Bitcoin News and Finance: What You Need to Know

The Central Bank of Russia (CBR) has accelerated the development of its digital ruble in response to Western sanctions. The monetary authority now intends to pilot transactions with the new version of the national fiat in early 2023 instead of 2024, as originally planned. CBR to Launch Transactions, Smart Contracts With Digital Ruble as Early as Next Year Sanctions imposed over Moscow’s invasion of Ukraine have convinced the Bank of Russia to speed up the development of the digital version of the ruble, the Russian-language edition of Forbes reported, quoting CBR’s First Deputy Chairman Olga Skorobogatova. She revealed this during a meeting organized by the Association of Banks of Russia. The high-ranking official remarked that Russia’s central bank had initially scheduled the digital ruble pilot with real transactions and users for 2024 but it has been decided to launch the project in April 2023. At the same time, the regulator also wants to start implementing smart contracts base...

Bitcoin bears re-entered the marketplace on Saturday, as prices moved closer to a multi-week low to start the weekend. BTC once again fell below $29,000, whilst ETH continues to move lower, and now hovers around $1,750. Bitcoin Following a brief rebound on Friday, BTC once again moved lower, with prices falling under the $29,000 mark to start the weekend. Yesterday saw BTC /USD hit an intraday peak of $29,335.03, however with bears re-entering the market, prices fell to a low of $28,326.61 earlier today. Today’s move sees bitcoin fall below its current support level of $28,800, and push price closer to a 16-day low below $27,700. Overall, BTC is down over 1% in the last seven days, with markets mainly consolidating during that period. Many now believe that after bearish stints in April and May, we might have seen the worst of the selling in crypto, with a potential for a slight rebound in June. The 14-day RSI is currently tracking at a floor of 35. Should this break we coul...

PRESS RELEASE. In another groundbreaking achievement, the blockchain-based metaverse platform Dvision Network has just announced its official onboarding on Binance Custody. As such, Binance’s custody services arm will support deposits and withdrawals of Dvision’s native token, DVI, on its platform. The support for DVI token on Binance Custody will be provided in a cross-chain manner, adding support for both ERC-20 and BEP-20 versions of the Dvision’s native token. What is there to know? Through the Binance Custody’s official Twitter account, it has been announced that it is currently accepting DVI token deposits and withdrawals for Dvision Network on its custody service. Binance Custody ’s platform is undergoing an independent SOC 2 audit to validate its operational security. With that in mind, Binance employs safe MPC (multi party computation) to disperse control over client funds, thereby significantly reducing the dangers associated with centralization. Moreover, Dvision Netw...

Authorities in Russia are mulling over the possible use of digital currencies for international payments, a high-ranking official from the finance ministry has indicated. If recognized as property, he noted, cryptocurrency can be utilized in barter deals with foreign partners. Finance Ministry Suggests Russia May Employ Crypto in International Trade The possibility of using cryptocurrencies in international settlements is under consideration at the Ministry of Finance of Russia since the country’s access to the traditional payment channels is limited, Ivan Chebeskov, director of the ministry’s Financial Policy Department announced, quoted by the Interfax news agency. Speaking at a forum organized by the ruling United Russia party, Chebeskov revealed that the Minfin is actively discussing the employment of digital currency in barter transactions, if it is recognized as property in the Russian Federation. The topic deserves attention, the official emphasized, as Russia is restricted...

The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Korean Government’s Meeting With Cryptocurrency Exchanges The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday. The Korean National Assembly and the government held an emergency meeting with the heads of major crypto exchanges in the country Tuesday to discuss measures to prevent the recurrence of the LUNA and UST implosion. However, the lawmakers and financial authorities appeared to support the imposition of tougher regulations on crypto exchanges, the publication conveyed. The Korean government has criticized crypto exchanges for their delayed response to the collapse of the two cryptocurrencies....

A16z, one of the most influential VC firms in the crypto field, has announced the launch of a new cryptocurrency fund to invest in the development of Web3 startups. This fourth crypto fund from the firm, which will launch with a budget of $4.5 billion dollars, is set to focus on several key fields in the crypto environment, including blockchain games and decentralized finance. A16z Bets Big on Web3 and Crypto A16z, one of the most active VC firms in crypto, has revealed it is launching yet another crypto investment fund. The new endeavor of the company, which will have $4.5 billion at its disposal, will focus on Web3 investments in companies at any growth rate. This, according to the company, is a bet on blockchain as one of the important technologies of the future. A blog post written by Chris Dixon, a general partner at A16z and founder and leader of its crypto division, stated : We think we are now entering the golden era of Web3. Programmable blockchains are sufficiently adv...

