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Recent statistics reveal that a significant amount of ethereum staked on Coinbase has been redeemed, with 27,280 tokens being redeemed on June 6. This development comes in the wake of the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Coinbase for not registering its staking-as-a-service program. Redemptions Soar on Coinbase Amidst SEC Lawsuit Fallout June 6, 2023, marked a pivotal moment for Coinbase as the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the San Francisco-based exchange. One of the SEC’s complaints alleges that Coinbase neglected to register its staking-as-a-service platform. In the aftermath of this legal action, Dune Analytics has recorded tens of thousands of redemptions for Coinbase’s CBETH, the exchange’s staked ether product. On that day, a staggering 27,280 CBETH was redeemed, followed by nearly 9,000 CBETH the next day, according to recent statistics. As of today, June 8, over 3,400 CBETH has already been redeemed. It’s worth noting that Coinbase, the second-largest liquid staking service provider in terms of ETH held, has locked up 1,106,424 ether. Coinbase’s stash of ether is currently valued at $2.12 billion, based on current exchange rates. Out of the 20 liquid staking providers, Coinbase’s CBETH accounts for a significant 11.46% of the 9,650,762 ETH locked into these decentralized finance (defi) protocols. Although Coinbase’s market share is substantial, it pales in comparison to the size of Lido Finance’s ether stash. At the moment, Lido’s protocol reigns supreme, holding an impressive 7,155,072 ETH, which translates to a whopping 74.14% of the market share. Meanwhile, Coinbase’s CBETH has experienced a 3.56% drop over the last 30 days and a 2.28% decrease over the past seven days. If CBETH continues to see a surge in redemptions, there’s a chance that Rocket Pool could overtake Coinbase as the second-largest market share holder. As it stands, Rocket Pool currently holds 761,641 ether, which is 344,783 ether less than Coinbase’s current count. What are your thoughts on Coinbase’s legal battle with the SEC and the surge of redemptions in staked ethereum? Share your thoughts and opinions about this subject in the comments section below. View the full article

Cardano dropped to a three-month low on Thursday, as sentiment in cryptocurrency markets remained largely bearish. The move comes as traders continue to worry about what the recent Binance and Coinbase lawsuits could mean for the wider market. Solana also slipped to a multi-month low. Cardano (ADA) Cardano (ADA) plunged to a three-month low on Thursday, as traders remained nervous, following the recent U.S. Securities and Exchange Commission (SEC) lawsuits. After a high of $0.3376 on Wednesday, ADA/USD dropped to a bottom at $0.3196 earlier in today’s session. The drop pushed the token to its lowest level since March 15, when price was at a bottom of $0.3166. Looking at the chart, this decline came as the relative strength index (RSI) moved deep into oversold territory, falling to a low below 30.00. The index has since rebounded, and is tracking at 34.21, which is marginally above a key level of resistance at the 33.00 mark. Should this upward momentum continue, bulls will look to recapture the $0.3500 level. Solana (SOL) In addition to ADA, solana (SOL) sank to a multi-month low of its own during today’s session. SOL/USD fell to an intraday low of $18.29 on Thursday, which comes less than a day after the price was above $20.00. As a result of this latest decline, solana fell to its weakest point since March 13, when the price was under $18.00. Overall, SOL is down by almost 9% in the last seven days, with the 10-day (red) moving average (MA) in free fall as a result. Should the trend line maintain its current course, there will be a downward cross with the 25-day (blue) MA. For bears who still remain despite the recent oversold status, the next target will likely be $16.00. Register your email here to get weekly price analysis updates sent to your inbox: Could solana fall to $16.00 this week? Let us know your thoughts in the comments. View the full article

This week, the number of Ordinal inscriptions has exceeded 11 million, with one inscription in particular, numbered 11,035,214, standing out. The inscription bears a message that has been signed with the private key associated with block 1,018, and while the key is quite old, having been linked to the computer scientist Hal Finney, this isn’t the first time someone has used this specific private key from 2009 to sign a message. Mysterious Messages Signed With Hal Finney’s Keys Puzzle Cryptocurrency Community In November of 2022, a post on bitcointalk.org caught the attention of many in the cryptocurrency community. The user, who went by the name “Onesignature,” had published a message that was signed with a specific address created on January 19, 2009. This address, known as “1NChf,” had held the block reward of 50 BTC until June 14, 2011. It’s believed that the computer scientist Hal Finney was the one who mined Block 1,018 and spent the subsidy, combining it with several other block rewards he had earned during his “running bitcoin” days. Running bitcoin — halfin (@halfin) January 11, 2009 At precisely 7:46 p.m. Eastern Time on June 6, 2023, another message appeared. The signature that had been used to sign Onesignature’s message was used again, this time to sign an Ordinal inscription. This particular inscription, known as #11,035,214, used a satoshi from 2019 and cost the owner around $5.18 to inscribe. The inscription itself features plain text, but it’s the message attached to it that is more interesting. The message was discovered by Leonidas.og, the operator of Ord.io, a web portal dedicated to Ordinal inscriptions and their exploration. According to Leonidas, it all started when someone tipped him off about a message that mentioned the name of his website, Ord.io. Upon closer inspection, he realized that the message was signed with the private key associated with the 1NChf address from way back in January 2009. A third-party tool confirmed that the signature and message were 100% valid. However, it’s believed that Hal Finney’s private keys were either given away, stolen, or sold to someone else at some point in time. The evidence supporting the theory that Hal Finney’s private keys were compromised is compelling. After Onesignature published his message in November 2022, the following month, on December 13, 2022, Martin Shkreli, the infamous ‘pharma bro’ and former hedge fund manager, shared a message that was signed with one of Finney’s private keys. The message in question came from the BTC address “1Q2TW,” which was the wallet that received the very first BTC transaction after Satoshi sent Hal 10 BTC on January 12, 2009. But Shkreli’s message attempts to suggest that Paul Le Roux is Satoshi, and that it was Le Roux who allegedly sent Hal the 10 bitcoin. The appearance of these mysterious messages has left the cryptocurrency community scratching their heads. While Onesignature’s message was intriguing and the first of its kind, the message shared by Shkreli raised some red flags. At the time, Bitcoin developer Greg Maxwell was quick to point out that the signature type used to sign the message was not around when Finney was developing, leading him to conclude that the message was likely created “by someone who obtained Hal’s private keys after his death.” In other words, someone else has control of the key. The fact that these messages are popping up out of nowhere in such a suspicious manner only adds weight to Maxwell’s theory. The motives behind the mysterious owner(s) of these private keys remain shrouded in mystery. Some could speculate that it’s all about clout, a way to show off and grab attention. Onesignature’s message certainly caught people’s attention, as it proved that he could sign a very old block. But then came Shkreli’s message, which tried to suggest that the notorious criminal mastermind Paul Le Roux was actually Satoshi Nakamoto. It was a bold claim, to say the least, and one that was quickly debunked by experts. And now, we have the latest message, which uses an Ordinal inscription to convey its message. But here’s the thing: because it’s believed that Hal Finney‘s keys were somehow obtained by someone else, these messages are essentially meaningless. They don’t validate any theories or shed any new light on the origins of Bitcoin. And yet, the person or group behind these messages shows no signs of slowing down. The latest message proves that they plan to continue sharing messages signed with Finney’s keys, leaving the crypto community to wonder what their true motives might be. What do you think is the motive behind these mysterious messages signed with Hal Finney’s keys? Share your thoughts and opinions about this subject in the comments section below. View the full article

