Bitcoin News and Finance: What You Need to Know

Globant, a Luxembourg-based tech giant with Argentine origins, has referred to the short-term future of the metaverse in its latest Tech Trends report. According to the company, this year the metaverse will “burn bright or burn out,” as it needs to show its potential when compared to other trendsetting tech like artificial intelligence. Metaverse at a Decisive Moment, According to Globant Globant, one of the biggest IT technology companies in the world, has referred to the potential future that metaverse and technology related to this new vision might have in the short term. According to its 2023 Tech Trends report , the company believes that 2023 is the year for the metaverse to “burn bright or burn out,” as the market is still waiting for significant and practical applications to rise in this field. Companies like Meta have already invested billions of dollars in the sector, and while the company has produced VR headsets directed at mainstream audiences, it has failed to penetra...

Revenue from cryptocurrency scams dropped 46% in 2022, according to blockchain data analytics firm Chainalysis. “We attribute most of this decline to market conditions, as scam performance tends to worsen when cryptocurrency prices are in decline,” the firm explained. ‘Crypto Scam Revenue Fell Significantly in 2022’ Blockchain data analytics firm Chainalysis published its 2023 Crypto Crime Report last week with a section on crypto scams. “Crypto scam revenue dropped 46% in 2022,” the 109-page report reads, elaborating: Crypto scam revenue fell significantly in 2022, from $10.9 billion the year prior to just $5.9 billion. Chainalysis tracks several types of crypto scams, including giveaway scams, impersonation scams, investment scams, non-fungible token (NFT) scams, and romance scams. Noting its numbers are “a lower-bound estimate,” the blockchain analytics firm explained that “estimates of the true amount lost to fraudsters will grow as we identify more addresses associated wit...

The California Department of Financial Protection and Innovation (DFPI) has launched a cryptocurrency scam tracker to help residents “spot and avoid crypto scams.” The regulator stated: “As reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public.” California Regulator’s Crypto Scam Tracker The Department of Financial Protection and Innovation (DFPI) of the U.S. state of California announced last week the launch of its Crypto Scam Tracker to help people in the state “spot and avoid crypto scams.” The financial regulator described: The tracker details apparent crypto scams identified through a review of complaints submitted by the public and allows California consumers and investors to do their own research and prevent harm to themselves and others. The Californian regulator’s crypto scam tracker is a database — searchable by company name, scam type, or keywords — for consumers to learn more about crypto-specific ...

Gemini’s co-founder believes that the next crypto bull run will come from the East. “It will be a humbling reminder that crypto is a global asset class,” he said. “The West, really the U.S., always only ever had two options: embrace it or be left behind. It can’t be stopped.” Gemini Co-Founder on Next Crypto Bull Run Cameron Winklevoss, co-founder of the U.S.-based cryptocurrency exchange Gemini, believes that the next crypto bull run will come from the East. He tweeted Sunday: My working thesis [at the moment] is that the next bull run is going to start in the East. It will be a humbling reminder that crypto is a global asset class. “The West, really the U.S., always only ever had two options: embrace it or be left behind. It can’t be stopped. That we know,” he emphasized. “Any government that doesn’t offer clear rules and sincere guidance will be left in the dust. Quickly. This will mean missing out on the greatest period of growth since the rise of the commercial Internet,” ...

PRESS RELEASE. Like bitcoin, the four Seasonal Tokens – Spring , Summer , Autumn and Winter – are produced by proof-of-work mining and go through regular halvings that make them harder to obtain as time goes on. Once every nine months, the rate of production of one of the tokens is cut in half. That token goes from being produced at the fastest rate of the four tokens, to the slowest. Summer tokens are currently produced at a rate of one token every 4.3 seconds. On the 6th of March, that rate will drop to one token every 8.6 seconds. Summer tokens, which are currently the cheapest of the four, are expected to become the most expensive over the following months as the market adjusts to the lower rate of supply. This process has already happened once before , after the Spring halving in June of 2022. Spring was the cheapest token before the halving, and then it became the most expensive. Analysis of the historical data has shown that the relative prices of the tokens tend to reflec...

Yandex, the largest Russian search engine, has updated its currency converter, adding cryptocurrencies. The widget now shows the rates of these coins in a number of fiat currencies, with plans to introduce crypto-to-crypto pairs in the future as well. Yandex Integrates Leading Cryptocurrencies Into Its Currency Converter Users of Russia’s leading search engine, Yandex, can view information about over 140 most popular cryptocurrencies, besides the data for the national currencies of various countries. The crypto rates have been added to the latest version of its currency converter, the company announced. The widget, which features a price chart and a quick conversion tool, is located right above the search results, the Russian Rb.ru news outlet reported, quoting Yandex. The software recognizes standard keywords and even slang or imprecise language in the query. The value of the coins and tokens of interest can be displayed in Russian rubles, U.S. dollars, euros, and other fiat curr...

