Bitcoin News and Finance: What You Need to Know

Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has warned that the U.S. and China are at the brink of a hot war. He has outlined a scenario where “we will see the transition from contained pre-hot-war conflicts to a brutal World War III.” Ray Dalio Warns of ‘a Brutal World War III’ Bridgewater Associates founder Ray Dalio shared his thoughts on the conflict in the Middle East and the potential for World War III in an opinion piece published on Linkedin on Oct. 12. Noting that while “Israel, Hamas, Ukraine, and Russia are in hot wars,” Dalio stressed that currently: “The major powers (the US and China) are not, though they remain at the brink of one.” He added: It appears that we are at a very critical juncture in which we will soon see if the Israel-Hamas war spreads and how far it spreads. Moreover, he said it remains to be seen “whether the great powers are forces for peace (and will back away from the brink of direct conflict) or get involve...

Several reports say that the major Chinese real estate developer Evergrande’s downfall triggered a bank run in northern China last week. The bank run began after rumors spread that the financial institution, Bank of Cangzhou, allegedly loaned billions to the struggling company. This development came on the heels of an Evergrande announcement about the detention of its founder, Xu Jiayin. Evergrande’s Crisis Spills Over, Sparks Bank Run in China’s Cangzhou Prefecture Evergrande, the Chinese real estate giant, filed for Chapter 15 bankruptcy protection in a New York court on Aug. 18, 2023. The company expanded quickly during China’s real estate boom and was once among China’s top real estate developers. However, its aggressive growth was financed by significant debt , and by 2021, it amassed more than $300 billion in debt and liabilities. Before its fall, concerns about significant financial fallout resonated both in China and globally . The implosion of Evergrande isn’t just a bli...

Nishad Singh, former director of engineering at FTX, testified this week against his former boss Sam Bankman-Fried, detailing a software bug that hid billions in missing funds and excessive spending on celebrities and real estate. Singh Points Finger at $8 Billion Bug and Bankman-Fried’s Spending Sprees Nishad Singh told the court that a coding error he helped create prevented proper accounting of FTX and Alameda Research, allowing Alameda to secretly build up an $8 billion negative balance using customer funds. “The bug prevented the correct accounting for the fiat@ FTX account – the error grew to $8 billion,” Singh said. “I overheard a conversation between Gary and Adam Yedidia about it.” The courthouse play-by-play was published by Matthew Russell Lee from the Inner City Press . The ex-director also described Bankman-Fried’s lavish expenditures, including a $30 million penthouse in the Bahamas that Singh called “too ostentatious.” He said FTX spent over $1 billion on celebrit...

After the United States recently accumulated hundreds of billions in debt and directed over $75 billion to Ukraine, U.S. Treasury Secretary Janet Yellen assured on Monday that the nation is financially equipped to back two wars. U.S. Can ‘Certainly Afford’ 2 Wars Yellen Insists Amid Rising Debt and Possible Mid-November Shutdown Last month, just three hours shy of a potential U.S. government shutdown, President Joe Biden ratified a bill ensuring a 45-day operational continuation. Yet, if bipartisan agreement on spending remains elusive, another shutdown looms by mid-November. Speaking with the U.K.’s Sky News, Treasury Secretary Janet Yellen delved into the Ukraine-Russia conflict and the Israel-Hamas dispute. In the conversation, Yellen conveyed her hesitance to gauge the economic repercussions of the Middle East’s recent turmoil but acknowledged the uptick in energy prices. Contrasting her remarks from last May, where she warned of a possible U.S. debt default by June, Yellen,...

Although the travel industry is said to be in great need of digital innovation, according to Pablo Castillo, the CTO of the blockchain-based travel firm Chain4travel, “aviation is the most obvious sector to innovate with blockchain.” To support this assertion, Castillo, a former group CIO of Hotelplan Group, pointed to the aviation sector’s outdated technological infrastructures as well as its lack of standardized data. Pablo Castillo on Blockchain and Travel In written answers sent to Bitcoin.com News, the CTO also argued that the use of blockchain helps reduce fragmentation which at the moment is a defining characteristic of the travel industry. In addition, the use of this technology can also help bring “seamless operations across the industry.” However, much of how the technology can help reduce friction in the travel industry will depend on the agnostic nature of blockchain technology, Castillo argued. When asked why he believes that the travel industry should have its own lay...

