Bitcoin News and Finance: What You Need to Know

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy   Russian citizens and firms doing business abroad may soon be restricted in the amount of foreign currency they are allowed to acquire, on order from Vladimir Putin. Russia’s head of state now wants his government to cap such purchases on the domestic forex market. President Putin Orders Russian Authorities to Limit Foreign Currency Purchases Russian President Vladimir Putin has tasked the federal government and the central bank in Moscow to introduce a $1 billion monthly limit on the purchase of foreign currency meant to be used in transactions with entities and individuals in other countries. According to an announcement by the Kremlin, the restrictions will apply to Russian residents buying other nations’ currencies in the domestic foreign exchange market for transfers abroad within government-approved settlements, the RIA Novosti news agency reported. The order is...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy   United Nations Secretary-General António Guterres says the current international financial system is “outdated, dysfunctional and unfair.” He stressed: “There is a systemic and unjust bias in global economic and financial frameworks in favor of rich countries, which is naturally generating great frustration in the developing world.” UN Secretary-General Calls for Reform of Global Financial System United Nations Secretary-General António Guterres, who served as the prime minister of Portugal from 1995 to 2002, has called for a reform of the global financial system. He shared during a press conference on Sunday in Hiroshima, Japan, where he attended the Group of Seven (G7) summit: “My message to G7 leaders is clear: while the economic picture is uncertain everywhere, rich countries cannot ignore the fact that more than half the world — the vast majority of countries — ...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  The chairman of Russia’s national economic development institution VEB.RF has urged China and Russia to speed up the establishment of a new, “cutting-edge” payment system for currencies of Shanghai Cooperation Organization (SCO) and BRICS nations. “Our relations with China keep getting stronger,” said Russia’s prime minister. Shuvalov Discusses New Payment System for BRICS and SCO The chairman of Russia’s national economic development institution VEB.RF, Igor Shuvalov, has urged China and Russia to accelerate the establishment of an efficient payment system for members of the Shanghai Cooperation Organization (SCO) and the BRICS economic group. VEB.RF is a Russian state development corporation and investment company. It is a non-profit organization with no shareholders. Shuvalov previously served as First Deputy Prime Minister in Dmitry Medvedev’s Cabinet. He was appointed c...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  A survey by the U.S. Federal Reserve shows that American household financial well-being “declined markedly” in 2022. The share of adults who said they were worse off financially than a year earlier rose to “the highest level since the question was first asked in 2014,” according to the U.S. central bank. American Financial Well-Being ‘Declined Markedly’ The Federal Reserve Board released the results of its 10th annual Survey of Household Economics and Decisionmaking (SHED) Monday. The survey measures the economic well-being of U.S. households and identifies potential risks to their finances. It was conducted in October last year with the participation of more than 11,000 adults. In its report highlighting the survey’s key findings, the Fed wrote: Overall, financial well-being declined markedly over the prior year … The share of adults who said they were worse off financiall...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Charles Hoskinson, co-founder of the Cardano blockchain, has labeled the decentralized computing platform Ethereum Classic ( ETC ) a scam that is benefiting “insiders who dump on those they recruit.” Hoskinson claimed that “Ergo is what ETC should have been and continues to innovate, has a purpose, good ethical leadership, and funding for the future.” The POW Summit According to Cardano founder Charles Hoskinson, the decentralized computing platform Ethereum Classic ( ETC ) is now a scam and “its only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come.” In his rant against ETC on Twitter, Hoskinson, himself one of the co-founders of Ethereum, also slammed what sees as the platform’s lack of a roadmap or vision. The first annual Proof-of-Work Summit will be held in #Prague on Sept 25-27 presented by the @LTCFo...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  PRESS RELEASE. Miami, Florida/ Bitcoin 2023, a three-day bitcoin conference held in Miami Beach, Florida, has concluded, bringing together developers, investors, and crypto enthusiasts from around the world. The conference featured a range of talks about Bitcoin, covering topics like investment landscapes, mining financialization, tax policies, current market conditions, and future trends. In addition, the Declaration of Monetary Independence (DoMI) was showcased, which was a major highlight for many attendees. CoinEx Exchange , which sponsored the event, provided attendees with the latest Bitcoin market information, trading strategies, and crypto developments, while highlighting its technical advantages and business strength as a long-established crypto exchange. Through its sponsorship of Bitcoin 2023, the company demonstrated its commitment to the crypto industry. “We are...