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PRESS RELEASE. Miami, Florida/ Bitcoin 2023, a three-day bitcoin conference held in Miami Beach, Florida, has concluded, bringing together developers, investors, and crypto enthusiasts from around the world. The conference featured a range of talks about Bitcoin, covering topics like investment landscapes, mining financialization, tax policies, current market conditions, and future trends. In addition, the Declaration of Monetary Independence (DoMI) was showcased, which was a major highlight for many attendees. CoinEx Exchange, which sponsored the event, provided attendees with the latest Bitcoin market information, trading strategies, and crypto developments, while highlighting its technical advantages and business strength as a long-established crypto exchange. Through its sponsorship of Bitcoin 2023, the company demonstrated its commitment to the crypto industry. “We are honored to have been a sponsor of Bitcoin 2023. Throughout our journey, we have been committed to breaking financial barriers and creating an equal and respectful cryptocurrency environment. We look forward to continuing our support of events like Bitcoin 2023, which help drive advancements in this exciting and rapidly evolving industry,” said Haipo Yang, CEO of CoinEx exchange. CoinEx’s dedication to innovation in the crypto industry was on full display during the event, as it showcased its new trading products and services, which have helped provide a more versatile trading experience for global users. The exchange’s streamlined trading process, which enables users to register quickly without complex operations or long waiting times, has made crypto trading easier and more efficient. As a sponsor, CoinEx is convinced that Bitcoin 2023 will advance Bitcoin development and crypto adoption. The exchange will continue to work with other international crypto institutions, sharing critical crypto market information and technical expertise to foster the long-term progression of the entire industry. Beyond CoinEx Exchange, Bitcoin 2023 was actively supported by a host of other sponsors and partners, including IBEX, an infrastructure provider, BitGo, a multi-technology wallet, and Cash App, a crypto payment platform. All of these projects and companies are actively contributing to Bitcoin and its ecosystem and were eager to participate in the conference’s proceedings. As thousands of crypto professionals gather in Miami and explore future trends in cryptocurrencies like Bitcoin, Bitcoin 2023 will be remembered as a significant milestone for the global crypto market. The conference’s conversations and outputs will help lay the foundation for the continued growth and adoption of cryptocurrencies globally. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

A new bill requiring South Korean lawmakers to disclose their cryptocurrency holdings has been proposed in Seoul. The legislative initiative comes amid a snowballing scandal surrounding the crypto dealings of an opposition lawmaker whose case has been referred to the parliamentary ethics committee. New Legislation to Introduce Crypto Reporting Requirements for South Korean Parliamentarians Representatives of the ruling People Power Party in South Korea’s National Assembly are proposing to oblige lawmakers as well as other public officials and candidates to declare their cryptocurrencies with a draft legislation that was announced before the weekend. The bill, amending the Public Service Ethics Act, passed through a parliamentary subcommittee on Monday. The current law, which seeks to prevent conflicts of interest, requires lawmakers to disclose cash, stocks, and real estate within 30 days of election but does not mention crypto assets. Under the new rules, sitting lawmakers must report their digital holdings by the end of next month, the Korean press reported. What’s more, the crypto requirements will be even stricter than those for other assets. Quoted by the Chosun Ilbo daily, Democratic Party member Chun Jae-soo explained: Lawmakers are currently required to declare their cash and stock assets if they are worth more than 10 million won [$7,600], but with crypto holdings they will have to report even a single coin because the value fluctuates so widely. Similar amendments had been put forward several times since 2018 but were derailed in committees, the newspaper noted. It remains to be seen if the proposal, including the scale of the disclosure, will pass this time when it reaches a plenary session. Bipartisan Ethics Committee to Mull Disciplinary Action Against Lawmaker Involved in Crypto Scandal The suggested update comes amid an ongoing political scandal centered on the crypto investments of another representative of the main opposition force in the South Korean parliament. Kim Nam-kuk, a first-term member of the National Assembly, was forced to quit the Democratic Party faction following accusations of conflict of interest and other irregularities. Kim, whose case will be reviewed by the parliamentary ethics committee, came under intense scrutiny after revelations that he owned around 800,000 Wemix coins in 2021. At the time, they were worth around 6 billion won ($4.5 million), “a significant amount inconsistent with his frugal image,” Korean media noted. That same year, Kim sponsored a bill delaying crypto income taxation. Meanwhile, South Korean prosecutors raided two of the country’s largest coin trading platforms, Upbit and Bithumb, within an investigation into the politician’s crypto trading. He is believed to have withdrawn his coins ahead of the enforcement of the so-called ‘Travel Rule’ which requires exchanges to report personal data about senders and recipients of crypto transactions exceeding 1 million won. Do you think South Korean lawmakers will disclose their crypto holdings in full, if the law is adopted? Share your thoughts on the subject in the comments section below. View the full article

Charles Hoskinson, co-founder of the Cardano blockchain, has labeled the decentralized computing platform Ethereum Classic (ETC) a scam that is benefiting “insiders who dump on those they recruit.” Hoskinson claimed that “Ergo is what ETC should have been and continues to innovate, has a purpose, good ethical leadership, and funding for the future.” The POW Summit According to Cardano founder Charles Hoskinson, the decentralized computing platform Ethereum Classic (ETC) is now a scam and “its only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come.” In his rant against ETC on Twitter, Hoskinson, himself one of the co-founders of Ethereum, also slammed what sees as the platform’s lack of a roadmap or vision. The first annual Proof-of-Work Summit will be held in #Prague on Sept 25-27 presented by the @LTCFoundation & $ETC Cooperative. Join us for an in-depth look at the current state, opportunities, and future of #POW.https://t.co/8Jw17cyYfd — POWSummit (@PowSummit) May 18, 2023 The remarks by Hoskinson were an apparent response to Bob Summerwill, the executive director at ETC Cooperative. In his tweet on May 18, Summerwill seemingly took umbrage at two Twitter users for mentioning or asking if the programmable blockchain Ergo is going to be represented at the upcoming Proof of Work (POW) Summit. Summerwill then attacked Ergo Foundation for ditching “their own 60K follower account to squat on stolen goods from Charles.” As explained on its official website, Ergo is described as “a next-generation PoW smart-contract contract platform that enables new models of financial interaction.” The platform is said to be underpinned by “a safe and rich scripting language and flexible and powerful Zero-Knowledge proofs (Σ-protocols).” ETC Is Now ‘Just Anger and Toxicity’ In subsequent tweets, the ETC Cooperative executive director also doubled down on his belief that Ergo was not only handed stolen property by Hoskinson but was also complicit in hurting the ETC community. However, in his response to Summerwill’s taunts, Hoskinson sought to draw Twitter users’ attention to what Ergo has achieved and how this epitomizes what ETC should have been doing over the years. “ETC is now a scam and its only purpose is for insiders to dump on those they recruit with blind hope of some magical future that will never come. There is no roadmap, innovation, team, or vision. It’s just anger and toxicity. The Twitter account was built up from years of effort and marketing at IOG. It wasn’t ethical to inflict upon those followers a project that is now a scam. Ergo is what ETC should have been and continues to innovate, has a purpose, good ethical leadership, and funding for the future,” Hoskinson said in his response. Although some followers of Ergo and Hoskinson on Twitter have bemoaned the absence of Ergo from the event that will run from Sept. 25-27, an official website for the summit shows that the meeting will still be graced by the crypto industry’s biggest names. Some of the high-profile individuals that are expected to speak at the summit include Charlie Shrem, Jameson Lopp, Litecoin founder Charlie Lee, and Caitlin Long of Custodia Bank. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The share of the U.S. dollar usage for international payments has risen to 42.71% in April, despite the push of some countries towards de-dollarization. The dollar remains the most used currency in international settlements, with the euro taking second place according to data from the Society for Worldwide Interbank Financial Telecommunications (SWIFT). U.S. Dollar is Still the Preferred Choice for International Settlements The U.S. dollar remains the most popular choice for making cross-border payments, even amidst a recent de-dollarization push from countries like Russia and China. According to data provided by the Society for Worldwide Interbank Financial Telecommunications (SWIFT), an organization that links banks from all over the world to make international settlements possible, the U.S. dollar was used in 42.71% of the international settlements completed during April, rising from the 41.74% registered in March. The U.S. dollar’s involvement in international payments remains high even as the U.S. government has recently stepped in to save several banks from bankruptcy and is facing a potential shutdown if President Joe Biden and Congress fail to reach an agreement to lift the debt ceiling — an event that has the possibility of bringing an “economic catastrophe” per Treasury Secretary Janet Yellen’s statements. Euro Usage and Other Currencies The same data indicates that the use of the euro has reached only 31.74% of the payments during April, falling from the 32.64% reached in March. Other currencies are used less in international settlements including the Japanese yen and the Chinese yuan. The Chinese yuan accounted for just 3.51% of the payments made in April, after having a seeing a rate of 4.78% during March, despite the recent push for the internationalization of the Chinese currency. Several countries, including Brazil and Argentina, have already turned to using the Chinese yuan as a settlement currency for bilateral settlements with China. Bolivia is currently mulling the use of the yuan for cross-border payments, and Venezuelan President Nicolas Maduro has declared Venezuela will shift away from the U.S. dollar. stating that the global de-dollarization movement was inevitable. Russia has also moved to use the Chinese yuan and national currencies to settle some of its payments, as the Western world prepares to further make difficult the connection of the Russian financial system with the world, due to the Russia-Ukraine conflict. Countries of the BRICS block are also discussing the possibility of issuing a common currency that, according to experts, might challenge the U.S. dollar’s dominance. What do you think about the predominant usage of the U.S. dollar for international payments? Tell us in the comment section below. View the full article

