Bitcoin News and Finance: What You Need to Know

Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a transfer of voting rights on September 30. Bridgewater’s co-chief executive explained on Tuesday that “Ray no longer has the final word,” in regard to the hedge fund’s future. Hedge Fund Giant and Bridgewater Associates Founder Ray Dalio Steps Down, Co-CEOs Mark Bertolini and Nir Bar Dea to Take Over Senior Management On Tuesday, October 4, after founding Bridgewater Associates more than 40 years ago, Ray Dalio stepped down as co-CIO. Bloomberg’s Erik Schatzker first reported on the matter after the hedge fund founder relinquished all of his voting rights to the board of directors on September 30. After founding Bridgewater in 1975, Dalio was considered a mogul hedge fund titan and within the first ten years of business, Bridgewater got a $5 million investment from the World Bank. Schatzker report cites Bridgewater’s co-chief executive, Nir Bar Dea, who told the r...

In recent times, non-fungible tokens (NFTs) and their physical counterparts have started to debut at well known retail stores and luxury boutiques. On October 4, the NFT project called Veefriends revealed that the team is launching its limited edition series of collectible characters exclusively at Macy’s and Toys”R”Us. Veefriends holds the 20th position in terms of all-time NFT collection sales, with approximately $240.15 million in sales since the NFT project launched. Veefriends Are Coming to Macy’s and Toys’R’Us Retail Locations, Existing Veefriends Holders Can Claim Physical Counterparts The non-fungible token (NFT) project created by the serial entrepreneur Gary Vaynerchuk aims to debut in both physical and digital form at the retail stores Macy’s and Toys”R”Us. The collection is starting its pre-sale today and will officially launch on October 17. The collection will feature plush and vinyl characters of the Veefriends, and people can pre-order leveraging the Macy’s mobile ap...

PRESS RELEASE. Coorest, a Polygon-native project, is the first blockchain project to have a certified standard for carbon compensation entirely on-chain — allowing anyone with an internet connection to compensate for their carbon footprint, thereby demonstrating that the newly certified Coorest Carbon Standard (CCS) is an excellent alternative to other pre-existing standards. As a result of the new standard, all activities related to carbon compensation must be carried out through the blockchain; this ensures that all steps of the carbon compensation process are visible at all times and the process is transparent. The Floodlight Chainlink node introduces a new level of accountability by monitoring carbon capture projects via satellite and validating the carbon capture process with satellite data. This feature proves actual carbon capture, thereby ensuring that Coorest’s carbon tokens are provably backed by absorbed CO2. Furthermore, the standard guarantees the additionality of Coo...

YPF Luz, a subsidiary of the Argentine state oil company YPF, is currently piloting a project to power bitcoin mining operations with residual gas. The initiative, which is currently being tested in Vaca Muerta, one of the biggest oil fields in the country, seeks to take advantage of this byproduct from the initial stages of oil well drilling. Argentine Company YPF Luz Takes Bitcoin Mining to the Oil Wells Cryptocurrency miners are always looking for new forms of getting cheap and convenient power sources to run mining operations. YPF Luz, a subsidiary of the state-owned YPF in Argentina, is running a pilot project to take advantage of flare or residual gas to power bitcoin mining operations. This project, which has been running for three months in Vaca Muerta, a large oil field in the country, seeks to take advantage of this gas, which would be otherwise be burned. The gas in these oil fields cannot be taken to other sites to be used, so the only way is to bring interested parties...

The United Kingdom-based gold dealer, Ash Kundra, has claimed that he recently ran out of gold coins and bars after the demand for the precious metal skyrocketed. The pound’s plunge to a record low versus the dollar, as well as the turmoil in financial markets, is said to be the cause of the sudden increase in demand for the precious metal. Demand for Gold ‘Increased Exponentially’ A United Kingdom-based gold dealer, Ash Kundra, has revealed that he repeatedly ran out of gold coins and bars in the days that followed the United Kingdom treasury chief Kwasi Kwarteng’s mini-budget proposal. Kundra, who operates from London’s Hatton Garden jewelry quarter, is quoted in a Bloomberg report suggesting that demand for the precious metal had “increased exponentially” following Kwarteng’s controversial proposals. According to the report , the rush to gold by Britons came at a time when the precious metal’s U.S. dollar value was approximately 20% lower than its March peak of just above $2,060...

