roadrunner

On Tuesday, the crypto firm Okx announced the launch of a new Ordinals marketplace. The platform is accessible via the Okx Wallet and will enable users to mint and trade Ordinal inscriptions and BRC20 tokens. While the Ordinals marketplace is still in its early stages, users can take advantage of the ability to view and transfer Ordinal inscriptions using the multichain wallet. Okx Embraces Ordinals and BRC20 Trend, Reveals New Ordinals Marketplace Okx, the crypto firm, exchange, and Web3 company, has announced the Okx Wallet now provides seamless access to the groundbreaking Ordinal and BRC20 ecosystem. With over 7 million Ordinal inscriptions linked to the Bitcoin blockchain and 18,250 BRC20 tokens valued at nearly half a billion dollars, inscriptions have been a game-changer for crypto enthusiasts. What’s more, Bitcoin’s NFT sales (aka Ordinal inscription trades) are just below Ethereum’s, making it the second-largest chain in terms of NFT sales last week. Okx is embracing the Ordinals trend with open arms. The crypto firm further detailed that it is rolling out the Okx Wallet’s features in phases. As of now, users can view and transfer Ordinal inscriptions, and later this week, they’ll be able to trade BRC20 tokens. By the end of May, the wallet will enable users to issue their own Ordinal inscriptions (NFTs) and BRC20s. And by June, Okx is promising to take things up a notch by allowing users to trade (buy, sell, and list) Ordinal inscriptions. “Okx has always believed in the power of Bitcoin to revolutionize global markets and bring us closer to a truly decentralized system,” Jason Lau, the chief innovation officer at Okx, said. “We are embracing Ordinals and BRC-20, despite early criticisms about their impact on transaction costs, because we see the potential of Bitcoin to expand its use cases into areas previously dominated by Ethereum-based applications,” Lau added. The firm will be joining the ranks of several other Ordinals market players, including Open Ordex, Ordinals Market, Ordswap, Ordinals Wallet, Gamma, Magic Eden, and Unisat. Together, these markets boast 59,954 unique traders and have facilitated over $123 million in Ordinal inscription swaps settled in both bitcoin and ethereum. In addition to launching the Okx Wallet marketplace for Ordinals, the firm is also set to attend the Bitcoin Builders event in Miami on May 17. What are your thoughts on Okx’s move to embrace Ordinals and BRC20 tokens? Share your opinions about this subject in the comments section below. View the full article

Bitcoin consolidated below a key price floor on Tuesday, as markets were preparing for upcoming U.S. retail sales figures. Following two months of declines, sales in the United States are expected to rebound, as inflation cools off. Ethereum remains above the $1,800 level. Bitcoin Bitcoin (BTC) consolidated in today’s session, as markets were preparing for the release of the latest U.S. retail sales figures. As inflation falls, sales for April are expected to rise by 0.8%, following two consecutive months of declines. Following an earlier high of $27,646.35, BTC/USD slipped to an intraday low of $26,878.95 on Tuesday. Price has since rebounded, and at the time of writing, bitcoin is trading at $27,097.23. A failed breakout of the 42.00 mark on the relative strength index (RSI) appears to have played a pivotal role in today’s decline. The index is now tracking at 41.06, with a floor at 38.00 a potential target, should momentum continue to depreciate. Ethereum Despite a brief breakout below the $1,800 level, ethereum (ETH) was largely stable on Tuesday. ETH/USD hit a high of $1,845.70 earlier in the day, which follows on from a bottom at $1,797.84 to start the week. The world’s second largest cryptocurrency has since declined, and at the time of writing is trading at $1,817.12. This is close to a price floor at $1,820, which has been in place since last Wednesday, when price was on day five of a six-day losing streak. Price strength has also contributed to the current volatility. Similar to BTC, the index is hovering below a key resistance level. Should it move beyond a reading of 45.00, there is a good chance that the ETH bulls will make another run for the $1,900 level. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect crypto prices to continue to climb this week? Leave your thoughts in the comments below. View the full article

Bangladesh and India have decided to conduct trade settlements in their own currencies, bypassing the dominance of the U.S. dollar. According to sources from the Bangladesh Bank, the decision was made due to the issues of liquidity in foreign currency that Bangladesh faces, which are disrupting the flow of imports to the country. Bangladesh and India to Conduct Bilateral Trade in National Currencies The governments of Bangladesh and India have decided to conduct their bilateral trade settlements in national currencies, away from the dominance of the U.S. dollar. According to local sources, the decision would have the objective of safeguarding the flow of imports to Bangladesh, which is currently facing U.S. dollar liquidity issues as a result of the effects of the Russia-Ukraine conflict. Furthermore, this decision would also cut a series of costs related to the usage of the U.S. dollar, switching it out for Indian rupees and Bangladeshi takas. Mezbaul Haque, executive director of the Bangladesh Bank, stated: India is a major trade partner of Bangladesh. Bangladesh imports a huge quantity of goods from India. Thus, such a decision will cut the cost of business, speed up transactions, and boost regional trading. According to the bank, Bangladesh imports almost $14 billion worth of goods from India, exporting only around $2 billion. Implementation and Effects While the deal aims to benefit Bangladesh, Bangladesh can only pay for Indian imports in the rupee in the same quantity they export to India. However, Haque remarked on the importance of this agreement. He stated: We are always aware of how to cut the trade gap. In reality, Bangladesh is an import-based country and India is one of the major countries we import. So, the decision will help in the long-term for both countries. Haque estimated this process would start in June, as banks in the two countries are already opening transacting accounts with their respective counterparts to facilitate the settlements. Part of the cost-cutting benefits come from avoiding the currency conversions that have to be done several times in traditional settlements. The Reserve Bank of India introduced this form of settlement in its latest foreign trade policy guidance, implemented on April 1, which allows countries with a dollar squeeze to pay for imports in Indian rupees. Other countries have also substituted the use of the U.S. dollar to settle bilateral trade transactions recently. Argentina decided to pay for Chinese imports using the Chinese yuan in order to safeguard its dwindling dollar reserves. Brazil has already completed its first yuan-based settlement with China, and BRICS nations will discuss the issuance of a bloc-wide currency to substitute the U.S. dollar. What do you think about India and Bangladesh trading in national currencies? Tell us in the comments section below. View the full article