PRESS RELEASE. On the 24th of November, attendees from around the world will gather at the luxurious Cabo Beach Club in Cape Town, South Africa, for the highly anticipated Crypto Fest 2023. Crypto Fest has earned its reputation as being one of the most prominent events in the blockchain and cryptocurrency space in Africa. It attracts hundreds of blockchain and crypto enthusiasts, visionaries, thought leaders, seasoned investors, and innovative startups for insightful discussions, networking and knowledge-sharing opportunities, and the latest advancements in the digital finance landscape. This year’s Crypto Fest is themed ‘Cryptopia’ and marks the 5th annual edition of Crypto Fest. Attendees are invited to venture into an extraordinary realm that transcends the boundaries of our current society and embark on an adventure where limitless possibilities await. The festival-type event aims to encourage meaningful connections within the crypto community while promoting the understandin...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Venezuela and Argentina use crypto uniquely, according to Chainalysis; the Brazilian Congress recommends indicting Binance CEO Changpeng Zhao, and the Argentine peso keeps falling to record lows. Chainalysis: Argentina and Venezuela Present Unique Crypto Use Cases According to a recent article referencing Chainalysis 2023 Geography of Cryptocurrency Report, Venezuela and Argentina use crypto uniquely to tackle their particular issues. Argentina is leveraging crypto to fight the breakdown of its currency, which has reached record lows recently. For Argentines, cryptocurrency (especially stablecoins) presents an opportunity to save in dollars, preserving their purchasing power. Alfonso Martel Seward, Head of Compliance & AML at Lemon Cash, stated : We have really high inflation, and there are lots of restrictions against buying foreign currencie...

This month Bitcoin.com News delved into the top ten XRP wallets, having scrutinized the leading bitcoin, ethereum, and tether addresses the month prior. Next on the radar? An exploration of the top ten litecoin ( LTC ) wallets, standing out from 7.14 million distinct LTC-holding addresses. Often dubbed “the silver to bitcoin’s gold,” litecoin operates on a proof-of-work blockchain and boasts a history spanning 12 years. Litecoin’s Powerhouses: Which Wallets Reign Supreme? Recently, Litecoin celebrated 12 years since its inception by Charlie Lee on October 13, 2011. The digital currency network just experienced its third reward halving, resulting in miners now pocketing 6.25 LTC for every mined block. As of October 15, 2023, with a market cap of roughly $4.55 billion, LTC sits as the 15th heavyweight in the crypto realm. Currently, around 73,762,420 LTC are in circulation, approaching its max cap of 84,000,000 LTC . Over this 12-year journey, 7.14 million distinct litecoin add...

The G20 finance ministers and central bank governors have adopted the roadmap on crypto assets proposed by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). “We call for swift and coordinated implementation of the G20 Roadmap,” the finance chiefs announced at their latest meeting. G20 Finance Chiefs’ Communique on Crypto Assets The G20 finance ministers and central bank governors convened in Marrakech, Morocco, on Oct. 12-13 where they discussed a range of topics, including crypto regulations. In their communique released at the end of the two-day meeting, the G20 finance chiefs expressed their appreciation to the International Monetary Fund (IMF) and the Financial Stability Board (FSB) “for effectively putting together the IMF-FSB Synthesis Paper which the [G20] leaders welcomed in the G20 New Delhi Declaration.” The IMF and the FSB published their synthesis paper titled “Policies for Crypto Assets” in September. “We adopt the Roadmap proposed in ...

JPMorgan Chase CEO Jamie Dimon has warned of “the most dangerous time the world has seen in decades.” The executive explained that “the war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.” Jamie Dimon’s Latest Warnings The chairman and CEO of JPMorgan Chase, Jamie Dimon, issued a warning during the release of his company’s third-quarter 2023 earnings results that the world may be encountering the “most dangerous time” in decades. “The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships,” the JPMorgan boss detailed, emphasizing: This may be the most dangerous time the world has seen in decades. While insisting that “U.S. consumers and businesses generally remain healthy,” Dimon cautioned that “persistently tight labor markets as well as extremely high government...

