Bitcoin News and Finance: What You Need to Know

A growing number of economists have warned about a severe recession in the U.S. if the Federal Reserve keeps up its fight against inflation. “Each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” said one economist. Economists Warn of Deep Recession Resulting From Fed’s Response to Inflation A growing number of economists have warned that the Federal Reserve’s fight against inflation, which remains at the highest level in decades, could lead to a severe recession in the U.S. At the upcoming Federal Open Market Committee (FOMC) meeting Wednesday, the U.S. central bank is expected to raise interest rates by another 75 basis points — the fourth 0.75 percentage point increase in a row. However, several economists cautioned that policymakers’ response to inflation could lead to a more severe downturn for the U.S. economy, the Financial Times reported Tuesday. “Each adverse [inflation] report and each adv

According to Yi Gang, governor of China’s central bank, the process of designing the country’s digital currency is premised on two principles, the protection of user privacy as well as ensuring “financial security.” To achieve this, the central bank’s role will be limited to managing the digital currency’s “operating system” while the handling of personal transaction information is done by “designated operating institutions.” Adhering to Relevant Consumer Protection Laws People’s Bank of China (PBOC) governor Yi Gang has said the process of designing China’s central bank digital currency (CBDC), the digital yuan (also known as e-CNY), is guided by two principles: maintaining financial security and the protection of users’ privacy. To ensure the principles are adhered to, Gang claimed his institution’s role will be limited to managing the e-CNY operating system as well as handling cross-border transactions. Also, in his Oct.31 remarks to Hong Kong Fintech Week 2022 participants, Ga

On Oct. 31, 2022, the publicly-listed bitcoin miner Argo Blockchain revealed the firm’s attempt to obtain $27 million in a scheduled financing deal fell through. According to the company’s October update, Argo said it did not believe the deal “will be consummated” and now two market analysts have downgraded the company’s shares. Argo Blockchain’s $27 Million Financing Deal Falls Through, Stock Shudders, Wall Street Analysts Downgrade ARBK Shares Bitcoin miners have been facing significant pressures as a couple of publicly-listed mining firms have faced financial hardships and bankruptcies . The recent mining difficulty all-time high has not helped, and the fact that Bitcoin’s hashrate price reached an all-time low, it has crippled specific mining businesses. Following the speculation surrounding mining companies like Compute North and Core Scientific, Argo Blockchain (Nasdaq: ARBK ) has given investors an unsettling update concerning a $27 million financing deal that fell throu

Cryptocurrency exchange Coinbase has filed an amicus brief in support of Ripple Labs in the U.S. Securities and Exchange Commission (SEC) lawsuit over xrp. Coinbase’s support is seen as a significant step in the case given that the crypto exchange was among the first trading platforms to delist xrp following the SEC lawsuit. Coinbase Supports Ripple Against SEC The Nasdaq-listed cryptocurrency exchange Coinbase filed an amicus brief on Tuesday in support of Ripple Labs against the U.S. Securities and Exchange Commission (SEC). The regulator sued Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen over the sale of XRP , alleging that the crypto token is a security. Since the SEC lawsuit was filed, “multiple U.S. exchanges delisted XRP , causing its market value to decline by $15 billion, resulting in significant losses to Coinbase’s customers,” the counsel for Coinbase explained in the filing, noting: In the absence of a regulatory framework governing digital assets, Co

The U.S. Department of Homeland Security (DHS) and the Federal Bureau of Investigation (FBI) are reportedly working closely with major social media platforms, like Facebook and Twitter, to police “disinformation.” Leaked documents further show their plans to expand censorship. Leaked Documents Reveal How Department of Homeland Security Plans to Police Disinformation Leaked documents and court records have revealed the Department of Homeland Security (DHS)’s plans “to police disinformation,” according to an article published Monday by The Intercept. The DHS “is getting involved in social media content moderation in a big way,” tweeted Ken Klippenstein, one of the two authors. The other author, Lee Fang, detailed: Docs show Facebook and Twitter closely collaborating w/ Dept of Homeland Security, FBI to police ‘disinfo.’ Plans to expand censorship on topics like withdrawal from Afghanistan, origins of Covid, info that undermines trust in financial institutions. While disinformatio

