Bitcoin News and Finance: What You Need to Know

The U.S. Federal Reserve has revealed that 722 banks reported unrealized losses exceeding 50% of their capital at the end of the third quarter of 2022. “Rising interest rates are creating significant unrealized losses in investment securities and in some cases depressing tangible equity,” according to the Fed’s Division of Supervision and Regulation. 722 Banks Reported Unrealized Losses of More Than 50% of Capital The U.S. Federal Reserve has revealed in a board presentation by the Division of Supervision and Regulation that 722 banks reported unrealized losses exceeding 50% of their capital at the end of the third quarter of 2022. The presentation, released to the public in April, is dated Feb. 14. It highlights the impact of raising interest rates on certain banks and the Fed’s supervisory approach to address issues at these banks. “Rising interest rates are creating significant unrealized losses in investment securities and in some cases depressing tangible equity,” the Fed pres...

A high court in the United Kingdom recently set aside a proprietary injunction that was issued against the crypto exchange Binance. In its application challenging the injunction, Binance said the action had been taken without notice. Binance also said it could not comply with the injunction since it was granted after the fraudulently acquired crypto assets in question were moved. Claimant Proceeded Against Binance Without Notice A United Kingdom high court recently ruled to set aside an interim proprietary injunction against the cryptocurrency exchange Binance. The interim injunction, which required Binance to preserve a certain amount of cryptocurrency, was issued after a victim of cryptocurrency fraud claimed to have traced the stolen funds to the crypto exchange. According to a recent post on the law firm Herbert Smith Freehills’ blog , the discharge of an injunction against Binance is one of the first known cases where a cryptocurrency exchange has challenged granting a proprie...

In the past week, sales of non-fungible tokens (NFTs) have increased by 1.46%, raking in a total of $149,312,180. However, while the number of NFT buyers has risen by 22.48%, the number of NFT transactions has decreased by 8.78% compared to the previous week. Azuki Emerges as Top-Performing NFT Collection This Week With 504.96% Sales Surge Over the past week, non-fungible token (NFT) sales have experienced a modest uptick, rising by 1.46% compared to the previous week. In total, NFT sales amounted to $149.31 million, with Ethereum-based NFT sales accounting for $108,272,701 of that figure. Ethereum NFT sales made up 72.5% of all digital collectibles sold in the past week. The latest statistics reveal that Ethereum NFT sales have surged by 22.79% this week. This week, Solana-based NFT sales made up $12,225,000 of the total sales, however, this marks a 56.64% decrease from the previous week. Ethereum and Solana sales still lead the pack, followed by Mythos, Polygon, and Immutable X...

Efforts to transition to trade in national currencies in the Shanghai Cooperation Organization (SCO) can no longer be stopped, according to Russian Foreign Minister Sergey Lavrov. During a meeting with his colleagues in India, Moscow’s top diplomat also discussed the similar initiative within BRICS. Sergey Lavrov Convinced SCO Countries Will Switch to National Currencies, Won’t Rule Out Single Fiat There is understanding about increasing the use of national currencies in settlements between the member states of the SCO, Russian Minister of Foreign Affairs Sergey Lavrov said after conferring with counterparts in Panaji, capital of the Indian state of Goa. To achieve that, Lavrov believes participants can apply practices that are being formed in the Eurasian Development Bank, the Asian Bank for Reconstruction and Development, and the New Development Bank established by the BRICS bloc. “All this was discussed. All of this is very relevant. All this is now being considered by the rele...

Following Binance’s withdrawal from the Voyager Digital deal on April 25, the now-defunct crypto lender has recently informed creditors that they can expect to receive their initial cash and crypto distributions “within the next few weeks.” This update comes nine days after Binance’s decision to back away from the deal. Voyager Digital Expects Initial Distributions to Creditors ‘Within the Next Few Weeks’ Voyager Digital has published an update for creditors. According to a tweet from the firm on May 4, 2023, they may be able to expect some cash or crypto back “in a few weeks.” This update comes after a long and difficult journey for the TSX-listed crypto lender. Last year on July 1, 2022, Voyager Digital halted withdrawals and filed for bankruptcy just days later. Since then, the defunct business has been navigating the bankruptcy process after it was almost acquired by Binance US. After Binance US backed out of the deal , the crypto lender has been left to navigate the bankrup...

