Bitcoin News and Finance: What You Need to Know

A The Input-Output Global (IOG) team has said it will postpone sending the Vasil hard fork update proposal because it still needs to solve seven outstanding bugs that are currently ranked as non-severe. While acknowledging that the news will likely be disappointing for some, the IOG team insisted it was “taking an abundance of caution to ensure that we do this deployment correctly.” More Time Needed The core Input-Output Global (IOG) team working to facilitate a Cardano Testnet upgrade announced recently that it had “agreed” to delay sending the Vasil hard fork update proposal as previously stated. The team hinted that some seven outstanding bugs, none of which have been ranked as severe, necessitated the delay. According to a June 20 blog post , the decision to postpone the hard fork followed the core team’s end-of-the-week evaluation call. While noting that the team had managed to get through 95% of the Plutus V2 test scripts, the post said the core team still needed to run a few...

PRESS RELEASE. Cryptocurrency exchange LBank has continued to hire more crypto and blockchain talents as well as interns for its global offices. Against the backdrop of extreme volatility in the crypto market and investors dumping risky assets, as well as certain crypto firms laying off employees and freezing withdrawals, LBank makes a move in the right lines. At the moment, the exchange is hiring from all parts of the world including Indonesia, Philippines, Morocco, Turkey, Nigeria, India, etc., to add to its team members located in over 14 countries. The crypto exchange, which has been in the space since 2015 has a slew of advantages that has earned it the spot as one of the top 20 exchanges with deep liquidity. To add to that, in the era of hacks and security breaches among crypto platforms, LBank has managed to remain ‘unhacked’ and secured. In other words, the user-friendly platform provides users with secure, professional and convenient products and services, including s...

Billionaire investor Seth Klarman says he cannot see the point of crypto. “I don’t think anybody needs to own it. It just seems to me that it could end up very much in tears,” he added. Seth Klarman on Crypto Investing, Gold, and U.S. Dollar American billionaire investor and hedge fund manager Seth Klarman shared his views on a variety of topics, including cryptocurrency, gold, and the U.S. dollar, in an interview with Harvard Business School, released this week. Klarman is the chief executive and portfolio manager of the Baupost Group, a Boston-based hedge fund he co-founded in 1982. The investment firm currently has about $30 billion under management. According to Forbes, his estimated net worth is $1.5 billion. On the topic of cryptocurrency, Klarman said: I can’t see the point of crypto. It has this feel to me of being like catnip for techies. “The idea that we’re using more energy than the country of Iceland, to mine extra crypto, to solve math problems that don’t need t...

The Bank of International Settlements (BIS), the global body for central banks, claims the weaknesses in crypto that were pointed out before “have pretty much materialized.” BIS General Manager Agustin Carstens opined: “You just cannot defy gravity … At some point, you really have to face the music.” BIS on Crypto Weaknesses The Bank of International Settlements (BIS) has warned that a perceived danger of decentralized digital money is materializing. The BIS explained in its Annual Economic Report, published Tuesday, that the crypto market sell-off and the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) are indicators of a structural problem in crypto. “Structural flaws make the crypto universe unsuitable as the basis for a monetary system: it lacks a stable nominal anchor, while limits to its scalability result in fragmentation. Contrary to the decentralisation narrative, crypto often relies on unregulated intermediaries that pose financial risks...

During the past week, Bitcoin’s hashrate has dropped a few percentages after reaching 288 exahash per second (EH/s) on June 8, 2022. Bitcoin miners, however, got a break on Wednesday, June 22, as the mining difficulty dropped by 2.35% making it easier for miners to find blocks. The 2.35% drop brings the difficulty down to the 29.50 trillion range for the next two weeks. Bitcoin’s Mining Difficulty Drops 2.35% On Wednesday, June 22, at block height 741,888, Bitcoin’s mining difficulty decreased 2.35% lower than two weeks ago. At that time, the difficulty rating was 30.28 trillion and today it is 29.50 trillion. Furthermore, bitcoin’s fiat value dropped to a low of $17,593 on June 18. Essentially, Bitcoin’s difficulty adjustment algorithm (DAA) shifts every 2016 blocks and the changes are based on the amount of time it took to find the previous 2016 block subsidies. The difficulty is meant to keep block times consistent at roughly 10 minutes in between each BTC block found. The la...

In an apparent message to critics of the Central African Republic’s bitcoin decision, the country’s president, Faustin-Archange Touadéra, recently argued that understanding the crypto’s disruptive power is crucial and that “mathematics don’t account for human emotions.” According to Touadéra, the country’s future generations are likely to applaud his government for “choosing the right path during hard times.” Bitcoin Adoption Beneficial for Future Generations In remarks that appear to be directed at critics of the Central African Republic (CAR)’s decision to adopt bitcoin as its currency of reference, President Faustin-Archange Touadéra, recently reiterated his country’s unwavering belief in the top cryptocurrency. He suggested to his followers that the CAR’s adoption of bitcoin is set to benefit the country’s future generations. These latest remarks by Touadéra came as the crypto market continued with its downward momentum, initially sparked by the Terra Luna crash but later exac...

