Bitcoin News and Finance: What You Need to Know

Anthony Scaramucci, the founder of Skybridge Capital, a $3.5 billion asset management firm, has some advice for crypto investors on how to survive a bear market and a crypto bloodbath. Scaramucci on How to Survive Crypto Bear Market Skybridge Capital founder Anthony Scaramucci shared his bitcoin outlook and advice on how to survive the crypto market sell-off in an interview with CNBC Monday. “We are in a bloodbath,” he said. “This is my eighth bear market. I expect to survive this one as well.” Scaramucci opined: I am encouraged by the fact that bitcoin is above 50% of the overall crypto market cap right now, which is another sign that there is a flight to quality there. “Of course, Celsius is putting pressure on it — the same way that the LUNA terra situation put pressure on it about six weeks ago,” he continued. Crypto lending platform Celsius announced Sunday night that it has frozen withdrawals while cryptocurrency terra (LUNA) and stablecoin terrausd (UST) imploded in ear...

PRESS RELEASE. BOSO TOKYO announce the launch of NFT project “BOSO TOKYO” , an identity defining brand in the Metaverse To commemorate its launch, BOSO TOKYO has launched a giveaway campaign for their NFT. Check out the details here for a chance to win a BOSO TOKYO NFT by completing a few simple tasks. ABOUT BOSO TOKYO BOSO TOKYO is an NFT brand that aims to build avatars that can be used as a common identity in multiple metaverses. As a generative NFT, BOSO TOKYO uses algorithms to create random combinations for each avatar’s body, face, clothing, accessories, and other parts. BOSO TOKYO is an original brand of avatars from Tokyo. Unlike the many Japan inspired anime and video game inspired NFTs on OpenSea, BOSO is aspiring to bring forth a completely original collection. Hidetaka Tenjin , the illustrator of Gundam , Star Wars mecha illustrations,has joined BOSO TOKYO as the main designer and is working on creating the avatars. Afromance , Co-Founder of Burning Japan and f...

On Monday, the cryptocurrency lending company Blockfi announced that “market conditions” have had a “negative impact” on the firm’s business and it will be laying off “roughly 20%” of its staff. The message written by Blockfi co-founders Zac Prince and Flori Marquez follows a slew of well known crypto firms cutting back employees due to the bear market. Blockfi to Lay off ‘Roughly 20%’ of Its Workforce Digital currency values are not that hot these days, and the crypto economy slipped below the $1 trillion region on June 13. The entire crypto economy shed more than 14% in USD value during the past 24 hours. Crypto prices have steadily dropped for weeks on end and Monday’s market rout was quite gruesome. The leading crypto asset bitcoin (BTC) slid to a low of $22,600 on Monday, and a myriad of other alternative digital assets saw deeper losses. Amid the last few weeks of the crypto economy’s bear market downturn, digital currency companies have been laying off staff . On June 13, B...

The cryptocurrency Winter is (NOT) here to stay. If the media was any indicator of the current state of the cryptocurrency industry, one would think it was time to “pack up” and find a new technology to invest both time and money into. It is true that the cryptocurrency industry is currently experiencing another so called “cryptocurrency winter” and while numerous references may be cited to support that, it is also true that this is not the first nor the worst one. In fact, well supported and funded projects are thriving and now is the perfect time to develop them further. The team behind XTRA.FUND also believes that as well. The platform has been fully functional and live since December 2021, and it is also looking to solve the challenges that not only plagued the cryptocurrency industry since its inception, but will now be an even more predominant topic: making cryptocurrency safe, secure and rewarding at the same time, enough to make it a viable alternative to traditional invest...

Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to become an acceptable payment method. The bankers also insisted that cryptocurrencies pose a risk to financial stability, a Reuters report has said. As per the report , the bankers namely, Kingsley Obiora, the deputy governor of the Central Bank of Nigeria (CBN) and the Kenyan central bank governor Patrick Njoroge, believe that a central bank digital currency has a better chance of narrowing the financial exclusion gap. The central bankers added that only a central bank digital currency (CBDC) can reduce the cost of transacting. In the report, Obiora, who spoke at an International Monetary Fund (IMF) moderated virtual su...

