Bitcoin News and Finance: What You Need to Know

Hindenburg Research, a financial research firm, has issued a report claiming that Jack Dorsey’s Block, formerly known as Square, has facilitated fraud for criminals, allowing them to conduct criminal activities using the platform. The report alleges that the company failed to exert know-your-customer (KYC) procedures, leading to inflated user metrics. Jack Dorsey’s Block Accused of Facilitating Fraudulent Activities Hindenburg Research, a financial research firm, has issued a report alleging that Block, the company formerly known as Square which pivoted to blockchain and mining, was involved in the facilitation of fraud schemes, and also inflated its user metrics by not enacting mandatory KYC procedures. The report, published on March 23, discusses that the company allowed each user to have dozens or even hundreds of Cash App accounts, with criminals taking advantage of the mission of the company, directed to serve the underbanked and the underserved. According to Hindenburg, fo

Economist Peter Schiff has warned that inflation is poised to worsen significantly and Americans’ cost of living “is going to go way up.” Citing that the Federal Reserve is financing a “massive bailout” for banks, he stressed: “This is going to cost Americans a lot of money.” Peter Schiff’s U.S. Inflation Warning Economist and gold bug Peter Schiff explained why inflation is about to get much worse in the U.S. and Americans’ cost of living is about to increase significantly in several interviews this week. Commenting on recent bank failures , he said in an interview with Fox Business: It’s because of the government that Silicon Valley Bank was in the position that it was. The reason it owned so many long-term, low-yielding U.S. Treasuries and mortgage-backed securities was because the Fed kept interest rates at zero for so long. The economist added that banking regulators “pushed banks” into those risky investments “because they give them favorable accounting treatment.” He ela

A finance professor emeritus at the Wharton School of the University of Pennsylvania, Jeremy Siegel, expects the price of bitcoin to fall when people feel they are “safe in the banks again.” Following the collapse of several major banks, he noted that “Bitcoin is enjoying its biggest rally in a long time.” Professor Siegel Wants Government to Temporarily Insure ‘All Deposits Everywhere’ In his weekly commentary published by New York-based asset manager Wisdomtree on Monday, Professor Jeremy Siegel shared his views on the U.S. economy, bank failures, and bitcoin’s price outlook. Siegel is a professor emeritus of finance at the Wharton School of the University of Pennsylvania who currently serves as a senior investment strategy advisor to Wisdomtree. Following the collapse of several major banks, including Silicon Valley Bank and Signature Bank, many people have urged the government to guarantee all deposits temporarily to restore confidence in the banking system and avoid runs on s

Sushi, the Web3 exchange that pivoted into a decentralized autonomous organization (DAO), is seeking to organize a legal defense fund. If approved, the proposal, which already is available for voting, will put $3 million USDT as part of a fund to defend itself from legal actions against the organization and its members. The organization disclosed it had recently received a subpoena from the U.S. Securities and Exchange Commission (SEC). Sushi DAO Presents Proposal to Establish Legal Defense Fund Sushi DAO, a Web3 exchange and staking platform, is seeking support to establish a legal defense fund in order to effectively take on legal cases that are already coming its way. The proposal , which is currently being approved with the support of 75% of the vote at the time of writing, would allow the organization to make use of $3 million USDT to help its maintainers to defend from demands and legal cases. If approved, the fund would come from Kanpai, which is part of the treasury of th

The German government has allocated $1.2 million in funding for a metaverse game being developed by Flying Sheep Studios. The company, based in Cologne, will use the funds for the development of a game called Star Life, which will also include blockchain elements in the form of non-fungible tokens (NFTs). Flying Sheep Studios Raises $1.2 Million From the German Government Flying Sheep Studios, a Cologne-based metaverse startup, has recently announced that it raised $1.2 million from the German government. The funds raised will be used to develop an online metaverse game called Star Life, a multimedia online role-playing experience. The funding, which came from the German Federal Ministry for Economic Affairs and Climate Action, is part of the allocation that the federal government uses to support interactive experiences. This raise has allowed the company to hire an additional workforce to accelerate the completion of the game. Thomas Rössig, managing director of Flying Sheep Stu