Tesla, Spacex, and Twitter boss Elon Musk has decided to charge $8 per month for users of the social media platform to have a blue checkmark. “This will also give Twitter a revenue stream to reward content creators,” Musk explained, adding that “it is the only way to defeat the bots and trolls.” However, many Twitter users are unhappy about the announced charge. Twitter to Charge $8 per Month for Account Verification Tesla CEO and Twitter boss Elon Musk announced on Twitter Tuesday that he plans to charge $8 per month for Twitter users to have a blue verification checkmark that is currently free. His announcement came after several days of discussion on Twitter following his acquisition of the social media platform. In a followed-up tweet, he explained that the price will be “adjusted by country proportionate to purchasing power parity.” Musk further detailed that for $8 a month, users will also get “priority in replies, mentions & search, which is essential to defeat spam/s

PRESS RELEASE. 1st Nov 2022, Bucharest, Romania — As part of its commitment to democratize access to the next generation of Web 3.0 Financial Services, ZoidPay has announced the launch of ZETA, the first on-demand Metaverse. What is ZETA? Integrating Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR), ZETA allows users to extend their reality with evolving utility. For example, users interested in retail will be able to explore many day-to-day experiences in the Metaverse, besides access to a host of Web 3.0 Financial Services, in a fully immersive digital experience. Eduard Oneci, CEO & Co-Founder at ZoidPay , stated: “Built entirely in-house, ZETA aims not just to let anyone access the Metaverse, but offers an opportunity to be an active part of it. The potential is unlimited. As the first on-demand Metaverse, we offer an open architecture that lets anyone create a customized Metaverse. So, we invite developers to get in touch with us with their re

The victory President-Elect Luis Inacio Lula Da Silva obtained on Oct. 30 over the incumbent Jair Bolsonaro in Brazil might open the gates for the proposal of a single currency for the countries of Latam. Lula announced this as part of his campaign, preaching the utility of a common currency as a way of fighting inflation and dependence on the U.S. dollar. Brazil’s Lula Might Spearhead Proposal of Single Currency in Latam The tight electoral victory that now-President-Elect Lula Da Silva has obtained on Oct. 30 might bring the rise of a new common currency for Latam, judging by the politician’s statements. The left-wing politician, a member of the Workers Party in Brazil, had commented about the need for a single currency on the continent as part of his presidential campaign, explaining the possible opportunities that such a change might bring. Lula commented on the subject in a rally celebrated on Aug. 30, stating: We are going to restore our relationship with Latin America. Go

The Ethereum blockchain co-founder, Vitalik Buterin, insisted in a recent tweet that crypto is a better bet than gold, which is not only inconvenient, but difficult to use as well. While Buterin asserts that such characteristics make gold less appealing, some crypto opponents argued that gold is better, because unlike the Ethereum blockchain, it is not controlled by only a few entities. Decentralized Issuer of Money The Ethereum blockchain co-founder, Vitalik Buterin, waded into the crypto-versus-gold debate after he posted a tweet suggesting that the former is a better bet than the precious metal. In his Oct. 26, 2022 tweet, Buterin slates author Zach Weinersmith’s assertion which implies that gold fits well with what crypto enthusiasts are advocating for. As suggested by Weinersmith in his tweet posted on the same day, the only meaningful argument put forward by crypto advocates is their call for a decentralized money-issuing authority. Still, the author wondered why gold, given

In 2021, African fintech startups accounted for 61% of the $2.7 billion in venture capital funding that was deployed on the continent, a new study has found. While its share of global fintech funding is just over one percent, the continent’s fintech sector still recorded one of the highest year-on-year growth rates globally. ‘Record-High Number of Deals Closed’ According to the findings of a new Mastercard study , African fintech startups — whose number grew from 311 in 2019 to 564 in 2021 — accounted for “61% of the USD 2.7 billion deployed across Africa in 2021.” The findings also show that fintechs’ share “of the record-high number of deals closed” in that year was 27%. When compared with the $131.5 billion that was raised globally, African fintech’s share of the total remains very low — just over 1% of the 2021 total. However, in terms of the funding growth rate, the study noted that the continent — the Sub-Saharan Africa region in particular — had one of the highest year-on-y