Massive Gaming, a leading name in the gaming industry, is set to create waves yet again with its highly anticipated House of Slots game. To celebrate the global launch of this Vegas-styled social casino genre, Massive Gaming is hosting an unprecedented event – a 1 Bitcoin Giveaway Free Bonus extravaganza on May 15th, 2023. The event promises to be a game-changer, offering participants a chance to win exciting prizes in the form of BTC, ETH, and USDC, some of the most renowned cryptocurrencies in the market. With a whopping 400 winners expected to be awarded, the House of Slots event is set to captivate gaming enthusiasts worldwide. What sets this event apart is the opportunity for players to earn USDC by engaging with House of Slots. The more USDC participants accumulate during the event period, the higher their rank and chances of winning the incredible prizes. The top-ranked player will be rewarded with a staggering 1 BTC, while the second and third-ranked players will receive 1 ETH each. Others below the third rank will also be generously rewarded with 1,000, 500, 100, or 50 USDC, making this event an inclusive affair for all participants. House of Slots itself is a testament to Massive Gaming’s commitment to delivering top-quality gaming experiences. With its successful launch on both Google and Apple stores on March 6th, 2023, the game has quickly gained popularity among avid gamers. What makes House of Slots truly unique is its decentralized Play and Earn system, guaranteeing players stable and guaranteed free rewards. Through its collaboration with NEOWIZ and Polygon, Massive Gaming has introduced the revolutionary IntellaX ecosystem, allowing House of Slots users to fully own their in-game cash value. This remarkable development positions Massive Gaming as an industry leader in integrating blockchain technology with the gaming world. For more information about the 1 Bitcoin Giveaway in celebration of the global launch of House of Slots, please visit the event link. Get ready to embark on an exhilarating gaming adventure and stand a chance to win remarkable rewards. Join the House of Slots event and experience the future of gaming today! If you fancy taking as tab at House of Slots, it’s downloadable on Google Play and the Apple App Store as well as via Mycard APK. Google & Apple Download: https://hosueofslots.onelink.me/KptE/fhevml1s Mycard APK: https://houseofslots.onelink.me/yiZk/bdqix7eg Stay up to date on all things Massive Gaming via our social handles: Discord | Telegram | Twitter | Medium | Facebook FanPage Visit our Homepage: https://massivegaming.io/ www.coinmarketgap.com/community/profile/MassiveGaming This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Russian Federation is collaborating with partners to link payment systems alternative to the interbank messaging system SWIFT, a representative of the country’s Ministry of Foreign Affairs announced. The work is part of the de-dollarization of the economy, the official indicated. Russia Seeking to Substitute SWIFT in Trade as Part of De-dollarization Policy The Russian government is actively involved in joint efforts with partners to pair national payment systems alternative to SWIFT, Dmitry Birichevsky, director of the Department of Economic Cooperation of the Russian Foreign Ministry, told journalists at the sidelines of the International Economic Forum “Russia – Islamic World: Kazan Forum.” In the context of the beginning de-dollarization of the economy, one of the main conditions for the stable development of trade, economic, and investment ties is the availability of an independent payment and settlement infrastructure, Birichevsky elaborated quoted by the Tass news agency. “We are actively working on this. We need to interface national payment systems, alternative to SWIFT, and extend these payment systems to our trade,” the diplomat emphasized. He pointed out that Moscow is giving priority to the matter with the understanding that “the rejection of the Western-centric financial system in favor of a multi-currency world is inevitable in foreseeable future.” Birichevsky highlighted that many Islamic countries “are at the forefront of this trend.” He also stressed that in that regard, Russia is paying considerable attention to the interests of its partners and its own interest in cooperation within the format of Islamic banking. The Russian Federation has been dealing with unprecedented Western sanctions imposed over its military invasion of Ukraine, including cutting off Russian banks from the world’s most widely used interbank payment system. As part of a policy to reduce dependence on the U.S. dollar in foreign trade, last month Russia and Venezuela revealed they are working to develop an alternative to SWIFT. There have been also attempts to build blockchain-based analogs that would prevent disconnections of participating nations and banks. A similar project, for stablecoins and central bank digital currencies, was announced by the company developing China’s state-backed blockchain network. Do you think Russia and its allies will be able to create a SWIFT alternative? Share your thoughts on the subject in the comments section below. View the full article