Metamask users in Nigeria can now directly and instantly buy crypto assets within the mobile app, Consensys and its Web3 infrastructure partner Moonpay have said. According to a Consensys executive, rolling out this feature helps to reduce friction while bringing down barriers that block or stop Nigerians from embracing Web3. Purchasing Crypto via Instant Bank Transfers Consensys, one of the leading Web3 firms, has said users of the Metamask wallet in Nigeria can now directly purchase crypto assets within the mobile app. To help it make this possible, Consensys partnered with the Web3 infrastructure company Moonpay. The addition of this feature allows users from the country to purchase crypto assets without having to set up accounts with centralized crypto exchanges. In a March 21 joint statement , Consensys said the decision to enable direct purchases had been prompted by the very high number of declined or blocked transactions when the method of payment is a credit or debit card.

On Wednesday, the multichain wallet Bitkeep announced it raised $30 million from the crypto derivatives platform Bitget. Bitkeep now has an overall valuation of $300 million, with goals aimed at strengthening the links between decentralized finance (defi) and centralized finance (cefi). Bitget Invests $30 Million in Bitkeep; Wallet Firm Is Now Valued at $300M Crypto derivatives exchange Bitget has announced that it has invested $30 million in the multichain wallet company Bitkeep , making it the startup’s controlling stakeholder. Bitget detailed on Wednesday that the wallet will gain access to the exchange’s technology and security features. Bitkeep is a multichain wallet that allows users to connect to various defi applications and non-fungible token (NFT) projects. Bitkeep wallet users can access blockchains like Bitcoin ( BTC ), Solana (SOL), Fantom (FTM), Polygon (MATIC), Tron ( TRX ), Heco (HT), Ethereum ( ETH ), Binance Smart Chain (BSC), and OEC (OKT). The wallet managed to

The U.S. Securities and Exchange Commission (SEC) has sent Coinbase a “Wells notice” about potential violations of securities law. The Nasdaq-listed cryptocurrency exchange noted that, unlike what SEC Chairman Gary Gensler said, the securities regulator “will not let crypto companies ‘come in and register.'” Coinbase CEO Brian Armstrong explained: “A Wells notice typically precedes an enforcement action.” Coinbase Receives a ‘Wells Notice’ From SEC Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Wednesday that it has received a “Wells notice” from the U.S. Securities and Exchange Commission (SEC) “regarding an unspecified portion of our listed digital assets, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet after a cursory investigation.” Coinbase detailed in a blog post: Today’s Wells notice does not provide a lot of information for us to respond to. The SEC staff told us they have identified potential violations of securities law, but little

Bitcoin moved closer to a fresh nine-month high on Wednesday, as markets prepared for today’s Federal Reserve interest rate decision. The Fed is expected to hike rates by 0.25%, despite inflation falling last month to 6%. Ethereum briefly rose above $1,800 in today’s session. Bitcoin Bitcoin ( BTC ) closed in on a fresh nine-month high in today’s session, as markets continued to anticipate today’s Federal Reserve rate decision. Following a low of $27,785.11 on Tuesday, BTC /USD surged to an intraday peak of $28,439.56 earlier in today’s session. The move sees bitcoin move back towards a recent nine-month high, which was recorded earlier in the week. Bitcoin chart by TradingView This latest surge in price comes as the 14-day relative strength index (RSI) attempted to break out of a ceiling at 72.00 As of writing, the index is tracking at 71.70, which is its highest reading since early-February, and deep in overbought territory. Traders are likely waiting for this afterno

