Bitcoin News and Finance: What You Need to Know

Authorities in China recently announced the arrest of ten suspects they say are behind an online pyramid platform that is thought to have stolen millions of dollars from unsuspecting users. The suspects are accused of using the promise of high returns and a regular income to lure more victims. A ‘Unicorn in the Field of Global Applications’ Chinese authorities recently said they had arrested ten individuals behind an online platform which they believe to be a pyramid scheme, a regional report from China has said. The report suggests the scammers may have defrauded unsuspecting investors of more than $15 million or 100 million yuan. According to the report , the arrests of the unnamed suspects followed the completion of a six-month investigation into the activities of the platform. The probe was initiated after authorities reported seeing the initial use of digital currency to implement the pyramid scheme in Shanghai. One of the probing teams, the Economic Investigation Team of the

PRESS RELEASE. BTC Proxy , the Bitcoin Liquidity Protocol on Polygon, has entered into a strategic partnership with Blockchain.com , one of the world’s largest crypto platforms and an early pioneer of key Bitcoin infrastructure. As part of the partnership, Blockchain.com will add BTC Liquidity into the Proxy ecosystem by Minting BTCpx. Moving Bitcoin to the Polygon network will expand the DeFi ecosystem and provide reward opportunities for users. BTC Proxy believes it has solved a real pain point with Bitcoin by creating a mechanism of interoperability to access stored value from long-term holders without sacrificing safety through the use of qualified custodians. This tokenized volume can then be utilized to provide liquidity and drive value to all the networks involved. BTCpx is the tokenized receipt of Bitcoin ( BTC ) that has been deposited into a qualified custodian. In this arrangement, the BTCpx is used to navigate through carefully crafted and sustainable reward programs

Leading cryptocurrency exchange Binance is showing its intention of expanding its activities to Brazil. The company announced that it has signed a memorandum of understanding with a regulated securities brokerage firm in Brazil, with the intention of acquiring it. The company, called Sim;paul Investimentos, offers different investment options to its customers, including various funds and stocks, and is said to be completely compliant with Brazilian laws. Binance Inks Memorandum of Understanding With Sim;paul Investimentos Binance is setting its sights on Latam, specifically Brazil, as the company is making moves to establish a more significant foothold in the country. The exchange announced it has inked a memorandum of understanding with a Brazilian brokerage firm called Sim;paul Investimentos, with the intention of acquiring the company after having cleared the requirements and receiving approval from regulators, including the Bank of Brazil. Binance’s move, according to the pres

India’s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. “We have a long list of people who were transacting in crypto assets but were not paying tax,” said an official with the country’s Central Board of Direct Taxation. Indian Tax Authority Going After 700 Crypto Investors India’s income tax department is reportedly cracking down on non-payment of taxes from cryptocurrency gains. The department is examining the high-value crypto transactions of about 700 investors, the Economic Times reported Tuesday, adding that the authority is proposing to issue notices to them. Income tax officials said most of these people have either omitted declaring crypto gains on their tax returns or have not filed tax returns at all. They could face 30% tax, penalty, and interest. A senior official with the Indian Central Board of Direct Taxation (CBDT) told the publication: We have a long list of peopl

The Ukrainian government has launched an official cryptocurrency donation website to raise funds in support of the Ukrainian armed forces and humanitarian aid programs in the fight against Russia. The donation platform is a collaboration between the Ministry of Digital Transformation of Ukraine, Everstake, and cryptocurrency exchange FTX. Government’s Crypto Donation Website Now Live The Ministry of Digital Transformation of Ukraine announced Monday that it has launched the official “ Aid For Ukraine ” website to raise funds in support of the Ukrainian armed forces and humanitarian aid programs in the fight against Russia. The crypto donation platform is in partnership with staking service provider Everstake and cryptocurrency exchange FTX. Mykhailo Fedorov, vice prime minister of Ukraine, tweeted Monday confirming that the official website where anyone around the world can make cryptocurrency donations to Ukraine has gone live. The new donation website describes, “Aid For Ukrain