According to reports, Tencent and Bytedance, two Chinese tech giants, are planning to execute a significant number of job cuts in their metaverse divisions. Tencent recognized it is making some staff adjustments, amidst rumors of hundreds of layoffs in its extended reality division, while Bytedance is also planning to cut staff in Pico, its metaverse headset subsidiary. Tencent and Bytedance Reportedly Shedding Metaverse-Dedicated Staff Tencent and Bytedance, two of the biggest Chinese tech companies, are planning to execute hundreds of layoffs in their metaverse development groups according to various reports. Tencent, which is most known for its software business, is currently abandoning its plans to get into the metaverse hardware market, affecting hundreds of employees at the company. According to local outlets, the company told more than 300 employees that they should be searching for new work opportunities and that the extended reality division, dedicated to the development ...

The Central Bank of Russia plans to launch test operations with digital ruble transactions between real customers at the beginning of April. More than a dozen banks will join the upcoming stage of the pilot project, a high-ranking representative of the bank announced to Russian media. Russia’s Monetary Authority to Trial Actual Settlements With Digital Ruble The Central Bank of the Russian Federation (CBR) is going to proceed to the next phase of the digital ruble pilot project on the first day of April. Testing will involve real transactions with the new form of the national fiat, Deputy Governor Olga Skorobogatova told journalists. The plan is to start with transfers between individuals and payments between trade and service companies, the top official detailed. Skorobogatova emphasized that these will be “real transactions” and “real customers” of 13 banks that are ready to take part. However, she also noted that the initial number of these transactions, as well as the number o...

The largest bank in Southeast Asia, DBS, has revealed that bitcoin trading volume on its cryptocurrency exchange jumped 80% in 2022 while ether trading volume surged 65%. “We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals that have rocked the industry,” a DBS executive described. DBS Sees Record Trading Volumes for Bitcoin and Ether DBS, the largest bank in Southeast Asia, announced last week that its digital asset exchange saw record trading volumes for bitcoin and ether in 2022. In addition, the number of BTC and ETH under custody at the bank soared during the same time period. According to the bank, the number of bitcoin traded on DBS Digital Exchange (DDEX) was close to 80% higher year-on-year while the number of ether traded on the platform was nearly 65% higher. The bank further revealed that the “number of bitcoin and ether custodised with DBS [is] up more than 100% and 60% respectively,” em...

Binance US has refuted reports that draw parallels between it and “fraudulent exchanges that have gone bankrupt.” The U.S.-based crypto trading platform stressed that “only Binance.US employees” have access to its bank accounts, denying the allegation that global crypto exchange Binance has “secret access.” Clarifications by Binance US Binance US, a U.S.-based cryptocurrency trading platform affiliated with the global crypto exchange Binance, has refuted reports that compare it to fraudulent and bankrupt crypto exchanges. Binance and Binance US claim that they are separate entities with different management teams. “There have been many attempts to draw parallels between Binance.US and fraudulent exchanges that have gone bankrupt,” the official Twitter account for Binance US tweeted Thursday. “There is no comparison,” the exchange stressed and proceeded to provide some evidence to support its claims. Firstly, Binance US explained that its leadership is comprised of ex-employees of ...

Despite seeing their share of Africa’s startup funding drop from 48.3% seen in 2021 to 43.4% in 2022, fintech still managed to raise 39.3% more capital in 2022 ($1.45 billion) than they did in 2021 ($1.04 billion). Nigeria was again the best-funded country after 180 of its startups raised a combined US$976,146,000 or 29.3% of the African continent’s total. Big Four’s Share Drops According to Disrupt’s 2022 African tech startup funding report, fintech startups were able to secure $1.45 billion in funding in the past year. The sector’s total capital raise represented an increase of 39.3% from the approximately $1.04 billion that was secured in 2021. Despite this increase in fintechs’ overall funding, the sector’s share of total capital raised by African tech startups still dropped from 48.3% seen in 2021 to 43.4% in 2022. As was the case in 2021, Nigeria is again the best-funded country after 180 of its startups raised a combined US$976,146,000 or 29.3% of the African continent’s tot...

