Bitcoin News and Finance: What You Need to Know

The president of Turkey, Recep Tayyip Erdoğan, has reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse. “It is a sensitive subject, a good and meticulous study should be done,” said President Erdoğan. Turkish President Wants the Ruling Party to Study Crypto and the Metaverse Turkish President Recep Tayyip Erdoğan reportedly discussed cryptocurrency and the metaverse at the Justice and Development Party’s central executive board meeting held Tuesday under his chairmanship. The Justice and Development Party (AK Party) is the largest party in Turkey, and President Erdoğan is its current leader. During the meeting, President Erdoğan directed the AK Party to analyze new developments, including cryptocurrency and the metaverse, local media reported Wednesday. He also instructed the party members to organize a forum to focus on these areas. President Erdoğan reportedly said at the meeting: It is a sensitive subject. A good and meticul...

Lloyd Blankfein, a former Goldman Sachs CEO who is now the firm’s senior chairman, says his view on cryptocurrency is evolving. “I look at the crypto, and it is happening,” he added. Goldman Sachs Executive Lloyd Blankfein Says Crypto ‘Is Happening’ Lloyd Blankfein, a former Goldman Sachs CEO who has voiced skepticism about cryptocurrency in the past, said in an interview with CNBC this week that his view on crypto is “evolving.” Blankfein served as Goldman Sachs’ chairman and chief executive officer from 2006 through September 2018, and remained chairman through December 2018. He is now senior chairman of the Goldman Sachs Group. He was asked whether his view on cryptocurrency has changed given the current market condition and traditional banks, including Goldman Sachs, starting to offer crypto services, such as trading and custody. The Goldman executive replied: Look, my view of it is evolving … I can’t predict the future, but I think it’s a big thing to be able to predict th...

A special agent with the Internal Revenue Service (IRS) says the tax agency is “seeing mountains and mountains of fraud” in the cryptocurrency space. The IRS criminal investigation unit is trying to train all of its agents on crypto and non-fungible token (NFT) issues because “this space is the future,” he stressed. IRS Special Agent Says Crypto Is Rife With ‘Mountains and Mountains of Fraud’ A special agent in charge of the IRS’ criminal investigation division in Los Angeles, Ryan Korner, talked about cryptocurrency at a virtual event hosted by the USC Gould School of Law Tuesday. He was quoted by Bloomberg as saying: We’re just seeing mountains and mountains of fraud in this area. He explained that non-fungible tokens (NFTs) and crypto in general are prone to market manipulation, adding that high-profile individuals could influence crypto prices with just one tweet. Noting that celebrities are not immune to the tax authority’s criminal probes, the special agent clarified: “We...

Equities, crypto markets, and precious metals did well during the early morning trading sessions on Wednesday, just before the U.S. central bank wrapped up its Federal Open Market Committee (FOMC) meeting. While the Fed said in a statement that the benchmark interest rate would rise soon, the central bank’s lead Jerome Powell said the committee “is of a mind to raise the federal funds rate at the March meeting.” Powell’s statements following the meeting, alongside discussions of reducing the balance sheet, were viewed as hawkish among investors and global markets dipped in value. FOMC Says It Plans to Raise the Federal Funds Rate ‘Soon,’ Fed Chair Jerome Powell Insists Rates Will Change in March Following a week of dismal markets, the highly anticipated Federal Open Market Committee (FOMC) meeting took place, and members of the committee unanimously approved the decision to keep rates at near-zero levels. “With inflation well above 2 percent and a strong labor market, the Committe...

The main utility company in Irkutsk is looking to collect almost $800,000 from owners of crypto farms that have allegedly caused a spike in electricity consumption in the Russian region. The supplier accuses the miners of burning cheap household electricity in what is, in fact, a business activity. Power Utility Takes Crypto Miners to Court Irkutskenergosbyt, the local power distributer in Irkutsk Oblast, has filed 137 lawsuits against customers using subsidized electricity to mint digital currencies in mining facilities set up in basements and garages. Taking the cases to court, the utility hopes to recover 63 million Russian rubles (over $790,000) in compensation, Tass reported quoting its director, Andrey Kharitonov. The company says these home miners are engaged in entrepreneurial activities while paying for their electricity at the tariffs for the population, which are four times lower than commercial rates. The owners of the underground crypto farms are also increasing the lo...