Ripple’s chief legal officer says the U.S. needs to ”stop elevating politics over sound policy.” Noting that countries and regions outside of the U.S., such as Singapore, the U.K., the EU, and Japan, welcome crypto businesses, he emphasized: “I think we need a rational regulatory framework.” Moreover, he stressed that certain regulatory agencies in the U.S. are fighting over the control of the technology rather than focusing on the right policy outcome. ‘We Need a Rational Regulatory Framework’ Ripple’s chief legal officer, Stuart Alderoty, discussed U.S. cryptocurrency regulation on social media and in an interview with CNBC this week. He wrote on X Thursday: We need to stop elevating politics over sound policy in the US, and look to the way that Singapore, UK, EU, & Dubai have set clear frameworks and licenses. No wonder crypto innovation is thriving in these regions. Alderoty explained on CNBC that countries and regions outside of the U.S. have “rational” crypto regulatio...

The government in Washington is reportedly considering further limiting China’s access to U.S. processors used in artificial intelligence (AI) applications. The current restrictions, which were introduced last year, allow Chinese companies to source the chips through overseas subsidiaries. Washington Seeks to Further Curb Chinese Access to American AI Chips, Sources Say The administration of President Joe Biden may broaden the curbs on the shipments of U.S. semiconductors used for AI to Chinese companies to include their units abroad, Reuters reported on Friday, quoting people familiar with the matter. The measures announced in 2022 sought to thwart Beijing’s military advances by preventing the supply of American AI chips and chipmaking tools to China. However, the initial restrictions did not cover overseas subsidiaries of Chinese firms. This meant they could still be imported into the People’s Republic or accessed remotely by China-based users, the report noted. However, the lo...

The U.S. Commodity Futures Trading Commission (CFTC) charged the former CEO of bankrupt cryptocurrency lender Voyager Digital with fraud. The regulator accused Stephen Ehrlich and the company of luring investors with promises of high-yield returns while breaking derivatives rules. Ehrlich was also sued by the Federal Trade Commission (FTC). U.S. Commodities Regulator Takes Legal Action Against Former Chief Executive of Voyager The CFTC filed a lawsuit against co-founder and ex-CEO of Voyager Digital, Stephen Ehrlich. The complaint submitted to the U.S. District Court for the Southern District of New York charges him with fraud and registration failures in connection with Voyager and the operation of an unregistered commodity pool, the Commission announced . The U.S. regulator also alleged that Ehrlich and the company falsely touted Voyager as a “safe haven” offering an opportunity to earn high-yield returns, of up 12%, in order to lure customers to purchase and store digital assets...

India’s central bank, the Reserve Bank of India (RBI), has initiated a pilot for a second use case of its wholesale central bank digital currency (CBDC), focusing on the call money market. The Indian central bank reportedly plans to expand its e-rupee testing to cover the entire wholesale segment, including asset tokenization and repo transactions. RBI Begins Testing Second Use Case of Its Wholesale CBDC India’s central bank, the Reserve Bank of India (RBI), has begun testing its wholesale central bank digital currency (CBDC) in the call money market, Money Control reported Thursday, citing two unnamed people who claimed to be aware of the development. One of them was quoted as saying: We have started the wholesale CBDC pilot in the call money market and some deals have also taken place. The call money market is an essential part of the Indian money market, where banks and other financial institutions trade their surplus funds overnight or for a few days at market rates. Nine ...

Mastercard says its new solution that enables central bank digital currencies (CBDCs) to be tokenized or wrapped onto different blockchains provides consumers with “a new option to participate in commerce across multiple blockchains with increased security and ease.” A Mastercard executive described: “As the digital economy continues to mature, Mastercard has seen demand from consumers to participate in commerce across multiple blockchains, including public blockchains.” Mastercard’s New CBDC Tokenization Solution Payments giant Mastercard announced Thursday that it has “successfully demonstrated capabilities of a new solution that enables CBDCs to be tokenized (or ‘wrapped’) onto different blockchains.” The company stated that this solution will provide consumers with “a new option to participate in commerce across multiple blockchains with increased security and ease.” Richard Wormald, Mastercard Australasia’s division president, commented: “As the digital economy continues to ma...

