Bitcoin News and Finance: What You Need to Know

U.S. President Joe Biden has shared his perspective on inflation. “I am more optimistic than I’ve been in a long time,” he said, noting that inflation has not spiked for several months. Many people disagree with Biden, with one saying that “families are poorer than when he took office.” US President Joe Biden’s Views on Inflation and the U.S. Economy U.S. President Joe Biden discussed a wide range of topics, including the U.S. economy and inflation, in an interview with 60 Minutes, aired Sunday. He was asked what he can do better and faster given that the annual inflation rate of 8.3%. Biden replied: First of all, let’s put this in perspective. Inflation rate, month-to-month, was up just an inch, hardly at all. Noting that he’s not arguing that 8.3% inflation is good news, Biden stressed: “It was 8.2% before.” While acknowledging that the inflation rate is the highest in 40 years, the president said: “Guess what we are, we are in a position where for the last several months it ...

The crypto asset exchange Wazirx is following Binance’s move by delisting a number of stablecoins and automatically converting them to BUSD at a 1:1 ratio. Wazirx customers have until September 23 to withdraw their stablecoins if they don’t want the funds converted. Wazirx Plans to Drop 3 Stablecoins and Auto-Convert Them to BUSD by October 5 During the first week of September, the world’s largest crypto exchange by trade volume, Binance, revealed it would be dropping a number of stablecoins. Binance also noted at the time, that customers had a certain period of time to withdraw the stablecoins or the funds would be automatically converted to BUSD. On September 19, 2022, the cryptocurrency exchange Wazirx said it would no longer support deposits for USDC, TUSD, and USDP. The announcement published on Monday details that customers can still withdraw the aforementioned stablecoins but only until Friday, September 23. Wazirx will “support withdrawals of USDC, USDP, and TUSD till 5 ...

While Nigeria’s year-on-year inflation rose for the seventh straight month to 20.52% in August 2022, the latest data from Nigeria’s National Bureau of Statistics shows that the month-on-month rate declined from 1.82% to 1.77% during the same period. The depreciation of the local currency, disruptions in the supply of food products, and an increase in the costs of production are said to be the factors behind the latest increase. Currency Depreciation Driving Inflation According to the latest data from Nigeria’s National Bureau of Statistics (NBS), the West African country’s headline inflation for the month of August 2022 topped 20.52%. The latest rate is 3.51 percentage points higher than the 17.01% recorded in August 2021. With this latest surge, Nigeria has now seen its year-on-year (YoY) inflation increase for the seventh consecutive month. According to the statistical body, the depreciation of the local currency is one of the main factors that caused the YoY inflation rate to ...

Between September 2021 and mid-June 2022, Samsung invested in 13 crypto/blockchain companies thus making the South Korean corporation the most active among the top 40 corporations. Google’s parent Alphabet firm, on the other hand, tops the category of top corporations that participated in the biggest funding rounds. 40 Corporations Invest $6 Billion According to the research firm Blockdata’s analysis of investments in blockchain and crypto startups by top corporations between September 2021 and mid-June 2022, the South Korean electronics giant Samsung was the most active having invested in 13 companies. United Overseas Bank, which invested in 7 companies is the next most active and is closely followed by two American financial services giants Citigroup (6) and Goldman Sachs (5). As shown by the analysis , the number of crypto or blockchain startups funded by Samsung, United Overseas Bank, Citigroup and Goldman Sachs in the period under review is nearly half (31) of the total numbe...

A report issued by Group-IB, a Singaporean cybersecurity company, has found that the number of cryptocurrency scams that use fake domains has exploded during the first half of 2022. The number of these domains has grown fivefold, and most of these campaigns, though registered with Russian registrars, are designed to reach English and Spanish-speaking crypto investors. Domains Associated With Crypto Scams Grew Immensely in H1 2022 The number of domains that are used to perpetrate cryptocurrency scams has multiplied during the first half of 2022. According to a report issued by Group-IB, a Singapore-based online security firm, the number of these domains, which are used as welcome pages for Youtube scam streams, has grown fivefold during the first half of this year. More than 2,000 of these domains were registered. Most of these cryptocurrency scam sites use the names of famous cryptocurrency-linked personalities to attract their victims. Among them is the President of El Salvador, N...