The global crypto market is expanding steadily despite recent bearish sentiments. Over 119 million people worldwide started owning cryptocurrencies in 2022, marking a 39% rise in total ownership. It reflects a growing demand for alternative payment methods and investment instruments. More people now believe in the potential of futuristic asset classes like crypto. Particularly since innovators are bringing novel utilities to the table. But the road ahead isn’t all rosy. We must overcome several challenges before crypto-based assets bloom fully. One key issue is the lack of simple, user-friendly, and stable instruments for beginner and pro investors. For instance, index investing, despite its strong track record in traditional finance, is mostly inaccessible to the crypto community. This exposes investors to market-related risks like high volatility, reducing their scope for diversification and generating suboptimal returns. J’JO provides a solution to these problems with its advanced index-based investment service for crypto markets. Besides making crypto investing safer and more accessible, the service helps improve financial planning for investors across the board. Why crypto needs simpler investment instruments Cryptocurrencies have shown a meteoric rise in popularity. This is great from the perspective of how this asset class provides value across industries and market segments. From digital currencies to luxury items and real estate, we now have unforeseen revenue streams and transaction methods. But the journey to using crypto efficiently involves a steep learning curve. It’s pretty different from legacy assets and traditional investments, though they have some basic principles in common. That’s why most crypto investors, with little or no experience, end up putting money in unreliable, half-baked assets. The volatile markets burn them as a result, often demotivating future endeavors. This can’t go on. Stakeholders of the nascent crypto industry must ensure long-term adoption. And to do that, we must learn some lessons from our traditional counterparts. Offering easier investments for retail users has been a key to the success of legacy financial systems. Crypto has to up its game in this regard. Some cryptocurrency exchanges and platforms do offer relevant services. But these are mostly hidden from users due to flawed positioning. J’JO thus launched its service for public use in May 2023, as a response to this crisis. It provides the simplicity, stability, and ease of access that crypto investors need. J’JO’s service is for everyone, beginner or pro Boosting financial inclusion has been one of crypto’s main goals from the very beginning. It was the most crucial aspect of Satoshi Nakamoto’s vision for Bitcoin. That’s why J’JO has developed a cryptocurrency index investing platform with an intuitive and hassle-free interface accessible to everyone. The service leverages a robust index investing principle, i.e., CCi30. Carlo Sevoly, the CS&P President, and Igor Riven, a Temple University & Regis professor, developed this principle in 2017, which now forms the basis for J’JO’s flagship index, JJO35. JJO35 is a combination of traditional wisdom and expertise with innovation, ensuring the best possible tracking of crypto markets. It algorithmically invests in the top-35 cryptocurrencies by market cap, so that investors can begin their journey in under five minutes. The service is available in 12 languages across 200 countries worldwide. Investors can thus diversify their portfolios by securely investing in crypto from almost anywhere. They also get multiple payment options, including Visa, Mastercard, and local services. Moreover, J’JO’s API-based architecture connects with all major exchanges, which further heightens its interoperability. These features provide investors with a seamless, user-friendly, and readymade index investing, financial planning, and risk management service. Professional investors can also create custom indices using their favorite cryptocurrencies. Source: J’JO Investors remain in control with J’JO J’JO is a non-custodial platform where investors remain in complete control of their funds. They simply connect users’ exchange accounts to start investing in crypto indices, almost in real time and for free with deposits under $500. The algorithm automatically analyzes and rebalances funds to minimize the hassle for investors. It thus sells assets that fall off the Top-35 list, reinvesting promptly in new growth leaders. The funds never leave the user’s exchange account since the system functions via APIs. However, professional investors can also use the custom rebalancing and asset tracking settings available on J’JO for even greater control. Having said that, investors must realize J’JO, like any other market-driven service, cannot predict future outcomes with 100% accuracy. It also doesn’t “guarantee” profits, though historical data shows how JJO35 has grown 5.5x in the past three years, compared to Bitcoin’s 3x growth. Investors must, therefore, use J’JO with reasonable expectations and a basic understanding of the risks and limitations of crypto investments in general. J’JO isn’t a tool for short-term speculations, but rather an instrument for long-term growth and financial planning. With that in mind, J’JO users can eliminate guesswork from their investing process to make the most out of cryptocurrencies. This paves the road to the future, which ultimately leads to sustainable adoption of crypto assets and growth for investors. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The now-defunct crypto lender Blockfi has recently filed a court document outlining its plans to liquidate the company. The firm has come to the realization that selling the company would not be beneficial to its creditors. As a result, Blockfi has decided to take matters into its own hands and proceed with a self-liquidating transaction. Once the assets are distributed, the company will be wound down. Blockfi Explores Self-Liquidation and Alternative Transaction Options ​​Blockfi has recently updated the community with a notice regarding its latest disclosure statement with the bankruptcy court. The update reveals that the crypto lender has made the decision to proceed with a self-liquidation transaction after several unsuccessful attempts to sell the business. With 660,000 client accounts, the top 50 creditors are owed $1.3 billion. However, there is a glimmer of hope for some, as the latest filing notes that certain classes of claims could potentially see recoveries “as high as 100%.” “The debtors are proceeding with the self-liquidation transaction whereby the debtors will distribute their assets to creditors in accordance with the terms of the plan, followed by a wind-down of their affairs,” the court document published on kroll.com details. Blockfi’s biggest hopes for recovery lie in obtaining assets owed by the bankrupt entities Alameda Research and FTX. “While recoveries will be based on a number of factors, the largest driver of higher recoveries are our claims against Alameda and FTX,” Blockfi said in a tweet on Friday. The plan published in the court filing outlines how various claim holders, including secured tax claims, account holder claims, general unsecured claims, and others, will be treated, while also mentioning the cancellation of Blockfi’s existing equity interests. Blockfi’s plan to proceed with a self-liquidating transaction is not yet set in stone, as it requires full approval from the bankruptcy court. The crypto lender has also noted that “certain crucial employees [are needed] to consummate the plan.” Meanwhile, a sale of the company is not completely off the table either, as the latest filing suggests that “an alternative transaction” is possible. According to a court document, Blockfi has emphasized the importance of its employees in the company’s self-liquidation plan. The crypto lender has stated that the Blockfi platform was “developed in-house, [and] is written in a unique and esoteric programming language” that outsiders would have a difficult time understanding. Without the needed staff, “the debtors do not believe that the plan is feasible,” the court document discloses. What do you think about Blockfi’s latest statement and its attempt to self-liquidate? Share your thoughts in the comments section below. View the full article

The government of Iraq issued a ban on using the U.S. dollar for conducting business transactions on May 14. The ban, which is already in effect, is designed to bolster the usage of the Iraqi dinar, the fiat currency of the country, and to reduce the influence of the dollar and its exploitation in black markets. Iraq Issues Ban on U.S. Dollar-Based Transactions The Iraqi Ministry of Interior has issued a ban on using the U.S. dollar for conducting personal and business transactions in the country. According to local reports, the ban, which was enacted on Sunday, is designed to bolster the usage of the local currency, the Iraqi dinar, and reduce the advance of dollarization in Iraq. The measure also seeks to lower the difference between the official exchange rate offered by the government, and the exchange rate offered on the black market, which has fueled price rises. The ministry stated: The dinar is the national currency in Iraq. Your commitment to transact in it instead of foreign currencies boosts the country’s sovereignty and economy. Furthermore, it remarked that dealing in currencies other than the Iraqi dinar was punishable by law and that it was committed to “hold accountable anyone who attempts to undermine the Iraqi dinar and the economy.” Enforcement and Fines For the enforcement of this ban, the Interior Ministry’s Anti-organised Crime Directorate has moved to request traders to sign pledges assuring they will only conduct business using the Iraqi dinar. General Hussein Al Tamimi, who directs the operations at the directorate, explained that trade violators will be fined one million Iraqi dinars (around $680). Repeat offenders will receive harsher punishments, that also include imprisonment. Al Tamimi stated: If the violator repeats it he will face an imprisonment penalty of up to one year plus a one-million Iraqi dinar financial fine. In case of a third violation, that penalty will be doubled and we will have the business license turned. The measure has caused a lot of stress in the dollar exchange black markets, which have limited activities to servicing only known customers, as the ministry has deployed undercover officers to support the implementation of the U.S. dollar ban. Some arrests have already been made in big trading markets per local press reports. However, this is affecting the activities of Iraqi citizens, who need dollars to make purchases of real estate and cars, as owners demand the payment of these items to be made in foreign currency. In official markets, U.S. dollars are scarce and citizens need to fulfill a series of requirements to receive them, due to the sanctions the U.S. government has enacted against the country. What do you think about Iraq’s ban on the usage of the U.S. dollar? Tell us in the comments section below. View the full article

