Bitcoin News and Finance: What You Need to Know

Cardano ended a two-day losing streak on Monday, as the token moved closer to a two-month high to start the week. Cryptocurrency markets were mostly lower in today’s session, with the global market cap down 0.36% as of writing. Bitcoin cash also climbed, hitting a ten-day high. Cardano ( ADA ) Cardano ( ADA ) snapped a two-day losing streak to start the week, despite the global market cap mostly consolidating on Monday. Following a low of $0.3729 on Sunday, ADA /USD surged to an intraday high of $0.4035 earlier in today’s session. Today’s move saw cardano near Friday’s high of $0.4093, which was its highest point since mid-February. Looking at the chart, the climb in price coincided with the relative strength index (RSI) moving towards a ceiling of its own at 60.00. At the time of writing, the index is tracking at 58.91, after moving away from a floor at 56.00. Should price strength move past the upcoming ceiling at 60.00, then there is a strong chance ADA will recapture a fre...

Elizabeth Warren, the Democratic senator from Massachusetts, has recently launched a political campaign against cryptocurrencies as she seeks a third term in office in 2024. In a recent interview on “Meet the Press Reports” with NBC’s Chuck Todd, Warren likened buying bitcoin to “buying air.” Despite her stated distrust of banks, Warren told the show host that as far as central bank digital currency (CBDC) is concerned, she thinks “it’s time for us to move in that direction.” Warren Compares Buying Bitcoin to ‘Buying Air,’ Says It’s Time to Move in the CBDC Direction The Democratic senator from Massachusetts, Elizabeth Warren, has been vocal about her skepticism of cryptocurrencies such as bitcoin ( BTC ), citing risks and negative environmental impacts associated with bitcoin mining. Moreover, Warren recently attributed the liquidation of Silvergate Bank to “crypto risk.” During a recent interview with Chuck Todd on “Meet the Press Reports,” Warren reiterated her distaste for b...

Bitcoin started the week consolidating above the $28,000 level, as markets prepare for a big week of U.S. economic data. The headline will be this Friday’s nonfarm payrolls, which are expected to fall to 238,000 jobs. Ethereum remains above $1,800 as of writing. Bitcoin Bitcoin ( BTC ) started the week consolidating around the $28,000 level, as volatility in crypto markets remained high. Following a low of $27,607.67 earlier in today’s session, BTC /USD rose to a peak at $28,475.62 as the day progressed. The move saw bitcoin move closer to a recent resistance level at $28,500, which was broken over the weekend. Bitcoin chart by TradingView Recent price consolidation comes as the 14-day relative strength index (RSI) failed to move beyond a ceiling at 65.00. As of writing, the index is tracking at 62.00, which is also a key point of support for traders. Overall, the world’s largest cryptocurrency is now trading 1.46% higher than at the same time last week. Ethereum Ethe...

Worldcoin, a project co-founded by Sam Altman, who is also a co-founder of artificial intelligence (AI) startup Openai, announced the launch of World ID, a digital proof of personhood ID protocol. The protocol allows for an AI-resistant verification of humanness online, using a device called the orb to scan the iris of each person for verification. Worldcoin Launches Iris-Based World ID Humannness Verification System To Counter AI Worldcoin, a cryptocurrency token project that was co-founded by Sam Altman, co-founder of Openai, has launched World ID, an AI-resistant protocol that will allow the verification of the identity of humans online through iris scan The project, which mentioned this launch enables a nongovernment universal basic income (UBI) obtained through AI means and distributed via digital currencies, argues that the rise of AI models that can pass or almost pass the Turing test determines the need for more innovative protocols to determine the “humanness” of a being....

The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this measure to facilitate payments for countries experiencing a U.S. dollar crush. India to Offer Rupee-Based Settlement Options for International Commerce India’s government is introducing new settlement methods apart from the U.S. dollar for international commerce. The new foreign trade policy guidance , which was implemented on April 1, includes a new option of settling payments in Indian rupees, giving countries facing a U.S. dollar crush a way to continue trading with the country. The new directive would be directed to help countries like Sri Lanka, Bangladesh, and Egypt, which are facing difficulties in obtaining U.S. dollars to keep bartering goods with India. Commerce secretary Sunil Barthwal stated that this measure would help disast...

