Bitcoin News and Finance: What You Need to Know

Sri Lanka’s central bank has issued a warning about “the significant risks associated with using and investing in cryptocurrency.” The central bank reminded the public that “cryptocurrencies are unregulated investment instruments which are not recognized as an asset class in Sri Lanka.” Sri Lanka’s Crypto Warning The Central Bank of Sri Lanka (CBSL) issued a notice last week, warning the public of “the significant risks associated with using and investing in cryptocurrency.” The Sri Lankan monetary authority explained that it recently received complaints showing that “members of the public have incurred heavy losses on their crypto investments and in certain instances have also been subject to financial scams conducted through crypto-related schemes.” Referencing its previous warnings from 2018 to 2022 about financial, operational, legal, and security risks related to cryptocurrency, the central bank stated, “These risks and concerns have already materialized with the recent failu...

Roughly 26 days ago and in the following days, the U.S. witnessed two significant bank failures when Silicon Valley Bank and Signature Bank collapsed. After speaking at an event on Monday at Yale University, Janet Yellen, the current U.S. Treasury secretary, told reporters that she was closely monitoring the banking industry. Yellen insisted that “matters are stabilizing” and the Treasury was “not willing to allow contagious [bank] runs to develop” in the United States. Treasury Secretary Yellen Addresses Recent Bank Failures and Emphasizes Stability in the U.S. Banking System U.S. Treasury secretary Janet Yellen recently spoke at Yale University, and following the event, she made statements to reporters. Yellen discussed the recent issues within the U.S. banking industry and touched on the decision made over the weekend by Saudi Arabia and OPEC to cut oil production . Reporters asked Yellen about the impact the decision might have on oil prices. “I think it’s regrettable that OPE...

As Ripple and the U.S. Securities and Exchange Commission (SEC) persist in their legal dispute over XRP ’s classification as a security, the consequences for both parties and the wider cryptocurrency market cannot be understated. This case offers a unique opportunity to attain much-needed regulatory clarity, which could ultimately promote growth and stability throughout the sector. Ripple should embrace this prospect wholeheartedly. The following opinion editorial was written by Joseph Collement , General Counsel at Bitcoin.com. Recent events, such as a rise in XRP ’s value and an increase in open interest in the futures market, indicate mounting optimism about Ripple’s chances of triumphing in its lawsuit against the SEC. This positive sentiment is fueled by the anticipation that a Ripple victory could solidify XRP ’s legal status in the U.S. market, prompting further price surges and potentially sparking an “alt season” where alternative cryptocurrencies outperform Bitcoin and Eth...

PRESS RELEASE. ProBit Global, a top 20 cryptocurrency exchange, looks forward to continued success in launching exciting and promising crypto projects through its IEO platform, while providing its users with unparalleled profit opportunities. ProBit Global remains buoyant on Initial Exchange Offerings While the past few years have seen significant challenges in the cryptocurrency IEO space, ProBit Global has shown no signs of slowing down as the exchange aims to offer its customers and users outstanding value when it comes to budding blockchain-based projects. Since 2019, ProBit Global has built a wealth of experience in creating and tailoring Initial Exchange Offerings, successfully running over 400 rounds of IEO. For clients looking to launch their blockchain projects, ProBit Global’s proven record of IEO fundraising can provide the impetus needed to reach their development goals. For users on the ProBit Global exchange, IEOs continue to offer affordable entry points into excit...

Despite being touted as a game-changing innovation, the decentralized finance (defi) ecosystem is still not connected to fiat rails largely because of regulatory and compliance issues, Torsten Stuber, the CTO at Pendulum says. According to Stuber, the defi ecosystem will succeed in getting more traditional financial institutions on board once “a substantial amount of liquidity needed to facilitate efficient trading” is in place. Defi’s Perceived Lack of Regulation a Barrier to Adoption In addition, Stuber, whose firm uses the Polkadot blockchain to bring fiat networks to the decentralized finance ecosystem, suggested increased education and awareness as the other ways defi proponents can bring traditional financial institutions on board. The Pendulum CTO also shared his views on central bank digital currencies (CBDCs), and their benefits and likely risks to defi. In written responses sent to Bitcoin.com News Stuber also explained why the integration of CBDCs into defi systems is so...

Egon von Greyerz, market analyst and founder of Matterhorn Asset Management, is predicting the collapse of the central bank system in the next few years due to an increasing issuance of currency and debt. Von Greyerz states that in the face of an economy with no buyers, the only hedge will be tangible assets, including gold and silver. The Collapse of ‘Everything’ Egon von Greyerz, the founder of Matterhorn Asset Management, has recently expressed his worries about the situation of the central banking system in an article titled “The Everything Collapse,” where he details how the economy could collapse in the coming years, calling for people to hedge their savings in gold and silver. Von Greyerz states that the current macroeconomic problems are derived from the uncontrolled issuance of fiat money and debt, manipulated by the movements of central banks. He believes that the 2008 market collapse, the subprime mortgage crisis, the wild swing in the rates of treasuries, and the infl...

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’ ...