Bitcoin News and Finance: What You Need to Know

India is now the world’s fifth-largest economy after surpassing the U.K., the latest data from the International Monetary Fund (IMF) shows. India’s former chief economic advisor expects the country to become the world’s third-largest economy by 2028-30. India Becomes 5th Largest Economy in the World India has leaped past the U.K. and become the fifth-biggest economy, Bloomberg reported Friday, citing IMF’s GDP data and historic exchange rates. According to this estimation, the former British colony surpassed the U.K. in the last quarter of 2021 and is now behind only the U.S., China, Japan, and Germany in terms of the size of its economy. A decade ago India was the 11th largest. “On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in ‘nominal’ cash terms in the quarter through March was $854.7 billion. On the same basis, the U.K. was $816 billion,” the publication explained. Many people in India welcome th

A great deal of digital currencies are down in value during the last 30 days and the worst performing crypto out of the top ten coins with the largest market valuations was solana, losing 19.12% against the U.S. dollar. Bitcoin was the second biggest loser in the top ten, as the leading crypto asset shed 12.71% in USD value this month. Despite Mid-August Pump, Crypto Economy Shrank by $102 Billion Last Month Crypto assets saw a decent rise on August 14, 2022, as bitcoin (BTC) jumped over the $25K zone and ethereum (ETH) surpassed $2K per unit. Despite the jump in value, BTC shed 12.71% in the last 30 days from Wednesday, August 3, 2022, up until Friday, September 2, 2022. Ethereum’s monthly loss was less brutal after ETH took a 2.75% hit against the U.S. dollar. BNB lost ​​7.02%, XRP dropped 10.53% against the dollar, and ADA slid 9.34%. Solana (SOL) was the biggest loser out of the top ten crypto assets as it lost 19.12% against the dollar. The tenth largest crypto asset,

Despite a largely volatile session, there have been a few tokens which managed to evade the red wave. Cardano rose to its highest level in over a week to start the weekend, as prices moved toward a key resistance level. Filecoin was another notable gainer, climbing by over 12% on Saturday Cardano ( ADA ) Cardano ( ADA ) was back in the green on Saturday, as the token rallied following recent declines in price. Following a low of $0.4499 on Friday, ADA /USD surged to an intraday high of $0.4769 to start the weekend. The move sees cardano move closer to its long-term resistance level of $0.4800, as bulls take prices away from a floor of $0.4430. Looking at the chart, the rally comes as the 10-day moving average (red) continues to trend sideways, after a spell of downward movement. This signals a possible end to the bearish spell we saw in mid-August, where price went from $0.5811 to $0.4343 in a space of four days. As of writing, ADA is now trading at $0.4742, with the 14-day re

Following a brief rally above $20,000 and $1,600 respectively, bitcoin and ethereum fell below these levels to start the weekend. The decline comes as momentum surrounding yesterday’s nonfarm payrolls report faded. Bitcoin moved closer to its support point of $20,500, while ethereum was trading close to its floor of $1,550. Bitcoin Bitcoin ( BTC ) was back below $20,000 to start the weekend, as prices of the token moved closer to a key support point. Initial bullish momentum following last month’s payrolls has seemingly faded, with markets gearing up an economic downturn. Although Friday’s figure of 315,000 jobs was better than expected, this was lower than July’s number of 528,000. As a result of this, BTC /USD slipped to a low of $19,779.55 on Saturday, less than 24 hours after trading at a peak of $20,401.57. Looking at the chart, bitcoin is now on the cusp of colliding with its price floor of $19,500, which hasn’t been broken since July 16. However, should the relative stre

A Russian bank, one of the country’s largest by assets, has conducted a successful trial with digital ruble transactions processed through its mobile app. The state-owned Promsvyazbank was one the institutions placed under Western sanctions earlier this year in connection with Moscow’s actions in Ukraine. Russian Bank Experiments With Digital Ruble Transfers via Mobile Application Promsvyazbank (PSB) is one of the first Russian lenders to join the trials of the central bank digital currency ( CBDC ) issued by the Bank of Russia. According to a report by the business news outlet Plus Journal, the bank has recently tested digital ruble transactions through its app for mobile devices. To carry out the operations, participants had to pass a registration in the application and set up a digital wallet. Then, using their account, they were able to exchange regular electronic bank money for digital rubles and transfer digital cash to other clients of the bank as well as those of other bank