Democratic Party members of the U.S. House Committee on Financial Services were handed a memo instructing them to back the party’s position on crypto regulation moments before the commencement of the hearings on May 10. According to the party’s leaked memo, Democrats on the committee were expected to point to the Republican Party’s lack of interest in protecting investors. The memo also said the U.S. Securities and Exchange Commission (SEC) should be allowed to “continue to lead the regulation of the U.S. crypto market.” Republicans Accused of Undermining the SEC According to a leaked memo shared by Eleanor Terrett, a journalist with Fox Business, Democratic Party members on the U.S. House Committee on Financial Services were given instructions to back the party’s position on crypto regulation when the committee met on May 10. In a Twitter post, Terrett claimed that the memo stating this had been circulated among Democrat committee members prior to the start of the hearings. SCOOP: Prior to today's @FinancialCmte/@HouseAgGOP hearing on digital asset regulation, a memo was circulated among Democrat Committee members. It contained "key messages" for the @FSCDems to stick to including supporting the @SECGov's total authority over crypto regulation,… pic.twitter.com/AabSfwquaw — Eleanor Terrett (@EleanorTerrett) May 10, 2023 As shown in the shared leaked memo, Democrats on the committee were expected to reiterate six key messages during the hearings. The first of these messages is the party’s argument that Republicans on the committee are hell-bent on “carving out space for the Commodities Futures Trading Commission (CFTC) in crypto.” Doing this, according to the memo, meant that Republicans are not only undermining the SEC but are also exhibiting a lack of interest in “protecting investors and consumers.” The second and third messages claimed Republicans on the committee have no interest in averting an economic catastrophe that will befall the U.S. if the debt ceiling is not raised. According to the memo, Republicans’ only interest is passing digital asset laws which neither the Biden Adminstration nor investors have asked for. As has been reported by Bitcoin.com News, the Biden Adminstration and U.S. regulators have hardened their stance on crypto since the start of 2023. And through the chairman of the U.S. Securities and Exchange Commission Gary Gensler, the administration has targeted crypto entities that are accused of offering securities without the requisite approval. ‘Mass Non-Compliance With Existing Laws’ The SEC’s unclear definition of what constitutes a security as well as the clampdown on crypto entities has so far forced entities like the crypto exchange Coinbase to mull relocating to jurisdictions with less hostile regulatory environments. However, according to the Democratic Party’s leaked memo, it is crypto entities’ refusal to comply with the laws which is the problem. The leaked memo’s message number 4 said: The problem isn’t ambiguity — it’s mass non-compliance with existing laws, and crypto companies can’t be let off the hook. The U.S. has a regulatory system that has worked well and sustained mass innovation in the financial system for decades. We can’t invent new accommodating regulatory structures simply because crypto companies refuse to follow clear rules of the road. Concerning the under-fire SEC chairman, the memo urged Democratic committee members to highlight how Gensler and his enforcement team have worked to protect investors and how Republicans are seeking to “reverse course and tie the hands” of the regulator. According to the Democrats, the SEC must be allowed to “continue to lead the regulation of the U.S. crypto market.” The U.S. Congress should play its part by providing the SEC with the resources it needs, the memo added. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Inflation in China registered an increase of 0.1% year-over-year in April, according to numbers from the National Bureau of Statistics of the country, falling below expectations. Some analysts are already warning about the dangers of deflation, even calling on the Chinese government to deliver cash handouts in order to push consumer demand. Low Inflation Numbers in China Worry Analysts China, one of the biggest economies in the world, has registered its lowest inflation numbers in more than two years, according to data coming from the National Bureau of Statistics (NBS). The Consumer Price Index (CPI) registered an increase of 0.1% year-over-year, dropping from 0.7% registered in March. The drop in prices was caused in part by a decline in food and beverages prices, which went from 2.4% in March to less than 1% in April. Core inflation, which does not include prices of food and beverages, rose 0.7% year-over-year. The numbers are below the expectations of the country for this year, established around a 3% ceiling that is not likely to be touched. The numbers have been worrying analysts, who take them as a testament to the slow and rocky economic recovery of China after the coronavirus pandemic. However, Zou Lan, an official with the Peoples Bank of China (PBOC), dismissed these worries, stating that “there is no basis for long-term deflation or inflation,” and that consumer demand is expected to warm up during the second half of this year. Proposals to Avoid Deflation Standard Chartered has explained they expect inflation levels to hit 0% in the next months, “as a crude-oil price spike in the first half of 2022 created a high comparison base.” However, even with a slow inflation level, the bank has predicted a growth rate of more than 5% without adjusting interest rates, which are now at 1%. Experts who are worried about the possibility of deflation have made different proposals to avoid it. Li Daokui, a professor of economics at Tsinghua University and former member of the PBOC advisory board, has called for the government to deliver cash handouts to citizens to spur demand. Last month, Li stated: Even with a conservative estimate, 500 billion yuan in consumption vouchers will drive one trillion yuan in overall consumption. The state would also receive over 300 billion yuan in taxes derived from the spending directly enabled by the cash handouts, according to the professor. What do you think about the low inflation numbers in China and the worries about a possible deflation in the Chinese economy? Tell us in the comment section below. View the full article

Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Friday that it is “proactively withdrawing from the Canadian market.” The company thanked the regulators who worked with them and said that the Canadian market was “small.” Binance Bows Out of Canada Due to Regulatory Guidance The cryptocurrency exchange Binance has decided to withdraw from the Canadian market. The company noted that it was the home country of its founder and cited regulatory guidance as the reason for its decision. Binance claims that the new regulatory climate in Canada makes it less feasible for its digital currency business to operate in the country. “Unfortunately, today we are announcing that Binance will be joining other prominent crypto businesses in proactively withdrawing from the Canadian marketplace,” Binance tweeted on Friday. The trading platform’s social media account added: Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none. The news follows the U.K. court setting aside an interim proprietary injunction against Binance. The court ordered Binance to keep a certain amount of cryptocurrency after a victim of cryptocurrency fraud claimed to have traced the stolen funds to the exchange. Additionally, last week, a report said Binance was being probed by the U.S. Department of Justice (DOJ) over alleged Russian sanction violations. In the announcement on Friday, Binance said Canadian users will receive an email containing crucial details about how their accounts will be affected in the future. Despite the regulatory climate surrounding stablecoins and investor limits, the exchange expressed its willingness to collaborate and communicate with Canadian regulators. Although Binance does not necessarily agree with the current regulations, it said it remains open to working towards a solution. The exchange concluded that it remains optimistic that a thoughtful framework will be established in the future, which could potentially pave the way for Binance to resume its services for Canadians. What do you think about Binance leaving the Canadian market? Share your thoughts in the comments section below. View the full article

