Bitcoin News and Finance: What You Need to Know

BSCPad and ADAPad Public Sale On March 14th. Cryptocurrencies and DeFi are experiencing a period of blistering growth: The total value locked (TVL) of tokens in DeFi protocols rose 357% to $255.39 billion among all blockchains. Over $2.5 trillion in cryptocurrencies was traded in January 2022 alone. Global crypto market cap is now over $2 trillion. Within the space, crypto lending has become the most dynamic niche. Over $35 billion TVL is in DeFi lending protocols, which is dominated by Ethereum with a 54% share of TVL as of January 2022. The problem is that Ethereum is slow, expensive, and lacks scalability: Ethereum can only manage 10 to 15 transactions per second, which means orders pile up faster that they can be posted and are delayed. Gas costs when demand is high can be exorbitant, reaching over $50 per transaction on average in January 2022. Ethereum’s market share is rapidly eroding after peaking at 97% in January 2021, as developers and crypto investors flock to m

Griffin Gaming Partners, a venture capital firm specializing in gaming-related investments, has revealed the launch of its second gaming-related fund. The fund, which was reportedly oversubscribed, managed to raise $750 million to support gaming initiatives, including Web3-based and blockchain endeavors. Griffin Gaming Partners has now amassed more than $1 billion AUM. Griffin Gaming Partners Raises Sizable Gaming-Related Fund Griffin Gaming Partners has announced the launch of its second gaming-related fund, which will focus on investing in seed and growth rounds of companies dedicated to building blockchain-powered or traditional games. The fund, which was reported to be oversubscribed raising $750 million, is one of the biggest funds dedicated to interactive entertainment investments. According to numbers coming from the firm, gaming has become a ubiquitous form of entertainment, surpassing movies, music, and books combined. Per reports, the sector is expected to grow by 248%

A Goldman Sachs senior chairman has asked why crypto is not having a moment despite “the inflating U.S. dollar” and governments demonstrating that they can and will freeze accounts under certain circumstances. “Not seeing it in the price, so far,” he said. Goldman Sachs’ Blankfein Has a Question About Crypto Lloyd Blankfein, who is currently senior chairman of the Goldman Sachs Group, tweeted about crypto Sunday. Blankfein previously served as Goldman Sachs’ chairman and chief executive officer from 2006 through September 2018. He explained that he is keeping an open mind about crypto. However, he questioned why it is not “having a moment” given “the inflating U.S. dollar” and governments showing that they “can and will under certain circumstances freeze accounts and block payments.” He opined, “Not seeing it in the price, so far…” Recently, the Canadian government froze accounts tied to the Freedom Convoy trucker protest. Furthermore, since Russia began its invasion of Ukraine

Four U.S. senators are introducing a bill to place sanctions on Russia’s gold. “This legislation would deter the purchase of Russian gold and close this loophole that allows the Russian Federation to soften the financial impact of sanctions,” the senators explained. “By sanctioning these reserves, we can further isolate Russia from the world’s economy and increase the difficulty of Putin’s increasingly-costly military campaign.” US Lawmakers Seek to Sanction Russia’s Gold U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Bill Hagerty (R-TN), and Angus King (I-ME) announced Tuesday the introduction of the “Stop Russian Government and Oligarchs from Limiting Democracy (Stop Russian GOLD) Act.” “The free world’s sanctions are devastating Russia’s economy — and as long as Putin continues his horrific invasion, we must keep up the pressure,” Senator King tweeted. He added that he has joined Senators Cornyn, Hassan, and Hagerty “to introduce sanctions on Russia’s gold reserves.”

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade sanctions that includes a number of crypto-related red flags. However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrency. FinCEN Warns About Sanctions Evasion The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued an advisory Monday providing regulated financial institutions with “red flags on potential Russian sanctions evasion attempts.” Him Das, acting director of FinCEN, said: “It is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by both state actors and oligarchs.” He further noted: Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people.