American actor and comedian Bill Murray saw 119.2 ethereum drained from his wallet on September 1, 2022, after Murray held a non-fungible token (NFT) charity auction. Statistics show that most of the tokens and NFTs in Murray’s wallet have been moved, and roughly $556 in token value remains. Bill Murray Loses 119 Ethereum to Hackers — Comedian’s Team Is Working With Law Enforcement, Chainalysis On Thursday, Bill Murray, the popular actor and comedian best known for his appearances on Saturday Night Live and The National Lampoon Radio Hour, saw 119 ether siphoned from his wallet. The story was first reported by Coindesk and author Eli Tan notes that onchain data and “details from Murray’s team” explain his wallet was drained at around 7:00 p.m. (ET) on Thursday evening. Data from dappradar.com’s portfolio tool indicates that Murray’s wallet has roughly $556 in tokens and NFTs still held in the wallet at 7:00 p.m. (ET) on September 2. A large portion of Murray’s portfolio has been

Anti-government hackers have attempted to sell what they say is an NFT of Belarus President Alexander Lukashenko’s passport. The members of the ‘Belarusian Cyber Partisans’ collective claim to have obtained the passport data of all of the country’s citizens. Cyber Guerrillas From Belarus Try to List NFT Passport Collection on Opensea A hacking group known as ‘Belarusian Cyber ​​Partisans’ have bragged about gaining access to a government database storing the passport details of every citizen of Belarus, including high-ranking officials like the country’s long-term head of state, Alexander Lukashenko. The hackers have released a collection of non-fungible tokens ( NFTs ) called “Passports of Belarusians,” which also is said to contain the passport data of the country’s president and his close associates. The group further tried to list the collection on leading NFT marketplace Opensea, but the platform removed it as a violation of its terms. 🧵1/3🔥For the 1st time in human histor

Mercado Bitcoin, one of the biggest Brazilian cryptocurrency exchanges, has announced a new wave of layoffs amidst a worsening global economic situation for fintech startups, which the exchange states is affecting innovation-based companies. The exchange laid off 15% of its workforce on September 1st, this being the second round of layoffs the company has executed in three months. Brazilian Exchange Mercado Bitcoin Announces New Wave of Layoffs Cryptocurrency companies in Latam and all over the world are being negatively affected by the recent downturn in crypto and traditional markets. Mercado Bitcoin, a cryptocurrency exchange based in Brazil, has announced the execution of a series of layoffs due to the global economic conditions. According to local media , Mercado Bitcoin let go of 15% of its workforce on September 1st, as part of a series of measures taken by 2TM, the holding company of the exchange, directed to streamline operations. In a statement, the company also criticiz

Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) non-fungible token (NFT) collections, has released another video clip showcasing the Otherside metaverse. The second Otherside trailer features characters called “Kodas” and the development team says “the story continues later this Q4.” Sword-Carrying Koda Meets the Otherside Portal — Yuga Labs Hints at Continuing Metaverse Story in Q4 On September 1, 2022, Yuga Labs leveraging the Twitter account @Othersidemeta , shared a new video teaser of the upcoming metaverse the Otherside . The video follows Yuga Labs publishing the Otherside litepaper , which covers the “foundational principles” of the upcoming metaverse. The second trailer is somewhat of a backstory before the BAYC dubbed “Curtis” steps through the portal, while the Doors song “Break On Through” plays. The 2-minute clip features a character called a “Koda” and one of them equipped with a sword

Thailand has introduced tighter rules that will oblige crypto companies to duly inform potential customers of the investment risks on their advertisements. The new regulations also prohibit businesses in the industry from making misleading or exaggerated claims. Securities Watchdog Adopts Stricter Advertising Rules for Crypto Platforms in Thailand Thailand’s Securities and Exchange Commission ( SEC ) has approved new requirements for crypto ads, Bloomberg and Reuters reported quoting the regulator. According to a statement released on Thursday, the changes come after the SEC found that some advertisements lacked any warnings about the risks associated with cryptocurrencies or featured only positive information. Crypto firms in Thailand will now be obliged to clearly indicate the relevant risks for investors in their ads and the warnings must be easy to notice. They should present balanced views of the expected returns and mention both positive and negative factors. The advertisemen

The non-profit organization promoting the creation of the digital dollar, the Digital Dollar Project, has announced the launch of a sandbox program to kickstart the probe of the technical implementations of the envisaged digital currency. The fintech firm Ripple is among the four participants that are expected to help the Digital Dollar Project “explore technical and business implementation questions.” Inaugural Cohort to Focus on Cross-Border Payments The Digital Dollar Project (DDP), a nonprofit organization spearheading discussions around the mooted digital version of the U.S. dollar, recently announced the launch of the “technical Sandbox Program to jumpstart further exploration of technical implementations” of the central bank digital currency (CBDC). In a statement, the DDP revealed that the sandbox program is set to start in October “with the inaugural cohort focused on cross-border payments.” According to a statement, four organizations namely Ripple, Digital Asset, EMTECH,