The Central Bank of Kenya appeared to rebuke the country’s new deputy president Rigathi Gachagua, after it rejected the latter’s claims the East African nation lacks enough foreign exchange to import oil. According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. Central Bank Only Sources Forex for the Government The Kenyan central bank has pushed back against remarks made by the country’s deputy president Rigathi Gachagua which implied the East African nation lacks foreign exchange reserves to import fuel. In a statement , the bank said it “does not supply foreign exchange for transactions other than for the national government.” According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. This has been the case since the complete liberalization of the foreign exchange market in the 1990s, the bank’s statement added. In addition, the Centr...

Samsung Latam, the regional division of the electronics giant, has decided to present its own space in Decentraland, an Ethereum-based metaverse platform. The space, which will be named “House of Sam,” will allow users to have virtual contact with different products of the brand, and play mini-games to win Samsung-branded rewards for their avatars. Samsung Latam Dives Into the Metaverse Samsung Latam, the Latin American regional division of the electronics company, has decided to dedicate an online space to increasing the visibility of its brand in the digital world. The company will maintain a space called “House of Sam” in Decentraland, one of the biggest Ethereum-based metaverse platforms. According to reports, the goal of this move is to bring the brand closer to a new generation of consumers using the metaverse as a tool. The space is already open for users, being launched on September 1 with a virtual show from the Brazilian trio, Melim. About the launch of this new digital...

As a result of DeFi protocols, access to finance has been democratized, allowing anyone with an Internet connection to gain access to opportunities and services. However, they only gained popularity after the ‘DeFi summer of 2020’ and the yield farming craze that followed. The concept of yield farming has changed the way people view savings by becoming the standard means of generating passive income in the cryptosphere. Consequently, numerous DeFi protocols have developed their architecture and functionalities around yield farming. However, yield farming has remained virtually unchanged over the years despite its value. Introducing Animal Farm Animal Farm is a DeFi protocol that is modelled after George Orwell’s novel of the same name that criticizes centralized power. Unlike its competitors, it is the first and only decentralized ownership lending and yield aggregation protocol in the DeFi industry. The platform uses two native tokens, DOGS ($AFD) *live October 18th*, the rewar...

Telefonica, one of the world’s largest telecom companies, has closed an investment in the Spanish cryptocurrency exchange Bit2me. The company, which has been very active in the metaverse space, is entering the crypto payments arena by running a pilot to allow its customers to make payments via its online store Tu.com with an upper limit of $490. Telefonica Invests in Cryptocurrency Exchange Bit2me Telefonica, the fourth-largest telecom company in Europe, has decided to tackle the cryptocurrency business. The company announced an investment in Bit2me, a Spain-based cryptocurrency exchange, that will give it access to the implementation of the technology stack of the organization. The investment, whose details and numbers were not disclosed, is the first move of the company in the crypto area. Unnoficial sources disclosed that this participation could be between $20 and $30 million, giving Telefonica a very important stake in Bit2me. This fund injection would be giving the exchange ...

Monoverse, a blockchain game developer, announced the simultaneous listing of FDT (Frutti Dino Token), the governance token of its blockchain game Frutti Dino, which will list on global crypto exchanges Huobi Global and Gate.io from October 5th. Huobi Global and Gate.io announced on September 30th that FDT would be listed, and trade would begin on October 5th. Frutti Dino’s listing on the two exchanges represents an extremely significant step toward international recognition. Developed based on BEP-20, FDT (Frutti Dino Token) is the governance token of Frutti Dino, one of the most anticipated NFT Play-to-Earn games of 2023. A lot of effort is being put into preparing for the upcoming launch of Frutti Dino’s main game following the successful completion of its private sales last year and the first and second pre-sales in early 2022. It is anticipated that Frutti Dino Stories – a social game in the growth simulation genre where users raise Dino characters – will be launched in the fo...