In less than two weeks, the total value locked (TVL) in liquid staking derivatives has increased by 441,110 ether, worth roughly $793 million. While Lido Finance dominates the market with 74.35% of the TVL, competing liquid staking protocols Rocket Pool and Frax Ether have recorded double-digit gains of 34% to 42% in the past 30 days. Number of Ethereum Locked in Liquid Staking Derivatives Nears 9 Million Liquid staking protocols continue to grow, with the top decentralized finance (defi) protocols recording an additional 441,110 ethereum (ETH). As of May 12, 2023, the total value locked (TVL) in liquid staking derivatives (LSDs) stands at 8,872,715 ether, equivalent to $16.101 billion. This marks a significant increase from the 8,431,605 ethereum locked in liquid staking protocols on April 30. In just 12 days, the number of ether deposits surged by an impressive 5.23%. Despite the recent addition of 441,110 ethereum, the TVL in LSDs is currently worth less than it was on April 30, owing to ethereum’s decline in market value. Back then, the TVL held in LSDs was valued at $16.139 billion, making today’s numbers a 0.235% loss, standing at $16.101 billion. Notably, Lido dominates the market with a 74.3596% share, accounting for 6.59 million ETH of the 8,872,715 ether locked in today. The second-largest LSD protocol is Coinbase Wrapped Staked Ether, with 1,145,137 staked ether. This week, Lido’s TVL jumped by 4.87%, while Coinbase’s staked ETH value dipped by 1.47%. Rocket Pool witnessed an increase, with its TVL jumping by 5.27%. Frax Ether and Stakewise also saw gains, recording a 5.21% and 0.48% increase, respectively, in just seven days. Looking at the 30-day metrics, Lido’s value locked rose by 11.10%, while Coinbase’s staked ETH TVL saw a 3.95% reduction. Frax and Rocket Pool emerged as the 30-day leaders, with Rocket Pool surging by 34.37%, and Frax recording a 42.55% increase. Rocket Pool is closing in on Coinbase in terms of the number of staked ETH, with 622,633 ETH locked, while Frax Ether only has 187,551 ETH locked. However, Rocket Pool’s deposits would have to grow by 84%, or more than 523,000 ETH, to surpass Coinbase’s number of staked ETH locked into the protocol. What do you think the future holds for liquid staking protocols? Share your thoughts in the comments section below. View the full article

The International Monetary Fund (IMF) has warned of “very serious repercussions” to both the U.S. and the global economy if the U.S. defaults on its debt obligations, which could be as soon as June 1. “We are calling on all of the parties to come together, reach consensus, and resolve the matter as quickly as possible,” said the IMF’s director of communications. IMF Warns About U.S. Debt Default The International Monetary Fund (IMF) has warned that the U.S. defaulting on its debt obligations would have “very serious repercussions” on both the American and global economies. IMF Director of Communications Julie Kozack was asked at a press briefing on Thursday about “the knock-on effects” on the global economy, particularly for emerging markets, of “the debt ceiling crisis that is happening now between the White House and Congress, with the prospect of a potential default as early as June 1.” She replied, “First, it’s important to note that these discussions in the U.S. are taking place at a time that is very difficult for the global economy,” adding: Our assessment is there would be very serious repercussions, not only for the U.S. but also for the global economy should there be a U.S. debt default. And we strongly encourage the parties in the U.S. to come together to reach a consensus to urgently address this matter. She was further asked to elaborate on “what some of those consequences might be for other countries, particularly developing economies.” The IMF director said: “One of the repercussions, of course, that we would see, we could potentially see, is higher interest rates, some broader instability and economic repercussions.” Emphasizing that “we have seen a world in the last few years that have been affected by many shocks,” she stressed: So, we would want to avoid those severe repercussions, and for that reason, we, again, are calling on all of the parties to come together, reach consensus, and resolve the matter as quickly as possible. The IMF said in April: “We expect global output growth to fall from 3.4% last year to 2.8% in 2023, before rising to 3% in 2024.” The Fund also cautioned at the time that more severe financial market disruptions could cause output growth to plummet to 1.0%, characterized by a severe pullback in asset prices and a sharp decrease in bank lending. U.S. Treasury Secretary Janet Yellen has warned 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. default could occur in early June. The IMF spokesperson was also asked about the impact of the “regional banking crisis” in the U.S. Kozack said: What we have seen is that as we have transitioned from a period of low interest rates to a period of higher interest rates, and as that transition has taken place quite rapidly, it has exposed some vulnerabilities in some banks, particularly here in the United States. “The authorities in the U.S. have taken rapid action to address those vulnerabilities and that is most welcome. But it is very important that policymakers remain vigilant as more hidden vulnerabilities may emerge in this new high-interest rate environment,” she noted. Do you think a U.S. default would have “very serious repercussions” like the IMF director said? Let us know in the comments section below. View the full article

On Friday Florida’s governor Ron DeSantis signed legislation that bans the use of a central bank digital currency (CBDC) in the state. Following the bill SB 7054 being signed into law, Florida’s Uniform Commercial Code (UCC) now explicitly forbids the use of a federally adopted CBDC as money. Florida Puts the Brakes on CBDCs The Sunshine State has officially outlawed the use of a central bank digital currency (CBDC) following the approval of SB 7054 or HB 7049 by the Florida House of Representatives and Senate. Governor Ron DeSantis put pen to paper and signed the bill, cementing the ban on Friday. The signing ceremony, which took place in Fort Myers, was attended by Wilton Simpson, the state’s 13th commissioner of agriculture, and Kathleen Passidomo, president of the Southwest Florida Public Service Academy at Fort Myers Technical College. The new anti-CBDC law will come into effect on July 1, 2023. “They’re going to be able to have the window into what you’re doing with the money and the ability to control where that money is going,” DeSantis said during the signing ceremony. “They could block, if you filled up your gas tank too much, hey, they’re fighting global warming, ‘You can’t do any more.’ Maybe you bought a firearm last week. They don’t want you to buy another one this week.” Several GOP lawmakers, including Tom Emmer and Ted Cruz, have introduced bills opposing the use of CBDCs. Governor DeSantis is urging other politicians and states to follow Florida’s example and take a stand against CBDCs. However, not everyone is on board with this decision. Nobel laureate and Keynesian economist Paul Krugman criticized DeSantis, stating that it’s “highly unlikely that a state government would have the right to prohibit” the use of a CBDC. While some Republican state leaders are opposed to CBDCs, others are more welcoming. Surprisingly, Democratic senator Elizabeth Warren of Massachusetts, who is known for her strong stance against corruption in the banking industry, is in favor of CBDCs. In a recent interview with NBC’s Chuck Todd, Warren expressed her support for CBDCs, stating that “it’s time for us to move in that direction.” Governor DeSantis, on the other hand, remains resolute in his belief that CBDCs pose a threat to Florida’s financial stability and is determined to lead the charge against them. “I’m just glad we are thinking ahead here in the state of Florida because once this genie is out of the bottle, I think it will be very hard to put back in,” DeSantis said in Fort Myers. There is a widespread belief that DeSantis has his sights set on the White House and will be running for president of the United States in the 2024 election. What are your thoughts on Florida’s decision to ban the use of central bank digital currencies (CBDCs)? Let us know what you think in the comments section below. View the full article