Texas has taken its first steps in order to approve a bill that would issue a 100% gold-backed digital currency. If enacted as law, the bill, which is being discussed by a Texas House committee, would create an electronic system for users to transact and pay with this digital currency and would also allow them […]

  According to John Reed Stark, crypto exchange Coinbase’s assertions that its business activities were endorsed by the U.S. Securities and Exchange Commission (SEC) when it approved its initial public offering are “a surefire loser.” According to Stark, the SEC’s approval of Coinbase’s registration statement was done to ensure the latter had made “proper disclosures in their application.” SEC Not Constrained by Any Doctrine John Reed Stark, a former chief of the U.S. Securities and Exchange Commission (SEC) Office of Internet Enforcement, has said the arguments that Coinbase’s business activities were endorsed by the commission when it approved its initial public offering (IPO) are “a surefire loser.” Stark also said the assertion that Coinbase has “some sort of regulatory safe harbor” and that the SEC is constrained by some sort of doctrine “has no basis in law or in fact.” The remarks by Stark came just days after Coinbase chose to publicly disclose its response to the Wells ...

  Recent data reveals that while the banking industry in the U.S. is facing significant challenges, executives are mentioning “credit tightening” more frequently in earnings calls than during the 2008 financial crisis. Additionally, Google Trends data indicates a surge in search queries related to bank failures and crises. The findings suggest that the U.S. economy is experiencing a period of instability and uncertainty, prompting concerns among market observers. ‘Credit Tightening’ Mentions on Company Calls Highlight Concerns Over the Stability of the U.S. Banking Industry The U.S. economy is struggling with a trifecta of challenges: soaring inflation, steep interest rates, and a banking industry in disarray. Since Silvergate Bank’s announcement on March 8, 2023, that it would cease operations and liquidate its assets, the country has witnessed a string of significant bank failures. Silicon Valley Bank, Signature Bank, and First Republic Bank have all followed suit, marking the...

  The government of Kazakhstan has collected over $7 million in taxes this and last year from enterprises mining cryptocurrency in the country. The news comes amid growing regulatory pressure that is limiting the industry’s access to low-cost energy while increasing its tax burden. Miners Face Higher Expenses, More Challenges Under New Legislation Kazakhstan’s coffers have received 3.07 billion tenge (almost $6.9 million) in tax payments from entities involved in the minting of digital currencies in 2022, the State Revenue Committee of the Ministry of Finance announced, quoted by local media and the crypto news outlet Forklog. Cryptocurrency miners in the Central Asian nation are required to pay taxes and fees since Jan. 1, last year. In 2023, they have already transferred 240 million tenge (almost $540,000) to the budget, by April 27. All due payments for the first quarter must be made by May 25, the finance ministry reminded. On Feb. 6, this year, President Kassym-Jomart To...

  Federal Reserve Chairman Jerome Powell has warned of “highly uncertain and adverse” economic consequences if the U.S. defaults on its debt obligations. “No one should assume that the Fed can protect the economy from the potential short and long-term effects of a failure to pay our bills on time,” he further cautioned. Fed Chair Jerome Powell’s Debt Default Warning Federal Reserve Chair Jerome Powell has warned of the potential consequences of a U.S. debt default. “We’d be in uncharted territory and the consequences on the U.S. economy could be highly uncertain and adverse,” he said this week, adding: No one should assume that the Fed can protect the economy from the potential short and long-term effects of a failure to pay our bills on time. Powell’s warning came after the Federal Reserve increased its key interest rates by 25 basis points this week — its 10th hike in 14 months. The increase takes the Fed Funds Rate to a target range of 5%-5.25%, the highest since August 2...

  Professor Ashok Swain of Uppsala University’s Department of Peace and Conflict Research says Saudi Arabia joining the BRICS economic bloc “would accelerate the bilateral trading being conducted using the yuan as the trading currency. ” How Saudi Arabia Joining BRICS Could Boost Use of Chinese Yuan Ashok Swain, a professor of peace and conflict research at Uppsala University in Sweden, told Al-Monitor last week that Saudi Arabia joining the BRICS economic bloc would accelerate the use of the Chinese yuan as a trading currency. Professor Swain is head of Uppsala University’s Department of Peace and Conflict Research. He is also the UNESCO chair on International Water Cooperation. Commenting on Saudi Arabia joining the Shanghai Cooperation Organization (SCO) and the BRICS, which comprises Brazil, Russia, India, China, and South Africa, he said: There is no doubt that Saudi Arabia becoming a member of China-dominated SCO and BRICS would accelerate the bilateral trading being cond...

