Bitcoin News and Finance: What You Need to Know

Rich Dad Poor Dad author Robert Kiyosaki has shared a very simple way of telling whether an economy is in a recession. “There is a lot of hot air about ‘Are we in a recession or not.’ The answer is simple,” the famous author claimed. Robert Kiyosaki on How to Tell if We’re in a Recession The author of Rich Dad Poor Dad, Robert Kiyosaki, has explained how to tell if the economy is in a recession. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Thursday: There is a lot of hot air about ‘Are we in a recession or not.’ The answer is simple. My rich dad said ‘If your neighbor loses his job, the economy is in a recession. You lose job, economy in depression. KISS. Keep It Super Simple. Be an entrepreneur. Never need a job. The famous author has cautioned about a ...

The U.S. Securities and Exchange Commission (SEC)’s former head of internet enforcement has warned that Binance’s recent motion accusing the regulator of ethical violations could expedite criminal charges against the crypto exchange. “Binance’s motion is provocative and Binance’s antagonistic, arrogant, accusatory, and unorthodox ethics battle-cry could fan the flames of whatever Binance-related criminal prosecution is cooking,” the former SEC official cautioned. ‘Binance Will Regret Having Ever Filed This Motion’ Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has provided insight into the potential consequences of Binance’s recent motion against the regulator, stating that it could expedite the process of bringing criminal charges against the cryptocurrency exchange. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC en...

The government of Venezuela has announced that it is currently working to integrate Mir, a Russian electronic card and transfer payments system. President Nicolas Maduro backed this integration, stating that this move is part of a de-dollarization push. More than 40,000 payment terminals are being adapted to accept Mir-compliant cards. Venezuela Integrates Russia’s Mir Payments System The government of Venezuela recently announced that it is integrating Mir, a Russian payments system, into its point-of-sale network, as part of a national de-dollarization push previously announced by President Nicolas Maduro. Calixto Ortega, president of the Central Bank of Venezuela, stated that the bank had finalized the necessary steps to “be connected to the interbank messaging of the Central Bank of Russia in order to be able to communicate with Venezuelan banks and Russian banks through this system.” In this first phase, more than 40,000 point-of-sale terminals will be able to interact with...

Authorities in Australia have charged two individuals accused of operating a cryptocurrency scam that defrauded two companies of $5.5 million. Luxury vehicles worth $2.7 million including a $600,000 Ferrari have been seized by law enforcement. Ferrari Seized From Car Dealer Australian authorities have charged two alleged masterminds of a cryptocurrency scam that defrauded $5.5 million from two unnamed companies, a report has said. One of the men, Fabio Sa Alves, was arrested on June 16 in Sydney, and a day later, 6 luxury and classic vehicles, 11 motorcycles, cryptocurrency wallets, and designer watches were confiscated. According to a local report, law enforcement agencies have seized luxury vehicles valued at $2.7 million, including a Ferrari worth $600,000 taken from a car dealer in Marrickville. Australian law enforcement said Alves used the crypto scam to steal from the two companies in 2021. His accomplice, an unnamed 67-year-old, is accused of authorizing the funds and hidin...

PRESS RELEASE. VICTORIA, Seychelles, June 24, 2023 — Bitget , top crypto derivatives and copy trading platform , is honoring its official partner and soccer legend Lionel Messi’s birthday on June 24 in a unique and artistic manner. As a gesture of appreciation, Bitget has commissioned a graffiti wall featuring portraits of Messi in Buenos Aires, Argentina. This special gift is a testament to the platform’s exclusive partnership with Messi, aimed at promoting the mainstream adoption of cryptocurrencies. Bitget and Messi embody shared attributes of perseverance, continuous improvement, and resilience when confronted with challenges. Bitget’s unwavering commitment to progress is demonstrated through its consistent efforts in product development and service refinement. Similarly, Messi’s exceptional talent is honed through diligent work and practice, showcasing his relentless pursuit of excellence. Both exhibit unwavering determination and positivity despite setbacks and skepticism. Th...

