Bitcoin News and Finance: What You Need to Know

The government of Venezuela is seeking to regain control of more than $1.8 billion in gold deposited in the vaults of the Bank of England. Officials of Maduro’s government appealed to the London Court of Appeals that the destitution of Juan Guaido, the former interim president, could affect the considerations London makes on access to the gold. Venezuela Seeks to Regain Control of Its Gold Stash in UK Venezuela is again appealing the decision of the U.K. High Court on the ownership and management of more than $1.8 billion in gold that is currently held in the vaults of the Bank of England. This judicial battle has been ongoing since January 2019, when the U.K. High Court declined to transfer the gold to the government of Nicolas Maduro, on the basis of the U.K. government’s recognition of then interim president Juan Guaido. Guaido was deposed from his position as interim president in December 2022, when the Legislative Assembly, elected back in 2015, voted to disintegrate the in...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  According to statistics, the liquid staking platform Lido accounted for 7.45% of the total value locked in decentralized finance (DeFi) a year ago today. Since then, Lido’s market dominance has significantly increased over the last 12 months to its current 26.18% share. Lido’s Market Share in Liquid Staking ETH Derivatives Stands at 73% The liquid staking protocol Lido Finance holds a prominent position in the world of DeFi. As of May 25, 2023, there is $46.6 billion locked into defi applications and protocols, with Lido’s total value locked (TVL) representing 26.18% of that amount. At the time of writing, 11:45 a.m. Eastern Time on Thursday, Lido’s TVL stands at approximately $12.2 billion, according to metrics from defillama.com. According to Lido’s website , the current value locked in the protocol is $12.27 billion, with $12.11 billion representing ethereum ( ETH ). Th...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  PRESS RELEASE. Tokyo, Japan, May 25th 2023, Chainwire. Herencia Artifex promotes collaboration across art world boundaries and provides a venue for artists of different backgrounds and styles to come together and produce creative works. The project name “Herencia Artifex” (abbreviated HXA) is Latin for “Herencia” (inheritance) and “Artifex” (artist). The HXA project aims to use NFT to pass on outstanding artists and crafts. This genre-transcending artistic collaboration in the Web3 space will give birth to new art forms and expressions, contributing to enriching the field of art. The creators are determined to create a realistic artistic experience through the NFT collection. NFT First “Gizan Katoh” The first NFT “Gizan Katoh” is a collaboration with Gizan Kato, a Buddhist priest and the main artist of the exhibition, and is based on his work “Kirin” (Qilin). “Kirin” is a ...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  During a virtual discussion with Twitter’s proprietor Elon Musk on Wednesday, governor Ron DeSantis of Florida declared that he is throwing his hat into the ring for the presidency of the United States in 2024. DeSantis will confront the reigning president Joe Biden in addition to the existing presidential candidates: Donald Trump, Robert F. Kennedy Jr., Nikki Haley, and Vivek Ramaswamy. DeSantis Reveals Presidential Aspirations Florida’s incumbent Republican governor, Ron DeSantis, has set his sights on the presidency, announcing his candidacy for the next U.S. election. Challenging the current Democratic leader, Joe Biden, DeSantis revealed his political ambitions during a Twitter Spaces event alongside Elon Musk . Taking to Twitter, DeSantis further emphasized his intentions, declaring, “I’m running for president to lead our great American comeback.” The Florida governor...

China-headquartered cryptocurrency exchange, Hotbit, said on May 22 it had made the decision to halt “all cex operations.” The crypto exchange pointed to the “continuous outflows of funds from cex [centralized exchange] users” as one of the many factors that forced Hotbit to stop operations. The Crypto Industry’s ‘Deteriorating Conditions’ The Asian cryptocurrency exchange, Hotbit, recently said it was shutting down the platform due to what it characterized as “deteriorating conditions” in the crypto industry. According to a statement issued by the exchange on May 22, these conditions have, in turn, resulted in the “continuous outflows of funds from cex [centralized exchange] users, including Hotbit, and deteriorating cash flow.” In addition to dealing with capital outflows and reduced cash flow, the Hotbit team claimed in the statement that the constant upheavals in the crypto industry are making it more difficult to operate a cex. The Hotibit team said : The successive collapse...

