Bitcoin News and Finance: What You Need to Know

A European Central Bank Supervisory Board member has warned that the crypto rules in the EU’s Markets in Crypto-Assets (MiCA) bill “will not be sufficient on their own.” While emphasizing that “MiCA will set out important safeguards to prevent incidents similar to the FTX case from occurring,” she cautioned: “Certain areas still need further strengthening.” ECB’s McCaul Warns of EU’s Inadequate Crypto Regulation Elizabeth McCaul, a member of the European Central Bank Supervisory Board, discussed cryptocurrency regulation in a blog post published by the ECB Wednesday. She explained that the regulations proposed by the European Union for crypto assets are insufficient and must be strengthened to effectively address crypto risks. The European Parliament is set to vote on the Markets in Crypto-Assets (MiCA) bill later this month. McCaul opined: While the new Basel standard and MiCA are important milestones, I am afraid they will not be sufficient on their own. The ECB board member ...

Presidential hopeful Robert F. Kennedy Jr. has issued a warning regarding the Federal Reserve’s new Fednow system and the potential risks of central bank digital currencies leading to financial slavery and political tyranny. He additionally warned: “We should not be blind to the obvious danger that this is the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago.” Robert F. Kennedy Jr. Warns about Fednow and CBDCs Lawyer and vaccine skeptic Robert F. Kennedy Jr. criticized the Federal Reserve’s Fednow system and central bank digital currencies in a tweet on Wednesday — the same day he filed paperwork to run for president in 2024. He is President John F. Kennedy’s nephew and U.S. Senator Robert F. Kennedy’s son. “The Fed just announced it will introduce its ‘Fednow’ Central Bank Digital Currency (CBDC) in July,” he wrote, elaborating: CBDCs grease the slippery slope to financial slavery and political tyranny. Fednow is the Federal Reserve’s real...

A Pheu Thai candidate running for prime minister of Thailand position, Srettha Thavisin, has promised that every citizen in the country will receive 10,000 Thai baht ($300) in digital currency if he wins the general election in May. However, a minister within the prime minister’s office in Thailand is concerned and has explained that the proposed airdrop could pose major challenges with specific implications. Thailand Prime Minister Candidate’s $300 Airdrop Promise Raises Concerns On Wednesday, Srettha Thavisin, a Pheu Thai candidate for prime minister of Thailand, declared that if his party wins the general election, the government will airdrop 10,000 baht in digital currency to every citizen in the country who is 16 years old or older. The Bangkok Post was the first to report on the story after it was revealed by the Pheu Thai chief adviser, Paetongtarn Shinawatra, on Wednesday. Thailand wouldn’t be the only government to airdrop digital currency to its citizens, as the governme...

Postfinance, one of Switzerland’s largest retail banks, will offer customers access to major cryptocurrencies and related services. The state-owned financial institution will be using the banking platform developed by the Swiss-licensed digital asset bank Sygnum. Postfinance Partners With Sygnum to Provide Digital Asset Products and Services The financial services unit of the national postal service of Switzerland, Postfinance , has joined forces with crypto bank Sygnum to offer a range of digital asset banking services. To achieve that, the bank will employ Sygnum’s B2B (business-to-business) banking platform. The partnership enables the launch and expansion of regulated bank-grade products and services for digital assets, Sygnum said in an announcement published Wednesday. The Switzerland-based fintech company further elaborated: Postfinance’s customers will be able to buy, store and sell leading cryptocurrencies such as bitcoin and ethereum. Postfinance has analyzed the inv...

PRESS RELEASE. Victoria, Seychelles 7 Apr 2023 – Bitget, the leading crypto derivatives exchange and copy trading platform, has announced a new round of launchpad listing featuring GoSleep (ZZZ) , the leading Web3 sleep and healthy living reward app on Arbitrum. The launchpad tickets for ZZZ token will be allocated on Apr 17, with the deposit period starting on Apr 10. In this round of launchpad, Bitget has also introduced the sunshine pool, which is specially designed to provide fair opportunities for more participants to get allocations. Bitget’s Launchpad was initially introduced in February 2022, and as of now, it has launched eight early-stage projects with a price increase of up to 14950% in the first week of their listing. Previously, Launchpad featured REVO, BBO, and HALO, offering users the opportunity to participate in early-stage token sales for handpicked brightest projects. GoSleep aims to motivate users to pursue a healthy lifestyle by providing them with sleep trac...

Former U.S. President Donald Trump has acknowledged the push that China is making to dethrone the dollar as a reserve currency. In a post published on Truth Social, Trump stated that if this comes to happen, it would be the biggest defeat in the history of the U.S. in the last 200 years. Donald Trump Alerts About China’s Push Against the U.S. Dollar Donald Trump, former president of the U.S. has recognized the recent moves that China and other countries including Russia and Saudi Arabia are taking to undermine the influence of the dollar in worked markets. In a post published in Truth Social, the social platform founded by Trump, he acknowledged these developments, stating: China is trying to displace the U.S. dollar as the number one currency throughout the world. If this happens, and under Biden’s leadership it probably will, this would be the biggest defeat for our country in its history. Furthermore, Trump stated that if this comes to happen, the U.S. will be reduced to s...