The growth of illegal bitcoin mining operations could affect the stability of the power system in Paraguay, according to statements from the National Power Administration. The boom the country is experiencing is taking its toll on the power system, with many miners plugging in illegally and consuming high amounts of power without making payments. Paraguay Underground Mining Operations Grow Paraguay’s popularity as a country with cheap power tariffs for bitcoin mining is hurting the electric grid and might work against the stability of the power system in the country. ANDE, the National Power Administration, declared on Oct. 28 that the recent boom in bitcoin mining has caused power consumption for the department of Alto Parana to grow immensely, with many operations connecting illegally to the grid. According to Miguel Angel Baez, technical director of the ANDE organization, this has prompted the group to step up vigilance in the zone, ramping up supervision operations to detect

Ethereum was trading above $1,600 on Monday, as markets prepared for the latest U.S. Federal Reserve policy meeting. The Fed is expected to hike rates by 75 basis points this week, as inflation remains at historical highs. Bitcoin also rebounded, hovering marginally below $21,000 in today’s session. Bitcoin Bitcoin ( BTC ) remained closer to $21,000 on Monday, as markets rebounded from yesterday’s sell-off. Following Sunday’s low of $20,461.72, BTC /USD surged to an intraday peak of $20,791.67 earlier today. The move sees the token edge closer to Saturday’s high of $21,080, which was the strongest point the token had hit since September 13. Looking at the chart, Monday’s surge sent BTC close to its long-term price resistance of $20,800, which hasn’t truly been broken since early September. Price strength has also rebounded, with the 14-day relative strength index (RSI) now tracking at 61.47, which is close to its own ceiling of 63.00. In order for BTC to move past $21,000, bu

Mercado Pago, the financial wallet division of Mercado Libre, the Latam e-tail giant, has announced the launch of cryptocurrency trading services in Mexico. The company has already launched this kind of service in Brazil, serving one million customers in the country, allowing them to purchase, store, and sell bitcoin and ethereum, and also to receive Mercado Libre’s own token, mercadocoin. Mercado Pago Debuts Crypto Purchases in Mexico Mercado Pago is aiming to grow in Mexico with the introduction of cryptocurrency services. The company, which serves as a wallet arm of Mercado Libre, announced on Sep. 27 that it has activated the possibility for customers to purchase crypto with national fiat currency in Mexico. In this way, every customer in Mexico is now able to purchase bitcoin and ether using funds available in Mercado Pago’s native wallet. In bringing this product to Mexico, the company seeks to provide more options to Mexicans that are already customers of the company. On th

The central bank of Thailand is not going to rush with the launch of its digital currency as it’s not yet sure about the benefits it would bring. According to the head of the monetary authority, the development of the state-issued coin may take several years. Thailand’s Central Bank Wants to Better Understand Risks of Central Bank Digital Currency The Bank of Thailand ( BOT ) intends to take more time to complete the development of its retail central bank digital currency ( CBDC ). The monetary policy regulator aims to ensure that this version of the national fiat will offer additional benefits to the country’s financial system under sufficient risk management. A number of central banks, including that of Thailand, have been developing retail CBDCs but they are yet to fully implement them, the Bangkok Post noted in a report. Retail CBDC development is expected to take more than five years before market launch, according to the BOT Governor Sethaput Suthiwartnarueput, quoted by the

