Bitcoin News and Finance: What You Need to Know

The Ethereum layer two (L2) scaling solution Arbitrum has launched a native governance token named ARB and a self-executing decentralized autonomous organization (DAO) governance model. The ARB token will have an initial supply of 10 billion, and coins will be airdropped to the Arbitrum DAO treasury, Offchain Labs (the company behind Arbitrum), Offchain Labs investors, users of the Arbitrum platform, and DAOs that are building with the L2 technology. Arbitrum Launches Self-Executing DAO Governance Model That Aims for Increased Decentralization Arbitrum, the L2 scaling project, has announced the launch of a self-executing DAO governance model and a new governance token called ARB on March 16, 2023. “Today, the Arbitrum Foundation is extremely excited to announce the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, alongside the launch of ARB,” the team tweeted on Thursday. The ARB airdrop will be distributed to eligible Arbitrum ecosystem participants, and c

Silicon Valley Bank’s (SVB) collapse has had a “limited impact” on the European Union but authorities must still “stay alert” to events as they unfold, European Commissioner Mairead McGuinness has said. Despite McGuinness’ reassuring remarks, stocks of Europe’s largest banks still plunged by as much as 10% on March 15. Silicon Valley Bank’s ‘Limited’ EU Impact According to the European Commissioner for financial services, Mairead McGuinness, the collapse of the U.S. bank Silicon Valley Bank has so far had limited impact on the European Union (EU). However, in her March 15 remarks before the EU parliament, McGuinness said the region’s authorities should “stay alert” to the unfolding events in the international markets. McGuinness also revealed that the European Commission (EC) is currently monitoring the banking situation in the United States and that it hopes to learn important lessons. “The direct impact on the European Union seems to be limited but we should reflect on whether

Bitcoin briefly moved back above $25,000 on Thursday, as markets rebounded from a volatile session the day prior. The potential collapse of Credit Suisse was somewhat averted, following an intervention from the Swiss National Bank, which has helped calm markets. Ethereum mostly consolidated in today’s session. Bitcoin Bitcoin ( BTC ) rose back above the $25,000 level in today’s session, as market volatility eased, as the Swiss National Bank moved to prevent a collapse of Credit Suisse. Following a low of $23,964.91 on Wednesday, BTC /USD rallied to an intraday peak of $25,240.62 earlier in the day. As a result of the move, bitcoin once again broke out of a key resistance level at the $25,050 zone. Overall, BTC is now trading 15% higher from the same point last week, with the 14-day relative strength index (RSI) at its strongest point since February 20. Currently, the index is tracking at 62.54, which is marginally below a resistance point at the 65.00 mark. This ceiling remain

The Nigerian central bank has said the recently demonetized ₦200, ₦500 and ₦1,000 banknotes will remain legal tender until Dec. 31, 2023. The central bank statement, which reaffirms a Supreme Court ruling that extended the lifespan of the demonetized naira banknotes, followed a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari. Central Bank’s Silence and the Resulting Speculation The Central Bank of Nigeria finally issued a statement on March 13 reaffirming a Supreme Court ruling which extended the lifespan of the recently demonetized naira notes. In the statement, the CBN said the ₦200, ₦500 and ₦1,000 banknotes would “remain legal tender alongside the redesigned banknotes till December 31, 2023.” After the Nigerian Supreme Court ruled against the central bank’s decision to demonetize the old naira banknotes, the CBN initially did not issue a statement directing banks and the public to accept the old notes. CBN Governor Godwin Emefiele, as well as the outgoin

Meta, the social media company, will continue to shed part of its workforce, recently announcing 10,000 new layoffs to be executed during 2023 as part of its new efficiency policy. Mark Zuckerberg, CEO of the company, stated that artificial intelligence (AI) was currently the company’s most prominent investment, even over the metaverse. Meta Announces 10,000 Layoffs, Striving to Achieve Sustainability Meta, the parent company of platforms like Facebook, Instagram, and Whatsapp, has announced a new set of moves as part of its “year of efficiency” policy. In a Facebook post , Meta CEO Mark Zuckerberg announced a new round of 10,000 layoffs, which will be executed during the remainder of 2023. Furthermore, he stated that 5,000 open hiring spots will be closed. Zuckerberg explained that these layoffs were the consequence of the new economic configuration that the U.S. and the world are currently facing. In this sense, Zuckerberg declared: Higher interest rates lead to the economy run

The founder of cryptocurrency exchange Bitzlato has denied guilt in a money laundering case in the United States. Anatoly Legkodymov was arrested in Miami, in mid-January, for his role in running the trading platform which allegedly processed over $700 million in illicit funds. Bitzlato Founder Legkodymov Appears in US Court Anatoly Legkodymov, one of the founders and majority owner of the Russia-linked crypto exchange Bitzlato, has made his first appearance in New York federal court on Tuesday, the Law360 portal reported. He has been ordered held without bail over allegations of laundering millions in criminal proceeds through the platform, which he has denied. The Russian national, a resident of China, was detained by the FBI in Miami on Jan. 17 and charged with unlicensed money transmitting. The defendant was also accused of operating the Hong Kong-registered exchange that failed to implement anti-money laundering safeguards and processed more than $700 million dollars’ worth of