According to a lawsuit filed this week with the U.S. Bankruptcy Court for the District of Delaware, FTX lawyers are seeking to claw back $700 million from K5 Global Technology, its subsidiaries, and the firm’s founders. The attorneys allege that the defendants received funds without undergoing any due diligence, and FTX did not obtain “equivalent value.” FTX Pursues Legal Action to Recoup $700 Million in Suspected Fund Misuse FTX lawyers seek to claw back $700 million in funds allegedly provided to K5 Global Technology, SGN Albany Capital, Mount Olympus Capital, and the founders of K5 Global, Michael Kives, and Bryan Baum. The attorneys aim to recover the funds from the defendants following reports of millions being channeled to these companies and founders in an alleged effort to amass influence. The attorneys maintain that FTX co-founder Sam Bankman-Fried (SBF) sought to utilize Kives and Baum for networking purposes. According to FTX lawyers, two days following the Super Bowl,...

Economist Peter Schiff has slammed Federal Reserve Chairman Jerome Powell over several key issues concerning the U.S. economy, the banking system, and the U.S. dollar. “Powell is a coward. He is not doing his job,” Schiff claimed, highlighting multiple factors affecting the economy that the Fed chairman overlooked in his statements before Congress this week. Peter Schiff Disagrees With Fed Chair Powell on Several Key Issues Economist and gold bug Peter Schiff has criticized multiple statements made by Federal Reserve Chairman Jerome Powell during his appearances before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday. Powell appeared before Congress this week to present the Federal Reserve’s semiannual Monetary Policy Report. Schiff expressed his disagreement with Powell’s remarks through a series of tweets over the past couple of days. In one tweet, he wrote: Powell acknowledged that the Fed’s growing balance sheet is a concern, bu...

Crypto exchange Binance has been ordered by Belgium’s Financial Services and Markets Authority (FSMA) to cease providing any crypto exchange and custody wallet services in the country. The Belgian financial regulator stressed that it “takes the view that by offering such services in Belgium from countries that are not members of the European Economic Area, Binance is in violation of that prohibition.” Belgian Regulator Orders Binance to Cease Crypto Services in the Country Belgium’s Financial Services and Markets Authority (FSMA) announced Friday that it has ordered cryptocurrency exchange to “cease immediately all offers of virtual currency services in Belgium.” The FSMA noted that “Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area.” The financial regulator emphasized: “The FSMA takes the view that by offering such serv...

The Bank of Tanzania (BOT) has reiterated that shillings remain the East African country’s sole legal tender. The apex bank said residents quoting prices in foreign currency or those refusing payment in Tanzanian shillings are in violation of the Bank of Tanzania Act 2006. The central bank said only commercial banks and Bureaux de Change are allowed to determine exchange rates. Rejecting Payment in Shillings a Violation of the Law The Tanzanian central bank has said the practice of demanding or quoting prices in foreign currency is illegal and that those refusing to accept payment in Tanzanian shillings are in violation of the Bank of Tanzania Act 2006. In a June 20 press release , the bank also reiterated that only commercial banks and Bureaux de Change are allowed to determine exchange rates. The latest warning by the Bank of Tanzania (BOT) came barely a month after the apex bank told the country’s authorized forex dealers to only trade with licensed international foreign currenc...

A lawyer representing Onecoin victims has urged Bulgarian authorities to reopen an investigation into the crypto pyramid scheme and seize assets to compensate his clients. The attorney is asking officials in Sofia to take into account developments he considers related to the case, including the recent murder of a Bulgarian crime figure in South Africa. Attorney Hopes New Bulgarian Chief Prosecutor Takes on Onecoin Investigation Dr. Jonathan Levy, a legal representative for people affected by Onecoin from several countries, has filed a new request that Bulgaria’s acting top prosecutor reopens an investigation into the multi-billion dollar crypto Ponzi scheme and seize associated assets for restitution of the victims. In a letter to the Bulgarian Ministry of Justice, Levy is turning attention to recent events that he believes are connected to the case. These include the murder of Bulgarian organized crime figure Krasimir Kamenov in South Africa, linked to the recently fired chief pub...

In the rapidly evolving world of Web3, where data security and privacy are paramount, innovative solutions are needed to protect sensitive information and establish trust within the decentralized ecosystem. This sponsored article delves into the concept of Zero Trust and explores how it serves as the foundation for a revolutionary platform called Mind Network . By combining the principles of Zero Trust with cutting-edge encryption techniques, Mind Network aims to empower users, developers, and businesses to secure their data, smart contracts, and AI models on the blockchain. Mind Network recently closed its seed round fundraising, led by Binance Labs and co-invested by SevenX Ventures, HashKey Capital, Arweave SCP Ventures, etc. Mind Network was incubated by Binance Incubation Camp Season 5 and selected into Chainlink BUILD Program . The Rise of Zero Trust Security Traditional security paradigms in Web2 environments relied on the assumption of trust within a centralized infrastr...