On May 11, 2023, a long-inactive bitcoin wallet sprang to life and transferred a substantial 139.7 bitcoin worth $3.7 million. The address, established on June 19, 2011, has contributed to the year’s total of 1,125.37 bitcoin moved from dormant 2010 and 2011 wallets. 139.7 Bitcoin Worth $3.7 Million Suddenly Moves From Idle Wallet A vintage wallet created on June 19, 2011, suddenly relocated 139.7 BTC, equivalent to $3.7 million at the time of transfer, on Thursday, May 11, 2023. Btcparser.com flagged this activity, which was confirmed at block height 789,291 at 8:14 p.m. (UTC). Shortly before that date — April 24 — the last 2011 bitcoin transfer from a dormant wallet took place and involved shifting 400 BTC at block height 786,801. The wallet that received the 139.7 bitcoin still holds the funds as of May 12, 2023, at 9:00 a.m. (ET). Throughout this year, inactive wallets from both 2010 and 2011 have collectively transmitted a whopping 1,125.37 BTC valued at around $30 million under current Bitcoin exchange rates. The address responsible for dispatching the aforementioned 139.7 BTC initially received a slightly smaller sum of 134.669 BTC back on June 19, 2011. By July 13 of the same year, it accumulated another batch of coins — 5.04 BTC — followed by several minuscule deposits referred to as “dust transactions” amounting to roughly 0.00000547 BTC each. The recent transaction involving the transfer of 139.7 BTC received a moderate privacy score of 45 out of 100 according to Blockchair’s privacy-o-meter tool. It faces two issues: its entire balance was communicated to another address and multiple iterations of the same address appeared in inputs. These issues are not severe but they can be traced by monitoring applications examining linked transactions. Additionally, the corresponding bitcoin cash (BCH) associated with the wallet has not been spent. What do you think about the long-dormant bitcoin wallet that woke up after close to 12 years of slumber? Share your thoughts about this subject in the comments below. View the full article

Terraform founder Do Kwon will be released from jail but placed under police surveillance at a local residence, a Montenegrin court has decided. The trial against him and another Korean, on charges of travelling on false documents, opened on Thursday with both pleading not guilty. Court Grants Bail Request for Do Kwon, Puts Him Under House Detention A first instance court in Podgorica has agreed to release the founder and former chief executive of failed blockchain firm Terraform Labs, Do Kwon, and another South Korean citizen on bail, local and foreign media reported. They are charged with attempting to use forged personal documents in the small Balkan nation. Do Kwon, or Kwon Do-Hyung as is his full name, was arrested by Montenegrin authorities on March 23 while trying to board a flight for Dubai on a Costa Rican passport. He was detained together with a companion identified by his surname, Han. Previous reports have suggested that is the company’s Chief Financial Officer, Han Chang-joon. On Friday, the court accepted 400,000 euros ($435,000) in bail for each of the two suspects, pending the outcome of their trial which started a day earlier, the Associated Press and the Vijesti news portal informed. However, they will not be allowed to leave their apartment which will be guarded by the Montenegrin police. “They promised … they will not hide until the end of the criminal procedures, that they will regularly answer court summons and that they will be available at the address submitted by their attorney,” the court said. “If the defendants run away or violate the surveillance measure, the bail will fall through,” the statement added. South Koreans Plead Not Guilty of Charges in Montenegro The accused South Korean natives have pleaded not guilty to the charges pressed against them by Montenegrin prosecutors. Authorities in both Seoul and the U.S. are seeking the extradition of Do Kwon in connection with the $40 billion crash of the Terraform ecosystem’s cryptocurrency luna and stablecoin terrausd. It has been estimated that around 200,000 people bought the coins and suffered heavy losses when their value evaporated. Kwon disappeared after departing for Singapore in April 2022, right before the collapse of the two digital currencies, and was wanted on a red notice from Interpol for alleged fraud and financial crimes. He then fled to Serbia, where he reportedly registered a new firm, before eventually ending up in neighboring Montenegro, where he can be sentenced to up to five years in prison. In late March, Do Kwon’s Montenegrin lawyer was quoted as saying that the crypto entrepreneur would have to first stand trial in the country for traveling on fake documents before he is extradited. The fugitive may also have to serve prison time there before he is handed over to any other jurisdiction, Montenegro’s justice minister indicated. Earlier on Friday, South Korean media reported that Kwon has refused to declare his assets, when he was asked how he planned to pay the bail during the hearing in Podgorica. According to the public broadcaster KBS, he told the court that his wife will make the payment, explaining that the two of them own a $3-million apartment in South Korea. Kwon is widely suspected of having stashed large amounts of money from the alleged crypto fraud, the report noted. Do you think Do Kwon will attempt to escape justice in Montenegro and avoid extradition? Share your thoughts on the case in the comments section below. View the full article

Billionaire investor Elon Musk will be stepping down as chief executive of Twitter and taking on other roles in the company. The owner of the microblogging platform revealed he has hired a new CEO, media executive Linda Yaccarino, who should be at the helm of the social media giant in less than two months’ time. Elon Musk to Leave CEO Post at Twitter and Become Company’s CTO Entrepreneur Elon Musk announced he has found someone to replace him as chief executive officer (CEO) of Twitter, making good on a promise to the social network’s users. In a tweet on Thursday, he also said he is staying with the company but in other executive roles. Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops. — Elon Musk (@elonmusk) May 11, 2023 The new CEO, whose identity Musk did not unveil in his initial post, will be on the job within a few weeks while the current head will take responsibilities as executive chairman and chief technology officer overseeing product, software and system operations. In another tweet on Friday, he revealed that the chosen one is longtime media executive Linda Yaccarino, who will primarily focus on the business side of things while Musk prefers to concentrate on products and technologies. Yaccarino had already announced she was departing Comcast’s mass media conglomerate NBCUniversal, where she headed advertising and partnerships. She spent over a decade there after working as executive vice president and chief operating officer of advertising sales, marketing and acquisitions at Turner Broadcasting. The angel investor bought Twitter for $44 billion in October 2022 and has been running it since, while insisting that’s a temporary occupation. After the acquisition, he immediately embarked on organizational restructuring. This included massive layoffs to cut costs. He later explained that it “turns out you don’t need all that many people to run Twitter … If you don’t care that much about censorship, then you can really let go [of a] lot of people.” While managing Twitter, Musk also implemented significant policy changes, some of which have been met with criticism. He has been trying to convince users to become paid subscribers and advertisers to return to the platform. “I will resign as CEO as soon as I find someone foolish enough to take the job!” Musk tweeted in December, vowing to just run the software and servers teams after that. The pledge came after the majority of participants in a Twitter poll, which he himself created, asked him to step down. Despite previously stating he does not want to be the CEO of any company and that he views himself as an engineer, Elon Musk remains the top executive of U.S. electric car maker Tesla and spacecraft manufacturer Spacex. In March 2023, the tech entrepreneur registered a company called X.AI Corp which, according to a filing in Nevada, has him as director. In an interview in April, Musk announced he plans to create his own artificial intelligence (AI) platform called “Truthgpt” to rival the offerings of tech giants in the field. Do you think Elon Musk will continue to be directly involved in determining Twitter’s policies after his resignation? Share your thoughts in the comments section below. View the full article

