Bitcoin News and Finance Bitcoin News and Finance: What You Need to Know Skip to main content

Posts

S&P Downgrades 5 Regional US Banks Amid Challenging Banking Environment 

On Monday, S&P Global Ratings slashed ratings for five U.S. regional banks, pointing to the strenuous operating atmosphere plaguing the sector since the year’s outset. The impacted banks include Associated Banc Corp., Comerica Inc., KeyCorp, UMB Financial Corp., and Valley National Bancorp. Simultaneously, the outlook for two others has been dimmed to negative. Turbulent Waters: Regional Banks Face Downgrades, Challenges Mount in 2023 The five downgrades underscore the hurdles regional banks navigated in 2023, especially after Silicon Valley Bank’s (SVB) dramatic collapse in March. This significant failure hastened deposit withdrawals, with patrons migrating to bigger institutions, inducing notable funding strains for many regional entities. S&P’s statement elaborated, “Interest rates have surged, and since March 2022, quantitative tightening measures aimed at curbing intense inflation are burdening numerous U.S. banks in terms of funding, liquidity, and spread income. S...

Brazil’s President Says BRICS Not Seeking to Counter US, G7, or G20 — Pushes for BRICS Currency

Brazil’s President Luiz Inacio Lula da Silva has stated that the BRICS economic bloc does not want to be “a counterpoint to the G7, G20, or the United States,” emphasizing that the BRICS nations “just want to organize ourselves.” The Brazilian leader also pushed for “the creation of a currency for trade and investment transactions between BRICS members.” Lula: BRICS Not Seeking to Challenge US, G7, G20 Brazil’s President Luiz Inacio Lula da Silva shared his perspectives on various matters concerning the BRICS economic bloc on Tuesday in Johannesburg. The Brazilian leader arrived in South Africa on Monday to attend the annual BRICS summit that is taking place on Aug. 22-24. All leaders from the BRICS countries (Brazil, Russia, India, China, and South Africa) are attending the summit, but Russian President Vladimir Putin is not attending in person. Commenting on the BRICS economic bloc rivaling the Group of Seven (G7), G20, and the U.S., as some have suggested , Lula stressed: We d...

Xi Jinping: BRICS to Forge Stronger Partnership, People Do Not Long for New Cold War or Small Exclusive Bloc

Chinese President Xi Jinping stated at the BRICS summit that “What people in various countries long for is definitely not a new Cold War or a small exclusive bloc.” He stressed that the BRICS group will expand and promote global multipolarity. “Hegemonism is not in China’s DNA; nor does China have any motivation to engage in major-power competition,” Xi claimed. Xi Jinping’s BRICS Summit Speech Chinese President Xi Jinping arrived in South Africa on Monday to attend the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending, with Russian President Vladimir Putin participating via videoconference. In addition, more than 40 other heads of state are also attending, according to South Africa, the host of the BRICS summit this year. On Tuesday, the Chinese leader was scheduled to deliver a speech at the BRICS Business Forum, a key event at the summit, alongside other BRICS leaders. However, Xi unexpectedly skip...

Russian President Putin to BRICS Leaders: Irreversible Process of De-Dollarization Gaining Steam

Russian President Vladimir Putin said at the BRICS summit that “A balanced, irreversible process of de-dollarization of our economic ties is gaining steam.” The Russian leader stressed: “We oppose hegemonies of any kind and the exceptional status that some countries aspire to, as well as the new policy it entails, a policy of continued neo-colonialism.” Putin Participating at BRICS Summit The leaders of over 40 countries are currently attending the 15th BRICS Summit in Johannesburg. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are attending in person, except Russian President Vladimir Putin who took part via videoconference. South Africa is the host of the BRICS summit this year. Addressing other BRICS leaders, the Russian president said in his remarks at the summit on Tuesday: “From year to year, the BRICS countries are increasing their potential … the five partner states, with a total population exceeding 3 billion, account for a greater shar...