PRESS RELEASE. TOKEN2049 , Asia’s premier crypto conference, announced the DJ line-up of AFTER 2049 , the official closing event of this year’s September edition. Headlined by Istanbul-based DJ and producer Carlita, electronic icon DJ Tennis, and Moojo, Mo-Shi and Leon (Calamar Crew), AFTER 2049 will be taking place on Friday, 30 September as it takes over the rooftop of the city’s most iconic building, Marina Bay Sands. Occupying both the iconic observation deck that offers unparalleled, uninterrupted views of the Singapore skyline, and CÉ LA VI, one of Singapore’s most iconic nightlife institutions, AFTER 2049 will be hosted in tandem with the first practice round of the Formula 1 Singapore Grand Prix 2022 . The exclusive event will feature exhilarating views of the night race at what’s set to be the Singapore Grand Prix race weekend’s largest party. Raphael Strauch, Founder of TOKEN2049 said: “AFTER 2049 is our way of thanking our community, partners and speakers who’ve supported...

The U.S. Department of Justice (DOJ) has established the nationwide Digital Asset Coordinator Network of over 150 federal prosecutors. The authority explained that the new network will further its “efforts to combat the growing threat posed by the illicit use of digital assets to the American public.” US Government’s Digital Asset Coordinator Network The U.S. Department of Justice (DOJ) announced Friday that its Criminal Division has established the nationwide Digital Asset Coordinator (DAC) Network. The Justice Department noted that the DAC Network launch is “in furtherance of the department’s efforts to combat the growing threat posed by the illicit use of digital assets to the American public,” elaborating: Led by the department’s National Cryptocurrency Enforcement Team (NCET), the DAC Network comprises over 150 designated federal prosecutors from U.S. attorneys’ offices and across the department’s litigating components. The DOJ added that the DAC Network will serve as its ...

Britain’s top financial regulator, the Financial Conduct Authority (FCA), has issued a warning about cryptocurrency exchange FTX operating in the U.K. without authorization. “Almost all firms and individuals offering, promoting or selling financial services or products in the U.K. have to be authorized or registered by us,” said the regulator. FCA Warns About FTX Operating Without Authorization The U.K. Financial Conduct Authority (FCA) published a warning on its website Friday regarding crypto exchange FTX. The regulator detailed: We believe this firm may be providing financial services or products in the U.K. without our authorization. The FCA explained that FTX is not authorized but is targeting investors in the U.K. Firms carrying out specific crypto asset activities in the U.K. must comply with the amended “Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations,” and register with the FCA. “You will not have access to the Financi...

PRESS RELEASE. JPEX , a licensed digital bank designed to enable the buying and selling of virtual and digital currencies, has announced its partnership extension with the Australian-based football club, Western Sydney Wanderers. This contract renewal will see the crypto trading platform continue providing needed support to the A-League team until the end of the 2022/2023 footballing season. In addition to this partnership extension, JPEX recently launched the “Fix the Money, Fix the World” marketing initiative starring Kusini Yengi, Tomi Mrcela, and Lawrence Thomas—Western Sydney Wanderers players. Speaking about this campaign and the extension, Scott Hudson, CEO of the A-League football club, reveals that he is delighted with both announcements, and he’s looking forward to more support from JPEX in the forthcoming football seasons. “ After a year’s partnership with the Wanderers, we found that it was an amazing start to our relationship with the club doing everything they could ...

A Web3 technology company, Virtual Nation Builders, recently said it acquired FHM, the firm that created safcoin, South Africa’s touted first proof-of-work cryptocurrency to list on a global exchange. As a result of the Web3 firm’s acquisition of FHM, the cryptocurrency will now “list and merge all its digital use-cases and platforms into the new VNB-built Cowrie exchange and partnerships.” Supporting Clients’ Digital Needs Virtual Nation Builders (VNB), a Web3 technology firm, recently revealed it had acquired FHM (Pty) Ltd., the South Africa-based creator of what is dubbed Africa’s first cryptocurrency — safcoin. In a statement , VNB, which is 30% owned by the blockchain law firm Schindlers Attorneys, described the combination of the two businesses as an important step that will support their respective “clients’ digital needs in the Web3 revolution.” As a result of FHM’s acquisition by VNB, the safcoin cryptocurrency, which was launched in 2018, “will list and merge all its dig...

Developers are working on a “cryptoruble” that, as they say, can improve Russians’ access to global exchanges and be used for cross-border payments. Defi platform Indefibank, which is behind the project, says the token will be pegged to the national fiat but independent from a state-issued digital ruble. Cryptoruble to Give Russian Companies Another Option for International Settlements Work is underway in Russia to launch a “tokenized cryptoruble” on the Ethereum blockchain, the CEO of decentralized finance (defi) banking platform Indefibank, Sergey Mendeleev, announced during the Blockchain Life 2022 conference. The plan is to issue the token through a decentralized smart contract with excess collateral, or based on the model employed by the DAI stablecoin, the executive explained. Its exchange rate with the Russian ruble will be 1:1. Quoted by the crypto news outlet Forklog, Mendeleev detailed: A user can either independently issue a cryptoruble by placing sufficient collateral...