PRESS RELEASE. Not too long ago, Dvision Network had successfully initiated their LAND sale, and now it is time for the second sale to commence as the first month of 2022 nears its end. On January 27th, 11:00 AM UTC, the Polygon Ecosystem will witness the Dvision’s second LAND Sale via Dvision Marketplace and the NFT marketplace known as OpenSea . The NFTs, which are key units for the initiative’s Meta-Cities, shall be distributed fairly for sale through the native Dvision Marketplace and OpenSea via the Polygon Ecosystem. Moreover, the ERC-721 compliant LAND NFTs will be minted on the Polygon Mainnet in addition to all ecosystem-related operations taking place in their native chain-supported marketplaces. Furthermore, the team will continue to integrate Polygon Partners through a mutual LAND NFT Grant Program that will provide increased access and exposure to the metaverse through the allocation of LAND NFTs. The first project to receive the grant LAND NFT is Project Galaxy – ...

The leader of the Nigerian blockchain association, Senator Ihenyen, has implored the country’s lawmakers — currently pushing for the securities law to be revamped — to consider crafting laws that regulate the crypto industry. Proposed Law Does Not Expressly Mention Cryptocurrencies As Nigerian lawmakers debate a bill that proposes a ten-year jail term for operators of Ponzi schemes, a leader of a Nigerian blockchain lobby group, Senator Ihenyen, has urged the country’s lawmakers to consider crafting a law to govern the cryptocurrency industry. He argued that an “unregulated crypto space is not in anyone’s best interest.” Ihenyen, who heads the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), however, concedes that while the proposed bill does not expressly mention or refer to digital currencies, crypto Ponzi schemes are included in what the lawmakers call “prohibited schemes.” The remarks by the leader of SIBAN follow reports that Nigerian lawmakers had passed...

Elon Musk’s electric car company, Tesla, did not sell any bitcoin in the fourth quarter, according to the company’s latest financial statement. Tesla is holding bitcoin worth $1.26 billion. The company still has not resumed accepting bitcoin payments but now accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise. Tesla Did Not Sell Bitcoin in Q4 Tesla released its Q4 and FY2021 financial statements Wednesday. The company’s unaudited balance sheet shows net digital assets of $1.26 billion at the end of December last year. This amount is unchanged from the third quarter . Tesla’s unaudited statement of cash flows also shows that there was no purchase or sale of digital assets in the last three quarters. The only cryptocurrency purchase Tesla made was bitcoin in the first quarter in the amount of $1.5 billion. The only sale the company made was also in the first quarter. While Tesla never disclosed how much bitcoin it owns, Musk previously hinted that it is close to 42...

Ripple has bought back shares from its Series C funding round, which raised the company’s valuation to $15 billion, according to CEO Brad Garlinghouse. He added that despite the lawsuit by the U.S. Securities and Exchange Commission (SEC) over the status of XRP cryptocurrency, Ripple had the best year on record. Ripple’s $15 Billion Valuation and ‘Best Year on Record’ Ripple CEO Brad Garlinghouse announced via Twitter Wednesday that Ripple has bought back its Series C shares at a $15 billion valuation. The CEO described that “Even with 2021’s headwinds, it was our best year on record,” adding that Ripple’s financial position is the strongest it has ever been, with $1 billion dollars in the bank. In December 2019, the company raised $200 million in the Series C funding round, led by Tetragon. SBI Holdings and Route 66 Ventures also participated. According to reports, the company’s valuation was $10 billion after the Series C funding round. Noting that “slow down” is not in Rippl...

PRESS RELEASE. As the new year gets underway, there has been a lot of speculation and interest regarding what role the metaverse, crypto and VR (Virtual Reality) will play going forward. After all, our society is becoming increasingly digitised and the COVID-19 global pandemic is still very much ongoing. As a result, there is a clear need for everyone to continue to live their lives but in a vastly different way than before, and that is exactly where Ariva Digital comes into play. Understanding Ariva Simply put, Ariva can be thought of as an innovative blockchain platform which intends to solve the inefficiencies of the tourism industry by providing a next-generation blockchain-based ecosystem. It essentially wishes to influence the tourism sector by combining cutting-edge goods, services and products into its ecosystem. This is divided into many important categories, according to the official whitepaper , including Ariva.World, Ariva.Finance, Ariva.Club, and finally the Ariva Me...