Ukrainian law enforcement has exposed a financial pyramid originating from Russia suspected of making millions of U.S. dollars. The scam convinced victims to send fiat money and cryptocurrency by promising profitable investments in big companies around the world. Large Crypto Pyramid Scheme With Russian Roots Busted in Ukraine Officers from the Security Service of Ukraine (SBU) have unraveled a fake investment scheme called ‘Life Is Good,’ the agency announced on Tuesday. The fraudsters behind it offered potential clients to multiply their money by acquiring shares of global enterprises. The organizers of the large-scale pyramid scheme allegedly received almost $40 million dollars from more than 1,000 people they managed to defraud. The victims were instructed to transfer the money directly to the crypto wallets and bank accounts of the scammers. Life Is Good had an online platform maintaining fake investor accounts. Customers were promised deals bringing stable profits in the fo...

In the past 20 days, the Arbitrum blockchain has recorded a significant number of transactions coinciding with the recent ARB airdrop that occurred on March 23. About two weeks ago, on that day, the Arbitrum network recorded an all-time high of 2.72 million transactions settled in 24 hours. L2 Network Arbitrum Records 2.72 Million Transactions in a Single Day, Transfer Count Remains Parallel With Ethereum’s Daily Rate The Ethereum Layer 2 (L2) scaling solution, Arbitrum, has seen a significant amount of activity over the last 20 days or since March 16, 2023. The surge in activity follows Arbitrum outpacing Ethereum’s number of transactions per day for the first time 41 days ago, on February 23, 2023. After the milestone on February 23, Arbitrum’s transactions per day (TPD) dropped below Ethereum’s TPD until March 16. At that time, Arbitrum’s TPD once again surpassed Ethereum’s TPD, and the network reached its all-time high (ATH) on March 23. That was the same day the ARB airdrop ...

Bitcoin was once again trading below $28,000, as markets consolidated ahead of Friday’s non-farm payrolls report. Payrolls are expected to come in at 240,000 for last month, with the unemployment rate in the U.S. remaining at 3.6%. Ethereum was also lower today, following an eight-month high on Wednesday. Bitcoin Bitcoin ( BTC ) was once again trading under $28,000 on Thursday, as markets began to prepare for tomorrow’s non-farm payrolls report. BTC /USD dropped to an intraday low of $27,831.56 in today’s session, which comes less than 24 hours after trading at a high of $28,714.22. The move came as bitcoin bulls were unable to sustain a breakout of a key resistance level of $28,500. Looking at the chart, this latest drop in price came as the 14-day relative strength index (RSI) dropped below a floor of 58.00. As of writing this, the index is now tracking at 57.80, with the 10-day (red) moving average nearing a downwards cross with its 25-day (blue) counterpart. Should sentimen...

The United States’ attempts to “assassinate crypto” are illegal and unlikely to succeed because “crypto is global,” Steven Boykey Sidley, a South African professor and author, has argued. According to Sidley, many formerly U.S.-based companies and innovators have fled the country and have set up bases in countries with more “comfortable” regulatory environments. The United States’ Agenda Against Crypto Steven Boykey Sidley, a South African professor of practice at JBS, University of Johannesburg, has accused U.S. regulators and departments of orchestrating what he described as coordinated and “possibly illegal” efforts to “assassinate crypto.” Sidley insisted that there are no moral or legal grounds justifying the attempts to take out BTC , particularly when the world is in the midst of a banking crisis sparked by banking failures in the U.S. In his op-ed published by the Daily Maverick, Sidley points to the U.S. Federal Reserve’s “opaque and non-explanatory” reasons for refusing ...

The world of cryptocurrencies and blockchain has exploded in recent years. However, a lack of understanding surrounding this technology has led to a number of false beliefs and misconceptions, causing many people to approach digital assets with unwarranted suspicion and uncertainty. To combat this, Binance has made it part of its mission to provide accessible Web3 education to everyone and work to enhance crypto comprehension. Through these efforts, Binance aims to debunk common misconceptions and promote greater crypto literacy. Their goal is to clear up confusion and help improve the general public’s understanding of crypto. It’s crucial to have a thorough understanding of the basics and think critically, as this will help people better comprehend and, ultimately, use cryptocurrency. Time to bust some crypto myths! Myth: Crypto Is Only Used By Criminals The use of crypto for illegal activities has been a topic of concern since the early days of this new form of digital currency....

One of China’s leading insurers has backed the establishment of two crypto investment funds in Hong Kong. The business move comes against the backdrop of the region’s ambitions to become a hub for digital assets, and despite the negative regulatory attitude towards the market in the mainland. Chinese Insurance Giant Enters Crypto Space Through Hong Kong Subsidiary A Hong Kong-based company, part of the China Pacific Insurance Company (CPIC) group, has joined forces with Waterdrip Capital and established two investment funds in the special administrative region that will concentrate on the industry built around blockchain technologies and crypto assets. CPIC is China’s third largest state-owned insurance company, Chinese crypto journalist and blogger Colin Wu, also known by the Twitter handle ‘Wu Blockchain,’ noted in a post on Monday, citing a report by the Chinese news outlet 36kr.com. China’s third largest state-owned insurance institution Pacific Insurance Investment Managemen...

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...