Bitcoin News and Finance: What You Need to Know

PRESS RELEASE. The preservation of the Euro sculpture in downtown Frankfurt, Germany, has been in danger in recent months as no sponsors were willing to provide the required financing. At the same time, the costs of maintaining the sculpture have risen considerably, mainly due to increased levels of vandalism. The independent non-profit association Frankfurter Kultur Komitee e.V., the owner of the Euro sculpture, would have been forced to have the sculpture auctioned off as a last resort by 15 October 2022 if no one had stepped forward to help. Because of this situation and the resulting discussion in the media, the issue became a hot topic. Through this media attention, the Frankfurt company CAIZ Development GmbH became aware of the problem. As a local company with its roots firmly in the financial centre, they quickly decided to develop the financing necessary for the Euro sculpture to remain in Frankfurt. CAIZ Development is a fintech company headquartered in Frankfurt, and it...

On Tuesday, September 27, 2022, Celsius Network CEO Alex Mashinsky submitted a letter of resignation from the company. Mashinsky added that he still plans to help the embattled crypto lender “achieve a successful reorganization.” Alex Mashinsky Resigns From Embattled Celsius — Founder Apologizes for the ‘Difficult Financial Circumstances’ After Celsius paused withdrawals on June 12, 2022, over a month later the company filed for Chapter 11 bankruptcy protection. Just recently, leaked audio from Celsius executives suggested the firm might try to leverage an IOU crypto to pay investors back. Three days following that report, Celsius Network CEO Alex Mashinsky told the public in a press release that he has resigned from his post. “Effective immediately, please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions at each of its direct and indirect subsidiaries, with the exception of my director position at Celsius Network Ltd,” Mashin...

After bitcoin neared $25K roughly 44 days ago, the crypto asset’s price has lost more than 17.88% in value against the U.S. dollar. Onchain analysis from researchers at Glassnode details that the price drop has placed short-term holders into “severe unrealized loss.” Long-term holders, on the other hand, are holding strong and Glassnode researchers say numerous metrics are “displaying a full cycle detox.” Long-Term Bitcoin Holders Hold Tight The crypto bear market continues to plague short-term holders, according to a recent onchain newsletter written by Glassnode and Ukuria On-Chain . While bitcoin ( BTC ) has lost 17.88% in value against the U.S. dollar since August 14, 14-day statistics show BTC is down roughly 9.3%, and year-to-date, bitcoin has shed 53.2%. Furthermore, since the crypto asset’s lifetime price high, 11 months ago on November 10, 2021, BTC is down 71.3%. Glassnode’s newsletter published on September 26 highlights the Bitcoin Realized Cap HODL Waves chart whic...

Following a turbulent start to the week, bitcoin was back in the green on Tuesday, as the token climbed back above $20,000. The move saw prices race to their highest point in nearly two weeks, moving past a key resistance level in the process. Ethereum was also trading higher, as it neared the $1,400 level. Bitcoin Bitcoin ( BTC ) neared a two-week high on Tuesday, as the token rebounded following a recent bearish spell. Following a bottom of $19,006.11 to start the week, BTC /USD raced to an intraday peak of $20,294.34 on Tuesday. This is the highest point that the token has traded at since September 14, and is marginally above a resistance level of $20,250. As of writing, BTC is still trading slightly above this ceiling, with the 14-day relative strength index (RSI) also tracking above a similar threshold. Currently the index resides at a reading of 52.72, which is above its own resistance level of 49.00. Should price strength continue to move in an upward direction, then we...

Nubank, a Brazil-based digital bank, has announced a new milestone in its operations. The company announced that it has reached 70 million customers in Latam, making it one of the biggest financial institutions of its kind in Brazil. The company also announced that almost 2 million of its customers are cryptocurrency investors. Nubank Reaches 70 Million Customers; Crypto Customers Reach 1.8 Million Latam has become fertile ground for companies providing alternative finance and cryptocurrency-based services, due to its unique set of circumstances. Nubank, a Brazil-based digital neobank, has recently reached a milestone in the region, announcing it now serves 70 million customers. Most of these customers, as expected, are based in Brazil. However, the neobank has also managed to get into other markets, such as Mexico, where the company has 3.2 million customers, and Colombia, with 400,000 customers. The products of the company that have experienced the most significant growth include...

