Bitcoin News and Finance: What You Need to Know

The top Democrat on the House Intelligence Committee has warned that China and Russia would seek to exploit the chaos resulting from a U.S. default. He further cautioned that the U.S. dollar’s reserve currency status could be eroded if the U.S. defaults on its debt obligations. U.S. Lawmaker’s Debt Default Warning Congressman Jim Himes (D-CT), the ranking Democrat on the House Intelligence Committee, warned Sunday during an appearance on CNN’s “State of the Union” about the risks of the U.S. defaulting on its debt obligations. The lawmaker was asked whether the current U.S. “debt crisis” is “a national security threat” and whether any world leaders have expressed concern to him about it. Avril Haines, Director of National Intelligence, informed the Senate last week that Russia and China would try to exploit the chaos resulting from a U.S. default to show that “We’re not capable of functioning as a democracy.” Himes replied, “It has not come up in the meetings that we had in Jordan

Personal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,” he stressed. Dave Ramsey on De-Dollarization and Challenges From Alternative Currencies Personal finance guru and Ramsey Solutions CEO Dave Ramsey answered a question about de-dollarization in an episode of “The Dave Ramsey Show,” aired last week. Ramsey is an eight-time national best-selling author who sold more than 11 million copies. A self-proclaimed personal money management expert, he calls himself “America’s trusted voice on money.” Zack from Alabama asked him: I’m reading more and more about de-dollarization and countries moving away from the U.S. dollar as their basis of international trade. Will this affect the strength of the dollar, and should I be concerned about how I’m saving and investi

Iranian president Ebrahim Raisi has called on the Central Bank of Iran to lay the groundwork necessary to ditch the U.S. dollar for bilateral trade settlements and to make the switch to use the Iranian real whenever possible. The Central Bank of Iran has already started implementing this policy, proposing to pay bilateral trades using Iranian reals in a recent high-level reunion with Oman’s minister of commerce. Raisi Calls on Central Bank of Iran to Ditch Dollar Iranian President Ebrahim Raisi has called for a policy shift when it comes to the use of the U.S. dollar in bilateral trades. On May 7, during a cabinet meeting after his visit to Syria, Raisi discussed the advancement of other countries such as China and Russia in reducing their trade dependence on the U.S. dollar and called for the Central Bank of Iran to lay the groundwork for shifting to the use of local currencies, such as the Iranian real. Raisi also referred to the strength of the Syrian market, and how the two cou

The recent approval of a blockchain adoption strategy by the Nigerian government has been described as a milestone that will “add clarity, trust and confidence in the [blockchain] ecosystem.” The unveiling of the adoption strategy document has also been hailed as a step that will lend “some form of legitimacy” to a technology that many Nigerians still only associate with cryptocurrency. Central Bank Expected to Eventually Change Its Position on Crypto The Nigerian government’s recent approval of a blockchain adoption strategy has been hailed by advocates of the technology as “a significant milestone for the blockchain industry in Nigeria.” The advocates have also argued that the unveiling of the strategy document by the government helps to lend “some form of legitimacy” to a technology that many still confuse with cryptocurrency. As recently reported by Bitcoin.com News, the approval of the blockchain strategy followed what Isa Pantami, the country’s minister of communications and

PRESS RELEASE. Tokyo, Japan, May 9th 2023, Chainwire. The STAR project is a new initiative to help Japanese SMEs gain international recognition and prestige. The project seeks to uncover the valuable products, technologies, and know-how of small-to-medium-sized businesses. With an advanced ecosystem, the project opens new opportunities for mutual benefit between Japan and its partners abroad. A Project with a Clear Goal The STAR Project has a clear goal: to help Japanese SMEs effectively communicate their products and technologies. Through this project, SMEs can gain access to funds that they can use to reinvest in their business. Foreign companies can also take advantage of the program. Specifically, foreign companies may purchase products, technology, and know-how from Japanese SMEs and partner up with them. Ultimately, the project aims to revive the economy of Japan and the world, creating a sustainable future. This initiative helps Japanese SMEs market their valued produc

