Bitcoin News and Finance: What You Need to Know

Bitfarms, a global bitcoin mining company, has told that the price of bitcoin, above all other elements, is one of the most important factors for the future of the industry. Damián Polla, Bitfarm’s Latam General Manager, stated that countries like Argentina, where Bitfarms is currency building a bitcoin mega-mining center, were a very good destiny for bitcoin mining companies due to different factors. Falling Bitcoin Prices Constitute a Challenge Bitcoin mining companies are starting to feel the effects of the deceleration of the price of bitcoin in crypto markets. The company has declared that the fall of bitcoin prices, above all elements, is the most important problem that miners are facing right now. This has affected the company directly due to its holdings, taking its valuation from a unicorn status to a sub $500 million currently. In an interview given to local media, Damian Polla, Bitfarm’s Latam General Manager, stated : The biggest challenge facing the sector in the sho

2TM Group, a Latam unicorn and parent company of Mercado Bitcoin, a Latam-based cryptocurrency exchange, has announced it will execute a series of layoffs due to the current market cooldown. The company declared that this action was motivated by the recent global financial scenario changes, making it reconsider its position, and reducing its operative expenses. 2TM Group Lays off 90 Employees Several companies at a worldwide level and also in Latam are preparing for the negative changes that several analysts have predicted will happen in the market. 2TM Group, a Brazilian unicorn that is also the parent company of Mercado Bitcoin, one of the biggest crypto exchanges in Latam, has announced that it will execute a number of layoffs that will contribute to maintaining its operations in the future. According to local media , the company will lay off little more than 10% of its operating staff, with 90 employees out of its total workforce of 750 leaving its offices soon. 2TM Group attr

A cryptocurrency trader has been convicted in the U.S. for operating an unlicensed money-transmitting business using Localbitcoins and Paxful. He faces up to five years in federal prison and a possible $250,000 maximum fine. Crypto Trader Pleads Guilty The U.S. Department of Justice (DOJ) continues to take action against crypto traders using services such as Localbitcoins and Paxful to buy and sell cryptocurrencies as a business without a license. The latest such case involved Hien Ngoc Vo, a 49-year-old man from Seattle, Washington, who operated an unlicensed crypto business in Houston, Texas. The DOJ announced Wednesday that Vo has pleaded guilty to running an unlicensed money transmitting business in the Houston area between March 16 and June 8, 2016. The Department of Justice detailed: Vo used Paxful and Localbitcoins to buy and sell bitcoin … He profited from sales by collecting a percentage of the transactions which ranged from 5-30%. Within the three months specified, Vo

PRESS RELEASE. KryptoPips, the world’s first multi-broker rewards coin, allows brokers to reward their clients for participating in various trading activities. As key drivers of customer loyalty, the rewards coins will enable brokers to acquire new customers and maintain existing ones, thereby growing the brand. The reward coins can help boost business and incentivise trading activity throughout the year. It offers a customisable multiple-level rewards system to deliver a robust client loyalty program for global brokerages. A number of intended partnerships are set to be announced in the coming weeks, which will see the platform allow various global brokers to plug in, and disrupt the industry by showcasing an entire ecosystem of products and services to delight their partners and clients. Brokerages across the globe can adopt the multi-broker rewards coin, KryptoPips, to entice traders & partners with benefits, such as: Earning more income while enjoying reduced trading comm

The new LUNA records gains amidst controversy, “Big Short” investor Michael Burry and author Robert Kiyosaki weigh in on recession, depression, and looming civil unrest. To top it all off, Bank of America’s CEO said “we have hundreds of patents on blockchain” but that regulations are blocking the institution from engaging in crypto. This is your bite-sized digest of this week’s hottest stories from Bitcoin.com News. Let’s dig in. Bank of America CEO: We Have Hundreds of Blockchain Patents — But Regulation Won’t Allow Us to Engage in Crypto The CEO of Bank of America says that his bank has hundreds of blockchain patents but regulations will not allow it to engage in crypto. “The reality is that we can’t do it by regulation,” he said. Read More Rich Dad Poor Dad’s Robert Kiyosaki Warns of Stocks and Bonds Crashing — Depression, Civil Unrest Coming The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that a depression and civil unrest are co