The Central Bank of Russia has added crypto asset holdings of households to its survey of consumer finances. The statistics reveal that Russian families keep more money in cryptocurrency wallets than in gold investment accounts or mutual funds. Russia’s Central Bank Evaluates Cryptocurrency Holdings of Russian Households The Central Bank of the Russian Federation (CBR) has published estimates about the digital assets held by the population in the newest edition of its report on household finances. The survey is conducted once every two years since 2013 and the latest results covering 2022 were released on Friday. According to the document published by the monetary authority, the median average of the fiat value of crypto holdings, among Russian households that possess such assets, is 17,500 rubles (around $225 at current exchange rates). Median means that over half of these families, or people who live together and share the same budget, have more crypto funds than the cited thres...

On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members as a “precautionary measure” to stabilize the oil market. Geopolitical Implications: The Move to Cut Oil Production Comes Amid Shifting Alliances and Tensions Between Major Players This weekend, Saudi Arabia and several major oil producers, including Russia, the United Arab Emirates (UAE), Iraq, Kuwait, Oman, and Algeria, plan to reduce oil production by a total of 1.15 million barrels per day. Saudi Arabia and Russia announced that each country would decrease oil production by 500,000 barrels per day (bpd), while the UAE will cut 144,000 bpd and Kuwait will reduce production by 128,000 bpd. The announcement of the oil superpowers’ ...

The total value locked (TVL) in decentralized finance (defi) during the first week of April is about $50 billion, roughly the same as on March 1. The value locked dropped to $42 billion on March 12 but has since rebounded as protocols such as Lido Finance, Aave, and Justlend recorded double-digit monthly gains. After the March 12 Dip, the Value Locked in Decentralized Finance Rebounds to $50B According to statistics , the value locked in defi on April 2, 2023, is $50.22 billion, up 0.91% in the past 24 hours. The protocol Lido Finance commands a TVL of around $10.94 billion as of Sunday. Lido dominates the $50 billion TVL with 21.77%, and the value locked in the protocol saw a 19.75% rise in March. Makerdao’s TVL is below Lido’s at $7.7 billion as it rose 9.66% last month. Aave’s TVL increased by 16.94% to the current $5.55 billion. Protocols following Lido, Makerdao, and Aave in TVL size include Curve, Uniswap, Convex Finance, JustLend, PancakeSwap, Coinbase Staked Ethereum, and I...

Warnings continue to pervade market and financial news this week, with Monica Crowley, former assistant secretary for public affairs for the U.S. Department of the Treasury, indicating “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. In related news, billionaire Bill Ackman warned that the U.S. economy is “heading for a train wreck.” Meanwhile, First Citizens Bank has acquired SVB, and the U.S. government remains a top bitcoin holder with its seized stash. All this and more, just below. Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic ...

Blocknox, a subsidiary of one of Europe’s largest stock exchanges, Boerse Stuttgart, has been licensed to operate as a crypto custodian in Germany. The authorization will allow the company to offer custody services for digital assets to institutional investors across the Old Continent. Boerse Stuttgart Subsidiary Blocknox to Offer Crypto Custody Services Under Bafin License Germany’s second-largest stock exchange and one of the largest in Europe, Boerse Stuttgart, will be able to provide European banks, brokers, asset managers, and family offices with both trading and custody solutions for their crypto asset offerings. Its subsidiary, Blocknox, which is part of the Boerse Stuttgart Digital division, has received the final license for its operations as a crypto custodian from the Bundesrepublik’s Federal Financial Supervisory Authority ( Bafin ), a press release revealed. Boerse Stuttgart Digital is the stock market’s brand for all activities in the field of cryptocurrencies. Thro...

According to data from the cryptocurrency automated teller machine (ATM) aggregation website Coin ATM Radar, over 3,600 crypto ATMs went offline in March. Since the end of 2022, the number of crypto ATMs has declined by 13.91% in the last three months. Crypto ATM Numbers Decline in 2023 According to data from Coin ATM Radar , the number of crypto ATMs worldwide has decreased by 13.91% since December 2022. At that time, 39,179 crypto ATMs were installed globally. In January, 1,587 crypto ATMs went offline, marking the second time a large number of machines had gone offline since the loss of 399 crypto ATMs in September 2022. In February 2023, the decline in crypto ATMs was less drastic than in January and fewer than the drawdown in September. A total of 275 cryptocurrency ATMs went offline in February. The largest decline was recorded in March, according to Coin ATM Radar statistics , which indicated a drop of 3,627 crypto ATMs. The loss in March coincided with the recent General...