Elon Musk, the CEO and product architect of Tesla, has been accused of insider trading in a class-action lawsuit involving the meme coin dogecoin (DOGE). The plaintiffs accuse Musk of inflating the price of DOGE by 30% when he changed Twitter’s blue bird logo “to the Dogecoin Shiba Inu logo.” Tesla’s CEO Accused of Insider Trading for Swapping Twitter’s Blue Bird for Doge On May 31, 2023, a court filing was submitted in Manhattan alleging that Elon Musk engaged in insider trading and manipulated the price of dogecoin (DOGE). The lawsuit against Musk, titled “Johnson et al v. Musk et al,” was initiated last year as a class action in the Southern District of New York. In April of this year, Musk’s legal team attempted to have the case dismissed, with his attorneys arguing that there was no wrongdoing in tweeting about a legitimate currency. However, investors involved in the class-action lawsuit argue that referring to DOGE as a “legitimate investment” is deceptive since they believe it holds no value whatsoever. In their latest amendment, filed on Wednesday, the plaintiffs discuss how Musk altered the Twitter logo. “The next business day after filing a motion to dismiss in the instant case Musk changed the Twitter blue bird logo to the Dogecoin Shiba Inu logo for three days, spiking the price of Dogecoin 30%,” the recent filing specifies. The plaintiffs in the class-action lawsuit refer to nearly all of Musk’s actions related to DOGE. Along with highlighting the logo change, the filing also notes that Musk discussed altering the logo on March 26, 2022. After contemplating the idea of altering the Twitter logo in 2022, Musk eventually put his plan into action. The class-action complaint also acknowledges the subsequent tweets made by Musk in relation to the logo change. The plaintiffs’ lawyers state: Musk also sent out a Dogecoin promotional tweet in which a police officer is looking at a driver’s license with the blue Twitter bird logo while the driver, a Shiba Inu dog says, ‘(T)hat’s an old photo,’ implying that the Dogecoin symbol was Twitter’s new logo. The attorneys claim that Musk shared another tweet centered around DOGE on the very same day. They further observe that Twitter reverted back to the blue bird logo on April 6, and insist that it caused dogecoin’s price to experience a sharp decline. The plaintiffs assert that Musk falsely purports to have altruistic intentions and emphasize in the filing that he has allegedly been advocating for DOGE for a considerable duration. “By June 2022 Musk had already spent more than three years knowingly encouraging the public to invest in dogecoin,” the class-action filing contends. Do you believe Elon Musk’s actions with Twitter’s logo change constitute insider trading or do you think it’s simply harmless tweeting? Share your thoughts and opinions about this subject in the comments section below. View the full article

On Friday, bullish sentiment returned to cryptocurrency markets, as the U.S. Senate approved the bill to increase the debt ceiling. Bitcoin rose back above $27,000 on the news, snapping a four-day losing streak. Ethereum neared the $1,900 level. Bitcoin Bitcoin (BTC) snapped a four-day losing streak on Friday, after it was reported that the U.S. Senate had passed the bill to increase the debt ceiling. This comes ahead of Monday’s deadline, which could have resulted in the government running out of cash, had the bill not been approved. Following the news, BTC/USD raced to a peak of $27,203.32, which comes a day after dropping to a bottom at $26,574.64. Bitcoin chart by TradingView Overall, it appears that this move took place after bears were unable to break a long-term floor at $26,500, prompting bulls to reenter the market. In addition to this, the relative strength index (RSI) moved above a floor of its own at 46.00, and is currently tracking at 48.12. The next test to see if bitcoin can sustain this momentum will come at the $27,500 ceiling. If passed, there is a good chance that price will be above $28,000 this weekend. Ethereum Additionally, ethereum (ETH) also moved higher in today’s session, climbing closer to the $1,900 level in the process. ETH/USD jumped to an intraday high at $1,896.62 earlier in the day, less than 24 hours after hitting a low of $1,851.96. Friday’s rally saw the world’s second largest cryptocurrency end a two-day downturn, following a bounce from a floor of $1,830 on Thursday. Ethereum chart by TradingView From the chart, a bounce on the RSI also took place, with price strength jumping from support at 51.00. The next visible point of resistance now appears to be at 59.00, and should ETH reach this point, price will be closer to $1,930. At the time of writing, ethereum is trading at $1,893.49. Register your email here to get weekly price analysis updates sent to your inbox: Will ethereum move above $1,900 this weekend? Leave your thoughts in the comments below. View the full article

Stablecoin provider, Circle Internet Financial, has revealed that its dollar-pegged token, USDC, will be natively introduced on the layer two (L2) blockchain Arbitrum on June 8. The announcement follows Circle’s disclosure of its euro-pegged coin, EUROC, merging with the Avalanche blockchain last week. Circle Plans to Launch USDC on Arbitrum on June 8 On Thursday, Circle revealed that usd coin (USDC), the second largest stablecoin by market valuation, will make its debut on Ethereum’s L2 scaling network, Arbitrum. With a current market capitalization of roughly $28.8 billion, USDC ranks as the second-largest stablecoin. “USDC issued by Circle will be native to Arbitrum and will be considered the official version of USDC for the Arbitrum ecosystem,” Circle said on Thursday. “Over time, native USDC liquidity will grow and replace the currently circulating ‘bridged USDC’ liquidity that comes from Ethereum.” Arbitrum also released a blog post discussing the impending USDC native support, asserting that it will provide numerous benefits such as enabling institutional on/off-ramps through Circle and its partners. Additionally, Circle’s Cross-Chain Transfer Protocol (CCTP) support is expected to eradicate delays related to bridge withdrawals. Furthermore, Arbitrum said that the upgradeable smart contract will permit Circle to implement future improvements for an enhanced user experience. Arbitrum has decided to rename the Ethereum-bridged edition of USDC on block explorers as “USDC.e”. The team also plans to proactively engage with ecosystem applications and encourage them to adopt this change in their app user interfaces and documentation. “Arbitrum will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time,” the blog post elaborates. The developers also said that the functionality of the Arbitrum Bridge will remain unchanged for the time being. The latest development coincides with Circle’s decision to remove U.S. Treasury bonds from USDC reserves, leaving only cash and overnight repurchase agreements. Moreover, EUROC, Circle’s euro-backed stablecoin, was recently implemented natively on Avalanche. In March, it came to light that Circle partnered with token protocol startup Noble to launch USDC on the Cosmos chain. Circle also announced its presence on Arbitrum’s Discord under the “usdc-circle-support” channel for those seeking answers to their questions. What are your thoughts on Circle’s decision to bring USDC to Arbitrum? Share your thoughts and opinions about this subject in the comments section below. View the full article

