Bitcoin News and Finance: What You Need to Know

JPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.” JPMorgan’s Blockchain Plans JPMorgan Chase & Co foresees increased blockchain usage in traditional finance and is getting ready to offer related services, Bloomberg reported Thursday. The global investment bank has been using a blockchain for collateral settlements, allowing its clients to use a wider range of assets as collateral and trade outside of market operating hours. The first such transaction took place on May 20. Ben Challice, JPMorgan’s global head of trading services, was quoted as saying: What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis. In addition to derivatives trading, repo trading, and securities lending, JPMorgan said it plans to expand tokenized collaterals to include equities, fixe

The digital currency exchange Huobi Global has revealed it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi details that the company is stepping up its presence in Latin America as it believes the region will be one of the most active crypto adoption areas worldwide. Huobi Aims to Step Up Its Presence in Latin America, Acquires Local Bitex Exchange On Thursday, the leading crypto asset exchange Huobi Global announced the company has acquired the Latin American cryptocurrency exchange Bitex. According to the announcement sent to Bitcoin.com News, the terms of the deal between Huobi and Bitex have not been disclosed. Bitex is an exchange that was founded in 2014 and while Huobi will be the parent company, the trading platform will retain its current branding and management team. Bitex offers digital currency services to residents located in Argentina, Uruguay, Paraguay, and Chile. “Since Huobi Group first entered th

Ethereum slipped below $1,900 during Thursday’s session, as prices dropped to a two-week low. Bitcoin was also trading lower over the course of the day, as it fell under $29,000. Overall, crypto was down over 3% as of writing. Bitcoin BTC fell below $29,000 earlier in today’s session, as bearish pressure continued to intensify heading towards the end of the week. Following a high of $29,972.64 only yesterday, the world’s largest cryptocurrency dropped to an intraday low of $28,954.97 earlier in the session. The move saw BTC /USD head for its support point at $28,800. However, it stopped short of this target, as bulls pushed prices slightly higher. As of writing, BTC /USD is currently trading at $29,018.85, which is roughly 1.26% lower than yesterday’s peak. Relative strength continues to track below its own resistance point, which is under 40, and currently resides at 37, which is marginally above support at 36.6. We will not likely see any significant price movements unless o

A Chinese indexes company, Hang Seng Indexes, has launched a new index which tracks the performance of metaverse-related companies in mainland China. The index is calculated and disseminated in real-time at two-second intervals, the company said. Rising Popularity of the Metaverse Hang Seng Indexes Company Limited, an entity that manages and compiles the Hang Seng Family of Indexes, recently announced the Hang Seng China Metaverse Index launch. The new index tracks the performance of mainland Chinese companies involved in metaverse-related businesses. As explained in a statemen t released by the company, the decision to launch the index comes against a background of growing popularity of the metaverse as an investment theme among investors. Besides the metaverse index, Hang Seng Company Limited — a wholly-owned subsidiary of Hang Seng Bank — said it has also added Oncology Index to its Megatrend Index Series. Remarking on his company’s launch of the two indexes, Daniel Wong, dire

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The managing director of the International Monetary Fund (IMF) reportedly said that investors should not completely pull out of crypto after the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). IMF Chief Has a Message for Crypto Investors After the Collapse of LUNA, UST Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), discussed cryptocurrency at the World Economic Forum’s annual meeting in Davos Monday. She urged people not to completely shun crypto after the recent collapse of algorithmic stablecoin terrausd (UST) and cryptocurrency terra (LUNA), Bloomberg reported. The IMF managing director was quoted as saying: I would beg you not to pull out of the importance of this world … It offers us all faster service, much lower costs, and more inclusion, but only if we separate apples from oranges and bananas. The IMF chief stressed that it is the responsibility of regulators worldwide to put up protective measures and adequa

A new draft law has replaced an earlier bill introducing a one-year tax and customs amnesty for cryptocurrency miners in Russia. The initial proposal has been withdrawn on the grounds that the tax break would have resulted in losses for the state budget. Revised Crypto Mining Legislation Submitted to Russian Parliament Without Amnesty for Miners Russian lawmakers have again filed legislation with the State Duma designed to regulate cryptocurrency mining. The new draft substitutes a bill submitted at the end of April, which has now been withdrawn. The revised version is missing some provisions that would have reduced the tax burden on miners at the expense of the federal budget, the deputies noted. On the positive side for those extracting digital currencies, mining operators will not be required to check the sources of funds of their clients under the new rules. The previous draft law envisaged the establishment of a special register for entities involved in crypto mining and the

