Bitcoin News and Finance: What You Need to Know

China-headquartered cryptocurrency exchange, Hotbit, said on May 22 it had made the decision to halt “all cex operations.” The crypto exchange pointed to the “continuous outflows of funds from cex [centralized exchange] users” as one of the many factors that forced Hotbit to stop operations. The Crypto Industry’s ‘Deteriorating Conditions’ The Asian cryptocurrency exchange, Hotbit, recently said it was shutting down the platform due to what it characterized as “deteriorating conditions” in the crypto industry. According to a statement issued by the exchange on May 22, these conditions have, in turn, resulted in the “continuous outflows of funds from cex [centralized exchange] users, including Hotbit, and deteriorating cash flow.” In addition to dealing with capital outflows and reduced cash flow, the Hotbit team claimed in the statement that the constant upheavals in the crypto industry are making it more difficult to operate a cex. The Hotibit team said : The successive collapse

Africa will likely leapfrog the top fintech regions if startups on the continent adopt new technologies, the Global Fintech 2023 report by the Boston Consulting Group and QED Investors has said. The report points to the African continent’s young population as well as the projected population growth of 1.2 billion more inhabitants by 2050. Overcoming Africa’s Financial Exclusion Woes According to the Global Fintech 2023 report by the Boston Consulting Group and QED Investors, Africa and the Middle East are likely to leapfrog established fintech centers if they adopt new technologies. The report also noted that while cash is “still king” in Africa, fintech startups are ideally positioned to solve the continent’s financial exclusion woes. By overcoming this, the fintechs will help make Africa one of the fastest-growing regions globally. On how Africa is likely to achieve this feat, the report pointed to the continent’s projected population growth of 1.2 billion more inhabitants by 20

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  KyberSwap , a leading decentralized exchange (DEX) platform, is thrilled to announce they will be resuming its highly anticipated Elastic protocol on May 25, 2023. This brings back key capital-efficient features such as concentrated liquidity and full range fees compounding, while incorporating significant security enhancements, including a newly audited smart contract, round-the-clock live scanning in collaboration with security partners, and the introduction of an Insurance Fund. KyberSwap Elastic will resume with improved smart contracts that have undergone internal audits as well as external audits with ChainSecurity and the community whitehat developer that spotted the smart contract vulnerability earlier in April. Further smart contract audits are being planned with other auditors. The comprehensive audit report by ChainSecurity can be found here . In addition to fortified

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Tesla CEO Elon Musk says “there should be a significant third horse” in the artificial intelligence (AI) race besides Microsoft and Google. The billionaire suggested that his companies Tesla and Twitter could partner with an AI firm similar to how Microsoft collaborates with Openai. Elon Musk on AI: ‘There Should Be a Significant Third Horse in the Race’ Tesla CEO Elon Musk discussed a wide range of topics during a virtual appearance at the Wall Street Journal’s CEO Council Summit in London on Tuesday. Artificial intelligence (AI) was among the topics the billionaire discussed. He believes that there should be a major competitor to Microsoft and Google in the AI race. The Tesla boss, who recently established an AI company called X.AI, said: We’ve got Openai and Microsoft, Google Deepmind … I think there should be a significant third horse in the race. Musk noted that his soci

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Chinese President Xi Jinping has stated that China is ready to strengthen cooperation with Russia. The two nations reportedly want to “develop and establish a bigger regional market” while ensuring “a more stable and robust global supply chain” in order to “bring real and tangible benefits to the countries in the region.” China and Russia to Strengthen Cooperation Chinese President Xi Jinping met with Russian Prime Minister Mikhail Mishustin in Beijing on Wednesday. During their meeting, Xi told the Russian official that China is ready to strengthen cooperation with Russia, Chinese news agency Xinhua reported. Xi stated that in addition to strengthening cooperation across multilateral platforms, such as the United Nations, the Shanghai Cooperation Organization (SCO), the BRICS, and the G20, China and Russia should explore “potential” new economic, trade, and investment relations

