Bitcoin News and Finance: What You Need to Know

Robert Reich, former secretary of labor in the U.S., has called for the government to bypass Congress in order to raise the debt ceiling unilaterally. Reich states that the constitution of the U.S. gives President Biden the faculty of ignoring this debt limit, declaring it unconstitutional — explaining its existence is less significant than the mandate of not questioning the validity of the U.S. public debt. Robert Reich Calls to Ignore Congressional Debt Ceiling Robert Reich, an economist who served as U.S. secretary of labor during the government of President Bill Clinton, and was a counselor under President Barack Obama, has urged the government to ignore the faculty of Congress to establish the debt ceiling. In a video posted on social media, Reich called on President Biden to ignore Congress and raise the debt ceiling, founded in the mandate of the U.S. Constitution regarding the public debt of the country. Reich believes that Republicans are trying to negotiate tax cuts that w

The South African minister of international relations, Naledi Pandor, has urged Brazil, Russia, India, China and South Africa (BRICS) countries to be wary of making a hurried decision when they meet in August to discuss launching a common currency. Pandor said her country will “not shy away from discussions” that relate to her country’s national interests. The minister also revealed that South Africa’s debt is primarily denominated in dollars, therefore the country cannot easily ditch the greenback. Establishing a BRICS Common Currency With just a few months before Brazil, Russia, India, China, and South Africa (BRICS) all converge in Johannesburg to discuss launching a common currency, South Africa’s international relations minister said member states should guard against making a hurried decision. In her remarks published by Bloomberg, the minister, Naledi Pandor, said while the calls for an alternative to the greenback are growing, BRICS nations still need to “approach this discu

The cryptocurrency industry has faced significant regulatory challenges in recent years, with the SEC and CFTC taking action against various projects, including sending Wells notices to Coinbase. Amidst this regulatory landscape, the concept of sovereignty and international law has become increasingly important for crypto investors and innovators. The idea is that a new state can create a safe-space for said innovations to flourish – introducing Joseon , the world’s first cyber nation-state with diplomatic relations with a recognized UN member nation. Understanding the Impact of Sovereignty on Crypto Sovereignty refers to a country’s ability to govern itself independently. This means that governments can regulate and control activities within their borders, including those of cryptocurrency companies. While some countries offer favorable regulatory frameworks that allow crypto companies to exist in some capacity, others impose stricter regulations or outright bans that limit operat

The majority of crypto companies attracted by the once favorable Estonian regulations have either abandoned or lost their licenses. According to the latest numbers released by the Baltic nation’s anti-money laundering bureau, only 100 businesses are currently authorized to provide digital-asset services. Most Estonian Licenses for Provision of Crypto-Related Services Expire A total of 389 authorizations issued by the Estonian government to virtual-asset service providers are no longer valid, the country’s Financial Intelligence Unit ( FIU ) announced this week. As of May 1, 2023, there were 100 active authorizations, the bureau said on Monday. Estonia attracted hundreds of crypto firms with its business-friendly climate before it decided to stiffen rules for the industry with amendments to the Money Laundering and Terrorist Financing Prevention Act that came into force in March 2022. These include higher capital requirements for wallet, exchange, and custody platforms. The license

Ethereum fell below $1,800 in today’s session, as markets continued to react to the latest U.S. consumer price index. Inflation in the United States fell to 4.9% in April, less than the 5% sum many had expected. Bitcoin was also lower on the data, falling below $27,000. Bitcoin Bitcoin ( BTC ) briefly dropped below $27,000 late on Wednesday, as markets reacted to the latest U.S. inflation report. After an earlier high of $28,322.69, BTC /USD slipped to an intraday low of $26,883.67 towards the close of yesterday’s session. This move saw bitcoin drop to its weakest point since March 28, when price was at a low of $26,640. Since this earlier decline in price, BTC has since rebounded, and is currently trading at $27,494.24. From the chart, this appears to be due to the relative strength index (RSI), which is now tracking at 41.91, and close to reentering a floor at 43.00. Should this occur, there is a strong possibility that the world’s largest cryptocurrency could be back above $