The Federal Bureau of Investigation (FBI) says cryptocurrency investment fraud rose 183% from $907 million in 2021 to $2.57 billion in 2022, based on data from its Internet Crime Complaint Center (IC3). The FBI also warned the public of “a spike in cryptocurrency investment schemes.” FBI’s Crypto Crime Statistics The Federal Bureau of Investigation (FBI) published its 2022 Internet Crime Report last week. The report is compiled using data from the agency’s Internet Crime Complaint Center (IC3) which “serves as a public resource to submit reports of cyberattacks and incidents,” the bureau described. “In 2022, investment scams were the costliest scheme reported to the IC3. Investment fraud complaints increased from $1.45 billion in 2021 to $3.31 billion in 2022, which is a 127% [increase],” the FBI wrote, adding: Within those complaints, cryptocurrency investment fraud rose from $907 million in 2021 to $2.57 billion in 2022, an increase of 183%. “Crypto-investment scams saw unpre

Bitcoin briefly surged to a nine-month high late on Tuesday, as prices moved above the $26,000 mark. Although prices have since declined, overall sentiment remains bullish following the latest U.S. inflation report. Consumer prices fell to 6% last month, with ethereum climbing above $1,700 as a result. Bitcoin Bitcoin ( BTC ) fell from a nine-month high on Wednesday, following yesterday’s post-U.S.-inflation-report rally. BTC /USD is trading at $24,858.50 at the time of writing, hours after prices surged to a peak of $26,514.72. Tuesday’s peak saw the world’s largest cryptocurrency hit its strongest point since June 13, when BTC was above $26,600. Bitcoin chart by TradingView Earlier gains have since fallen, which comes as a result of the 14-day relative strength index (RSI) nearing a ceiling of 65.00 Currently, the index is tracking at 63.07, however overall momentum remains higher, with the 10-day (red) moving average trending upwards. Should the ceiling of 65.00 be

A recent study that examined the interest of several countries in bitcoin and crypto ranked El Salvador as second for having the most interest in the issue. While the U.S. was still ranked first, El Salvador’s high rank comes amidst criticism President Nayib Bukele has drawn from Salvadorans for his push for bitcoin adoption. El Salvador Retains Interest in Bitcoin El Salvador ranks amongst the countries most interested in learning about bitcoin and its uses, according to a recent study made by Crypto Betting, a decentralized gaming portal. The study, which examined the behavior of the queries using Google Analytics and the number of bitcoin ATMs in each country, found El Salvador was the country with the second highest interest in the subject. The study gave the country a grade of 46.19 on a scale of 0 to 100, where the most interested countries in bitcoin ranked closer to 100. About the situation of El Salvador, the report stated: El Salvador is a unique and prominent player i

Artificial intelligence (AI) seems to be everywhere these days. With the rise of ChatGPT and other trending AI applications, many cryptocurrencies have been rushing to adopt it as well. However, not all AI is created equal. Logical-AI, an approach adopted by Tau , has been an integral part of Agoras token for a long time, and it is what sets it apart from other cryptocurrencies. Agoras ($AGRS) is the first cryptocurrency entirely run by its users in a sound manner. It is the cryptocurrency of Tau Net, a user-controlled blockchain network. This unprecedented user control over the network and its tokenomics is made possible by Tau technology, which is based on the use of Logical AI – a combination of a unique software specification language and communication paradigm. The use of Logical AI allows Tau to detect and calculate agreed constraints and highlight points of agreement, disagreement, and implications across conversations in formal languages. The resulting specification is ex

The Pokemon Company, a corporation in charge of the development of the Pokemon brand, might be preparing to make some moves regarding the franchise and the metaverse. The company has opened a job opportunity that includes experience and knowledge of fields like blockchain, Web3, and the metaverse as a requirement, including connections with investors in these areas. The Pokemon Franchise Might Be Coming to the Metaverse The Pokemon franchise might be taking its brand to the metaverse. Fans of the franchise believe that the opening of a new job position involving metaverse and Web3 knowledge could hint at the company moving in this direction. The company is not directly responsible for developing Pokemon games, and is more involved in the development of the brand and the distribution of its products. The company is currently seeking a “Corporate Development Principal,” that will be responsible for the construction of strategies and partnerships to grow the Pokemon Company, bringing

