Bitcoin News and Finance: What You Need to Know

Investors will be focused on the U.S. central bank this Wednesday as Federal Reserve policymakers are expected to raise the benchmark interest rate aggressively. The top U.S. stock indexes saw significant losses at the end of the week, and the Nasdaq composite saw its worst four-month starting performance since 1971. Crypto markets have had a rough week as well, as the crypto economy has shed 8.99% against the U.S. dollar since April 25, dropping from $1.967 trillion to $1.79 trillion. Fed Expected to Raise Benchmark Interest Rate Aggressively, Dutch Bank ING Predicts a 50bp Hike and a QE Tightening Announcement A number of financial institutions, analysts, and economists expect the Federal Open Market Committee (FOMC) will raise interest rates next week in an aggressive manner. Reuters’ authors Lindsay Dunsmuir and Ann Saphir reported on Friday that there may be “big Fed rate hikes ahead” and the authors also cite two reports that claim “hot inflation is peaking.” “U.S. Federal R...

Switzerland’s central bank, the Swiss National Bank, says buying and holding bitcoin as a reserve currency is not a problem for the bank. “We can arrange the technical and operative conditions relatively quickly, when we are convinced we must have bitcoin in our balance sheet,” the chairman of the Swiss central bank reportedly explained. Switzerland’s Central Bank on Buying and Holding Bitcoin as a Reserve Currency The Swiss National Bank could buy and hold bitcoin as a reserve currency if the cryptocurrency meets the bank’s currency reserves requirements, Chairman Thomas Jordan reportedly said at the central bank’s annual general meeting Friday. The Swiss central bank chief was quoted by Reuters as saying: Buying bitcoin is not a problem for us. We can do that either directly or can buy investment products which are based on bitcoin. However, he noted: “But from the current perspective we do not believe bitcoin meets the requirements of currency reserves. That’s why we have un...

Jamie Dimon, the CEO of JPMorgan Chase, says that he does not particularly like crypto but will defend your right to invest in it. However, he sees benefits in some aspects of digital currency. JPMorgan’s Jamie Dimon on Crypto, Digital Currency JPMorgan Chase CEO Jamie Dimon talked about cryptocurrency in an interview with KMTV 3 News Now in Omaha Friday ahead of the Berkshire Hathaway annual shareholders meeting this weekend. Commenting on cryptocurrency, including bitcoin, the JPMorgan boss said: I always say I don’t particularly like it. I defend your right to do it. I’d say be very, very careful how much money you put into it. However, Dimon sees benefits in some aspects of crypto, such as its technology, admitting that the banking industry has its inefficiencies. The executive opined: Not all of it is bad. If you said to me ‘I want to send $200 to a friend in a foreign country,’ that could take you two weeks and cost you $40. You could do it through a digital currency an...

The finance department of the U.S. state of Idaho has warned investors of a series of cryptocurrency scams promising returns as high as 80% every 24 hours with no risks to investors. Crypto Scams Promising High Returns The Idaho Department of Finance announced Wednesday “a series of fraudulent cryptocurrency schemes seen recently targeting Idaho investors.” The regulator detailed: The companies purport to provide high returns with no risks to the investor. These fraudulent schemes are operating under the names and websites of Crypto FX Direct, Shield Investors Ltd., Quartz FX Trade, and Finvest Trading. At the time of writing, some of the schemes’ websites are already offline. The regulator added: These websites make outrageous, demonstrably false statements and claims such as guaranteed returns on investment as high as 65% – 80% every 24 hours. To begin investing with these companies, investors have to purchase an investment plan using cryptocurrency, the finance departme...

The World Bank has said it expects the price of gold to rise by 3% in 2022 but warned the price might fall sharply if the Russian central bank decides to offload large quantities of the commodity. The Russian Factor After the price of gold surged past the $2,000 mark in early March, a new World Bank report now predicts the commodity’s value will only grow by just 3% in 2022. The bank, however, said it expects prices of commodities like food — which have risen by 84% — and crude oil to stay elevated for much of 2022. While some gold supporters have predicted the price of the metal will likely hit a new all-time high, in its report, the World Bank is instead expecting a possible sharp price fall in 2023. The bank points to the possible offloading of large quantities of gold by Russia as one possible factor that will weigh down the price. “In the longer term, gold prices could be affected by the Bank of Russia’s policies, and should it engage in large gold sales, prices could drop ma...