While as much as 66% of surveyed African residents claimed to have been exposed to digital assets like bitcoin, about 82% of respondents said they have never owned crypto. The findings of the survey study suggest that the adoption of crypto is more significant in poorer African countries than in better-off countries like Kenya and South Africa. Poor Nations Africa’s Leading Crypto Countries According to a study by Kasi Insights, a Kenyan research firm, as much as 82% of surveyed Africans have never owned crypto. Of the remaining 18%, only 8% of the respondents admitted to being holders of digital assets such as bitcoin. In contrast, as much as 66% of the respondents said they have been exposed to crypto. However, only 8% said they had “a considerable amount of exposure to crypto.” As noted by the authors of the report, these and other findings appear to undercut the belief that residents of the African continent have largely embraced and adopted crypto. In some cases, the findings...

Licensed since last year, the world’s largest digital asset exchange, Binance, has now launched a trading platform in Kazakhstan. The move comes amid increased pressure from regulators in other jurisdictions, like the U.S., and after Binance’s decision to pull out of several European markets. Global Leader Binance Sets Up Licensed Exchange in Kazakhstan Amid Euro Exit, U.S. Crackdown The leading platform for coin trading in the world, Binance, announced the launch of a cryptocurrency exchange in Kazakhstan. The exchange will offer users in the Central Asian nation exchange and conversion services, deposits and withdrawals of fiat money, and custody of crypto assets, a press release detailed on Wednesday. Binance was licensed to operate in Kazakhstan in October, 2022. The authorization, granted by the Astana Financial Services Authority (AFSA), allows it run a digital asset platform and provide custodial services at the Astana International Financial Center ( AIFC ), the country’s ...

Caitlin Long, the founder of Custodia Bank, has railed against the favoritism that the Federal Reserve and the institutions of the U.S. financial system are supposedly showing to incumbents. According to Long, regulators have applied double standards when permitting established financial institutions to serve the crypto market and access instruments like Fed master accounts. Custodia CEO Caitlin Long Accuses U.S. Federal Reserve of ‘Incumbent Bias’ Caitlin Long, founder and CEO of Custodia Bank, has stated that the U.S. Federal Reserve and other regulators are favoring incumbents when it comes to allowing them to offer cryptocurrency-based instruments in the U.S. market. In a recent interview , Long, who was part of the Wyoming Blockchain Select Committee, declared there is a “coordinated crackdown” on cryptocurrency banking service providers, with the involvement of the White House in the process. She commented it was “interesting” that after regulatory action against established ...

Kyber Network, a pioneer in the decentralised finance (DeFI) space, is excited to announce the deployment of its flagship product, KyberSwap , on zkSync Era. The deployment of KyberSwap Aggregator and Classic Liquidity Protocols on zkSync marks the 14th chain integration for Kyber Network, providing users with enhanced liquidity, improved transaction speeds, and reduced fees. zkSync Era joins a notable list of networks, including Polygon, BNB , BitTorrent, Arbitrum, and Optimism, offering a diverse range of options for KyberSwap users. The integration of zkSync native DEXs, such as Mute.Switch, SyncSwap and Velocore, combined with KyberSwap’s capital efficient protocols, further strengthens KyberSwap’s liquidity offerings, ensuring users can enjoy a seamless, cost-effective, user-friendly trading and earning experience even on this new blockchain. “We are thrilled to deploy on zkSync, a groundbreaking milestone for our platform,” said Victor Tran, CEO and Co-founder of Kyber Netwo...

The market share of the U.S. subsidiary of Binance has declined amid an ongoing crackdown by America’s securities regulator. According to new data, leading U.S. crypto exchange Coinbase, also sued by the Securities and Exchange Commission (SEC), is taking a hit, too. Binance US Market Share Drops to 1.5%, According to Kaiko The litigation with the SEC is taking a toll on Binance US, the American unit of the world’s largest cryptocurrency exchange. The platform’s share is now only 1.5% of the weekly trading volume on exchanges in the United States, according to digital assets market data provider Kaiko. That’s down from 8.2% at the beginning of 2023, the research indicated. The significant decline comes in a difficult moment for Binance’s subsidiary in the U.S. which is dealing with customers withdrawing funds and payment partners cutting off support, Bloomberg noted in a report. The latest troubles began when the securities regulator sued the operators of the American exchange, ...