Cryptocurrency miners in Russia have extracted digital currencies for around $700 million last year, according to a state-run fintech entity. However, the growing industry remains unregulated with the government having postponed the adoption of the respective legislation once again. Russian Crypto Miners Produce Coins for up to 60 Billion Rubles in 2022 Miners operating in Russia have minted cryptocurrencies for an estimated 50 – 60 billion rubles ($620 million – $740 million) last year, the Director of the Skolkovo Fintech Hub Pavel Novikov announced, quoted by the Prime business news agency. Speaking at the “Finance of the Future: Challenges and Opportunities” conference organized by Russia’s largest bank, Sberbank, the executive of the state-owned company pointed out that the figure ranks Russia second in the world by that indicator. Novikov also highlighted that Russian miners have consumed about 1 gigawatt (GW) of electric power during the same period. He also noted that the high efficiency of mining in Russia, as he put it, can be partially attributed to the widespread practice of illegal use of electricity in cryptocurrency production. His comments come after data provided by Russia’s largest mining operator, Bitriver, revealed in April that the country has for the first time climbed to second place globally in terms of total power capacity of the facilities devoted to crypto mining. Mining Bill Delayed Again Due to Concerns of Law Enforcement Agencies While Russian authorities remain reluctant to legalize many operations with decentralized cryptocurrencies like bitcoin in the country, statements by officials in Moscow have indicated their generally positive attitude towards crypto mining. The country’s “competitive advantages” as a mining hotspot were highlighted by President Vladimir Putin in early 2022. And in May of this year, analysts predicted that Russia may take up 18% of the bitcoin hashrate in a next big migration of miners. Conditions for the latter have been created by increasing regulatory pressures, tax burden and energy costs in the U.S. and Kazakhstan. However, crypto mining activities are yet to be comprehensively regulated in the Russian Federation and the adoption of the necessary legislation has been postponed on multiple occasions. The reason for the latest delay, according to the head of the parliamentary Financial Market Committee, Anatoly Aksakov, is the need to first approve legislation introducing criminal liability for the misuse of cryptocurrencies, as insisted on by Russia’s law enforcement agencies. Do you think Russia will soon regulate crypto mining and increase its share of the global mining market? Tell us in the comments section below. View the full article

Changpeng “CZ” Zhao has answered the rumors of mass layoffs at Binance, with reports stating that up to 20% of the current workforce of the exchange might be forced to abandon their positions due to poor market conditions. Zhao declared this was another attempt at spreading FUD on Binance, explaining that the company has a constant “bottom-out policy.” Changpeng Zhao Calls Layoff Reports ‘FUD’ Changpeng Zhao, CEO of Binance, has answered the rumors about mass layoffs on the exchange. According to Colin Wu, a Chinese cryptocurrency reporter, Binance had plans for laying off a significant part of its workforce, stating that market rumors indicated that at least 20% of the 8,000 employees on Binance could be involved in these layoffs due to poor overall market conditions. Wu explained employees would be compensated on a case-by-case basis, depending on their situation and place in the company. Through social networks, Zhao informed that layoffs in Binance were nothing new, clarifying that the exchange had a “bottom out” policy that laid off employees qualified as “not strong fits” for the company. He referred to these rumors as “FUD.” Zhao further expanded on this topic, stating: Many of them are great people or high performers, but may not fit our unique culture/situation. Small example, WFH [work from home] is not for everyone. Zhao remarked the layoffs program was constant in the company, happening every week and not having any number restrictions attached to it. Binance Maintains Profitability, Keeps Hiring Binance is one of the largest exchanges by trading volumes in the cryptocurrency market, hosting more than 92% of the Bitcoin spot trading by the end of 2022. Zhao detailed the different ways in which Binance has dealt with market conditions before, stating: I also push for cost cutting, servers, flights, meals, etc, every week too. This may be why … Binance has stay profitable since month 4 of our inception. From Oct 2017 onwards, through 2 crypto winters, Binance maintained profitability on a daily, weekly and monthly basis. Zhao also remarked that Binance keeps hiring. The Binance careers portal, which indicates the job openings at the company, has more than 300 positions open in different areas of work. Last year, in the middle of the so-called crypto winter, Zhao announced that the exchange was hiring for 2,000 roles, while other crypto companies like Coinbase and Kraken were involved in thousands of layoffs. What do you think about Binance and the staff mass layoff rumors? Tell us in the comments section below. View the full article

According to Steven Lubka, the head of private clients and family offices, as well as the managing director at Swan Bitcoin, wealthy investors and private offices have been gravitating towards bitcoin since the downfall of Silicon Valley Bank (SVB). Lubka stated that his firm has also observed “corporations engaging in treasury diversification” and emphasized that these investors “want to own an asset that is outside” of the troubled financial system. High-Net-Worth Individuals and Family Offices Are ‘Concerned About Long-Term Stability in the Financial System’ In 2023, three of the largest bank failures in the history of the United States occurred. Since then, affluent investors, family offices, and individuals with high net worth have been gravitating towards bitcoin. This information was shared by Steven Lubka, an executive at Swan Bitcoin, during an interview with Michelle Makori, the lead anchor and editor-in-chief at Kitco News. The conversation took place at the Bitcoin 2023 conference held in Miami. “Since the collapse of Silicon Valley Bank we’ve seen a huge uptick,” Lubka informed Makori. “We’ve always had a slice of family office clients that have used the platform, but ever since SVB that has massively increased. These people are taking large bitcoin positions.” Lubka emphasized that these investors have a keen interest and “they want to learn more.” Swan’s managing director further expressed that if any institutional segment is expected to be an early adopter, it is likely to be family offices due to their greater control over investing in alternative assets. Lubka told Makori that bitcoin (BTC) exhibited a positive response when the banks faced pressure. He also highlighted that high-net-worth individuals and family offices approached Swan expressing they were “concerned.” The executive mentioned that Swan caters to a diverse range of clients but specified that, for high-net-worth individuals, his firm is “generally looking at $10 million on the individual side” and “as much as a billion on the family office side.” Lubka said that these investors “are concerned about long-term stability in the financial system.” He added: They want to own an asset that is outside of that system. Lubka commented to Makori that investors and family offices perceive bitcoin as a means of “diversification.” He emphasized that when BTC experienced a surge during the bank contagion, it demonstrated its resilience as a hedge. “That wouldn’t have happened in the same way, I don’t think, five years ago,” Lubka stated. He expressed confidence in bitcoin reaching the six-figure range by the end of 2024, and he further suggested the possibility of a “million-dollar bitcoin by 2030.” What are your thoughts on the trend of wealthy investors and family offices turning to bitcoin for diversification? Share your thoughts and opinions about this subject in the comments section below. View the full article