Central Bank of Russia has introduced digital assets, including the digital version of the Russian ruble, to the recently published draft of the new banking chart of accounts. In the future, financial institutions will be able to provide data about operations with these assets. Russian Banks to Record Digital Currencies as Assets in Their Accounting Books The Central Bank of the Russian Federation (CBR) has released the draft of the updated banking chart of accounts for next year. Starting from 2023, Russian lenders will be required to account for new types of transactions, including digital ruble flows and operations with digital financial assets (DFAs). The monetary authority has been expanding the testing of its new central bank digital currency ( CBDC ) this year and hopes to pilot real-value settlements in early 2023. Authorities in Moscow are also working to more comprehensively regulate decentralized digital currencies. The current DFA law refers mostly to coins and tokens...

A surge in the demand for foreign exchange and the general scarcity of the resource may be the reasons why the naira currency recently slumped to a new all-time low of 735 versus the U.S. dollar, a report has said. One Nigerian currency dealer said he expects the naira to further depreciate to 750 per dollar in October. Foreign Exchange Scarcity On September 29, the Nigerian currency lost further ground versus the greenback after the naira’s parallel market exchange rate slumped to 735 units per dollar. The naira’s latest plunge came just days after the Central Bank of Nigeria (CBN) announced a 150 basis points (bps) upward adjustment of the monetary policy rate (MPR). As reported by Bitcoin.com News just before the CBN’s interest rate increase, one U.S. dollar bought 720 nairas on the foreign exchange parallel market. The Central Bank of Nigeria has in the past suggested that the naira’s fall may be linked to the activities of currency speculators. However, according to a repo...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the U.S. dollar will crash by January next year after the Federal Reserve pivots. He named bitcoin as one of the investments to buy as the Fed continues to raise interest rates. Robert Kiyosaki Predicts Imminent Crash of US Dollar The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with a dire warning about the U.S. dollar, predicting that the USD will crash in a few months. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Following the British pound nosediving against other currencies and the Bank of England taking emergency action with a bond-buying program to calm markets, Kiyosaki tweeted Saturday, “English pound died this week.” The famous author shared his expectation...

274 days or roughly nine months ago, the crypto economy was worth $2.34 trillion and at $967 billion the aggregate value of all 13,192 crypto assets is $1.48 trillion less. Most of the top digital currencies tapped an all-time price high in November 2021 and today, a great majority of the top crypto assets are down between 70% to 90% in value against the U.S. dollar. 9 Out of 12 Crypto Assets Have Lost Significant Value Since Last Year’s Price Highs It’s almost a year later since the world’s top crypto assets tapped all-time highs in 2021, and a great number of digital currencies have lost considerable value. The following is a look at the top crypto assets by market capitalization, in order to see how much USD value each coin has lost. The leading crypto asset by market valuation bitcoin (BTC) is currently trading for prices between $19,078 to $19,377 per unit during the last 24 hours. Bitcoin is down today, 72.1% lower in USD value than the all-time high ($69,044 per unit) prin...

Rumors of expanding war, massive inflation destroying people’s purchasing power, and widespread volatility in the world of fiat currencies shaped the news this past week, with similarly dynamic developments in the world of cryptocurrency. Rich Dad Poor Dad author Robert Kiyosaki says the “end is here” for fake money. This and more just below in the latest Bitcoin.com News Week in Review. While the US Dollar Tramples the Euro, Pound and Yen, Russia’s Ruble Skyrockets Against the Greenback While the U.S. dollar has soared in value against a basket of worldwide fiat currencies, Russia’s ruble climbed 4.5% against the greenback last week. During the first week of September, Russia told the press China would pay for natural gas with rubles and yuan. Moreover, Switzerland’s imports of Russian gold reached a high not seen since April 2020. Read More Report: Gap Between Ethiopian Currency’s Official and Parallel Market Exchange Rate Grows to New Record The Ethiopian birr currency’s par...