Ron Paul, a former congressman from Texas and former U.S. presidential candidate, has reflected on how the U.S. government is handling inflation and how it has been deceitful on the issue. Paul believes that if the U.S. government were to really point to the root of the inflation problem, it would have to refer to the action of the Federal Reserve. Ron Paul Calls Out U.S. Government ‘Deceptions’ on Inflation Ron Paul, former Congressman from Texas and former U.S. presidential candidate has called out the U.S. government for the way it presents information about inflation. In the latest episode of “The Ron Paul Liberty Report” webcast, Paul criticizes the ‘deceptions’ of the U.S. government in presenting the real causes- and effects – of the inflationary process. For Paul, the government is not interested in people seeing the true meaning of inflation and its roots. About this, he stated: Inflation in Austrian economics is the increase in the supply of money and credit and the secondary effect of this is a rise in prices. That’s the last thing the government wants you to concentrate on, because if the people knew it would eventually have to deal with the printing of money. At the same time, Paul stated that the current debate on raising the debt ceiling was a “political gangsmanship” game that politicians are playing, but that the debt ceiling will be eventually lifted. Inflation Victims and Federal Reserve Involvement Paul remarked that the difficult thing about the inflationary process is that the government doesn’t know who the real victims are, adding that the middle class and the poor are the ones that get hit with higher prices. About the obscuring tactics of the government on inflation, Paul explained: There has to be a lot of distortion, and there has to be a lot of gimmicks, taxes being manipulated; but there is always directed to deceiving the people so they will go along with it until it gets so bad that the people revolt against it. Finally, Paul also criticized the role of the Federal Reserve in the growth of inflation, and how the government was unable to mention it as one of the main culprits of the inflationary escalade. About how the creation of the Federal Reserve goes against the U.S. Constitution, Paul declared: They cannot lay the blame on the Federal Reserve – even though there’s talk about it -but really putting the blame on the Federal Reserve and wanting to do something about it, they would have had the challenge of what the founders had… they put into the constitution: ‘No central bank, and only gold and silver can be legal tender.’ What do you think about Ron Paul’s thoughts on inflation and its causes? Tell us in the comment section below. View the full article

A recent report reveals that Druk Holding & Investments (DHI), the business division of Bhutan’s Royal Government, is exploring crypto initiatives to enhance its portfolio expansion. DHI recently teamed up with Singapore-based crypto company Bitdeer to “jointly develop green digital asset mining operations in the Kingdom of Bhutan.” Bhutan’s DHI Executive Says the Kingdom Is ‘Focusing on the New Generation of Industries’ On May 20, 2023, the Financial Times (FT) disclosed that DHI is highly interested in crypto asset ventures and enterprises. The FT journalist elaborates that DHI has been experimenting with investments connected to bitcoin (BTC) mining and drone technology. The article cites DHI’s CEO, Ujjwal Deep Dahal, who informed FT that Bhutan is “focusing on the new generation of industries.” The article also highlights the current collaboration between the publicly-traded bitcoin mining company Bitdeer, announced in early May. DHI’s CEO remarked that “partnering with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation.” At the time, Bitdeer’s chairman and former Bitmain CEO, Jihan Wu, stated: We are thrilled to join forces with DHI in harnessing Bhutan’s zero-emission energy to sustainably empower blockchain technologies, which will ultimately serve as an unchangeable foundation for a worldwide store of value. In essence, Bitdeer and DHI aim to introduce a closed-end fund with an estimated value of up to $500 million. The announcement specified that the fund’s fundraising objectives will commence by late May. Both parties intend to establish a 100-megawatt (MW) bitcoin mining facility in Bhutan. “The partnership will enable Bitdeer to tap into Asia’s abundant resources, contributing to the flourishing regional ecosystem,” according to the announcement. As per the FT report, Hashrate Index executive Jaran Mellerud informed the publication that Bhutan could potentially become “the biggest bitcoin miner per capita in the world.” Moreover, while the 2022 crypto winter was brutal for bitcoin miners, Dahal opined that the mining sector was less hazardous. “We’re sticking largely to the mining sector which seems to be the least risky vertical,” DHI’s CEO revealed. In 2021, DHI managed $3 billion in assets as it held and oversaw the government’s commercial businesses. These investments encompass international real estate, global equities, and startup ventures. The firm believes that bitcoin mining operations and other technologies exemplify DHI’s “future-facing investment strategy.” In mid-April 2023, an intriguing revelation surfaced regarding the Himalayan kingdom’s discreet involvement in cryptocurrency investments through Celsius and Blockfi. Forbes uncovered that DHI’s name was mentioned in the bankruptcy filings of both companies, yet the CEO of DHI refrained from commenting on the matter during that period. Dahal, the CEO, responded, “We do not have any comments as the matter with Blockfi has been settled. We are not able to comment due to confidentiality.” What are your thoughts on Bhutan’s strategic foray into crypto investments and its partnership with Bitdeer to develop green digital asset mining operations? Share your thoughts and opinions in the comments section below. View the full article

PRESS RELEASE. Tickets are now on sale in limited quantities for Proof of Talk – www.proofoftalk.io, the highly anticipated gathering, poised to bring together the most influential thought leaders in the Web3 industry. This groundbreaking event will take place on June 14th and 15th at the prestigious Louvre Palace – Musée des Arts Décoratifs in Paris, France. Limited to less than 1000 participants, this event is designed to foster quality conversations and networking amongst attendees. Over 75 industry leaders are scheduled to give talks at the new two-day event, with a majority of the audience consisting of C-suite executives, investors and founders. This remarkable concentration of senior leadership makes Proof of Talk the go-to event for networking and forging valuable connections among the brightest minds in the industry. Notably, most CEOs and founders of the top 50 blockchain companies have already confirmed their participation, with featured speakers including: Charles Hoskinson, Co-Founder of Cardano Pascal Gauthier, CEO of Ledger Stani Kulechov, Founder and CEO of Aave Justin Sun, Founder of Tron Staci Warden, CEO of Algorand Foundation Marieke Flament, CEO of NEAR Foundation In addition, the guest and speaker list includes carefully selected high-potential startups, esteemed government representatives from Germany, the UK, and France, and distinguished regulatory experts from various global jurisdictions. Notably, senior representatives from internationally respected institutions such as the World Economic Forum, OECD, and European Commission will grace the event with their presence. The first day of the event is focussed on past learnings and the theme “Bringing Trust back into Web3” – which will feature various forums and panels to help shape the future of the Web3 industry with integrity and trust. Industry changemakers are invited to step forward and openly discuss the industry’s most pressing issues in a safe forum in order to restore trust in the decentralised revolution. Conversely, the second day looks ahead to the future – bringing together the most promising and pre-selected Web3 start-ups and esteemed investors, such as Softbank, The Spartan Group, Fabric Ventures, Shima Capital and Animoca Brands, to ignite creativity and provide opportunities for founders and investors alike to collaborate and connect. Initially scheduled as an invite-only event, word-of-mouth caused a huge demand from the Web3 industry and event organizers, Germany-based investment fund X Ventures, opted to release limited tickets to the public. Across both days, attendees will have access to insightful panels, breakout session, keynotes, fireside chats, and open Q&A sessions, in addition to the freedom to mingle with major media representatives. Zohair Dehnadi, Partner at event organisers www.xventures.de, commented: “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. “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. “Above all else, we want to reignite the drive and passion that initially drew us, the event organisers, to the world of decentralised technology. Proof of Talk offers leaders a vital platform to share their ideas, best practices and insights on how to shape the future of the Web3 industry and pave the path for trust. We hope more industry leaders will join us for two days of thought-provoking discussions, cutting edge insights and unparalleled networking opportunities.” X Ventures, the organisers of the event, are an impact venture fund based in Germany. The team of experienced entrepreneurs are on a mission to support and empower fellow entrepreneurs to create positive, transformative change, with a focus on the Web3 industry. Additionally, X Ventures founded www.xschool.io, a global network of schools that provide a sustainable education for tomorrow’s leaders and changemakers, regardless of social status, financial need, or background. For more information please visit: Website Twitter Linked In Press contact: press@proofoftalk.io This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Federal Reserve Chair Jerome Powell has hinted that the Fed may pause raising interest rates at the Federal Open Market Committee (FOMC) meeting next month. “Having come this far, we can afford to look at the data and the evolving outlook and make careful assessments,” Powell said. Fed Chair Jerome Powell on Rate Hikes Federal Reserve Chairman Jerome Powell has hinted that the U.S. central bank may pause its series of interest rate hikes after raising rates 10 times in a row. The federal funds rate increased from near zero a year ago to 5.00%-5.25%, its highest level in 16 years. The latest increase was by 25 basis points in March. Speaking at a Fed conference in Washington alongside former Fed Chair Ben Bernanke, Powell said: “We’ve come a long way in policy tightening and the stance of policy is restrictive … We’ll be monitoring as we assess the extent to which additional policy firming may be appropriate to return inflation to 2% over time.” Noting that the “assessment will be an ongoing one,” Powell detailed: As we move ahead meeting by meeting having come this far, we can afford to look at the data and the evolving outlook and make careful assessments. Powell explained that the current level of the central bank’s benchmark rate, which has an impact on various consumer and business loans, is sufficient to curtail borrowing, spending, and overall economic growth. “We face uncertainty about the lagged effects of our tightening so far,” the Fed chair stressed, adding that “the risks of doing too much versus doing too little are becoming more balanced.” Furthermore, Powell highlighted that the recent turmoil in the banking sector, resulting from the recent collapse of three major banks, is likely to lead banks to scale back their lending activities. This reduction in the lending pace could weaken the economy. Noting that events in the banking sector “are contributing to tighter credit conditions and are likely to weigh on economic growth, hiring, and inflation,” the Fed chair emphasized: As a result, our policy rate may not need to rise as much as it would have otherwise to achieve our goals … Of course, the extent of that is highly uncertain. Powell added that the data has continued to support the Fed’s view that “bringing inflation down will take some time.” Do you think the Federal Reserve will pause raising interest rates next month? Let us know in the comments section below. View the full article