Indian external affairs minister and Russian foreign minister have held a meeting to discuss cooperation within the BRICS, the Group of Twenty (G20), and the Shanghai Cooperation Organization (SCO). The two countries have been shifting to settlements in national currencies, reducing their dependence on the U.S. dollar. Foreign Ministers Discuss BRICS, G20, SCO Indian External Affairs Minister Dr. S. Jaishankar held meetings with his counterparts from several countries, including Russia, Thursday on the sidelines of a two-day BRICS meeting of foreign ministers (FM) in Cape Town, South Africa. The BRICS countries comprise Brazil, Russia, India, China, and South Africa. Jaishankar tweeted following a meeting with his Russian counterpart: “Good to meet FM Sergey Lavrov of Russia in Cape Town this morning on BRICS FMM [Foreign Ministers’ Meeting] sidelines.” He added: Our discussions covered bilateral matters, BRICS, G20, and SCO. India and Russia are members of the BRICS, the Group of Twenty (G20), and the Shanghai Cooperation Organization (SCO). Russia has been pushing to strengthen cooperation with other BRICS nations. Both India and Russia have been promoting the use of national currencies in trade settlements, reducing their reliance on the U.S. dollar. In April, the Indian government outlined initiatives, as part of a G20 presentation, towards the “internationalization” of the rupee, stating that the goal is to make the rupee “a global currency” and to facilitate international trade settlement in INR. Recently, the governments of Bangladesh and India decided to conduct their bilateral trade settlements in national currencies. Lavrov said this week that Russia is actively shifting to settlements in national currencies. “Of course, as trade turnover grows, the transition to payments in national currencies will become more practical — this is the future. This is true not only for Africa, but also for Latin America, our Asian friends, as well as Iran, India, and China,” he said. The BRICS nations are also discussing creating a common currency which is expected to be discussed at the group’s upcoming leaders’ summit. Moreover, the economic bloc is discussing expansion plans as at least 19 countries have either applied to join the BRICS or have expressed interest in joining. What do you think about the BRICS countries enhancing cooperation among members and friends? Let us know in the comments section below. View the full article

Tesla and Spacex CEO Elon Musk says commercial real estate is “melting down fast,” warning that home values will be next. Some experts disagree with Musk regarding the residential real estate market, including Shark Tank star Barbara Corcoran. However, she agrees that the commercial real estate market is “going to be a bit of a bloodbath before it gets better.” Elon Musk’s Real Estate Market Warnings Tesla and Spacex CEO Elon Musk warned about real estate markets in a tweet Monday. The billionaire cautioned that the commercial real estate market is “melting down fast,” predicting that home values will be next. Musk’s tweet was in reply to venture capitalist David Sacks, founder and partner of Craft Ventures, who extensively discussed the challenges faced by the commercial real estate market through a series of tweets over the past few days. Sacks highlighted the effects of the Federal Reserve raising interest rates from near 0% to about 5% in the past year, stating that they correspond to the “3 stages of the financial crisis we’re in.” Noting that the first stage is the banking crisis, the second is the commercial real estate crisis, and the third is the government debt crisis, the VC stressed: We’re seeing the first stage play out now. The second and third stages are yet to come. Multiple people have warned about the impending collapse of the commercial real estate market, including Shark Tank star Barbara Corcoran. The veteran real estate investor said Wednesday that the commercial market is “in trouble,” stating that “no one has the confidence to buy now” and “no one really believes it’s going to turn the corner.” She opined: I don’t see that turning around. I think it’s going to be a bit of a bloodbath before it gets better. Experts Disagree With Musk on Residential Real Estate Market While Musk warned about a potential decline in home values, some people disagreed. Federal Reserve Governor Michelle Bowman stated on Wednesday that home prices have been “leveling out recently, which has implications for our fight to lower inflation.” Corcoran similarly told Fox Business Wednesday that the residential real estate sector is beginning to rebound, emphasizing that Musk is wrong. “So you get a Mexican standoff going on, but things are changing,” the Shark Tank star detailed. “The people who are going out there and buying are finding they’re overbuilding. They’re having a hard time getting their hands on the house. And right now, what everybody’s afraid of is the high-interest rates. But the minute those interest rates come down, all hell is going to break loose and prices are going to go through the roof.” Glenn Kelman, the CEO of residential real estate brokerage operator Redfin, also disagreed with Musk. Responding to the Tesla CEO’s tweet, he wrote: The loss in demand for commercial real estate is what’s driving demand for residential real estate. People who work from home need more space at home. Sales volume is down because inventory is down. Today, home prices increased for a second straight month. Do you agree with Elon Musk regarding commercial and residential real estate markets? Let us know in the comments section below. View the full article

Economist Peter Schiff has warned of an impending U.S. dollar crisis. He predicted that with the new debt ceiling deal, “reckless government spending and borrowing will continue until a sovereign debt and U.S. dollar crisis bring it to a catastrophic end.” Peter Schiff’s Latest Economic, Dollar Crisis Warnings Economist and gold bug Peter Schiff has taken to Twitter to voice concerns about the U.S. economy and the impending U.S. dollar crisis. His warnings followed the recent debt ceiling deal reached to prevent the U.S. from potentially defaulting on its debt obligations. “Now that the fake debt ceiling crisis is behind us, we can focus on the real crisis that lies ahead,” Schiff tweeted Wednesday, emphasizing: Suspending the debt ceiling yet again means that reckless government spending and borrowing will continue until a sovereign debt and U.S. dollar crisis brings it to a catastrophic end. “The $1.5 trillion the debt ceiling deal purports to save over 10 years amounts to less than 5% of what the deficit will be over that decade. But that’s only if the unrealistic rosy economic assumption comes true. More realistic assumptions result in a surge in the deficit instead,” the economist stressed. He previously warned that “without any substantive cuts to government spending,” raising the debt ceiling “makes a real sovereign debt and U.S. dollar crisis inevitable.” Schiff has also cautioned about the U.S. national debt. “Now that a bogus debt ceiling deal has been reached, it should be apparent that Congress will never rein in excessive government spending or deficits,” he tweeted Tuesday, predicting: The national debt will spiral out of control, with a sovereign debt and dollar crisis all but guaranteed. The gold bug has argued that the U.S. will default on its debt and raising the debt ceiling will only make the problem worse. He previously explained that the U.S. could default on its debt obligations in two forms. The first is “an honest default where the government just doesn’t pay back bondholders” and the second is “a dishonest default where we pay with inflation.” In recent months, Schiff has warned about a much worse financial crisis than the banking crisis, a “massive” recession, and depressions. He also sounded the alarm about the U.S. dollar devaluation and the biggest economic disaster in history. He predicted that a “death blow” is coming for the U.S. dollar and the USD will lose its reserve currency status, advising people to get rid of their U.S. dollars now. Do you agree with Peter Schiff? Let us know in the comments section below. View the full article