Leading cryptocurrency exchange Binance has announced the launch of its own payments processing company, Bitfinity. Bitfinity will act as the default fiat-to-crypto payments ramp for the exchange, as well as for other blockchains. With this launch, Binance also targets the expanding Web3 economy, partnering with Paysafe and Checkout.com. Bitfinity Launches to Help Merchants Accept Crypto Binance, one of the largest exchanges by volume traded, recently announced the launch of Bitfinity, its own payments technology company. Bitfinity will become the de facto fiat-to-crypto payments processor of the exchange, supporting more than 50 currencies and all major payment methods, including Visa and Mastercard. This new processor also aims to make merchant onboarding easier, with merchants being able to use Bitfinity’s API to receive cryptocurrency-based payments directly. Binance stated that another objective is to present users with a more friendly system for crypto payments. On the launc

Brandon Topham, the head of enforcement at South Africa’s financial sector regulator, has insisted that his organization has not issued warnings to some global exchanges because they deal in crypto. Rather, the warnings have been made because the exchanges are not registered to offer derivatives in the country. Exchanges Not Registered to Offer Derivative Products An official with the South African financial sector regulator, the Financial Sector Conduct Authority (FSCA), has said his organization has been targeting global cryptocurrency exchanges operating in the country because they “offer a derivative product with crypto as the underlying or reference asset.” As previously reported by Bitcoin.com News, the South African regulator has in the past issued public warnings against global crypto exchange platforms like FTX, Binance, and Bybit. In some cases, the regulator’s warnings have forced some crypto exchanges operating in the country to terminate certain services. While the

A new fundraising platform whose objective is to help to raise funds for Ukrainians and the Ukraine military recently claimed to have raised 2 million of the stablecoin tether. Some of the donated crypto assets have been sent to the Ukrainian army and to a humanitarian fund that finances volunteers. Ukraine’s Crypto Donations Whitepay , a fundraising platform that seeks to assist Ukrainian civilians and the country’s military forces, recently said it had raised 2 million USDT . According to a tweet posted by the fund on March 6, some of the USDT has since been transferred to the Ukrainian Army to cater to its medical needs. Some of the funds have been transferred to the humanitarian fund that finances the volunteers. The announcement by Whitepay, which was founded by the Estonian cryptocurrency exchange Whitebit and a Ukrainian fintech and crypto entrepreneur, Gleb Udovychenko , came as some reports said Ukraine had received cryptocurrency valued at $50 million in just one week

Cryptocurrency exchange Binance has fully resumed EUR and GBP deposits and withdrawals via the SEPA payment network and Faster Payments Services (FPS). Binance is also offering all verified users zero fees for depositing EUR via SEPA and GBP via FPS to “celebrate the return of SEPA and FPS.” SEPA and FPS Back on Binance Cryptocurrency exchange Binance announced Monday that at 11:00 a.m. UTC for both desktop and app: Binance and Paysafe will fully reopen EUR and GBP deposits and withdrawals respectively via the SEPA payment network (SEPA) and Faster Payments Services (FPS). “Binance retail users across Europe, with the exception of Netherlands and Switzerland, will be able to make EUR transfers directly via SEPA,” the exchange detailed. The announcement adds that to “celebrate the return of SEPA and FPS,” Binance is “offering all verified users zero fees for depositing EUR via SEPA and GBP via FPS” until March 31 at 11:59 p.m. UTC. Binance temporarily suspended EUR deposits vi

At the end of the trading day on Monday, Wall Street was roiled once again as major stocks plunged during the day’s trading sessions. Most news outlets indicate the Russia-Ukraine war is causing the bleak outlook and reports show strained financial conditions worldwide are currently the tightest since 2020. Meanwhile, bond markets during Monday’s trading sessions indicate increased inflationary pressures may be on the horizon. Global Investors Grow Concerned About Strained Financial Conditions Equities traders did not have a pleasant day during Monday’s trading sessions as the S&P 500, Nasdaq, NYSE, the Dow, and many other stocks plunged in value . The price shocks and economic fallout is no longer being blamed on Covid-19, as fingers are pointing at the ongoing Russia-Ukraine conflict in Europe. While reports say the military warfare has been brutal, economic sanctions are also taking a toll on the Russian economy. Moreover, economists have noted the sanctions are affecting

Apple co-founder Steve Wozniak says Bitcoin is “the only one that’s pure-gold mathematics.” He is skeptical of most other cryptocurrencies. In addition, Wozniak is a fan of the metaverse but is less enthusiastic about non-fungible tokens (NFTs). Apple’s Steve Wozniak Praises Bitcoin Apple co-founder Steve Wozniak talked about cryptocurrency in an interview with the Insider, published last week. He said: There’s so many cryptocurrencies that come out now. Everybody has a way to create a new one, and you have a celebrity star with it. It seems like they’re just collecting a bunch of money from people who want to invest at the very earliest stage, when it’s worth pennies. Wozniak also noted that some people buy cryptocurrencies because they are not aware of the potential windfalls. “Then they just fold,” he said. While he’s a fan of the metaverse, he’s less enthusiastic about non-fungible tokens (NFTs) and cryptocurrencies, the publication conveyed. He said that for the most part,