FBI Warns of North Korean Hackers’ Intent to ‘Cash Out’ $40M in Bitcoin

On August 22, 2023, the FBI issued an alert, cautioning about North Korean hackers possibly trying to cash out bitcoin valued at over $40 million. U.S. Intelligence Flags Potential $40M Bitcoin Liquidation by North Korean Hackers The FBI is urging both public and private sectors to be vigilant regarding 1,580 bitcoins ( BTC ) acquired by North Korean hacking groups, namely Lazarus Group and APT38. As of August 23, 2023, this cache’s value sits slightly above $41 million, based on current BTC exchange rates. To aid in this surveillance, the FBI disclosed six specific bitcoin (BTC) addresses linked to these funds: 3LU8wRu4ZnXP4UM8Yo6kkTiGHM9BubgyiG 39idqitN9tYNmq3wYanwg3MitFB5TZCjWu 3AAUBbKJorvNhEUFhKnep9YTwmZECxE4Nk 3PjNaSeP8GzLjGeu51JR19Q2Lu8W2Te9oc 3NbdrezMzAVVfXv5MTQJn4hWqKhYCTCJoB 34VXKa5upLWVYMXmgid6bFM4BaQXHxSUoL Detailing their concerns, the FBI pointed out that the hacking factions from the Democratic People’s Republic of Korea (DPRK) were behind multiple crypto s...

AI-Powered Solutions Can Help Crypto Traders Overcome ‘Cognitive Biases’ When Investing — Libertify CEO

According to Steve Rosenblum, the founder and CEO of Libertify, Artificial Intelligence (AI) driven investment solutions can assist investors in making “timely adjustments to asset allocation.” This means investors using such a solution will be able “navigate the volatile crypto landscape while maintaining a balance between risk and potential returns.” Using AI to Rebalance a Portfolio Rosenblum also told Bitcoin.com News that investors who use AI-driven solutions such as Libertify’s personalized AI risk management solution are better placed to overcome cognitive biases which often cloud their judgement. However, the CEO argued that AI-driven solutions will only become a widely adopted tool if and when prospective investors are better educated. Rosenblum also said that regularly rebalancing a portfolio in order to take advantage of evolving trends can potentially help investors maximize returns. The Libertify CEO further listed the nine most common mistakes made by crypto investo...

Nigerian Crypto Trading Platform Unilaterally Converts User Funds to New Stablecoin — Move Sparks Exit Scam Fears

A Nigerian crypto trading platform, Patricia, announced on Aug. 18 that it had converted users’ outstanding funds to its U.S.-backed stablecoin known as “Patricia Token.” Some social media users have slammed the crypto trading platform’s unilateral decision to convert customer funds. Some critics have characterized the conversion of user funds as the Patrica team’s attempt to exit scam users. $2 Million Reportedly Lost in Hacking Incident The Nigerian gift card and crypto trading platform, Patricia, recently converted user funds to a stablecoin known as patricia token (PTK). According to a report, the decision to convert user funds was made unilaterally and just over three months after Patricia reportedly lost $2 million in an apparent hacking incident. Say hello to stability, innovation, and your ticket to a seamless financial journey. pic.twitter.com/F0Q8G6eFJ3 — Patricia (@PatriciaSwitch) August 18, 2023 As reported by Bitcoin.com News in May, the crypto platform was bre...

BRICS Bank to Issue First Indian Rupee Bond — Plans to Boost Local Currency Lending

The New Development Bank (NDB), also known as the BRICS Bank, is reportedly planning to issue its first Indian rupee bond by October. Last week, the bank issued its first South African rand bond. “NDB is seeking to increase its presence in the local capital markets of its member countries, to fund its robust portfolio of local currency loans,” said the BRICS Bank’s chief financial officer. BRICS Bank to Issue INR Bond The New Development Bank (NDB), commonly referred to as the BRICS Bank, is planning to issue its first Indian rupee bond by October, Reuters reported, citing Vladimir Kazbekov, vice president and chief operating officer of the BRICS Bank. The NDB is a multilateral development bank established by the BRICS nations (Brazil, Russia, India, China, and South Africa) with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries. In 2021, the BRICS Bank initiated membership expansion and admitted...