Global investment bank UBS has provided three reasons for investors to “buy gold now.” Expecting gold to break its all-time high later this year, the Switzerland-based investment banking giant has retained its “most-preferred rating” on gold. UBS Sees 3 Key Reasons to Buy Gold Now UBS, a global investment bank based in Switzerland, has presented three reasons to consider buying gold now. In a note titled “Three Reasons to Buy Gold Now,” published Thursday, by UBS Chief Investment Office, the firm’s strategists outlined their expectations that gold is poised to surpass its all-time high this year. While acknowledging that the price of gold has retreated from its recent high, the strategists wrote: The yellow metal remains 8.2% higher since the start of this year, and we think it’s likely to break its all-time high later this year with multiple mid- to longer-term drivers. One key factor driving the UBS strategists’ bullish outlook on gold is their expectation that central banks’ demand for gold will “remain robust.” They explained that global central banks purchased a record amount of gold last year, marking the 13th consecutive year of net gold purchases and “the highest level of annual demand on record dating back to 1950.” Citing the 1Q23 data from the World Gold Council indicating that “central banks are on track to buy around 700 metric tons of gold this year, much higher than the average since 2010 of below 500 metric tons,” the UBS strategists detailed: We think this trend of central bank buying is likely to continue amid heightened geopolitical risks and elevated inflation. In fact, the U.S. decision to freeze Russian foreign exchange reserves in the aftermath of the war in Ukraine may have led to a long-term impact on the behavior of central banks. The second factor that UBS expects to boost the price of gold concerns “Broad U.S. dollar weakness.” The strategists described: “The direction of a weakening dollar is clear, with the U.S. Fed having signaled a pause in its current tightening cycle after 500 basis points of rate hikes over the past 14 months. Other major central banks, meanwhile, remain on track to do more to fight inflation.” They affirmed: We believe the reduction in U.S. yield carry will continue to weigh on the greenback. Gold has historically performed well when the U.S. dollar softens due to their strong negative correlation, and we see another round of dollar weakness over the next 6–12 months. The UBS strategists named rising U.S. recession risks as the third reason to buy gold now. They believe that investors will flock to gold as a safe haven asset in the event of a recession. “Overall, recent data coming out of the U.S. showed the country’s growth is slowing,” they detailed, citing weaker-than-expected 1Q GDP, six consecutive months of contracting manufacturing activity, the weakest consumer sentiment since November, and tighter credit conditions as factors “likely to weigh on growth and corporate profits.” They emphasized: Based on data since 1980, gold’s relative performance versus the S&P 500 improved significantly during U.S. recessions. Noting that gold is expected to hit $2,100/oz by year-end and $2,200/oz by March 2024, the UBS strategists said they retain their “most-preferred rating on gold” alongside their “positive stance on broad commodities.” They concluded: “We think gold should remain a hedge within a portfolio context.” Do you agree with UBS about the reasons investors should buy gold now? Let us know in the comments section below. View the full article

U.S. President Joe Biden says he will not agree to “a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk” as the U.S. faces the risk of defaulting on its debt obligations. “I’ve done my part,” Biden stressed, adding that it is now time for the Republicans to move from “their extreme positions, because much of what they’ve already proposed is simply, quite frankly, unacceptable.” Biden on Budget Negotiations: I’ve Done My Part U.S. President Joe Biden provided an update on the U.S. debt crisis and budget negotiations during a press conference Sunday following a Group of Seven (G7) meeting in Hiroshima, Japan. He emphasized that he met with all four Congressional leaders before he left to attend the G7 meeting, and they agreed that the only viable path forward is through a bipartisan agreement. “I’ve done my part. We put forward a proposal that cuts spending by more than a trillion dollars, and on top of the nearly $3 trillion in deficit reduction that I previously proposed through the combination of spending cuts and new revenues,” Biden detailed. “Now it’s time for the other side to move from their extreme positions, because much of what they’ve already proposed is simply, quite frankly, unacceptable.” The U.S. president listed several things he will not agree to. “I’m not going to agree to a deal that protects, for example, a $30 billion tax break for the oil industry, which made $200 billion last year … while putting healthcare of 21 million Americans at risk by going after Medicaid,” he said. “I’m not going to agree to a deal that protects $200 billion in excess payments for pharmaceutical industries and refusing to count that while cutting over 100,000 schoolteachers and — and assistants’ jobs, 30,000 law enforcement officers’ jobs cut across the — the entire United States of America.” In addition, Biden stressed: I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly a hundred — excuse me — nearly 1 million Americans. Many people took to social media to react to Biden’s statement about crypto. Some criticized the president for lumping crypto traders and tax cheats in the same category while others reminded him of all the money printing and spending under the Biden administration. Biden Insists America Will Not Default on Debt Biden proceeded to address widespread concerns about the U.S. defaulting on its debt obligations. U.S. Treasury Secretary Janet Yellen has said that the Treasury may not be able to pay all of the government’s bills as early as June 1 “if Congress does not raise or suspend the debt limit before that time.” The Congressional Budget Office (CBO) similarly estimated that a U.S. debt default could occur in the first two weeks of June. The U.S. president stated that all four congressional leaders agree with him that “default is not an option,” emphasizing: America has never defaulted … on our debt — and it never will. Many people have warned of serious repercussions if the U.S. defaults on its debt obligations, including a global financial crisis. Top executives of 146 major companies in the U.S. have urged Biden and congressional leaders to act swiftly to prevent a U.S. default, warning of “disastrous consequences.” Moreover, some believe that a U.S. default would risk the dollar’s reserve currency status. Meanwhile, former President and 2024 presidential candidate Donald Trump has urged Republican lawmakers to let the U.S. default on its debt obligations if the Democrats do not agree to spending cuts. “It’s better than what we’re doing right now because we’re spending money like drunken sailors,” he said. What do you think about the statements by President Joe Biden? Let us know in the comments section below. View the full article

