Bitcoin News and Finance: What You Need to Know

Since June 12, 2022, the Tron-based stablecoin USDD has remained below a U.S. dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day prior on June 19, USDD saw an all-time low at $0.928 per unit. Despite being below the U.S. dollar parity, the Tron DAO Reserve says the stablecoin has not depegged in a Twitter thread that discusses a combination of an “on-chain mechanism [and] collateralized assets.” USDD Trades Below $1 for an Entire Week USDD has been trading for lower than a U.S. dollar for over a week and on Sunday, USDD tapped an all-time low at $0.928 per unit. The following day on Monday, the stablecoin has been exchanging hands for $0.966 at the time of writing, and it saw a 24-hour low at $0.943. USDD is the ninth-largest stablecoin by market capitalization, with approximately $696.28 million on Monday evening at 7:00 p.m. (ET). The stablecoin has seen roughly $83 million in global trade volume and the top USDD exchanges

Everyone would agree that the DeFi industry is absolutely booming right now, and for good reason. After all, there is an abundance of technological innovation right now through aspects such as cryptocurrencies, NFTs, P2E games, blockchain, and most recently the metaverse. With that being said, it can often prove difficult to ascertain which projects in this sector are worth more than just the initial hype and can actually offer something of real value. This is where BOSO TOKYO comes in. What is it? Naturally, it is crucial to understand what something is before being comfortable enough to invest in it. In a nutshell, BOSO TOKYO is an initiative that wants to make a metaverse identity brand. One of the project’s primary goals is to hence introduce avatars to the metaverse. At its core, the ‘metaverse’ is essentially a fully digital space which may be copied and altered, in other words, it is a world without a specific identity. Even if a user establishes their identity within a me

Deutsche Bank has updated its recession forecast. The bank’s economists now see “an earlier and somewhat more severe recession” than previously predicted. “The Fed has undertaken a more aggressive hiking path, financial conditions have tightened sharply and economic data are beginning to show clear signs of slowing,” said the economists. Deutsche Bank’s Recession Forecast Deutsche Bank’s chief U.S. economist, Matt Luzzetti, explained in a note to clients Friday that a recession will come sooner and it will be more severe than previously predicted, Yahoo Finance reported . The bank said in April that the U.S.economy will be in a “major” recession by the end of next year. However, Luzzetti explained in the note: “Since that time, the Fed has undertaken a more aggressive hiking path, financial conditions have tightened sharply and economic data are beginning to show clear signs of slowing.” The Deutsche Bank economist continued: In response to these developments, we now expect an

President Joe Biden and Treasury Secretary Janet Yellen say that a U.S. recession is not inevitable, dismissing the concerns of many economists who have predicted an upcoming recession. In addition, Biden insisted that the U.S. will “overcome this inflation” while Yellen admitted that “inflation is unacceptably high.” Biden: U.S. Recession Isn’t Inevitable President Joe Biden reiterated to reporters Monday in Rehoboth Beach, Delaware, that a U.S. recession is not “inevitable.” Asking Biden about a potential recession, a reporter said, “Economists are saying that a recession is more likely than ever.” The president quickly interrupted the reporter by saying: “Not the majority. Come on, don’t make things up.” Biden added: “Now you sound like a Republican politician. I’m joking. That was a joke, that was a joke.” Stating that “all kidding aside,” the president continued: No, I don’t think it is. I was talking to Larry Summers this morning, there’s nothing inevitable about a recess

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned the public about crypto investments that seem “too good to be true.” Meanwhile, the U.S. Treasury Department says that the recent crypto market turmoil underscores the urgent need for regulatory frameworks that mitigate the risks posed by digital assets. SEC Chair Gensler’s Crypto Warning SEC Chairman Gary Gensler cautioned investors last week about crypto lending platforms offering products that seem too good to be true, Reuters reported. The securities regulator’s warning followed crypto lender Celsius Network’s withdrawal freeze early last week. “We’ve seen again that lending platforms are operating a little like banks. They’re saying to investors ‘Give us your crypto. We’ll give you a big return 7% or 4.5% return,'” Gensler was quoted as saying. “How does somebody offer (such large percentage of returns) in the market today and not give a lot of disclosure?” The SEC chair stressed

