Bitcoin News and Finance: What You Need to Know

Ripple, the United States-based tech firm, has said its crypto solution known as “on-demand liquidity” is set to help MSF Africa “streamline real-time mobile payments for customers in 35 countries.” The evolution of Ripple’s partnership with MSF Africa, which has 800 payment corridors across the continent, will ostensibly see the whole region getting a chance to reap “the financially inclusive benefits.” Enabling Faster, Low-Cost Remittances The United States-based technology company, Ripple, announced on Nov. 14 that it had formed a partnership with MSF Africa that is expected to help “streamline [MSF Africa’s] real-time mobile payments for their customers across 35 countries.” As part of the agreement, MSF Africa, a leading fintech group on the continent, will use Ripple’s crypto solution known as on-demand liquidity (ODL). Commenting on MSF Africa’s decision to partner with Ripple, the mobile financial solutions company’s CEO, Dare Okoudjou, said: MFS Africa’s mission is to ma

PRESS RELEASE. As of September 2022, MEXC has finally reached a respectable milestone of 10 million users! To celebrate this unique achievement, starting November 18th of this year, MEXC will introduce a major brand color change to its global userbase to spread awareness for which it stands for. After surveying customers directly during a limited roll-out in South Korea, the color has transitioned from MEXC’s original ‘Forest Green’ color-scheme, to a new, beautiful ‘Ocean Blue’ pallet. At MEXC, our #1 priority is adhering to the principle of ‘Users Come First’. Upon further surveying additional global markets, the response has been overwhelmingly positive for ‘Ocean Blue’ – the change is now permanent. Vice President of MEXC, Andrew Weiner states that users in Korea advocated strongly for the rebrand to ‘Ocean Blue’. “Following our evaluation, we tested the requested color upgrade with our passionate users from MEXC Korea. It was great to see the change so well-received, and MEXC i

Singapore government’s Temasek has written down the full value of its $275 million investment in the bankrupt crypto exchange FTX. “ Our belief in the actions, judgment, and leadership of Sam Bankman-Fried … would appear to have been misplaced,” Temasek admitted. Temasek’s Investments in FTX Now Worth $0 The Singapore government’s Temasek Holdings issued a statement regarding its investments in FTX Thursday after the cryptocurrency exchange filed for bankruptcy . Temasek is a global investment company headquartered in Singapore with a portfolio valued at $403 billion Singapore dollars (US$294 billion). Temasek was established to own and manage the assets previously held by the Singapore government; the government is the sole equity shareholder of Temasek. The investment firm explained: We invested US$210 million for a minority stake of ~1% in FTX International, and invested US$65 million for a minority stake of ~1.5% in FTX US, across 2 funding rounds from October 2021 to Januar

U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.” Senator Lummis Explains How Her Crypto Bill Would Prevent the FTX Catastrophe U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin is something that the Federal Reserve should hold on its balance sheet. She has said repeatedly that the cryptocurrency is an excellent store of value . She tweeted Monday: The FTX bankruptcy wouldn’t happen under the Lummis-Gillibrand bill. Lummis and Senator Kirsten Gillibrand (D-NY)

The new CEO of FTX, appointed after the crypto exchange filed for bankruptcy, has blasted the company under former CEO Sam Bankman-Fried. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” he said in a court filing. ‘Complete Failure of Corporate Controls’ John Ray III, the new CEO of FTX and a veteran insolvency professional who oversaw the liquidation of Enron , revealed in a court filing on Thursday that FTX is the worst case of corporate failure that he had seen in his more than 40-year career. Ray, who was appointed to replace Sam Bankman-Fried (SBF) when FTX filed for Chapter 11 bankruptcy on Nov. 11, wrote: Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. “From compromised systems integrity and faulty regulatory oversight abroad to the concentration of