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting. ‘De-Dollarization Is Not a Voluntary Choice by Countries’ The two-day 51st annual Asian Clearing Union (ACU) meeting began on Tuesday in Tehran, with participation from officials representing members of the Asian Clearing Union (ACU) as well as several others. The meeting was hosted by the central bank of Iran and de-dollarization was a key topic discussed at the event, Tasnim news service reported. The ACU currently has nine members: Bangladesh Bank, Royal Monetary Authority of Bhutan, Res

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Stricter anti-money laundering (AML) measures for the crypto sector in Japan will enter into force next month, local media reported. The new rules were adopted to align the country’s legal framework for cryptocurrencies with global standards in the field. Japan to Enforce Legislation Allowing the Tracing of Crypto Transactions The Cabinet of Japan, the executive power in Tokyo, has decided to enforce more stringent AML rules for cryptocurrency operations from June 1, the Kyodo News agency reported. The measures will bring the nation’s regulatory framework in line with international standards and allow the government to trace digital-asset transactions. Japanese lawmakers amended the respective laws in December 2022, in response to recommendations by the Financial Action Task Force (FATF), the intergovernmental organization developing policies designed to combat money laundering

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  On May 24, Binance CEO Changpeng Zhao, also known as CZ, shared through Twitter that “Chinese speaking communities are buzzing” following a news broadcast by state-operated media network China Central Television (CCTV) regarding Hong Kong’s latest cryptocurrency-focused regulatory policy. CCTV’s Coverage of Hong Kong’s Crypto Regulations Sparks Excitement, Says Binance CEO; Nanxin University Launches Metaverse Platform This week CZ emphasized that the coverage of cryptocurrencies by CCTV is significant, especially considering that crypto asset businesses were prohibited in China in September 2021. The Binance boss stated : “CCTV (China Central Television) just broadcasted crypto — It’s a big deal — The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.” He also noted that he wasn’t suggesting the “past predicts the future” and his state

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy   Russian citizens and firms doing business abroad may soon be restricted in the amount of foreign currency they are allowed to acquire, on order from Vladimir Putin. Russia’s head of state now wants his government to cap such purchases on the domestic forex market. President Putin Orders Russian Authorities to Limit Foreign Currency Purchases Russian President Vladimir Putin has tasked the federal government and the central bank in Moscow to introduce a $1 billion monthly limit on the purchase of foreign currency meant to be used in transactions with entities and individuals in other countries. According to an announcement by the Kremlin, the restrictions will apply to Russian residents buying other nations’ currencies in the domestic foreign exchange market for transfers abroad within government-approved settlements, the RIA Novosti news agency reported. The order is part of

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy   United Nations Secretary-General António Guterres says the current international financial system is “outdated, dysfunctional and unfair.” He stressed: “There is a systemic and unjust bias in global economic and financial frameworks in favor of rich countries, which is naturally generating great frustration in the developing world.” UN Secretary-General Calls for Reform of Global Financial System United Nations Secretary-General António Guterres, who served as the prime minister of Portugal from 1995 to 2002, has called for a reform of the global financial system. He shared during a press conference on Sunday in Hiroshima, Japan, where he attended the Group of Seven (G7) summit: “My message to G7 leaders is clear: while the economic picture is uncertain everywhere, rich countries cannot ignore the fact that more than half the world — the vast majority of countries — are suffe

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  The chairman of Russia’s national economic development institution VEB.RF has urged China and Russia to speed up the establishment of a new, “cutting-edge” payment system for currencies of Shanghai Cooperation Organization (SCO) and BRICS nations. “Our relations with China keep getting stronger,” said Russia’s prime minister. Shuvalov Discusses New Payment System for BRICS and SCO The chairman of Russia’s national economic development institution VEB.RF, Igor Shuvalov, has urged China and Russia to accelerate the establishment of an efficient payment system for members of the Shanghai Cooperation Organization (SCO) and the BRICS economic group. VEB.RF is a Russian state development corporation and investment company. It is a non-profit organization with no shareholders. Shuvalov previously served as First Deputy Prime Minister in Dmitry Medvedev’s Cabinet. He was appointed chair