The Bank of Zambia and the country’s securities regulators are currently testing the technology to regulate cryptocurrencies, a Zambian government minister has said. According to Felix Mutati, cryptocurrency is a revolutionary technology that embodies a future his country desires to achieve. Achieving an Inclusive Digital Economy The Zambian central bank and the country’s Securities and Exchange Commission are in the process of “testing” technology to regulate cryptocurrencies, the country’s minister of Technology and Science, Felix Mutati, has said. In his remarks published on the ministry’s website , Mutati argued that Zambia needs to regulate this “revolutionary technology” because it encapsulates “the future the country desires to achieve.” Mutati also revealed that the testing of the regulatory technology will soon be upscaled as part of measures to help Zambia attain an “inclusive digital economy.” In addition, the minister said Zambia, which is seeking to become the region’s...

On Feb. 17, 2023, Tokyo-based Sony Network Communications announced that it is co-hosting a Web3 incubation program with the multichain smart contract platform Astar Network. The program has started accepting applications, and Sony and Astar will jointly mentor Web3 projects “focused on the utility” of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). Sony and Astar to Co-Host Web3 Incubation Program Sony Network Communications , a subsidiary of Japanese technology giant Sony Group, announced Friday that the company is exploring ways to address industry issues using blockchain and Web3 technology. A Web3 incubation program is planned for mid-March to mid-June with Astar Network and Singapore-based Startale Labs to bolster relevant Web3 solutions. Startale was founded by Astar Network CEO Sota Watanabe. The announcement sent to Bitcoin.com News states that Sony and the Astar Foundation will select “10 to 15 cohorts” from the applications. The program is ...

Economist Mohamed El-Erian, Allianz’s chief economic advisor and chair of Gramercy Funds Management, has warned that the Federal Reserve cannot achieve its 2% inflation target without crushing the U.S. economy. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist suggested. The Fed Could Crush US Economy, Economist Warns Economist Mohamed El-Erian warned on Friday that the Federal Reserve cannot achieve its inflation target of 2% without “crushing the economy.” El-Erian is president of Queens’ College, Cambridge University, and chair of Gramercy Funds Management. He is also chief economic adviser at Allianz, the corporate parent of PIMCO, one of the largest investment managers. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist stressed in an interview with Bloomberg Television. He emphasized: I don’t think they can get CPI to 2% without crushing the economy, but that’s because 2% is not the right target. El-Erian’s comments followe...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that investing in a well-diversified portfolio of stocks, bonds, mutual funds, and exchange-traded funds (ETFs) is “very risky” advice. Kiyosaki stressed that gold, silver, and bitcoin are the best investments for “unstable times.” Robert Kiyosaki’s Investment Advice The author of Rich Dad Poor Dad, Robert Kiyosaki, gave some more investment advice this week. 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 Friday: For years, I have been saying, ‘Saving money & investing in a well-diversified portfolio of stocks, bonds, mutual funds & ETFs is risky advice.’ Today very risky advice. I still believe gold, silver, bitcoin best for unstable times, although prices will...

Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions about the Federal Reserve raising interest rates further. Bank of America and Goldman Sachs, for example, now expect the Fed to raise interest rates three more times this year. Major Banks Predict More Fed Rate Hikes As the U.S. Federal Reserve continues its fight against inflation, several major banks — including Bank of America, Goldman Sachs, UBS, and JPMorgan — have shared their predictions about how much more the Fed will raise interest rates this year. Goldman Sachs said in a note Thursday that it now expects the U.S. central bank to raise interest three more times this year after data released Thursday pointed to persistent inflation and a resilient labor market. The bank, which previously predicted 25-basis-point rate increases in the Fed’s March and May meetings, now expects another rate hike in June. The firm’s economists, led by Jan Hatzius, head of the Global Investment Research Division and...

The Nigerian crypto payment gateway Fluidcoins was recently bought for an undisclosed sum by Blockfinex, in a deal which the former’s CEO Lanre Adenowo described as an “acquihire deal.” Blockfinex reportedly said it will leverage the acquisition to launch its own platform known as Blockpay. Scaling Blockfinex’s Crypto Payment Processing Business The Nigerian crypto payment gateway, Fluidcoins, was recently acquired for an undisclosed sum by the Seychelles-registered crypto exchange company Blockfinex. According to a Techcabal report , Blockfinex’s acquisition of a 100% stake in the Nigerian firm came some 18 months after Fluidcoins’ last capital raise of $150,000. Commenting on the acquisition that was facilitated by Dan Holdings Limited, Blockfinex founder and CEO Danny Oyekan reportedly said: This acquisition was driven by a decision to venture into wallet as a service business and crypto payment processing and scale it across the world. Blockfinex reportedly said it will lev...