Both facing sanctions, Russia and Cuba are looking into alternative options for cross-border payments, including cryptocurrencies, a Kremlin advisor has unveiled in Havana. Moscow is already developing a mechanism for crypto settlements to circumvent financial restrictions imposed over its invasion of Ukraine. Crypto and Ruble Considered for Payments in Trade Between Russia and Cuba The governments of Russia and Cuba are considering the use of Russian rubles and cryptocurrencies to facilitate bilateral cooperation against the backdrop of sanctions imposed on both nations. The news comes from a statement made by Boris Titov, commissioner for entrepreneurs’ rights under the Russian president, who visited Havana. Russia’s business ombudsman arrived in the Cuban capital during the 38th edition of the Havana International Fair. “All of us, Cuba and Russia, are under sanctions, the dollar turnover is the main financial mechanism that exists in the world for mutual settlements, but today

On Nov. 16, 2022, at Bitcoin block height 763,474, someone transferred 6,522 bitcoin worth roughly $107 million after the coins sat idle for more than five years. While bitcoin’s value is 75% lower than it was a year ago, so-called sleeping bitcoins have been waking up amid the recent crypto market capitulation. While Bitcoin’s Price Remains 75% Lower Than a Year Ago, a Slew of Old Bitcoins Start Moving After Years of Inactivity Five days ago, 3,500 bitcoin from 2011 were transferred for the first time in 11 Years. Amid the crypto market carnage associated with FTX, old coins have been waking up for some reason, and they have been moving to unknown wallets. For instance, the bitcoin address “ 1QBG9 ,” moved 25 BTC at block height 762,719 from an address created on Nov. 13, 2011. Not too long after that, 50 bitcoin from 2010 were spent on Nov. 14, 2022, after sitting idle for over a decade. The bitcoin address “ 1LB8B ,” which moved the 50 BTC at block height 763,149 was created

Australia’s securities regulator has suspended the license of the Australian unit of the bankrupt crypto exchange FTX until mid-May. According to an issued statement, the platform will be allowed to provide limited financial services until Dec. 19 in order to terminate existing derivatives. FTX Australia Sees License Suspended After Accepting Voluntary Administration The Australian Securities and Investments Commission (ASIC) has suspended the financial services license of FTX Australia Pty Ltd. until May 15, 2023. The decision comes after the local arm of the failed cryptocurrency exchange was placed under voluntary administration on Friday. In an announcement published on its website on Thursday, the regulator pointed out that the entity will be able to continue to provide limited financial services related to the termination of existing derivatives with clients until Dec. 19, 2022. The suspension comes after the appointment of two voluntary administrators of FTX Australia and

Investment firm Paradigm is still optimistic about crypto’s potential following the collapse of FTX. “The blowup of FTX has caused some to question crypto’s value. But the issues at FTX are precisely ones that decentralized finance [defi] can solve through increased transparency and security,” the firm’s co-founder emphasized. Paradigm on FTX Collapse, Defi Paradigm co-founder Matt Huang took to Twitter to explain the impact cryptocurrency exchange FTX’s collapse has on his company. Paradigm is a San Francisco-based investment firm focused on supporting crypto and Web3 companies and protocols. “We are shocked by the revelations about FTX, Alameda, and SBF,” he began. FTX and trading firm Alameda Research filed for Chapter 11 bankruptcy last week. Both companies were founded by Sam Bankman-Fried (SBF), who has stepped down as the CEO of FTX. “Facts are still coming to light, and there will be many lessons to learn,” Huang added, elaborating: We feel deep regret for having invest

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, has commented on the collapse of crypto exchange FTX, stating that “it is partly fraud and party delusion.” Noting that “the country did not need a currency that’s good for kidnappers,” he stressed: “I basically like the existence of the Fed … I hate bitcoin promoters.” He also said that Tesla’s success is a “minor miracle.” Berkshire’s Charlie Munger on Bitcoin, FTX Collapse, the Fed, Tesla, and Elon Musk Charlie Munger, Warren Buffett’s right-hand man and longtime business partner, has made fresh comments about bitcoin and the collapse of crypto exchange FTX. “It pains me that in my own country, I see people that were once regarded as very reputable people helping these things exist,” the 98-year-old Berkshire Hathaway vice chairman said, adding: This is a very very bad thing. The country did not need a currency that’s good for kidnappers and so on. He noted that it depresses him that some peopl