The U.S. Better Business Bureau (BBB) says cryptocurrency scams have become the second riskiest. In addition, the organization noted that “Payment made via cryptocurrency that resulted in a monetary loss more than doubled from 2020.” BBB Sees Rising Crypto Scams The U.S. Better Business Bureau (BBB) released its 2021 BBB Scam Tracker Risk Report Friday. “This annual report uses data submitted by individuals and businesses to BBB Scam Tracker to shed light on how scams are perpetrated, who is being targeted, which scams have the greatest impact, and much more,” the report explains. Founded in 1912, the BBB is a private, nonprofit organization focused on advancing marketplace trust, its website details. The report states: Cryptocurrency scams rose from seventh riskiest in 2020 to the second riskiest scam in 2021. Online purchase scams maintained the top position as the riskiest, accounting for 37.4% of all scams reported to BBB Scam Tracker in 2021. Employment scams dropped from

Japan’s top financial regulator has asked cryptocurrency exchanges in the country not to process transactions subject to asset-freeze sanctions. The penalty for unauthorized payments to sanctioned persons includes three years in prison. Japan’s Financial Regulator and Ministry of Finance Ask Crypto Exchanges to Comply With Sanctions Restrictions Japan’s top financial regulator, the Financial Services Agency (FSA), announced Monday that the country will contribute to international sanctions efforts surrounding Ukraine following its attack by Russia. The FSA added that it has received approval by the Cabinet to implement “various measures including payment restrictions under the Foreign Exchange and Foreign Trade Act.” The financial regulator detailed that it and the Ministry of Finance have made a request to crypto exchanges in the country not to process transactions subject to asset-freeze sanctions against Russia and Belarus. The FSA detailed: All payments, including payments b

Argentinian citizens involved in the cryptocurrency industry are criticizing a perceived anti-crypto requirement that the recent deal made with the IMF has introduced. The deal, which restructures and gives more facilities to the country to pay the $45 billion owed to the fund, also hints at a series of measures directed at stifling the growth that the crypto industry has experienced in the country. IMF Slips Controversial Crypto Clause Into Argentinian Debt Restructuring Deal An perceived anti-crypto requirement in the newly-approved deal Argentina signed with the IMF has Argentinians talking about the implications it might have on the adoption of crypto in the country. The agreement , which serves to restructure the $45 million in debt Argentina has with the international organization, will give the country a much-needed time period to repay this debt. The debated statement slipped into the law project that approves the aforementioned refinancing of the debt declares: The Nati

PRESS RELEASE. IHC token team just announced a contest of video content creation with a prize pool of 100 million IHC tokens among Youtubers. All Youtube content creators with above 5k subscribers can compete by posting a full explanatory video on “Inflation Hedging Coin” between March 15 and April 15. The preliminary qualification will be held on April 20, 2022 and the top 30 entries with the most YouTube views will be selected. Then judges will select the five winners on May 1 from the list of 30 contestants with the most views on their entry video. Videos published to YouTube must comply with the fair use of copyrighted materials and they must be either in English or have English subtitles. The video length should be at least 3 minutes and the content should be exclusively about the IHC token. There are no limits to creativity; contestants can even submit multiple entries to the contest. Contestants can register their entry via pressoffice@ihcoin.io e-mail address with the subjec

During the last 12 months the stablecoin economy has grown massive and the current valuation today is only $13 billion away from tapping the $200 billion mark. This month, the two biggest gainers in terms of 30-day issuance include Terra’s UST jumping 29.9% and Neutrino Protocol’s USDN spiking 43.8%. Stablecoin Market Capitalization Continues to Swell, Tether Crosses $80 Billion Monthly statistics show the largest stablecoin in terms of market capitalization, tether (USDT) , increased by 2% this month as the valuation crossed the $80 billion mark. USDT is massive compared to the rest of the stablecoins in the crypto economy as its valuation represents 42.78% of the $187 billion stablecoin economy today. Furthermore, tether’s $80 billion market capitalization equates to 4.46% of the entire $1.83 trillion crypto economy. The second-largest stablecoin in terms of market capitalization, usd coin (USDC) only increased by 0.3% this past month. USDC has a market valuation of around $5