Opennode, a bitcoin payment infrastructure firm, recently said it will run trials of its bitcoin processing and payout solution through the Central Bank of Bahrain’s regulatory sandbox. According to Dalal Buhejji, an executive director with the Bahrain Economic Development Board, the central bank’s sandbox helps to ensure that fintechs will continue to innovate and adhere to best regulatory practices. Helping Grow Bahrain’s Economy A bitcoin payment infrastructure company, Opennode, has said it intends to “test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain (CBB) regulatory sandbox.” In a statement, the company said the infrastructure which it plans to provide will help Bahrain “grow its economy and will showcase why Bitcoin is synonymous with better business.” Through the CBB’s regulatory sandbox, Opennode is authorized to carry out tests of its crypto payment solution within Bahrain’s territory. Commenting on the central bank’s decision to autho...

Since the transition from proof-of-work (PoW) to proof-of-stake (PoS), ethereum cannot be mined and miners are now dedicating hashrate to different PoW chains. Since ethereum can no longer be mined, the most profitable PoW consensus algorithms are Kadena, Scrypt, and Cuckatoo32. Five days ago, before The Merge, the consensus algorithm Ethash was the most profitable, as the top miner raked in $79.53 per day in profits. Today’s top mining rig, with Ethereum out of the picture, accrues roughly $69.41 per day mining kadena. Today’s Top 7 Mineable PoW Algorithms Include Kadena, Scrypt, Cuckatoo32, Blake2B-Sia, X11, Equihash, and SHA256 According to the latest data from asicminervalue.com, the PoW consensus algorithm is no longer the most profitable consensus scheme to mine since the Paris upgrade triggered Ethereum’s Merge. Since September 15, Kadena has become the most profitable consensus algorithm this year. Bitmain’s application-specific integrated circuit (ASIC) mining rig, the Ant...

Terra classic rose by as much as 20% in today’s session, which comes following a recent bearish streak. Today’s rally follows Thursday’s drop to a key support point, with bulls using this as an ideal area to reenter. Xrp was also higher, as it moved closer to a long-term resistance level. Terra Classic (LUNC) Terra classic (LUNC) was one of the most notable gainers on Saturday, as the token rose by nearly 20% to start the weekend. Following a low of $0.0002671 on Friday, LUNC/USD rose to an intraday peak of $0.000328 earlier today. The move came as the token hit a floor of $0.000248 on Thursday, with bulls using this as an ideal point to reenter the market. As of writing, it appears that these bulls are now targeting a resistance level of $0.000380 as a potential exit zone. If this were to happen, first the 14-day relative strength index (RSI) would need to climb past a ceiling of its own at the 55.00 mark. Currently the index is tracking at 53.41, which is its highest point si...

Ethereum continued to fall on Saturday, as the token’s post-Merge sell-off intensified to start the weekend. Prices of the world’s second largest cryptocurrency fell to their lowest level since July, as bearish sentiment in the market remained high. Bitcoin was also lower today, once again trading below $20,000. Bitcoin Bitcoin ( BTC ) was once again trading below $20,000, as bearish sentiment in the token remained to start the weekend. BTC /USD slipped to an intraday low of $19,400.08 earlier in the day, which is a level that has historically been a price floor. Following the collision with this support point, bulls reentered the market, attempting, and being briefly successful, in taking prices to a high of $20,021.74. As a result of the high level of volatility, prices have since moved away from those highs, with BTC currently trading at $19,854.17 as of writing. Looking at the chart, the 14-day relative strength index (RSI) continues to track near a floor of 41.10. Some do...

According to a recently leaked recording stemming from the bankrupt crypto lender Celsius, the business is attempting to revive the company after falling into a financial burden. Following the leak, a Southern District of New York bankruptcy judge appointed a third-party examiner to review the company’s finances. Celsius is also attempting to sell a stash of stablecoins worth $23 million, according to a court filing submitted on Thursday. Celsius Looks to Revival Plan, Examiner Appointed to Scan Financials, Firm Wants Access to Stablecoin Liquidity The ongoing Celsius bankruptcy continues and a recently leaked all-hands meeting recording indicates that the firm wants to attempt a revival plan. However, it seems the Committee of Unsecured Creditors (UCC) tied to the Celsius bankruptcy doesn’t seem to support the idea. In the leaked audio it is said that Celsius wants to craft a new business plan and pay off its debts via the company’s newly revised vertical efforts and products. In...