Human rights defenders from 20 countries have insisted that bitcoin “provides financial inclusion and empowerment because it is open and permissionless.” Together with stablecoins, the cryptocurrency offers “unparalleled access to the global economy” for people from countries whose currencies have either collapsed or are cut off from the rest of the world. Bitcoin as a Financial Inclusion and Empowerment Tool About 21 human rights advocates from 20 different countries have sent a letter to the U.S. Congress wherein they defend bitcoin as well as rebut claims recently raised by some 1,500 computer scientists, software engineers, and technologists. According to the human rights defenders, “bitcoin provides financial inclusion and empowerment because it is open and permissionless.” In their open letter to U.S. congressional leaders, the advocates point to how bitcoin and stablecoins have offered an “unparalleled access to the global economy for people in countries like Nigeria, Turke...

Terra’s new LUNA 2.0 token has lost 54% in value in the last two weeks, after reaching $11.33 per unit on May 30. Meanwhile, the whistleblower Fatman has accused Terra’s co-founder Do Kwon of cashing out $2.7 billion a few months before the UST de-pegging incident. Kwon, however, has been keeping tabs on Fatman’s accusations and he claims the allegations are “categorically false.” LUNA 2.0 Token Drops 54% in Value During the Last 2 Weeks The LUNA 2.0 rebirth token has been extremely lackluster in terms of market performance during the past two weeks. However, as Bitcoin.com News reported six days ago, a myriad of decentralized finance (defi) protocols have re-joined the ecosystem. Terra’s 2.0 chain has roughly $1.32 billion locked in the Stader defi application according to defillama.com stats. The Terra Classic chain still has $10.54 million total value locked in defi today as well, with $3.11 million held on Terraswap and $2.47 million locked into Anchor. During the past two...

Renowned billionaire hedge fund manager Stanley Druckenmiller says that in an inflationary bull market, he wants to own bitcoin more than gold “for sure.” However, he explained that in a bear market, he would prefer to have gold. Stanley Druckenmiller on Crypto, Bitcoin, and Blockchain Stan Druckenmiller shared his view on bitcoin and cryptocurrency investing in an interview with the Sohn Conference Foundation, published Saturday. Druckenmiller is chairman and CEO of Duquesne Family Office LLC. He was previously a managing director at Soros Fund Management where he had overall responsibility for funds with a peak asset value of $22 billion. According to Forbes’ list of billionaires, his personal net worth is currently $6.8 billion. “If you believe we are going to have an irresponsible monetary policy and inflation going forward,” he explained, adding that “If it’s in a bull phase, you want to own bitcoin.” In contrast, he noted: “If it’s in a bear phase for other assets, you want ...

Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly bitcoin and ether. He explained that “The need to sell bitcoin to pay the bills will only get worse as the recession deepens,” adding that bitcoin is poised to crash to $20K while ether will sink to $1K. Peter Schiff Shares Future Outlook for Bitcoin, Ether, Crypto Gold bug Peter Schiff, the chief economist and lead strategist at Euro Pacific Capital and founder of Schiffgold, has made some dire predictions about bitcoin, ether, and the crypto market in general. He tweeted Saturday: Bitcoin looks poised to crash to $20K and ethereum to $1K … Don’t buy this dip. You’ll lose a lot more money. Schiff further explained in several tweets Sunday: “With food and energy prices soaring, many bitcoin Hodlers will be forced to sell to cover the cost. Grocery stores and gas stations don’t accept bitcoin.” The economist noted: “When Bitcoin crashed during Covid no one needed to sell. Consu...