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  A survey by the U.S. Federal Reserve shows that American household financial well-being “declined markedly” in 2022. The share of adults who said they were worse off financially than a year earlier rose to “the highest level since the question was first asked in 2014,” according to the U.S. central bank. American Financial Well-Being ‘Declined Markedly’ The Federal Reserve Board released the results of its 10th annual Survey of Household Economics and Decisionmaking (SHED) Monday. The survey measures the economic well-being of U.S. households and identifies potential risks to their finances. It was conducted in October last year with the participation of more than 11,000 adults. In its report highlighting the survey’s key findings, the Fed wrote: Overall, financial well-being declined markedly over the prior year … The share of adults who said they were worse off financially th

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Charles Hoskinson, co-founder of the Cardano blockchain, has labeled the decentralized computing platform Ethereum Classic ( ETC ) a scam that is benefiting “insiders who dump on those they recruit.” Hoskinson claimed that “Ergo is what ETC should have been and continues to innovate, has a purpose, good ethical leadership, and funding for the future.” The POW Summit According to Cardano founder Charles Hoskinson, the decentralized computing platform Ethereum Classic ( ETC ) is now a scam and “its only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come.” In his rant against ETC on Twitter, Hoskinson, himself one of the co-founders of Ethereum, also slammed what sees as the platform’s lack of a roadmap or vision. The first annual Proof-of-Work Summit will be held in #Prague on Sept 25-27 presented by the @LTCFounda

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  PRESS RELEASE. Miami, Florida/ Bitcoin 2023, a three-day bitcoin conference held in Miami Beach, Florida, has concluded, bringing together developers, investors, and crypto enthusiasts from around the world. The conference featured a range of talks about Bitcoin, covering topics like investment landscapes, mining financialization, tax policies, current market conditions, and future trends. In addition, the Declaration of Monetary Independence (DoMI) was showcased, which was a major highlight for many attendees. CoinEx Exchange , which sponsored the event, provided attendees with the latest Bitcoin market information, trading strategies, and crypto developments, while highlighting its technical advantages and business strength as a long-established crypto exchange. Through its sponsorship of Bitcoin 2023, the company demonstrated its commitment to the crypto industry. “We are hon

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Kenya-headquartered African fintech M-Kopa is reported to have secured $200 million in debt financing and an additional $55 million in equity funding. Financial services group Standard Bank Group led the debt financing round while the investment company Sumitomo Corporation led the equity round with an investment of $36.5 million. Expanding M-Kopa’s Smartphone Service Business M-Kopa, an African fintech startup focused on asset financing, has reportedly secured $200 million in debt financing and an additional $55 million in equity funding. According to a Fintech Futures report, Standard Bank Group led the debt financing round which was also backed by the International Finance Corporation (IFC). The other participants in this round include British International Investment, Mirova Sunfunder, and Nithio as well as the funds that are managed by Lion’s Head Global Partners. On the ot

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Bitcoin was once again trading below a key resistance level of $27,000 on Wednesday, ahead of today’s U.S. Federal Open Market Committee (FOMC) minutes report. Markets are expecting that the minutes will show the Federal Reserve’s timeline towards a policy pivot. Ethereum was 2% lower today. Bitcoin Bitcoin ( BTC ) moved below $27,000 on Wednesday, as markets begin to prepare for the release of the upcoming FOMC minutes report. Following a high of $27,386.99 on Tuesday, BTC /USD dropped to a low of $26,671.98 earlier in today’s session. The move comes following two days of consecutive gains, which pushed bitcoin to a one-week high. Bitcoin chart by TradingView Looking at the chart, the decline came as the relative strength index (RSI) of 14 days fell below a support point at 42.00. At the time of writing this, the index is now tracking at 41.356, with a lower floor at 3