Federal Reserve Chairman Jerome Powell has acknowledged that cryptocurrency appears to have staying power as an asset class in the U.S. economy. In addition, he stated that the central bank views payment stablecoins as a form of money, emphasizing that it would be appropriate to have a robust federal role in what happens in stablecoin regulations going forward. Powell on Crypto’s Staying Power Federal Reserve Chairman Jerome Powell answered some questions about cryptocurrency and stablecoins during his testimony before the House Financial Services Committee on Wednesday. Congressman Warren Davidson (R-OH) stated that crypto currently has a market cap of about $1.1 trillion. He then asked Powell: “Do you acknowledge that this asset class has staying power in the U.S. economy?” The Fed chairman replied: It appears to have some staying power. Powell then noted that a year ago the market cap of the crypto market was a lot higher. Rep. Davidson promptly explained that the crypto ma...

Cleanspark, a publicly listed bitcoin miner, has announced that it has entered into definitive agreements to acquire two turnkey bitcoin facilities in Dalton, Georgia. The deal will be an all-cash payment of $9.3 million and is expected to increase Cleanspark’s current operations by just under 1 exahash per second (EH/s). Cleanspark Secures Georgia Bitcoin Facilities Cleanspark (Nasdaq: CLSK ) announced on Wednesday that it has entered into definitive agreements to acquire two turnkey bitcoin mining campuses. The facilities, situated in Dalton, Georgia, are expected to accommodate 6,000 Antminer S19 XPs and S19J Pro+s, according to Cleanspark. Cleanspark revealed that it has expanded its operations this year by acquiring a total of 77,500 application-specific integrated circuit (ASIC) mining rigs since February of last year. “This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s,” Zach Bradford, the CEO of Cleanspark state...

Central banks, particularly those in emerging economies, are ramping up their gold reserves in preparation for a new monetary regime, signaling a potential loss of reserve currency status for the U.S. dollar, according to the investment management firm Goehring & Rozencwajg. The company’s managing partner Leigh Goehring explained in a recent interview that gold will play a crucial role as a settlement mechanism. Goehring & Rozencwajg Predicts Gold ‘Will Blow Through’ $2K Thanks to Central Bank Demand On Wednesday, June 21, 2023, digital currency markets have risen by 6.98% over the last 24 hours, but precious metal markets have been lackluster. Gold is hovering just above the $1,930 range, while silver is coasting along under $23. Leigh Goehring, a partner from the investment management firm Goehring & Rozencwajg, believes gold could reach the $2,100 per unit range this year. Goehring shared his forecast with Kitco News, explaining that a new monetary regime is formin...

Bitcoin rallied to a six-week high on Wednesday, as price moved to the cusp of a breakout above the $29,000 level. Today’s surge sees bulls recover almost all of the losses that came after the Security and Exchange Commission (SEC) sued Binance and Coinbase. Ethereum also climbed higher, rising above $1,800. Bitcoin Bitcoin ( BTC ) raced to a six-week high in today’s session, as bulls moved to recover all losses that came as a result of the SEC suing Binance and Coinbase BTC /USD hit an intraday peak of $28,975.62 earlier in the day, which comes less than 24 hours after trading at a low of $26,668.79. Today’s move sent the cryptocurrency to its strongest point since May 6, when price traded at $29,850. Bitcoin chart by TradingView Another catalyst for Wednesday’s surge was a breakout which took place on the relative strength index (RSI). As of writing, price strength has moved beyond a ceiling at 58.00, and is currently tracking at 65.63. In addition, the 10-day (red) movin...

A member of the eurozone is amending its constitution in order to guarantee citizens the right to cash payments. The move comes amid growing fears that a digital version of the common European currency may eventually become the only means of payment in the eurozone, despite currently being touted as merely an alternative. Lawmakers in Slovakia Approve Constitutional Provision Preserving Cash Payments Slovaks will have the right to buy goods and services with cash guaranteed under an amendment to their constitution approved by a sizable majority in the nation’s parliament. According to a report by the Euractiv news portal, 111 out of 150 members of the legislature backed the respective draft law. The legislation aims to protect physical payments in case that the use of the digital euro becomes mandatory in the eurozone, of which Slovakia is a member. The digital version of the euro area’s single currency is still under development led by the European Central Bank (ECB). The amendme...