Mark your calendars for the 14th and 15th of June, 2023, as the Louvre Palace, Musée des Arts Décoratifs, Paris, prepares to host Proof of Talk, the pinnacle of Web3 leadership and networking events. With the rallying cry of ‘Bringing Back Trust into Web3’, this summit is poised to be a hotbed of innovation, collaboration, and transformation. This inaugural edition of Proof of Talk is set to be a star-studded affair, featuring luminaries such as Charles Hoskinson, Co-Founder of Cardano, Pascal Gauthier, CEO of Ledger, Stani Kulechov, Founder & CEO of Aave, Justin Sun, Founder of Tron, Staci Warden, CEO of Algorand Foundation, and Marieke Flament, CEO of NEAR Foundation, and Sandeep Nailwal, Co-Founder of Polygon Technologies. This is your chance to rub shoulders with the brightest minds shaping the future of Web3. But the guest list doesn’t stop there. High-potential startups, government officials, and regulatory authorities from European powerhouses like the UK, Germany, and France will also be in attendance. Adding to this impressive roster are senior representatives from the World Economic Forum, OECD, and the European Commission, ensuring that Proof of Talk will be a melting pot of cross-border interactions and collaborations. On behalf of the event’s organizers—i.e., the German investment fund, X Ventures—Zohair Dehnadi thus says: “We are incredibly proud to host an event which promises to bring together the brightest minds and top CEOs from the world’s most influential blockchain companies. We are inviting C-level executives, founders, influencers, legal experts and regulatory authorities to this unparalleled event.” Despite its massive scope, though, Proof of Talk will promote signal over noise by limiting the number of participants to less than 1000. The original plan was to host an invite-only event. But due to high public demand created through word-of-mouth, X Ventures decided to release limited tickets for the summit. Grab yours for an insider’s experience—don’t miss this opportunity to be part of the conversation that’s shaping the future of Web3. Bringing Back Trust into Web3 Web3 is only about a decade old; it’s still having growth pains. But that’s what Proof of Talk, for one, aims to heal. Several undesirable incidents—from hacks to scams like rug pulls and fake NFTs—has marred Web3’s repuation over the years. Many people see privacy-preserving cryptoassets as a haven for criminals and tax evaders. Regulators thus impose blanket prohibitions on this asset class, obstructing innovation. And with multiple Web3 projects behaving like giant Ponzi schemes, there’s merit to such negative attitudes. On Day 1, i.e., June 14, Proof of Talk will engage various forums and panels in discussions around the ways to restore trust in Web3. It features a distinguished lineup of over 85 industry leaders. More than 80% of them are CEOs and Founders, leading a total market cap of $150+ billion. This is the biggest senior leadership attendance for any Web3 event this year. Proof of Talk will provide a safe platform for changemakers to focus on past lessons, and thereby communicate their views about the industry’s most pressing issues. And this in turn will pave the path for making the ongoing decentralized revolution reliable and relatable for everyone. Zohair says: “We acknowledge that the Web3 industry needs a reset after experiencing challenges with scams and rug pulls, unprofessionalism and short-sighted greed. We are determined to initiate critical conversations around re-establishing trust because we firmly believe the decentralisation movement offers a chance to change the world for the better.” Showcasing an Innovation-Driven Future Proof of Talk isn’t only about knowledge-sharing and networking. It’s also an opportunity for promising projects to showcase their work to the people who matter: mentors, patrons, partners, and investors. On Day 2, i.e., June 15, Proof of Talk will reserve the stage—a massive hall, in fact—for some of the most prospective innovations in Web3 right now. This pre-selected and vetted cohort of startups, who’ve collectively raised over $500 million in various funding rounds previously, can engage and interact with esteemed investors like Softbank, The Spartan Group, Fabric Ventures, Shima Capital, and Animoca Brands. Notably, the VCs participating in Proof of Talk have more than 2000 projects in their portfolio altogether. Inspiring creativity while helping founders and investors to connect, collaborate, and build are the main agendas for Day 2. This will also create the avenues for putting into action the insights gained on Day 1. And it’ll provide a glimpse of the practical state of innovation in Web3 and an image of the future. Like Day 1, Day 2 will also have exciting panel discussions, breakout sessions, keynotes, fireside chats, and open Q&A sessions. Participants can additionally mingle with prominent and budding journalists, content creators, and other creatives representing prominent Web3 media platforms like Bitcoin.com, CoinMarketCap, Decrypt, Cointelegraph, BeInCrypto, theBlock and more. At First Glance: Fostering Artistic Creativity Proof of Talk shall do complete justice to its prestigious location—The Louvre Palace. The summit strives to spark genuine interest towards the emerging trends in digital art. It addresses the need to facilitate proper art appreciation in the face of media-fuelled instant gratification and information overload. Luisa Ausenda, Founder of Studio Leggero, has thus curated ‘At first glance – À première vue’ as a part of Proof of Talk. The exhibition will showcase twelve distinctive global artists: Addie Wagenknecht, Andrea Bonaceto, Andrés Reisinger, Auriea Harvey, Benoit Challand, Hermine Bourdin, Rafaël Rozendaal, Sarah Meyohas, Skygolpe, Sofia Crespo, Trevor Jones & Wonderkatzi. ‘At first glance – À première vue’ is a thought-provoking experience demanding active engagement from the audience. It features work that deepens the viewer’s journey by encouraging them to look deeper and beyond what’s visible at first glance. The exhibits are highly conceptual or remarkably innovative in using technology, besides covering diverse themes like gender, equality, and speculation. Similar to the talks and panel discussions, the art exibition will initiate dialogues and reflections among artists and art enthusiasts. Besides transforming viewers, ‘At first glance – À première vue’ will thus foster futuristic creativity, ensuring the holistic growth of Web3. Missing Out Isn’t an Option Missing out on something this important and exciting is a total loss. Book your spot via the official Proof of Talk website. Tickets are on sale now but won’t last long. There are only 1000 of them, remember? So you know the drill. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Russia is actively shifting to settlements in national currencies with its partners, Foreign Minister Sergey Lavrov has affirmed. He expects the transition away from the U.S. dollar to only gain momentum. “This is true not only for Africa, but also for Latin America, our Asian friends, as well as Iran, India, and China,” the top Russian official stressed, noting that the USD’s share is “steadily declining.” De-Dollarization Trend Gaining Momentum Russian Foreign Minister Sergey Lavrov said Monday that the utilization of national currencies in settlements between Russia and its partner countries will continue to gain traction, Tass reported. Responding to a question regarding Kenya’s intention to pay for oil exports in local currency, Lavrov remarked: Of course, as trade turnover grows, the transition to payments in national currencies will become more practical — this is the future. This is true not only for Africa, but also for Latin America, our Asian friends, as well as Iran, India, and China. “We are already actively shifting to settlements in national currencies, and the dollar’s share is steadily declining … So, this process will only gain momentum,” the Russian foreign minister continued. He then noted that Brazilian President Luiz Inácio Lula da Silva has proposed prioritizing the establishment of a payment system independent of the U.S. dollar or the euro that “would rely on decisions and agreements that would be developed, including within the framework of the BRICS New Development Bank.” The Brazilian president has been a vocal de-dollarization supporter. He recently urged all developing countries to ditch the USD as a reserve currency and use national currencies in trade. He also supports the creation of a common BRICS currency. The BRICS nations (Brazil, Russia, India, China, and South Africa) have been strengthening economic cooperation and pushing for increased trade in national currencies. Alexey Overchuk, Russia’s deputy prime minister for Eurasian integration, revealed during the second Eurasian Economic Forum last week that the Eurasian Economic Union (EAEU) has made significant progress in moving to payments conducted in national currencies. He detailed that the share of settlements made in national currencies in mutual trade between EAEU member states reached 90% in March. “Therefore, de-dollarization is already a reality in the Eurasian Economic Union … The EAEU has virtually shifted to payments in national currencies,” the deputy prime minister stated. A growing number of countries across the globe have accelerated their de-dollarization efforts. Besides the BRICS and the EAEU, 10 Southeast Asian nations that are members of the Association of Southeast Asian Nations (ASEAN) recently agreed to promote the use of national currencies. Moreover, top officials of nine Asian countries met in Iran last week to discuss de-dollarization measures. Do you think the U.S. dollar will lose its world’s reserve currency status? Let us know in the comments section below. View the full article

