Bitcoin News and Finance: What You Need to Know

Ethereum dropped to its lowest level since last Friday during today’s session, as consolidation in crypto markets continued on Wednesday. This comes ahead of this afternoon’s U.S. Federal Reserve interest rate decision. Bitcoin was also in the red, and remains below $20,800. Bitcoin Bitcoin ( BTC ) continued to trade below $20,800 on Wednesday, as market uncertainty remains high ahead of this afternoon’s Fed meeting. Although markets have somewhat priced in a 75 basis point hike, some are also looking for forward guidance from the bank, which includes a timeline for pivoting policy. BTC /USD fell to a low of $20,359.85 earlier in today’s session, less than 24 hours after tracking at a peak of $20,545.35. Looking at the chart, the token has mostly traded in the red since the weekend, which comes following a failed breakout on the relative strength index (RSI). The index failed to move beyond a long-term ceiling of 63.00 over the weekend, which acted as a signal to bears to reente...

According to the World Gold Council’s (WGC) latest quarterly report, worldwide gold demand, excluding over-the-counter (OTC) markets, was 28% higher year-over-year. While demand jumped higher than last year in the third quarter, central bank gold buying tapped an all-time quarterly record in Q3 2022. The quarterly report indicates that the world’s central banks purchased close to 400 tons of gold and the WGC study says that it’s the “most on record.” Q3 2022 Data Shows the World’s Central Banks Stacked Close to 400 Tons of Gold On Nov. 1, 2022, the World Gold Council (WGC) published the organization’s “Gold Demand Trends Q3 2022” report, which highlights the current trends tethered to gold and the precious metal’s markets during the third quarter. WGC’s report , published on gold.org, says the third quarter was healthy and was driven by “stronger consumer and central bank buying.” WGC highlights that these factors helped year-to-date demand “recover to pre-Covid norms.” “Gold deman...

VICUNA is designed to develop cutting-edge technology and applications that push users beyond the limits of immersive experiences. VICUNA team believes in building products that improve customers’ lives and advance the state of VR as an industry with a strong focus on innovation and Artificial Intelligence(AI)—backed by the UAE’s leading investors, including Smart Desert Investment and Bin-Dhaen Holding. OSDT launched VICUNA; it is a licensed Company in Dubai, UAE. VICUNA team are world award-winning AI and Blockchain scientists and researchers. The VICUNA team; constantly pushing boundaries and exploring new avenues for immersive technology to make a difference in people’s lives. VICUNA is dedicated to opening up new opportunities for innovation and change within immersive technologies. The smell and Touch section allows users to shape the new world and experience the next level of gamification on Metaverse. We invite you to join us as we build better internet and virtual-reality...

A growing number of economists have warned about a severe recession in the U.S. if the Federal Reserve keeps up its fight against inflation. “Each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” said one economist. Economists Warn of Deep Recession Resulting From Fed’s Response to Inflation A growing number of economists have warned that the Federal Reserve’s fight against inflation, which remains at the highest level in decades, could lead to a severe recession in the U.S. At the upcoming Federal Open Market Committee (FOMC) meeting Wednesday, the U.S. central bank is expected to raise interest rates by another 75 basis points — the fourth 0.75 percentage point increase in a row. However, several economists cautioned that policymakers’ response to inflation could lead to a more severe downturn for the U.S. economy, the Financial Times reported Tuesday. “Each adverse [inflation] report and each adv...

According to Yi Gang, governor of China’s central bank, the process of designing the country’s digital currency is premised on two principles, the protection of user privacy as well as ensuring “financial security.” To achieve this, the central bank’s role will be limited to managing the digital currency’s “operating system” while the handling of personal transaction information is done by “designated operating institutions.” Adhering to Relevant Consumer Protection Laws People’s Bank of China (PBOC) governor Yi Gang has said the process of designing China’s central bank digital currency (CBDC), the digital yuan (also known as e-CNY), is guided by two principles: maintaining financial security and the protection of users’ privacy. To ensure the principles are adhered to, Gang claimed his institution’s role will be limited to managing the e-CNY operating system as well as handling cross-border transactions. Also, in his Oct.31 remarks to Hong Kong Fintech Week 2022 participants, Ga...

On Oct. 31, 2022, the publicly-listed bitcoin miner Argo Blockchain revealed the firm’s attempt to obtain $27 million in a scheduled financing deal fell through. According to the company’s October update, Argo said it did not believe the deal “will be consummated” and now two market analysts have downgraded the company’s shares. Argo Blockchain’s $27 Million Financing Deal Falls Through, Stock Shudders, Wall Street Analysts Downgrade ARBK Shares Bitcoin miners have been facing significant pressures as a couple of publicly-listed mining firms have faced financial hardships and bankruptcies . The recent mining difficulty all-time high has not helped, and the fact that Bitcoin’s hashrate price reached an all-time low, it has crippled specific mining businesses. Following the speculation surrounding mining companies like Compute North and Core Scientific, Argo Blockchain (Nasdaq: ARBK ) has given investors an unsettling update concerning a $27 million financing deal that fell throu...