Digital asset exchange Binance has blocked accounts tied to relatives of government officials in Moscow. Amid mounting international penalties over Russia’s invasion of Ukraine, the trading platform said it will continue to check for users associated with sanctioned individuals. Crypto Exchange Binance Bans Children of Top Russian Figures Binance, the world’s leading cryptocurrency exchange, has blocked several accounts linked to relatives of some high-ranking members of Russian President Vladimir Putin’s administration, Bloomberg reported. The move comes as sanctions continue to rain on Russia in response to its military assault on neighboring Ukraine. Among the users who have been denied access in the past two months since the Russian troops crossed the Ukrainian border are the stepdaughter of Foreign Minister Sergei Lavrov, Polina Kovaleva, and Elizaveta Peskova, the daughter of the Kremlin spokesman Dmitry Peskov. Binance also banned Kirill Malofeev, the son of Russian oligarc...

PRESS RELEASE. LBank Exchange is an innovative crypto assets trading platform with 6.4 million global users. Since the start of its journey, LBank Exchange has continuously expanded in the global market, serving users in over 210 countries and regions worldwide, with features including spot and grid trading, derivatives, finance, NFT marketplace, and many more. For better catering to users’ needs, LBank Exchange has strived to select better, more promising projects for listing and to classify them in a more orderly manner. To make user’s investment experience even smoother, LBank Exchange recently announced a brand new feature called Innovation Zone for spot trading projects, which will soon be launched on its platform. New projects with growing potential that are lesser-known compared to popular projects will be gathered in Innovation Zone, so that users can make their investment choices more easily and wisely, as well as providing a place where these projects can truly shine. Fo...

Eric Schmidt, a former Google CEO whose net worth is $22.8 billion, reveals that he has put “a little bit” of money into cryptocurrency. He added that he finds Web3’s economics “interesting,” noting that the platforms and the use patterns are interesting. Ex-Google Chief Eric Schmidt Discusses Crypto Investing and Web3 Former Google CEO and Chairman Eric Schmidt talked about cryptocurrency investing and Web3 in an interview with CNBC, published Thursday. Schmidt served as the CEO of Google from 2001 to 2011. He stayed on as executive chairman until 2017 and technical advisor until 2020. His net worth is currently $22.8 billion according to the Bloomberg Billionaire Index. Regarding his own crypto investment, he revealed that he has invested “a little bit” of money into cryptocurrency, without naming any coins specifically. He further clarified that he’s just getting started investing in crypto. The 67-year-old explained that for him, the most interesting part of blockchain is Web...

Global investment bank Goldman Sachs has reportedly offered its first-ever loan backed by cryptocurrency. The cash loan was collateralized by bitcoin owned by the borrower. A spokesperson for Goldman Sachs explained that the deal is interesting to the investment bank due to its structure and 24-hour risk management. Goldman Sachs and Bitcoin-Backed Loans Global investment bank Goldman Sachs has offered its first-ever cash loan backed by bitcoin ( BTC ), Bloomberg reported Thursday. A spokeswoman for the bank explained to the publication that the secured lending facility lent cash collateralized by bitcoin that is owned by the borrower. She further noted that the deal was interesting to Goldman Sachs because of its structure and 24-hour risk management. Goldman Sachs has been increasingly friendly to cryptocurrency. In March, the investment bank featured cryptocurrencies, the metaverse, and digitalization on its homepage. The firm sees the metaverse as an $8 trillion opportunity ....