Liechtenstein’s prime minister has reportedly revealed that bitcoin payments will be accepted for some government services. “A payment option with bitcoin is coming,” he said, adding that he is open to investing state reserves in the cryptocurrency. Bitcoin Adoption in Liechtenstein Daniel Risch, Liechtenstein’s prime minister who also serves as the country’s finance minister, has reportedly revealed that Liechtenstein plans to accept bitcoin payments for certain government services. He said in an interview with German business daily Handelsblatt Sunday without giving a specific timeframe: A payment option with bitcoin is coming. Risch explained that Liechtenstein plans to accept bitcoin and immediately exchange BTC for Swiss francs, the national currency, in order to avoid exchange-rate risks. He also clarified that the cryptocurrency would not be granted equal status as the Swiss franc. The prime minister additionally told the news outlet that he was open to investing state

  Ripple CEO Brad Garlinghouse has revealed that his company is spending $200 million defending itself against the SEC in its lawsuit over xrp. The executive expects a decision on the lawsuit in three to six months. “If we win the lawsuit, it’ll be clear what xrp is, but the rest of the industry is still going to be unclear. And the whole crypto industry needs regulatory clarity in the U.S. to really thrive,” said the Ripple boss. Ripple’s CEO Shares New Info on SEC Lawsuit Over XRP The CEO of Ripple Labs, Brad Garlinghouse, has provided some new information regarding his company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). During a fireside chat with CNBC at the Dubai Fintech Summit on Monday, Garlinghouse revealed that when the lawsuit is concluded, Ripple would have spent $200 million in total to defend itself against the securities regulator. The executive shared: With the SEC, we will spend — this is the first time I’ve shared this publicly —

  Bittrex Inc., the U.S.-based cryptocurrency exchange, has filed for Chapter 11 bankruptcy protection in Delaware after being sued by the U.S. Securities and Exchange Commission for failing to register with the regulator. The exchange reportedly has over 100,000 creditors and liabilities ranging from $500 million to $1 billion. Bittrex Bankruptcy Filing Reveals Over 100,000 Creditors and $1 Billion in Liabilities Bittrex Inc. filed for Chapter 11 bankruptcy in Delaware on Monday, while its parent company Bittrex Global will continue to operate outside the United States. This development comes after the exchange announced its decision to sunset U.S. operations in early April. By mid-month, the U.S. Securities and Exchange Commission (SEC) sent the company a Wells notice. On April 17, 2023, the SEC took action against the exchange by charging it for operating an unregistered exchange, clearing agency, and broker. The lawsuit also classified OMG, ALGO, and DASH as “unregistered s

  Tesla and Twitter CEO Elon Musk has shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the U.S. Treasury and the Federal Reserve. “As more people & companies realize this, bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail,’” Musk warned. Massive Incentive to Move Money Out of Bank Accounts Tesla and Twitter CEO Elon Musk shared Monday a “massive incentive” for people to move money out of bank accounts in the U.S. His statement was in response to Twitter user “unusual_whales” who quoted Hugh Hendry, founder of Eclectica Asset Management who ran the hedge fund for 15 years, predicting that the U.S. Treasury and the Federal Reserve may have to step in and “restrict your right as a U.S. citizen to pull money out of the U.S. banking sector, due to capital flight from the U.S. banking system.” Musk explained that the U.S. Treasury and the Fed have created a massive gap bet

  Bank of America has warned that the key threats to the U.S. dollar’s dominance are largely domestic, as opposed to competition from other currencies, including a BRICS currency. “U.S. fiscal brinkmanship, with risks for government shutdown, or even worse a default, keeps coming up during debt ceiling discussions,” the bank’s analysts stressed. Bank of America on Threats to U.S. Dollar’s Dominance Bank of America reportedly said in a note Thursday that despite recent de-dollarization headlines, the U.S. dollar is not in danger of losing its dominance anytime soon. However, the bank warned that the USD is at risk from domestic fiscal issues, such as the possibility of the U.S. defaulting on its debt obligations. “Because much of the USD’s dominant role comes from standing in front of the TSY [U.S. Treasury] market, surprise defaults from a debt ceiling showdown would compromise the dollar’s attractiveness as a store of value,” Bank of America’s analysts detailed, elaborating: Ther

  Former House Representative Ron Paul has presented his stance when it comes to the financial crisis that the U.S. is currently facing. Paul stated that the continued application of quantitative easing (QE), a policy used to increase the money supply, and the decades of almost null interest rates, are what nurtured the current financial crisis the U.S. is facing. Ron Paul Believes Federal Reserve’s Policies Created Today’s US Financial Crisis Ron Paul, former representative and presidential candidate, has recently talked about the financial crisis the U.S. is facing. According to him, the policies that the Federal Reserve applied to maintain a welfare state at the cost of creating deficits have created today’s financial hardships for the country. Paul stated : Today’s financial hardships stem from the Fed’s decade of near 0% rates and quantitative easing (QE). These created a decade’s worth of uneconomic investments. Every bad idea imaginable received funding. Paul criticized l