As of Sunday, May 21, 2023, over 8.3 million Ordinal inscriptions have found their place on the Bitcoin blockchain, accompanied by a count of 24,677 BRC20 tokens. These new BRC20 tokens have also amassed a collective market capitalization of $483 million. Statistics reveal that over 1.3 million Ordinal inscriptions have been issued in the past five days alone. Miners, benefiting from this inscription surge, have reaped rewards of 1,448.84 BTC. Bitcoin’s Ordinal Inscriptions and BRC20 Tokens Are Still Gaining Momentum In a span of just five days, Bitcoin.com News delivered a report stating the presence of slightly over seven million Ordinal inscriptions. However, as of the time of writing this article, an increase has occurred, bringing the total count to approximately 8,376,936 inscriptions. Within this short period, 1.3 million additional inscriptions have been added, signifying an ongoing trend. Recent statistics from Dune Analytics, recorded on May 21, reveal that bitcoin miners have seized the opportunity presented by these inscriptions, earning 1,448.84 BTC. The total value of these inscription-associated fees has reached roughly $39.14 million. Of the vast number of inscriptions, approximately 90% consist of plain text, while a count of over 500,000 comprises JPEG and PNG files. Interestingly, there are nearly 10,000 inscriptions that house video files, while a small fraction of applications, and audio files, add a multimedia dimension to the 8.3 million minted inscriptions. These Ordinal inscriptions have not only provided a means for creative expression but have also paved the way for the creation of fungible tokens through the BRC20 standard. According to archived data from BRC-20.io, as of May 21, there are currently 24,677 BRC20 tokens actively traded with tangible real-world value. Moreover, these BRC20 tokens have accumulated an impressive total of 6,895,176 transactions on the blockchain network to date. The BRC20 market has witnessed an impressive surge, with all 24,677 BRC20 tokens accumulating a valuation of $483.67 million. The token economy has also seen $207.48 million in 24-hour global trade volume. Okx Lists the Top BRC20 Token Ordi Amid Bitcoin-Token Demand Among the top contenders in the BRC20 market today, we have the tokens ordi, $B20, vmpx, piza, and pepe, capturing the attention of BRC20 investors and traders. Particularly noteworthy is the leading position of ordis, boasting the largest market capitalization with a valuation of $255 million on Sunday. Adding to the momentum, the crypto exchange Okx recently made an announcement, declaring its support for both BRC20 tokens and Ordinal inscriptions within the Okx Wallet. To further solidify their commitment, Okx exchange revealed that they would be listing the prominent BRC20 token ordis (ORDI). The crypto exchange stated that it holds an advantage over decentralized exchange (dex) marketplaces thanks to Okx’s market order book. “BRC-20 tokens on Bitcoin present a distinctive challenge, and we’re thrilled to be among the pioneers in providing users with a smooth trading, deposit, and withdrawal experience,” said Jason Lau, Okx’s chief innovation officer, in a statement on May 20. Additionally, Ordinal inscriptions and BRC20s can be found on Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden. What are your thoughts on the surge of Ordinal inscriptions and BRC20 tokens on the Bitcoin blockchain? Share your insights and opinions in the comments section below. View the full article

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says the U.S. dollar’s time is coming to an end as more countries are seeking alternatives to the USD. “Many friends of America are moving, trying to find something to compete with and ultimately replace the U.S. dollar. It will happen. It has always happened,” he warned. ‘American Dollar’s Time Is Coming to an End,’ Says Rogers Famed investor Jim Rogers shared why he expects the U.S. dollar to lose its status as the world’s reserve currency in an interview with Sputnik, published Wednesday. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management. “Many friends of America are moving, trying to find something to compete with and ultimately replace the U.S. dollar. It will happen. It has always happened,” the famous investor began. He was quoted as saying: America’s time is coming to an end. The American dollar’s time is coming to an end. He explained that the dominance of the U.S. dollar will inevitably decline since “No currency has been on top more than 150 years.” Reiterating that “Nobody has always been on top, so it’s always happened,” he pointed out that “People have moved away from whatever currency it is.” Why Countries Are Moving Away From USD Rogers proceeded to detail the reasons why countries are increasingly moving away from the U.S. dollar. The first reason is that the U.S. is the largest debtor nation in the history of the world. “Many people are starting to say: ‘Wait a minute, I don’t know if we want to use that money, because it will have a problem someday,'” he said. His remarks coincided with the U.S. grappling with a debt crisis that could lead to a default on its debt obligations as early as June 1. Some have warned that a U.S. default could spark a global financial crisis. Another major reason Rogers mentioned concerns sanctions. The U.S. and its allies have imposed severe sanctions on Russia in response to its invasion of Ukraine, with the most recent round of sanctions announced on Friday. Reiterating his previous warning regarding the weaponization of the U.S. dollar, Rogers described: The world’s international currency is supposed to be completely neutral. Anybody can use it for anything you want. But now Washington is changing the rules. And if they get angry at you, they cut you off. He added that the imposition of U.S. sanctions on Russia has expedited the process of de-dollarization, stating: “Even America’s friends are worried that something could happen to them. And so the world is moving more rapidly.” While emphasizing that “The world is trying to accelerate its move away from the U.S. dollar” and many countries are trying to find a USD alternative, Rogers said: “So far, the world hasn’t found something to replace or even compete with the dollar.” Commenting on whether the Chinese yuan could become the world’s dominant currency, he said: “The Chinese currency, sure you would think, but the Chinese don’t let you buy and sell the currency, it’s not completely converted.” One of the initiatives aimed at challenging the U.S. dollar’s dominance is the proposed BRICS currency. The BRICS nations (Brazil, Russia, India, China, and South Africa) are collaborating to establish a common currency that would reduce their dependence on the U.S. dollar. The leaders of the BRICS countries are set to discuss this proposal during their upcoming summit in August. The potential success of a BRICS currency is widely seen as a factor that could undermine the dominance of the U.S. dollar. A growing number of countries are following the BRICS’ de-dollarization lead, including Indonesia and Venezuela. Ten Southeast Asian countries also recently agreed to encourage the use of national currencies in an effort to reduce their reliance on the U.S. dollar and other Western financial systems. Do you agree with Jim Rogers? Let us know in the comments section below. View the full article

Rich Dad Poor Dad author Robert Kiyosaki believes that the U.S. economy is headed for a crash landing. “I hope I am wrong yet that is what I believe,” he opined. The famous author also said a financial pandemic has started and corruption is high, reiterating his recommendation to buy gold, silver, and bitcoin. Robert Kiyosaki Believes a Crash Landing Is Coming The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with more warnings about the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Thursday: Soft landing? Hard landing? Or Crash landing? I say crash landing. I hope I am wrong yet that is what I believe. “Corruption is high & leaders corrupt. Buy gold, silver, bitcoin. Still best insurance against corruption & incompetence,” his tweet continues. Kiyosaki has voiced his concerns many times regarding the corruption and incompetency within the U.S. government and the Federal Reserve, repeatedly emphasizing his lack of trust in them. The renowned author issued a similar warning on March 13 about where he thinks the U.S. economy is headed. “Crash landing ahead,” he wrote on Twitter. “Bailouts begin. More fake money to invade sick economy. Still recommend same response. Buy more gold, silver, bitcoin.” His tweet followed the U.S. government bailing out collapsed banks. In a follow-up tweet, he stressed that regional banks are being wiped out, calling the Federal Reserve “criminal.” Last week, Kiyosaki also cautioned that a crash is here, tweeting: Financial pandemic started. Crash is now. Multiple people have similarly stated that the U.S. economy is at risk of a crash landing, including Allianz’s analysts and economist David Rosenberg. Moreover, Kiyosaki previously warned about hyperinflation and the death of the U.S. dollar. He believes that Fed rate hikes will crash the USD as well as stock, bond, and real estate markets. He also made predictions about the global economy, tweeting in March that the world economy is on the verge of collapse. The acclaimed author has consistently advocated for gold, silver, and bitcoin. In February, he expressed his belief that these three investments are best for unstable times. He predicts that by 2025, the price of BTC will reach $500,000, while gold and silver will reach $5,000 and $500 respectively. Do you agree with Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below. View the full article