PRESS RELEASE. RebusChain, a platform set to take DeFi mainstream, is going public by announcing its public coin distribution (PCD) late this Summer. The PCD means those supporting its mission can now acquire coins via liquidity bootstrap pool (LBP) on the Osmosis network, and this marks a significant milestone in the Rebus project, following successful announcements of various financial and platform partnerships. The founding team at Rebus features unique foundations in entrepreneurship, cyber security, traditional finance, and the emerging DeFi field. CTO and COO Pier Stabilini and Nicola Onassis, respectively, have experience working together and starting new businesses. When introduced to Paolo Baroni, Financial Product Lead, the three saw an immediate opportunity to do something big, and Rebus was born. Typical of new technology markets, the DeFi space is quite nuanced and still developing. However, all people should have access to blockchain-based transaction tools–it’s the m...

One of the world’s biggest cryptocurrency exchanges by volumes traded, Binance, has said its futures products are now available to eligible South African users. In a message to its users, Binance suggested it has rectified issues with the regional regulator and that its activities in South Africa are now above board. Products Offered Unchanged Almost a year after Binance blocked South African users from accessing its futures trading platform, the crypto exchange has said perpetual and delivery futures contracts are now available to eligible users from the country. In a statement, the crypto exchange told its users that the type of futures products being offered has “not changed from Binance’s previous futures offering in South Africa.” The cryptocurrency exchange however said it had altered the way such product offerings are provided to South African users. As reported by Bitcoin.com News in October 2021, Binance said it would stop South African users from accessing its “futures,...

Telefonica, one of the largest telecom carriers in Spain, and Qualcomm, the fabless chip designer, have inked a partnership to advance joint extended reality and metaverse initiatives. Telefonica will use Snapdragon Spaces, a new technology from Qualcomm, to bring these metaverse experiences to its customers. The agreement also includes the possibility of pursuing joint commercial opportunities. Telefonica Partners With Qualcomm to Bring Metaverse Experiences to Its Customers Telefonica, one of the biggest telecom carriers in Spain and Europe, has announced a partnership with Qualcomm, the chip maker, in order to collaborate in the production of metaverse-related initiatives. The agreement establishes that the telecom infrastructure of Telefonica will serve as a platform to deploy experiences produced with Qualcomm technology. This technology, named Snapdragon Spaces, is a full stack of programs that allow designers to focus on developing these experiences, especially for augmente...

The global law enforcement agency the International Criminal Police Organization (Interpol), issued a notice for Terraform Labs co-founder Do Kwon just a few weeks after a warrant for his arrest was issued by South Korean authorities. The red notice enables South Korea to receive help from global law enforcement bodies in locating and “provisionally arrest[ing] a person pending extradition, surrender, or similar legal action.” Global Manhunt for Terraform Labs CEO Just a few weeks after South Korean authorities issued an arrest warrant for Do Kwon and his associates, the global law enforcement agency the International Criminal Police Organization (Interpol) has reportedly issued a red notice for the Terraform Labs co-founder. The issuing of the notice follows reports that Kwon is not residing in Singapore as Korean authorities initially thought. According to Interpol, red notices are “issued for fugitives wanted either for prosecution or to serve a sentence.” The red notice enabl...

Crypto lender Nexo is having issues with state authorities from California, New York, Washington, Kentucky, Vermont, South Carolina, and Maryland. The enforcement actions from multiple state securities regulators detail that Nexo’s Earn Interest Product (EIP) may be in violation of securities laws. Nexo Targeted by Several Securities Regulators Over the Crypto Lender’s Earn Interest Product Following the issues that took place last year against Celsius’ and Blockfi’s interest-bearing accounts, the crypto lender Nexo has been targeted by several state securities regulators concerning the company’s Earn Interest Product (EIP). The state of California insists that since June 2020, Nexo has “offered and sold unqualified securities, in the form of Earn Interest Product accounts, to the United States public at large and to California residents.” The state of New York and attorney general Letitia James filed a lawsuit against Nexo. Similarly, the state of New York and James say that ...

