Bitcoin News and Finance: What You Need to Know

According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while traveling with fraudulent identification documents. Report Says Kwon’s Legal Representation Aims to Appeal 30-Day Detention Extension Three days ago, Montenegro’s Interior Minister Filip Adzic announced on Twitter that Do Kwon, the co-founder and CEO of Terraform Labs, was arrested on Thursday for presenting forged identity documents. Kwon’s location was unknown for some time, with speculation that he was hiding in Singapore or possibly Dubai. The Montenegrin police stated that Kwon’s fraudulent documents originated from Costa Rica and Belgium. According to the Montenegrin newspaper Vijesti and local media , Kwon’s legal team is seeking to appeal his 30-day detention extension. Kwon is facing s

As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address. Uncle Sam’s Crypto Stash: How the U.S. Government Became a Top Bitcoin Holder The U.S. government currently holds 205,515 bitcoins valued at $5.66 billion based on today’s exchange rates. The bitcoins were confiscated in three cases, including the Silk Road bitcoin seizure in November 2020, the 2022 Bitfinex hack confiscation , and the seizure of bitcoins from James Zhong last year. Of the total, 69,369 BTC was seized from “Individual X,” 94,643 BTC was taken from Ilya Lichtenstein and his wife Heather Morgan , and 51,326 BTC was seized from Zhong in November 2022. According to a report from Glassnode

According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed. Meanwhile, from March 14 to March 26, the number of tether stablecoins in circulation increased by 6.12 billion. Stablecoin Circulation Changes In recent weeks, the supplies of some stablecoins have decreased while others have increased. Today’s top ten stablecoins include USDT , USDC, BUSD, DAI, TUSD, FRAX, USDP, USDD, GUSD, and LUSD. According to statistics for the last month, USDC, BUSD, and GUSD experienced double-digit reductions in supply. The other top ten stablecoin assets recorded supply increases, with TUSD’s supply doubling or rising 112.3% higher than it was 30 days ago. Among other stablecoin assets, liquity usd (LUSD) rose 16.2% and tether

Venture capitalist Balaji Srinivasan says hyperinflation is happening now, and is making million-dollar bets that the price of bitcoin will reach $1M in 90 days. In related news, myriad voices from the world of finance are sounding off about inflation, recession, and a brewing economic crisis. In spite of the economic turmoil, however, Federal Reserve chair Jerome Powell doesn’t envision the Fed cutting interest rates this year. This and more just below in the Bitcoin.com News Week in Review. Balaji Srinivasan Says Hyperinflation Happening Now — Makes Million-Dollar Bets on Bitcoin Price Exceeding $1M in 90 Days Venture capitalist and angel investor Balaji Srinivasan says hyperinflation is happening now. Expecting the price of bitcoin to soon hit $1 million, he is making million-dollar bets that it will happen in 90 days. Srinivasan also advised investors to buy bitcoin, which he believes to be “a hedge against hyperinflation, monetary debasement, bank freezes, and wealth seizure.”

Nasdaq intends to launch its custody services for digital assets like bitcoin by the end of this year’s second quarter. The exchange operator is among those traditional financial firms that want to play a role as intermediaries in the crypto sector which saw the collapse of some major players. Stock Exchange Nasdaq Seeks Regulatory Approval as Crypto Custodian U.S. exchange operator Nasdaq plans to launch its own custody services for crypto assets by the end of June. The company moves into the industry in the aftermath of a series of failures such as the bankruptcy of FTX , one of the largest cryptocurrency exchanges. The group is now working to obtain the necessary approvals from regulatory bodies that will allow it to provide such services, Bloomberg reported on Friday, quoting Ira Auerbach, senior vice president and head of Nasdaq Digital Assets. Nasdaq has already applied to the New York Department of Financial Services for a limited-purpose trust company charter, which would

Regulations governing tokenized deposits and crypto assets are likely to become effective on Jan. 1, 2025, a senior fintech analyst at the South African central bank has revealed. However, according to the analyst, regulators are still trying to understand or learn the risks that come with using distributed ledger technology. Central Bank Considers Appropriateness of Retail CBDC Gerhard van Deventer, a senior fintech analyst at the South African Reserve Bank (SARB) recently disclosed that regulations governing the so-called tokenized deposits and crypto assets are expected to come into effect on Jan.1, 2025. Although taking this step is seen as an important milestone, Deventer, however, warned regulators still need to understand the risks that are associated with the technology underpinning digital assets. To achieve this, the SARB and its partners have conducted experiments whose objective was to understand and identify the risks as well as the benefits of distributed ledger techn