The CEO of Devere Group, a financial advisory and asset management firm, has predicted a bull run and a significant bounce in the price of bitcoin during the fourth quarter of this year. Devere’s CEO Predicts a Bull Run in Q4 for Bitcoin Financial advisory and asset management firm Devere Group has predicted that the price of bitcoin will bounce significantly in the fourth quarter of this year. Nigel Green, Devere’s founder and CEO, said early last week: I believe that we’ll soon see a bull run that will lead to a significant bounce in the fourth quarter of the year for the world’s leading digital currency. The Devere boss explained: “Bitcoin is currently highly correlated to leading global stock markets, such as Wall Street’s S&P500, and I’m confident that the recent market downturn is close to the bottom and a rally is imminent.” The CEO added: Bitcoin will benefit from a stock market rally as investors move back into riskier assets. Green explained that one of the ke...

Huobi, a leading cryptocurrency exchange, has announced the creation of a new investment arm to tackle decentralized finance and Web3 projects. Ivy Blocks, as it was named by the exchange, will focus on finding projects in seed stages to aid them via financing and other supporting services with the objective of making a “better, more inclusive” Web3 ecosystem. Huobi Enters the Web3 Investing Scene With Ivy Blocks Web3 has become a thriving nascent industry with lots of crypto exchanges and VC firms joining the trend. Huobi, a top ten cryptocurrency exchange in volume traded, has announced the launch of its own investment arm to tackle these new markets. Ivy Blocks, as the exchange has named it, will have the task of identifying potentially successful Web3 and decentralized finance projects to incubate and nurture. According to a PR statement issued by the company, Ivy Blocks will have a multi-billion dollar war chest to complete its goal, something that makes it “well-placed to ta...

Five South Korean cryptocurrency exchanges recently said they will delist litecoin because the crypto asset’s Mimblewimble Extension Blocks (MWEB) upgrade violates the country’s laws. As a result, the exchanges’ users cannot use the Korean won to trade the crypto asset, which has since been named a “dark coin.” Upgrade Violates Specific Financial Information Act Following the recent Mimblewimble Extension Blocks (MWEB) upgrade to litecoin, five of South Korea’s major cryptocurrency exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, responded by announcing that they would delist the crypto asset. The exchanges argue that the upgrade has made litecoin transactions anonymous, which is against the country’s laws. According to a News1 report , the anonymity that was brought about by the Mimblewimble upgrade violates a provision in the Specific Financial Information Act which stipulates that cryptocurrency exchanges cannot handle crypto coins that hide transfer records. In a ...

Courts in Russia are hearing a growing number of cases around crypto assets, a new study has shown. About two-thirds of them have been launched under provisions of the country’s Criminal Code but civil cases represent a large share as well. Criminal Cases Involving Cryptocurrency in Russia Near 1,000 in 2021 Lawsuits related to cryptocurrency, exchange of digital assets and coin minting have seen a serious increase in Russia over the course of last year, reaching a total of 1,531. The number comes from research conducted by the cybersecurity company RTM Group and quoted by Izvestia this week. The majority of these, 954 cases, have been initiated under various articles of the Russian Criminal Code, the daily wrote on Friday. Another quarter of the proceedings, 365, are civil cases, almost one in 10 (141) is a bankruptcy, and 5% (71) are administrative cases, the article detailed. The authors of the study note that most often cryptocurrency appears in criminal cases related to drug ...

The Indian government’s chief economic adviser has warned about innovations like crypto and decentralized finance (defi) in the absence of regulation. “We may not be fully aware or comprehend the kind of forces we are unleashing ourselves,” he opined. Indian Government’s Chief Economic Adviser Skeptical of Crypto, Defi, Decentralization The Indian government’s chief economic adviser (CEA), V. Anantha Nageswaran, reportedly warned about the danger of crypto and the risks posed by its lack of regulation Thursday at an Assocham event. Referring to cryptocurrency, he was quoted by local media as saying: The more decentralized they become and the absence of a watchdog or a centralized regulatory authority also means that there is a world of Caribbean pirates or a world of ‘winner take all’ in terms of being able to really take it all from somebody else. The government’s economic adviser explained that he agreed with Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar on crypto...