The South African financial services giant, Nedbank, is reported to have acquired a village in the metaverse. The village will be used to showcase African creativity and to create experiences that “go beyond banking.” By securing a virtual property in Ubuntuland, Nedbank became one of the first financial institutions in Africa to embrace the metaverse. Showcasing Africa’s Creativity Nedbank, the South African financial services group, recently secured a “village” in the Ubuntuland metaverse which reportedly measures 12 by 12. By securing the village, which will be used to showcase African creativity, Nedbank is said to have become one of the first financial institutions on the African continent to embrace the metaverse. According to a Bloomberg report , the financial services group has partnered with Africarare, the creators of Ubuntuland. Remarking on Nedbank’s entry into the metaverse, Khensani Nobanda, the financial giant’s marketing and corporate affairs executive, said that he...

AC Milan, a popular soccer team in the Italian Serie A league and the current champion, announced the launch of a new non-fungible token (NFT)-based project. The organization established a partnership with Monkeyleague, a Solana-based Web3 soccer game, which became its official NFT partner to launch a new series of NFT branded game assets for the game. AC Milan to Launch NFT Branded Assets in Monkeyleague Sports teams from all over the world are now introducing more and more Web3 elements in order to connect with fans from different markets. AC Milan, the current champion of the Italian Serie A League, has recently announced its involvement in a new NFT project. The organization partnered with Monkeyleague , a soccer esports Web3 game, to launch a joint NFT drop involving franchise-owned IP. In a press release, the team informed that this move made Monkeyleague the official NFT partner of the team and that the company would work closely with the team to design a new collection of b...

The Ivorian payments financial technology (fintech) startup, Julaya, recently concluded its pre-Series A round with an additional $5 million capital raise. This brings to $7 million the total capital that the fintech startup, which specializes in business-to-business payments, has raised in this series. Senegalese Footballer Édouard Mendy Participates in the Series An Ivory Coast-based payments fintech startup, Julaya, recently concluded its pre-Series A funding round with an additional $5 million, a report has said. With this latest capital raise, Julaya has now raised a total of $7 million in this funding round. The funding round was led by a European venture capital fund Speedinvest with the participation of EQ2 Ventures, Kibo Ventures plus the angel syndicates Unpopular Ventures and Jedar Capital. Existing Julaya investors that also participated in this round include Orange Ventures, Saviu, and 50 Partners. Senegal and English football club Chelsea’s goalkeeper, Édouard Mendy a...

Russia is preparing to authorize international crypto payments but people involved in the industry doubt this would allow the country to circumvent sanctions. At the same time, the United States has been tightening the noose, recently targeting the use of cryptocurrencies to dodge the financial restrictions imposed by the West with new legislation in Congress. Russian Crypto Experts Claim Circumventing Sanctions With Cryptocurrency Is a ‘Great Illusion’ This week, Russian authorities announced they had started developing a mechanism for cross-border settlements with crypto assets, with the goal to reduce the sanctions pressure on the Russian economy and trade. The Ministry of Finance said that a bill legalizing such transactions has been agreed upon with the Central Bank of Russia. Moscow is now in a rush to adopt regulations for the issuance, circulation, and various operations with digital currencies, particularly payments for imports and exports restricted by Western sanctions ...

California Governor Gavin Newsom has vetoed a bill to regulate crypto in his state. He stressed that “a more flexible approach is needed” to “keep up with rapidly evolving technology and use cases” in the crypto sector. Bill to Regulate Crypto in California Vetoed by Governor Newsom The governor of the U.S. state of California, Gavin Newsom, vetoed a number of bills Friday, including Assembly Bill 2269 (AB 2269) which will establish a licensing and regulatory framework for cryptocurrency. Assembly Bill 2269, titled “Digital financial asset businesses: regulation,” was introduced earlier this year by California Assembly Member Timothy Grayson. It passed the California State Senate on Aug. 29 and the California State Assembly the next day. “AB 2269 would establish a licensing and regulatory framework, administered by the Department of Financial Protection and Innovation, for digital financial asset activity,” the governor detailed, adding: Digital assets are becoming increasingl...