The Brazilian government is preparing to release a decree to fill the blank spaces that the recent approval of the cryptocurrency law has left open. The document, prepared by the Ministry of Finance, will establish the areas of oversight and responsibilities for the Central Bank of Brazil and the national securities regulator (CVM). Brazilian Government to Issue New Crypto Regulation Decree Members of the Brazilian government are working to extend the cryptocurrency rules established by the cryptocurrency law sanctioned on Dec. 21 by outgoing president Jair Bolsonaro. According to reports from local outlets, the Ministry of Finance is working on a decree to fill in the blanks that the general formulation of the law left unaddressed. The document will have to be reviewed by executive aides of president Luis Inacio “Lula” Da Silva before getting sanctioned. The document is being prepared by Gabriel Galipolo, executive secretary of the Ministry of Finance, and by the secretary of ec...

Norwegian authorities, in collaboration with the Federal Bureau of Investigation (FBI) and the U.S. Department of Justice (DOJ), have allegedly seized about $6 million that was stolen in last year’s Axie Infinity heist. “It is the biggest crypto seizure Norwegian police have ever made,” said Norway’s Økokrim. Norway and FBI Recoup Some Stolen Funds From Axie Infinity Attack Økokrim, Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime, announced Thursday that it has seized 60 million kroner (approximately $5.8 million) in crypto in connection with the attack against Axie Infinity and Sky Mavis, the company that developed the non-fungible token (NFT)-based online video game. The Norwegian authority explained that in collaboration with the U.S. Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI): Økokrim has seized close to NOK 60 million in cryptocurrency. It is the biggest crypto seizure Norwegian police have ever...

Crypto exchange Binance expects to pay fines to U.S. authorities to settle regulatory and law-enforcement investigations over its past conduct, the company’s chief strategy officer reportedly said. When Binance began its business, the company was unfamiliar with the rules it needed to comply with in the U.S., the executive explained. Binance Plans to Settle With US Regulators Binance’s chief strategy officer, Patrick Hillmann, revealed Wednesday that the cryptocurrency exchange expects to pay fines to settle existing U.S. regulatory and law-enforcement investigations, the Wall Street Journal reported. He explained that in its early days, Binance was unfamiliar with the legal framework and regulations in the U.S. to mitigate the risk of bribery and corruption, money laundering, and economic sanctions. The Binance executive stated that the crypto exchange is currently working with regulators to identify potential “remediations” the company has to go through “to make amends” for its ...

Coinbase CEO Brian Armstrong has called on Congress to pass clear crypto legislation, warning that the U.S. risks losing its status as a financial hub. “Crypto is open to everyone in the world and others are leading,” the executive stressed. Coinbase’s CEO on Cryptocurrency Regulation The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has called on Congress to pass clear crypto legislation. He tweeted Wednesday: America risks losing its status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators. Congress should act soon to pass clear legislation. “Crypto is open to everyone in the world and others are leading,” he added, mentioning the EU, the U.K., and Hong Kong. Besides Armstrong, many people have complained that crypto regulation in the U.S. is not clear, making it difficult for companies to comply. However, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Ge...

Another member of Sam Bankman-Fried’s inner circle allegedly plans to plead guilty to criminal charges for his role in the alleged fraud that occurred at the cryptocurrency exchange FTX. According to unnamed sources familiar with the matter, Nishad Singh, FTX’s former director of engineering, is attempting to negotiate a deal with New York prosecutors. Sources Say Former FTX Director of Engineering Nears Plea Deal, Singh Could Provide Critical Testimony On Friday, Bloomberg reporter Allyson Versprille reported that Nishad Singh, the former director of engineering at FTX, is negotiating a deal with federal prosecutors in Manhattan. Two other individuals from Sam Bankman-Fried’s inner circle, ex-Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang, have already pleaded guilty to charges related to the multiyear fraud that allegedly took place at FTX since 2019. Unnamed sources who are familiar with the matter told Versprille about the agreement, and the reporter noted...

A draft law filed in the Russian parliament permits operators of platforms providing financial services to also run blockchain platforms. The legislation will allow them to combine their regular activities in the traditional financial market with issuing digital assets. New Law Opens Door to Blockchain Space for Russian Financial Service Providers The State Duma, the lower house of parliament in Russia, has adopted on first reading a bill allowing financial marketplaces, as defined by another Russian law, to also function as blockchain platforms facilitating the issuance and exchange of digital financial assets (DFAs). The legislative initiative comes from a group of lawmakers headed by the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, crypto news outlets Bits.media and RBC Crypto reported. Its main purposes is to help the development of tokenized cashless payments, the digital ruble , and DFAs. The latter are regulated by the law “On Digital Financia...