valuation to $15 billion, according to CEO Brad Garlinghouse. He added that despite the lawsuit by the U.S. Securities and Exchange Commission (SEC) over the status of XRP cryptocurrency, Ripple had the best year on record. Ripple’s $15 Billion Valuation and ‘Best Year on Record’ Ripple CEO Brad Garlinghouse announced via Twitter Wednesday that Ripple has bought back its Series C shares at a $15 billion valuation. The CEO described that “Even with 2021’s headwinds, it was our best year on record,” adding that Ripple’s financial position is the strongest it has ever been, with $1 billion dollars in the bank. In December 2019, the company raised $200 million in the Series C funding round, led by Tetragon. SBI Holdings and Route 66 Ventures also participated. According to reports, the company’s valuation was $10 billion after the Series C funding round. Noting that “slow down” is not in Rippl

PRESS RELEASE. As the new year gets underway, there has been a lot of speculation and interest regarding what role the metaverse, crypto and VR (Virtual Reality) will play going forward. After all, our society is becoming increasingly digitised and the COVID-19 global pandemic is still very much ongoing. As a result, there is a clear need for everyone to continue to live their lives but in a vastly different way than before, and that is exactly where Ariva Digital comes into play. Understanding Ariva Simply put, Ariva can be thought of as an innovative blockchain platform which intends to solve the inefficiencies of the tourism industry by providing a next-generation blockchain-based ecosystem. It essentially wishes to influence the tourism sector by combining cutting-edge goods, services and products into its ecosystem. This is divided into many important categories, according to the official whitepaper , including Ariva.World, Ariva.Finance, Ariva.Club, and finally the Ariva Me