Cryptocurrency exchange Bittrex is shutting down its U.S. operations due to “continued regulatory uncertainty” as U.S. regulators increase their enforcement efforts against cryptocurrency trading platforms. Regulatory requirements currently “are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape,” Bittrex described. Bittrex Exiting U.S. Crypto Market Cryptocurrency exchange Bittrex announced the shutdown of its U.S. operations on Friday. The exchange tweeted: Due to continued regulatory uncertainty, we have made the difficult decision to wind down our U.S. operations, effective April 30, 2023. “All funds are safe and can be fully withdrawn immediately,” the announcement adds, emphasizing that the closure does not affect non-U.S. customers using the Bittrex global platform. Richie Lai, CEO and co-founder of Bittrex, explained: “It’s just not economically viable for us to continue to operate in the current U.S. regulat...

Profits from the sale of cryptocurrencies like bitcoin are taxable, according to two rulings by the Supreme Court of Denmark. The verdicts in the cases, which involve crypto purchases and payments as well as income received from bitcoin mining, uphold decisions of lower courts. Denmark’s High Court Considers Crypto Gains Taxable Under Current Law Profits made from the sale of bitcoin are taxable in Denmark, the country’s Supreme Court has decided in two separate rulings announced on Thursday. Both decisions are in lawsuits filed against the Danish Ministry of Taxation and confirm verdicts issued by lower-instance courts. In one of the cases, the plaintiff acquired a certain amount of digital coins in 2011 – 2015, through purchases and donations from third parties for the development of crypto-related software. The private individual sold them in 2017 and 2018 at higher prices. According to the court in Copenhagen, the bitcoins were obtained for the purpose of speculation and ther...

Dogecoin rose to its highest point in over a week, as Elon Musk requested that a lawsuit filed against him by investors in the meme coin be dropped. The suit claims that Musk operated a pyramid scheme, following his endorsements of dogecoin. Litecoin was another token to climb on Saturday. Dogecoin (DOGE) Dogecoin (DOGE) climbed higher on Saturday after lawyers for Elon Musk requested that a lawsuit filed against him by investors in the meme coin be dropped. In a statement, Musk’s lawyers said, “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.” Following a low of $0.07456 on Friday, DOGE/USD rose to a peak of $0.07841 to start the weekend. As a result of the move, the meme coin marginally breakout of a long-term ceiling of $0.0780. This came as the relative strength index (RSI) also briefly moved beyond a resistance of its own at 52.00 At the time of wri...

Bitcoin was back in the green on Saturday, as prices moved close to the $29,000 level to start the weekend. Following a volatile session on Friday, cryptocurrency markets were mostly higher entering April. Ethereum moved back above the $1,800 level. Bitcoin Bitcoin ( BTC ) rose towards $29,000 on Saturday, as markets continued to react to yesterday’s personal consumption expenditure (PCE) figures in the United States. PCE climbed to 0.3% in March, less than the 0.4% markets were expecting, showing that inflation was slowing. BTC /USD rose to an intraday high of $28,802.46 earlier in today’s session, which comes a day after trading at a low of $27,854.63. Looking at the chart, the move saw BTC briefly breakout of a long-term resistance level of $28,500. Earlier gains have since declined, which comes as the 14-day relative strength index (RSI) failed to move beyond a ceiling at 65.00. As of writing this, the index is now tracking at 63.65, with a floor at 62.00 a possible target...

Tax exemptions for companies and individuals legally working with cryptocurrencies in Belarus will remain in place until Jan. 1, 2025. A new presidential decree extends the tax cuts introduced in 2018 when the executive power in Minsk legalized crypto activities such as mining and trading. Belarus to Maintain Its Crypto-Friendly Tax Regime for Another 2 Years President of Belarus Alexander Lukashenko has approved the extension of the tax preferences provided to crypto companies registered in the country and people involved in the industry. On Tuesday, the Belarusian leader signed Decree No. 80 “On Certain Issues of Taxation.” The document prolongs the tax breaks that were introduced with Lukashenko’s Decree No. 8 “On the Development of the Digital Economy” of Dec. 21, 2017. The latter legalized a number of crypto-related activities in the country when it went into force on March 28, 2018. The regulations, including the tax benefits, apply only to residents of the Belarus High-Tec...