Bitso, one of the biggest cryptocurrency exchanges in Latam, has announced a series of layoffs due to the recent downturn in the cryptocurrency market. The exchange, which has a workforce of 800 workers, has decided to let go of more than 10% of its staff citing a change in the long-term strategy for the company, just when it had announced its expansion to Colombia. Crypto Exchange Bitso Lays Off Over 10% of Its Employees Bitso, one of the first cryptocurrency unicorns in Latam, has announced it is taking measures to preserve the operation of the company during the current market downturn. The Mexico-based exchange announced a series of layoffs that will affect its presence in the 35 countries where it has operations. According to local media, the exchange will be laying off 80 employees out of its total 600-employee workforce, with most of the layoffs happening in Mexico. About these layoffs, which cut the employee count by more than 10% for the company, Bitso declared: Our dec...

Spacex and Tesla CEO Elon Musk says that dogecoin will soon be accepted at Spacex for merchandise, in the same way Tesla is accepting DOGE payments. Furthermore, Starlink subscriptions may also be paid with dogecoin “one day.” Spacex to Soon Accept Dogecoin for Merchandise Dogecoin got a little boost Friday when Tesla CEO Elon Musk announced via Twitter that Spacex will soon accept the meme cryptocurrency for merchandise. The Spacex boss tweeted: “Tesla merch can be bought with DOGE, soon Spacex merch too.” In addition, Musk said that Spacex’s Starlink subscriptions may “one day” be paid with dogecoin. Starlink provides “High-speed, low-latency broadband internet in remote and rural locations across the globe,” its website describes. Following Musk’s tweet about Spacex accepting dogecoin, the price of the meme cryptocurrency spiked. At the time of his tweet, DOGE was trading at $0.078399 per coin. It quickly rose more than 8% to $0.084927. However, the meme coin soon lost most o...

Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China’s central bank digital currency, the digital yuan. “The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance,” said the senator who introduced the bill. Defending Americans from Authoritarian Digital Currencies Act U.S. Senator Tom Cotton (R-Arkansas) introduced the “Defending Americans from Authoritarian Digital Currencies Act” Wednesday. The bill is co-sponsored by Senators Mike Braun (R-Indiana) and Marco Rubio (R-Florida). According to the text of the bill, the legislation seeks “To prohibit the use of the digital currency payment system operated by the government of the People’s Republic of China, and for other purposes.” Senator Cotton commented: The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give C...

Following the company launching a fiat-pegged tied to the value of the Mexican peso, Tether, the stablecoin issuer has announced the firm has launched tether tokens on the Polygon network. The Polygon integration follows the stablecoin being added to the Avalanche and Kusama blockchain networks. Tether Joins the Polygon Blockchain Ecosystem The largest stablecoin by market capitalization, tether (USDT) , is now supported on the Polygon blockchain (formally called Matic). USDT ’s market valuation today is $72.6 billion and the stablecoin trade volume is $59.15 billion out of the $106.34 billion in global trade volume on Friday. In addition to Polygon , USDT is supported on the Omni Layer blockchain, Ethereum, Tron, EOS , Liquid, Algorand, Solana, Bitcoin Cash (SLP), Kusama, and Avalanche. Furthermore, €195,998,829 worth of EURT, ¥20,503,468 worth of CHNT, and 226,289 XAUT (tether gold) have been issued by the firm. Expanding to the Polygon network’s layer two (L2) scaling s...

Kalush Orchestra, the winners of the Eurovision Song Contest 2022, are auctioning off an NFT for charity. The auction started May 25 on MetaHistory — the official Ukrainian charitable NFT museum – and will last only until the 28th. Bids will be accepted in both cryptocurrency and fiat currency (via Monobank), thus creating a friendly competition for what type of currency can bring the most donations. Kalush Orchestra Auction NFT for Ukraine The Eurovision Song Contest 2022 took place on May 14 in Turin, Italy. The event had a television audience of 161 million viewers in 34 measured markets, and 18 million viewers also watched the contest online on YouTube and TikTok. The winner was the song Stefania, performed by Kalush Orchestra. Now the band is auctioning an NFT of the Eurovision Glass Microphone Trophy awarded it to collect donations to help Ukraine. By purchasing the NFT with cryptocurrency, the lucky owner receives: A 100% unique digital NFT file featuring a microphone and K...