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says that “what is happening with the U.S. dollar now is the end of the U.S. dollar.” He explained that “an international currency is supposed to be neutral but in Washington, they are now changing the rules,” emphasizing, “Washington does not play fair anymore.” Jim Rogers on the End of the U.S. Dollar Renowned investor Jim Rogers discussed the end of the U.S. dollar and the future outlook for cryptocurrency in an interview published by the Economic Times Sunday. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management. He was asked about the outlook for the U.S. dollar and where he sees the dollar index headed. “I own U.S. dollars partly because when turmoil comes, people look for a safe haven. They think the U.S. dollar is a safe haven for historic reasons,” Rogers began. However, the veteran investor added: But what is happenin

While the decentralized finance (defi) platform Anchor Protocol’s native digital asset ANC has gained more than 180% over the last month, the total value locked (TVL) in Anchor has increased a great deal during that time as well. Anchor Protocol is currently the second-largest defi lending platform in terms of TVL, and over the last month, Anchor’s TVL has increased by 40.13%. Anchor TVL Surges More Than 40% in 30 Days, Protocol’s TVL Rivals Aave’s Lead The Terra-based token anchor protocol (ANC) has increased in value significantly against the U.S. dollar during the last month. At the time of writing, 14-day metrics show ANC has gained 82.7%, and 30-day stats indicate ANC is up 182.4%. Anchor is a lending protocol built with the Terra blockchain network, and it gathers liquidity from lenders and borrowers. Moreover, lenders depositing the stablecoin terrausd (UST) gather a stabilized yield at close to 20% APY. In order to gather yield, Anchor uses a liquid-staking mechanism .

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Neutral Switzerland may target crypto assets within its territory that belong to sanctioned Russian entities, a report has said. The report quotes an official who explains that the move is designed to protect the integrity of the country’s cryptocurrency industry. The official, however, warns that crypto-assets that are not stored with cryptocurrency exchanges are impossible to target. Protecting the Integrity of the Swiss Crypto Industry An official from the traditionally neutral Switzerland has said the country may “target” all crypto asset service points within its borders that are owned by Russians and all entities that have been sanctioned by the European Union. To achieve this, the non-EU country’s Federal Council said it will add provisions against cryptocurrencies to own its sanctions regulations. According to an unnamed official from the country’s finance ministry, denying Russian digital currency holders access to their crypto assets also helps to “protect the integrity”

The world’s leading payment processors Visa and Mastercard have joined sanctions against Russia over its military invasion of Ukraine. The American companies announced suspension of operations in the Russian Federation although Russians will be able to use their cards inside the country. Card Payment Giants Visa and Mastercard Add to Pressure on Russia Over Ukraine War Payment firms Visa and Mastercard are suspending operations in Russia as part of the international response to its decision to invade Ukraine. The U.S.-based financial services corporations revealed Saturday they’ll be working with clients and partners to terminate transactions through their systems. Visa explained that once it takes the necessary steps, “all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.” “We are compelled to act following Russia’s

In a report published on Saturday, the International Monetary Fund (IMF) has warned that an ongoing war in Europe and associated sanctions will have a “severe impact on the global economy.” The IMF’s report says there is “extraordinary uncertainty” in the air, and the international financial institution believes “economic consequences are already very serious.” IMF’s Economic Outlook Amid Ongoing War in Europe Predicts Inflationary Pressures, Supply Chain Disruptions, and Price Shocks With a crisis happening in the world, many analysts and economists are concerned about the global economy and the aftermath of the warfare taking place in Ukraine. Additionally, Russian sanctions are being discussed or implemented daily by a large quantity of countries across the globe. On Saturday, the IMF issued a staff statement concerning the economic impact of the war in Ukraine after the executive board met on March 4. The report notes that the meeting was chaired by the IMF’s managing directo

The chief executives of two major cryptocurrency exchanges, Binance and Coinbase, do not believe that cryptocurrency is an effective tool to help Russia evade Western sanctions. CEOs of Binance and Coinbase Say Crypto Not Useful at Evading Sanctions Since Russia began its invasion of Ukraine, governments worldwide have raised concerns that cryptocurrency could be used to circumvent sanctions placed by Western nations. The CEOs of two leading cryptocurrency exchanges have shared their thoughts on whether crypto can be an effective tool to circumvent sanctions. Binance CEO Changpeng Zhao (CZ) was quoted by the Guardian as saying: Currently, the media and politicians are spending a lot of effort and focus on crypto and sanctions. The truth is, crypto is too small for Russia. “If we look at the crypto adoption today, there is probably about 3% of the global population with some kind of crypto exposure (ie, owning some crypto),” Zhao continued. “Of those, most only have a small perc

