Bitcoin News and Finance: What You Need to Know

The governor of the Bank of England, the British central bank, says bitcoin has no intrinsic value and the cryptocurrency is not suitable as a practical means of payment. His warning came after the crypto market plunged. Andrew Bailey on Bitcoin and Cryptocurrency Bank of England Governor Andrew Bailey warned about bitcoin and cryptocurrency on the Jobs of the Future podcast, published Monday. His warning came after the crypto market plunged, shedding close to $500 billion this month. Bitcoin, the largest cryptocurrency, has fallen more than 25% over the past 30 days. While admitting that blockchain, the underlying technology of cryptocurrencies, is important, Bailey is unconvinced about bitcoin as a means of payment. He added that Britain’s central bank is looking at its own digital currency. He continued: In terms of payments, I don’t think it will be crypto in the a sort of bitcoin sense of the term. I don’t think that is really a practical means of payment. The central ba

Guggenheim Chief Investment Officer Scott Minerd Says there’s a lot more downside to crypto after the market plunged. He has predicted that the price of bitcoin could fall to $8K. Guggenheim’s Scott Minerd Predicts the Future Outlook for Bitcoin, Crypto Bitcoin bear Scott Minard, global chief investment officer of Guggenheim Partners, shared his recent predictions on bitcoin and the crypto sector in an interview Monday with CNBC at the World Economic Forum in Davos, Switzerland. Commenting on the recent crypto market decline, Minerd said: “We are seeing crypto collapse the way it is. I think it’s got more downside.” He was asked how much more downside. “When I look at bitcoin, which the technicals have been better than anything else,” the Guggenheim CIO explained: When you break below $30,000 consistently, $8,000 is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive. “Let’s face it, most of these currencies are –

A crypto investor has been arrested after knocking on Do Kwon’s door following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He lost about $2.4 million and is now under investigation by the South Korean police. “I felt like I was going to die,” he said about losing his investments. Investor Under Investigation for Going to Do Kwon’s Home The collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST) has wiped out a large number of investors. One investor in particular sought direct answers from Kwon Do-hyung (aka Do Kwon), CEO of Terraform Labs who is behind the two cryptocurrencies. The investor, known as “Chancers,” is a Korean social media personality who conducts streams on cryptocurrency-related topics. He lost around 3 billion won ($2.4 million) in the LUNA and UST collapse. He told BBC News: I felt like I was going to die. I lost a lot of money in a short period of time. Around $2.4m of my cryptocurrency was wiped out. He explained

PRESS RELEASE. D’CENT Hardware Wallet recently added a new user-focused feature named ‘Exchange’ under the platform’s ‘Discovery’ tab menu, allowing users to exchange multiple network cryptocurrency assets with only a few clicks. Furthermore, users may acquire cryptocurrencies using their credit cards directly from the ‘Buy Cryptocurrency’ tab, thereby bypassing the need for crypto exchanges. Details about the wallet D’CENT provides three types of wallets, namely ‘Biometric’, ‘Card Type’, and ‘App’, all of which are handled through a single D’CENT mobile application that is fully compatible with both iOS and Android smartphones. D’CENT users may convert their cryptocurrencies into supported coins using the ‘Exchange’ menu and can purchase crypto via the ‘Buy Cryptocurrency’ options without using traditional exchange services as aforementioned. In this way, D’CENT has effectively eliminated the need for users to register their crypto wallet addresses which means that they are giv

During the last few years, cryptocurrencies have been integrated into traditional finance tools like automated teller machines (ATMs), loadable debit cards, point-of-sale devices, and direct payments for all kinds of goods and services. Digital assets have also been added to retirement account offerings issued by financial giants like Fidelity. In recent times, cryptocurrencies can be further capitalized to put a down payment on a mortgage or get a conventional home loan using bitcoin as collateral. Crypto-Backed Conventional Home Loans These days, at least in the United States, banks require at least 20% down if a person or a couple wants to purchase a home by leveraging a conventional loan. Typically, people use cash for collateral or a down payment, but Americans can also utilize things like business equipment, inventory, invoices, blanket liens, and even other forms of real estate to secure a traditional mortgage. As of April 8, 2022, the median home price in the U.S. was $392,