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that he would again back Sam Bankman-Fried (SBF), the former CEO of the collapsed crypto exchange FTX. “You can’t be serious,” many people told O’Leary, alleging that SBF is a fraud who stole billions from FTX customers. Kevin O’Leary Ignores Evidence of Fraud, Says He’d Back ex-FTX CEO Sam Bankman-Fried Again Shark Tank star Kevin O’Leary has shocked many people when he said on the Crypto Banter podcast, published Tuesday, that he would still back Sam Bankman-Fried (SBF), the former CEO of the collapsed crypto exchange FTX. Last week, the crypto company filed for Chapter 11 bankruptcy and Bankman-Fried stepped down as the CEO. O’Leary has an equity stake in FTX and has signed a multiyear deal to become the crypto exchange’s ambassador and spokesperson. His compensation was paid in crypto and managed on the FTX platform. “If SBF knocked on your door again and said, ‘Look I failed in my last venture, I have a new crypto ventu

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says bitcoin is not the problem following the collapse of cryptocurrency exchange FTX. Kiyosaki believes that former FTX CEO Sam Bankman-Fried is more like the Bernie Madoff of crypto than the Warren Buffett of crypto. Robert Kiyosaki on Bitcoin, FTX Blowup, Bernie Madoff The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his thoughts about bitcoin, the collapsed crypto exchange FTX, and its former CEO Sam Bankman-Fried (SBF). FTX filed for bankruptcy last week and Bankman-Fried stepped down as the CEO of the company. 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 implosion of FTX, many people rushed to exit the crypto space, which led to heavy market sell-offs. However, K

The collapse of FTX and subsequent calls for tougher regulation by the likes of U.S. Senator Elizabeth Warren have increased the likelihood of regulators adopting even stricter crypto laws. In Africa, crypto industry participants warn of the unintended consequences arising from rushed and over-restrictive regulations. The Game-Changing Role of Crypto in Africa As the crypto industry continues to grapple with the ramifications of FTX’s collapse and the resulting loss of trust, regulators have been quick to use this incident to support their call for more stringent regulations. Opponents of bitcoin and decentralized digital assets like U.S. Senator Elizabeth Warren have blasted regulators for allowing entities such as FTX to operate outside regulation. Compounding matters for crypto enthusiasts who may want to lobby against damaging legislation is the impression that crypto entrepreneurs are not bound or guided by any known code of conduct. Critics of the industry believe this lack o

Claims that Ukraine has invested military aid into the bankrupt crypto exchange FTX have been rebutted by a representative of the Ukrainian government. Speculation circulated on social media suggested such funds have been returning to the U.S. via FTX donations for the Democratic Party. Kyiv Official Describes as Nonsense Allegation That Ukrainian Investment in FTX Funded Democrats Deputy Minister of Digital Transformation of Ukraine, Oleksandr (Alex) Bornyakov, has rejected claims that money sent in support of his war-torn nation has been invested in FTX, one of the largest cryptocurrency exchanges which is currently in bankruptcy proceedings . The rumors spread on social media last week with some commenters linking the alleged investment in FTX to donations made by the troubled coin trading platform to the Democratic Party in the United States. #BREAKING ⚡️🇺🇦UKRAINE “MILITARY AID” FROM USA – WAS INVESTED IN CRYPTO “FTX” BY UKRAINE! — UKR REPORT (@UKR_Report) November 12, 20

U.S. Congressman Brad Sherman has called on the Securities and Exchange Commission (SEC) to “take decisive action to put an end to the regulatory gray area in which the crypto industry has operated.” He added that he plans to work with his colleagues in Congress in the coming weeks “to examine options for federal legislation.” Rep. Brad Sherman on Cryptocurrency Regulation Congressman Brad Sherman (D-CA), chairman of the subcommittee on Investor Protection and Capital Markets, released a statement regarding the implosion of cryptocurrency exchange FTX on Sunday. FTX’s “sudden collapse” has been “a dramatic demonstration of both the inherent risks of digital assets and the critical weaknesses in the industry that has grown up around them,” the lawmaker described. Noting that “We do not yet know the scope of financial harm caused to consumers and investors in the U.S. and around the world,” Sherman stressed: It is crucial that we develop a clear understanding of the chain of event

