Bitcoin News and Finance: What You Need to Know

The growth of illegal bitcoin mining operations could affect the stability of the power system in Paraguay, according to statements from the National Power Administration. The boom the country is experiencing is taking its toll on the power system, with many miners plugging in illegally and consuming high amounts of power without making payments. Paraguay Underground Mining Operations Grow Paraguay’s popularity as a country with cheap power tariffs for bitcoin mining is hurting the electric grid and might work against the stability of the power system in the country. ANDE, the National Power Administration, declared on Oct. 28 that the recent boom in bitcoin mining has caused power consumption for the department of Alto Parana to grow immensely, with many operations connecting illegally to the grid. According to Miguel Angel Baez, technical director of the ANDE organization, this has prompted the group to step up vigilance in the zone, ramping up supervision operations to detect

Ethereum was trading above $1,600 on Monday, as markets prepared for the latest U.S. Federal Reserve policy meeting. The Fed is expected to hike rates by 75 basis points this week, as inflation remains at historical highs. Bitcoin also rebounded, hovering marginally below $21,000 in today’s session. Bitcoin Bitcoin ( BTC ) remained closer to $21,000 on Monday, as markets rebounded from yesterday’s sell-off. Following Sunday’s low of $20,461.72, BTC /USD surged to an intraday peak of $20,791.67 earlier today. The move sees the token edge closer to Saturday’s high of $21,080, which was the strongest point the token had hit since September 13. Looking at the chart, Monday’s surge sent BTC close to its long-term price resistance of $20,800, which hasn’t truly been broken since early September. Price strength has also rebounded, with the 14-day relative strength index (RSI) now tracking at 61.47, which is close to its own ceiling of 63.00. In order for BTC to move past $21,000, bu

Mercado Pago, the financial wallet division of Mercado Libre, the Latam e-tail giant, has announced the launch of cryptocurrency trading services in Mexico. The company has already launched this kind of service in Brazil, serving one million customers in the country, allowing them to purchase, store, and sell bitcoin and ethereum, and also to receive Mercado Libre’s own token, mercadocoin. Mercado Pago Debuts Crypto Purchases in Mexico Mercado Pago is aiming to grow in Mexico with the introduction of cryptocurrency services. The company, which serves as a wallet arm of Mercado Libre, announced on Sep. 27 that it has activated the possibility for customers to purchase crypto with national fiat currency in Mexico. In this way, every customer in Mexico is now able to purchase bitcoin and ether using funds available in Mercado Pago’s native wallet. In bringing this product to Mexico, the company seeks to provide more options to Mexicans that are already customers of the company. On th

The central bank of Thailand is not going to rush with the launch of its digital currency as it’s not yet sure about the benefits it would bring. According to the head of the monetary authority, the development of the state-issued coin may take several years. Thailand’s Central Bank Wants to Better Understand Risks of Central Bank Digital Currency The Bank of Thailand ( BOT ) intends to take more time to complete the development of its retail central bank digital currency ( CBDC ). The monetary policy regulator aims to ensure that this version of the national fiat will offer additional benefits to the country’s financial system under sufficient risk management. A number of central banks, including that of Thailand, have been developing retail CBDCs but they are yet to fully implement them, the Bangkok Post noted in a report. Retail CBDC development is expected to take more than five years before market launch, according to the BOT Governor Sethaput Suthiwartnarueput, quoted by the

The Argentine Tax Authority (AFIP) is ramping up its fight against cryptocurrency-related tax evasion. On Oct. 28, the organization informed it had sent notifications to 3,997 taxpayers about incongruencies between their tax statements and reports on their cryptocurrency holdings. These statements being reviewed correspond to reports of operations happening in 2020. Argentine Tax Authority AFIP Ramps up Crypto Vigilance The Argentine Tax Authority (AFIP) is using the reports coming from local exchanges to cross the data in the tax statements and the crypto holdings of several taxpayers and has already found incongruencies. According to reports, the organization has already sent notifications of these problems to 3,997 Argentine citizens, that will have the opportunity to correct their statements to include their cryptocurrency holdings and pay additional taxes. These notifications would be linked to statements that were filed during 2020 and would be sent to taxpayers that have ope