Despite the broader crypto-economy experiencing a downward trajectory, dropping 1.59% in the past 24 hours and hovering around $1.11 trillion, the BRC20 token economy has bucked this trend, expanding from $279 million to over $427 million within five days. Impervious to Market Slump, BRC20 Tokens Defy the Odds Built atop the Bitcoin blockchain, the recently established BRC20 token economy has seen significant growth in the past five days. As of Thursday, May 11, its total market valuation stands at $427 million, representing a 53% increase since May 7. Moreover, there are currently 14,450 BRC20 tokens in circulation – up from 13,530 four days prior – according to brc-20.io statistics. Dune Analytics data compiled by user “cryptokoryo” reveals that the number of BRC20 transactions totaled 4,809,532 on May 12 at 10:15 a.m. (ET). Unquestionably, Bitcoin miners have relished the additional fees contributed to the network’s block subsidy in light of Ordinal inscriptions and BRC20 tokens’ arrival. Cryptokoryo’s BRC20 analytics indicate that since their inception, miners have accrued 987.34 BTC from BRC20 activities. Although BRC20 tokens have resisted the wider crypto-economy’s decline, the BRC20 economy did plunge from the $525 million range to its present $427 million value – an 18% loss within the last day. Presently, the BRC20 market boasts approximately $206,477,610 in 24-hour volume and is dominated by the token ordi in terms of market valuation. A single ordi is trading hands for $11.56 per unit. Hot on Ordi’s heels are BRC20 tokens vmpx, pepe, meme, and domo concerning market capitalization size. Alongside this burgeoning BRC20 economy, BRC20s, and Ordinal inscriptions have contributed to the Bitcoin blockchain’s current backlog. Although fees and unconfirmed transactions have decreased, between 280,000 and 310,000 unconfirmed transactions remain pending confirmation. What do you think about the BRC20 growth over the past five days? Share your thoughts about this subject in the comments section below. View the full article

Shiba inu moved close to a five-month low on Friday, as meme coins reacted to news that Elon Musk has found a new Twitter CEO. Musk tweeted, “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks.” Dogecoin neared a two-month low today. Shiba Inu (SHIB) Shiba inu (SHIB) neared a five-month low on Friday, as markets reacted to the news that Elon Musk will be stepping down as CEO. Musk, who acquired the social media company last year, has been at the helm since the takeover, but has now found a long-term replacement. Following a high of $0.000008746 on Thursday, SHIB/USD dropped to a bottom of $0.000008549 earlier in the day. As a result of this sell-off, shiba inu moved close to Monday’s low at $0.00000835, which was the weakest point the meme coin has hit since January. Looking at the chart, this latest move occurred as the relative strength index (RSI) moved deep into oversold territory, with a current reading at 23.02. This does give hope to longer-term bulls however, that a reversal could be on the cards. Dogecoin (DOGE) Dogecoin (DOGE) also moved lower in today’s session, as the meme coin neared a multi-month low of its own. DOGE/USD fell to an intraday low of $0.06957 earlier on Friday, hours after trading at a peak of $0.07268. Similar to SHIB, today’s decline almost led to dogecoin recapturing a low of $0.0692, which was its weakest level since March. DOGE has since bounced back from this earlier low, after bulls rejected a full breakout of a support point of $0.07000. As of writing, the price is now at $0.07127, which seems to have occurred as traders moved to buy the dip. Should today’s low be the hard floor, there will likely be a stronger rebound in the coming days. Register your email here to get weekly price analysis updates sent to your inbox: Could DOGE climb towards $0.08000 next week? Let us know your thoughts in the comments. View the full article

Ethereum had issues processing transactions on May 11, 2023, at around 4:13 p.m. Eastern Time on Thursday, and transaction finality issues lasted for roughly 25 minutes. Currently, developers do not know what caused the issue and the blockchain is now running normally. Ethereum Network Experiences Temporary Transaction Processing Issue The Ethereum blockchain was unable to process ETH transactions and reach consensus for approximately 25 minutes on Thursday, just after 4 p.m. (ET). Ansgar Dietrichs, a researcher at the Ethereum Foundation said: “The beacon chain had a brief period of non-finalization just now. Good illustration for the robustness of the chain — while there was some slowdown of blocks, transactions continued to be processed as usual. We are back to normal now.” Prysmatic Labs co-founder Preston van Loon also informed the public that developers were “Investigating current mainnet issues… Will post an update once we learn something.” Roughly an hour later, at 5:40 p.m., the developer wrote: Finality has been restored. We do not know the root cause yet, but something happened to cause several client implementations to work really hard to keep up with the chain. In addition to Dietrichs and van Loon, the Ethereum Beacon Chain community health consultant, Superphiz, wrote about the issue on Twitter. “The beacon chain stopped finalizing about thirty minutes ago,” Superphiz said. “I don’t know why yet, but in general the chain is designed to be resilient against this, transactions will continue as usual and finalization will kick in when the problem is resolved.” The issues come at a time when Ethereum developers have been discussing block validity conditions and the next hard fork called “Dencun.” The upgrade will feature the Ethereum Improvement Proposal (EIP) 4844, otherwise known as ‘proto-danksharding.’ After the issue with the Beacon chain was resolved, Superphiz stressed that “regardless of what caused [the transaction finality issue] we must continue hardening every vector.” What are your thoughts on the temporary disruption in Ethereum’s transaction processing on Thursday? Share your thoughts about this subject in the comments section below. View the full article

Bitcoin fell to a seven-week low on May 12, as prices dropped below the $27,000 level in today’s session. Friday’s decline came as a red wave swept through cryptocurrencies, with the market cap down 2.75% as of writing. Ethereum also slipped to its weakest point since March. Bitcoin Bitcoin (BTC) dropped below the $27,000 level in today’s session, pushing prices to a seven-week low. Following a high of $27,589.92 on Thursday, BTC/USD slipped to an intraday bottom at $26,166.87. As a result of this drop, bitcoin fell to its lowest level since March 17, when price was below the $25,000 mark. Bitcoin chart by TradingView Overall, this latest sell-off coincided with the 14-day relative strength index (RSI) breaking out of yesterday’s floor of 43.00. At the time of writing, price strength is tracking at 35.07, which is its lowest point in over two months. Should momentum continue in this current trajectory, there is a possibility that BTC could move toward $25,000 this weekend. Ethereum In addition to BTC, ethereum (ETH) was also in the red on Friday, as bears continued to control market sentiment. ETH/USD slipped to a low at $1,742.40 on Thursday, following an earlier peak of $1,835.62 the day prior. Similar to bitcoin, today’s drop in price saw the world’s second largest cryptocurrency hit its lowest point since March. Ethereum chart by TradingView A major catalyst to the move was also a breakout on the RSI, which fell out of a support point at the 44.00 zone. Currently, the index is at a reading of 39.04, which is its weakest level since March 11, when ETH traded below $1,500. Ultimately, this could be a long-term positive for bulls, who may move to buy the current dip in price. Register your email here to get weekly price analysis updates sent to your inbox: What is behind today’s red wave? Leave your thoughts in the comments below. View the full article

