Bitcoin News and Finance: What You Need to Know

A body representing the interests of Russian businesses has called on president Putin to help with crypto legalization. Their proposals, including on the use of cryptocurrencies in foreign trade settlements, have been included in a report to Russia’s head of state. Companies Urge President Putin to Support Legalization of Crypto Payments Russian businesses are seeking help from the Kremlin in efforts to legalize decentralized cryptocurrencies like bitcoin. Their request has been included in the annual report of Russia’s Business Ombudsman, Boris Titov, to president Vladimir Putin. The recommendations were laid out in a paper titled “Key Business Problems under Sanctions and Structural Transformation in 2023” produced by the Institute of the Commissioner for the Protection of Rights of Entrepreneurs under the President of the Russian Federation. Among other suggestions, the authors urge for allowing the use of cryptocurrencies in international settlements. More specifically, they p

A government official in Moscow has advised Russians to avoid cryptocurrencies now when interest in foreign fiat currencies is declining in the country. The high-risk assets are not suitable for the savings of most people and make sense only for investments by rich people, his comments suggest. Finance Ministry Don’t Want to See Russians Saving in Cryptocurrency Restrictions imposed by the Russian state on foreign currency accounts and operations amid Western sanctions have led to a decrease in the volume of savings kept in foreign fiats. Against this backdrop, Russians have been warned they shouldn’t switch to cryptocurrencies. “We would definitely not want citizens’ savings to be directed to digital currencies,” the head of the Financial Policy Department of the Russian Ministry of Finance, Ivan Chebeskov, stated during the blockchain conference “Finance of the Future: Challenges and Opportunities.” Cryptocurrencies are a high-risk instrument, he pointed out quoted by RBC Crypto

PRESS RELEASE. According to a report by the World Bank in March 2023, the global poverty rate has reached an alarming figure, with approximately 659 million individuals living in impoverished conditions. Disturbingly, extreme poverty is notably concentrated in Africa. The first quarter of 2023 witnessed a surge in the number of impoverished households across Asia and Africa, primarily due to the devastating impact of natural disasters such as earthquakes and floods. In light of these challenges, CoinEx Charity , a charity branch of CoinEx, a global crypto exchange, has taken a proactive step towards empowering the dreams of children in need. The organization has announced the launch of the “Grant for Fulfilling Dreams” initiative in various regions, including Vietnam, Nigeria, Thailand, Indonesia, Syria, and Türkiye, commencing this May. The primary objective of this charitable program is to provide grants and school supplies to disadvantaged students, offering them opportunities to

Kenyan President William Ruto recently urged his counterparts on the African continent to kickstart the process of ditching the U.S. dollar and replacing it with a pan-African settlement system. Ruto said the Pan-African Payments and Settlement System (PAPSS) allows business people to focus on moving goods and services. Pan-African Settlement System to Help African Countries Bypass U.S. Dollar Kenyan President William Ruto has called on fellow African leaders to start taking steps aimed at replacing the U.S. dollar with an alternative payment solution known as the Pan-African Payments and Settlement System (PAPSS). According to Ruto, this alternative settlement system, which was launched in Jan. 2022, allows African countries to use their respective currencies when trading among themselves. The Kenyan leader, who spoke at a forum of government and private sector officials, suggested that African countries can commence the process of ditching the dollar by encouraging central banks a

PRESS RELEASE . Kermit The Coin, the hottest new memecoin in town, is making waves in the crypto community with its unique charm and promising potential. Today, the Kermit team is thrilled to announce several exciting developments that will take the project to new heights. Kermit The Coin, known for its lovable green frog mascot, has captured the hearts of crypto enthusiasts around the world. With a strong and growing community, Kermit has gained significant attention and support since its launch less than 48 hours ago. Here are the latest updates on Kermit The Coin: Impressive Milestones Achieved: Within just 24 hours of its launch, Kermit The Coin has already attracted over 1,200 holders, showcasing the immense interest and engagement from the crypto community. Additionally, the trading volume reached a staggering $16 million, reflecting the high demand and liquidity of Kermit in the market. Marketing Expansion: Kermit is doubling down on its marketing efforts to reach a wider a

Acquiring a bank wouldn’t solve the issues with banking for Binance or others, the CEO of the largest crypto exchange is convinced. Speaking in the aftermath of the collapse of crypto-friendly banks in the U.S. and amid Binance’s issues with payment providers in Australia, Changpeng Zhao said investments in several banks might be a better option although not a guarantee that crypto won’t be cut off. Binance Founder CZ Responds to Call to Buy a Bank, Says He Doesn’t Like Running Businesses With Debt Binance has looked into the potential acquisition of a traditional bank but found that’s not an ultimate solution to its own and the crypto industry’s issues with banking. Changpeng Zhao ( CZ ), the exchange’s founder and chief executive, commented on the matter on the Bankless podcast this week. “You buy one bank, it only works in one country, and you still have to deal with the bank regulators of that country,” the crypto entrepreneur said, answering a question from Twitter user @Degen