  As per the latest statistics recorded before the weekend, the meme token PEPE has witnessed a massive surge in value, following its recent listing on the crypto exchange Binance. In just seven days, the crypto asset has skyrocketed by 896% against the U.S. dollar, making it the third-largest meme token in terms of market valuation. Amid the price spike, PEPE’s market cap now exceeds the $1 billion mark. Green Frog Crypto Asset PEPE Makes Waves in Meme Economy Dominated by Dogs Dogecoin (DOGE) and shiba inu (SHIB) have a new challenger in the meme token arena, as Pepe the Frog meme coin, pepe (PEPE) , has emerged as a formidable competitor. With an impressive surge of 896% over the past week, PEPE has now become the third-largest meme token , trailing only DOGE and SHIB. In the last 24 hours alone, the token has seen a remarkable increase of over 79%. Bitcoin.com News had previously reported on PEPE’s initial rise when it was launched on April 14, 2023. PEPE has come a long w...

  The crypto platform Cryptoys, backed by Andreessen Horowitz, has announced the launch of Star Wars collectible digital toys featuring iconic characters Darth Vader, Luke Skywalker, and Princess Leia. Cryptoys stated on Thursday that 15 digital action figures will be available to collect in total, and the initial Star Wars non-fungible token (NFT) drop will begin on May 24. Cryptoys to Drop Star Wars Digital Collectibles at the End of May On May 4, 2023, Cryptoys , the digital collectible platform crafted by the Miami startup Onchain Studios , announced a new line of Star Wars collectible digital toys. The company recently partnered with Disney to bring the latest collection featuring classic Star Wars characters like Darth Vader, Luke Skywalker, and Princess Leia. The announcement notes that the digital action figures will be “paired with powerful weapons” and come in different rarity levels. Disney has been exploring the non-fungible token (NFT) industry for some time. In 20...

  The European Central Bank (ECB) raised its key interest rates by 25 basis points, slowing the pace from previous increases. However, as inflation in the euro area remains persistently high, future rate hikes may still be expected with the regulator insisting it will continue to seek a “timely return” to its 2% inflation target and ECB president Christine Lagarde stating that rates are not “sufficiently restrictive” yet. ECB Eases Pace of Hiking Interest Rates in the Eurozone The Governing Council of the European Central Bank (ECB) decided to raise three key interest rates by 25 basis points (bps) on Thursday. While slowing the rate hikes, the monetary authority indicated that future increases are possible as its fight to tame inflation goes on. “The inflation outlook continues to be too high for too long,” the regulator highlighted in a press release after the council’s meeting. It explained that while headline inflation has declined over recent months, underlying price pressu...

  A buzz has been generated around a new layer one (L1) proof-of-stake blockchain initiative named Sui, following the network’s mainnet debut on May 3, 2023. The native token SUI has been listed on various cryptocurrency exchanges, drawing attention to the project. On the same day the network launched, SUI peaked at $2.16 per unit, but has since dropped by 37% from its record high. Mysten Labs Launches Sui Mainnet, Draws Attention with Delegated PoS Blockchain and Move Programming Language As established cryptocurrencies continue to compete for dominance, a fresh wave of digital assets has emerged in the crypto sphere. Among them is SUI , a new digital currency whose network went live on Wednesday. The founders of SUI hail from Mysten Labs , and like Aptos, its founders stem from Facebook’s crypto project. SUI operates on a delegated proof-of-stake (dPoS) blockchain, utilizing the Move programming language. At present, there are 528,273,718 SUI in circulation, with a maximum sup...

Stronghold Digital, a leading Bitcoin mining firm, announced the company has entered into a two-year hosting agreement with Cantaloupe Digital LLC, a subsidiary of the bitcoin application-specific integrated circuit (ASIC) manufacturer, Canaan. Under the new partnership, Stronghold Digital plans to activate 2,000 Avalon A1346 miners and 2,000 A1246 models. This will result in a total hashrate capacity of 400 petahash per second (PH/s) by the end of June. Stronghold Digital’s Hosting Agreement With Canaan Subsidiary Aims to Increase Bitcoin Mining Capabilities On May 4, 2023, Stronghold Digital Mining, Inc. (Nasdaq: SDIG ) announced a two-year hosting deal with Cantaloupe Digital , a subsidiary of Canaan, the manufacturer of Avalon-made ASICs. Starting May 15, Stronghold Digital will install Avalon A1246 mining rigs, each with 90 terahash per second (TH/s) of hashpower. According to the announcement, the company plans to install 2,000 Avalon A1346 miners in June. Each A1346 miner i...