Tesla and Spacex CEO Elon Musk has revealed that his two companies are seeing significant inflation pressure in raw materials and logistics. He advised people to own physical things when inflation is high but stressed he will not sell his cryptocurrencies: bitcoin, ether, and dogecoin. Elon Musk Discusses High Inflation The CEO of Tesla and Spacex, Elon Musk, discussed high inflation in a series of tweets that started Sunday evening. He began by asking his 7.7 million Twitter followers, “What are your thoughts about probable inflation rate over next few years?” Musk also revealed that his companies, Tesla and Spacex, are seeing significant inflation pressure in raw materials and logistics. The Spacex boss noted that other companies are seeing a similar trend. He referenced an article published by the Financial Times earlier this month stating that global commodity prices are on track for the biggest weekly rally in more than 50 years as Europe’s natural gas prices have hit a new r

The founder of Skybridge Capital has predicted that “bitcoin will be used by many Latin American countries as legal tender over time, not just El Salvador.” He recently doubled down on his $100K bitcoin price prediction but does not currently see the cryptocurrency as a hedge against inflation. Bitcoin Will Be Legal Tender in Many More Countries, Says Scaramucci The founder of investment management firm Skybridge Capital, Anthony Scaramucci, expects more countries to adopt bitcoin as legal tender. “I see bitcoin in its current status as an early adopting technological asset,” he said in an interview with Marketwatch last week. The Skybridge Capital founder elaborated: I think bitcoin will be used by many Latin American countries as legal tender over time, not just El Salvador, but other countries. El Salvador adopted bitcoin as legal tender alongside the U.S. dollar in September last year. The Salvadoran president, Nayib Bukele, predicted in January that two more countries wil

Sudan has denied claims Russian entities have smuggled hundreds of tonnes of illicit gold from its territory. Officials have called the allegations fake news and suggested that Sudan is in fact looking to revive its economy through gold mining. The Rise in Russia’s Gold Holdings The Sudanese Ambassador to Russia Onor Ahmed Onor recently dismissed claims entities from the latter country have smuggled “hundreds of tonnes of illicit gold” from his country’s territory for years. In pushing back against the allegations, Onor called the report published by the British Telegraph newspaper “fake news” and added the story had been “created from the imagination” of the story’s writer. In its report , the Telegraph newspaper said Russia, which is the world’s third-largest producer of gold, had overseen the more than 300% growth in the amount of gold held at the country’s central bank since 2010. The report alleges that most of the gold was sourced from Africa with Sudan being at the center of

Changes to the EU’s MiCA proposal to regulate crypto markets, suggested shortly before a vote on the package, indicate a bitcoin ban is still a possibility. Despite recently removing wording that would have prohibited coins with energy-intensive mining, some members of the European Parliament are now targeting “unsustainable” cryptocurrencies. New MiCA Paragraphs Call for Subjecting Cryptocurrencies to ‘Sustainability Standards’ A text banning the offering of services for cryptocurrencies relying on the proof-of-work (PoW) mining method was recently deleted from Europe’s Markets in Crypto Assets ( MiCA ) draft legislation. The controversial provision had sparked negative reactions from the crypto industry and community. However, attempts to effectively ban cryptocurrencies like bitcoin in the EU have continued. Amendments to MiCA proposed on Friday, days before the Committee on Economic and Monetary Affairs (ECON) votes on the package, aim to restrict cryptos classified as “unsust

NFTs are showing the brighter side of humanity as real support transcends the boundaries of nations and reaches Ukraine through the metaverse. In light of the ongoing military conflict, people from all around the world send their donations to Ukraine via NFT sales, as artists and activists turn to them over older fundraising methods. Millions in Donations Raised for Ukraine by NFT Sales It feels like NFTs have been taking over the world recently, with more and more types of communities getting involved by the day. From major visual artists to global fashion brands and from video game studios to superstar rappers, everyone is rushing in to join the trend. One aspect of human life in 2022 no one was probably expecting to be drawn into the NFT phenomena is armed conflict between nations, actual war, but here we are. Soon after the start of hostilities in Ukraine, and the countless human tragedies that followed it, NFTs were being used to raise funds for helping refugees and other caus