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Kenya-headquartered African fintech M-Kopa is reported to have secured $200 million in debt financing and an additional $55 million in equity funding. Financial services group Standard Bank Group led the debt financing round while the investment company Sumitomo Corporation led the equity round with an investment of $36.5 million. Expanding M-Kopa’s Smartphone Service Business M-Kopa, an African fintech startup focused on asset financing, has reportedly secured $200 million in debt financing and an additional $55 million in equity funding. According to a Fintech Futures report, Standard Bank Group led the debt financing round which was also backed by the International Finance Corporation (IFC). The other participants in this round include British International Investment, Mirova Sunfunder, and Nithio as well as the funds that are managed by Lion’s Head Global Partners. On th...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Bitcoin was once again trading below a key resistance level of $27,000 on Wednesday, ahead of today’s U.S. Federal Open Market Committee (FOMC) minutes report. Markets are expecting that the minutes will show the Federal Reserve’s timeline towards a policy pivot. Ethereum was 2% lower today. Bitcoin Bitcoin ( BTC ) moved below $27,000 on Wednesday, as markets begin to prepare for the release of the upcoming FOMC minutes report. Following a high of $27,386.99 on Tuesday, BTC /USD dropped to a low of $26,671.98 earlier in today’s session. The move comes following two days of consecutive gains, which pushed bitcoin to a one-week high. Bitcoin chart by TradingView Looking at the chart, the decline came as the relative strength index (RSI) of 14 days fell below a support point at 42.00. At the time of writing this, the index is now tracking at 41.356, with a lower floor ...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Eight months ago, there was a significant transformation in the realm of lucrative proof-of-work (PoW) mining algorithms when Ethereum made the transition from PoW to proof-of-stake (PoS). During that period, the prevailing consensus algorithms for mining were Kadena, Scrypt, and Cuckatoo32. However, the landscape has evolved, and presently, the most profitable consensus algorithms for mining encompass Kheavyhash, Scrypt, and Eaglesong. The Evolving Landscape of Profitable Proof-of-Work Algorithms While mining bitcoin (BTC) remains a profitable venture, it is not the foremost crypto asset for maximizing profitability in 2023. As of May 23, 2023, bitcoin ranks fifth among the most profitable cryptocurrencies to mine this year, while several other digital assets promise higher returns. At the height of mining profitability stands a lesser-known PoW token named kaspa (KAS) . C...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Litecoin was a notable mover on Wednesday, as the token dropped by as much as 6% in today’s session. The decline came as a red wave swept through the crypto market, leading to the global cap falling by 2% at the time of writing. Dogecoin also dropped, hitting a two-week low. Litecoin ( LTC ) Litecoin ( LTC ) was one of Wednesday’s biggest movers, as the token fell by as much as 6% in today’s session. LTC /USD dropped to a bottom of $85.87 earlier in the day, less than 24 hours after hitting a high of $91.79. The decline in price pushed litecoin to its weakest point since May 15, when it last broke out of a floor at $85.00. From the chart, it appears that today’s move transpired as the relative strength index (RSI) fell below a support level of 50.00. Currently, price strength is now tracking at 46.95, with the next visible floor at the 39.00 mark. Although LTC has rebou...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  In the past month, recent data reveals that sales of non-fungible tokens (NFTs) originating from the Bitcoin blockchain have surged to $173.28 million. Surpassing 20 alternative blockchain networks, Bitcoin-based NFT sales now secure the second position in the realm of blockchain sales, with only Ethereum reigning supreme. Bitcoin-Based NFTs Storm the Market, Surpassing 20 Blockchain Competitors Amidst the fervor surrounding the Ordinal inscription trend , Bitcoin-based NFTs have skyrocketed in popularity. The sales amassed over the past 30 days firmly established the network as the second-largest in terms of sales within this time frame. While Ethereum NFT sales saw $392.23 million, this past month Bitcoin sales tallied up to $173.28 million, up 408.29% from the month prior. However, there has been a significant 47% decline in the number of buyers for Bitcoin-based NFTs, t...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy A Montenegrin high court judge has reportedly invalidated the bail application of Do Kwon, the co-founder of Terraform Labs. Kwon was detained for providing false identification while boarding a flight to Dubai alongside a companion on March 23, 2023. Terraform Labs Co-Founder’s Bail Request Invalidated by Montenegrin High Court For the past 62 days, Do Kwon has remained incarcerated in Montenegro’s capital after being apprehended at Podgorica airport. Kwon, along with his accomplice Han Chong-joon, allegedly attempted to depart from Montenegro for Dubai. However, their plans were thwarted when Kwon was discovered carrying forged identification documents. Montenegro’s interior minister, Filip Adzic, confirmed the arrest and subsequent detention of Kwon in Podgorica. Ever since then, Kwon has found himself trapped within the confines of Montenegro’s prison...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  The larger portion of payments between Russia and China are now processed using the currencies of the two countries, Prime Minister Mikhail Mishustin revealed. Moscow and Beijing intend to increase mutual trade beyond the $200-billion target this year, added the head of the Russian government. Mishustin: 70% of Settlements Between Russia and China Conducted in National Currencies Around 70% of cross-border settlements between the Russian Federation and the People’s Republic of China are already carried out in national currencies — the ruble and the yuan, according to Russia’s Prime Minister Mikhail Mishustin. During talks in Beijing with his Chinese counterpart, Li Qiang, he highlighted the positive trends in the trade relations between the two countries in a number of areas, stating, quoted by the RIA Novosti news agency: I am sure that this year we will not only fulfill t...