The Internal Revenue Service (IRS) has obtained a “court order authorizing summons for records relating to U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions.” The IRS commissioner commented: “The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching tax cheats.” IRS Seeks Crypto Investors’ Records From Bank The U.S. Department of Justice (DOJ) announced Thursday that the Internal Revenue Service (IRS) has obtained a “court order authorizing summons for records relating to U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions.” U.S. District Judge Paul G. Gardephe entered an order on Sept. 22 “authorizing the IRS to issue a so-called John Doe summons requiring M.Y. Safra Bank to produce information about U.S. taxpayers who may have failed to report to the IRS, and pay taxes on, cryptocurrency transactions,” the DOJ detailed, noting...

Sources have disclosed that the digital currency mining operation, Bitdeer Technologies, has purchased a high-security storage and display facility in Singapore called Le Freeport for $28.4 million. Bitdeer’s chairman, Jihan Wu, confirmed the vault acquisition via a text message following the reports that revealed the mining firm purchased Le Freeport. Bitdeer Purchases Maximum Security Vault Le Freeport From Yves Bouvier, DBS After the co-founder of Bitmain Technologies Jihan Wu left the company, he co-founded a firm called Matrixport and he’s also the chairman of Bitdeer Technologies . According to a report published by Bloomberg, that cites sources familiar with the matter, Bitdeer paid S$40 million ($28.4 million) for the maximum security vault known as Le Freeport. The vault was originally constructed to be similar to the high-security storage vaults located in Luxembourg and Geneva. Freeport has also been dubbed “Singapore’s Fort Knox for fine art and collectibles.” Freepo...

With the Ethereum Merge event now successfully completed, new proof-of-work (PoW) forks have emerged to vie for miner acceptance. This, as the United States government, has warned that the post-quantum world is getting closer, and vulnerable cryptography will need to be protected. Amidst red hot inflation in the U.S., President Joe Biden notes that gas prices have fallen, but doesn’t mention the 190 million barrels that have been tapped from the U.S. Strategic Petroleum Reserve to address the issue. Though U.S. inflation is high, the greenback is gaining great power against other world currencies, and Chinese state-backed media says this “might be the beginning of another nightmare” for “many countries in the world.” All this and more in this week’s Bitcoin.com News Week in Review. Ethereum’s Merge Gave Birth to 2 Forks — Newly Launched Ethereumfair Gathers USD Value and Hashpower Following Ethereum’s Merge, a number of cryptocurrency community members have been discussing the proo...

The Ethiopian birr currency’s parallel exchange rate against the U.S. dollar recently dropped to a low of 92 birrs per dollar, a report has said. The report added that following this latest plunge, the gap between the birr’s official and parallel market exchange rates has widened to a record high. Resumption of Fighting Between Ethiopian Government Forces and Tigray Rebels Identified as the Cause The gap between the Ethiopian currency’s official and parallel market exchange rate against the greenback widened to a new record higher after the latter rate plunged 92 birrs for every dollar. Officially, one dollar buys 52.5 units of the local currency. According to a Bloomberg report that quotes Fikadu Digafe, the vice governor and chief economist at the National Bank of Ethiopia (NBE), the resumption of hostilities in the Tigray region is one of the key factors that caused the Ethiopian currency’s latest plunge. As many media reports have suggested, the fighting between the Ethiopian ...

Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments. Regulators in Russia Move Toward Legalizing Use of Cryptocurrency in Foreign Trade Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of Russia, and the Rosfinmonitoring agency, have taken on the task, the financial watchdog told the daily Izvestia. “The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision,” Rosfinmonitoring explained...

The Kenyan central bank governor Patrick Njoroge has described as “craziness” the calls to convert Kenya’s reserves into bitcoin. He added that he would have to be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like bitcoin are not only volatile, but are hardly solving any problem. CBK Governor Says Converting Kenya’s Reserves to Bitcoin Deserves a Jail Term The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has described the idea of putting the country’s reserves into bitcoin as “craziness.” Njoroge, who was addressing recently elected members of Kenya’s legislature, added that if it occurred that he agrees to convert Kenya’s reserves to bitcoin, he should be jailed and the keys to his prison cell must be thrown away. Under Njoroge’s stewardship, the CBK has issued statements and advisories warning Kenyan residents against trading or investing in cryptocurrencies. For instance, Bitcoin.com News reported in June 2022 that Njoroge, together wi...