Pezesha, a Kenyan fintech focused on providing bridging finance to small and medium-sized enterprises, recently raised $11 million in pre-Series A debt-equity funding round. The Women’s World Banking Capital Partners II led the round in which the Cardano blockchain builder Input Output Global also participated. Pezesha Solving Working Capital Problems for MSMEs A Kenya-based fintech, Pezesha, announced recently that it raised $11 million from its pre-Series A debt-equity funding round. According to a Techcrunch report, this series was led by Women’s World Banking Capital Partners II with the Cardano blockchain builder Input Output Global (IOG) also participating. Other participants were Verdant Frontiers Fintech Fund and Cfund. As per the report , Pezesha plans to use the funds to expand its embedded finance business to micro, small medium-sized enterprises (MSMEs) operating in countries like Nigeria, Rwanda and Francophone Africa. Commenting on how Pezesha plans to avail its lend

The President of Paraguay, Mario Abdo has issued an executive veto on a recently approved cryptocurrency bill. Abdo’s veto decree states cryptocurrency mining is an “energy-intensive” and a low-value-added activity. The bill will now be returned to Congress to be approved again or to be rejected entirely. President of Paraguay Considers Cryptocurrency Mining an Energy Intensive Activity The President of Paraguay, Mario Abdo, has exerted an executive veto on the recently approved cryptocurrency bill, after more than a year of discussions in the Paraguayan Congress. The project, which was introduced in July 2021, aims to clarify the rules by which cryptocurrency mining operators and other virtual asset service providers must abide on Paraguayan soil. The proposed bill established that cryptocurrency miners should pay a power fee 15% higher than what is paid by other similar industries. However, Adbo’s veto order establishes that this activity is “characterized by its high consumpti

The attorney general of the District of Columbia has sued Microstrategy’s co-founder and executive chairman, Michael Saylor, for tax fraud. The lawsuit also names Microstrategy as a defendant “alleging that it conspired to help him evade taxes he legally owes.” Both Saylor and Microstrategy denied the allegations. The attorney general is seeking more than $100 million in unpaid taxes and penalties. District of Columbia Sues Billionaire Michael Saylor and Microstrategy The Office of the Attorney General (OAG) of the District of Columbia announced Wednesday that Attorney General Karl A. Racine has filed “a tax fraud lawsuit” against Microstrategy’s co-founder and executive chairman, Michael J. Saylor. The lawsuit also names the Nasdaq-listed software company as a defendant “alleging that it conspired to help him evade taxes he legally owes.” The announcement claims that Saylor has resided in the District of Columbia for more than a decade but has never paid any D.C. income taxes desp

The launch of El Salvador’s bitcoin bonds, issued to finance part of the construction of the Bitcoin City in the country, will be delayed again. In a recent interview Paolo Ardoino, CTO at Bitfinex, the exchange in which these bonds will be offered, stated that the law framework needed for the issuance of these digital securities is still not ready. El Salvador to Delay Bitcoin Bonds Launch The launch of the iconic bitcoin bonds of El Salvador, which will serve to fund the construction of the Bitcoin City announced last year, will be further delayed, according to reports coming from Paolo Ardoino, CTO at Bitfinex. In a recent interview offered to Fortune, Ardoino stated that the law framework that would support this issuance was still not ready. However, Ardoino made a prediction on the launch date of the bonds. He declared: If the law passes by September, I would expect it to reasonably take two to three months to have everything else rolled out. The bond token was reported t

The government of Georgia has approved amendments to the legal framework for the Caucasian nation’s financial sector, including additional regulations for crypto and fintech activities. The move aims to align Georgian law with relevant EU provisions. Parliament of Georgia to Vote on Crypto Legislation in Coming Months A legislative package expanding the regulatory framework for companies dealing with crypto assets has been submitted to the parliament by the government in Tbilisi. Its adoption is planned for the fall session of the legislature, Minister of Economy and Sustainable Development Levan Davitashvili announced. Quoted by the Business Media news outlet, he elaborated: We expect that in the fall, Georgia will have updated legislation that will significantly develop the financial sector. According to Levan Davitashvili’s statement, the draft legislation prepared by the Georgian government has been tailored to achieve convergence with three important directives of the Europ

Bitcoin once again slipped below $20,000, as market uncertainty rose ahead of Friday’s Non-farm payrolls report. Tomorrow’s payrolls are expected to come in at 300,000 jobs, which is lower than July’s 528,000 figure. Ethereum also declined, as the price moved away from the $1,600 region. Bitcoin Bitcoin ( BTC ) briefly fell below $20,000 on Thursday, as crypto traders began to anticipate tomorrow’s non-farm payrolls report. Following an additional 528,000 jobs in the U.S. economy in July, last month’s figure is expected to show an increase of 300,000. Ahead of the report BTC /USD slipped to an intraday low of $19,862.02, which is over $500 lower than yesterday’s peak at $20,390.28. Looking at the chart, the drop comes as the 14-day relative strength index (RSI) fell below its resistance point of 37.90, and is now tracking at 37.00. The momentum of the 10-day (red) moving average also continues to be bearish, with the trend line maintaining its downward trajectory. Should tomorr