According to Claudio Riff, the CEO of Pooky, a sport prediction game powered by blockchain, gaming may be one of the more effective ways of getting users to experience the potential of blockchain and Web3 without dealing with the associated complexities. Onboarding People to Web3 Through Gaming Pointing to the gaming industry’s appeal and reported market value of over $200 billion in 2021, the CEO of Pooky postulated that having more blockchain-based games could potentially help “onboard a critical mass of users onto Web3.” In written responses sent to Bitcoin.com News via Whatsapp, Claudio Riff , an early-stage investor, explained why using games to educate users about Web3 technologies is believed to be more effective than doing so the conventional way. He also highlighted the difference between sports betting and a new phenomenon known as sport prediction and why the latter is seen as a better game. Below are Riff’s responses to the questions from Bitcoin.com News. Bitcoin.co

PRESS RELEASE. Dubai, UNITED ARAB EMIRATES, March. 22nd , 2023, Undeads Metaverse , a highly anticipated AAA Web3 game, is excited to announce a competition for Undeads NFT holders. The competition will be broken down into three prizes. The first prize is the coveted MAYC NFT, while the second prize is the Bored Ape Kennel Club NFT. The third prize is the Otherdeed NFT. Each prize is worth fighting for, as all three NFTs are blue-chip digital assets that any NFT collector would love to have in their portfolio. A total prize pool value exceeds 20ETH. The competition is straightforward. To win the MAYC NFT, participants have to mint and reveal the 4th rarity level zombie with specific traits. The traits of required zombie will are listed in rules of the contest that ends on April 10 . The BAKC NFT will go to the holder of another epic zombie, while the Otherdeed NFT will be awarded to the person who mints the rare 3rd level rarity zombie with specific traits. The beauty of this

The Central Bank of Venezuela is lagging when it comes to delivering economic data this year, failing to publish the inflation numbers for the last four months. Venezuelan economists believe this delay might mean that the country is starting to enter a new hyperinflation period, with the government trying to hide it by not offering up the figures. Central Bank of Venezuela Owes Public Four Months of Economic Data The Central Bank of Venezuela has not published the economic data corresponding to the last four months, making economists worried about the cause of the delay. The institution still has not issued the inflation figures corresponding to November 2022, December 2022, January 2023, or February 2023, leaving consulting firms blindfolded and unable to make recommendations to their affiliated companies when it comes to economic strategy. But according to Jesus Casique, a Venezuelan economist, inflation figures are just the tip of the iceberg regarding the missing data. Casique

Bitzlato users can now partially withdraw their bitcoin funds from the dismantled cryptocurrency exchange, according to a media report. The Russia-linked trading platform was targeted by Western law enforcement and had its France-based server infrastructure seized in January. Bitzlato Customers Allowed to Withdraw Up to 50% of Their Bitcoin at the Exchange Users of Bitzlato’s web portal and app can now withdraw a portion of the funds they had with the crypto exchange when it was busted by French and U.S. authorities in mid-January. Since Monday, its clients have access to half of their bitcoin ( BTC ) balances. Account holders can withdraw up to 50% of their bitcoins, Bitzlato representatives told the Russian-language crypto news outlet Forklog. The minimum withdrawal amount is 0.001 BTC and the commission is 0.0003 BTC , the report detailed. Withdrawals can be ordered through a Telegram bot and users need to provide the email address of their Bitzlato account, the article expla

On Monday, U.S. president Joe Biden published the administration’s economic report and addressed the subject of cryptocurrencies. The section titled “The Perceived Appeal of Crypto Assets” describes the currencies as “mostly speculative investment vehicles” that are “unbacked” and “traded without fundamental anchors.” The White House insists that crypto assets do not deliver on their promises and do not “perform all the functions of money as effectively as sovereign money, such as the U.S. dollar.” Crypto Assets and Defi Highlighted in Biden Administration’s Economic Report The recently published “ Economic Report of the President ” covers various topics, including the war in Ukraine, Covid-19, infrastructure, and U.S. employment statistics. On page 239, the report delves into bitcoin and other crypto assets, examining claims made by proponents and attempting to refute them. The Biden administration views crypto assets as too volatile when compared to traditional assets. According t