Shiba inu moved closer to a six-month low on Wednesday, as sentiment in cryptocurrency markets shifted bearish. Litecoin was another notable token to fall, slipping by over 4% today. The global market cap is currently down by over 2% at the time of writing. Shiba Inu (SHIB) Shiba inu (SHIB) fell below a key support point earlier in today’s session, moving closer to a six-month low as a result. Following a high of $0.000008784 on Tuesday, SHIB/USD dropped to a intraday low of $0.000008398 earlier in the day. This drop resulted in the meme coin falling below a key support point of $0.000008500, approaching its lowest point since January 8. From the chart, it appears that the latest decline comes as the 14-day relative strength index (RSI) moved towards a floor at 32.00. At the time of writing, the index is tracking at 33.76, following a failed breakout of a ceiling at 44.00. Should price strength fall to the aforementioned support point, there is a good chance SHIB will hit a new

Multiple reports have revealed that Binance, the crypto exchange with the highest trade volume, has announced the removal of 12 privacy-focused cryptocurrencies from its markets in Spain, France, Poland, and Italy. Commencing on June 26, 2023, users residing in these four countries will no longer have the option to purchase or trade these privacy coins on Binance’s trading platform. Binance to Delist 12 Privacy Coins in Spain, France, Poland and Italy Binance has recently informed its customers in France, Spain, Italy, and Poland via email that it intends to remove 12 distinct privacy coins from these markets. Among the privacy coins set to be delisted are dash ( DASH ), verge (XVG), beam (BEAM), monero ( XMR ), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB). “Due to local regulatory requirements, Binance is no longer able to offer privacy-enhanced cryptocurrencies in France,” an email to French customers detai

In the wake of Binance’s departure from Canada, cryptocurrency exchange Bybit has announced its exit from the nation as well, citing “recent regulatory development” as the reason. Effective May 31, Bybit stated that it would cease accepting applications from Canadian residents. Bybit to Pause Operations in Canada According to a Tuesday announcement , Bybit is withdrawing from Canada and has suspended new registrations from Canadian residents as of Wednesday. Starting July 31, Canadians will be unable to deposit funds; however, they can still withdraw and reduce their trading positions for the time being. “Canadian Customers who are implicated by these measures should take steps by September 30, 2023, 8AM UTC to wind down and manage their positions,” Bybit said. “Failing which, open positions in any margin products and derivative contracts — will be liquidated and the liquidated funds will be available for withdrawal.” While Bybit explained it has always prioritized compliance, it a

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s president stressed, adding: “In the future, it is unlikely that one single currency can dominate the world’s currency system. We will see more local currencies used to settle trade.” ‘We Will See More Local Currencies Used to Settle Trade’ The New Development Bank (NDB), formerly known as the BRICS Development Bank, is seeking to finance more projects in local currencies. The NDB was founded by the BRICS nations, namely Brazil, Russia, India, China, and South Africa. Besides the five founding members, Bangladesh, the United Arab Emirates (UAE), and Egypt have also joined. In addition, Uruguay is currently a prospective member, and recent reports s

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  The global blockchain gaming market will grow significantly during the next seven years and is expected to reach a market cap of $301.53 billion by 2030, according to a report issued by markets and intelligence firm Grand View Research. The “Blockchain In Gaming Market Size” report, found that this growth will be powered by the transition from traditional to blockchain gaming. Entertainment Market to Shift to Blockchain-Based Games The blockchain gaming market will grow significantly during the next seven years according to some predictions. A report issued by Grand View Research, a California-based markets research firm, predicts that the global blockchain gaming market will reach a market cap of $301.53 billion by 2030. According to the report, this growth will be incentivized by the shift from traditional gaming to alternatives that allow ownership of assets, transparency, and

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  Three months have passed since Paxos made the decision to cease the production of new BUSD tokens, complying with the directive issued by the New York Department of Financial Services (NYDFS). Since February 13, 2023, 10.62 billion BUSD tokens have been redeemed thus far. Within the span of the last 30 days, slightly more than one billion BUSD stablecoins have been withdrawn from circulation. BUSD Redemptions Exceed 10 Billion Tokens Since NYDFS Announcement Despite tether ( USDT ) approaching its all-time high in terms of market capitalization, the stablecoin economy is currently experiencing its lowest value range since September 2021. A decent-sized fraction of the stablecoin economy’s decline can be attributed to the redemption of BUSD tokens. Three months ago, or 107 days to be precise, Paxos made an announcement in compliance with the directives from the NYDFS, stating that t

Bitcoin erased recent gains on Wednesday, as markets reacted to the latest points of U.S. economic data. One of which being consumer confidence, which dropped to a six-month low in May. Ethereum was also lower in today’s session, dropping below $1,900. Bitcoin Bitcoin ( BTC ) neared a breakout below $27,000 on Wednesday, as markets reacted to the latest data surrounding consumer confidence in the United States. Following a high of $28,037.69 on Tuesday, BTC /USD slipped to an intraday low of $27,009.69 earlier in the day. The downturn comes as momentum in the market has slightly shifted, with the global crypto market cap falling by 2.59% as of writing. Bitcoin chart by TradingView Overall, today’s decline in BTC comes despite an upcoming crossover between the 10-day (red) and 25-day (blue) moving averages. From the chart, it appears that a failed breakout of a ceiling at 53.00 on the relative strength index (RSI) played a significant role in this. The index is now trac