PRESS RELEASE. Seychelles, June 20, 2022 – Bitflex Inc. (the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced that the Company will commence BETA testing of its cryptocurrency exchange and plans to officially launch the exchange by October this year. The Bitflex exchange offers an aesthetically pleasing interface built-in with news, notifications, and charting tools to create a superior environment for users to make the most educated trades. The BETA platform will offer up to 8 trading pairs for linear perpetual swaps. BETA versions are immediately available on https://www.bitflex.com. “We are so excited to finally be opening up beta testing after a long road of development,” states CEO Ee Wui Yang, “we are confident the platform we have built will provide a safe and enjoyable trading environment for our users.” “In addition, we are also providing zero-fee trades in our platform for the first month from our BETA testing launch whic

Coinmena, the Bahrain-headquartered and sharia-compliant digital asset exchange, announced recently that it had secured a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Coinmena to not only expand its activities but to “further strengthen [its] banking relationships within the UAE.” Expanding Coinmena’s Activities in the UAE A Bahrain-headquartered digital asset exchange, Coinmena, has been granted a provisional virtual assets license by Dubai’s Virtual Assets Regulatory Authority (VARA). The provisional license allows Coinmena to continue its operations in Dubai while “it undertakes the in-depth process” of acquiring a license, the digital asset exchange has said. According to a statement released by the sharia-compliant exchange, the provisional license allows Coinmena to expand its activities within the United Arab Emirates (UAE). In their joint statement, the digital asset exchange’s co-founders, Talal Tabbaa and

Meta announced that it was launching a designer digital clothing store that will allow users to purchase pieces of clothing for their avatars in its metaverse. The company believes that clothing and other accessories will become an important part of the users’ identity expression and that this will entice them to spend money on digital clothes that will be wearable on all Meta’s apps, including Facebook and Instagram. Meta to Sell Metaverse Clothing With the rise of the metaverse, an alternative and digital take of our world, companies have begun to include industries like clothing to capitalize on the earnings that the need for expression of metaverse users can produce. One of these companies is Meta, which has recently announced the launch of a digital clothing store, named the “Meta Avatars Store,” that will allow users to purchase clothing of different brands to dress their metaverse avatars. The store, which will be rolling to different markets this week, will feature digital

Global consulting firm McKinsey & Company has forecasted that the metaverse may generate up to $5 trillion by 2030. In addition, more than 80% of commerce could be impacted by activities in the metaverse. Metaverse Could Generate $5 Trillion by 2030 Global management consulting firm McKinsey & Company published a report last week titled “Value creation in the metaverse.” The report details: “Our work began by surveying more than 3,400 consumers and executives on metaverse adoption, its potential, and how it may shift behaviors. We also interviewed 13 senior leaders and metaverse experts.” According to McKinsey: By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse. In addition, more than 80% of commerce could be impacted by activities in the metaverse, the firm described, adding that most learning, development, and collaboration could happen in the metaverse. Furthermore, McKinsey said, “We expect the average internet

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he is not selling any of his cryptocurrencies despite the crypto market downturn. “Long term, you just have to stomach it. You have to understand you’ll get volatility,” he stressed. Kevin O’Leary: I’m Not Selling Anything Shark Tank star Kevin O’Leary talked about bitcoin and other cryptocurrencies in an interview with the Insider, published Saturday. Commenting on the crypto market turmoil, O’Leary said: I’m not selling anything … Long term you just have to stomach it. You have to understand you’ll get volatility, and that some projects aren’t going to work. O’Leary currently holds 32 positions in the digital asset space, the publication conveyed. He is also a strategic investor of Wonderfi Technologies. The crypto platform received conditional approval to list its shares on the Toronto Stock Exchange (TSX) last week. In an interview with Bankless, published last week, O’Leary said that his largest holdings right now are