Indonesia’s Financial Services Authority (OJK) has prohibited financial firms from using, marketing, and/or facilitating crypto trading. The financial regulator also cautioned the public to always beware of fraudulent Ponzi schemes under the guise of crypto. Indonesian Regulator’s Crypto Warning Indonesia’s Financial Services Authority (OJK), the Jakarta-based government agency which regulates the financial services sector, warned Tuesday that financial firms are not allowed to offer or facilitate sales of crypto assets. The warning was conveyed by the chairman of the OJK Board of Commissioners, Wimboh Santoso, on the regulator’s official Instagram account. The OJK was quoted by Reuters as saying: OJK has strictly prohibited financial service institutions from using, marketing, and/or facilitating crypto asset trading. The regulator also cautioned the public when investing in crypto assets. “Crypto assets themselves are a type of commodity that has fluctuations in value which c...

The Trump family has threatened legal action over trumpcoin, a cryptocurrency created in 2016 “to honor Donald J. Trump.” Eric Trump said that the crypto has nothing to do with the Trump family. “We do not authorize the use and we are in no way affiliated with this group. Legal action will be taken,” he said. Trump Family Threatens Lawsuit Over Trumpcoin Eric Trump, a son of the former president and a Trump Organization executive, tweeted about cryptocurrency trumpcoin Monday. “Fraud Alert: It has come to our attention that someone is promoting a cryptocurrency called ‘trumpcoin’ (Symbol ‘TRUMP’),” he wrote, adding: This has nothing to do with our family, we do not authorize the use and we are in no way affiliated with this group. Legal action will be taken. According to the Trumpcoin website, the cryptocurrency was created in February 2016 “in order to honor Donald J. Trump.” Trumpcoin has a market cap of about $1.3 million. At the time of writing, its price is about $0.26. T...

Tesla CEO Elon Musk says that he will eat a happy meal on television if McDonald’s accepts the meme cryptocurrency dogecoin (DOGE). However, McDonald’s replied, “only if Tesla accepts grimacecoin.” Musk’s statement followed a tweet by McDonald’s asking how crypto Twitter is doing. Elon Musk Tries to Tempt McDonald’s to Accept Dogecoin Tesla and Spacex CEO Elon Musk offered to eat a McDonald’s happy meal on television if the fast-food restaurant chain accepts dogecoin (DOGE) in a tweet Tuesday. At the time of writing, his tweet has been retweeted 34.3K times and liked 229.1K times. Many people expressed their excitement on Twitter, promising that they will eat at McDonald’s more often if the restaurant chain accepts DOGE. Some said they will only pay at McDonald’s with the meme coin if that happens. A few people asked McDonald’s to consider accepting other coins, like shiba inu (SHIB). The price of DOGE pumped slightly after Musk’s tweet. The price of dogecoin was $0.1359 at that...

The mayor of New York City, Eric Adams, converted his first paycheck into bitcoin and ether before the price of the cryptocurrencies plummeted. However, the mayor said, “When you are a long-term investor, you don’t keep your eyes on your portfolio.” He added that the purpose of receiving a paycheck in bitcoin is to send a message that New York City is open to technology. NYC Mayor Converted Paycheck Into Bitcoin and Ether Before Prices Tanked New York City Mayor Eric Adams answered some questions in an interview with CNN Sunday about receiving his first paycheck in bitcoin just before the price of the cryptocurrency sank. Adams recently converted his first paycheck into bitcoin and ether via Coinbase. He promised to take his first three paychecks in bitcoin. He was asked if he had any regrets about converting his paycheck into cryptocurrency before prices crashed. The mayor replied: It’s the same when I invested in the stock market in my 401k. We saw a drastic drop during 2018...

Grayscale, the world’s largest crypto asset manager, is considering 25 more crypto assets for investment products. With the latest additions, the company’s list of coins under consideration has grown to 43. “The process of creating an investment product similar to the ones we already offer is a complex, multifaceted process,” said Grayscale. 25 Crypto Assets Added to List of Coins Under Consideration for Grayscale’s Investment Products Grayscale Investments announced Monday that it has updated its list of digital assets under consideration for 2022. Grayscale currently has $30.6 billion in net assets under management. The company explained that the “Assets Under Consideration” list comprises “some digital assets that are not currently included in a Grayscale investment product, but that have come to our attention as part of our exploration of this sector, and that our team has identified as possible candidates for inclusion in a future investment product.” Grayscale detailed: Wit...