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that the Federal Reserve’s continued rate hikes will crash stocks, bonds, real estate, as well as the U.S. dollar. He expects the next crash to be the “$1 quadrillion derivatives market.” Robert Kiyosaki on Interest Rate Hikes, Market Crashes The author of Rich Dad Poor Dad, Robert Kiyosaki, reiterated his warnings of market crashes and the danger of the Federal Reserve raising interest rates 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 Thursday: Raising interest rates will crash stocks, bonds, real estate, & $ U.S. dollar. Next crash: $1 quadrillion derivatives market. $1 quadrillion is $1 thousand trillion. The Federal Reserve raised interest rates

The crypto asset xrp rose by as much as 5% on Saturday, following declines of a similar amount during yesterday’s session. This comes despite the global crypto market cap moving lower, falling by 0.51% at the time of writing. Litecoin was also higher to start the weekend. XRP XRP , formerly ripple, was back in the green on Saturday, as the token rebounded from Friday’s losses. Following a low of $0.418, XRP /USD raced to an intraday high of $0.4501 earlier in today’s session. The move came as bullish momentum increased at the price floor of $0.4250, after bears failed to sustain an earlier breakout. From the chart, it appears that the rebound took place as the relative strength index (RSI) moved away from its own support, at 58.00 As of writing, the index is tracking at 60.77, and seems to be heading towards a ceiling at the 63.00 mark. The 10-day (red) moving average has also extended its upward cross versus its 25-day (blue) counterpart, which could be a sign of upcoming gain

Bitcoin moved close to a breakout below $27,000 on Saturday, as markets moved lower following a volatile week of trading. Market uncertainty was high this week, as traders digested the latest Federal Reserve interest rate hike, as well as the on-going global banking crisis. Ethereum remains below $1,800 as of writing. Bitcoin Bitcoin ( BTC ) started the weekend consolidating below the $28,000 mark, as market volatility eased on Saturday . Following a high of $28,208.21 on Friday, BTC /USD moved to an intraday low of $27,039.27 earlier today. As a result of the move, bitcoin collided with a floor at the $27,050 level, however bulls have so far rejected a breakout below this point. Looking at the chart, today’s sell-off took place as the relative strength index (RSI) fell below a floor of its own, at the 65.00 mark. As of writing this, the index is now tracking at the 62.75 level, with the next visible point of support at the 60.00 mark.. Overall, BTC has rebounded from earlier

Users of the Telegram messenger will now be able to send each other the leading stablecoin, tether (usdt), directly in the chats. The new option expands the list of cryptocurrencies available for purchase, sale, and trade in the messaging app. Tether Added to Wallet Bot in Telegram Messenger Support for transactions with the U.S. dollar-pegged tether, the largest stablecoin, has been introduced in Telegram, the most popular messaging service in the crypto space. USDT has been integrated in the Telegram Wallet bot, allowing users to buy, sell, exchange as well as transfer tether free of charge between each other. “We’re excited to announce the long-awaited integration of USDT into @wallet, making sending stablecoins as easy as sharing a photo,” the wallet service said in a Telegram post. You can replenish your tether balance through the bot’s main menu, using an external USDT wallet and also by purchasing the stablecoin with a bank card or on Telegram’s peer-to-peer (P2P) marke

A recent review of Nigerian banks’ bond portfolios showed that the institutions were not directly exposed to Silicon Valley Bank, the governor of the country’s central bank has said. In addition, the governor said the Central Bank of Nigeria’s stringent guidelines help to create a “very safe” banking system. Priority Given to Depositors According to the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, a recent review of Nigerian banks’ bond portfolios showed that the country’s financial institutions had no direct exposure to Silicon Valley Bank (SVB). Emefiele, who made the remarks during a meeting of the bank’s monetary policy committee, added that the central bank’s so-called prudential guidelines help to ensure that only healthy banks are allowed to operate. Some of the guidelines and considerations used by the CBN include banks’ non-performing loans (NPL), which averaged 4.2%, and the capital adequacy ratio of 13.7%. According to Emefiele, these ratios, as well a

Former U.S. National Football League (NFL) quarterback Tom Brady’s estranged wife Gisele Bundchen has said she was “blindsided” by the collapse of crypto exchange FTX. Bundchen claimed that she only invested in FTX because her financial advisors recommended it. Bundchen and Brady’s Shareholding in FTX Gisele Bundchen, a fashion model and the estranged wife of former NFL quarterback Tom Brady, has said she only invested in Sam Bankman-Fried’s FTX because her financial advisors told her to do so. In remarks published in the Daily Mail, Bundchen suggested that she, just like other FTX investors, was “blindsided” by the crypto exchange’s spectacular collapse. According to the Daily Mail, the celebrity model reportedly held more than 680,000 shares in the collapsed crypto exchange, which were at one point valued at $57 million. Brady, on the other hand, held more than 1.1 million FTX shares when the crypto exchange collapsed. Besides being a shareholder, Bundchen was the crypto exchang