Popular messaging platform Telegram has announced it is launching a new premium tier of its services as it seeks to monetize a part of its userbase. Reaching more than 700 million active users monthly, the new tier answers to the need of these users for more bandwidth and storage capacity, according to Pavel Durov, CEO of the company. Telegram’s New Premium Tier to Expand User Functionality Telegram, one of the most popular messaging apps in cryptocurrency circles, has announced it will introduce a paid premium tier of its services that will allow its users to access new features and expand upon some that are already available. The move comes as the company seeks to monetize a good part of its userbase, which recently reached a milestone of 700 million monthly active users. The premium tier is an answer to the requirements of a set of users that wanted to upgrade their bandwidth and storage from within the app, according to CEO Pavel Durov. He stated: After giving it some though...

For a few years now, the pseudonymous creator of the popular stock-to-flow (S2F) bitcoin price model, Plan B, has become a very well known bitcoin influencer gathering 1.8 million Twitter followers. However, after the S2F price model didn’t come to fruition and dropped well below the price targets in 2022, Plan B and his price model have been criticized a great deal. On Tuesday, Ethereum’s co-founder Vitalik Buterin denounced the S2F price model and said “financial models that give people a false sense of certainty” can be “harmful,” and they deserve to be mocked. Plan B’s Stock-to-Flow Bitcoin Price Model Is Not as Popular as It Once Was A few specific price models have been mocked this week as people have noticed that bitcoin’s price has not followed the “Rainbow” price indicator and Plan B’s famous stock-to-flow price model . The pseudonymous creator of the S2F model caught the attention of the crypto community years ago on March 22, 2019, when he published an editorial called ...

Goldman Sachs’ economists now see an increased risk of a U.S. recession. “We are increasingly concerned that the Fed will feel compelled to respond forcefully to high headline inflation and consumer inflation expectations if energy prices rise further, even if activity slows sharply,” they explained. Goldman Sachs on Increased Risk of Recession Goldman Sachs’ economists, led by chief economist Jan Hatzius, explained in a note Monday that the global investment bank has cut its growth forecasts for the U.S. economy, warning that the risk of a recession is rising, Bloomberg reported. The Goldman Sachs economists wrote: We now see recession risk as higher and more front-load. “The main reasons are that our baseline growth path is now lower,” they added. “We are increasingly concerned that the Fed will feel compelled to respond forcefully to high headline inflation and consumer inflation expectations if energy prices rise further, even if activity slows sharply.” Last week, the Fede...

Tesla and Spacex CEO Elon Musk has shared his views on a variety of topics, including crypto investing, why he supports the meme cryptocurrency dogecoin, “unresolved matters” in his Twitter takeover bid, and the likelihood of a near-term U.S. recession. Elon Musk on Crypto Investing Tesla CEO Elon Musk shared his thoughts on a wide range of topics in an interview with Bloomberg News’ John Micklethwait at the Qatar Economic Forum Tuesday. Crypto investing was among the topics discussed. Musk was asked whether he thinks people should still invest in cryptocurrency given the market downtown. The Tesla CEO clarified that he has never recommended that people buy cryptocurrency, stating: I have never said that people should invest in crypto. In the case of Tesla, Spacex, myself, we all did buy some bitcoin, but it’s a small percentage of our total cash assets. The Spacex chief previously revealed that he also owns ether ( ETH ) and dogecoin (DOGE) while Tesla and Spacex only own bit...

The Bank of Spain has already included 17 virtual asset service providers in its own registry, in which cryptocurrency exchanges and custody providers must be listed to operate, according to Spanish law. Three new companies were included last week, but big names in the crypto ecosystem are still not registered. Bank of Spain Crypto Registry Reaches 17 Companies The registry of virtual asset service providers (VASPs) of the Bank of Spain reached a number of 17 companies last week, with the inclusion of three more crypto businesses. The registry added several exchanges and custody companies June, including Jobchain España, Jobchain Austria, Criptan Trade, Eurocoin Broker, Lemacoin Crypto Solutions, Bitpanda, and Vottun. The registry of these companies has accelerated in June, with most of the cryptocurrency exchanges registering being local companies that want to be sure they are compliant with Spanish laws. Since the bank opened its registry last year, it has added several crypto c...

A study released earlier this month has found that working in the metaverse with the tools available today might decrease the productivity of employees, and also increase their frustration and anxiety related to remote work. 11% of the participants in the study felt so much discomfort that they could not complete even a day in the study, leaving their tasks incomplete. Metaverse Needs Upgrades to Support Remote Work Companies and individuals are betting that the metaverse, an alternate digital representation of our world, will have an important role in the future of work, allowing people to complete tasks remotely. However, a recent study made by researchers of Coburg University, the University of Cambridge, the University of Primorska, and Microsoft Research, paints a different picture of the issue. The report , titled “Quantifying the Effects of Working in VR for One Week,” compared the performance of 16 different workers developing their tasks in a normal environment and in a co...

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...