PRESS RELEASE. Recently, ATPBot, the first truly quantitative trading bot, announced that it can now connect to the Binance API for trading, providing users with more opportunities to trade cryptocurrencies. By registering ATPBot, connect to Binance Exchange, enter your investment amount and earn income. Users can experience an unparalleled trading experience, delivering results through mature trading strategies and professional investment management. Have you ever heard about ChatGPT? It has been a hot topic this year, for it’s changing the way we live and work. It provides personalized and accurate responses, while continuously improving its understanding through machine learning, offering unparalleled convenience and accessibility. As one of the most advanced language models, the capabilities of ChatGPT are nothing short of amazing. However, Now is the time to meet the ATPBot Crypto Trading Bot, which can be rated as the “ChatGPT” in the field of quantitative trading, for it is the first trading bot that combines AI technology with quantitative trading, having outstanding performance in trading that far exceeds the industry. Just as ChatGPT is a powerful tool for generating human-like responses to text-based queries, ATPBot is a potent instrument for generating profitable trading strategies using AI and machine learning algorithms. In addition, ChatGPT cannot offer investment advice due to its limitations, while ATPBot is designed to provide a personalized trading strategy recommendation service based on quantitative artificial intelligence analysis. By leveraging the advantages of AI, ATPBot can help you make more profitable trades and avoid the common pitfalls that lead to losses. In this way, ATPBot serves as the ChatGPT of the investment world, serving as an intelligent and reliable investment partner that can help you achieve your financial goals. Strategy backtest basic data display. What is ATPBot? ATPBot is a platform focused on quantitative trading strategy development and services. It develops and implements quantitative trading strategies for its users with the advantages of AI technology. ATPBot are intending to provide crypto investors with efficient and stable trading strategies. By analyzing market data in real time and using natural language processing to extract valuable insights from news articles and other text-based data, ATPBot can quickly respond to changes in market conditions and make more profitable trades. Additionally, ATPBot uses deep learning algorithms to continually optimize its trading strategies, ensuring that they remain effective over time. Daily fund changes, transaction volume, and fund utilization rate during the backtest period. Comparing ATPBot with other trading bots ATPBot boasts unique advantages compared to other trading bots in the market. Unlike many other trading bot platforms, which rely solely on predetermined parameters set by the trader, ATPBot adopts extensively tested and verified trading strategies. By conducting rigorous historical data analysis and market analysis, ATPBot has fine-tuned its strategies to minimize risk and losses while maximizing profits. This differs from other trading bots that have no control over the trading process and often lead to traders losing money. Moreover, ATPBot eliminates the need for users to spend endless hours manually testing different parameters or acquiring expertise in charting and indicator operations. With ATPBot, users can rely on a reliable and mature trading bot that professionally manages their investment for an efficient and effective trading experience. History of all open and close positions. Why Choose ATPBot? World-leading Technology: Cutting-edge algorithms that combine multiple factors are adopted to find profitable methods through complex data types. Simple to Use: All strategies are ready-made that do not require tuning. All you need to begin running a profitable strategy is just a simple click. Millisecond-level Trading: Real-time market monitoring to capture signals and millisecond-level response for quick operations. Ultra-low Management Fee: A permanent one-time payment to achieve a higher return on investment. Security and Transparency: All transactions are processed by the third-party exchange Binance; ATPBot has no access to your funds and we are committed to providing maximum protection for your security. 24/7 Trading: AI trades 24/7 automatically, and you can get profits even when you are sleeping at night. 24/7 Service: One-on-one service; Fix your issues quickly. Just like ChatGPT is your trusted writing and programming assistant, ATPBot is your exclusive investment analyst and faithful trading partner. Don’t miss out on the opportunity to revolutionize your investment experience with ATPBot. Register today to open the door to AI quant trading, and share the profits of AI technology algorithms with ATPBot. In addition to its platform functionality, ATPBot also boasts a professional Discord community consisting of numerous quantitative trading researchers and practitioners. Within this community, you can interact and engage with quantitative trading enthusiasts from around the world, sharing experiences and ideas. This not only enhances your trading knowledge and skills, but also allows you to learn from other people’s trading strategies and gain inspiration. Moreover, our community offers professional guidance on market trends, market analysis, and trading techniques, helping you advance further on the path of quantitative trading. 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

Consumers in the euro area have sharply raised their expectations about inflation in the coming months, the European Central Bank revealed. Survey data showing this comes after the monetary authority slowed the pace of its rate hikes last week while indicating that it’s still early for a pause. ECB Registers Heightened Consumer Expectations About Inflation Europeans believe inflation will be around 5% over the next 12 months with their median expectations rising “significantly” in March from 4.6% in February, the European Central Bank (ECB) announced on Thursday, quoting its latest Consumer Expectations Survey (CES). The poll has been conducted before the ECB’s decision to raise interest rates by 25 basis points last week. Despite slowing the pace of rate hikes, the regulator argued that while inflation has declined, underlying price pressures remain strong, signaling further raises are likely. “Uncertainty about inflation expectations 12 months ahead reached its highest level since the start of the survey in April 2020,” the central bank noted in a press release. Expectations for inflation in the next three years also increased, to 2.9% from 2.4%. At the same time, consumers expected their nominal income to increase by 1.3% over the next 12 months, compared to 1.2% in the previous survey. Expectations for nominal spending growth over the next year increased to 4.1%, from 3.9% in February. European expectations for economic growth over the next 12 months became slightly more negative, the ECB remarked, declining to -1.0%, from -0.9%. The expected unemployment rate for the same time period rose to 11.7% from February’s 11.5%. The CES is a monthly online survey of 14,000 consumers, aged 18 or over, from six euro area countries: Belgium, Germany, Spain, France, Italy, and the Netherlands. The ECB uses its results for policy analysis. The latest data supports the views of some members of its Governing Council who have maintained that further rate hikes are warranted by persisting inflation in the eurozone. Do you think consumer expectations about inflation in the eurozone will decrease in the next surveys? Tell us in the comments section below. View the full article