Ukrainian investigators have exposed a scheme targeting residents of the country and the European Union with various financial scams, including some related to cryptocurrencies. The criminal organization members contacted their victims through call centers to collect personal financial information. Fake Ukrainian Call Centers Promise Foreigners Excess Profits From Crypto Trading Officers from the Main Investigative Department of Ukraine’s National Police and the Security Service of Ukraine ( SBU ) have dismantled a criminal group running schemes designed to misappropriate funds from citizens of the country and a number of EU nations. Its members offered investors to participate in exchange trading of crypto assets, securities, and commodities. Investigators found that the scammers established a network of call centers and presented themselves as officials from state banking institutions in order to obtain credit card data. They used high-tech equipment and software which allowed th

The layer two (L2) scaling solution Arbitrum revealed on Wednesday that the team has implemented the project’s Nitro rollup stack migration. Earlier this month, Arbitrum developers noted that the Nitro migration would reduce network fees and improve throughput. Arbitrum Developers Implement Nitro Update The Offchain Labs -managed L2 Ethereum scaling solution Arbitrum , told fellow Arbinauts (the project’s users) on Wednesday that the development team has implemented the Nitro upgrade. “All Arbinauts, please prepare for liftoff,” the team explained. Moreover, the official Arbitrum Twitter account wrote that the “migration has officially begun, [and] the network will remain down during the upgrade process for the next 2-4 hours.” The team invited fellow Arbinauts to hold tight during the change in the project’s Discord server discussion room. Bitcoin.com News reported on Arbitrum’s August 31 Nitro upgrade on August 7. The upgrade aims to improve the Arbitrum experience a great d

The Federal Bureau of Investigation (FBI) profiled the Onecoin cryptocurrency scam and its co-founder Ruja Ignatova, aka “Crypto Queen,” in a new podcast. Onecoin was one of the world’s biggest crypto scams and Ignatova was recently added to the FBI’s 10 most wanted fugitives list. FBI on Onecoin Crypto Scam and Ruja Ignatova The Federal Bureau of Investigation (FBI) published an “Inside the FBI” podcast episode last week titled “Ten Most Wanted Fugitive Ruja Ignatova.” Also known to some as “Crypto Queen,” Ignatova co-founded Onecoin, one of the world’s largest cryptocurrency scams. Inside the FBI podcast highlights news, cases, and people from around the bureau in audio form. The show’s host, Monica Grover from the FBI’s Office of Public Affairs, explained: On this episode of Inside the FBI, we’ll learn how Ignatova, through a company once marketed as the ‘Bitcoin killer,’ didn’t change the world … but instead robbed investors of billions of dollars. Ignatova was added to th

Tesla CEO Elon Musk has outlined new reasons to terminate the $44 billion deal to buy Twitter in a new filing with the U.S. Securities and Exchange Commission (SEC). Citing a whistleblower report, Musk’s lawyer said the allegations, known to the social media giant but undisclosed to Musk, indicate “far-reaching misconduct at Twitter.” Elon Musk Presents More Reasons to Terminate Twitter Deal in New SEC Filing Tesla CEO Elon Musk has found more reasons to terminate his $44 billion offer to buy Twitter Inc. Musk’s lawyer filed a letter he sent to Twitter with the U.S. Securities and Exchange Commission (SEC) Monday to provide additional notice of termination of the agreement. Musk officially terminated his offer to buy Twitter on July 8. Twitter subsequently sued the Spacex boss to force him to close the deal, prompting Musk to countersue the social media giant. In the letter sent to Twitter Chief Legal Officer Vijaya Gadde, Musk’s lawyer detailed: Allegations regarding certain

The host of Mad Money, Jim Cramer, has advised investors to avoid cryptocurrency and other speculative investments. “Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d,” Cramer stressed, warning of “a giant washout of all things that are speculative.” Jim Cramer Advises Investors to Avoid Crypto The host of CNBC’s Mad Money show, Jim Cramer, offered some advice Tuesday regarding what to invest in the current market condition. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. The Mad Money host has urged investors to stay away from speculative assets including cryptocurrencies. He warned that these investments will struggle as the Federal Reserve continues its hawkish stance to combat inflation. “Look, Fed chief Jay Powell told us that we need to stop doing stupid things with our money. That was the thrust of his speech on Friday,” Cramer said, referring to Powell’s speech in Jackson Hole, Wyoming. The central banker warne