Following the U.S. bankruptcy court judge’s rejection of the U.S. Trustee’s plea to designate an impartial investigator for the FTX bankruptcy case, the government is now appealing this verdict. In essence, the U.S. Trustee’s appeal has been forwarded to the U.S. Third Circuit Court of Appeals, and chief judge Colm F. Connolly acknowledged that he is compelled to comply with the Trustee’s request. U.S. Trustee Drives for Independent Examiner in FTX Bankruptcy Proceedings With Third Circuit Appeals Motion The U.S. government, particularly the Department of Justice-appointed U.S. Trustee designated to the FTX bankruptcy case wants an independent examiner assigned to the proceedings. Last December, an attorney for the U.S. Trustee submitted a written letter to the court insisting that an impartial examiner is needed. Additionally, a small group of bipartisan U.S. senators have also stressed that an independent investigator should be assigned to the FTX case. The U.S. senators who wrote the letter asking for an inquiry included Cynthia Lummis (R-WY), Thom Tillis (R-NC), Elizabeth Warren (D-MA), and John Hickenlooper (D-CO). However, the team managing FTX has estimated a separate examiner could cost the estate roughly $100 million in expenses. Then during the first week of February 2023, judge John Dorsey delayed his decision to appoint an examiner, and a week later he denied the U.S. Trustee’s request. In the court filing registered on May 30, chief judge Connolly said “I have no choice but to grant the Trustee’s motion” after appellant Andrew Vara filed the motion. “No one contests that the Trustee requested an examiner here or that the debtor’s fixed, liquidated, unsecured debts, other than debts for goods, services, or taxes, or owing to an insider, exceed $5 million,” the judge stated. Judge Connolly added: The only issue is whether, given those facts, the bankruptcy court could lawfully reject the Trustee’s request for the appointment of an examiner. Judge Connolly further decided that the court will issue an order in accordance with this memorandum opinion. He also stated that the evaluation of the appeal’s merits will be suspended until the Third Circuit delivers a ruling. It’s been approximately 200 days since Sam Bankman-Fried’s FTX filed for Chapter 11 bankruptcy protection in November 2022. What are your thoughts on the U.S. government’s relentless pursuit of an independent examiner in the FTX Bankruptcy Case? Share your opinions and insights in the comments section below. View the full article

According to a report published by the cybersecurity research team known as 0d, a division of Dwallet Labs, researchers discovered a critical vulnerability in the Tron network’s native multi-sig mechanism. The cybersecurity experts explained that the vulnerability could have impacted more than $500 million worth of digital assets held in Tron multi-sig accounts. 0d specified that Tron’s development team addressed the problem by creating a patch for the bug. Cybersecurity Researchers Summarize Bug Found Tied to Tron’s Multisig Mechanism, Tron Devs Patch the Vulnerability On May 30, 2023, the research team 0d from Dwallet Labs published a report that uncovers a vulnerability in Tron’s native multisig scheme. The vulnerability enables any signer of a multi-sig account to bypass the network’s security measures, irrespective of the designated threshold and number of signers. “This vulnerability impacts over $500M in digital assets that are held in Tron multi-sig accounts,” 0d reported on Tuesday. The researchers further stated that Tron’s developers were notified about the bug on February 19, 2023, and the programmers created a patch to address the problem. 0d said that the majority of Tron’s validators have already implemented the patch to prevent any potential exploitation of the vulnerability. “We have received a bounty reward for a high severity vulnerability via the Tron bounty program,” the cybersecurity research team disclosed. 0d explained that the vulnerability originated from the verification process of multisig transactions within the Tron network. The network depends on the uniqueness of signatures for identical messages from an individual. However, because of the deterministic nature of the signature generation process outlined in RFC 6979, an untrustworthy signer can utilize various nonces (random numbers) to generate multiple valid signatures for the same message while employing the same private key. The revelation of the Tron multi-sig mechanism bug coincides with the discovery of a privacy vulnerability in the Monero blockchain. The bug is said to have existed on the Monero network for three years and has since been addressed. While discussing the Tron multi-sig problem, 0d researcher Omer Sadika explained that with the deployment of the fix, $500 million is now “secured.” What are your thoughts on the recent vulnerability discovered in Tron’s multi-sig mechanism? Share your insights and opinions in the comments section below. View the full article

After announcing its plan to invest 15% of profits into bitcoin, the company Tether Limited has taken another step toward its crypto goals. Tether, the stablecoin issuer, has revealed its latest venture: “sustainable bitcoin mining operations in Uruguay.” Tether has partnered with a licensed local company to make this happen, as it believes Uruguay is the ideal location for bitcoin mining production. Tether’s Bitcoin Mining Operations Take Root in Uruguay Tether, the issuer of the largest stablecoin in terms of market capitalization, said it is gearing up to invest in energy production resources and establish sustainable bitcoin (BTC) mining operations in Uruguay. Paolo Ardoino, the CTO of Tether, elaborated on their vision, expressing that the team behind energy production and bitcoin mining is actively seeking talented individuals to join their venture. In a recent blog post, Tether revealed that it has partnered with a local company in Uruguay to kickstart these operations. “As part of this new venture, Tether is investing in renewable energy sources to support and promote sustainable bitcoin mining—an essential component in upholding the world’s most robust and secure monetary network,” Tether stated on Tuesday. “To accomplish this ambitious objective, Tether is actively seeking to augment its team by recruiting experts in the energy sector.” Tether’s decision to embark on bitcoin mining operations in Uruguay comes on the heels of its recent declaration to allocate 15% of its profits to bitcoin (BTC). Tether’s stablecoin, tether (USDT), is also inching closer to surpassing its previous all-time high in market valuation as the asset is just a few hundred million away from this milestone, currently. Regarding its new undertaking, Tether emphasizes that the majority, or 94%, of Uruguay’s energy production, is derived from renewable sources. “By harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether is leading the way in sustainable and responsible bitcoin mining,” Ardoino said in a statement during the announcement. “Our unwavering commitment to renewable energy ensures that every bitcoin we mine leaves a minimal ecological footprint while upholding the security and integrity of the Bitcoin network.” What are your thoughts on Tether’s approach to combining renewable energy and bitcoin mining in Uruguay? Share your insights and opinions in the comments section below. View the full article

Customers of Binance Australia were trading bitcoin and other cryptocurrencies at lower prices than those on other platforms on Tuesday. The discount is apparently due to a popular Australian payment service preparing to cut off the crypto exchange from withdrawals in local currency. Bitcoin Trading at Lower Rates on Binance Australia Australians traded bitcoin (BTC) and other cryptocurrencies at discount on Binance Australia compared to other exchanges operating in the country on Tuesday. The price difference has been attributed to a popular domestic payment provider’s decision to quit processing withdrawals in Australian dollars (AUD) for its users. Starting from June 1, customers of Binance’s Australian platform will not be able to withdraw amounts in the national fiat to their bank accounts through the Payid service. The exchange’s announcement came after earlier this month it informed traders that they will not be able to deposit or withdraw AUD through another Australian payment gateway, Cuscal. As a result, BTC was selling below 35,000 AUD (less than $23,000) after noon, Singapore time, on May 30, Bloomberg reported, citing data from Cryptocompare. That’s approximately 7,500 AUD lower than the average registered on other exchanges such as Independent Reserve and Coinjar. The price of bitcoin, the crypto with the largest market cap, was at around 34,000 Australian dollars on Binance Australia compared with 43,000 AUD on the Australia-based cryptocurrency exchange BTC Markets, Reuters also noted. Binance Suggests Stablecoin Option to Aussie Traders On Tuesday, a spokesperson for Binance Australia said that AUD balances could be converted into tether (USDT), the U.S. dollar-pegged stablecoin, in order to “facilitate withdrawals and trading activities” after June 1. The representative also emphasized: We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users. The latest negative development for Binance’s Australian arm comes amid increased regulatory scrutiny on the activities of the world’s largest digital asset exchange by daily trading volume, including probes in the U.S. into its compliance with anti-money laundering rules and alleged Russia sanctions violations. In April, the Australian Securities and Investments Commission (ASIC) canceled the license issued to Binance for its derivatives business in the country. The regulator has been reviewing the crypto company’s operations in Australia. Do you think Binance Australia will find other payment service providers to process AUD deposits and withdrawals? Tell us in the comments section below. View the full article