Chinese Yuan Not Serious Threat to US Dollar Hegemony, Says Economist

An economist has dismissed the Chinese yuan as a significant threat to the U.S. dollar’s dominance. “The Chinese renminbi, which accounts for less than 3% of global reserves, is not a serious threat to dollar hegemony,” he asserted, adding that “many commentators have pointed to the probable emergence of a ‘multi-currency’ world in which the dollar plays a much-diminished role.” Chinese Yuan Unlikely to Replace USD as Global Reserve Currency, Says Economist Benn Steil, an economist who currently serves as the director of International Economics at the Council on Foreign Relations, shared his view on the Chinese yuan as an alternative to the U.S. dollar in an opinion piece titled “The Real Cost of De-Dollarization,” published on the Protect Syndicate website last week. He explained that “the biggest threat to the dollar’s dominance comes not from competitive alternatives, but from the U.S. government itself.” The economist named “the recent standoff over the federal debt ceiling ” a...

Economist Peter Schiff Says Fed Policies Significantly Harm Economy — Warns of More Inflation

Economist Peter Schiff has warned that the Federal Reserve has gotten its policies wrong for 20 years, which has “significantly harmed the economy and made dire consequences inevitable.” Emphasizing that the Fed cannot win its fight against inflation, he stressed: “The markets are confident that the Fed is going to pull this off. It’s not going to happen. The markets are completely wrong.” Peter Schiff Says ‘We’re Going to Have More Inflation’ Economist and gold bug Peter Schiff issued more warnings about the U.S. economy over the past week in a series of posts on the X platform and on the Peter Schiff Show. Emphasizing “how badly the Fed has screwed up monetary policy,” Schiff wrote Monday: Not only have they gotten it wrong for 20 years, but their policies have significantly harmed the economy and made dire consequences inevitable. He explained that many people are wrong in thinking that the Federal Reserve can beat inflation and guide the U.S. economy to a soft landing, asser...

US Lawmaker Slams SEC’s ‘Reckless’ Rulemaking — Warns of ‘Lasting Economic Harm’

A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, for “pursuing a reckless, rushed rulemaking agenda with inadequate economic analysis and limited public input.” He warned that “the adverse consequences in one sector can bleed over into another, causing lasting economic harm.” Gary Gensler’s SEC Faces Backlash for Rushed Rulemaking Congressman Frank Lucas (R-OK) has slammed the U.S. Securities and Exchange Commission (SEC) and its Chair Gary Gensler over the regulator’s reckless approach to rulemaking. The official account for Financial Services GOP wrote on the X platform Monday: Gary Gensler’s SEC is pursuing a reckless, rushed rulemaking agenda with inadequate economic analysis and limited public input — threatening to upend our capital markets. Rep. Frank Lucas is holding the SEC accountable to ensure our markets remain the envy of the world. As the longest-serving Republican on the House Financial Services Committee, Lu...

US Court Hands 3-Year Jail Sentence to Man Accused of Conspiring to Defraud Crypto Holders

A U.S. court has sentenced a man accused of conspiring to defraud cryptocurrency owners to three years in prison. The court also ordered the man to pay $2,816,433 in restitution to 11 victims of his Subscriber Identity Module (SIM) swap fraud scheme. SIM Swap Fraud Scheme A United States district court has sentenced to 36 months in prison a man accused of being part of a conspiracy to defraud cryptocurrency owners. According to a press statement issued by the U.S. Attorney’s office, the man, Anthony Francis Faulk, was also ordered to pay $2,816,433 in restitution to 11 victims of the SIM swap fraud scheme. As per the Aug. 18 press statement , a U.S. federal grand jury had determined on Dec. 10, 2019, that Faulk’s conspiracy to commit wire fraud violated 18 U.S.C. § 1349. The grand jury also determined that Faulk’s interstate communications with intent to extort were in violation of f 18 U.S.C. § 875(d). However, the extortion count was dismissed by U.S. District Judge William H. Or...