The Argentine Tax Authority (AFIP) is ramping up its fight against cryptocurrency-related tax evasion. On Oct. 28, the organization informed it had sent notifications to 3,997 taxpayers about incongruencies between their tax statements and reports on their cryptocurrency holdings. These statements being reviewed correspond to reports of operations happening in 2020. Argentine Tax Authority AFIP Ramps up Crypto Vigilance The Argentine Tax Authority (AFIP) is using the reports coming from local exchanges to cross the data in the tax statements and the crypto holdings of several taxpayers and has already found incongruencies. According to reports, the organization has already sent notifications of these problems to 3,997 Argentine citizens, that will have the opportunity to correct their statements to include their cryptocurrency holdings and pay additional taxes. These notifications would be linked to statements that were filed during 2020 and would be sent to taxpayers that have ope

A member of the defense team of the alleged BTC-e operator Alexander Vinnik has called on the head of the Russian Orthodox Church to intervene in support of his client. The Russian national may be sentenced to over 50 years in prison for his role in the infamous cryptocurrency exchange. Prisoner Swap for Americans in Russian Custody Is Vinnik’s Only Chance to Return Home, Lawyer Says Frederic Belot, the French lawyer who has been representing Russian crypto entrepreneur and alleged money launderer Alexander Vinnik in courts for years, has written to Patriarch Kirill of Moscow and All Russia with a request to help for his client’s return to the homeland. “The Vinnik case for the United States is not a legal, but a political trial,” the attorney said in the letter, quoted by the Russian Tass news agency. In the U.S., he may face imprisonment for more than 50 years, Belot warned and emphasized: Now the only thing that can save Alexander is his exchange, among other Russians, for Ame

Amid the chaotic economy, plagued with central bank tinkering, supply chain issues, and red-hot inflation, the professor of applied economics at Johns Hopkins University, Steve Hanke believes a “pretty big recession” will take place in 2023. Speaking in an interview on Oct. 28, Hanke said that he updated the probability of a U.S. recession to a 90% chance, as he believes the money supply has tightened at an “unprecedented” rate. Economics Professor Steve Hanke Says Probability of a U.S. Recession is Now 90% Professor Steve Hanke has been critical of the central banks worldwide and on Friday, he said the chances of a recession is very likely. Hanke spoke with the news anchor for Kitco News David Lin, and explained that he upped his prediction to a 90% chance a U.S. recession will occur. “Where we’re going is determined by where the money supply is going,” Hanke told Lin on Friday. “The Quantity Theory of Money is a way to determine national income determination.” The professor of

While non-fungible token (NFT) sales have slipped since the start of the year, the top five marketplaces, in terms of the largest number of all-time sales, have reached more than $40 billion. Moreover, the NFT marketplace platform Opensea captured over $32 billion worth of sales as the NFT market platform currently dominates the top five NFT marketplaces by 79%. Top 5 NFT Markets Cross $40 Billion in All-Time Sales, Opensea Dominates by 79% During the month of October, the top five NFT marketplaces surpassed the $40 billion mark, in terms of all-time sales, with approximately $41.36 billion on Oct. 29, 2022. The largest NFT marketplace in terms of sales was Opensea as it nears the $33 billion range with $32.76 billion recorded on Saturday. Statistics from dappradar.com indicates that the $32.76 billion in sales were executed by $2.34 million traders. On Saturday, Oct. 29, the average price paid for an NFT via Opensea is around $352. Opensea is followed by the Axie Marketplace ($4

In this week’s hottest stories from Bitcoin.com News: the Ghanaian cedi’s recent slide to a new low against the USD, Rich Dad Poor Dad author Robert Kiyosaki weighs in on Saudi Arabia’s move to join the BRICS nations, the United States Internal Revenue Service updates tax filing instructions for crypto, and more. Report: Ghanaian Cedi Slides Further Versus the US Dollar to Become World’s Worst-Performing Currency As Ghana waits for a financial bailout from the International Monetary Fund (IMF), the country’s currency, the cedi, continued its slide versus the dollar after the exchange rate slipped to just under C15:$1. Following this latest plunge, the cedi has now depreciated by more than 55% in 2022 and this makes it the world’s worst-performing currency. Read More Robert Kiyosaki Says US Dollar Is Toast Citing Saudi Arabia’s Request to Join BRICS The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says the U.S. dollar is toast, citing Saudi Arabia’s