Cryptocurrency exchange Bybit has received an in-principle approval to work in Kazakhstan, a jurisdiction increasingly seen by crypto companies as a gateway to the former-Soviet space. The trading platform wants to expand its presence in the region and other emerging markets. Bybit on Route to Winning Kazakhstan Crypto License Singapore-based Bybit, one of the world’s leading crypto spot exchanges , is now a step closer to becoming a licensed crypto operator in Kazakhstan. On Tuesday, the company announced it has obtained in-principle approval from the Astana Financial Services Authority (AFSA). “The in-principle approval subjects Bybit to pre-conditions leading to permanent authorization upon Bybit’s completion of the full application process,” a press release explained. When licensed, it will be able to operate as a digital asset exchange and custody service provider. AFSA is the regulatory body overseeing the Astana International Financial Centre (AIFC), Kazakhstan’s financial

What is wrong with the current P2E market Since most P2E projects do not create long-playing products, the Free-to-Play model of the past decade is breaking down, threatening to disrupt a $100B+ industry. The main lessons learned before 2023 are: NFTs were misused for trading and farming, not for gaming, Pay-to-play model anyway to engage in a full-featured game, Low quality graphics and lack of unique generated content, Farming and breeding decrease economy in a long run, Complex onboarding of Web2 gamers. Here’s where Junkineering comes into play, with the goal to improve the model, align incentives between developers and players in a virtuous cycle, as well as deliver a quality product, engaging and Fun-to-Play. The approach they offer is as follows: Game design based on the NFT Utility, Fair free-to-play and Digital Ownership, User Generated Content, No breeding, no farming mechanics, Familiar experience for Web2 audience. What is Junkineering Junkineering is a

According to a report published by the cybersecurity research team known as 0d, a division of Dwallet Labs, researchers discovered a critical vulnerability in the Tron network’s native multi-sig mechanism. The cybersecurity experts explained that the vulnerability could have impacted more than $500 million worth of digital assets held in Tron multi-sig accounts. 0d specified that Tron’s development team addressed the problem by creating a patch for the bug. Cybersecurity Researchers Summarize Bug Found Tied to Tron’s Multisig Mechanism, Tron Devs Patch the Vulnerability On May 30, 2023, the research team 0d from Dwallet Labs published a report that uncovers a vulnerability in Tron’s native multisig scheme. The vulnerability enables any signer of a multi-sig account to bypass the network’s security measures, irrespective of the designated threshold and number of signers. “This vulnerability impacts over $500M in digital assets that are held in Tron multi-sig accounts,” 0d reported o

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  On Monday, May 28, 2023, a pivotal landmark was reached as the aggregate quantity of Ordinal inscriptions minted on the Bitcoin blockchain exceeded 10 million in under half a year. Since Ordinal inscriptions’ inception, bitcoin miners have garnered roughly 1,596 bitcoins, valued at $44.37 million. 10 Million Ordinal Inscriptions and Counting This week witnessed the total Ordinal inscriptions surpassing the 10 million mark; as of this writing, 10,142,233 inscriptions have been issued. Moreover, the BRC20 token economy consisting of 24,677 registered BRC20 tokens boasts a combined value of $433 million . Bitcoin inscriptions have carved out a niche in the realm of non-fungible token (NFT) markets and currently stand as the second-largest blockchain in terms of NFT sales. Data from the past 30 days reveals that $190 million worth of Bitcoin-based NFTs have been traded, with the most

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  Customers of Binance Australia were trading bitcoin and other cryptocurrencies at lower prices than those on other platforms on Tuesday. The discount is apparently due to a popular Australian payment service preparing to cut off the crypto exchange from withdrawals in local currency. Bitcoin Trading at Lower Rates on Binance Australia Australians traded bitcoin ( BTC ) and other cryptocurrencies at discount on Binance Australia compared to other exchanges operating in the country on Tuesday. The price difference has been attributed to a popular domestic payment provider’s decision to quit processing withdrawals in Australian dollars (AUD) for its users. Starting from June 1, customers of Binance’s Australian platform will not be able to withdraw amounts in the national fiat to their bank accounts through the Payid service. The exchange’s announcement came after earlier this month i

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  After announcing its plan to invest 15% of profits into bitcoin, the company Tether Limited has taken another step toward its crypto goals. Tether, the stablecoin issuer, has revealed its latest venture: “sustainable bitcoin mining operations in Uruguay.” Tether has partnered with a licensed local company to make this happen, as it believes Uruguay is the ideal location for bitcoin mining production. Tether’s Bitcoin Mining Operations Take Root in Uruguay Tether, the issuer of the largest stablecoin in terms of market capitalization, said it is gearing up to invest in energy production resources and establish sustainable bitcoin ( BTC ) mining operations in Uruguay. Paolo Ardoino, the CTO of Tether, elaborated on their vision, expressing that the team behind energy production and bitcoin mining is actively seeking talented individuals to join their venture. In a recent blog post ,