The government in crisis-stricken Sri Lanka has said it will print more money and cut spending on infrastructure as part of an attempt to pacify the restive population. The government, however, concedes that printing more money will likely see the inflation rate rise to 40%. Printing More Money as the Solution After defaulting on its obligations for the first time, the government in crisis-hit Sri Lanka now expects the country’s inflation rate to top 40%, Prime Minister Ranil Wickremesinghe has said. With the country now facing a steep revenue shortfall, authorities have said they intend to print money worth nearly $2.8 billion (one trillion rupees) which will be used to partly fund the government welfare programs. As per remarks published in the Business Standard, Wickremesinghe concedes that injecting one trillion rupees into circulation may lead to more hardship and further turmoil in the country. Nevertheless, the recently installed prime minister insisted the reforms being un...

JPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.” JPMorgan’s Blockchain Plans JPMorgan Chase & Co foresees increased blockchain usage in traditional finance and is getting ready to offer related services, Bloomberg reported Thursday. The global investment bank has been using a blockchain for collateral settlements, allowing its clients to use a wider range of assets as collateral and trade outside of market operating hours. The first such transaction took place on May 20. Ben Challice, JPMorgan’s global head of trading services, was quoted as saying: What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis. In addition to derivatives trading, repo trading, and securities lending, JPMorgan said it plans to expand tokenized collaterals to include equities, fixe...

The digital currency exchange Huobi Global has revealed it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi details that the company is stepping up its presence in Latin America as it believes the region will be one of the most active crypto adoption areas worldwide. Huobi Aims to Step Up Its Presence in Latin America, Acquires Local Bitex Exchange On Thursday, the leading crypto asset exchange Huobi Global announced the company has acquired the Latin American cryptocurrency exchange Bitex. According to the announcement sent to Bitcoin.com News, the terms of the deal between Huobi and Bitex have not been disclosed. Bitex is an exchange that was founded in 2014 and while Huobi will be the parent company, the trading platform will retain its current branding and management team. Bitex offers digital currency services to residents located in Argentina, Uruguay, Paraguay, and Chile. “Since Huobi Group first entered th...

Ethereum slipped below $1,900 during Thursday’s session, as prices dropped to a two-week low. Bitcoin was also trading lower over the course of the day, as it fell under $29,000. Overall, crypto was down over 3% as of writing. Bitcoin BTC fell below $29,000 earlier in today’s session, as bearish pressure continued to intensify heading towards the end of the week. Following a high of $29,972.64 only yesterday, the world’s largest cryptocurrency dropped to an intraday low of $28,954.97 earlier in the session. The move saw BTC /USD head for its support point at $28,800. However, it stopped short of this target, as bulls pushed prices slightly higher. As of writing, BTC /USD is currently trading at $29,018.85, which is roughly 1.26% lower than yesterday’s peak. Relative strength continues to track below its own resistance point, which is under 40, and currently resides at 37, which is marginally above support at 36.6. We will not likely see any significant price movements unless o...

A Chinese indexes company, Hang Seng Indexes, has launched a new index which tracks the performance of metaverse-related companies in mainland China. The index is calculated and disseminated in real-time at two-second intervals, the company said. Rising Popularity of the Metaverse Hang Seng Indexes Company Limited, an entity that manages and compiles the Hang Seng Family of Indexes, recently announced the Hang Seng China Metaverse Index launch. The new index tracks the performance of mainland Chinese companies involved in metaverse-related businesses. As explained in a statemen t released by the company, the decision to launch the index comes against a background of growing popularity of the metaverse as an investment theme among investors. Besides the metaverse index, Hang Seng Company Limited — a wholly-owned subsidiary of Hang Seng Bank — said it has also added Oncology Index to its Megatrend Index Series. Remarking on his company’s launch of the two indexes, Daniel Wong, dire...

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The managing director of the International Monetary Fund (IMF) reportedly said that investors should not completely pull out of crypto after the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). IMF Chief Has a Message for Crypto Investors After the Collapse of LUNA, UST Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), discussed cryptocurrency at the World Economic Forum’s annual meeting in Davos Monday. She urged people not to completely shun crypto after the recent collapse of algorithmic stablecoin terrausd (UST) and cryptocurrency terra (LUNA), Bloomberg reported. The IMF managing director was quoted as saying: I would beg you not to pull out of the importance of this world … It offers us all faster service, much lower costs, and more inclusion, but only if we separate apples from oranges and bananas. The IMF chief stressed that it is the responsibility of regulators worldwide to put up protective measures and adequa...