In four days, representatives from the BRICS nations and the Eurasian Economic Union free trade group are set to convene to explore the possibility of integration with the Shanghai Cooperation Organization (SCO), as revealed by a recent russia-briefing.com report. The report emphasizes the formation of a vast Eurasian regional alliance that excludes Western involvement, with the aim of fostering greater collaboration and “reformatting the global economic architecture.” BRICS, EAEU, SCO to Discuss Moving Beyond Western Boundaries Russia Briefing, in its May 17, 2023 publication, unveiled an interesting development involving the convergence of several prominent nations. The leaders of the BRICS nations — Brazil, Russia, India, China, and South Africa — are scheduled to convene with policymakers hailing from the Eurasian Economic Union free trade group (EAEU). Notably, the EAEU comprises Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. The primary objective of this gathering is to deliberate upon the prospects of integration with the Shanghai Cooperation Organization (SCO). Set to unfold on May 24-25, the city of Moscow will play host to the second annual Eurasian Economic Forum, serving as the backdrop for these deliberations. The Russia Briefing author claims the emergence of a “massive Eurasian regional bloc is being created without Western input.” Shedding light on the upcoming gathering, Mikhail Myasnikovich, the chairman of the board of the Eurasian Economic Commission, explained the upcoming meeting’s purpose, as quoted by the publication. “The expansion of mutually beneficial cooperation between integration formats not only contributes to the growth of national economies, but can also have a significant impact on the formation of new approaches to the functioning of the global market,” Myasnikovich stated. “The space of Greater Eurasia has unique trade, economic, transport and logistics advantages, while the human potential and resources of the BRICS countries can multiply the effect of this cooperation.” The EAEU chairman added: I am sure that during the discussion, the experts will be able to find practical application for the combined capabilities of the EAEU, SCO and BRICS states and propose specific ways to develop interaction between interstate associations, primarily for the benefit of the citizens of these countries. Zelensky Visits Riyadh, Saudi Foreign Minister Insists Arab Nations Will Remain Impartial to Ukraine-Russia Conflict Amidst a wave of keen interest stemming from numerous nations aspiring to join the BRICS bloc, the latest developments have caused continued intrigue. Reports indicate that 13 countries have formally expressed their desire to be part of the BRICS alliance, while an additional six nations have demonstrated an informal interest. Among the hopeful candidates stands Saudi Arabia, whose intentions became apparent last year. In April 2023, the Saudi Arabian Cabinet also sanctioned its decision to pursue membership in the SCO bloc. Notably, Ukrainian president Vladimir Zelensky embarked on a recent visit to Riyadh, seeking the kingdom’s support in the face of the Russian conflict. However, Saudi foreign minister prince Faisal bin Farhan clarified that Riyadh, alongside several other Arab nations, shall maintain a stance of impartiality in this ongoing dispute. “Since the beginning of the crisis, the Arab countries have taken a position of positive neutrality, opening dialogue with the Russian and Ukrainian parties, while ensuring Arab relations with the two sides,” Farhan conveyed in an official statement. Are we witnessing the rise of a new global economic landscape? Share your thoughts and opinions about this subject in the comments section below. View the full article

Although Bitcoin’s network transaction fees have decreased and a portion of the unconfirmed transfer backlog has diminished, the protocol still grapples with over 289,000 transactions awaiting confirmation. As of this writing, more than 218 blocks must be processed to fully alleviate this congestion. Bitcoin’s Lingering Transaction Backlog Data collected on May 20, 2023, at 1:35 p.m. Eastern Time reveals approximately 289,385 unconfirmed BTC transactions lingering in the backlog. This is slightly lower than the figure recorded nine days earlier on May 11, when just over 300,000 transactions were pending miner confirmation. However, fees have fallen since then; at that time, a high-priority fee was $3 per transaction. Currently, mempool.space statistics indicate that a high-priority fee stands at $1.81 per transaction, while a medium-priority fee costs $1.62. A low-priority transfer, according to the site’s data, will amount to $1.47 per transaction on Saturday afternoon. Meanwhile, metrics from bitinfocharts.com show the average BTC transaction fee as 0.00023 BTC per transaction, or $6.07. Concerning median-sized transaction fees on the Bitcoin network, bitinfocharts.com reports a fee of around 0.00013 BTC or $3.55 per transfer. The persistence of Bitcoin’s unconfirmed transfer backlog has led some to speculate that demand may eventually wane. Yet others argue that demand could endure for an extended period owing to Ordinal inscriptions and BRC20 tokens‘ existence. Presently, about 8,128,158 inscriptions can be found on the Bitcoin blockchain. Moreover, the current value of the 24,677 BRC20 tokens in existence is an estimated $592 million. Despite the ongoing inscription and token trend occurring on Litecoin and Dogecoin blockchains as well, minting and transactions linked to inscriptions and BRC20s have not decelerated on the Bitcoin network. Furthermore, the Lightning Network (LN) capacity has consistently declined since our last report on the issue, which indicated the LN held 5,415 BTC on May 14. That figure has since contracted to 5,367 BTC. What are your thoughts on Bitcoin’s ongoing transaction backlog and its potential impact on the network’s scalability? Share your insights and opinions in the comments section below. View the full article

In the near future, Game Boy owners will have the opportunity to convert their devices into a hardware wallet for cryptocurrencies. The project, known as the Game Wallet, was unveiled by Joseph Schiarizzi, a developer hailing from Keyp, a Web3 startup. By employing a physical cartridge, this innovation enables users to harness the power of their Nintendo Game Boy device as a secure cold storage wallet for crypto assets. Keyp’s Game Wallet: Turning Game Boy Into a Secure Hardware Wallet for Cryptocurrencies On May 19, Joseph Schiarizzi, a developer from the cryptocurrency company Keyp, unveiled a project he has crafted since the beginning of the year. Schiarizzi introduced a concept that utilizes a physical Game Boy cartridge, resulting in the creation of a “truly offline hardware wallet” that operates independently without the need for firmware updates. To support his innovation, Schiarizzi shared a tweet he published in January, showcasing a Game Boy game where the character can generate a seed, illustrating the potential of the endeavor. “So we’re producing a real physical cartridge that lets you use your Game Boy as a cold storage wallet, generate mnemonic phrases and save them securely offline,” Schiarizzi tweeted. “No firmware updates ever. Randomness for generating the keys is introduced by the player as they walk around the world and complete fun quests, RPG style.” Back in April 1989, Nintendo unleashed the 8-bit handheld gaming device known as the Game Boy in Japan. Fast forward to March 2021, and a Youtuber decided to push the boundaries of the Game Boy’s capabilities and released a video showcasing an audacious feat: mining bitcoin (BTC) using the iconic device. However, it quickly became apparent that the Game Boy’s humble processing power paled in comparison to today’s cutting-edge mining rigs. Another individual embarked on a similar venture in 2013, developing a Nintendo Entertainment System (NES) miner. Although both mining experiments with the Game Boy and NES were intriguing and fun, their practical value (which was impractical in terms of mining) paled in comparison to something with actual utility. The Game Wallet project has even established a dedicated website, inviting visitors to sign up and stay informed about the availability of the initial batch of cartridges. The website further emphasizes the importance of offline functionality in safeguarding digital assets. The Game Wallet website states: Devices that physically cannot connect to the internet are more secure by nature. A device that was created before cryptocurrency existed, that can never be attacked through digital phishing, and has been sitting on your shelf for 20 years is even better. The Game Wallet news comes on the heels of recent criticism directed at Ledger’s new Ledger Recovery service. It also follows 1inch Network’s announcement of a new hardware wallet in January and Coinkite’s introduction of a “higher-end” Coldcard bitcoin wallet in February. According to the Game Wallet website, Schiarizzi’s project utilized the Assembly programming language used for Nintendo consoles and games. “We converted an open source assembly implementation of the sha256 hashing algorithm used to generate cryptographic seed phrases based on BIP-39 into GBAssembly, the language all Game Boy games are programmed in,” the website details. What do you think about the Game Wallet idea? Share your thoughts and join the discussion in the comments section below. View the full article