U.S. Treasury Secretary Janet Yellen warns crypto is a “very risky investment,” adding that she would not recommend it to most people who are saving for retirement. However, Yellen noted that Congress could restrict the type of investments allowed in retirement accounts, including 401(k) plans. Janet Yellen on Investing in Cryptocurrencies for Retirement The topic of whether Americans should be able to put retirement savings in cryptocurrencies continues to be hotly debated. U.S. Treasury Secretary Janet Yellen was asked Thursday at an event organized by the New York Times about Fidelity’s announcement to allow bitcoin as an investment option in 401(k) plans. Yellen replied: It’s not something that I would recommend to most people who are saving for their retirement … To me it’s very risky investment. Fidelity’s announcement followed a guidance issued by the Labor Department (DOL) warning 401(k) plan administrators about allowing cryptocurrencies in retirement plans. Fidelity...

American Express and Abra are launching a new credit card that will allow shoppers to earn cryptocurrency rewards “tradable across over 100 different cryptocurrencies” without annual or foreign transaction fees. American Express and Abra Launching Crypto Rewards Credit Card American Express (Amex) and crypto trading platform and wallet provider Abra announced the upcoming launch of the Abra Crypto Card on the American Express network Friday. Abra described the new card as: The first crypto rewards credit card on the American Express network that will transact in U.S. dollars and offer crypto back on any purchase category and amount. “The crypto rewards will be tradable across over 100 different cryptocurrencies supported by Abra, with no annual or foreign transaction fees,” the crypto company detailed. The Abra Crypto Card will offer several benefits from the American Express Network, including Amex Offers, presale ticket access, global dining benefits, and purchase protections...

The government in Vilnius has approved amendments introducing more stringent regulations for the country’s growing crypto space. The legislation is aimed at managing risks associated with crypto assets and preventing Russian attempts to circumvent Western sanctions imposed over the war in Ukraine. Lithuanian Authorities to Tighten Rules for Crypto Industry Lithuania is preparing to revise its Law on Prevention of Money Laundering and Terrorist Financing with the stated goal of ensuring greater transparency and sustainable development for its cryptocurrency sector. This week, the government approved amendments that the small Baltic nation plans to adopt before the upcoming EU regulations . The new provisions have been prepared by the Ministry of Finance, the Bank of Lithuania, the Financial Crime Investigation Service, the Ministry of Interior, and the Lithuanian Money Laundering Prevention Competence Center. Their main purpose is to further regulate the operations of crypto service...

Crypto prices plunged as the weekend commenced, following yesterday’s U.S. inflation report, which came in at a 40-year high of 8.6%. ETH fell to its lowest point in fifteen months, while BTC dropped below $29,000. Bitcoin Following days of consolidation, BTC finally moved late on Friday into Saturday, as crypto prices responded to the latest inflation report. Data from the United States showed that inflation came in at a 40-year high of 8.6%, which is higher than the 8.3% many had expected. As such, investors seem to have panicked, and in turn liquidated some of their positions in crypto markets. BTC /USD fell to an intraday low of $28,911.36 to start the weekend, taking prices to their weakest point in almost two weeks. Despite the drop, prices still remain above support at $28,800, however some expect the sell-off to intensify as the weekend progresses. Should we see the 14-day RSI move below its current support of 40.50, then we could see this expectation come into fruit...

The cryptocurrency market is stagnant. Investors are cautious and hesitant to make investments. Some initiatives, however, thrive even in such circumstances: Mars4, a play-to-earn project, has seen an upsurge in NFT sales. Mars4 is growing thanks to scheduled releases (such as a game demo) and some help from Japanese KOLs. Mars4, a metaverse game , has been generating increased sales in the first weeks of June. Mars4’s use of a regional marketing strategy has seen the majority of the sales come from Japan. In collaboration with KOLs such as Daisuke and Crypto Train , Mars4 is grabbing the Japanese market. Yuzo Kano , a famous crypto advocate and CEO of BitFlyer, took an interest in Mars4 a year earlier. This inspired the Mars4 team to create a Telegram group for Mars4 Japan , which was quickly followed by other cultural communities such as Turkey , Italy , China , and others. Some cultural channels are available on Mars4 Discord too, as the company tries to be inclusive to every...