A Citi analyst has warned of a serious risk of broader contagion to the crypto ecosystem stemming from the collapse of crypto exchange FTX, noting that the contagion “can last for a significant amount of time.” He added that the crypto industry seems to have “no significant lender of last resort.” Citi’s Analyst Warns of Broader Contagion to Crypto Ecosystem Citi analyst Joseph Ayoub explained in an interview with CNBC Friday that the overall cryptocurrency market faces risks of contagion from the implosion of FTX. The troubled crypto exchange filed for Chapter 11 bankruptcy Friday. The Citi analyst cautioned: I think there’s a serious risk of broader contagion to the ecosystem itself. However, he added: “It’s unlikely that contagion spreads toward broader financial markets, and that’s mainly because of the size of the crypto space, which is only around $830 billion in comparison to the $43 trillion U.S. equity market.” Ayoub further predicted that companies in the crypto sect

Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, says recent blowups in the crypto space, including the FTX implosion, “have been banking blowups,” not crypto blowups. He also explained why he invests in crypto. Recent Blowups Aren’t Crypto Specific Mark Cuban explained on Twitter Saturday that the implosion of FTX is not a crypto blowup. Commenting on his Shark Tank co-star Kevin O’Leary discussing why the collapse of the crypto exchange signals a turning point in the industry, Cuban tweeted: These blowups have not been crypto blowups, they have been banking blowups. “Lending to the wrong entity, misvaluations of collateral, arrogant arbitrages, followed by depositor runs,” the Shark Tank star elaborated. “See long-term capital, savings & loan and sub-prime blowups. All different versions of the same story.” Many people on Twitter agreed with Cuban. One user described: “There was nothing specific about crypto … Other recent blowups (3AC, Celsius

U.S. Treasury Secretary Janet Yellen and Federal Reserve Vice Chair Lael Brainard have stressed the need for strong crypto regulation. Yellen said the FTX collapse shows “the weaknesses” of the entire crypto sector while Brainard cautioned that failures from one platform are “spilling over into elsewhere.” Yellen: Crypto Needs ‘Very Careful Regulation’ U.S. Treasury Secretary Janet Yellen shared her concerns regarding the implosion of cryptocurrency exchange FTX Saturday in an interview with Bloomberg. She stressed that FTX’s failure has reinforced her view that the crypto market requires “very careful regulation,” emphasizing that “It shows the weaknesses of this entire sector.” Yellen compared crypto markets to developed financial markets with better investor protection rules, adding: In other regulated exchanges, you would have segregation of customer assets. The notion you could use the deposits of customers of an exchange and lend them to a separate enterprise that you cont

Bitcoin was trading marginally higher on Nov. 15, as the U.S. dollar continued to weaken, dropping to multi-month lows versus several G7 currencies. The decline of the dollar overshadowed tweets from FTX’s Sam Bankman-Fried, who cryptically tweeted “What happened” to his 1 million followers. Bitcoin Bitcoin ( BTC ) rose back above $17,000 on Tuesday, as the U.S. dollar weakened on reports that the Federal Reserve could be set to pivot its hawkish policy. Following a low of $16,267.33, BTC /USD raced to an intraday high of $17,109.32 earlier in today’s session. The weaker dollar was a catalyst for the move, as markets seemed to have ignored cryptic tweets from Sam Bankman-Fried. Looking at the chart, BTC seems to have settled on a floor (for now) of $15,800, using this as a springboard to securing consecutive higher highs. BTC has since moved back below $17,000, as the 14-day relative strength index (RSI) neared a key resistance level of 39.00. Bulls may face difficulty exten

A study from Technavio, a market research firm, has predicted that the area of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report states that 33% of this growth will originate in U.S. markets, due to the intersection of gaming and film companies. Metaverse of Entertainment to Grow, Fueled by Consumer Adoption The metaverse and its future adoption continue to be a matter of active research by market forecasting companies. A report issued on Nov. 11 by Technavio, a market research firm, has determined that the market size of the metaverse initiatives related to entertainment will grow to reach $28.92 billion in the period from 2021 to 2026. The report identified two key areas that will fuel this growth, including the rising consumer spending on virtual concerts and virtual events, made possible by the growing advancements in virtual reality (VR) and augmented reality (AR) t