Bitcoin News and Finance: What You Need to Know

Swiss online bank Dukascopy has introduced a new lending product that enables customers to borrow against their cryptocurrency. The solution allows users to receive 50% of the value of their digital assets in fiat currency while retaining their original crypto investments. Switzerland-Regulated Dukascopy Bank Launches Automated Crypto Lending Feature Geneva-headquartered Dukascopy Bank is now offering clients an option to borrow cash in U.S. dollars while keeping their investments in cryptocurrency. Under the bank’s new lending program, they can receive a loan for 50% of the value of their crypto assets in fiat equivalent. To take advantage of the feature, customers need to open a multi-currency bank account (MCA) and transfer the crypto they want to use. Then they can find the digital assets in the “Investments” section and select the “Crypto lending/borrowing” option. The bank said in a press release: In your MCA account, you will find 50% of your investment market value in fi...

The U.S. Securities and Exchange Commission (SEC) has published its examination priorities for 2024 which include crypto monitoring and examinations. The securities regulator disclosed: “Examinations of registrants will focus on the offer, sale, recommendation of, advice regarding, trading in, and other activities in crypto assets or related products.” Division of Examinations’ 2024 Priorities The U.S. Securities and Exchange Commission (SEC) announced Monday that its Division of Examinations has published the “2024 examination priorities to inform investors and registrants of the key risks, examination topics, and priorities that the division plans to focus on in the upcoming year.” The securities regulator described: “This year’s examinations will prioritize areas that pose emerging risks to investors or the markets in addition to core and perennial risk areas.” The SEC detailed: Given the continued volatility of, and activity around, the crypto asset markets, the division will...

Larry Fink, the CEO of the world’s largest asset manager, Blackrock, sees the recent bitcoin rally as “an example of the pent-up interest in crypto.” Noting that as the Israel-Hamas war rages on, more people will be running to bitcoin as “a flight to quality,” the executive emphasized: “We are hearing from clients around the world about the need for crypto.” ‘The Rally Today Is About a Flight to Quality’ Blackrock CEO Larry Fink offered his perspective on the bitcoin rally Monday following a rumor that the U.S. Securities and Exchange Commission (SEC) had approved his company’s spot bitcoin exchange-traded fund (ETF) application. While emphasizing that he cannot discuss “the specifics of anything,” Fink said on Fox Business: I think it’s just an example of the pent-up interest in crypto. We are hearing from clients around the world about the need for crypto. The rumor was spread by crypto news outlet Cointelegraph which posted on social media platform X early Monday morning th...

Binance has announced that it will no longer accept new users in the U.K. in order to comply with new crypto regulations from the Financial Conduct Authority (FCA). Binance explained that it is currently looking for an FCA-authorized firm to review and approve its U.K. financial promotions in compliance with the new rules. Binance Halts Accepting Users in the U.K. Cryptocurrency exchange Binance announced an update for its U.K. operation on Monday. The announcement states: From Monday 16 October 2023 at 5pm UK time, Binance will stop accepting new UK users. Binance explained that the U.K. financial promotions regime for qualifying crypto assets went into effect on Oct. 8, noting that the new rules allow unregulated overseas platforms, like Binance, to promote their crypto businesses in the U.K. by engaging with FCA-authorized firms. “We engaged FCA authorized firm, Rebuildingsociety.com Ltd (REBS), to review and approve our U.K. financial promotions in compliance with the new r...

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 ...