A Nigerian court has convicted and sentenced a man to one year in prison who is accused of duping an unsuspecting cryptocurrency investor. On its charge sheet, the prosecution said that the man had contravened Nigeria’s anti-fraud laws and hence should be punished accordingly. Fake Cryptocurrency Investment Scheme A court in Nigeria has convicted a man accused of using a bogus cryptocurrency platform to defraud $680 from an unsuspecting investor, a report has said. In its ruling, the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) said the man, Obu Ebibo, whose alias is Kenneth Gibson, must serve one year in jail. The court however said the accused has an option to pay a fine of $1,180 (N500,000) which he can deposit into the government’s consolidated revenue account. According to a PM News report that details the accused’s alleged crimes, by committing the alleged offenses, Ebibo was in contravention of Nigeria’s anti-fraud laws. “That you Obu ...

Felix Capital, a London-based VC company, has raised $600 million in its fourth fundraising round, this being its biggest yet. The company, which has been investing in commerce and money-tooling startups, is planning to use part of the funds raised to increase its Web3 exposure as part of its new business strategy. Felix Capital Includes Web3 in Business Plan Venture capital firms from all over the world are now turning their eyes to Web3, a new field that intertwines the internet and crypto. One such firm has been Felix Capital, a London-based VC company that has expanded its business plan to include Web3 as part of its current interests. With its latest fundraising round, the company obtained $600 million, surpassing its initial goal of $500 million. For the firm, this is its fourth and largest fundraise to date, bringing its total assets under management to $1.2 billion. In a blog post, the company explained that these funds will be used to back another 20 to 25 companies over t...

Blockchain.com has announced it has partnered with the Web3 digital identity platform and NFT domain name provider Unstoppable Domains in order to launch .blockchain NFT domains. The company says that in the next few weeks, 83 million Blockchain.com wallet users will get a free .blockchain domain. Blockchain.com Partners With Unstoppable Domains — Firms Launch 1st Branded Top-Level Domain Blockchain.com has been a pioneer in the crypto space for quite some time, as the company launched the first Bitcoin ( BTC ) block explorer in 2011. This week, the company has announced it has teamed up with the Web3 digital identity company Unstoppable Domains . The startup is an identity firm dedicated to Web3 services and a domain name provider that has issued 2.4 million registered usernames. The two firms announced the launch of the first-ever branded top-level domain by Unstoppable Domains which will be called .blockchain. In the coming weeks, Blockchain.com says that all 83 million Blockch...

While Bitcoin’s mining difficulty was expected to decrease two days ago on June 8, instead the difficulty increased by 1.29% on Wednesday. On the same day, at block height 739,928, Bitcoin’s hashrate tapped an all-time high (ATH) reaching 292.02 exahash per second (EH/s). Bitcoin’s Blockchain Secured by Close to Three Hundred Quintillion Hashes per Second This week, the Bitcoin network has never been more powerful as the protocol’s computational processing power reached a lifetime high on Wednesday. In fact, at 292.02 EH/s the network neared the 300 EH/s region for the first time. The last hashrate ATH took place on May 2, 2022, at Bitcoin block height 734,577, when it reached 275.01 EH/s. The jump to 292.02 EH/s 37 days later, was approximately 6.18% higher than the ATH on May 2. The ATH on Wednesday was only 2.73% away from reaching 300 EH/s or 0.3 zettahash per second (ZH/s) range. The hashrate has been running so high that the difficulty adjustment algorithm (DAA) that was ex...

Payments giant Mastercard has announced it is working to bring direct payment support for a number of NFT and Web3 platforms with its cards. According to the company, this will enable more customers to enter the industry as the barrier to acquiring such digital goods is lowered via more flexible payment products. Mastercard To Enable NFT and Web3 Payments Traditional payments companies are starting to embrace cryptocurrencies and include them as options in their business strategies. Mastercard, one of the biggest payments companies in the world, has announced it is working with a number of companies in the NFT and Web3 fields to enable customers to pay with Mastercard technology for their products. According to a PR statement, the company is working directly with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider Moonpay, to allow customers to use their Mastercard cards to pay for digital goods provided by these platforms. Ma...