U.S. tech giant Meta is giving up on operations with non-fungible tokens (NFTs) amid ongoing turbulence in the crypto space. The company allowed creators to share digital collectibles on its leading social media platforms last year. Meta Platforms Cutting Off Support for Non-Fungible Tokens California-based technology conglomerate Meta is winding down support for digital collectibles on its platforms. The company owns social media networks Facebook and Instagram to which it introduced NFTs less than a year ago. Meta provided the option to share non-fungible tokens amid the growing popularity of this type of digital asset, with sales reaching billions of U.S. dollars, Reuters noted in a report. However, crypto markets were hurt by the bankruptcy of major players like the FTX exchange, later in 2022. The move regarding NFTs, part of the tech giant’s decision to adjust its priorities and seek efficiency, was announced by Stephane Kasriel, head of Commerce and Financial Technologies

A new study shows that payments via central bank digital currencies (CBDCs) are expected to reach $213 billion annually by 2030. Furthermore, 92% of the total value transacted via CBDCs will be paid domestically, the research found. $213 Billion Annually Research and market intelligence firm Juniper Research published a report on central bank digital currencies (CBDCs) Monday. The firm wrote: The value of payments via CBDCs (central bank digital currencies) will reach $213 billion annually by 2030; up from just $100 million in 2023. This radical growth of over 260,000% reflects the early stage of the sector; currently limited to pilot projects. “Adoption will be driven by governments leveraging CBDCs to boost financial inclusion and increase control over how digital payments are made,” the firm added. “CBDCs will improve access to digital payments, particularly in emerging economies; where mobile penetration is significantly higher than banking penetration.” Furthermore, Junipe

Billionaire Jeffrey Gundlach, aka the “Bond King,” expects the Federal Reserve to raise interest rates at its March meeting next week, which “would be the last increase,” he said. In addition, Gundlach cautioned: “The inflationary policy is back in play with the Federal Reserve.” Doubleline CEO Jeffrey Gundlach on Fed Rate Hikes Jeffrey Gundlach, chief executive and chief investment officer of investment management firm Doubleline, shared his Fed rate hike expectations in an interview with CNBC Monday. Gundlach is nicknamed “the Bond King” after he appeared on the cover of Barron’s as “The New Bond King” in 2011. According to Forbes, his net worth is currently $2.2 billion. Following the collapses of Silicon Valley Bank and Signature Bank , many economists have revised their rate hike predictions. Global investment bank Goldman Sachs, for example, no longer expects the Fed to raise interest rates in March. Regarding whether the Federal Reserve will raise interest rates at its ne

Bitcoin moved closer to $25,000 on Tuesday, as banking withdrawals rose following the collapse of Signature Bank and Silicon Valley Bank. Reports suggest that withdrawals at the likes of JPMorgan and Citibank are nearing a ten-year high. First Republic Bank has been another major firm to fall, with its stock dropping by over 60% on Monday. Ethereum was also higher in today’s session. Bitcoin Bitcoin ( BTC ) extended recent gains on Tuesday, as prices rose higher for a fourth consecutive session. Banking stocks were significantly lower to start the week, with investors seemingly moving capital towards cryptocurrencies. Following a low of $21,918.20 in yesterday’s session, BTC /USD surged to an intraday peak of $24,851.62 earlier in the day. As a result of the surge, bitcoin rose to its strongest point since February 21, recovering from a recent two-month low in the process. Overall, it appears that bulls are adamant and on a collision course with a ceiling at $25,000, however mom

The government of Spain has approved the resources for a new issuance of gold bullion coins, which will be directed to satisfy a higher estimated demand for these instruments. The Spanish National Coin Factory will purchase 40 million euros in high-quality gold pieces for this batch, a significantly higher amount of gold compared to the two series issued before. Spanish National Coin Factory Prepares Gold Bullion Coin Issuance Spain is preparing the issuance of a new gold bullion coin to satisfy the demand of the market for such instruments. In February, the government of Spain approved a budget of 40 million euros (almost $43 million) for the issuance of a new batch of gold coins. Most of the budget will be used by the National Coin Factory to purchase high-purity and quality gold to mint these coins. According to reports, the amount approved for this task is unusually high, something that hints at the demand the institution estimates the products will have when issued. Analysts

The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued at $194,000 was recovered during the arrests. According to a lawyer representing over 1,000 victims, as many as 800,000 people may have fallen prey to the scam. 88 Digital Currency Wallets Used to Receive Funds From Investors Egyptian police recently arrested 29 individuals thought to be the masterminds of the Hoggpool cryptocurrency investment scam, a report said. During the arrests, the police reportedly said as many as 95 phones and 3,367 SIM cards were seized. Domestic and foreign currency worth $194,000 was also recovered, the report added. According to a CBS News report that quotes from a statement issued by police, the alleged masterminds behind the cryptocurrency mining app scam used a total of 88 digital currency wallets to rec