The U.S. central bank is expected to raise its target fed funds rate on Wednesday for the first time since the onset of the pandemic. Analysts and economists are hyper-focused on this key event, as the Russia-Ukraine conflict continues in Europe. If the Federal Reserve decides to increase the rate by a quarter percentage point from zero, investors wonder how stock markets, crypto prices, and investments like precious metals will react to the news. A 25 Basis Point Increase Is Expected — Anxiety Revolves Around the Fed’s Next Moves Last week, the world watched as financial sanctions were used against Russia and the price of gold soared to an all-time high reaching $2,060 per ounce. Energy stocks, oil, and a myriad of commodities also jumped considerably in value during the last seven days. Cryptocurrency markets last week were lackluster, volume is down, and action remained flat after a brief price jump on March 9, 2022. Stocks on the other hand suffered a great deal and indexes

The Group of Seven (G7) countries issued a joint statement stating that they “will ensure that the Russian state and elites, proxies and oligarchs cannot leverage digital assets as a means of evading or offsetting the impact of international sanctions.” Meanwhile, the U.S. Treasury Department is “closely monitoring any efforts to circumvent or violate Russia-related sanctions, including through the use of virtual currency.” G7 Committed to Ensuring Russia Cannot Evade Sanctions Using Crypto The leaders of the Group of Seven (G7) countries jointly issued a statement Friday regarding further sanctions on Russia. The statement explains that since Russian President Vladimir Putin launched an invasion of Ukraine on Feb. 24, “our countries have imposed expansive, restrictive measures that have severely compromised Russia’s economy and financial system.” Among the measures the G7 countries have committed to taking further is “maintaining the effectiveness of our restrictive measures, to c

Abra’s CEO has predicted that the price of ether could reach $40,000. He’s more bullish on Ethereum than Bitcoin. “The use cases are through the roof,” said the executive. Abra’s CEO Predicts Ethereum Price The CEO of crypto trading platform Abra, Bill Barhydt, shared his thoughts on why he is more bullish about Ethereum than Bitcoin in an interview with CNBC Friday. He also predicts that the price of ether ( ETH ) could reach $40,000, a significant increase from the cryptocurrency’s current price. Barhydt explained, “Ethereum’s network effect is based on this idea that it could become the world’s computers. It’s being used for stablecoins, NFTs [non-fungible tokens], defi [decentralized finance] … and gaming now.” The CEO expects that “with staking coming,” there will be “a massive influx of people trying to hold ethereum.” Comparing the network effects of Ethereum to Bitcoin, he opined: The network effects for Ethereum in the short-term are actually more bullish to me because

U.S. Senator Cory Booker sees cryptocurrency as “an exciting innovation with the potential to bring growth to the American economy if properly nurtured and regulated.” The senator from New Jersey is encouraged by President Joe Biden’s executive order on crypto regulation. US Senator Sees Crypto Benefiting American Economy U.S. Senator Cory Booker talked about the potential benefits of cryptocurrency to the American economy Thursday. His comments followed President Joe Biden’s executive order on crypto regulation. Booker became the first African American to represent New Jersey in the U.S. Senate in October 2013. Prior to becoming a U.S. senator, he served on the Newark City Council from 1998 to 2002 and as mayor of Newark from 2006 to 2013. “I’m heartened by the nuanced and optimistic tone of POTUS’ recent executive order on digital assets,” the senator tweeted, elaborating: Cryptocurrency is an exciting innovation with the potential to bring growth to the American economy if