The software behemoth Google has reportedly started a new blockchain-based division inside its Labs group. The division will also deal with other distributed computing and data storage technologies. While the company has been wary of associating with any form of cryptocurrency, Bill Ready, Google’s president of commerce, stated on January 19 they were paying a lot of attention to the area. Google Goes Blockchain Google, one of the biggest software companies in the world, is reportedly launching a new blockchain division as part of its Labs group. The blockchain division will be led by Shivakumar Venkataraman, an engineering vice president for Google. The division will focus on “blockchain and other next-gen distributed computing and data storage technologies,” according to an email obtained by Bloomberg. While the company has been involved in certain blockchain projects, it has been very wary of being associated with any cryptocurrency in particular. The new blockchain division wi...

PRESS RELEASE. INTERNET CITY, DUBAI, Jan. 25 2022 – LBank Exchange, a global digital asset trading platform, will list ADENE (ADEN) on January 27, 2022. For all users of LBank Exchange, the ADEN/ USDT trading pair will be officially available for trading at 18:00 (UTC+8) on January 27, 2022. The gambling industry has become an empire that is owned by some powerful bodies (centralized casino system) who are solely making profits only for themselves. As the first fully decentralized game system of the 4th generation, ADENE (ADEN) is here to disrupt the gambling culture, end this monopoly, and create its own realm of gambling to bring back equality and justice to the gambling industry. Its utility token ADEN will be listed on LBank Exchange at 18:00 (UTC+8) on January 27, 2022, to further expand its global reach and help it achieve its vision. Introducing ADENE As the first fully decentralized gambling system of the 4th generation, ADENE gives its community access to possibilities...

Myanmar’s military-ruled government is proposing to enact laws that will see users of virtual private networks (VPN) and digital currencies being jailed for up to three years. In addition, offenders will be made to pay fines of up to $2,800. Draft Bill Open for Comments Myanmar’s military-ruled government is proposing to enact a law that outlaws the use of virtual private networks (VPN) and digital currencies in that country. Once enacted, violators of the new law not only face jail time but will be made to pay a fine. According to a report published by The Register, individuals caught using VPNs will face a possible jail sentence of between one and three years. In addition, offenders may also be asked to pay a fine of $2,800 or five million Myanmar Kyats. Digital currency users, on the other hand, face a minimum jail term of six months and a maximum of up to one year. They will also be liable to pay fines of up to $2,800. Besides targeting digital currency and VPN users, the mil...

Global investment bank Goldman Sachs has predicted that the metaverse could be an $8 trillion opportunity. Several others have similarly predicted that the metaverse is a multitrillion-dollar market. Goldman Sachs Says the Metaverse Could Be an $8 Trillion Opportunity Global investment bank Goldman Sachs has predicted that the metaverse could be an $8 trillion opportunity. Goldman Sachs’ analyst Eric Sheridan explained the bank’s metaverse prediction in a recent “Exchanges at Goldman Sachs” episode, titled “Understanding the metaverse and web 3.0.” He was asked about the evolution of the metaverse ahead and how big the potential opportunity could be. The analyst replied: We think this could be as much as an $8 trillion opportunity on the revenue and monetization side. “We look at the digital economy today, which is roughly about 20%, 25% of the global economy … We see the digital economy continuing to grow, and on top of that we see a virtual economy that will grow within and a...

The author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he will buy more bitcoin if and when the price of the cryptocurrency tests $20K. He noted that bitcoin’s price crashing is “great news,” adding that the “Time to get richer is coming.” Robert Kiyosaki Plans to Buy More Bitcoin Robert Kiyosaki, the author of Rich Dad Poor Dad, tweeted Sunday about the price of bitcoin and when he will buy more BTC . Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki wrote: Price of bitcoin [is] crashing. Great news. I bought BTC at $6K and $9K. I will buy more if and when BTC tests $20K. Time to get richer is coming. He added that silver is the best bargain today, emphasizing, “Silver [is] still 50% below high.” Kiyosaki has been warning about a major cras...

Since the Cambridge Bitcoin Electricity Consumption Index (CBECI) project updated its mining map in mid-July, the United States has continued to dominate in terms of the amount of hashpower worldwide. Moreover, data shows that Foundry USA has managed to command the top pool position with 755 bitcoin block rewards mined during the last 30 days. The United States Commands a Large Concentration of Bitcoin Miners, 66 Exahash Recorded in the US on January 24 According to chainbulletin.com’s mining map , there is a large concentration of the Bitcoin network’s hashrate located in the United States. At the time of writing, data shows that 66.22 exahash per second (EH/s) or 35.4% of the global hashrate resides in the U.S., while 17.87 EH/s or 9.55% is located in Canada. Between Canada and the United States, the countries command 44.95% of the global hashrate. Pool operators located in the U.S. include Binance USA, Btc.com, SBI Crypto US, Viabtc US, Poolin US, Slushpool US, Antpool US, F2poo...