A recent study made by Fiserv, a global payments company, shows that QR and digital wallets have grown significantly as payment options in Argentina. While credit card preference has stagnated, the use of cash for payments has decreased, with only 14% of the polled choosing to use it over other options in the country. Argentina Goes Digital in Payments Arena Argentines are slowly turning to digital payments, including QR code and digital wallet transfers, as part of their everyday arsenal to settle payments, according to a recent study made by Fiserv, a global payments company. The study found that the payment preferences of Argentines have shifted, abandoning legacy options for digital payment methods. According to the study, 34% of Argentines prefer to use QR and digital wallets for their payments, reaching the same preference percentage that debit cards have. The preference for credit cards has stagnated, while cash payments have decreased, with only 14% of Argentines preferring

The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.” British Government Announces Acquisition of Silicon Valley Bank UK by HSBC HSBC has acquired Silicon Valley Bank UK (SVB UK), the British subsidiary of Silicon Valley Bank (SVB) that was shut down by U.S. regulators on Friday. British Chancellor of the Exchequer Jeremy Hunt tweeted Monday: This morning, the government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC. Deposits will be protected, with no taxpayer support. In a filing with the London Stock Exchange Monday, HSBC stated that its U.K. subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Ltd. for £1 ($1.22). The filing details that as of March 10, “SVB UK had loans of around £5.5bn and deposits of around £6.7bn.” M

The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients of Silicon Valley Bank (SVB) and Signature Bank (SBNY) can access their funds during normal banking hours on Monday, March 13, 2023. The FDIC stated that both banks’ deposits were made whole under the “systemic risk exception” approved by the U.S. Federal Reserve and Treasury Department. Details on the Creation of Full-Service FDIC-Operated Bridge Banks Customers who utilized Silicon Valley Bank (SVB) and Signature Bank (SBNY) will have access to their funds on Monday, following the FDIC’s actions to transform both banks into newly created full-service FDIC-operated bridge banks. SVB will now be known as “ Silicon Valley Bank N.A. ,” while Signature’s new name is “ Signature Bridge Bank N.A. ” Both bridge banks are chartered national banks operated by the FDIC with the goal of stabilizing the institutions and implementing an orderly resolution. Regarding both U.S. banks, depositors and borrowers will

Bitcoin moved back above $22,000, as the U.S. Treasury moved to avert a regional banking crisis, following the collapse of Silicon Valley Bank. The government confirmed that it will backstop depositors’ funds, giving full access to their capital. Ethereum also moved higher on the news. Bitcoin Bitcoin ( BTC ) rose back above $22,000 on Monday, as the U.S. Treasury confirmed it will backstop depositors’ funds. This will be for both Silicon Valley Bank and Signature Bank, which become the second and third biggest banking failures in U.S. history. Following a low of $20,475.60 on Sunday, BTC /USD surged to an intraday high of $22,728.52 to start the week. Bitcoin chart by TradingView The rally comes as bitcoin moved back above a floor at $20,000 on Saturday, surging to a ten-day high on Monday. One of the catalysts of this move was a breakout of the 14-day relative strength index (RSI), which rose past a ceiling at 44.00. As of writing, the index is tracking at 47.89, whic

Binance, the cryptocurrency exchange, has launched a prepaid cryptocurrency card in Colombia, expanding its reach in Latam. The card, which will allow customers with their identity verified to make payments with crypto, establishes the country as one of the leading markets for the exchange in Latam behind Brazil and Argentina. Binance Announces Crypto Prepaid Card in Partnership With Movii Binance, the biggest cryptocurrency exchange in volumes traded, is making moves to expand its services in Colombia. The company announced the launch of a new prepaid cryptocurrency-linked card, that will allow users to pay with crypto in all merchants accepting standard debit and credit cards. The product is part of a partnership with Movii, a Colombian neobank that also issues its own Mastercard card. Among the currencies supported by the card will be BNB , BTC , ETH , ADA , DOT, SOL, SHIB, XRP , MATIC, LINK, and other stablecoins, with the user being able to configure which currency will be sp

The FBI has issued a public service announcement (PSA) warning on the utilization of play-to-earn games as part of a scheme to defraud users of funds stored in the form of cryptocurrency. Criminals are introducing victims to this kind of game and then use malware to extract the funds from cryptocurrency wallets linked to the game, according to the bureau. FBI Issues PSA on Play to Earn Games Crypto Scheme The Federal Bureau of Investigation (FBI) is warning about the introduction of play-to-earn games in schemes destined to steal funds from unsuspecting users. On March 9, the institution issued a PSA on this, explaining how criminals are luring users to put funds behind play-to-earn games. According to the PSA, criminals establish a relationship with the selected victims, in order to gain their trust. After this, they lure them to participate in online play-to-earn games, that offer rewards for their actions, and to put funds in a cryptocurrency wallet as a form of staking mechani