With the approaching tsunami of central bank digital currencies (CBDCs) looming ever closer, it shouldn’t come as a surprise when central banks shill their coins at the expense of sounder assets. Recently, European Central Bank president Christine Lagarde went so far as to say that cryptocurrency is “worth nothing.” According to Lagarde, crypto has “no underlying asset” like the upcoming digital euro. But fiat money’s secret source of value is the real explosive scandal. ‘Worthless’ Innovation European Central Bank President Christine Lagarde recently remarked that crypto is “worth nothing” and needs to be regulated. Nevermind the humor in trying to regulate something worthless, or her failure to understand subjective value, but the once- convicted criminal Christine said something that was very interesting: [With crypto] there is no underlying asset to act as an anchor of safety. She was making this observation in comparison to the upcoming digital euro central bank digital c

Several crypto firms, including Binance and Circle, have launched a new crypto scam reporting platform. The tool “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it.” New Crypto Scam Reporting Platform Launched A number of crypto firms have joined forces and launched a new, multi-chain scam reporting platform. TRM Labs, Circle, Solana Foundation, the Aave Companies, Hedera, Binance.us, and Civic announced last week “the launch of a new community-powered scam reporting platform, Chainabuse .” The platform, operated by blockchain intelligence firm TRM Labs, “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it,” the announcement details, elaborating: The free tool enables crypto users, victims of financial crimes, and crypto businesses to take an active role in making the crypto ecosystem a safer place to operate. Currently, users can file re

India’s central bank, the Reserve Bank of India (RBI), has warned about investing in the crypto market following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). “We have been cautioning against crypto and look at what has happened to the crypto market now,” said Governor Shaktikanta Das. RBI’s Governor on Crypto Market and Regulation The governor of the Reserve Bank of India (RBI), Shaktikanta Das, discussed the crypto market downturn and the regulation of crypto assets in an interview with CNBC TV18 Monday. “We have been cautioning against crypto and look at what has happened to the crypto market now,” the governor said, stressing: Had we been regulating it already, then people would have raised questions about what happened to regulations. The crypto market has shed over $1.5 trillion since November last year and almost $500 billion since the beginning of the month. The market slump was exacerbated by the fall of cryptocurrency terra (LUNA) and alg

South Africa’s national broadcaster has suspended one of its employees that is accused of convincing unsuspecting people, including pensioners, to invest in a cryptocurrency scam. More than 100 people are believed to have fallen victim to promises of very high returns to investors in the bitcoin investment scheme. 300% Return on Investment The South African state broadcaster recently suspended one of its radio presenters, Sebasa Mogale, after a media exposé suggested he may have been part of a cryptocurrency scam outfit that reportedly promised a 300% return on investment. The decision to suspend the popular broadcaster, who also plays a role in South Africa’s popular television series Skeem Saam, was made after an investigative report by the media outlet Carte Blanche identified him as one of the masterminds behind the scam that allegedly fleeced more than 100 people. Reports of Mogale’s suspension were confirmed by Gugu Ntuli, the South African Broadcasting Corporation (SABC) gr

The World Economic Forum (WEF), one of the most influential international institutions, has expressed its worries about the safety of metaverse dwellers, especially younger ones. The group has raised a number of concerns regarding the anonymity and safety of young individuals in this upcoming alternate world, and has given a number of recommendations to preserve them. World Economic Forum Puts Metaverse Child Safety First Big forums and institutions in the world are thinking about the implications that living a part of our lives in the metaverse might bring. The World Economic Forum ( WEF ), an “international institution for public private cooperation,” has expressed its worries about the safety of young individuals in the metaverse. In an article written as part of the Davos 2022 meeting of the forum, Mark Read, CEO of WPP, explains the growth of this sector and why building a safe metaverse is a priority. The article conveys that while the metaverse is being promoted as an alter

Gate.io is one of the longest running secure exchanges in the world and over time, surpassed 10 million users worldwide. To mark this milestone, the exchange is launching a rebranding and a sweepstake with $9,000,000 in prizes! Read on to find out more about what makes Gate.io such a success and what the team has in-store for users as part of its 9th anniversary. Gate.io’s Journey to Business Legend Founded in 2013 , Gate.io is one of the longest-running secure exchanges in the world. Subsequently, it has grown to offer over 1400 cryptocurrencies and become a platform that provides a wealth of trading services to its users. Its portfolio of products includes Startup that allows users to invest in projects early, NFT Magic Box that allows the creation and trading of NFTs – something trendy right now, GateChain , its native blockchain system, and Gate Ventures , the venture capital investment division. One of the several secrets to Gate.io’s success is that it was one of the first