XRP rallied to a six-week high in today’s session, as the token extended a recent bull run to a sixth day. Prices have risen by as much as 10% in that period, with the latest surge sending the cryptocurrency above $0.50. Solana was also higher, hitting a multi-week high of its own. XRP XRP, formerly known as ripple, was one of the biggest movers in cryptocurrency markets on Tuesday, as it rose above $0.50. XRP/USD raced to a peak of $0.5049 earlier in today’s session, after starting the week trading at a low of $0.4779. As a result of this surge, the token moved to its strongest point since April 19, when it hit a high of $0.5390. Today’s rally has also led to the 14-day relative strength index (RSI) hitting its highest reading since March 31. At the time of writing, the index is tracking at 67.55, which is marginally below a ceiling of 68.00. In the event this upcoming ceiling is broken, there is a reasonable chance that XRP moves closer to March’s high. Solana (SOL) Solana (SOL) was also in the green, as it moved close to a key resistance level of $21.50. After trading at a low of $20.30 during Monday’s session, SOL/USD bulls took the token to a high of $21.37 today. This surge saw SOL hit its highest level since May 8, when the token was trading above $21.80. Following recent gains, solana is now trading 7% higher than at the same point last week, with today’s rally sending the RSI to a ceiling at 55.00. As of writing, the index is hovering marginally below this point, which has resulted in a drop from today’s peak. Bulls will firstly need to overcome the ceiling at 55.00, and should they achieve this, SOL will likely move above $22.00. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect a breakout in the coming days? Let us know your thoughts in the comments. View the full article

On Monday, May 28, 2023, a pivotal landmark was reached as the aggregate quantity of Ordinal inscriptions minted on the Bitcoin blockchain exceeded 10 million in under half a year. Since Ordinal inscriptions’ inception, bitcoin miners have garnered roughly 1,596 bitcoins, valued at $44.37 million. 10 Million Ordinal Inscriptions and Counting This week witnessed the total Ordinal inscriptions surpassing the 10 million mark; as of this writing, 10,142,233 inscriptions have been issued. Moreover, the BRC20 token economy consisting of 24,677 registered BRC20 tokens boasts a combined value of $433 million. Bitcoin inscriptions have carved out a niche in the realm of non-fungible token (NFT) markets and currently stand as the second-largest blockchain in terms of NFT sales. Data from the past 30 days reveals that $190 million worth of Bitcoin-based NFTs have been traded, with the most significant sale being a Space Pepe sold for $4.56 million. Having amassed over 10 million inscriptions, bitcoin miners have obtained supplementary fees equivalent to 1,596 bitcoins or $44.37 million since December 2022. In marketplaces focused on Ordinals, 347,129 transactions have been documented, generating $176.46 million in trade volume. Among Ordinals and BRC20 marketplaces are Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, Magic Eden, and Unisat. Recently, Ordinals Market collaborated with Bitcoin Miladys on a project to bridge BRC20s with Ethereum’s ERC721 tokens. Notably, just days before Ordinal inscriptions hit the 10-million mark, Casey Rodarmor — creator of the Ordinals inscription technology — resigned as the codebase’s chief maintainer. Rodarmor transferred control of the project to an enigmatic software developer known as Raphjaph. Of the 10 million Bitcoin-based inscriptions hosted on the chain, 91% or 9.2 million feature plain text inscriptions. Over 775,000 Ordinal inscriptions comprise image files like PNGs or JPEGs, while the remainder of inscriptions on Bitcoin consist of videos, applications, and audio recordings. Although Ordinals have gained popularity, several bitcoiners and cryptocurrency influencers have expressed disapproval. Some argue that Ordinal inscriptions contribute to a considerable backlog of transactions and elevated onchain fees for network activities. Detractors have labeled the inscriptions trend an “attack” and “spam,” asserting that financial transactions should be the sole transfers on the Bitcoin blockchain. What are your thoughts on the rapid growth of Ordinal inscriptions on the Bitcoin blockchain and their impact on the NFT market? Share your insights and opinions in the comments section below. View the full article

Bitcoin was once again trading above $28,000 on Tuesday, as the 10-day and 25-day moving averages neared a death cross. The two trend lines have moved closer to one another, with an upwards bullish crossover somewhat imminent. Ethereum was also marginally higher today. Bitcoin Bitcoin (BTC) jumped back above $28,000 on Tuesday, with a possible death cross signaling upcoming bullish momentum. BTC/USD hit a peak of $28,044.76 today, following a low at $27,563.88 earlier in the session. Today’s move led to bitcoin remaining close to a three-week high at $28,473, which was marginally below a ceiling at $28,500. Looking at the chart, Tuesday’s rebound comes as the relative strength index (RSI) remained above a floor at 53.00 At the time of writing, the index is now tracking at 54.29, with a ceiling of 57.00 still a possible target for current bulls. As the session has progressed, earlier gains have somewhat slipped, as market uncertainty remains high. Ethereum Ethereum (ETH) was relatively more stable during today’s session, remaining above $1,900 for the majority of the day. Following a low of $1,879.08 on Tuesday, ETH/USD raced to an intraday high of $1,916.57, as the session matured. Similar to BTC, this move saw ethereum continue to track close to its strongest point since May 8. An upwards crossover of the 10-day (red) and 25-day (blue) moving averages has already occurred, which could likely entice further bulls to reenter the market. In the event this happens, a ceiling at $1,930 will be one of the last points of resistance preventing a move above $2,000. Register your email here to get weekly price analysis updates sent to your inbox: Could we see ethereum & bitcoin make significant gains in June? Leave your thoughts in the comments below. View the full article