In recent times, the impact of bitcoin mining on the environment has been a topical discussion as climate change activists believe proof-of-work (PoW) mining is too energy-intensive. However, a recent report written by the ESG analyst Daniel Batten explains that bitcoin mining could eliminate the world’s carbon emissions by 5.32%. Batten’s study notes that if bitcoin mining entities “aggressively” targeted leaked methane, bitcoin mining has the potential to avoid 0.15% of warming by 2045. ESG Analyst Claims Bitcoin Mining Is Currently the Only ‘Technologically Feasible’ Way of Reducing Methane Emissions On May 23, 2022, the CEO of Geneious and ESG analyst, Daniel Batten , published a report that shows bitcoin mining could help the environment. Batten tweeted about his study and said that the findings suggest “using [bitcoin] mining to combust leaking methane can eliminate 5.32% of all global CO2-eq emissions. In fact, Batten’s study says that bitcoin mining is one of the only ways

U.S. Senator Ted Cruz says he is “incredibly bullish” on bitcoin and purchases the cryptocurrency weekly for his portfolio. Emphasizing that cryptocurrency “will change the world,” the senator said, “Uncontrolled, decentralized currency is terrifying for those who want control of currency.” Senator Ted Cruz ‘Incredibly Bullish’ on Bitcoin, Crypto Senator Ted Cruz (R-TX) discussed bitcoin at the Heritage Foundation’s Bitcoin and the American Experiment event Monday. He began: I gotta say when it comes to bitcoin, when it comes to crypto more generally, I am incredibly bullish. “I think it is in the process of, and in the future even more so, will change the world,” he opined. He proceeded to talk about various reasons why people are attracted to bitcoin. Firstly, many are using it as a hedge against inflation. Secondly, he explained that “there’s also an appeal of speed, the ability to instantly carry out a financial transaction anywhere in the world instantaneously, and virtual

JPMorgan sees “significant upside” to the price of bitcoin. The global investment bank’s price target for the cryptocurrency is 28% above its current price. JPMorgan has also replaced real estate with cryptocurrencies as its “preferred alternative asset class along with hedge funds.” JPMorgan’s Bitcoin Price Target Is 28% Above Current Price Global investment bank JPMorgan published a bullish note on bitcoin and cryptocurrency Wednesday. The bank’s strategists, including Nikolaos Panigirtzoglou, wrote that their price target for bitcoin remains at $38,000, “implying significant upside for digital assets from here.” At the time of writing, bitcoin is trading at $29,784, down 2.4% over the past seven days and almost 25% over the last 30 days. JPMorgan’s fair value estimate for bitcoin is nearly 28% higher than the current price of BTC . The JPMorgan strategists detailed: The past month’s crypto market correction looks more like capitulation relative to last January/February and go

According to a recent announcement from the Terra blockchain team, the community voted and passed a proposal that plans to launch a new genesis version of the Terra blockchain without an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network. Terra Ecosystem Rebirth to Happen on May 27, Latest Version of Terra Core Has Been Released and Audited On May 27, a new blockchain will launch that’s based on the Terra blockchain network but does not include an algorithmic stablecoin like terrausd (UST). The old chain token will be called “Luna Classic (LUNC)” and the new token will take the old name “Luna (LUNA).” The Terra team announced the May 27 launch and explained that the governance proposal passed on May 25. According to the team, the latest Terra Core code has been released and the codebase was audited by SCV Security . The gover

PRESS RELEASE. The metaverse is a virtual world that allows millions of players to live beyond their immediate environment. With blockchain technology, users can create, own and utilize digital assets while interacting with other people in the virtual space. Cornucopias ‘The Island’ is a play-to-earn, build-to-earn, learn-to-earn, host-to-earn MMORPG game powered by the blockchain. In a world of unique domes, players can own land and other NFT-based assets which can be traded with other users on Cornucopias’ marketplace and many secondary market places. Cornucopias is a fun, safe and expanding metaverse with one of the most positive and engaged communities of any blockchain-based project. With the excitement of metaverse innovation sweeping the globe, there is an extremely high demand for the first Cornucopias land sale, which is expected to sell out in record time. Cornucopias NFT projects have a track record of completing successful sales with the right balance of supply and de

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