Xrp plunged to a six-week low on Monday, as cryptocurrency markets moved further into the red. The global crypto market cap fell by over 3% to start the week, which comes days ahead of the upcoming U.S. inflation report. Solana also declined, hitting a multi-week low. XRP Xrp, formerly known as ripple, fell by as much as 5% on Monday, with the global market cap slipping by over 3% in the day. XRP /USD dropped to an intraday low of $0.4333 to start the week, less than 24 hours after hitting a high of $0.4606. As a result of this decline, XRP moved to its lowest point since March 25, breaking out of a floor at $0.4360 in the process. Looking at the chart, the slippage came as the relative strength index (RSI), broke out of a floor at 39.00. At the time of writing, the index is tracking at 36.04, with XRP at a level of $0.4365. Overall, the token is down 5.11% as of writing. Solana (SOL) Solana (SOL) remained in the red, as the token extended its own recent declines to a third

Bitcoin transaction fees have surged significantly in the past 24 hours, with the average fee reaching $19.20 per transfer. The increase in fees can be linked to a backlog of transactions trapped in the mempool, as over 440,000 unconfirmed transactions are currently awaiting confirmation. Block Reward Dethroned: Bitcoin Transaction Fees Surpass Mining Subsidy for the First Time Since 2017 On Sunday, May 7, 2023, bitcoin transaction fees exceeded the block reward for the first time since December 2017 at block height 788,695. Subsequent block heights 788,700 and 788,702 also witnessed fees surpassing the subsidy. At present, over 440,000 bitcoin transactions are pending confirmation with 193 blocks left to mine for clearing them all. Fees soared past the $25 mark per transaction on Sunday, and current data displays an average fee of 0.00069 BTC or $19.20 per transaction . According to bitinfocharts.com data, the median-sized fee is 0.0004 BTC or $11.05 per transfer . High-priori

Bitcoin fell below $28,000 to start the week, as markets continued to react to last Friday’s United States nonfarm payrolls (NFP) report. The payrolls report came in at 250,000 versus expectations of 180,000 jobs. Ethereum was also lower, as prices fell back below $1,900. Bitcoin Bitcoin ( BTC ) moved lower to start the week, as cryptocurrency markets continued to react to the latest nonfarm payrolls report. The number of jobs added to the U.S. economy came in higher than expected, in many’s eyes justifying the Federal Reserve’s decision to hike interest rates by 0.25%. As a result, BTC /USD fell to an intraday low of $27,691.26 earlier in today’s session, following a peak of $29,119.38 the day prior. Bitcoin chart by TradingView Overall, BTC has now fallen for a third straight session, with this latest drop sending prices to a one-week low. One of the catalysts for the decline was a breakout which took place on the relative strength index (RSI), which fell below a floo

Spanish law enforcement recently nabbed three individuals who befriended and eventually kidnapped a Syrian cryptocurrency dealer. Following their arrest, the kidnappers, who were demanding a ransom of over $1.1 million, were found in possession of weapons and fake identity documents. Syrian Crypto Dealer’s Captors Were His Party Friends Spanish law enforcement recently freed a Syrian cryptocurrency dealer from three kidnappers that were demanding a ransom of $1.12 million (or €1 million). According to a report by a Spanish-language publication, the captured trio was set to appear in court on May 6 where they were expected to face kidnapping as well as illegal possession of weapons charges. As revealed in the report, the unnamed Syrian crypto dealer had partied with the trio before the kidnapping. However, when they four met on May 3, the Hungary-based crypto dealer’s party friends pounced and started demanding the ransom money. According to the report, the crypto dealer whose comp

Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, Bolivia passes a law to sell gold for dollars, the Central Bank of Argentina bans fintech companies from using crypto, and Fitch improves El Salvador’s credit rating. Bolivia Passes Law to Sell Gold for Dollars Bolivia recently passed a law that will allow the government to sell up to 50% of its gold reserves in dollars, easing the internal scarcity of dollars. The law gives faculties to the government to negotiate the sale of 22 tons of gold out of the almost 44 available in the local reserves. The initiative had been presented back in 2021, but it was only recently rescued and passed by the Congress, which is dominated by the party of Bolivian president Luis Arce. Jorge Richter, a presidential spokesperson, explained the objective of the swift approval of the law. He stated : The country has a tool so that these events and sit