On May 7, 2023, the Bitcoin network was plagued with an overwhelming 500,000 unconfirmed transactions, causing a major bottleneck in the system. However, the good news is that the congestion has been clearing, resulting in a significant reduction in onchain fees, which have now dropped below $5. As of now, there are only slightly over 300,000 unconfirmed transactions awaiting confirmation, and 185 blocks need to be mined to clear the backlog. Bitcoin Backlog Begins to Gradually Subside Bitcoin has been the talk of the town lately, as it grapples with the challenge of meeting the demand for block space. Just four days ago, the mempool , which is the queue of unconfirmed bitcoin transactions, hit an all-time high, with over 500,000 unconfirmed transfers waiting to be processed. This surge in demand can be attributed to the recent craze for Ordinal inscription, as well as the emergence of the BRC20 token economy. As of 7:00 a.m. Eastern Time on May 11, 2023, there are just over 300,0

Litecoin was back above $80.00 on Wednesday, as the token climbed away from a recent six-week low. Today’s rise in price sees the cryptocurrency surge for a third straight day, despite recent market volatility. Cardano was also marginally higher. Litecoin ( LTC ) Litecoin ( LTC ) jumped back above $80.00 earlier in today’s session, as the token continued to move away from recent lows. Following yesterday’s low of $78.18, LTC /USD raced to an intraday high of $81.97 on Thursday. The surge saw litecoin rise from a recent six-week low of $75.32, which took the cryptocurrency to a breakout of a floor at $77.00. Looking at the chart, today’s rally pushed the relative strength index (RSI) towards a resistance level of 39.00. At the time of writing, the index is currently tracking at 37.95, with LTC falling from earlier highs, and trading at $80.84. Bulls in the market are likely targeting a ceiling of $85.00, however there will likely be some hurdles in the form upcoming points of re

PRESS RELEASE. EMCO Network, a pioneering Defi project, is set to revolutionize the digital and financial landscapes by leveraging its unique blend of real-world experience in precious metals and artificial intelligence sectors. Addressing the challenges faced by users from low socio-economic backgrounds, EMCO Network aims to provide a novel platform to tap into their digital identities, generating financial opportunities while fostering organic online interactions. The project’s robust and sustainable revenue model is built on its strong foothold in the precious metals industry. EMCO Network’s blockchain strategy is designed to bring a new level of transparency, tracking, and authentication to the precious metals sector. This initiative aims to overcome the industry’s inability to share sensitive information on a public ledger due to risk factors such as cargo interception. By ensuring the safety and integrity of the load, EMCO Network will promote transparency and validation of goo

The International Monetary Fund has urged Zimbabwean authorities to weigh the benefits versus risks of issuing a gold-backed digital currency. Instead of using gold-backed digital currency to limit the demand for the greenback, the global lender said monetary authorities should consider liberalizing the foreign exchange market. Risks to Macroeconomic and Financial Stability The International Monetary Fund (IMF) has called on Zimbabwean monetary authorities to carefully consider the benefits of issuing a gold-backed digital currency versus the potential risks to the economy. Instead of rushing to issue the gold tokens, the global lender said authorities should instead consider liberalizing the country’s foreign exchange market. The remarks by the IMF came just days after the Reserve Bank of Zimbabwe (RBZ) began issuing the gold-backed digital currency. As previously reported by Bitcoin.com News, gold-backed digital coins are an attempt by the RBZ to slow down local demand for U.S.

The BRICS nations are set to discuss the feasibility of a common currency at the upcoming leaders’ summit. “It’s a matter we must discuss and discuss properly,” a South African minister stressed, noting that a growing number of countries are saying: “Why can’t we trade in our own currencies? Why are we committed to trading through the dollar?” BRICS Currency to Be Discussed at Upcoming Leaders’ Summit The BRICS countries are planning to discuss the feasibility of introducing a common currency at their upcoming leaders’ summit, which will be hosted by South Africa on Aug. 22 in Johannesburg. While noting that she does not like “preempting BRICS leaders’ discussions,” South African Minister of International Relations and Cooperation Naledi Pandor commented on BRICS currency discussions in an interview with Bloomberg Tuesday. She stressed: It’s a matter we must discuss and discuss properly. “I don’t think we should always assume the idea will work because economics is very difficu