The International Monetary Fund has mentioned it is providing technical assistance to the government of El Salvador in various ways. According to Gerry Rice, a spokesperson for the organization, the group is having talks with people of the Salvadoran government about tax and money laundering matters, including critical issues that the IMF raised in earlier reports. International Monetary Fund in Talks With El Salvador While the International Monetary Fund disagreed with the move that El Salvador made last year by declaring bitcoin as legal tender, it is still having regular talks with representatives of the Salvadoran government. In a press conference offered last week, Gerry Rice, a spokesperson of the organization, stated there was contact with the government about several issues related to bitcoin adoption in the country. Rice declared: IMF staff and Salvadoran authorities continue to hold regular conversations on the critical issues that were emphasized by our Executive Boa

The Central Africa Republic (CAR)’s surprise bitcoin adoption decision once again shows that the top cryptocurrency can be an alternative to fiat currency. However, the African country still needs to invest heavily in its telecommunications infrastructure. The CAR also needs to prioritize education that helps the population to familiarize itself with cryptocurrency basics. The CAR’s Expensive Internet There is little doubt Central Africa Republic’s decision to designate bitcoin ( BTC ) as legal tender has surprised many. Few people expected CAR — one of Africa’s most impoverished countries and one whose economy has been ravaged by a civil war — to be the first to adopt bitcoin . For critics still trying to understand why another nation has joined El Salvador in making bitcoin legal tender, the CAR’s move is perplexing. To begin with, they cannot understand how a country with such a low internet penetration rate — less than 12% — has chosen the top cryptocurrency as its transacting c

Coinmena, the Bahrain-based cryptocurrency exchange, recently announced that residents of Qatar can now buy and sell cryptocurrencies on its platform. The cryptocurrency exchange claimed it is the first regulated digital asset exchange to open its platform to Qatari residents. Residents Can Now Connect Bank Accounts to Their Crypto Wallets The Bahrain headquartered cryptocurrency exchange, Coinmena, has become the first regulated digital asset exchange to offer its services in Qatar. According to a statement released by the exchange on May 19, Coinmena’s foray into Qatar means the country’s residents can now connect their bank accounts to their crypto wallets. This enables them to “deposit and withdraw funds directly and safely.” In a joint statement following the exchange’s latest foray into another Middle East and North Africa (MENA) market, Coinmena’s co-founders, Dina Sam’an and Talal Tabbaa said: We are delighted to become the first crypto exchange to offer our services in

Luxury watch manufacturer TAG Heuer announced it’s introducing online cryptocurrency payments for customers in the United States. The Swiss company provides the new payment option through a partnership with crypto payment processor Bitpay. Tag Heuer Partners With Bitpay to Offer US Clients Bitcoin Payments Designer and maker of luxury timepieces TAG Heuer is now accepting crypto for its high-quality products. Techniques d’Avant Garde (TAG), founded over a century and a half ago by Edouard Heuer in Switzerland, said this week that clients within the U.S. will be able to purchase its watches and accessories online with multiple coins. The company explained the move in a press release : With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces. The alternative payment method is facilitated by the crypto payment platform Bitpay. Buyers can spend a dozen

Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a fine of $10 million. Bitmex’s Arthur Hayes Sentenced The U.S. Department of Justice (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February. The DOJ states: Hayes, 36, of Miami, Florida, was sentenced to six months of home detention and two years of probation. Hayes also agreed to pay a fine of $10 million dollars representing his pecuniary gain from the offense. U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform “that profited him millions of dollars,” Hayes “willfully defied U.S. law that requires businesses to do their part

The chairman of the U.S. Commodity Futures Trading Commission (CFTC) says he is certain bitcoin and ether are commodities. He outlined how his agency is working with the U.S. Securities and Exchange Commission (SEC) to regulate the crypto sector, noting that “there are no customer protections right now in the crypto market.” Bitcoin and Ether Are Commodities ‘For Sure’ CFTC Chairman Rostin Behnam discussed the regulation of cryptocurrencies by the CFTC and the SEC in an interview with CNBC last week. The chairman was asked to comment on a bill in Congress that puts the SEC in charge of security tokens and the CFTC in charge of commodity tokens. “This is a little bit of an age-old issue between the CFTC and the SEC. We have a great relationship historically … Within this space, in my view, it makes sense for commodities to be regulated by the Commodity Futures Trading Commission and securities to be regulated by the SEC,” Behnam detailed. The CFTC boss noted that within the crypto