Tesla and Spacex CEO Elon Musk has reaffirmed his commitment to dogecoin (DOGE). He confirms that he will keep buying and supporting the meme cryptocurrency. The price of dogecoin climbed following his statements amid a crypto market downturn. Elon Musk Reaffirms Commitment to Dogecoin Tesla CEO Elon Musk reaffirmed his support for the meme cryptocurrency dogecoin a few times this weekend. On Sunday, Musk tweeted that he will keep supporting DOGE. He also indicated that he will keep buying the meme coin. On Saturday, the Tesla boss also mentioned DOGE on Twitter in response to a tweet by Dogecoin co-creator Billy Markus stating his “desire” for people to use DOGE “for something beyond pump and dump … so it has a reason to exist.” Musk tweeted that dogecoin can be used to purchase merchandise at his companies, Tesla and Spacex, hinting that more could be offered “down the road.” Tesla began accepting dogecoin for some merchandise in January. Last month, Musk said Spacex will s

The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market. El Salvador’s President on Bitcoin Investments The president of El Salvador, Nayib Bukele, has spoken up about bitcoin investments amid BTC ’s heavy sell-off. El Salvador has purchased 2,301 bitcoins since the country made BTC legal tender alongside the U.S. dollar in September last year. With the price of bitcoin plunging, El Salvador’s BTC investment has reportedly lost 50% of its value, or over $50 million. “I see that some people are worried or anxious about the bitcoin market price,” Bukele tweeted Saturday, elaborating: My advice: stop looking at the graph and enjoy life. If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key. Many people have voiced concerns about El Salvador’s fiscal health due to a large bitcoin positi

Blockchain and crypto enthusiasts have for years preached about the much envisioned mass adoption of this fintech and why this is an important goal that must be achieved sooner than later. However, many factors like ignorance, a lack of information, and poor telecommunication infrastructure have made the attainment of this objective difficult. A Book of ‘Immeasurable’ Importance In Africa, where proponents of cryptocurrencies believe the technology has a better chance of succeeding, the task of convincing the continent’s citizens is made even more difficult by scammers. The number of people losing money to crypto scams remains very high, and this works against adoption efforts. To overcome this challenge, one Namibian educator and author, Gurvy Kavei, decided to publish a book that shares what he has learned. Kavei, who is also a tutor at the University of Namibia, told Bitcoin.com News that he expects the book to help practitioners, policymakers, as well as educators like himself,

Ukraine has been granted observer status in the European Blockchain Partnership (EBP). Officials in Kyiv hope the move will facilitate the implementation of blockchain technologies by the Ukrainian government and lead to the adoption of more efficient crypto regulations. Ukraine Advances Toward Membership of European Blockchain Partnership Ukraine has been accepted as an observer in the European Blockchain Partnership ( EBP ), an initiative to develop an EU strategy on blockchain and build blockchain infrastructure for public services. The observer status is a step towards full membership, for which Ukrainian officials and members of the crypto community have been lobbying. The push for the country’s accession to the EBP was initiated by Oleksii Zhmerenetskyi, chairman of the Blockchain4Ukraine inter-factional association of Ukrainian lawmakers, and Konstantin Yarmolenko, who chairs the “Virtual Assets of Ukraine” non-government organization. In March this year, they sent letters

The governor of the Jamaican central bank has warned people using or who have plans to use cryptocurrencies to be mindful of the associated risks. The governor added that cryptocurrencies’ unpredictability means they cannot function as a medium of exchange. Not Stable Enough to Be Good Means of Payment The governor of the Bank of Jamaica, Richard Byles, has cautioned those using or planning to use cryptocurrencies to be mindful of the unpredictable nature of the assets. Byles also said he considers cryptocurrency an investment instrument rather than a medium of exchange because its value is “not sufficiently stable to be a good means of payment.” In remarks published by Jamaica Information Service (JIS), Byles, who spoke at a digital and cryptocurrency conference, said the Jamaican central bank takes time to warn people about the volatility of privately issued digital currencies. He also said his institution does not see crypto as a good means of settling transactions. He added:

Amid the crypto market carnage this weekend, another stablecoin slipped below the $1 peg on Saturday, June 18, as the crypto asset called magic internet money (MIM) briefly dropped to a low of $0.914 per unit. The Abracadabra-issued stablecoin dropping in value follows the recent terrausd (UST) failure and USDD’s recent volatility last week. Stablecoin Magic Internet Money Loses $1 Parity But Regains Strength After the Fall to $0.91 In mid-May 2022, the entire world witnessed an algorithmic stablecoin called terrausd (UST) depeg from its $1 parity and slide below a U.S. penny in value. In fact, UST’s failure obliterated the entire Terra blockchain ecosystem of tokens until they were near worthless. Last week, Bitcoin.com News reported on Tron’s algorithmic stablecoin USDD and how it dropped to a low of $0.95 per unit. The Tron Reserve DAO has been adding significant amounts of reserves like USDC and TRX to keep the token overcollaterized. Despite the funds being added, on June 1

The host of Mad Money, Jim Cramer, has predicted that bitcoin’s price will fall to $12,000. Nonetheless, he has recommended bitcoin and ether for people wanting to invest in crypto. Jim Cramer’s Bitcoin Price Prediction Jim Cramer, the host of Mad Money, talked about the future outlook for bitcoin on CNBC Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He was asked whether he thinks bitcoin is going to bounce from the current level, or whether BTC will go down another 50% or more. Sharing his bitcoin price prediction, he replied: I think it goes to $12,000, where it was before this whole fiasco began. “I think the people involved with bitcoin have to take another stand,” the Mad Money host stressed. “We need some guys to just say, ‘Look this is the level.’ That’s typical of what happens when it’s about to really drop big.” He emphasized, “They can’t let it go down anymore.” Cramer on Margin Calls and Microstr

Tesla CEO Elon Musk has suggested integrating crypto payments into Twitter. “My goal would be to maximize the usefulness of the service,” he told Twitter’s employees in his first all-hands meeting with them. Twitter’s First All-Hands Meeting With Elon Musk, Integrating Crypto Payments Tesla and Spacex CEO Elon Musk, who may become the new owner of Twitter Inc., had his first all-hands meeting with Twitter’s employees Thursday. Musk answered many questions about how he plans to run the social media company if his bid to buy Twitter is successful. However, the $44 billion deal is currently on hold , and Musk has accused Twitter of a material breach of the merger agreement. During the meeting, Musk mentioned crypto a few times, according to a leaked transcript of the meeting and a leaked video posted by Project Veritas. Leslie Berland, Twitter’s chief marketing officer, asked Musk: “Can you talk a little bit about Twitter and payments?” The Tesla boss began by stating that “money

The chief investment officer of global fixed income at Blackrock, the world’s largest asset manager, says bitcoin and crypto are durable assets. “I think there’s a healthy recalibration going on,” he said, noting that “if you look two to three years hence, they will be higher than today.” Blackrock’s Executive on Bitcoin and Crypto Rick Rieder, chief investment officer (CIO) of global fixed income at Blackrock, shared his view on bitcoin and cryptocurrency in an interview with Yahoo Finance Live on Thursday. Blackrock is the world’s largest asset manager with about $10 trillion in assets under management (AUM). Rieder was asked how the crypto market is going to react as the Federal Reserve begins tightening aggressively. The Fed hiked its benchmark rate by 75 basis points this week — the largest increase since 1994. The CIO explained: “I think people underestimate. When you leave rates at such low levels for such an extensive period of time … when you keep policy too easy, the le