According to Dirk Lueth, co-founder of the Upland Metaverse, the colonization of the metaverse by tech giants and the building of so-called “walled garden systems” is not sustainable. Lueth argues that instead of “locking users in,” the metaverse should usher in “a future where they are free to move between platforms and can easily take their assets and identity with them.” ‘Walled Garden Systems’ Not Sustainable While interest in the metaverse has seemingly dissipated as evidenced by Meta’s decision to focus on artificial intelligence (AI), Dirk Lueth argues that AI tools can still “provide very interesting enhancements for the metaverse in general.” The Upland co-founder also told Bitcoin.com News what he thinks about “infinite land” metaverses and scarcity. In an interview with Bitcoin.com News, Lueth also shared his thoughts about the multichain metaverse as well as his organization’s plans to create a metaverse super app. Below are the rest of the Upland Metaverse co-founder...

A court in South Korea has again denied the arrest warrant for Daniel Shin, a co-founder of Terraform Labs who is being investigated for fraud. Shin has been accused of illegally profiting from the sale of over $100 million worth of the luna cryptocurrency before it collapsed. Seoul Court Leaves Terraform Co-Founder at Large Citing Low Flight Risk The Seoul Southern District Court has rejected a request by the Prosecutor’s Office for the pre-trial detention of Shin Hyun-seung, a co-founder of the failed blockchain firm Terraform Labs also known as Daniel Shin . He is believed to have played a key role in the collapse of the company’s cryptocurrencies, luna and the stablecoin terrausd. On Thursday, the arrest warrant for Shin was denied for a second time, with the court stating that he is unlikely to be a flight risk or destroy evidence, the Yonhap news agency reported. The crypto entrepreneur is under investigation for illegal profits made before the coins crashed last year. Prose...

Ripple CEO Brad Garlinghouse has slammed Securities and Exchange Commission (SEC) Chairman Gary Gensler for claiming that he has the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency’s power. “It’s time for elected officials in the U.S. to take notice,” the Ripple executive stressed. Ripple’s CEO Slams SEC Chair Gensler Over What’s a Security The CEO of Ripple Labs, Brad Garlinghouse, has criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for dictating which crypto tokens are securities. Garlinghouse tweeted Thursday: For the Chair of the SEC to assert that he dictates what is a security — and not the legislation from which his agency derives its power — is beyond comprehension. It’s time for elected officials in the U.S. to take notice. “When you behave like an autocrat running a $2.2B bloated agency, why would you ever want to provide clarity about what’s ‘in or out...

This week, 2,600 tech industry moguls and entrepreneurs, including Elon Musk, Gary Marcus, and Steve Wozniak, signed an open letter requesting artificial intelligence (AI) labs to pause research and development for six months. The signatories believe that safety programs and regulations need to be strengthened, as they assert that AI labs are currently in an “out-of-control race to develop and deploy” this technology. On Thursday, Coinbase CEO Brian Armstrong disagreed with this approach, stating that people should not “let fear stop progress.” The Debate on AI Safety: Tech Industry Leaders Call for a Pause in Development, Many Oppose the Idea An open letter signed by 2,600 leaders and researchers in the tech industry recommends that AI labs pause their work for six months, and if they refuse, governments should impose a moratorium on development. The group believes that AI is “now becoming human-competitive at general tasks,” and asserts that powerful AI systems should be develope...

On Thursday, digital asset custody provider, Bitgo, announced the launch of its storage and tracking solution for Bitcoin-based Ordinal inscriptions. Moreover, users can use Bitgo’s Ordinal inscription storage system to inscribe their own inscriptions onto the Bitcoin blockchain. Bitgo’s New Solution Allows for Safe Sending of Ordinal Inscriptions Bitgo has announced a new storage solution for Bitcoin-based Ordinal inscriptions that allows users to store and track inscriptions. Bitgo has detailed that in the “coming days,” users who leverage Bitgo’s new solution will be able to send “inscribed satoshis to an address of their choice safely.” The company says that starting today, “you can add inscription tracking to any bitcoin hot wallet on Bitgo.” Transactions received into the Bitgo wallet are now checked for inscriptions and frozen to prevent the loss of inscriptions. Bitgo’s dashboard will have a new “Unspents” view that displays inscriptions and links to the public Ordinals ex...