A court of appeals in Russia has overturned a ruling by a regional court which allowed the blocking of the Tor Project’s website in the country. Due to violations during the initial proceedings, the case has been returned to the court of the first instance for another review. Roskomsvoboda Helps Cancel the Blocking of Tor Project’s Website in Russia Procedural violations, mainly the failure to summon the owner, have led to the canceling of the regional court’s decision to block torproject.org, Roskomsvoboda announced this week. The lawyers of the non-governmental organization working to protect the rights of internet users in Russia played a role in the case which has been sent back to the first instance court in Saratov region. The Tor Project’s website was blocked in December last year on the basis of a decision of the Saratov District Court from Dec. 18, 2017. The hearing in the appellate court, held online, was attended by Ekaterina Abashina from Roskomsvoboda’s legal team. Sin

The Singapore High Court has granted a court injunction which stops or blocks the sale of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that one man claims was wrongfully taken away from him. NFT Used as Collateral A Singapore man has won a court injunction that blocks the sale or potential transfer of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that he claims to be rightfully his. According to a report, the NFT is currently in the possession of an online lender named Chefpierre. The man, who has been identified by the Strait Times (ST) as Janesh Rajkumar, is seeking to recover the BAYC 2162 NFT which he pledged as his security for a loan obtained from Chefpierre. Rajkumar claimed the NFT was wrongfully taken from him. The Bored Ape Yacht Club NFTs are popular with celebrities, some of whom have paid large sums of money to acquire them. The ST report notes Madonna is the latest celebrity to become the owner of a BAYC non-fungible token, after she reportedly pa

Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time. BRICS Countries’ Dependence on the US-Dominated Global Financial System Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates. As explained in a Global Times report , the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancin

Microsoft co-founder Bill Gates has explained why he does not own any bitcoin or other cryptocurrencies. “I like investing in things that have valuable output,” Gates said, adding that crypto is “not adding to society like other investments.” Bill Gates on Crypto, and Why He Isn’t Investing Microsoft co-founder Bill Gates shared his opinion about bitcoin and cryptocurrencies in a Reddit AMA (Ask Me Anything) session Thursday. One of the questions he was asked was “What do you think about bitcoin and cryptocurrencies?” Gates replied: I don’t own any. I like investing in things that have valuable output. He added: “The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.” Gates’ stance on cryptocurrency echoes that of Berkshire Hathaway Warren Buffett. The Oracle of Omaha explained in detail why he would not invest in bitcoin or cryptoc

SOL was trading lower to start the weekend, as prices slipped on Saturday. This comes as bears re-entered the market following a week of consolidation. ATOM was one of the biggest movers, falling by 10%. Cosmos ( ATOM ) After climbing by over 15% on Friday, ATOM was one of the biggest losers on Saturday, as prices fell by over 10%. ATOM /USD followed up yesterday’s peak of $12.12 by falling to an intraday low of $10.82 to start the weekend. The move comes as ATOM moved back towards its floor of $9.90, just as some were preparing for a rally towards $15.00. However, instead of this, we have seen ATOM move back towards a ten-day low, as bearish pressure pushed prices lower. Looking at the chart, the drop comes as the Relative Strength Index (RSI) failed to break out of a ceiling at 38. Markets will now likely continue to move around the current support point, prior to any further rallies or possible declines. Solana (SOL) SOL fell to ninth in the list of most valuable crypt

President of the European Central Bank Christine Lagarde has insisted that unlike a digital euro, cryptocurrency has no underlying asset. It should be regulated to prevent people from losing their life savings by speculating on crypto assets, the top ECB official has suggested. Cryptocurrency Is ‘Worth Nothing,’ ECB Governor Claims The head of the eurozone’s monetary authority, Christine Lagarde, maintains that cryptocurrencies are “based on nothing,” and is concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.” Speaking to Dutch TV, Lagarde admitted she is skeptical about the value of crypto assets, as opposed to a central bank digital currency ( CBDC ) such as the digital euro , which the European Central Bank (ECB) is planning to issue within the next few years. Regarding cryptocurrency, she also stated: My very humble assessment is that it is worth nothi

ETH started the weekend trading below $2,000 as the price consolidation in crypto continued. Bitcoin is also trading lower during Saturday’s session, with the world’s largest cryptocurrency once again falling under $30,000. Bitcoin Following marginal gains above the $30,000 level during yesterday’s session, BTC once again fell below this point. Friday saw BTC /USD trading at a high of 30,664.98, however these gains were short-lived, with prices falling to a bottom of $28,793.61 earlier today. As of writing, prices are down 3.27% to start the weekend, with this decline coming as bulls were unable to sustain the price floor at $28,800. The recent consolidation in bitcoin comes as a result of increased market uncertainty, following recent actions by the Federal Reserve, leading investors to move away from riskier assets. This is encapsulated by the fact that BTC has only seen a marginal move in price over the past week, despite all the ups and downs. Overall and as we speak, pr