Al Jalila Foundation, the United Arab Emirates charitable organization, recently announced that it has been given permission to accept cryptocurrency donations. Accepting cryptocurrencies makes it possible for the foundation to receive funding via what is described as one of the fastest-growing donation methods. Accepting Crypto Expands Foundation’s Donation Channels A United Arab Emirates (UAE) healthcare organization, Al Jalila Foundation, said it has been given permission to accept digital money and that well-wishers can now donate via cryptocurrencies. By accepting cryptocurrencies, Al Jalila Foundation has become one of the first nonprofit organizations from the UAE to do so. In a recently released statement , Al Jalila Foundation also said it has partnered with an unnamed “leading cryptocurrency platform.” Commenting on the move that expands the organization’s donation channels, foundation CEO Abdulkareem Sultan Al Olama said: As a philanthropic organisation we rely on char

The U.S. Federal Trade Commission (FTC) has revealed that more than 46,000 people have reported losing over $1 billion in cryptocurrency to scams since the beginning of last year. FTC Says Scammers Stole Over $1 Billion in Crypto The U.S. Federal Trade Commission published a “Data Spotlight” report on crypto scams Friday. The FTC is the only federal agency in the country with both consumer protection and competition jurisdiction in broad sectors of the economy, the regulator’s website describes. Emma Fletcher, senior data researcher at the FTC, wrote: Since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost, more than any other payment method. Specifically, $680 million in cryptocurrency fraud losses were reported in 2021. In the first quarter of this year, the losses due to crypto fraud amounted to $329 million. The researcher added that the median individual reported lo

Terraform Labs CEO Do Kwon is unlikely to face criminal charges in the U.S. over the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST), according to legal experts. They explained that civil charges are more likely, including lawsuits by cryptocurrency investors. Do Kwon Unlikely to Face Criminal Charges The recent collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) has raised questions about whether their creator, Do Kwon, can be held accountable. Randall Eliason, a professorial lecturer in law at the George Washington University Law School who spent 12 years as an assistant U.S. attorney for the District of Columbia, explained that Kwon is unlikely to be criminally prosecuted, CNBC reported Thursday. Emphasizing that prosecutors have to prove criminal wrongdoing beyond a reasonable doubt, he was quoted as saying, “It’s not like a homicide where you bring in witnesses to testify to who pulled the trigger.” The legal expert describ

Global investment bank Goldman Sachs’ president and chief operating officer has warned of unprecedented economic shocks and tougher times ahead. His statement echoes JPMorgan CEO Jamie Dimon’s warning that a “hurricane” is coming our way. Goldman Sachs President’s Warning About the U.S. Economy Goldman Sachs President and Chief Operating Officer John Waldron shared his outlook for the U.S. economy at a banking conference Thursday. Commenting on current economic conditions, he said: “This is among — if not the most — complex, dynamic environment I’ve ever seen in my career.” The top Goldman Sachs executive elaborated: We’ve obviously been through lots of cycles, but the confluence of the number of shocks to the system, to me, is unprecedented. Waldron’s comments echoed a similar warning by JPMorgan Chase CEO Jamie Dimon , who said Wednesday that there is a “hurricane” coming our way. “You better brace yourself,” he advised. Noting that he will refrain from “using any weather an

As Ethereum’s transition to proof-of-stake (PoS) gets closer and the network’s hashrate taps another all-time high, the Ethereum 2.0 contract is close to nearing 13 million ether worth $22.6 billion using today’s ether exchange rates. Moreover, according to a decentralized finance (defi) educator, the $22.6 billion worth of ethereum that continues to grow won’t be unlocked until another upgrade is enforced following The Merge. Ethereum 2.0 Contract Nears 13 Million Ether Locked — Defi Educator Says The Merge Won’t Be a Negative Price Catalyst On June 4, 2022, etherscan.io’s webpage that hosts the Ethereum 2.0 contract , indicates that there’s 12,785,941 ether locked into the contract. The Ethereum 2.0 contract holds the funds for a great number of ETH validators as it takes 32 ETH to become a validator. Every single day, a decent quantity of validators lock funds in the contract and the current value locked in the contract is worth $22.6 billion using today’s ether exchange rates.

Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks. Rostec Employs Distributed Ledger Technology to Substitute SWIFT Russian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and the storage of digital currency. CELLS is intended as an alternative to the global payment messaging system SWIFT, from which a number of Russian banking institutions have been disconnected as part of western sanctions. Russia has been increasingly cut off from global finances, foreign currency reserves, and traditional payment channels as a result of its invasion of Ukraine. The government in Moscow has been trying to transition to payments in national currencies s

Pablo Hernandez de Cos, governor of the Bank of Spain, has again warned about cryptocurrencies and the growth that the crypto market is experiencing. Hernandes de Cos stated that, while the market is still relatively small at a worldwide level, the cryptocurrency market is now bigger than subprime mortgages before the financial crisis circa 2008, and its links with traditional finance keep growing. Governor of Bank of Spain Warns About Expansion of Crypto The governor of the Bank of Spain has warned about the risks of letting the growing cryptocurrency markets mix with traditional financial institutions. While closing an event, Pablo Hernandez de Cos explained that the interconnection between these unregulated markets and traditional institutions has increased due to the large number of trading instruments that have been launched during this last bull market phase, which includes ETFs, futures, and investment funds. In this sense, Hernandez De Cos also stated that “some large priv

According to an executive with the Dubai-based DAMAC Properties, the real estate development “company has already succeeded in concluding real estate deals worth $50 million via cryptocurrencies since the beginning of this year.” The executive, however, says his company is facing challenges convincing the older generation decision-makers to buy into the metaverse, non-fungible tokens, and cryptocurrencies. Using a Trusted Intermediary The Dubai-based real estate developer, DAMAC Properties, has since the beginning of the year completed cryptocurrency deals worth $50 million, the company’s chief operating officer (COO) Ali Sajwani has said. In his remarks during an interview , the COO said by accepting either bitcoin or ethereum as payment, DAMAC has shown the extent to which his company will go in order for it to “benefit from the most advanced technology solutions.” When asked about the payment mechanism that was used to conclude the real estate deals, the COO said a trusted inte

Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar says central bank digital currencies could “kill whatever little case there could be” for cryptocurrencies, like bitcoin and ether. RBI’s Deputy Governor Discusses Impact of CBDCs on Cryptocurrencies RBI Deputy Governor T. Rabi Sankar talked about the potential impact of central bank digital currencies (CBDCs) on cryptocurrencies, like bitcoin and ether, at a webinar organized by the International Monetary Fund (IMF), local media reported Friday. He was quoted as saying: We (RBI) believe that CBDCs would actually be able to kill whatever little case there could be for private cryptocurrencies. By “private cryptocurrencies,” the Indian government and the central bank refer to all non-government-issued cryptocurrencies, including bitcoin and ether. Sankar explained the central bank’s stance that cryptocurrencies should not be permitted “just because they are backed by hi-tech.” He added: Any tool that can be used for g

Tesla and Spacex CEO Elon Musk says he has a “super bad feeling” about the U.S. economy. President Joe Biden responded with a list of major investments by large corporations and wished Musk luck on his trip to the moon. Elon Musk’s Bad Feeling About the U.S. Economy Tesla CEO Elon Musk said he has a “super bad feeling” about the U.S. economy in an email to executives seen by Reuters. The email, titled “pause all hiring worldwide,” was sent two days after Musk told staff to return to the workplace or leave. He also said he needs to cut about 10% of staff at his electric car company. Musk has recently warned that the U.S. economy is either already in a recession or is headed towards one. However, the billionaire CEO of Tesla and Spacex believes that a recession is “ a good thing ,” stating: “It has been raining money on fools for too long. Some bankruptcies need to happen.” He also estimated that the recession will last between 12 and 18 months . Morgan Stanley analyst Adam Jonas b

Bitcoin cash supporters are known for spreading adoption over the years and 2022 is no different. This year, the peer-to-peer cryptocurrency bitcoin cash has seen significant adoption throughout the islands of the Caribbean, alongside places like Dubai, and Mumbai. Bitcoin Cash Advocates Continue to Promote Peer-to-Peer Crypto Adoption According to the web page map.bitcoin.com , there are thousands of merchants worldwide that accept bitcoin cash (BCH) for goods and services. Moreover, if one was to visit the Reddit forum r/btc, they would notice a great deal of posts highlighting adoption in places like Dubai, Mumbai, St. Kitts & Nevis, and St. Maarten. Bitcoin.com News previously reported on St. Maarten’s Parliament member, Rolando Brison, revealing he requested to get his entire salary converted into bitcoin cash. Map.bitcoin.com indicates there are over 160 merchants that accept BCH in the region. Bitcoin cash is now accepted by the platform Caribeeats ( caribeeat