A member of the defense team of the alleged BTC-e operator Alexander Vinnik has called on the head of the Russian Orthodox Church to intervene in support of his client. The Russian national may be sentenced to over 50 years in prison for his role in the infamous cryptocurrency exchange. Prisoner Swap for Americans in Russian Custody Is Vinnik’s Only Chance to Return Home, Lawyer Says Frederic Belot, the French lawyer who has been representing Russian crypto entrepreneur and alleged money launderer Alexander Vinnik in courts for years, has written to Patriarch Kirill of Moscow and All Russia with a request to help for his client’s return to the homeland. “The Vinnik case for the United States is not a legal, but a political trial,” the attorney said in the letter, quoted by the Russian Tass news agency. In the U.S., he may face imprisonment for more than 50 years, Belot warned and emphasized: Now the only thing that can save Alexander is his exchange, among other Russians, for Ame

Amid the chaotic economy, plagued with central bank tinkering, supply chain issues, and red-hot inflation, the professor of applied economics at Johns Hopkins University, Steve Hanke believes a “pretty big recession” will take place in 2023. Speaking in an interview on Oct. 28, Hanke said that he updated the probability of a U.S. recession to a 90% chance, as he believes the money supply has tightened at an “unprecedented” rate. Economics Professor Steve Hanke Says Probability of a U.S. Recession is Now 90% Professor Steve Hanke has been critical of the central banks worldwide and on Friday, he said the chances of a recession is very likely. Hanke spoke with the news anchor for Kitco News David Lin, and explained that he upped his prediction to a 90% chance a U.S. recession will occur. “Where we’re going is determined by where the money supply is going,” Hanke told Lin on Friday. “The Quantity Theory of Money is a way to determine national income determination.” The professor of

While non-fungible token (NFT) sales have slipped since the start of the year, the top five marketplaces, in terms of the largest number of all-time sales, have reached more than $40 billion. Moreover, the NFT marketplace platform Opensea captured over $32 billion worth of sales as the NFT market platform currently dominates the top five NFT marketplaces by 79%. Top 5 NFT Markets Cross $40 Billion in All-Time Sales, Opensea Dominates by 79% During the month of October, the top five NFT marketplaces surpassed the $40 billion mark, in terms of all-time sales, with approximately $41.36 billion on Oct. 29, 2022. The largest NFT marketplace in terms of sales was Opensea as it nears the $33 billion range with $32.76 billion recorded on Saturday. Statistics from dappradar.com indicates that the $32.76 billion in sales were executed by $2.34 million traders. On Saturday, Oct. 29, the average price paid for an NFT via Opensea is around $352. Opensea is followed by the Axie Marketplace ($4

In this week’s hottest stories from Bitcoin.com News: the Ghanaian cedi’s recent slide to a new low against the USD, Rich Dad Poor Dad author Robert Kiyosaki weighs in on Saudi Arabia’s move to join the BRICS nations, the United States Internal Revenue Service updates tax filing instructions for crypto, and more. Report: Ghanaian Cedi Slides Further Versus the US Dollar to Become World’s Worst-Performing Currency As Ghana waits for a financial bailout from the International Monetary Fund (IMF), the country’s currency, the cedi, continued its slide versus the dollar after the exchange rate slipped to just under C15:$1. Following this latest plunge, the cedi has now depreciated by more than 55% in 2022 and this makes it the world’s worst-performing currency. Read More Robert Kiyosaki Says US Dollar Is Toast Citing Saudi Arabia’s Request to Join BRICS The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says the U.S. dollar is toast, citing Saudi Arabia’s

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Industry associations from Hungary and Thailand plan to cooperate on implementing blockchain technologies in the financial services sector. The two sides hope to share experience and produce ideas for alternative services as part of their new partnership. Thailand and Hungary Announce Blockchain Pact During Bilateral Fintech Forum The Thai Fintech Association and Hungary’s Blockchain Coalition have signed a Memorandum of Understanding to support the introduction of new technologies to their financial markets. The agreement was inked during the first edition of the “Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together,” the Bangkok Post reported on Saturday. The event devoted to showcasing financial technology services was organized by the Hungarian embassy. Hungary’s Blockchain Coalition was established on the initiative of the Ministry of Innovation and Technology and the National Data Economy Knowledge Center in March, to promote the country as an innovator in