Roughly ten days ago, the credit agency Moody’s Investors Service downgraded the U.S. banking sector from “stable” to “negative.” In a recent update on Thursday, the company stated that there is still a risk to the U.S. economy. The managing director of credit strategy at Moody’s explained that the country “will be unable to curtail the current turmoil,” and it could spread “beyond the banking sector.” Moody’s Analysts Anticipate Greater Financial and Economic Damage From U.S. Banking Spillover Effects In a note sent out on Thursday, Moody’s managing director of credit strategy Atsi Sheth explained that the U.S. may not be able to contain the banking turmoil that started two weeks ago. The commentary follows Moody’s recent downgrade of the U.S. banking industry, which was slashed from “stable” to “negative.” The credit agency applied the downgrade after three major U.S. banks collapsed, and the contagion spread to other U.S. banks and a few international financial institutions. “

The establishment of sanctions by the Trump administration towards PDVSA, the state oil company in Venezuela, reportedly forced the hand of the government in the country to find alternative means of payment for crude oil. According to reports, more than $3 billion are missing from these payments that were brokered by Sunacrip, the national crypto watchdog. However, documents reviewed estimate that the hole might be closer to $20 billion. As a result of this, Oil Minister Tareck El Aissami stepped down and Sunacrip’s former chief, Joselit Ramirez, has been arrested as part of a corruption probe. Further, Sunacrip is enacting a nationwide bitcoin mining shutdown “while things calm down.” How Venezuela Used Crypto to Sell Oil, Sidestepping U.S. Sanctions In January 2019, when PDVSA, the state oil company in Venezuela, was included among the entities sanctioned by the U.S government (as part of measures Washington took to torpedo efforts of Venezuelan president Nicolas Maduro to keep

A company used to conceal the movement of Onecoin-related funds was transferred to a young Romani woman in Bulgaria, local media revealed. The report follows the extradition to the U.S. of the head of legal and compliance at the crypto pyramid scheme, accused of enabling Onecoin to launder millions of dollars through such entities. Unsuspecting Woman Agreed to Have Company Linked to Onecoin Registered Under Her Name On Monday, Bulgarian authorities handed over to U.S. custody Irina Dilkinska, former head of legal and compliance at Onecoin. The crypto Ponzi scheme, which raised over $4 billion from investors around the world, is believed to have moved millions of U.S. dollars through shell firms which Dilkinska allegedly helped to establish. One of these companies, B&N Consult, generated €200 million ($217 million at current rates) in 2015 and 2016, according to the Tuesday announcement by the U.S. Department of Justice about her extradition to the United States, where she is

PRESS RELEASE. Calgory, Alberta, March 24th 2023, Chainwire. Toshi Tools, an all-in-one crypto information app, is launching to provide crypto traders with the tools they need to succeed. An intuitive design and suite of unique features will empower users to navigate the complex world of cryptocurrency markets. The first recipients of the Toshi Tools app will be Tier 1 wallet holders, who hold at least 0.4% of the $TOSHI token supply, followed by everyone else. The team behind the app are determined to provide an easy-to-use interface that solves the information overload that is a major pain point within the crypto industry. The app includes a real-time wallet-tracking solution to help users follow the smart money and monitor their own trades. Toshi Tools displays the top crypto market performers by wallet ID, sorted daily. Artificial intelligence (AI) will further enhance the application, with Open AI’s GPT-3 machine learning integrated into the platform. This integration allows

Following recent enforcement action against various crypto entities and celebrities, the U.S. Securities and Exchange Commission has issued an advisory notice to investors telling them to be cautious of risks associated with crypto asset securities. The U.S. securities regulator insists that specific entities offering crypto asset investments or services “may not be complying with applicable law, including federal securities laws.” Securities Watchdog Warns of Risks Associated With Crypto Asset Securities Amid Recent Enforcement Action On March 23, 2023, the U.S. Securities and Exchange Commission (SEC) published an “ Investor Alert ” that claims investors should “exercise caution” when dealing with “crypto asset securities.” Essentially, the SEC explains that if someone is to consider investing in a crypto asset they should know that cryptocurrencies can be “exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow or lend these securities may lack

According to the Nigerian central bank governor, central bank digital currency or e-naira transactions have gone up 63% to $47.7 million, while the number of downloaded wallets since Oct. 2022 is around 13 million. The governor attributed the rise in the value of CBDC transactions to the Nigerian government’s use of the e-naira when transferring social welfare funds to marginalized groups. Rise in CBDC Transactions Coincides With Drop in Value of Circulating Currency The value of Nigeria’s central bank digital currency (CBDC) transactions surged by 63% to $47.7 million (₦22 billion) while about 13 million e-naira wallets have been downloaded since Oct. 2022, the Nigerian central bank governor has said. Addressing local journalists on March 21, Governor Godwin Emefiele also revealed that the currency in circulation dropped from over $6.9 billion (₦3.2 trillion) seen in Sept. 2022 to around $2.2 billion (₦1 trillion). As previously reported by Bitcoin.com News, the drop in the value

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