Education and awareness campaigns are still viewed as important channels that draw people to cryptocurrencies and blockchain. This has been particularly true in some parts of Africa where bitcoin and other cryptocurrencies are proving to be a useful alternative to fiat currency. Blockchain Education and Advocacy From Uganda Despite a surge in the use of blockchain technology and cryptocurrencies that started with the pandemic-inspired lockdowns, many people, particularly in Africa, are still unfamiliar with these technologies. To bridge this knowledge gap, many blockchain enthusiasts in Africa have chosen to focus their efforts on educating their fellow countrymen on the basics of the blockchain. In Uganda, blockchain enthusiasts Daniel Mulondo and Killian Mugenyi have created a platform called Nileone , which not only aims to educate but also to help raise awareness about potential crypto scams. In an interview with Bitcoin.com News, Mugenyi explains how their efforts to raise pu...

The Luna Foundation Guard, a new decentralized organization developed to support the Luna ecosystem, has been launched last week in Singapore. The institution will offer funding in the form of grants to support initiatives built on top of the Luna network. One of its biggest functions will be to establish a “forex reserve” that will aid UST, the companion stablecoin of the Luna ecosystem, to maintain its peg. Luna Foundation Guard Launches to Support Terra Ecosystem The Luna Foundation Guard, a non-profit organization, has launched to help support and maintain the Terra ecosystem as a decentralized counterparty to Terraform Labs, the company behind the UST currency. This organization will have different functions, including the promotion of the ecosystem and also the direct financing of different programs through grants , which will be given through its website starting January 31. Do Kwon, co-founder of Terraform Labs, announced this new initiative via Twitter, informing followe...

Pavel Durov, founder of the messaging app Telegram, has criticized Bank of Russia’s proposal to impose a blanket ban on a range of crypto-related activities. Such move would stifle high-tech development and chase away blockchain specialists, Durov says. Durov Speaks Out Against Bank of Russia Push for Crypto Ban The cryptocurrency ban proposed by the Central Bank of Russia (CBR) will destroy a number of high-tech sectors and spark an outflow of IT specialists, Pavel Durov, the man behind the popular-in-the-crypto-community messenger, Telegram, has predicted. The Russian entrepreneur also alerted that the restrictive policy would hinder blockchain development. In a Telegram post , Durov stated: No developed country bans cryptocurrencies. Reason: such a ban will inevitably slow down the development of blockchain technologies in general. These technologies improve the efficiency and safety of many human activities, from finance to arts. Durov emphasized that solutions based on dist...

Mercadolibre, one of the biggest Latam-based unicorns, has announced strategic investments in two cryptocurrency exchanges: Paxos and Mercado Bitcoin. With these investments, the platform gets closer to cryptocurrency, having already bought bitcoin as a direct investment for its treasury, and offering the possibility of investing in crypto for its users in several countries in Latam. Mercadolibre Puts More Money Behind Crypto Mercadolibre, one of the biggest e-commerce platforms in Latam, with more than 70 million customers, announced strategic investments in two exchange platforms. The Latam-based unicorn announced on January 20th it had acquired shares of 2TM, the parent company of Mercado Bitcoin, one of the leading exchanges in Brazil, with three million customers. The company also invested in Paxos, a stablecoin issuer and blockchain infrastructure provider. The amounts invested in each of these companies were not provided, but the company informed that the objective of the i...

UBS, Switzerland’s largest bank, has warned about a crypto winter where prices crash and may not recover for years. The bank’s analysts explained several major reasons affecting the prices of cryptocurrencies. UBS Expects Crypto Winter That Could Last Years Switzerland’s largest bank, UBS, has warned of a crypto winter where prices crash and may not recover for years. The bank’s analysts, led by James Malcolm, recently explained in a note to clients several reasons why cryptocurrency may lose its attractiveness to investors this year. Firstly, the UBS analysts detailed that the Federal Reserve’s interest rate hikes are set to reduce the appeal of cryptocurrencies, such as bitcoin, for many investors who see the asset class as a good alternative store of value. The analysts added that if central banks move to get a handle on inflation, investors may not be holding bitcoin as protection against rising prices. They noted that government stimulus was a key factor boosting the prices ...