A new study by Fidelity Digital Assets, a subsidiary of financial giant Fidelity Investments, shows that 58% of institutional investors surveyed invested in digital assets in the first half of this year and 74% plan to invest in the future. Fidelity’s Institutional Investor Digital Assets Study Fidelity Digital Assets, a subsidiary of financial giant Fidelity Investments, released its fourth annual “Institutional Investor Digital Assets Study” Thursday. The study features a blind survey conducted between Jan. 2 and June 24. A total of 1,052 institutional investors in the U.S. (410), Europe (359), and Asia (283) participated. According to the study: Nearly six in 10 (58%) institutional investors surveyed invested in digital assets in the first half of 2022, while 74% plan to invest in the future. In addition, 88% of institutional investors surveyed “find characteristics of digital assets appealing” and 51% “have a positive perception of digital assets.” More than 81% of institu

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that stock, bond, and real estate markets will crash as the Federal Reserve continues to raise interest rates. Noting that the Fed will pivot, he advises investors to buy bitcoin. Robert Kiyosaki Recommends Buying Bitcoin Before Fed Pivot The author of Rich Dad Poor Dad, Robert Kiyosaki, has advised investors to buy bitcoin before the Fed pivots, reiterating that the Federal Reserve’s interest rate hikes will destroy the U.S. economy. 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. Kiyosaki tweeted early Saturday morning that the prices of gold and silver are plunging as the Federal Reserve continues to raise interest rates. He warned that rate hikes will kill the U.S. economy, cautioning

One of the largest publicly listed bitcoin miners, Core Scientific, has shaken investors with a recent filing with the U.S. Securities and Exchange Commission that raises the possibility the company may apply for bankruptcy protection. The filing notes that Core Scientific will be unable to pay down debt payments due for Oct. and early Nov. 2022. SEC Filing Shakes Core Scientific Investors, CORZ Slides 97% in 12 Months Bitcoin miners are having issues after the price of bitcoin ( BTC ) has slid roughly 70% against the U.S. dollar since Nov. 10, 2021. Moreover, the network’s mining difficulty is currently at an all-time high, making it harder than ever before to find a block subsidy. At the end of September, Bitcoin.com News reported on Compute North filing for bankruptcy and how it led to Marathon Digital’s shares getting downgraded. Now Core Scientific (Nasdaq: CORZ ) seems to be leaning in the direction of filing for bankruptcy protection or some sort of restructuring process. T

The European Commission has approved a proposal to accelerate the introduction of euro instant payments. The technology is there and Europeans should be able to send and receive money immediately, the executive body said, revealing its intentions to push the industry toward wide adoption. EU Moves to Make Instant Payments Widely Available Throughout Europe A legislative proposal to provide all citizens and businesses with access to instant payments in Europe’s single currency has been put forward by the European Commission. The payments should be secure and affordable for anyone with a bank account in the European Union and European Economic Area, officials insisted in an announcement on Wednesday. Instant payments are much faster than traditional transfers and increase convenience for consumers, save costs for companies, and will free up to €200 billion ($199B) currently locked in transit every day for consumption or investment, the executive power in Brussels argued. The Commissi

Toda City, located north of Tokyo in Saitama prefecture, is using metaverse-based tools to fight the absenteeism problem that Japan faces. The city includes children in virtual spaces where they can explore virtual campuses and attend classes online, while preparing to eventually rejoin regular classes again. Toda City Is Battling Absenteeism With Metaverse Tools The metaverse is beginning to be harnessed as part of educational and therapeutic processes. Toda City, in Japan, is currently fighting the problem of school absenteeism by using metaverse-based tools. The children, who are said to present school attendance problems, are using a tool created by a nonprofit last year with the idea of letting children roam around in a virtual world. This digital world allows the children to explore a virtual campus and attend virtual classes, letting them prepare to begin attending regular classes again. At least this is what city officials hope, having also proposed to count these metavers