Africa will likely leapfrog the top fintech regions if startups on the continent adopt new technologies, the Global Fintech 2023 report by the Boston Consulting Group and QED Investors has said. The report points to the African continent’s young population as well as the projected population growth of 1.2 billion more inhabitants by 2050. Overcoming Africa’s Financial Exclusion Woes According to the Global Fintech 2023 report by the Boston Consulting Group and QED Investors, Africa and the Middle East are likely to leapfrog established fintech centers if they adopt new technologies. The report also noted that while cash is “still king” in Africa, fintech startups are ideally positioned to solve the continent’s financial exclusion woes. By overcoming this, the fintechs will help make Africa one of the fastest-growing regions globally. On how Africa is likely to achieve this feat, the report pointed to the continent’s projected population growth of 1.2 billion more inhabitants by 20...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  KyberSwap , a leading decentralized exchange (DEX) platform, is thrilled to announce they will be resuming its highly anticipated Elastic protocol on May 25, 2023. This brings back key capital-efficient features such as concentrated liquidity and full range fees compounding, while incorporating significant security enhancements, including a newly audited smart contract, round-the-clock live scanning in collaboration with security partners, and the introduction of an Insurance Fund. KyberSwap Elastic will resume with improved smart contracts that have undergone internal audits as well as external audits with ChainSecurity and the community whitehat developer that spotted the smart contract vulnerability earlier in April. Further smart contract audits are being planned with other auditors. The comprehensive audit report by ChainSecurity can be found here . In addition to fortif...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Tesla CEO Elon Musk says “there should be a significant third horse” in the artificial intelligence (AI) race besides Microsoft and Google. The billionaire suggested that his companies Tesla and Twitter could partner with an AI firm similar to how Microsoft collaborates with Openai. Elon Musk on AI: ‘There Should Be a Significant Third Horse in the Race’ Tesla CEO Elon Musk discussed a wide range of topics during a virtual appearance at the Wall Street Journal’s CEO Council Summit in London on Tuesday. Artificial intelligence (AI) was among the topics the billionaire discussed. He believes that there should be a major competitor to Microsoft and Google in the AI race. The Tesla boss, who recently established an AI company called X.AI, said: We’ve got Openai and Microsoft, Google Deepmind … I think there should be a significant third horse in the race. Musk noted that his ...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Chinese President Xi Jinping has stated that China is ready to strengthen cooperation with Russia. The two nations reportedly want to “develop and establish a bigger regional market” while ensuring “a more stable and robust global supply chain” in order to “bring real and tangible benefits to the countries in the region.” China and Russia to Strengthen Cooperation Chinese President Xi Jinping met with Russian Prime Minister Mikhail Mishustin in Beijing on Wednesday. During their meeting, Xi told the Russian official that China is ready to strengthen cooperation with Russia, Chinese news agency Xinhua reported. Xi stated that in addition to strengthening cooperation across multilateral platforms, such as the United Nations, the Shanghai Cooperation Organization (SCO), the BRICS, and the G20, China and Russia should explore “potential” new economic, trade, and investment relat...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting. ‘De-Dollarization Is Not a Voluntary Choice by Countries’ The two-day 51st annual Asian Clearing Union (ACU) meeting began on Tuesday in Tehran, with participation from officials representing members of the Asian Clearing Union (ACU) as well as several others. The meeting was hosted by the central bank of Iran and de-dollarization was a key topic discussed at the event, Tasnim news service reported. The ACU currently has nine members: Bangladesh Bank, Royal Monetary Authority of Bhutan,...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Stricter anti-money laundering (AML) measures for the crypto sector in Japan will enter into force next month, local media reported. The new rules were adopted to align the country’s legal framework for cryptocurrencies with global standards in the field. Japan to Enforce Legislation Allowing the Tracing of Crypto Transactions The Cabinet of Japan, the executive power in Tokyo, has decided to enforce more stringent AML rules for cryptocurrency operations from June 1, the Kyodo News agency reported. The measures will bring the nation’s regulatory framework in line with international standards and allow the government to trace digital-asset transactions. Japanese lawmakers amended the respective laws in December 2022, in response to recommendations by the Financial Action Task Force (FATF), the intergovernmental organization developing policies designed to combat money launder...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  On May 24, Binance CEO Changpeng Zhao, also known as CZ, shared through Twitter that “Chinese speaking communities are buzzing” following a news broadcast by state-operated media network China Central Television (CCTV) regarding Hong Kong’s latest cryptocurrency-focused regulatory policy. CCTV’s Coverage of Hong Kong’s Crypto Regulations Sparks Excitement, Says Binance CEO; Nanxin University Launches Metaverse Platform This week CZ emphasized that the coverage of cryptocurrencies by CCTV is significant, especially considering that crypto asset businesses were prohibited in China in September 2021. The Binance boss stated : “CCTV (China Central Television) just broadcasted crypto — It’s a big deal — The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.” He also noted that he wasn’t suggesting the “past predicts the future” and his s...

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...