The Argentinian government has taken the first steps in the launch of its own central bank digital currency (CBDC). A new decree identified the number 207/2022 gives new faculties to the Argentinian mint to involve in the investigation, development, and issuance of digital currencies. This puts Argentina on the trail of countries like Brazil and Mexico, that are already involved in the development of their e-currencies. Argentina Prepares the Field for a CBDC The government of Argentina is preparing the legal field for future issuance of its own central bank digital currency, the digital peso. In a decree approved and published on April 26 with the number 207/2022, the Argentinian government modified the functions and faculties of the national mint, giving it new responsibilities and possibilities. In these new faculties, the decree includes capture and digital processing of data, images, codes, sounds, and microchips, software design and development, implementation of digital sec...

On April 29, photography-focused tech start-up Picture This is finally launching the ‘Polar Bear’ NFT, which raises awareness and money towards climate change and the impact humans have on our planet. Digital artworks have seen a booming rise in sales and popularity since the start of the decade. Minting art as an NFT has enabled artists to reach audiences in ways earlier not fathomable. Now, the photography community is finally entering the NFT space. One devotee is Christian Houge. For decades, the artist’s dramatic photography has provoked a strong emotional response from international museums and art institutions like the California Museum of Photography, Auction Paris, and Three Shadows Photography Art Center in Beijing, among others. This week, Houge is officially expanding his internationally renowned art from gallery walls to the blockchain. — At first, I was naturally sceptical of NFT art, being an analogue ‘old school’ photographer working for years to finalise my climate...

In recent times, cryptocurrencies that burn tokens have been very popular and a number of well known blockchain projects have destroyed large sums of digital assets. While a number of crypto projects have different burn schemes, the overall effect is usually the same, as destroying tokens reduces the circulating supply. Blockchain Projects Burn Tokens for Specific Benefits and Objectives Burning tokens has been a popular trend and articles often highlight specific projects like Ethereum, Terra, Shiba Inu, and many more that have destroyed large sums of native tokens. $SHIB burn portal is a huge success!👺🔥 — Shiba Inu to $1 (@ShibInform) April 28, 2022 Six days ago, Bitcoin.com News reported on the Shiba Inu (SHIB) developers launching a burn portal, which allows shiba inu holders to burn their stash of SHIB. In that particular case, SHIB burners are rewarded for destroying their tokens. SHIB currently has a burn rate of around 180.18% during the past 24 hours. 1/ The o...

The Chinese government is giving away 15 million yuan in central bank digital currency (CBDC) to 130,000 residents of Shenzhen this Friday. The digital yuan can be used at nearly 5,000 stores with no minimum purchase required. Digital Yuan Pilot Continues China’s central bank, the People’s Bank of China (PBOC), continues to test its central bank digital currency (CBDC) with another digital yuan giveaway. The government of Shenzhen’s Futian district has announced that 15 million yuan ($2.27 million) in digital RMB (e-CNY) will be given to local residents Friday, Global Times reported. It will be divided into 130,000 red packets and given away by raffle via Wechat payment. Consumers can spend the red packets at nearly 5,000 stores in the district with no minimum purchase required, the publication conveyed, adding that this is the first time that the issuance of digital yuan includes all eight pilot banks and a range of sectors including restaurants and supermarkets. This is not the...

PRESS RELEASE. Artizen is a metaverse specialised company based on blockchain technology. We are preparing metaverse services by integrating various contents through NFT Marketplaces, NFT Projects and more. Artizen’s unique ecosystem, which is transparent and safe, is provided by organically linking real and virtual spaces. ATNT is a utility token from Artizen, which has its initial listing on MEXC. Announcement on MEXC: https://support.mexc.com/hc/en-001/articles/6030143038745–Initial-Listing-MEXC-will-List-ARTIZEN-ATNT-and-Launch-the-MX-DeFi-Session News on Smart Liquidity: https://smartliquidity.info/2022/04/24/artizen-mx-defi-mining-session/ Punk Panda Is a Genesis Project Containing Its Own Unique Rarity These 2D NFT pandas will be converted into 3D pandas so that you can enjoy P2E (Play to earn) on metaverse. You can also obtain ATNT tokens through mining as well as enjoying various membership benefits. TPP Mining Game for Everyone to Enjoy, Targeted for Launch by the...