Shenzhen has become home to an industrial park established to promote China’s central bank digital currency (CBDC). Several financial companies are already settling there, the Chinese megacity announced while unveiling almost a dozen initiatives to boost the digital yuan use in the region. Shenzhen to Invest $14 Million in 3 Years to Develop Digital Yuan Ecosystem The city of Shenzhen, a global center for technology, manufacturing, and finance in the Chinese Guangdong province, has launched the country’s first business and industrial park for the purpose of promoting China’s CBDC . The digital yuan (e-CNY) park is located in the city’s Luohu district, reported the China Internet Information Center (China.org.cn). Nine financial companies, including the fintech platform Lakala Payment, have already set up offices there, according to the state-run portal. The district government announced 10 initiatives to back the development of the local digital yuan ecosystem. A total of 100 mill...

A recent report published by River, a Bitcoin technology and financial services company, has revealed that the Lightning Network, a scaling layer for Bitcoin, has grown by 1,212% in two years. River’s estimation comes from examining operators of nodes comprising 52% of the public capacity on the network, concluding that it has “become much more global, with more equally distributed activity.” River States Lightning Network Transactions Grew by 1,212% in Two Years A report published by River, a Bitcoin services company, has released estimations indicating a significant growth in the use of Lightning Network, a Bitcoin scaling layer. The report, which used data provided by node operators that facilitate 52% of the public capacity of the network, estimates that 6.6 million transactions constitute a “lower bound” of the routed transactions of the whole network in August 2023. River states that an upper bound for these transactions could be a multiple of this number “if there was data ...

PRESS RELEASE. Imagine a world where technology not only meets financial innovation but also crafts a future where transactions are not merely conducted but are optimized for user benefit and technological advancement. This is not a distant dream but a tangible reality brought to life by BBACHAIN, a meticulously crafted super platform that promises a future where the cryptocurrency world is redefined. Without the scalability problems of Bitcoin and without the mistakes of a pioneer blockchain of Ethereum. Who is at the Heart of this Story? BBACHAIN, a groundbreaking Layer 1 blockchain platform, is not just a technological marvel but a revolutionary stride in the crypto universe. With its native cryptocurrency, BBA COIN, it is poised to carve its niche in the crypto market, offering staggering growth potential and a promise of a future where transactions are not merely conducted but optimised for user benefit and technological advancement. What is Unfolding? BBACHAIN is set to un...

Decentralized finance (defi) brings risks for investors but is yet to pose “meaningful risks” to financial stability, according to Europe’s securities watchdog. The agency believes, however, the phenomenon deserves attention in light of the EU’s new crypto rules as well as growing user base and has presented its assessment of the sector’s development. Defi Requires Monitoring as It Continues to Evolve Quickly, ESMA Says The European Securities and Markets Authority (ESMA), the European Union’s financial markets and securities regulator, has published an article focused on decentralized finance which it recognizes as the most innovative development in the crypto space. While investors’ exposure to defi remains limited, it comes with “serious risks” to investor protection, the report notes, emphasizing on the speculative nature of defi offerings, the absence of responsible parties as well as associated operational and security vulnerabilities. At the same time, ESMA remarks: Defi...

Jack Dorsey, co-founder of Twitter and current CEO of Square Inc., is contributing $1 million to support the launch of a pilot program for guaranteed basic income in his hometown of St. Louis, Missouri. According to the city, applicants will be selected on a first come, first serve basis “for $500 monthly payments for 18 months.” Jack Dorsey Supports St. Louis’ Guaranteed Basic Income Pilot Twitter’s co-founder and the current CEO of Square Inc., Jack Dorsey, is contributing $1 million to jumpstart St. Louis’ Guaranteed Basic Income (STL GBI) Pilot Program, which aims to combat poverty in the city. The city of St. Louis announced the launch of the program on Tuesday, noting that participants will receive $500 a month for 18 months. The announcement details that in December last year, St. Louis Mayor Tishaura Jones signed Board Bill Number 116 (BB116), sponsored by Alderwoman Shameem Clark Hubbard, to establish the first guaranteed basic income program in the U.S. state of Missouri...