Starting December 15, Nigerians will be using newly-designed 100, 200, 500 and 1,000-naira banknotes, the governor of the Central Bank of Nigeria (CBN) has said. The announcement has since resulted in the naira’s parallel market exchange rate versus the U.S. dollar dropping to a new low of N781:$1. Redesigning Currency a Global Best Practice The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, recently said his institution will begin circulating newly-designed naira banknotes on December 15. Emefiele claimed the injection of the new notes into Nigeria’s financial system is intended to help the CBN tackle fraud, inflation, and the insecurity challenge. According to Emefiele, who made the announcement at a recent press conference, the affected banknotes are 100, 200, 500 and 1,000-naira banknotes. In justifying the decision to redesign the banknotes, the CBN governor said doing so is a global best practice which must be carried out every five to eight years. Emefiele said Nig

The number of bitcoin ATMs has been on the rise in Russia’s capital and the rest of the country, a press report revealed this week. There is demand for the service as it offers easy access to cryptocurrencies, although not at the best exchange rates and still amid regulatory uncertainty. More Crypto ATMs Installed in Russian Federation Despite Absence of Regulations With growing interest in cryptocurrencies, the number of devices offering automated teller services for digital assets is increasing, the Russian business daily Kommersant noted in article. Several dozen bitcoin ATMs (BATMs) are now operating across the country, despite the lack of clarity in terms of regulation. Moscow has taken the lead when it comes to new installations. Quoting one of the companies behind them, Rusbit, the newspaper revealed that 14 new ‘cryptomats’ have appeared in the capital city this year, bringing the total across the Russian Federation to 52 units. Given Russia’s territory and population, that

Phil Spencer, CEO of gaming at Microsoft and head of Xbox, directed some criticism at the idea of the metaverse and how it is being executed. Spencer remarked that for him, the current metaverse is a “poorly built video game,” but also that the sector was still in its early stages and will surely evolve. Phil Spencer Blasts Today’s Metaverse While the still unclear concept of “the metaverse” has been harnessed by several companies that want to leverage the advantage of being pioneers in an industry, other important personalities have criticized the current sector. Phil Spencer, head of Xbox at Microsoft, blasted today’s metaverse technology during the WSJ Live Convention, noting that it was still unpolished. About today’s metaverse, Spencer stated: It’s a poorly built video game. Many interpreted this statement as an indirect jab at Meta, which has been criticized before due to the poor graphics its flagship metaverse app Horizon Worlds presented compared to modern video game

PRESS RELEASE. LD Capital was established in 2016. Its main business involves direct investment and trading. It has established LD Capital X Ecological Fund, Web3 Alliance Incubation Accelerator, and Hero Group Secondary Hedging Asset Management. In the future, LD Capital’s investment in the field of Web3 will mainly focus on the Ethereum ecosystem, new public chains, GameFi ecosystems, DeFi ecosystems, etc. LD Capital’s investment philosophy is to grow together with industry pioneers, and to support Web3 entrepreneurs from multiple dimensions such as macro trends, strategic consulting, market branding, and industry relationships. It is the first investor in projects including 50 top industry titles. Regarding the prediction of future industry development, Jack Yi said that the price of Ethereum in the first two bull and bear cycles has grown dozens of times, and the price will continue to grow dozens of times in the next bull market. At the same time, we will focus on investing

After authorities in Egypt announced the adoption of a more flexible exchange rate regime, the pound exchange rate versus the U.S dollar plunged to 23.09:1, a new low for the currency. Cairo’s apparent devaluation of the Egyptian pound met a key condition set by the International Monetary Fund (IMF) before it eventually approved a $3 billion bailout package for Egypt. The IMF’s Key Condition A report has said that the official exchange rate of the Egyptian pound versus the U.S dollar plunged by 15% to 23.09 per dollar after the central bank announced the adoption of a more flexible exchange rate regime. Cairo’s apparent devaluation of the currency came as news broke that Egypt had reached an agreement with the International Monetary Fund (IMF) which will see it receive a $3 billion financial bailout. Before the pound’s latest slip, the currency had traded at just under 20 units per dollar. Some banks in Egypt, as well as the IMF, argued that the exchange rate, which was last adjust