Economist Peter Schiff expects a lot more banks to fail, warning that “nobody’s money is safe in any bank.” He stressed: “When the Fed sets interest rates too low and prints a lot of money … it unleashes massive inflation, creates tremendous economic imbalances that result in financial crises and depressions when the bubbles burst.” Peter Schiff on Inflation Tsunami, Financial Crises, Depressions, and Bank Failures Economist and gold bug Peter Schiff discussed the U.S. banking crisis and where the U.S. economy is headed in an interview last week on One America News Network. Citing “the mess that the Fed made by keeping interest rates so low for so long,” Schiff explained that it enabled banks to load up on “low yielding, overpriced long-term debt, treasuries, [and] mortgages.” Moreover, he stressed that the government and regulators push banks “into these securities with favorable accounting treatment for government securities or anything guaranteed by the U.S. government.” He warn

Authorities in Iran have closed down more than 8,000 underground facilities for cryptocurrency mining in the past three years, local media reported. Despite the government’s crackdown, illegal crypto mining continues to account for a serious amount of energy consumption, official figures suggest. Illegal Crypto Miners in Iran Steal 1.8 Billion kWh of Electricity, Official Says Enterprises minting digital currencies outside the law in Iran have stolen 1.8 billion kilowatt hours (KWh) of electricity, according to a spokesperson for the electric power industry, quoted by the English-language Iranian daily Financial Tribune and the Bargh News portal. “About 8,200 unauthorized centers for cryptocurrency mining have been identified and closed in the past three years, in which more than 246,000 active miners were using 680 megawatts (MW) of energy,” said Mostafa Rajabi-Mashhadi. It’s estimated that another 1,200 MW of power capacity is still being occupied by illegal miners in the country

On May 9, digital currency fund manager Grayscale Investments announced the establishment of the Grayscale Funds Trust and submitted registration filings for three exchange-traded funds with the U.S. Securities and Exchange Commission. Grayscale Introduces Grayscale Funds Trust and Files for 3 ETFs As the leading digital currency fund manager, in terms of assets under management (AUM), Grayscale Investments unveiled the Grayscale Funds Trust launch. The trust is a Delaware statutory trust structure designed to strengthen the company’s worldwide asset management capabilities. “A registration statement relating to Grayscale Funds Trust has been filed with the SEC but has not yet become effective,” Grayscale stated on Tuesday. Grayscale highlighted that they had previously established Grayscale Advisors, an SEC-registered investment advisor, which will serve as the new trust’s advisor. Besides the trust, Grayscale has also filed a registration statement for three additional funds. Th

Bitcoin was hovering close to a key price floor near $27,300 on Wednesday, as markets anticipated the upcoming U.S. inflation report. Consumer prices for last month are expected to remain at 5%, which could be seen as justifying the Federal Reserve’s decision to hike rates last week. Ethereum remained above $1,800. Bitcoin Bitcoin ( BTC ) continued to consolidate on Wednesday, as markets awaited the latest inflation report from the United States. Following a high of $27,824.39 on Tuesday, BTC /USD dropped to an intraday low of $27,375.60 earlier in today’s session. Today’s move pushed bitcoin close to a key support point at $27,300, however prices have since rebounded. Bitcoin chart by TradingView Overall, it appears that the previous drop took place following a breakout on the relative strength index (RSI). Price strength moved below a floor at 43.00, with the index tracking at 42.63 at the time of writing. Bitcoin is now trading at $27,607.96. Ethereum Ethereum also

Over 1,000 human trafficking victims were recently rescued from a “fraud factory” in Mabalacat, a town located nearly 90 kilometers northwest of Manila, Philippines law enforcement has said. Michelle Sabino from the Philippine National Police Anti-Cybercrime Group said trafficking victims use social media platforms such as Facebook to lure unsuspecting individuals. Cryptocurrency Scams According to Philippines law enforcement, over 1,000 human trafficking victims were rescued following a recent raid on a compound in Mabalacat, approximately 90 kilometers northwest of the capital, Manila. According to officials, many of the trafficking victims came from Vietnam, China, Indonesia, the Philippines, Nepal, Malaysia, Myanmar, Thailand and Taiwan. As per a VOA report , the trafficking victims were forced to perpetrate cryptocurrency scams during shifts that lasted up to 18 hours per day. Michelle Sabino, a member of the Philippine National Police Anti-Cybercrime Group, is quoted in the r