The government of Bali, Indonesia, is cracking down on the use of cryptocurrency as a means of payment by foreign tourists. “Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions,” said the governor of Bali. Strict Penalties Imposed for Foreign Tourists Using Crypto in Bali, Warns Governor The Bali provincial government is cracking down on the use of cryptocurrency as a means of payment by foreign tourists in hotels, restaurants, shopping centers, and various other establishments, according to a report from the Antara Indonesian News Agency. Bali Governor Wayan Koster said at the Bali tourism development press conference Sunday: Foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use crypto as a means of payment, and violate other provisions will be dealt with firmly. “Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions,” the governor detailed. Koster clarified that the ban on using cryptocurrencies or any currencies other than the Indonesian rupiah as a payment method is in accordance with Law No. 7 of 2011 on Currency. Under this law, individuals who use currencies other than the rupiah may face penalties of up to one year of imprisonment and a maximum fine of Rp200 million (US$13,300). The governor further explained that individuals engaged in foreign exchange business activities without proper authorization from Bank Indonesia, the country’s central bank, may face penalties ranging from a minimum of one year to a maximum of five years of imprisonment. Additionally, they may be subject to a minimum fine of Rp50 million (US$3,300) and a maximum fine of Rp22 billion (US$1.4 million). In addition, Bank Indonesia Regulation No. 17/3/PBI/2015 establishes the requirement for the use of the Indonesian rupiah within the Indonesian territory. Koster stressed: Violations will be subject to administrative sanctions in the form of written reprimands, obligations to pay fines, and prohibitions from payment transactions. While crypto’s use as a payment instrument is prohibited, Trisno Nugroho, head of Bank Indonesia’s Bali province representative office, clarified that crypto as an asset is allowed. What do you think about the Bali provincial government cracking down on payments using cryptocurrencies by foreign tourists? Let us know in the comments section below. View the full article

The South African central bank has said the that perception that the African nation has aligned itself with Russia could result in the imposition of secondary sanctions which threaten financial stability. The bank also warned in its latest financial stability review that such a perception poses “a future threat to the participation of South African financial institutions in the global financial system.” Central Bank Tasked With ‘Protecting and Enhancing Financial Stability’ The South African Reserve Bank (SARB) has said the country’s “non-aligned stance” on the war between Ukraine and Russia could “pose a future threat to the participation of South African financial institutions in the global financial system.” According to the central bank, the possibility of secondary sanctions being imposed on South Africa over its alleged pro-Russia stance further threatens financial stability. In its recently released Financial Stability Review (FSR) report, the SARB noted that U.S. Ambassador Reuben Brigety’s weapons to Russia claims had contributed to the South African rand’s rapid decline on May 12. As reported by Bitcoin.com News, the rand’s exchange rate versus the greenback fell to a new low of 19.51 rands per dollar. The decline has continued and this culminated in the rand setting a new all-time low of 19.76 per dollar on May 25. While several South African politicians and government officials have blasted Brigety and accused the United States of bullying, the SARB appeared to strike a more conciliatory tone in the first edition of this year’s FSR report. Explaining the central bank’s mandate, the report noted that while the central bank is tasked with “protecting and enhancing financial stability,” it should nonetheless “refrain from taking actions that would harm financial stability.” Although the report does not directly identify support for Russia in its ongoing war with Ukraine as a step that threatens financial stability, it does however point to the warning issued to South Africa by U.S. Treasury Secretary Janet Yellen when she visited the country in Jan. 2023. According to the FSR report, Yellen not only implored the South African government and local businesses to comply with its Russia sanctions policy but threatened penalties against violators of this policy. FATF Grey-Listing Meanwhile, the SARB added that the recent grey-listing of South Africa by the Financial Action Taskforce only makes the threat to financial stability even greater. “The events reported in the media and recent remarks by the U.S. Ambassador to South Africa could change perceptions about South Africa’s neutrality, which could build up to a point where it triggers secondary sanctions being imposed on South Africa. Considered along with the recent Financial Action Task Force (FATF) greylisting, the potential implications for the South African economy are severe, and the considerations from a financial stability perspective pertinent,” the SARB warned. In the event that no secondary sanctions are imposed, South African financial institutions’ foreign counterparts may still react to the recent events by intensifying the scrutiny of local banks, the report warned. They may also respond by reducing “their exposure to South Africa as part of their own risk management processes.” Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Litecoin rose for a sixth consecutive session to start the week, as bullish sentiment returned to cryptocurrency markets. As of writing, the global market cap is up by as much as 2.50%. BNB was also in the green, hitting a 20-day high on Monday. Litecoin (LTC) Litecoin (LTC) was a notable mover on Monday, as the token climbed for a sixth consecutive session. LTC/USD raced to a peak of $92.16 earlier in the day, which comes less than 24 hours after trading at a low of $89.10. This move has led to litecoin climbing to a key resistance level of $93.00, which was last hit on May 23. From the chart, the recent rise seems to be a result of the relative strength index (RSI) breaking out of a ceiling at 51.00. The index has since rallied further, hitting a resistance point at 57.00, which has resulted in earlier gains fading. At the time of writing, LTC is trading at $91.38, with price strength at a reading of 56.05. BNB BNB, or binance coin, was also in the green to start the week, with prices moving to a multi-week high in the process. Following a bottom at $307.53 on Sunday, BNB/USD rose to an intraday peak of $316.83 earlier today. This surge saw BNB hit its highest level since May 9, when the token was trading above $320.00. Overall, BNB is now trading 2% higher than at the same point last week, with today’s rally sending the RSI to its strongest reading since May 1. In addition to this, the 10-day (red) moving average (MA) is also moving towards an upwards crossover with the 25-day (blue) MA. Should this cross take place, there is a good chance that BNB will move towards a long-term ceiling at the $340.00 mark. Register your email here to get weekly price analysis updates sent to your inbox: What is the highest point BNB will hit before the month ends? Let us know your thoughts in the comments. View the full article

The blockchain of the petro, the Venezuelan official cryptocurrency asset, has been facing difficulties, halting on May 24, with block production restarting on May 27 only to stop again on May 28. Asonacrip, a local cryptocurrency association, also reported that hundreds of petro wallets were eliminated or blocked. Venezuelan Petro Blockchain Halted The blockchain of the petro, the official Venezuelan cryptocurrency, has allegedly been facing operational problems since last week. Asonacrip, a private association of crypto enthusiasts, issued a statement warning about the issue, stating that the Petro chain had stopped its block generation on May 24, affecting the functionality of the cryptocurrency asset. In a joint statement with Cryptoland.vzla, a crypto education-focused group, Asonacrip stated: Last Wednesday (May 24) at 07:00 in the morning, suddenly and without warning, the Petro Blockchain was paralyzed, making transactions between different wallets impossible. However, the Petro blockchain started to produce blocks again on May 27, when it issued just four blocks before halting again on May 28. Hundreds of Wallets Blocked The joint statement also alerted about a massive block and elimination of petro wallets, which occurred when the chain was first halted. On this, the joint statement explains: A few hours later, also without warning, accounts of already hundreds of users of the PATRIA platform were blocked and deleted, most of them belonging to active members of this community. Mario Silva, a Venezuelan journalist and deputy of the Venezuelan Legislative Assembly, also alerted about the issue via social networks about a possible exploit, stating that many users had their wallets blocked with no explanation. Other reports stated that withdrawals in fiat currency were also blocked since the intervention of Sunacrip, more than two months ago. At the time of writing, neither Sunacrip nor the petro official support account has given updates on the problems reported. Sunacrip, the Venezuelan cryptocurrency watchdog, is under the temporary management of an intervention board after its head, Joselit Ramirez, was arrested for alleged participation in a multi-billion dollar crypto corruption scheme. Also, as a result of this ongoing investigation, Bitcoin miners that had legally registered their companies with the institution have been required to halt operations until further notice since March 24. This has caused hundreds of thousands of dollars in losses for the sector. What do you think about the operational problems of the Petro blockchain and the alleged massive block of petro wallets? Tell us in the comment section below. View the full article