The Uganda-based digital lending fintech startup, Numida, has said it will start offering its services to micro, small, and medium-sized enterprises in other African countries. Numida’s plans to offer its services to businesses beyond Uganda’s borders came shortly after it was announced that the startup had raised a total of $12.3 million in its pre-Series A funding round. Serena Ventures, a venture capital firm founded by American tennis player Serena Williams, led the funding round. Unlocking the Potential of Small Businesses in Africa Numida, the Uganda-based fintech, has said it plans to take its digital lending business outside the country, using part of the $12.3 million it raised via its pre-Series A equity-debt funding. The round was led by the U.S. tennis star Serena Williams’ venture capital firm Serena Ventures. Also participating in this funding round were Breega, 4Di Capital, Launch Africa, Soma Capital and Y Combinator. In comments following Numida’s successful capit...

The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on the domestic economy. Growing Inflationary Pressures Following its latest meeting, the monetary policy committee (MPC) of the Central Bank of Kenya (CBK) announced it approved increasing the central bank rate (CBR) from 7.50 percent to 8.25 percent. The MPC, which is chaired by the central bank governor Patrick Njoroge, approved the interest rate adjustment to shield Kenya from the imploding global economy. With the upward adjustment of the CBR, the Kenyan central bank appeared to follow in the footsteps of the Central Bank of Nigeria which recently increased its monetary policy rate by 150 basis points. However, unlike the CBN, which hiked interest rates after seeing its inflation rate jump ...

Crypto firms in Uzbekistan will have to pay fees to the state under new legislation proposed by regulators. The charges vary depending on the business activity and can reach $11,000 a month in the case of digital asset exchanges. Failure to pay will result in license suspension. Crypto Operators in Uzbekistan to Be Charged Fixed Fees for Their Business Activities Authorities in Uzbekistan have adopted a law which obliges entities working with cryptocurrencies to make special contributions to the state budget. The legislation, put forward by the country’s main crypto regulatory body, has come into force after registration with the Ministry of Justice, as required. According to the bill authored by the National Agency of Perspective Projects (NAPP) under the President of Uzbekistan, licensed crypto companies will have to pay the charges each month. Different rates have been set for the various categories of cryptocurrency operators. Crypto exchanges, for example, will be charged th...

Juno, the Singapore-based Web3 crypto firm that offers customers checking accounts tied to crypto assets, has raised $18 million in a Series A financing round led by Parafi Capital. The fresh capital follows the startup’s seed round in 2019 when Juno raised $3 million from investors. Juno Raises $18 Million in a Funding Round Led by Parafi Capital, Crypto Startup Reveals Loyalty Token The Web3 crypto startup Juno is a digital currency company that provides clients with the ability to create a checking account by leveraging crypto assets. On October 1, it was revealed that the company has raised $18 million in a Series A funding round led by Parafi Capital. According to the announcement, Juno’s Series A investors also included 6th Man Ventures, Hashed, Sequoia India’s Surge, Greycroft, Jump Crypto, and Uncorrelated Fund. Varun Deshpande, the co-founder and chief executive officer of Juno, told Tech Crunch reporter Manish Singh the firm has “has reached $1 billion in annualized tra...

Quant moved close to a six-month high on Saturday, as the token remained in the green for a second consecutive session. The rally comes as prices are now up by over 25% in the last seven days. Dogecoin was also in the green, as prices moved higher for a third consecutive day. Quant (QNT) Quant (QNT) was one of the notable gainers to start the weekend, as prices moved closer to a six-month high. QNT/USD raced to an intraday high of $146.52 on Saturday, less than a day after trading at a low of $138.40. Today’s high was marginally below Friday’s peak of $147.00, which is the strongest point that quant had hit since March 29. Looking at the chart, the move comes as the relative strength index (RSI) broke out of a ceiling at 73.00. As of writing, the index is tracking at 75.81, which is deep in overbought territory, and could act as a signal for bears to reenter the market. The 10-day (red) moving average continues to remain higher, however, bulls will likely begin to consider secu...