PRESS RELEASE. Massa’s testnet has become a magnet for more than 16 projects since its launch back in July 2021. Interest towards this innovative blockchain ecosystem has exploded since the beginning of this year. But what is it that makes Massa special? Massa is an innovative blockchain network that aims to combine high performance with true decentralization from the ground up. The Massa testnet allows anyone to experiment with the protocol and witness its continuous improvements first-hand. One of the main reasons why Massa attracted so many web3 pioneers in Q1 of this year is that it solves the common challenges that most Layer 1 blockchains face, such as high fees, low throughput, and centralization risks. Furthermore, Massa enables both developers and users to participate in the network governance and support the vision of a fully decentralized future. The web3 community has clearly recognized the ultimate potential in Massa. The positive feedback from crypto developers refl

The top Democrat on the House Intelligence Committee has warned that China and Russia would seek to exploit the chaos resulting from a U.S. default. He further cautioned that the U.S. dollar’s reserve currency status could be eroded if the U.S. defaults on its debt obligations. U.S. Lawmaker’s Debt Default Warning Congressman Jim Himes (D-CT), the ranking Democrat on the House Intelligence Committee, warned Sunday during an appearance on CNN’s “State of the Union” about the risks of the U.S. defaulting on its debt obligations. The lawmaker was asked whether the current U.S. “debt crisis” is “a national security threat” and whether any world leaders have expressed concern to him about it. Avril Haines, Director of National Intelligence, informed the Senate last week that Russia and China would try to exploit the chaos resulting from a U.S. default to show that “We’re not capable of functioning as a democracy.” Himes replied, “It has not come up in the meetings that we had in Jordan

Personal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed. Dave Ramsey on De-Dollarization and Challenges From Alternative Currencies Personal finance guru and Ramsey Solutions CEO Dave Ramsey answered a question about de-dollarization in an episode of “The Dave Ramsey Show,” aired last week. Ramsey is an eight-time national best-selling author who sold more than 11 million copies. A self-proclaimed personal money management expert, he calls himself “America’s trusted voice on money.” Zack from Alabama asked him: I’m reading more and more about de-dollarization and countries moving away from the U.S. dollar as their basis of international trade. Will this affect the strength of the dollar, and should I be concerned about how I’m saving and investi

Iranian president Ebrahim Raisi has called on the Central Bank of Iran to lay the groundwork necessary to ditch the U.S. dollar for bilateral trade settlements and to make the switch to use the Iranian real whenever possible. The Central Bank of Iran has already started implementing this policy, proposing to pay bilateral trades using Iranian reals in a recent high-level reunion with Oman’s minister of commerce. Raisi Calls on Central Bank of Iran to Ditch Dollar Iranian President Ebrahim Raisi has called for a policy shift when it comes to the use of the U.S. dollar in bilateral trades. On May 7, during a cabinet meeting after his visit to Syria, Raisi discussed the advancement of other countries such as China and Russia in reducing their trade dependence on the U.S. dollar and called for the Central Bank of Iran to lay the groundwork for shifting to the use of local currencies, such as the Iranian real. Raisi also referred to the strength of the Syrian market, and how the two cou

The recent approval of a blockchain adoption strategy by the Nigerian government has been described as a milestone that will “add clarity, trust and confidence in the [blockchain] ecosystem.” The unveiling of the adoption strategy document has also been hailed as a step that will lend “some form of legitimacy” to a technology that many Nigerians still only associate with cryptocurrency. Central Bank Expected to Eventually Change Its Position on Crypto The Nigerian government’s recent approval of a blockchain adoption strategy has been hailed by advocates of the technology as “a significant milestone for the blockchain industry in Nigeria.” The advocates have also argued that the unveiling of the strategy document by the government helps to lend “some form of legitimacy” to a technology that many still confuse with cryptocurrency. As recently reported by Bitcoin.com News, the approval of the blockchain strategy followed what Isa Pantami, the country’s minister of communications and

PRESS RELEASE. Tokyo, Japan, May 9th 2023, Chainwire. The STAR project is a new initiative to help Japanese SMEs gain international recognition and prestige. The project seeks to uncover the valuable products, technologies, and know-how of small-to-medium-sized businesses. With an advanced ecosystem, the project opens new opportunities for mutual benefit between Japan and its partners abroad. A Project with a Clear Goal The STAR Project has a clear goal: to help Japanese SMEs effectively communicate their products and technologies. Through this project, SMEs can gain access to funds that they can use to reinvest in their business. Foreign companies can also take advantage of the program. Specifically, foreign companies may purchase products, technology, and know-how from Japanese SMEs and partner up with them. Ultimately, the project aims to revive the economy of Japan and the world, creating a sustainable future. This initiative helps Japanese SMEs market their valued produc