A French crypto trader, Thomas Clausi, is currently jailed in Morocco where he was convicted of the crime of purchasing a Ferrari using bitcoin. Clausi’s arrest and subsequent jailing came after a woman, who sold him a Ferrari for $440,000 in April 2021, filed a complaint against the crypto trader when the price of the crypto asset had dropped to just over $30,000. Crypto Trader Ordered to Pay Fine of $3.7 Million A 21-year-old Frenchman and crypto trader, Thomas Clausi, is currently serving a jail term in Morocco for allegedly buying a supercar worth $400,000 with bitcoin, a report has said. In addition to slapping Clausi with an 18-month jail term, the Moroccan court also ordered the crypto trader to pay a fine of over $3.7 million (€3.4 million). According to a report by Gararin News, trouble for the Frenchman began when a woman who sold him a Ferrari for nearly $440,000 filed a fraud case against him. Although Clausi is said to have paid the full amount in April 2021 using BTC, the unnamed woman only filed her complaint in July when the price had dropped. As shown by the crypto asset’s data, during this period, the value of one BTC fell from more than $60,000 seen in mid-April to just over $31,500 by July 17, 2021. Following the filing of the complaint, authorities in Morocco — where crypto trading is outlawed — are said to have opened an investigation. By October of that year, Clausi was convicted of the crimes of fraud and the “payment with foreign currency on Moroccan territory.” Although the price of BTC did rally to over $40,000 in December, Moroccan authorities were unmoved and still had the Frenchman thrown into prison. Although Clausi is only left with a few months before he finishes the sentence, his lawyers are reportedly still trying to secure his early release. For instance, in one hearing where they were seeking to have his sentence reduced, the lawyers told the court that Clausi had in the past bought expensive Swiss watches using crypto and that the price of BTC had similarly surged afterwards. However, instead of reducing the sentence, the Moroccan court still ordered Clausi to reimburse the seller with an equivalent of $4,200 in local currency. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Cloud mining is one of the newest, most innovative developments in the cryptocurrency space in recent years. It provides an affordable and more accessible entry point into the world of crypto mining. Various cloud mining sites have become popular as the demand for cryptocurrency mining grows. However, among the cloud mining sites that provides convenience, affordability, efficiency and flexibility, one name stands out – Gbitcoins Sustainable and Affordable Cloud Mining Services from Gbitcoins Founded back in 2016, Gbitcoins is a cloud-mining platform that has been gaining a reputation for itself for quite some time. The company owns five mining farms around the world, with members coming from over 200 countries. Gbitcoins wants to provide affordable cloud mining services so that everyone has access to large industrial data centres from the comfort of their mobile phones or laptops. One of the salient features of Gbitcoins is its use of solar and wind energy to mine in the cloud. This not only decreases the mining costs but also integrates the remaining electricity into the grid. As a result, users can access expensive hardware and their associated computing power without requiring investing in expensive appliances and hardware. Getting started with the service is also pretty easy, as all one needs is a computer or mobile phone to sign a mining contract and get started. The daily profits will start being credited to the miner’s account per their mining contract. Get Access to Affordable Cloud Mining Through the Following Packages Gbitcoins understands that its services are demanded by a wide range of miners, from smaller entities to larger players. This is why they have introduced a range of different cloud mining packages for users to choose from. Free Cloud Mining – $15 for 1 day – 9% daily rate with $15+$0.9 fixed return Bitcoin Mining – $100 for 3 days – 1.82% daily rate with $100+$5.45 fixed return Bitcoin Mining (May Day) – $300 for 3 days Litecoin Mining – $500 for 7 days – 2% daily rate with $500+$70 fixed return BitcoinCash Mining – $1500 for 14 days – 2.25% daily rate with $1,400+$472.5 fixed return Dogecoin Mining – $3000 for 21 days – 2.6% daily rate with $3,000+$1,638 fixed return Dashcoin Mining – $6000 for 30 days – 3% daily rate with $6,000+$5,400 fixed return How does Gbitcoins stand out from its competitors? Gbitcoins understands that miners have a choice when it comes to mining providers, which is why there have come up with a range of features to spate themselves from the competition. Latest technology Gbitcoins uses the latest state-of-the-art hardware from top manufacturers like Bitmain, Canaan, and Nvidia. This means that their ASIC and GPU mining gear is the newest available on the market, allowing us to offer you the most advanced technology in our mining centers. Stable profits and regular pay-outs Gbitcoins can provide stable profits. Income information is automatically updated on the portal every day. All withdrawal requests are processed automatically through the portal. Eco-friendly and sustainable All miners and cooling systems of Gbitcoins are powered by the best monocrystalline solar panels, which makes the process sustainable and affordable. Conclusion Gbitcoins offers one of the best combinations of technology, sustainability, affordability and reliability. With an expert team behind it, it hopes to become one of the top cloud mining service providers in the market. For more details, please visit https://gbitcoins.net/ This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

U.S. Treasury Secretary Janet Yellen has warned again about the consequences of the U.S. defaulting on its debt. During a press conference in Niigata, Japan, Yellen stated that this would be a self-inflicted crisis, and urged Congress to act quickly on the matter, stating that defaulting would be an unthinkable outcome on this issue. US Treasury Secretary Janet Yellen Urges Congress to Act Quickly to Avoid Debt Default U.S. Treasury Secretary Janet Yellen has urged Congress to act quickly on the issue of raising the debt ceiling to avoid a possible debt default that would bring negative consequences for the economy of the country. In a press conference in Niigata, Japan, ahead of the G7 meeting of finance ministers and central bank governors, Yellen warned again about the terrible effects that such an event would cause. Yellen declared: There is no good alternative that will save us from catastrophe. I don’t want to get into ranking which bad alternative is better than others, but the only reasonable thing is to raise the debt ceiling and to avoid the dreadful consequences that will come. Furthermore, Yellen stated that, for her, this would be a self-inflicted crisis that has no reason to be happening. She explained: There is no good reason to generate a good crisis of our own making. The U.S. Congress has raised or suspended the debt limit almost 80 times since 1960. I urge it to act quickly to do so once again. Defaulting Would Be ‘Unthinkable’ Yellen had warned before about the catastrophe that the U.S. defaulting on its debt would mean for the economic system of the country and markets worldwide. Yellen also referred to this issue this time, stating that the consequences would be unthinkable. She explained: The notion of defaulting on our debt is something that would so badly undermine the U.S. and global economy that I think it should be regarded by everyone as unthinkable. America should never default. Bipartisan negotiations on the debt limit issue have not been successful, as the Republican party demands a series of cost cuts that would affect spending in some key areas for the Democrat side, including healthcare and other social benefits. Negotiations are slated to restart this Friday, and Yellen is “very hopeful” that the two parties will be able to bridge their differences to raise the debt limit. What do you think about U.S. Treasury Secretary Janet Yellen and her take on a possible debt default? Tell us in the comments section below. View the full article

A project to build two large-scale facilities for cryptocurrency mining is underway in the United Arab Emirates (UAE). The high-tech data centers will rely on a full immersion solution to cool the power-hungry miners as the desert climate renders air-cooled mining infeasible, participants said. Advanced Crypto Mining Facilities in Abu Dhabi to Defy Cooling Challenges in Arab Peninsula Marathon Digital Holdings, a leading U.S.-based crypto mining company, and emerging blockchain infrastructure developer Zero Two, are working to launch what they say will be the Middle East’s first immersion bitcoin mining operations. The partners have formed a joint venture, Abu Dhabi Global Markets (ADGM), to develop and run two new sites for digital asset mining with a combined capacity of 250 megawatts (MW), Marathon announced in a press release providing information about the project. The larger, 200 MW facility will be constructed in Masdar City, the sustainability hub of Abu Dhabi, the capital city of UAE. The other, 50MW crypto farm will be located in the port zone of Mina Zayed, the announcement detailed. The sites will be powered with excess energy, thus increasing the base load and sustainability of Abu Dhabi’s power grid. The two companies emphasized their intention is to also offset any non-sustainably produced electricity used with clean energy certificates. Construction of the crypto mining farms is already underway and the mining equipment has been ordered. Both sites, which will have a combined hashrate of approximately 7 EH/s, are expected to come online as early as this year. Before starting the realization of the project, Marathon Digital and Zero Two launched a pilot program to establish the efficacy of a large crypto mining operation in Abu Dhabi, where the hot desert climate renders air-cooled mining infeasible. The initial results of the pilot indicate that operating mining sites in the UAE is now feasible thanks to an immersion solution to cool the ASIC miners, custom-built by the two companies, and implementing proprietary software to optimize their performance. The equity ownership in the ADGM joint venture will be 80% for Zero Two and 20% for Marathon, with capital contributions in 2023 expected to total around $406 million. The details about the mining project come after analysts recently predicted that increased regulatory pressures, energy costs, and taxes in current mining hotspots may result in a new migration of crypto miners to more favorable jurisdictions. Do you expect to see a growing number of crypto mining facilities in the Middle East? Tell us in the comments section below. View the full article