  The Nigerian payments startup, Nomba, is reported to have raised $30 million via a pre-Series B that was led by Base10 Partners. The new solution is expected to help the startup operate more efficiently and deliver “excellent customer experiences.” Plugging Gaps in Payment Processes Nomba, a Nigerian payments startup, has raised a US$30 million pre-Series B funding round. According to a Disrupt Africa report , the startup’s oversubscribed equity round was led by San Francisco-based Base10 Partners. Helios Digital Ventures, Shopify, Partech, and Khosla Ventures also participated in the round. As per the report, Nomba, which was previously known as Kudi, will the investment to produce a payments solution that enables it to plug gaps in its payment processes. The new solution is expected to help the startup operate more efficiently and deliver “excellent customer experiences.” Commenting on the startup’s successful capital raise, Yinka Adewale, who co-founded the payments firm in 20

  New York State Attorney General Letitia James has proposed “landmark” crypto legislation that claims to be “the strongest and most comprehensive set of regulations on cryptocurrency” in the United States. “Rampant fraud and dysfunction have become the hallmarks of cryptocurrency and it is time to bring law and order to the multi-billion-dollar industry,” said Attorney General James. NYAG Letitia James Launches ‘Landmark’ Crypto Legislation The New York State Attorney General (NYAG) Office announced Friday that Attorney General Letitia James has proposed “landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy.” The announcement states: Attorney General James’ program bill, which proposes the strongest and most comprehensive set of regulations on cryptocurrency in the nation, would increase transparency, eliminate conflicts of interest, and impose commonsense measures to protect investors, consistent with r

  Increasing regulatory pressures, tax burden and energy costs in countries like the U.S. and Kazakhstan are likely to result in a new great migration of crypto miners, Russian analysts believe. Under such a scenario, Russia has what it takes to occupy up to 18% of the global bitcoin hashrate, they claim. Russia May Attract Half of Kazakhstan’s Cryptocurrency Miners The Russian Federation has a chance to increase its leadership in the field of crypto mining, against the backdrop of negative developments for the industry elsewhere. According to specialists from Intelion Data Systems, a major Russian importer and distributor of mining hardware, the country’s share in the Bitcoin hashrate can potentially reach 18%. As of January 2022, Russia accounted for nearly 4.7% of the global hashrate, according to calculations by the Cambridge Center for Alternative Finance, ranking fifth among major mining destinations. However, the toughening of policies towards the sector in the leading coun

  Central banks have continued to consistently purchase gold during the first quarter of 2023, according to the latest report of the World Gold Council (WGC), the global gold statistics organization. Central banks added nearly 230 tonnes of gold to their national reserves, representing a 176% rise compared to the purchases made in Q1 2022. World Gold Council Registers Strong Gold Demand From Central Banks Central banks have registered a strong demand for gold during the first quarter of the year, according to the latest report of the World Gold Council (WGC), which keeps global statistics on gold production and demand. According to its Gold Demand Trends report, central banks kept buying gold consistently, adding nearly 230 tonnes during Q1 2023. This represents a rise of 176% over what these institutions purchased in Q1 2022, signaling strong demand. However, when compared to the numbers from the last quarter, central banks and other institutions reduced their demand significantly

  In just under two weeks, the number of unconfirmed transactions on the Bitcoin network has skyrocketed from 134,000 to over 390,000, causing a bottleneck in the mempool. This surge in unconfirmed transactions has resulted in a staggering 343% increase in transaction fees, which have risen from $1.99 per transaction on April 26 to a current rate of $8.82 per transaction as of May 7. Bitcoin miners are struggling to keep up with the demand, leaving many users frustrated and unable to complete their transactions in a timely manner. Bitcoin Network Struggles with Unprecedented Traffic and Soaring Fees As of Sunday, May 7, 2023, the Bitcoin network is experiencing a major traffic jam due to an overwhelming number of unconfirmed transactions. The latest statistics reveal that a whopping 390,000 transfers are currently stuck in limbo, waiting for confirmation. This backlog can be attributed to the surge in minting and transferring of Ordinal inscriptions and BRC20 tokens, which have flo