Indian Finance Minister Nirmala Sitharaman says that the country’s crypto policy will not be rushed. “Our intention is in no way to hurt the ecosystem, or to even say that we don’t need it,” she added. Finance Minister on Indian Crypto Regulation India’s finance minister, Nirmala Sitharaman, discussed cryptocurrency regulation Wednesday at a fireside chat organized by Stanford University School of Medicine. She explained that India will not rush to finalize the country’s crypto policy. On the contrary, she said India will take an informed decision after due deliberations across multilateral fora, the Mint reported. Sitharaman admitted that blockchain technology has the potential to improve India’s economy. “Blockchain is full of potential not just in the payments arena but also in many others,” she described, adding: Our intention is in no way to hurt the ecosystem, or to even say that we don’t need it, but to define for ourselves how we need them and in what ways their growth s...

While there’s a number of bitcoin whales that often get caught by blockchain parsers and written about in media reports, ethereum whales get a lot less attention. According to statistics in 2022, there are a lot more ethereum whales than holders with large sums of bitcoin. In fact, while the top 100 richest bitcoin addresses control 14.08% of the circulating supply, the top 100 richest ethereum addresses hold 39.81% of all the ether today. Data Shows Ethereum Still Has a Large Concentration of Whales in 2022 Ethereum, the second-largest crypto asset in terms of market capitalization, has an overall USD valuation of around $348 billion. Ethereum’s market cap represents 18.3% of the $1.89 trillion crypto economy’s net value. While the leading crypto asset has been around for close to seven years, 100 addresses command 39.81% of the current ether in circulation. However, after subtracting the Ethereum 2.0 Contract address, which holds 10.06% of the current ether in circulation, 99 wea...

Russian Ministry of Finance has accepted a number of crypto regulatory proposals submitted by the country’s law enforcement departments. They cover a range of related areas, including the seizure of digital assets and the reporting of information on cryptocurrency transactions. Finance Ministry of Russia Backs Regulations Proposed by Law Enforcement Agencies Russia’s Ministry of Finance (Minfin) has supported some regulatory ideas regarding cryptocurrencies put forward by the nation’s law enforcement services, the daily Izvestia unveiled this week. The ministry is responsible for drafting the legislation that will introduce comprehensive rules for the nation’s crypto space, which is only partially regulated at the moment. The new bill “On Digital Currency” is expected to be filed with the State Duma, the lower house of Russian parliament, in May. A number of government institutions have provided feedback and suggested amendments to the draft, including several relevant ministrie...

The Central Bank of Russia has recently proposed authorizing traditional stock exchanges to operate in the digital assets market. Industry watchers say the regulator aims to provide investors with an option to trade cryptocurrencies in a controlled environment. Russian Stock Exchanges to List Digital Financial Assets, Central Bank of Russia Suggests Stock exchanges and central clearing counterparties may be allowed to facilitate the trading of digital financial assets (DFAs), a collective term encompassing cryptocurrencies and tokens under current Russian law. The proposal was put forward by the Central Bank of Russia ( CBR ) at a meeting with exchanges, brokers, and information system operators, a group of entities to which crypto platforms pertain. Representatives of the Moscow Exchange, SPB Exchange, major brokers, and information system operators that have the right to issue digital financial assets met with Bank of Russia officials behind closed doors on Tuesday, the Kommersan...

According to a research report, $1.3 billion in digital currencies have been stolen during the first quarter of 2022. The study, published by cryptomonday.de researchers, further highlights that 97% of the stolen funds derived from decentralized finance (defi) protocol exploits. Defi Exploits Account for Lion’s Share of Stolen Crypto This Year 2022 is already breaking records in terms of stolen cryptocurrencies from hacks and exploits. Last year, $3.2 billion in digital currencies were stolen and so far, 2022 has recorded over 40% of 2021’s aggregate during the first quarter alone. The recorded stolen crypto data stems from a report published by cryptomonday.de and the study’s author, Elizabeth Kerr. The report’s author says “the numbers signify a major spike.” For instance, out of the $1.3 billion in digital currencies stolen this year, 97% of the funds were taken from defi protocols. In Q1 2021, only 72% of the stolen funds derived from defi and in 2020, the number was as low a...