KBC Group, a major European banking and insurance institution headquartered in Belgium, has launched a token based on a blockchain platform. Its customers will be able to acquire the new proprietary coins and use them through their KBC wallet and mobile app. KBC Issues Digital Coin for Clients and Partners KBC, the Brussels-based financial group with extensive presence in Central and Eastern Europe, has announced its own crypto called ‘Kate Coin.’ The bank said it’s preparing a large-scale test of the token, with the participation of thousands of employees who will be able to spend it at a festival in Belgium this week, and it will eventually roll it out throughout the group. The coin comes a year and a half after the launch of Kate, KBC’s personal digital assistant. In a press release, the company noted that a whole new economy is now developing on the basis of technologies such as web 3.0, cryptocurrencies and non-fungible tokens ( NFTs ). With its latest initiative, KBC wants t

A virtual currency cannot be circulated in the market as a currency, therefore a vehicle sale contract wherein parties agreed that the buyer would pay with a privately issued digital currency is invalid, a Chinese court has ruled. The court asserts that a virtual currency does not have the same legal status as national fiat currency. Not Protected by Law A Chinese court has ruled that a vehicle sale contract, in which the parties agreed that the buyer would pay via a virtual currency, violated mandatory provisions of laws and administrative regulations and is therefore invalid. According to the court, a virtual currency “cannot be circulated in the market as [a] currency.” As stated in one Chinese language report , the Shanghai court’s ruling was made after an aggrieved vehicle buyer sought the court’s intervention. According to the report, a buyer only identified as Huang had signed a sale agreement with Shanghai Automobile Service Co Ltd in May 2019. As part of the agreement, Hu

Decentralized finance (defi) has been hit hard by the recent crypto market rout as the total value locked (TVL) across 118 different blockchains has slipped below the $100 billion mark to today’s $74.27 billion. The TVL in defi today is down more than 70% from its December 2, 2021, all-time high (ATH) at $253.91 billion. Moreover, since December 2021, the top smart contract platform tokens have lost 70% in value against the U.S. dollar as well, sliding from $823 billion to today’s $245 billion. Defi Continues to Get Slammed by the Market Carnage, Top Smart Contract Platform Tokens Record Significant Losses While a great number of cryptocurrencies including the leading crypto asset in terms of market valuation, bitcoin ( BTC ), slid significantly in value, smart contract platform tokens and decentralized finance (defi), in general, suffered a great deal. While Terra’s LUNA and UST fallout primed the flames, issues with Celsius , Three Arrows Capital (3AC) , and the lack of trust

The U.S. Securities and Exchange Commission (SEC) and several state regulators are reportedly investigating the decision by crypto lender Celsius Network to freeze withdrawals. U.S. Securities Regulators Investigate Celsius’ Withdrawal Freeze The U.S. SEC and securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington are investigating the decision by crypto lender Celsius Network to freeze withdrawals, Reuters reported Thursday. Texas’ director of enforcement Joseph Rotunda explained that officials representing the five state securities regulators met Monday morning to begin the investigation following Celsius’ withdrawal freeze announcement Sunday night. Noting that the investigation is a “priority,” Rotunda said: I am very concerned that clients – including many retail investors – may need to immediately access their assets yet are unable to withdraw from their accounts. “The inability to access their investment may result in significant financial conseque

PRESS RELEASE. EverStart , a DAO-controlled multi-chain launchpad built on the Everscale blockchain network and Revoland, a blockchain-based MOBA & Battle Royale video game , are partnering for an initial DEX offering. In the IDO, participants will be able to acquire REVO, a governance token that provides a payment and settlement method to interact with Revoland’s ecosystem. Revoland is the first blockchain-based MOBA game on Huawei Cloud, developed and published by Chain X Game, and backed by a solid set of investors and partners such as Alameda Research, HashKey Capital, Polygon, SEAGM, KhalasPay, and Huawei to name but a few. The Revoland team is completing its busy community development schedule with a series of IDO events on multiple exchanges, platforms and launchpads. EverStart is a decentralized launchpad based on Everscale smart contracts. It has reached an agreement with Chain X Game to run the IDO on its platform. Running an IDO for Revoland is an important mil