A new draft law has replaced an earlier bill introducing a one-year tax and customs amnesty for cryptocurrency miners in Russia. The initial proposal has been withdrawn on the grounds that the tax break would have resulted in losses for the state budget. Revised Crypto Mining Legislation Submitted to Russian Parliament Without Amnesty for Miners Russian lawmakers have again filed legislation with the State Duma designed to regulate cryptocurrency mining. The new draft substitutes a bill submitted at the end of April, which has now been withdrawn. The revised version is missing some provisions that would have reduced the tax burden on miners at the expense of the federal budget, the deputies noted. On the positive side for those extracting digital currencies, mining operators will not be required to check the sources of funds of their clients under the new rules. The previous draft law envisaged the establishment of a special register for entities involved in crypto mining and the...

In recent times, the impact of bitcoin mining on the environment has been a topical discussion as climate change activists believe proof-of-work (PoW) mining is too energy-intensive. However, a recent report written by the ESG analyst Daniel Batten explains that bitcoin mining could eliminate the world’s carbon emissions by 5.32%. Batten’s study notes that if bitcoin mining entities “aggressively” targeted leaked methane, bitcoin mining has the potential to avoid 0.15% of warming by 2045. ESG Analyst Claims Bitcoin Mining Is Currently the Only ‘Technologically Feasible’ Way of Reducing Methane Emissions On May 23, 2022, the CEO of Geneious and ESG analyst, Daniel Batten , published a report that shows bitcoin mining could help the environment. Batten tweeted about his study and said that the findings suggest “using [bitcoin] mining to combust leaking methane can eliminate 5.32% of all global CO2-eq emissions. In fact, Batten’s study says that bitcoin mining is one of the only ways...

U.S. Senator Ted Cruz says he is “incredibly bullish” on bitcoin and purchases the cryptocurrency weekly for his portfolio. Emphasizing that cryptocurrency “will change the world,” the senator said, “Uncontrolled, decentralized currency is terrifying for those who want control of currency.” Senator Ted Cruz ‘Incredibly Bullish’ on Bitcoin, Crypto Senator Ted Cruz (R-TX) discussed bitcoin at the Heritage Foundation’s Bitcoin and the American Experiment event Monday. He began: I gotta say when it comes to bitcoin, when it comes to crypto more generally, I am incredibly bullish. “I think it is in the process of, and in the future even more so, will change the world,” he opined. He proceeded to talk about various reasons why people are attracted to bitcoin. Firstly, many are using it as a hedge against inflation. Secondly, he explained that “there’s also an appeal of speed, the ability to instantly carry out a financial transaction anywhere in the world instantaneously, and virtual...

JPMorgan sees “significant upside” to the price of bitcoin. The global investment bank’s price target for the cryptocurrency is 28% above its current price. JPMorgan has also replaced real estate with cryptocurrencies as its “preferred alternative asset class along with hedge funds.” JPMorgan’s Bitcoin Price Target Is 28% Above Current Price Global investment bank JPMorgan published a bullish note on bitcoin and cryptocurrency Wednesday. The bank’s strategists, including Nikolaos Panigirtzoglou, wrote that their price target for bitcoin remains at $38,000, “implying significant upside for digital assets from here.” At the time of writing, bitcoin is trading at $29,784, down 2.4% over the past seven days and almost 25% over the last 30 days. JPMorgan’s fair value estimate for bitcoin is nearly 28% higher than the current price of BTC . The JPMorgan strategists detailed: The past month’s crypto market correction looks more like capitulation relative to last January/February and go...

According to a recent announcement from the Terra blockchain team, the community voted and passed a proposal that plans to launch a new genesis version of the Terra blockchain without an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network. Terra Ecosystem Rebirth to Happen on May 27, Latest Version of Terra Core Has Been Released and Audited On May 27, a new blockchain will launch that’s based on the Terra blockchain network but does not include an algorithmic stablecoin like terrausd (UST). The old chain token will be called “Luna Classic (LUNC)” and the new token will take the old name “Luna (LUNA).” The Terra team announced the May 27 launch and explained that the governance proposal passed on May 25. According to the team, the latest Terra Core code has been released and the codebase was audited by SCV Security . The gover...

PRESS RELEASE. The metaverse is a virtual world that allows millions of players to live beyond their immediate environment. With blockchain technology, users can create, own and utilize digital assets while interacting with other people in the virtual space. Cornucopias ‘The Island’ is a play-to-earn, build-to-earn, learn-to-earn, host-to-earn MMORPG game powered by the blockchain. In a world of unique domes, players can own land and other NFT-based assets which can be traded with other users on Cornucopias’ marketplace and many secondary market places. Cornucopias is a fun, safe and expanding metaverse with one of the most positive and engaged communities of any blockchain-based project. With the excitement of metaverse innovation sweeping the globe, there is an extremely high demand for the first Cornucopias land sale, which is expected to sell out in record time. Cornucopias NFT projects have a track record of completing successful sales with the right balance of supply and de...