With the Federal Open Market Committee convening on Wednesday and the recent financial troubles facing the U.S. banking system, White House press secretary Karine Jean-Pierre said President Joe Biden has “confidence” in Federal Reserve chair Jerome Powell. Meanwhile, according to the CME Group’s Fedwatch tool, the target rate probability suggests the Fed will raise the federal funds rate by 25 basis points (bps) this week. There’s also a 26.9% chance the U.S. central bank won’t raise the rate this month. Market Laser-Focused on Upcoming Fed Meeting; Biden Administration Confident in Powell’s Leadership It has been a tumultuous week in the U.S. banking industry as three major banks collapsed, and the Federal Reserve announced that it would fully bail out two of them. Additionally, the U.S. central bank created the Bank Term Funding Program (BTFP) to assist failed banks and their depositors. Moreover, the Fed loaned the banks $164.8 billion to strengthen liquidity and collaborated

Bitcoin consolidated recent gains on March 21, as markets await the upcoming Federal Open Market Committee (FOMC) meeting. Many expect that the Federal Reserve will maintain rate hikes, however at a slower pace of 25 basis points. This comes after the U.S. announced it will explore measures to guarantee client deposits at embattled banks following a recent crisis. Bitcoin Bitcoin ( BTC ) was once again trading below $28,000, as traders consolidated recent gains ahead of the upcoming FOMC meeting. Following a high of $28,352.76 to start the week, BTC /USD fell to an intraday low of $27,439.65 earlier today. The move sees bitcoin move away from its recent nine-month high, ahead of tomorrow’s rate decision, which will likely lead to increased market volatility. One sign of this uncertainty comes as the 14-day relative strength index (RSI), which failed to move beyond a ceiling of its own. As of writing, the index is tracking at 71.47, which is marginally below a resistance level at

Taiwan’s Financial Supervisory Commission is set to be announced as the body that will oversee and regulate the virtual asset industry. According to a report, the collapse of crypto exchanges like FTX prompted Taiwanese officials to seek ways of protecting users against similar events should they recur. Virtual Asset Industry’s Self-Regulation According to Taiwanese government officials, the country’s financial sector regulator — the Financial Supervisory Commission (FSC) — is set to become the body overseeing and regulating the country’s virtual currency industry. As per a CNA report , an announcement to this effect is set to be made in late March or early April. Explaining the rationale behind the government’s decision to appoint FSC as the body that oversees virtual assets in Taiwan, the report suggested that FTX’s collapse played a part in convincing officials to look for ways of protecting users in the event of another major collapse. The officials also reportedly made referen

Main Takeaways Binance Oracle VRF is a Verifiable Random Function (VRF) solution that enables blockchain developers to generate random numbers. Binance Oracle VRF can be used for an extensive selection of use cases, including GameFi projects and other blockchain products built with smart contracts. Keep reading to learn more about how VRFs work, why blockchain applications need randomness, and how Binance Oracle VRF could benefit your project or business. Powered by Binance Cloud and based on the latest Verifiable Random Function (VRF) standard, here’s everything you need to know about Binance Oracle VRF. What Is a Verifiable Random Function (VRF)? Verifiable Random Functions (VRF) are random number generators (RNG) whose outputs can be cryptographically proven as random. Here’s a quick summary of how it works. A series of inputs are passed into a VRF. The VRF computes the inputs and generates pseudorandom outputs. Anyone, at any time, can cryptographically verify that the

Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to reports from local media. Ramirez, who led the institution from its creation in 2018, was arrested for being allegedly involved in corruption schemes, including the embezzlement of $3 billion related to unregistered oil sales. Sunacrip Boss Joselit Ramirez Arrested Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18 on alleged corruption charges. According to reports from the local newspaper Ultimas Noticias, the arrest of Ramirez is part of a national special operation against corruption, that also encompassed the capture of more high-profile individuals, including Cristobal Cornielles, president of the judicial circuit of Caracas, and Pedro Hernandez, a city mayor. While details of the investigation have not been disclosed, local outlets suggest that the arrest is linked to the disappearance of $3 billion obtained from