The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd. Law on Stablecoins Approved in Japan in Aftermath of UST Collapse Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday. With the new law, Japan becomes one of the first major economies to develop such a framework after last month’s collapse of the terrausd (UST) stablecoin and its sister cryptocurrency terra (LUNA). The development caused a major market slump and loss of confidence in stablecoins. According to the provisions approved by the legislators, stablecoins must be pegged to the Japanese yen or another legal tender and guarantee holders the right to red

Sunacrip, the Venezuelan cryptocurrency watchdog, has issued a new internal providence that defines the guidelines it will follow in dealing with reports of suspicious activity related to fintech platforms. The document describes that the use of unauthorized platforms might constitute a suspicious activity, which could ostensibly lead to penalties of $15,000 for its customers. Sunacrip Publishes Internal Providence on Fintech Activities Sunacrip, the Venezuelan cryptocurrency watchdog, is seeking to have better control of the movements that Venezuelans make using cryptocurrencies and other assets using fintech platforms. The organization issued a new providence that establishes the mechanism to deal with suspicious activities, including on fintech platforms. The providence, which is an internal document signed by Joselit Ramirez, head of the organization, seeks to include different Financial Action Task Force (FATF) directives in its working processes to detect money laundering an

On Thursday, Warner Bros. announced it was collaborating with the non-fungible token (NFT) focused social media platform Nifty’s and at the end of June, the two firms will launch a story-driven NFT collection called “Looney Tunes: What’s Up Block?” The upcoming NFTs will tell a unique Looney Tunes storyline and will also celebrate the character Tweety’s 80th anniversary. Looney Tunes: What’s Up Block? A unique Looney Tunes-based blockchain program will leverage non-fungible tokens (NFTs) to tell a story, according to the American film and entertainment company Warner Bros. and the NFT-centric social media firm Nifty’s . Warner Bros. says that it is collaborating with Nifty’s again in order to release an NFT compilation called “Looney Tunes: What’s Up Block?” According to the announcement the NFTs will be used to create a “fresh narrative for the Looney Tunes franchise” via a storytelling experience. Looney Tunes is an animated short film series that was launched by Warner Bros. in

Just weeks after launching its cryptocurrency trading platform , online brokerage Firstrade Securities has already begun expanding its available crypto listings. The most recent additions to the tradeable crypto coins on Firstrade are ENJ (Enjin), Maker ( MKR ), Bancor Network Token (BNT) and Compound (COMP). The latest 4 coins now make a total of 41 available cryptocurrencies on the Firstrade crypto platform. Enjin (ENJ) is a decentralized network on Ethereum which enables Developers to create and manage digital assets like NFTs, for game developments. The Maker ( MKR ) is a decentralized network, also on the Ethereum network, which primarily functions as a governance token for MakerDAO and as a fully functioning DeFi ecosystem. Compound (COMP) is similar, also a decentralized finance ecosystem on ETH , and Bancor Network Token (BNT), operates pools which bring Ethereum and other blockchains together. Why Trade Crypto on Firstrade? Traders and investors can get started trading f

Former Monero lead maintainer, Riccardo Spagni, faces over 370 counts of fraud, forgery, and uttering. The charges against the developer stem from fraudulent activities he allegedly committed when he was still employed by Cape Cookies. Fluffypony Pleads Not Guilty The so-called crypto mogul and former Monero lead developer, Riccardo Spagni, has been charged with 378 counts of fraud by the South African government, a report has said. The charges follow allegations that Spagni defrauded his former employer of more than $93,500 (R1,453,561). The crimes are alleged to have taken place between October 2009 and June 2011. As previously reported by Bitcoin.com News, Spagni was arrested in Tennessee by U.S. law enforcement. The lead maintainer’s arrest stems from a warrant that was issued by a South African court when Spagni, who is also known as “Fluffypony,” failed to make a routine court appearance. Spagni, who has since pleaded not guilty to the charges, is accused of cheating his fo