According to archived records, 4,833 decentralized autonomous organization (DAO) treasuries held $10.8 billion on April 15, 2022. Over the course of 309 days, by February 19, 2023, the treasuries dwindled to $8.8 billion. However, during the past 90 days, there has been a significant surge, with the funds held by DAO treasuries increasing by 144% to the current value of $21.5 billion. Decentralized Autonomous Organizations Witness Explosive Growth in 3 Months Following the failure of the first decentralized autonomous organization (DAO) in 2016, the concept of DAOs experienced substantial growth. As of May 19, 2023, deepdao.io, a web portal dedicated to the analysis and information surrounding these organizations, has documented approximately 12,763 DAOs. In October 2022, Bitcoin.com News reported on the financial assets held by DAO treasuries, which amounted to a total value of $9.8 billion. Notably, the largest treasury belonged to Uniswap, boasting a stash of $2.8 billion. At that time, Bitdao held a cache of $1.3 billion in assets, closely following Uniswap’s DAO treasury. However, the subsequent months witnessed a decline, with the funds held by DAO treasuries plunging to a low of $8.8 billion by February 2023. Fast forward to today, May 19, 2023, and the scenario has transformed dramatically. The funds held by DAO treasuries have surged to $21.5 billion. Notably, Bitdao’s treasury now holds the third position, while Uniswap’s treasury secures the fourth spot among the largest treasuries. At the forefront of DAO treasuries stands the Optimism Collective, which holds $4.3 billion in digital assets. On its heels is Arbitrum’s treasury, valued at $4.1 billion, while Bitdao secures a substantial stash of approximately $2.5 billion. Uniswap follows closely with a cache of crypto assets totaling $2.2 billion, and Polygon claims the fifth spot with a treasury valued at $1 billion. As the value held by DAO treasuries skyrocketed by 144% in the last 90 days, the number of DAOs also witnessed a 9% surge. Among the vast list of recorded DAO treasuries in deepdao.io, there’s approximately 6.9 million governance token holders. Within the DAO ecosystem, an active community of 2.2 million voters and proposal makers is actively shaping the decentralized autonomous organization landscape. The cumulative votes cast thus far amount to 11.9 million, with 114,300 decisions made across the extensive network of 12,763 DAOs. Despite a 144% surge since February, the assets under management (AUM) for DAOs in the previous month hovered around $25.5 billion, resulting in an approximate loss of $4 billion. As of today, the AUM stands at $21.5 billion, comprising $18.3 billion in liquid funds and $3.1 billion locked in vesting obligations. What are your thoughts on the surge in DAO treasuries and the growing influence of decentralized decision-making? Share your thoughts about this subject in the comments section below. View the full article

XRP was marginally lower on Saturday, as bulls seemingly secured gains, following a recent six-day winning streak. The token, which has risen by nearly 10% in the past week, remains close to a three-week high. Polkadot remained in the green to start the weekend. XRP XRP, formerly ripple, remained close to a multi-week high to start the weekend, despite bulls moving to secure recent gains. Following a peak at $0.4738 on Friday, XRP/USD declined to a bottom at $0.4627 earlier in the day. Despite the decline, XRP remained close to its strongest point since April 30, when the price reached a top of $0.4818. Looking at the chart, one of the catalysts of the move appeared to be a breakout on the relative strength index (RSI). The index moved beyond the ceiling of 54.00, and as of writing, is now tracking at 56.09. Bulls are likely targeting the $0.4800 mark, and could reach it this weekend, should the RSI move towards its next point of resistance at 59.00. Polkadot (DOT) In addition to XRP, Polkadot (DOT) extended its own gains on Saturday, as the token rose for a second straight session. DOT/USD climbed to a high of $5.41 to start the weekend, following a low at $5.33 the day prior. Saturday’s move comes as polkadot continued to move away from a recent support point at $5.30. The slight increase in price has also led to the RSI moving towards resistance at 42.00, which is acting as an obstacle to further bullish pressure. There is a good chance that DOT could make a run towards $6.00, should this current ceiling give way. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect polkadot to edge closer to $6.00 this weekend? Let us know your thoughts in the comments. View the full article

Bitcoin started the weekend in consolidation, as markets remained nervous despite somewhat dovish comments from U.S. Fed Chair Jerome Powell. Speaking on Friday, Powell stated that rates may not be increased by as much as initially expected. Ethereum rose marginally higher today. Bitcoin Bitcoin (BTC) consolidated below $27,000 to start the weekend, despite dovish comments from Federal Reserve Chair Jerome Powell. Following a high of $27,128.62 during yesterday’s session, BTC/USD dropped to an intraday low of $26,700.21 earlier today. The move sees bitcoin remain relatively close to a floor at $26,300, and comes despite optimism that the Fed could soon begin to ease monetary policy. Looking at the chart, the volatility in the market comes as the 14-day relative strength index (RSI) continues to track below a key resistance level. At the time of writing, the index is tracking at 40.75, which is below a ceiling at 42.00 In order for BTC to remain firmly above $27,000, and begin to head towards $28,000, this point will need to be broken. Ethereum Ethereum (ETH) on the other hand was marginally higher on Saturday, as prices remained above $1,800. ETH/USD hit a high of $1,826.19 earlier in the day, which comes less than 24 hours after nearly dropping below $1,800. Since dropping to a floor at $1,790 earlier in the week, ETH bulls have managed to keep price away from this point. Similar to BTC, ethereum’s RSI continues to hover below a resistance point at 46.00, and is now at a reading of 44.84. A breakout will also need to occur at this zone, in order for bullish momentum to fully return to ethereum. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect ethereum to surge this weekend? Leave your thoughts in the comments below. View the full article