Comparing the rise of crypto assets to the gold rush, a top executive at the European Central Bank has urged governments to take action to prevent “a lawless frenzy of risk-taking.” Speaking in the U.S., the ECB official called for a global regulatory clampdown on cryptocurrencies and stepping up efforts to issue central bank digital currencies. ECB’s Fabio Panetta Lashes Out at Crypto Assets, Says They Fail to Fulfill Promise A century and half after Americans pushed westward to seek fortune, a growing distrust of banks and technological innovation have led to a new, digital gold rush beyond state control, Fabio Panetta, member of the Executive Board of the European Central Bank (ECB), said in a recent address at Columbia University in New York. In his speech, which the eurozone’s monetary authority published this week under the title “For a few cryptos more: the Wild West of crypto finance,” the high-ranking ECB official remarked that the cryptocurrency market is now larger than ...

Cambodian authorities have reportedly said that no cryptocurrency company has been issued a business license yet, and that conducting cryptocurrency-related activities in the country is still illegal. Fintech Industry Growing Rapidly The Cambodian government has not greenlighted the issuing or use of any cryptocurrency in the country, a report has said. The report, which cites a document recently released by the Ministry of Finance and Economics, said it is still illegal to create, distribute, or trade cryptocurrencies in Cambodia. According to a China News Service report , while the ministry does concede that the fintech industry is growing rapidly, it nonetheless reiterated that the long-standing ban on crypto trading remains in force. As previously reported by Bitcoin.com News, Cambodian authorities announced in 2018 that the circulation or trading of cryptocurrencies without a license was illegal. At the time, authorities warned that crypto activities had the potential to cau...

The Nepal Telecommunications Authority has issued a warning that crypto activities are illegal. The regulator emphasized that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country. Nepalese Regulator’s Crypto Warning Nepal’s regulator of the technology sector, the Nepal Telecommunications Authority (NTA), issued a notice Monday warning the public about engaging in illegal activities, specifically naming cryptocurrency, bitcoin, and online gambling. Noting that transactions using digital technologies, such as cryptocurrency, have been on the rise in Nepal, the NTA stressed that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country. The regulator proceeded to warn the public that activities involving cryptocurrencies, including bitcoin, are “illegal and criminal,” elaborating: If anyone is found to be doing or have done such ac...

Deutsche Bank’s economists have warned that the U.S. will suffer a major recession next year. However, several other major investment banks, including Goldman Sachs and JPMorgan, are less pessimistic about the future outlook for the U.S. economy. Major US Recession Incoming, According to Deutsche Bank’s Economists Deutsche Bank has predicted a deeper downturn than its previous forecast for the U.S. economy in a report to clients, published Tuesday. The bank’s economists, including David Folkerts-Landau, group chief economist and head of research, explained in the report why the coming recession will be worse than expected. They described: We will get a major recession, but our strongly held view is that the sooner and the more aggressively the Fed acts, the less longer-term damage to the economy there will be. The report explains that it will take a long time before inflation falls back to the Fed’s goal of 2%. The authors warned that the central bank will likely engage in the ...

A survey by crypto trading platform Bitstamp shows that 80% of institutional investors believe crypto will overtake traditional investment vehicles. Furthermore, 70% of institutional investors said crypto was a trustworthy investment, with 68% actively recommending this asset class in investment strategies. Institutional Investors Bullish About Crypto Bitstamp, a major crypto derivatives trading platform, announced the results of its first-ever Crypto Pulse Survey Monday. A total of 28,563 respondents from 23 countries across North America, Latin America, Europe, Africa, the Middle East, and Asia-Pacific participated in the survey. Among them, 5,450 were senior institutional investment strategy decision-makers and 23,113 were retail investors. According to the survey results: “88% of institutional respondents and 75% of retail investors believe that crypto will see mainstream adoption within a decade.” In addition, Bitstamp said: A further 80% of institutional investors reported...