LBank Exchange Will List DongCoin (DONG) on August 25, 2023

PRESS RELEASE. Road Town, BVI , August 22, 2023 – LBank Exchange, a global digital asset trading platform, will list DongCoin (DONG) on August 25, 2023. For all users of LBank Exchange, the DONG/ USDT trading pair will be officially available for trading at 8:00 UTC on August 25, 2023. DongCoin (DONG) is Korea’s first shitcoin (excluding Luna). Introducing DongCoin LBank Exchange is thrilled to announce the upcoming listing of DongCoin (DONG), Korea’s first shitcoin (excluding Luna). The global digital currency sphere is no stranger to meme coins. Yet, the waves created by these fun, internet-inspired tokens have not fully hit the shores of South Korea until now. Enter 똥코인 (DongCoin), Korea’s premier meme coin. Though Luna may claim some notoriety, DongCoin is setting out to prove its mettle in the meme coin arena. While meme coins have been majorly a Western phenomenon, with tokens inspired by internet humor, DongCoin serves as Korea’s answer to this trend. The name itself – ...

Coinbase Acquires Equity Stake in Circle; Companies Reshape USDC’s Future

In a joint statement, Jeremy Allaire, CEO of Circle, and Brian Armstrong, CEO of Coinbase, announced the dissolution of the Centre Consortium. Consequently, Circle will take exclusive charge of the issuance and governance of USDC. Additionally, Coinbase has acquired an equity stake in Circle while signaling a stronger commitment to stablecoins . Circle, Coinbase Dissolve USDC’s Centre Consortium On Monday, Coinbase and Circle unveiled significant news in a blog post penned by both CEOs. The duo shared that USDC will soon integrate with six additional blockchain networks, expanding its connectivity to a total of 15 chains. Circle contends that a multi-chain future for USDC will more effectively serve individuals and businesses that utilize the stablecoin. Allaire elaborated on the announcement on the social media platform X. He explained that before the onset of global regulatory clarity, the Centre Consortium’s governance system was essential. “Now, with regulatory clarity comin...

Dutch ING Bank Analysts: BRICS Expansion to Power De-Dollarization Across World Economies

Analysts of ING bank believe the de-dollarization trend that has been growing in the world might pick up momentum due to the possible expansion of the BRICS bloc. While the issuance of a BRICS common currency remains uncertain, according to some developing narratives, the Chinese yuan could become the de facto substitute for the U.S. dollar. ING Bank Analysis: De-Dollarization to Gain Traction A recent note issued by ING Bank revealed that the de-dollarization movement that BRICS countries have started is likely to continue to pick up steam. The catalyst for this probable growth will supposedly be the BRICS summit that will be held in Johannesburg this week, where the bloc integrated by Brazil, Russia, India, China, and South Africa will be considering adding more countries. ING Bank analysts Chris Turner, Dmitry Dolgin, and James Wilson discussed this in a note last week, stating : We suspect the subject of ‘de-dollarization’ might gain some traction this summer when senior lead...

Bitmain Dispatches Initial KS3 Antminers Amid Surge in Kaspa’s Hashrate

According to Bitmain, the well known crypto ASIC mining rig manufacturer, the company has shipped its first batch of KS3 Antminer machines. Despite each rig costing $49,800, Bitmain sold out of the first batch and announced another batch of KS3 Antminers would be available soon. As Kaspa’s Hashrate Climbs, Bitmain Ships KS3 Antminer Series Bitmain disclosed on Monday that it had shipped its initial batch of KS3 Antminer machines. These rigs mine the crypto asset kaspa (KAS) , a digital currency that ranks 45th in market capitalization. Current data suggest the KS3 miner is the most profitable mining ASIC available. The website asicminervalue.com reports that the machine can earn an estimated $440 daily by mining KAS. However, Bitmain’s machine quickly sold out, making it the company’s priciest unit ever sold. Priced at $49,800, each rig boasts a processing speed of 8.3 terahash per second (TH/s). However, Bitmain’s post on Monday suggests the miner can clock 9 TH/s. While this ri...