The White House has now released what it called its “first-ever” comprehensive framework for the responsible development of digital assets just over six months after U.S. President Joe Biden signed an executive order on the same matter. However, one crypto industry leader has lamented the lack of clarity and understanding of the technology in the White House’s fact sheet. Reinforcing United States Leadership in the Global Financial System Just over six months after U.S President Joe Biden signed an Executive Order (EO) outlining the government’s multi-pronged approach toward digital assets, the White House, on September 16, unveiled what it termed the “first-ever comprehensive framework for digital asset development.” Explaining the Biden administration’s decision to release the framework, the White House said while digital currencies may have the potential to “reinforce the U.S. leadership in the global financial system,” they still pose risks to investors and consumers as eviden...

The Thai Securities and Exchange Commission (SEC) has proposed banning businesses from engaging in crypto staking and lending activities. The regulator is seeking public comments on the proposal, noting that the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.” Thailand Seeks Public Comments on 2 Crypto Regulatory Proposals The Thai Securities and Exchange Commission (SEC) announced Thursday that it is seeking public comments on two proposals relating to the regulation of crypto assets. The comment period for both proposals ends on Oct. 17. The first is a proposal to prohibit businesses from crypto staking and lending activities. The securities watchdog said the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.” The regulator detailed that under this proposal, businesses cannot accept “deposits of digital assets from the customers and lend, invest, stake or employ such digi...

The U.S. Department of the Treasury has answered some questions on regulatory compliance relating to Tornado Cash, a recently sanctioned crypto mixer. The answers include how to withdraw crypto or complete transactions initiated using Tornado Cash prior to its sanction and how to deal with “dusting” transactions. Treasury Department Publishes Tornado Cash FAQs The U.S. Department of the Treasury answered some frequently asked questions Tuesday about the sanctioned cryptocurrency mixing service Tornado Cash. On Aug. 8, the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Ethereum-based mixer and prohibited U.S. persons from “engaging in any transaction with Tornado Cash or its blocked property or interests in property.” One of the questions concerns how to complete transactions involving Tornado Cash that were initiated prior to the sanction. In order to complete the transactions or withdraw cryptocurrency without violating U.S. sanctions regulations, the Treasur...

A Chinese intermediate court based in Beijing recently upheld a lower court’s ruling which determined that cryptocurrency is a virtual property protected by the law. The court clarified that regulations issued by the Bank of China and others only prohibit the circulation of virtual currency. ‘Financing Behaviour Prohibited by the Law’ An intermediate court in China recently upheld a lower court’s ruling that designated litecoin a virtual property protected by the country’s laws, a report has said. The court clarified that the country’s relevant administrative regulations only prohibit the circulation of virtual currency or its use as a currency. The Beijing-based court’s ruling followed an appeal by Chinese resident Ding Hao who wanted it to quash the lower court’s ruling in a case in which he is accused of failing to return 33,000 litecoin ( LTC ) as per an agreement with Zhai Wenjie. According to a document released by the court , on December 5, 2014, Hao received 50,000 LTC fr...

PRESS RELEASE. B.Duck, a global character IP, is entering Web3 with its first metaverse partnership with GigaSpace, working alongside MADworld to establish a Web3 blueprint for brands and IPs in the metaverse. Created by the Hong Kong-listed company Semk Holdings International Limited (2250 HK), B.Duck joins the initiative “Project Spaceport” by acquiring land NFTs in the GigaSpace and will build experiences to bring joy, positivity, and fun to its 10+ million fans around the world. Brought into the digital world by the NFT platform MADworld, B.Duck has already launched a 3D NFT collection. NFT owners can soon travel through GigaSpace and spread positivity to every corner of the virtual space. Project Spaceport & Web3 Project Spaceport will be a cultural space district. Brands can create their own virtual space when the metaverse launches. B.Duck has permanently cemented its web3 presence on the “Map of the Galaxy” at GigaSpace. MADworld, an NFT platform backed by Animoca br...

Varus, a retailer with over 100 supermarket stores across Ukraine, has partnered with the world’s leading digital asset exchange, Binance, to launch cryptocurrency payments. Customers will now be able to order groceries online and cover the bill through a Binance Pay wallet. Ukrainians to Shop Online From Varus Supermarket Using Crypto Binance, the largest cryptocurrency exchange by daily trading volume, and Ukraine’s supermarket chain Varus have announced a partnership that will allow Ukrainian shoppers to purchase food and other goods online with digital coins. Using the Binance and Varus apps, customers will be able to enjoy instant crypto payments and fast delivery in nine Ukrainian cities: the capital Kyiv, Dnipro, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, and Pavlograd. To take advantage of the payment option, crypto owners will have to download and install the Binance app on their Android or iOS devices. Then, they can go to the Varus website, selec...