Despite a strong start to the week, bitcoin fell below $30,000 on Thursday, as crypto bears returned to action. Following an uncertain day of trading yesterday, bearish momentum has taken charge of markets, with ETH also in the red. Bitcoin Following a strong start to the month, BTC fell lower, dropping below $30,000 on the second day of June. Bitcoin rallied to a nearly three-week high earlier this week, however on Thursday fell to an intraday low of $29,501.59. This drop comes less than 24 hours after BTC /USD hit a high of $31,848.82. However, as we approach tomorrow’s NFP report, market uncertainty seems to have pushed prices lower. Today’s move sees prices fall below the recent resistance level of $30,500, and they now look set to move towards a floor of $28,600. Bulls have so far resisted any further declines, with the $29,500 point acting as interim support, however should bearish pressure intensify, we will likely see this decline extended. A reason for the interim s

The bill “On Digital Currency,” meant to comprehensively regulate crypto transactions in Russia, will be a “tough” law, according to the head of the State Duma Financial Market Committee. The legislation is yet to be finalized and will not be reviewed by lawmakers in the near future, Anatoly Aksakov revealed in an interview, despite Bank of Russia’s decision to drop its opposition to crypto payments, at least when they facilitate Russia’s foreign trade amid sanctions. Adoption of Russian Law on Cryptocurrencies Delayed by Ongoing Debate Over Rules Discussions about the regulation of the Russian crypto market continue in the government and it’s not worth expecting that the draft law “On Digital Currency” will be filed with the State Duma soon, the Chairman of the Financial Market Committee at the lower house of Russian parliament, Anatoly Aksakov, told Parlamentskaya Gazeta this week. Russian officials are currently debating over the bill’s third revision and the talks are heated,

India is the global leader in non-fungible token (NFT) gaming, while the number of play-to-earn (P2E) players in developed countries like the U.S. and France is significantly lower than in much of the rest of the world, the latest data from Finder has shown. More People Plan to Play in the Future According to Finder’s latest NFT gaming statistics, India is the country with the highest number of respondents (34%) that have played a P2E game. Hong Kong is the next highest country with 29%, while the United Arab Emirates is third with 27%. While the popularity of P2E games appears to be growing, data from Finder seemingly show a distinction in the level of interest between respondents from Western countries and the rest of the world. To illustrate, in the United States, where nearly 14% of the respondents said they know what P2E is, only 9.4% played at least one game. Only 4.3% of respondents in Sweden admitted to having played. However, in the study wherein Finder sought to determ

The Monetary Authority of Singapore (MAS) has partnered with major banks and financial services companies to explore the uses of asset tokenization and decentralized finance (defi). DBS Bank and JPMorgan will pilot the first project. Project Guardian Launched The Monetary Authority of Singapore (MAS), the country’s central bank, announced Tuesday that it has partnered with the financial services industry to launch Project Guardian. The central bank described Project Guardian as “a collaborative initiative with the financial industry that seeks to explore the economic potential and value-adding use cases of asset tokenization” and decentralized finance (defi). Heng Swee Keat, Singapore’s deputy prime minister and coordinating minister for economic policies, announced the commencement of Project Guardian Tuesday at the Asia Tech x Singapore Summit. “The first industry pilot under Project Guardian will explore potential defi applications in wholesale funding markets,” the MAS detaile

Colombian soccer superstar James David Rodríguez Rubio has announced his partnership with ZKSpace to launch the James Rodríguez Commemorative Edition NFTs, Zurda (left foot in Spanish), with the presale scheduled for June 15th, 2022 . The 1,500 unique pieces are currently the only digital art collections available featuring key highlights from his illustrious career spanning three continents and celebrating Rodríguez’s outstanding contribution to the game. Rodríguez is amongst the first of many prominent athletes and celebrities to get involved in the digital art space, and his strategic partnership agreement with ZKSpace, the team behind ZKSea , is a testament to the quality of the layer 2 NFT minting platform and marketplace. Instead of merely turning a digital photo into NFTs, Zurda NFTs are based on exquisite artwork digitally hand-painted by professional artists. The NFT collection will be made up of 4 different rarities comprising 1 Platinum, 10 Gold, 400 Silver, and 1,089 Br