PRESS RELEASE. As Bitcoin becomes an increasingly popular payment option, we can now use BTC for quick ordering and online shopping in many countries/regions. You can even buy a car with BTC in some places. None of this would be possible without Laszlo Hanyecz, a Bitcoin pioneer who bought two pizzas with 10,000 bitcoins 13 years ago. This is the first time Bitcoin has been priced. Since then, this crypto has been attached with genuine exchange value. Nearly 13 years have passed since that “pizza transaction”. To commemorate the occasion, Bitcoin enthusiasts have designated May 22 as Bitcoin Pizza Day, which has evolved into a major festival celebrating the advancement of crypto. As the crypto community prepares for the 13 th Pizza Day in May 2023, CoinEx has also planned a “pizza” feast with multiple giveaway events to help users review the history of crypto, experience crypto culture, and have fun during CoinEx Pizza Month! So, what events does CoinEx Pizza Month include? How...

Argentine Foreign Minister Santiago Cafiero referred to the advantages the issuance of a Latin American common currency would give Argentina. Cafiero stated that the existence of such a currency would relieve the stress that the country is currently facing regarding the state of its foreign reserves and the devaluation of its fiat currency. Argentine Foreign […]

Brazilian President Luiz Inacio Lula da Silva stated Brazil will serve as a facilitator to try and arrange BRICS bloc assistance for Argentina. Lula stated that the New Development Bank — the BRICS bank — could modify some of its rules to aid Argentina. Also, the two countries are negotiating the establishment of a credit […]

The Nigerian Federal government said on May 3 it had passed what it called the “national blockchain policy.” The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said the Central Bank of Nigeria (CBN) is unlikely to reverse its stance on privately issued digital currency. Blockchain Policy a Product of Widespread Consultations The Nigerian Federal government recently approved what Isa Pantami, the country’s minister of communications and digital economy, has described as the country’s “national blockchain policy.” According to Pantami, the new policy is a product of widespread consultations with some 56 Nigerian institutions and personalities. Remarking on what this feat means for Nigeria’s blockchain industry, Pantami, who spoke after a Federal Executive Council meeting chaired by outgoing pre...

  Bitcoin’s network has been putting miners through the wringer lately, with five straight difficulty increases that had them on edge. However, on May 4, 2023, at block height 788,256, the network difficulty level took a dip, dropping by 1.45% and bringing the overall difficulty down to 48.01 trillion for the next two weeks. Bitcoin Difficulty Takes a Dip After Five Straight Increases Bitcoin’s difficulty level finally dropped on May 4, 2023, after increasing five times since the February 24 increase of 9.95%. The five difficulty increases combined equated to a 22.62% increase, and the latest drop brings it down 1.45% lower . The change occurred at Bitcoin block height 788,256. At the time of writing, the network’s hashrate is 355.90 exahash per second (EH/s). Just two days ago, the Bitcoin network hit a major milestone as its hashrate soared to an all-time high of 491 EH/s at block height 787,895. But with the next difficulty adjustment just around the corner on May 18, 2023,...

As the United States stares down the barrel of a potential debt default come June, a curious and intriguing solution has emerged: crafting a single $1 trillion platinum coin. This unusual tactic exploits a legal loophole that allows the Treasury Department to mint platinum coins of any value. By delivering such a coin to the U.S. central bank, the Treasury would create enough funds to settle its debts. Though this proposal might sound bizarre, it’s gained traction as a potential escape route from the impending debt catastrophe. The Trillion-Dollar Platinum Coin Idea to Stave off U.S. Debt Default Returns Devotees of Modern Monetary Theory (MMT) will be thrilled to learn that the trillion-dollar coin concept is making headlines once more as America edges ever closer to defaulting on its debt. Just three days ago, Treasury Secretary Janet Yellen cautioned that a U.S. debt default could likely result in an “economic and financial catastrophe.” As tensions rise over the debt ceiling, ta...

El Salvador’s president, Nayib Bukele, has enacted a law that eliminates all taxes on technology innovations, software and app programming, AI, computer, and communications hardware manufacturing. The law is expected to boost the country’s technology sector, generate more jobs for its population, and attract foreign investment. Bukele Signs Law to Boost Technology Industry in El Salvador The president of El Salvador, Nayib Bukele, announced Thursday on Twitter: I’ve just signed into law the Innovation and Technology Manufacturing Incentives Act that eliminates all taxes (income, property, capital gains, and import tariffs) on technology innovations, software and app programming, AI, computer and communications hardware manufacturing. Commenting on the new tax law, Salvadoran Minister of Economy María Luisa Hayem described: “El Salvador is ready to attract new investments in the technology sector, and thereby generate more jobs for our population.” El Salvador’s director of the Cen...