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Eight months ago, there was a significant transformation in the realm of lucrative proof-of-work (PoW) mining algorithms when Ethereum made the transition from PoW to proof-of-stake (PoS). During that period, the prevailing consensus algorithms for mining were Kadena, Scrypt, and Cuckatoo32. However, the landscape has evolved, and presently, the most profitable consensus algorithms for mining encompass Kheavyhash, Scrypt, and Eaglesong. The Evolving Landscape of Profitable Proof-of-Work Algorithms While mining bitcoin (BTC) remains a profitable venture, it is not the foremost crypto asset for maximizing profitability in 2023. As of May 23, 2023, bitcoin ranks fifth among the most profitable cryptocurrencies to mine this year, while several other digital assets promise higher returns. At the height of mining profitability stands a lesser-known PoW token named kaspa (KAS) . Curre

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Litecoin was a notable mover on Wednesday, as the token dropped by as much as 6% in today’s session. The decline came as a red wave swept through the crypto market, leading to the global cap falling by 2% at the time of writing. Dogecoin also dropped, hitting a two-week low. Litecoin ( LTC ) Litecoin ( LTC ) was one of Wednesday’s biggest movers, as the token fell by as much as 6% in today’s session. LTC /USD dropped to a bottom of $85.87 earlier in the day, less than 24 hours after hitting a high of $91.79. The decline in price pushed litecoin to its weakest point since May 15, when it last broke out of a floor at $85.00. From the chart, it appears that today’s move transpired as the relative strength index (RSI) fell below a support level of 50.00. Currently, price strength is now tracking at 46.95, with the next visible floor at the 39.00 mark. Although LTC has rebounded

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  In the past month, recent data reveals that sales of non-fungible tokens (NFTs) originating from the Bitcoin blockchain have surged to $173.28 million. Surpassing 20 alternative blockchain networks, Bitcoin-based NFT sales now secure the second position in the realm of blockchain sales, with only Ethereum reigning supreme. Bitcoin-Based NFTs Storm the Market, Surpassing 20 Blockchain Competitors Amidst the fervor surrounding the Ordinal inscription trend , Bitcoin-based NFTs have skyrocketed in popularity. The sales amassed over the past 30 days firmly established the network as the second-largest in terms of sales within this time frame. While Ethereum NFT sales saw $392.23 million, this past month Bitcoin sales tallied up to $173.28 million, up 408.29% from the month prior. However, there has been a significant 47% decline in the number of buyers for Bitcoin-based NFTs, total

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy A Montenegrin high court judge has reportedly invalidated the bail application of Do Kwon, the co-founder of Terraform Labs. Kwon was detained for providing false identification while boarding a flight to Dubai alongside a companion on March 23, 2023. Terraform Labs Co-Founder’s Bail Request Invalidated by Montenegrin High Court For the past 62 days, Do Kwon has remained incarcerated in Montenegro’s capital after being apprehended at Podgorica airport. Kwon, along with his accomplice Han Chong-joon, allegedly attempted to depart from Montenegro for Dubai. However, their plans were thwarted when Kwon was discovered carrying forged identification documents. Montenegro’s interior minister, Filip Adzic, confirmed the arrest and subsequent detention of Kwon in Podgorica. Ever since then, Kwon has found himself trapped within the confines of Montenegro’s prisons, and jails with distr

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  The larger portion of payments between Russia and China are now processed using the currencies of the two countries, Prime Minister Mikhail Mishustin revealed. Moscow and Beijing intend to increase mutual trade beyond the $200-billion target this year, added the head of the Russian government. Mishustin: 70% of Settlements Between Russia and China Conducted in National Currencies Around 70% of cross-border settlements between the Russian Federation and the People’s Republic of China are already carried out in national currencies — the ruble and the yuan, according to Russia’s Prime Minister Mikhail Mishustin. During talks in Beijing with his Chinese counterpart, Li Qiang, he highlighted the positive trends in the trade relations between the two countries in a number of areas, stating, quoted by the RIA Novosti news agency: I am sure that this year we will not only fulfill the t