The Central Bank of Russia predicts an increase in the issuance of digital assets, citing some of their advantages. The monetary authority has published a report presenting the progress made by the growing industry and assessing the prospects for its further development. Russia’s Central Bank Issues Report on Market for Digital Assets The Central Bank of the Russian Federation (CBR) expects the volume of digital financial assets (DFAs) issued in the country to increase significantly in the future. The regulator believes that growth will be facilitated by the transparency and ease of use of these alternative instruments. According to a report quoted by the crypto page of the business news portal RBC, the bank also anticipates the emergence of new types of digital assets that will have no analogues in the traditional financial market and satisfy specific needs of businesses. DFAs, as a legal term, was introduced with the law “On Digital Financial Assets” which went into force in January 2021. It’s still the only legislation that partially applies to crypto assets, at least those that have an issuer, unlike decentralized cryptocurrencies like bitcoin which are yet to be regulated in Russia. They are tokens issued on a blockchain platform created and managed by a licensed operator that usually represents monetary claims. The CBR has already authorized several such operators — the tokenization service Atomyze, the fintech company Lighthouse, Russia’s largest state-owned and private bank, Sberbank and Alfa-Bank, as well as Masterchain, which was licensed this spring. During 2022, the first three registered platforms carried out a total of 19 issues of DFAs on behalf of 11 companies from different sectors, the report reveals. The list of issuers includes large industrial companies, financial firms and banks, construction companies and other organizations. Russian businesses have been exploring ways to fund their operations amid unprecedented Western sanctions severely limiting their access to global finances. In early December, the first DFA deal denominated in Chinese yuan was announced. The transaction, which was the largest of this kind at the time, involved issuing DFAs secured by commercial debt for 58 million yuan (over $8 million). Seven placements of digital financial assets for a total of 1 billion rubles ($13 million) were made in April this year. Do you think Russia’s digital assets market will see significant growth by the end of 2023? Tell us in the comments section below. View the full article

About 40% of 153 African banks surveyed by the latest African Banker annual report said they regard “fintechs and telcos as high threats,” while 69% see artificial intelligence as the “most important technology shaping the industry in the near future.” According to the survey findings, only 28% of survey respondents confirmed that their respective institutions are spending more than $3 million “on digital transformation and innovation” annually. Fintechs Have Helped to Revolutionize Africa’s Banking Industry According to the latest African Banker annual report, of the 153 banks that were surveyed about 40% said they “regard fintechs and telcos as high threats.” The survey study also found that some 69% of the surveyed banks view artificial intelligence (AI) as the “most important technology shaping the industry in the near future.” A year earlier, about 74% of the banks had identified cybersecurity “as one of the most important trends” for the industry’s future. As acknowledged in the press statement issued by the African Banker magazine, fintechs along with digital-first banks, mobile money, and agency banking have revolutionized the continent’s banking industry. In the case of fintechs, their impact on the continent’s banking industry is evidenced by their share of the total capital raised by African tech startups in 2022. In a report published in February, Bitcoin.com News revealed that fintechs on the continent had raised $1.45 billion in 2022. This figure was nearly 40% more than the $1.04 billion which was raised by fintechs in 2021. Meanwhile, concerning the proportion of fintechs to all tech startups, the African Banker annual report, citing management consultants McKinsey, puts their number at just under half of the 5,200 firms. Banks Understand Importance of Technology, but Few Building Related Strategies Although many of the banks are said to understand the importance of digital technology, the annual report said only a few seem to be building strategies around this. “It is clear that most African banks understand the importance of the technology, with just 4% considering it just one element among many or not at all important. Yet with just 51% regarding it as the most important factor, it is also apparent that many banks are not building their overall strategies around digital technology,” the annual report noted. To back this observation, the report points to findings which show that only 28% of survey respondents acknowledged that their respective institutions are spending more than $3 million a year “on digital transformation and innovation.” Besides having to contend with fintechs and telcos, surveyed African banks also identified unfriendly regulatory environments, data sovereignty, and a lack of skilled workers as the other “high threats.” 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

Interest rate hikes in the euro area are already causing a decline in housing investment, the zone’s central bank revealed in a study. While smaller than in the United States, the impact of the monetary policy tightening on the Old Continent is likely to grow further, the regulator expects. Housing Investment in Europe Declining Amid ECB’s Rate Increases The series of rate hikes announced by the European Central Bank (ECB) is already depressing housing spending across the eurozone, the monetary authority has established in a study, the results of which were published on its website on Wednesday. The findings come after in early May the ECB raised its key interest rates by 25 basis points (bps), slowing the pace from previous increases. The bank has raised them by a total of 375 bps since last July, Reuters noted in a report. The impact of the rate hikes on home purchases in Europe is likely to increase in the future, although it will remain smaller than that in the United States, according to the research, which also covers the American housing market. “While housing investment is one of the most interest rate-sensitive components of economic activity, it is generally much less volatile in the euro area than in the United States,” the ECB commented in an economic bulletin article presenting the study. The European regulator estimates that “a temporary monetary policy shock that increases the short-term interest rate by 1 percentage point on impact leads, all else being equal, to a decline in housing investment in the euro area of around 5% after about three years … However, in the United States, the same shock has a greater impact on housing investment, leading to a drop of around 8%.” Housing investment in the euro zone began to decline in the second quarter of 2022 and fell by a cumulative 4% by the end of the year. The decline in the U.S. started in Q2 of 2021 and since then housing spending has dropped by around 21%. On May 3, the U.S. Federal Reserve increased interest rates by 25 bps, stating that some additional raises may be appropriate to return inflation to 2%. Following the latest rate hike in Europe, ECB officials, including President Christine Lagarde and most recently Vice President Luis de Guindos, have indicated that amid stubborn inflation it’s still early for a pause in the tightening in the eurozone as well. What are your forecasts about the housing markets in Europe and the United States? Tell us in the comments section below. View the full article

Based on recent data, the Litecoin (LTC) network has seen a considerable surge in activity due to an increase in Ordinal inscription minting happening on its blockchain. The cryptocurrency’s value has risen by more than 13% in the past week, although it has dipped more than 4% within the last 24 hours. Additionally, the Litecoin network is expected to halve its block reward in fewer than 77 days. Litecoin Activity Soars With Ordinal Inscriptions Driving Transaction Boom This week, Litecoin has experienced a significant volume of transactions, mirroring the recent activity on the Dogecoin network. This heightened activity is primarily attributed to the substantial influx of Ordinal inscriptions, with Litecoin registering over 2.58 million inscriptions to date. The growing number of inscriptions has significantly driven LTC’s daily transaction volume this week. On May 6, 2023, the number of LTC daily transactions surpassed 400,000. By May 10, four days later, LTC had processed over 584,000 transactions as documented by bitinfocharts.com. Just five days afterward, on May 15, Litecoin miners verified slightly above 500,000 transactions. Since February 22, 2023—when LTC recorded just over 13,000 Ordinal inscriptions—the figure has soared by an impressive 198,694% within a span of 85 days. In contrast to its recent decline of over 4% against the U.S. dollar, LTC has registered a weekly growth rate of 13%. Ranked as the world’s twelfth-largest cryptocurrency by market capitalization, Litecoin’s Ordinal inscriptions have been circulating longer compared to Dogecoin DRC20s or “Doginals.” Recently, Dogecoin saw its transaction numbers escalate significantly—reaching an all-time high of approximately 1.12 million DOGE transactions on May 17. On or around August 3, 2023, LTC is projected to halve its block reward—from its current 12.5 LTC to 6.24 LTC. In line with this shift, Litecoin will become the next proof-of-work (PoW) blockchain to halve its reward allocation, preceding Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC). What are your thoughts on the significant surge in activity and transaction boom driven by Ordinal inscriptions on the Litecoin network? Do you believe this trend will continue, and how might the upcoming reward halving impact Litecoin’s future? Share your opinions and insights in the comments section below. View the full article