BRICS Not Focusing on Creating Common Currency, Indian Official Says

A top Indian official has downplayed the creation of a shared BRICS currency. Emphasizing that “common currency discussions have several prerequisites before you can even talk about a common currency framework,” the official stressed that the BRICS nations have focused on boosting settlements in national currencies. Indian Foreign Secretary on BRICS Currency India’s Foreign Secretary Vinay Mohan Kwatra explained in a media briefing on Monday that the BRICS economic bloc is not focusing on the proposed common currency for member states, Indian news outlet Mint reported. The BRICS nations are Brazil, Russia, India, China, and South Africa. “The substantive part of trade and economic exchanges and discussions that have been a part of BRICS discussions have so far, in a major way, focused on how to increase trade in respective national currencies which … is considerably different from a common currency concept,” the official detailed, elaborating: You would know that common currency ...

Over 40 Heads of State Will Attend BRICS Summit, South Africa Confirms

South Africa, the host of the BRICS summit this year, has confirmed that more than 40 heads of state will participate in the summit that will take place on Aug. 22-24. South Africa has also claimed that 23 countries have formally applied for BRICS membership. 40+ Heads of State to Participate in BRICS Summit Nelson Kgwete, the South African foreign ministry’s media liaison officer, told Russian news outlet Tass that more than 40 heads of state have confirmed that they will participate in the BRICS summit that will take place on Aug. 22-24 in Johannesburg. South Africa is the host of the BRICS summit this year. He was quoted as saying: Yes, confirmed, the summit will be attended by over 40 heads of state. All leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are expected to attend the summit. However, Russian President Vladimir Putin will not attend in person . South Africa’s Minister of International Relations and Cooperation Naledi Pandor recently s...

Market Strategist Draws Parallels Between Bitcoin and 1930 Stock Market Crash

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, has explained that bitcoin appears similar to the stock market in 1930. At that time, elevated equity prices led to the stock market losing almost 90%. The crash of 1929, also called the Great Crash, contributed to the Great Depression which lasted approximately 10 years. Bitcoin v Stock Market in 1930s Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, has pointed out the similarity between bitcoin and the stock market in 1930. He tweeted on Monday: One of the best-performing assets in history and a leading indicator — bitcoin — appears similar to the stock market in 1930. “Statistician and entrepreneur Roger Babson began warning about elevated equity prices well before economist Irving Fisher proclaimed a ‘permanently high plateau’ in 1929,” the commodity strategist added, emphasizing: “The Fed tilts our bias toward a stance similar to Babson’s.” Babso...

Mining Bitcoin on Household Electricity Most Profitable in Asia, Study Finds

Despite significant variations in electricity rates and regulations, the Asian region as a whole has the lowest average cost of bitcoin mining for solo miners, new research shows. At the same time, the surge of energy prices due to Covid, heatwaves, and the war in Ukraine render bitcoin mining largely unprofitable throughout Europe. Mining 1 Bitcoin Would Cost $266 in Lebanon, an Italian Miner Would Pay Over $208,000 A solo miner would need an average of 266,000 kilowatt-hours (kWh) of electricity to mint a single bitcoin and the process would take approximately seven years to complete, requiring a monthly electricity consumption of about 143 kWh, researchers have estimated. While admitting that the days are gone when bitcoin ( BTC ) could be mined with minimal power and on a desktop computer, they have analyzed household electricity costs across the globe to present prospects for solo miners operating within a decentralized network. According to the study produced by the crypto ...

Latam Insights — Javier Milei’s Victory Divides Argentina; Bitso Launches Cross-Border Institutional Payment Service

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Javier Milei’s victory in Argentina causes a devaluation maelstrom, and Bitso launches a cross-border institutional payments service. Javier Milei’s Victory in Argentina Sparks Devaluation and Inflation Maelstrom The victory of Javier Milei in the Argentine preliminary elections, qualified as a far-right outsider by mainstream media, has sparked a series of consequences in the country’s economy that has caused citizens to take refuge in cryptocurrency and stablecoins. Milei’s win, which polls did not foresee, has intensified the discussion of a possible dollarization of the country, which has been mentioned as key in his government plans. Milei’s dollarization plan, which would contemplate the total conversion of deposits of public and private institutions to U.S. dollars, would also include the closure of the Central Bank of Argentina. These ide...
Blogarama - Blog Directory