A finance professor at the Wharton School of the University of Pennsylvania has warned of “bitcoin taking over.” He added that the Fed “has been terribly wrong over the last year” about inflation and must now act to defend the U.S. dollar. Finance Professor Urges the Fed to Take Action to Defend the U.S. Dollar Wharton’s finance professor Jeremy Siegel shared his view on inflation, “bitcoin taking over,” and the need for the Federal Reserve to defend the U.S. dollar in an interview with CNBC Friday. Siegel is Russell E. Palmer Professor Emeritus of Finance at Wharton School, University of Pennsylvania. His research focuses on demographics, financial markets, long-run asset returns, and macroeconomics. Commenting on Federal Reserve Chairman Jerome Powell indicating last week that the first rate hike will be in March and will likely be 25 basis points, Siegel criticized that the Fed is already behind and should be making a more aggressive move. “They’re going to have to do much mor

The founder of Skybridge Capital has doubled down on his $100K bitcoin price prediction. He also believes that bitcoin could reach $500K a coin in the long run. “But we’ve got some work to do here from a regulatory perspective,” he stressed. The executive also advised how an average investor should get into bitcoin. Skybridge Capital’s Founder on Bitcoin Price The founder of investment management firm Skybridge Capital, Anthony Scaramucci, talked about the future outlook for bitcoin Friday in an interview with Melissa Francis on Magnifi by TIFIN. Scaramucci expected the price of BTC to reach $100,000 by the end of last year . However, he admitted that he “did not assess the regulatory environment appropriately” after the U.S. Securities and Exchange Commission (SEC) approved bitcoin futures exchange-traded funds (ETFs). “I thought once you had the bitcoin futures [ETFs], you’d end up with the cash pretty immediately. Too much political headwind for that,” he explained. Instead,

The Ukrainian government announces that $50 million in cryptocurrency was raised within a week since Russia began its invasion of Ukraine. The government has so far spent $15 million in donated cryptocurrency to buy military supplies. Ukraine Government Spends $15 Million in Crypto on Military Supplies Alex Bornyakov, Ukraine’s deputy minister of digital transformation, revealed Friday that his government has spent $15 million in donated cryptocurrency on military supplies, including bulletproof vests, Bloomberg reported. In a Zoom interview from an undisclosed location in Ukraine, he confirmed that the purchased military gear was delivered Friday. Many people have donated cryptocurrency to the Ukrainian government since the war with Russia began. Mykhailo Fedorov, the vice prime minister of Ukraine and the minister of digital transformation, tweeted Friday that the Ukrainian government raised $50 million in cryptocurrency within one week. Most of the donations were in bitcoin ( B

Crypto payment processor Coingate and International Business Settlement (IBS) have started an arrangement with the National Bank of Ukraine (NBU) that enables well-wishers to send donations to Ukraine via more than 70 different crypto assets. Calls for Widening List of Accepted Crypto Donations Lithuania-based crypto payment processor Coingate recently said it has begun an arrangement with the Ukrainian central bank that has seen the number of crypto assets well-wishers can donate to the country’s armed forces rise from just four to more than 70. This widening of the list of accepted crypto assets comes just a few days after the Ukrainian government acceded to Polkadot creator Gavin Wood’s pleas to have DOT added to the list of cryptos accepted for donations. As reported by Bitcoin.com News, shortly after the Ukrainian government said it would accept polkadot donations, Wood immediately honored his pledge and donated DOT coins worth over $5 million. Consequently, the Ukrainian g

As financial authorities around the world continue to target sanctioned Russian entities, regulators in Japan along with the country’s crypto association are attempting to find and close gaps that may be used to circumvent sanctions. The two bodies, however, have said they are not discussing the plan to block all Russians. Calls to Block Russian Users Rejected Japan’s Financial Services Agency (FSA) and the Japan Virtual and Crypto Assets Exchange Association have reportedly said they are trying to find ways of stopping blacklisted Russian entities from evading sanctions via the use of cryptocurrencies. Japan’s move to target Russian cryptocurrency users has come shortly after Tokyo imposed sanctions on Russian officials including the country’s President, Vladimir Putin. On the other hand, a report suggested that the two parties are, however, not discussing or deliberating on a plan to block all Russian users. Instead, the report said the regulator is focused on finding ways to st