Bitcoin News and Finance: What You Need to Know

Dogecoin continued to trade close to a four-month high on Tuesday, following a 30% price surge to start the week. The rally came after Twitter changed its logo from the traditional blue bird, to a cartoon picture of Doge. Shiba inu was also higher, as it moved to a multi-week high. Dogecoin (DOGE) Dogecoin (DOGE) was one of today’s biggest gainers, as markets continued to react to Twitter’s logo change . DOGE/USD raced to a high of $0.1026 late on Monday, following a low of $0.07663 earlier in the day. As a result of this move, the meme coin rose to its strongest point since December 5, when it hit a peak of $0.1118. Looking at the chart, Tuesday’s surge appears to coincide with the relative strength index (RSI) breaking out of a ceiling at 70.00. At the time of writing, the index is tracking at 73.45, which is its highest reading since November. Overall, dogecoin is up over 30% at the time of writing, and nearly 40% higher than at the same time last week. Shiba Inu (SHIB) An...

On April 3, 2023, at Ethereum block height 16,964,664, a group of MEV (Maximal Extractable Value) bots were exploited for $25.3 million. An analysis of the exploit revealed that a renegade validator switched the MEV bots’ transactions and seized various crypto tokens, such as 7,460 wrapped ether and 64 wrapped bitcoin. While the Mechanisms Behind MEV Bots Boost Profit, They Also Have Vulnerability to Exploits Recently, crypto proponents and security experts have been discussing how a group of MEV bots lost $25.3 million in a sophisticated exploit. The attacker used a transaction manipulation tactic that enabled the rogue validator to replace several MEV transactions, resulting in the loss of a significant amount of WBTC, USDC, USDT , DAI, and WETH. MEV, also known as “Maximal Extractable Value” bots or flashbots , are automated software programs that use Ethereum’s blockchain to profit from transaction execution. MEV bots have various uses, such as executing trades ahead of other ...

Ethereum surged to an eight-month high on Tuesday, as bulls began to gradually return to cryptocurrency markets. As the session matured, the global market cap moved higher, and is up by 1.27% at the time of writing. Bitcoin moved closer to a key resistance level at $28,500. Bitcoin Bitcoin ( BTC ) continued to trade close to a key resistance level on Tuesday, as volatility in the market remained high. BTC /USD rose to a peak of $28,433.74 earlier in today’s session, which follows up from a low of $27,276.72 on Monday. As a result of today’s surge, bitcoin moved near its recent price ceiling of $28,500, however bulls were not able to reach this point. Looking at the chart, this seems to be due to the fact that the relative strength index (RSI) continued to hover near a floor at 60. As of writing, the index is tracking at 61.00, with the next visible ceiling of 65.00 a possible target for buyers. Should this level be reached, there is a strong possibility that BTC will be tradin...

The Zambian kwacha, one of the best-performing currencies in 2022, is now expected to see its first quarterly decline in nearly two years. The Zambian leader Hakainde Hichilema claimed that stalled debt restructuring negotiations are adding to pressure against the local currency. Zambia’s Debt Default After ending 2022 as one of Africa’s best-performing currencies, the Zambian kwacha depreciated from 18 units of the local currency for every dollar on Jan. 1, to slightly more than 21 units per dollar by March 31. In addition, a report by Bloomberg has said the kwacha is set to realize its first quarterly decline since Q1 of 2020. At that time, the kwacha’s drop versus major currencies was attributed to fears Zambia would become the first sovereign defaulter on the African continent. A few months later, Zambia, which was then led by Edgar Lungu, would become the first country from the continent to default . However, following Lungu’s departure in August 2021, the Zambian kwacha’s va...

The U.S. Federal Reserve could be competing with commercial banks due to a facility called the “overnight reverse repurchase agreement facility,” which has currently drawn in more than $2 trillion in deposits. According to analysts, this has affected bank deposits, as investors run to grab the higher yields it offers compared to traditional banks. The Federal Reserve ‘Reverse Repo’ Facility Is Affecting Banks’ Deposits, According to Analysts The recent banking crisis has made people worried about the security of the U.S. banking system, and while at a high level, some are still determining the causes that led to the fall of Silvergate, Signature, and Silicon Valley Bank, there is another phenomenon that is affecting the health of this system. The “overnight reverse repurchase agreement facility,” or reverse repo, as it is commonly referred to, allows money market funds, which are investment vehicles known to invest in low-risk instruments, to park money with the U.S. Federal Rese...

A bill seeking to put blockchain and crypto assets under the purview of the Kenyan Capital Markets Authority is supposedly set to be debated in the country’s parliament. The bill also seeks to “widen the meaning of ‘securities’ to capture digital currencies.” The persons that receive licenses from the regulator are also required to maintain records of all digital currency transactions and to pay taxes on any gains made. Bill Proposes to Widen Definition of Securities According to Amboko Julians, a Kenyan economist and blogger, the East African nation’s parliament is set to debate a bill that proposes to place blockchain technology and digital currencies under the purview of Kenya’s Capital Markets Authority (CMA). Besides seeking to incorporate the definitions of blockchain and cryptocurrencies, Julians claimed that the bill also proposes “to widen the meaning of ‘securities’ to capture digital currencies.” In his March 28 Twitter thread , Julians shared the supposed screenshots of...

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...