A new bill requiring South Korean lawmakers to disclose their cryptocurrency holdings has been proposed in Seoul. The legislative initiative comes amid a snowballing scandal surrounding the crypto dealings of an opposition lawmaker whose case has been referred to the parliamentary ethics committee. New Legislation to Introduce Crypto Reporting Requirements for South Korean Parliamentarians Representatives of the ruling People Power Party in South Korea’s National Assembly are proposing to oblige lawmakers as well as other public officials and candidates to declare their cryptocurrencies with a draft legislation that was announced before the weekend. The bill, amending the Public Service Ethics Act, passed through a parliamentary subcommittee on Monday. The current law, which seeks to prevent conflicts of interest, requires lawmakers to disclose cash, stocks, and real estate within 30 days of election but does not mention crypto assets. Under the new rules, sitting lawmakers must r...

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Emerging markets investors are being attracted by local currency-denominated bond instruments while leaving dollar-denominated debt, according to data provided by EPFR Global, a fund flow and allocation data insights company. These markets have outperformed dollar-denominated debt due to the behavior of currencies like the Brazilian real and the Mexican peso, which have appreciated against their U.S. counterpart. Emerging Market Debt Investors Flee to Local Currency Bonds Investors in emerging market debt have taken interest in local currency-denominated instruments, while abandoning dollar-based bonds, according to data provided by EPFR Global, a fund flow and allocation data provider. Numbers indicate that monetary flows have moved from bonds denominated in hard currency to local currency bonds, given that these have outperformed their dollar-denominated counterparts. EPFR Global found that during the first four months of the year, investors withdrew $2.65 billion from emerging m...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  JPMorgan Chase, the largest bank in the United States, held its investor day event on Monday, where CEO Jamie Dimon answered questions from analysts and journalists. Despite market expectations of a rate hike pause, Dimon cautioned that people “should be prepared for rates going higher from here.” The billionaire banker also discussed the potential for commercial real estate to sour following concerns raised by Berkshire Hathaway’s Charlie Munger about the sector. JPMorgan’s Jamie Dimon Discusses Souring Commercial Real Estate Sector This week Jamie Dimon, the CEO and chairman of JPMorgan Chase, along with some of his colleagues, discussed the state of the U.S. economy during the bank’s investor day event. According to JPMorgan, the economy is “doing fine,” but a “mild recession” is still expected. In line with Charlie Munger’s warning to the Financial Times, Dimon expresse...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy My Applets Explore Developers Upgrade Create Bitcoin News-GA4 Activity Error Applet failed May 23 - 4:18 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 4:18 PM Blogger icon Blogger Create a post Action failed, 4:18 PM Error Applet failed May 23 - 2:17 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 2:17 PM Blogger icon Blogger Create a post Action failed, 2:17 PM Error Applet failed May 23 - 1:16 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 1:16 PM Blogger icon Blogger Create a post Action failed, 1:16 PM Check Applet ran May 23...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  The European Union (EU) has no intention of allowing Russian banks to be reconnected to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) banking system anytime soon. Peter Stano, spokesperson for external affairs of the EU, stated that these restrictions can only be lifted or softened when the Russia-Ukraine conflict ends. EU Has No Intention of Lifting SWIFT Sanctions on Russian Banks The European Union (EU) has denied the possibility of allowing Russian banks to be interconnected to the financial system using the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system, which allows the realization of cross-border payments using local bank accounts. In a recent interview with Inveztia magazine, EU spokesperson for external affairs Peter Stano remarked these sanctions could not be lifted or softened until the Russia-Ukraine conflic...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Bitcoin rebounded on Tuesday, as a result of weakness in the U.S. dollar, following failed talks to tackle the debt ceiling crisis. President Biden stated, “We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement.” Bitcoin Bitcoin ( BTC ) rose above $27,000 on Tuesday, as a result of weakness in the greenback, following failed talks to increase the U.S. debt ceiling. After dropping to a low of $26,714.18 to start the week, BTC /USD surged to a peak of $27,434.68 earlier today. Tuesday’s gains saw bitcoin marginally break out of a resistance level at the $27,300 mark. This coincided with the relative strength index (RSI) climbing above a ceiling of its own, at 44.00. At the time of writing, the index is now tracking at 47.10, with an upcoming zone of 50.00 a likely target for bulls. Should they...