Cryptocurrency exchange Coinbase has filed an amicus brief in support of Ripple Labs in the U.S. Securities and Exchange Commission (SEC) lawsuit over xrp. Coinbase’s support is seen as a significant step in the case given that the crypto exchange was among the first trading platforms to delist xrp following the SEC lawsuit. Coinbase Supports Ripple Against SEC The Nasdaq-listed cryptocurrency exchange Coinbase filed an amicus brief on Tuesday in support of Ripple Labs against the U.S. Securities and Exchange Commission (SEC). The regulator sued Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen over the sale of XRP , alleging that the crypto token is a security. Since the SEC lawsuit was filed, “multiple U.S. exchanges delisted XRP , causing its market value to decline by $15 billion, resulting in significant losses to Coinbase’s customers,” the counsel for Coinbase explained in the filing, noting: In the absence of a regulatory framework governing digital assets, Co...

The U.S. Department of Homeland Security (DHS) and the Federal Bureau of Investigation (FBI) are reportedly working closely with major social media platforms, like Facebook and Twitter, to police “disinformation.” Leaked documents further show their plans to expand censorship. Leaked Documents Reveal How Department of Homeland Security Plans to Police Disinformation Leaked documents and court records have revealed the Department of Homeland Security (DHS)’s plans “to police disinformation,” according to an article published Monday by The Intercept. The DHS “is getting involved in social media content moderation in a big way,” tweeted Ken Klippenstein, one of the two authors. The other author, Lee Fang, detailed: Docs show Facebook and Twitter closely collaborating w/ Dept of Homeland Security, FBI to police ‘disinfo.’ Plans to expand censorship on topics like withdrawal from Afghanistan, origins of Covid, info that undermines trust in financial institutions. While disinformatio...

Tesla, Spacex, and Twitter boss Elon Musk has decided to charge $8 per month for users of the social media platform to have a blue checkmark. “This will also give Twitter a revenue stream to reward content creators,” Musk explained, adding that “it is the only way to defeat the bots and trolls.” However, many Twitter users are unhappy about the announced charge. Twitter to Charge $8 per Month for Account Verification Tesla CEO and Twitter boss Elon Musk announced on Twitter Tuesday that he plans to charge $8 per month for Twitter users to have a blue verification checkmark that is currently free. His announcement came after several days of discussion on Twitter following his acquisition of the social media platform. In a followed-up tweet, he explained that the price will be “adjusted by country proportionate to purchasing power parity.” Musk further detailed that for $8 a month, users will also get “priority in replies, mentions & search, which is essential to defeat spam/s...

PRESS RELEASE. 1st Nov 2022, Bucharest, Romania — As part of its commitment to democratize access to the next generation of Web 3.0 Financial Services, ZoidPay has announced the launch of ZETA, the first on-demand Metaverse. What is ZETA? Integrating Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR), ZETA allows users to extend their reality with evolving utility. For example, users interested in retail will be able to explore many day-to-day experiences in the Metaverse, besides access to a host of Web 3.0 Financial Services, in a fully immersive digital experience. Eduard Oneci, CEO & Co-Founder at ZoidPay , stated: “Built entirely in-house, ZETA aims not just to let anyone access the Metaverse, but offers an opportunity to be an active part of it. The potential is unlimited. As the first on-demand Metaverse, we offer an open architecture that lets anyone create a customized Metaverse. So, we invite developers to get in touch with us with their re...

The victory President-Elect Luis Inacio Lula Da Silva obtained on Oct. 30 over the incumbent Jair Bolsonaro in Brazil might open the gates for the proposal of a single currency for the countries of Latam. Lula announced this as part of his campaign, preaching the utility of a common currency as a way of fighting inflation and dependence on the U.S. dollar. Brazil’s Lula Might Spearhead Proposal of Single Currency in Latam The tight electoral victory that now-President-Elect Lula Da Silva has obtained on Oct. 30 might bring the rise of a new common currency for Latam, judging by the politician’s statements. The left-wing politician, a member of the Workers Party in Brazil, had commented about the need for a single currency on the continent as part of his presidential campaign, explaining the possible opportunities that such a change might bring. Lula commented on the subject in a rally celebrated on Aug. 30, stating: We are going to restore our relationship with Latin America. Go...

The Ethereum blockchain co-founder, Vitalik Buterin, insisted in a recent tweet that crypto is a better bet than gold, which is not only inconvenient, but difficult to use as well. While Buterin asserts that such characteristics make gold less appealing, some crypto opponents argued that gold is better, because unlike the Ethereum blockchain, it is not controlled by only a few entities. Decentralized Issuer of Money The Ethereum blockchain co-founder, Vitalik Buterin, waded into the crypto-versus-gold debate after he posted a tweet suggesting that the former is a better bet than the precious metal. In his Oct. 26, 2022 tweet, Buterin slates author Zach Weinersmith’s assertion which implies that gold fits well with what crypto enthusiasts are advocating for. As suggested by Weinersmith in his tweet posted on the same day, the only meaningful argument put forward by crypto advocates is their call for a decentralized money-issuing authority. Still, the author wondered why gold, given...

In 2021, African fintech startups accounted for 61% of the $2.7 billion in venture capital funding that was deployed on the continent, a new study has found. While its share of global fintech funding is just over one percent, the continent’s fintech sector still recorded one of the highest year-on-year growth rates globally. ‘Record-High Number of Deals Closed’ According to the findings of a new Mastercard study , African fintech startups — whose number grew from 311 in 2019 to 564 in 2021 — accounted for “61% of the USD 2.7 billion deployed across Africa in 2021.” The findings also show that fintechs’ share “of the record-high number of deals closed” in that year was 27%. When compared with the $131.5 billion that was raised globally, African fintech’s share of the total remains very low — just over 1% of the 2021 total. However, in terms of the funding growth rate, the study noted that the continent — the Sub-Saharan Africa region in particular — had one of the highest year-on-y...

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 ...