Global investment banks Goldman Sachs and JPMorgan Chase are winding down business in the Russian Federation. The move comes as western sanctions against Moscow over its decision to launch a military invasion of Ukraine continue to expand, supported by leading financial institutions. Goldman Sachs and JPMorgan Scale Down Russian Operations Goldman Sachs Group and JPMorgan Chase have become the first major American banks to announce they are leaving Russia, a process that according to industry experts may take months if not years. Their decisions follow the imposing of unprecedented sanctions against Moscow over its military assault on neighboring Ukraine. The restrictions, which have affected the financial sphere, make it harder for banking institutions to operate in the Russian Federation. Reuters notes that while European banks are more exposed to Russia, U.S. banks have significant exposure as well, totaling $14.7 billion, according to data provided by the Bank of International

U.K. watchdog, the Financial Conduct Authority (FCA), has told firms running crypto ATMs in the country that they are operating illegally and must therefore shut down their machines. Operators that fail to heed the warning will face enforcement action, the FCA said. Crypto ATM Providers Operating Illegally The U.K. financial sector watchdog, the Financial Conduct Authority (FCA), has said it asked cryptoasset service providers that operate crypto ATMs to “shut their machines down or face enforcement action.” The watchdog insisted that since none of the crypto firms that it has registered is approved to operate a crypto ATM, any one of these companies that operates one in the U.K. is doing so illegally. In a statement released on March 11, 2022, the FCA suggested that the decision to go after crypto ATM operators of the reported 81 machines came after a U.K. judge had ruled against one crypto ATM operator, Gidiplus. According to the statement, Gidiplus wanted the country’s Upper T

The Supreme Tribunal of Justice of Venezuela has stated in a recent sentence that the tasks developed by Sunacrip, the national cryptocurrency and bitcoin mining watchdog, have a strategic significance for the country. The sentence also voids certain resolutions taken in a case where another court rolled back the seizure of more than 1,000 bitcoin miners. Sunacrip Role Supported by National Courts in Venezuela A sentence issued by the highest tribunal in Venezuela recognized as strategic the role that the national cryptocurrency watchdog, Sunacrip, fulfills as the organization that controls mining operations. The sentence, which voids some resolutions taken in a prior sentence where another tribunal ordered Sunacrip to return more than 1,000 miners seized in November to its owners, also declares that bitcoin miners have to comply with certain conditions to develop these activities on Venezuelan soil. According to the Venezuelan cryptocurrency-linked attorney Criptolawyer, who ana

A new task force set up by the U.S. Department of Justice (DOJ), KleptoCapture, will also target cryptocurrency exchanges. Financial institutions, banks, money transmission services, and crypto exchanges that allow Russian oligarchs to move money “will be in the crosshairs of this investigation.” DOJ’s KleptoCapture Task Force Will Take ‘Broader View’ A new Department of Justice (DOJ) task force, KleptoCapture, will enforce sanctions against Russian oligarchs as well as target anyone who helps hide their money, including crypto service providers, a senior DOJ official reportedly said Friday. The KleptoCapture task force was launched on March 2. It is “an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions, and economic countermeasures that the United States has imposed, along with allies and partners, in response to Russia’s unprovoked military invasion of Ukraine,” the DOJ described. Noting that the KleptoCapture task force wi

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared his cryptocurrency investment strategy. He revealed that 20% of his portfolio is now in cryptocurrencies and blockchain. “The whole point is you don’t know who is going to win.” Kevin O’Leary’s Cryptocurrency Investment Strategy O’Shares ETFs chairman and Shark Tank star Kevin O’Leary has shared his crypto investment strategy in an interview with CNBC Friday. Firstly, he said one-fifth of his investment holdings are tied up in cryptocurrencies or companies operating in the crypto space. Mr. Wonderful said: I have millions of dollars, 20% of my portfolio is now in cryptocurrencies and blockchain. In November last year, he said that crypto accounted for 10% of his portfolio . His investments in cryptocurrency exceeded his gold investments for the first time in October last year. O’Leary was asked whether some cryptocurrencies will be around in a decade. Noting that he factored that risk into his strategy, the Shark Ta