roadrunner

Dubai’s Virtual Assets Regulatory Authority (VARA) has reportedly asked Binance to share more information about the crypto exchange’s ownership structure and its auditing procedures. According to reports, Dubai regulators are still keen on fostering innovation but without comprising the security of users’ funds. Binance Asked to Provide More Information The collapse of the crypto exchange FTX prompted Dubai regulators to ask for more information from crypto license applicants such as Binance, a Bloomberg report has said. According to the April 5 report, officials from Dubai’s Virtual Assets Regulatory Authority (VARA) have in recent weeks told Binance, which already holds the minimal viable product license, to share more information concerning its ownership structure, governance, and auditing procedures. As previously reported by Bitcoin.com News, no crypto firm including Binance has been granted a full market product (FMP) license. According to VARA, only holders of this license can offer a full spectrum of their services to Dubai residents. On the other hand, Binance and a few other crypto exchanges have been granted the minimal viable product (MVP) license. This license enables the holders to offer their services of an approved range of virtual asset-related services “to suitably qualified retail and institutional investors in Dubai.” However, following the sudden collapse of Sam Bankman-Fried’s FTX, global regulators including VARA are said to have adopted a stricter stance when dealing with crypto firms. According to unidentified persons quoted in the report, the objective of this new approach is to strike a balance between fostering innovation and protecting users’ funds. Sam Blatteis, CEO of The MENA Catalysts, suggested that Dubai authorities have taken this approach because they want to maintain good relations with their Western counterparts. “VARA wants to turn Dubai into a capital for the digital-assets economy while safeguarding its business ties with Western jurisdictions like Europe that are adopting more muscular crypto regulations,” Blatteis reportedly said. Binance’s Governance Credentials Questioned Meanwhile, the Bloomberg report suggested that VARA’s stricter approach could spell trouble for Binance CEO Changpeng Zhao (CZ) who already faces legal problems in the U.S. As recently reported by Bitcoin.com News, Zhao is being sued by the Commodity Futures Trading Commission (CFTC) which accuses him and his firm of violating United States derivatives regulations. Although CZ and Binance have denied the allegations, the lawsuit’s announcement is reported to have caused many users of the exchange to exit the platform. Besides the alleged derivative rules violations, Binance is said to have a complex ownership structure. This structure as well as Binance’s lack of global headquarters have sparked questions about the crypto exchange’s corporate governance credentials. Such allegations and accusations against the crypto exchange have prompted regulators like VARA to ask for more information about Binance’s ownership structure and board procedures. The report also said other crypto exchange platforms operating in the United Arab Emirates (UAE) have similarly been asked to furnish VARA with more information about their activities. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Adrienne A. Harris, the superintendent of New York’s Department of Financial Services, has branded as “ludicrous” the claims that the closure of Signature Bank was related to its crypto business. Harris insisted that the bank’s “high percentage of uninsured deposits” and insufficient liquidity were some of the reasons why it was closed. Signature Bank’s Liquidity Challenges Head of the New York State’s Department of Financial Services (DFS), Adrienne A. Harris, recently reiterated the regulator’s stance that the closure of Signature Bank had nothing to do with its crypto banking business. According to Harris, a superintendent with the regulatory body, the decision to close the bank was taken not only because the bank had “a high percentage of uninsured deposits” but it also lacked the liquidity to meet withdrawal requests. Speaking at a recent event organized by the blockchain analysis firm, Chainalysis, Harris also dismissed assertions that her department’s closure of the Signature Bank may be part of an elaborate scheme that is aimed at strangling the crypto industry. “The idea that the taking possession of Signature was about crypto and this is ‘Choke Point 2.0’ is really ludicrous,” Harris said. As previously reported by Bitcoin.com News, after DFS announced its decision to shut down Signature Bank, board member and former U.S. lawmaker, Barney Frank, suggested that the DFS decision was motivated by its perceived negative predisposition towards crypto. Frank, who co-sponsored the 2010 Dodd-Frank Act, insisted there was no “insolvency based on the fundamentals.” Although Frank’s claims were immediately rejected by the DFS, rumours suggesting the regulator’s action against Signature Bank is part of a coordinated attack on the crypto industry have swelled. To support claims the DFS may be out to kill the crypto industry, critics of the regulator’s decision to place Signature Bank under receivership point to the financial institution’s status as the go-to bank for crypto companies. Crypto Industry’s Immature Compliance Programs However, in her latest salvo against critics, Harris claimed the crypto industry’s compliance programs still lack maturity. She explained: There is still a lack of maturity around Bank Secrecy Act-anti-money-laundering [compliance] and cybersecurity. We’re eager for the day when those systems mature and scale as the business side does. Meanwhile, a report in the Wall Street Journal said the DFS is about to finalize regulations that give it authority to assess the crypto industry. This according to the report will enable the DFS to sync its regulation of the crypto industry with how it assesses the insurance and banking sectors. Concerning the fees paid by companies for their examinations, the report quotes Harris revealing that such revenues will be added to DFS’ resources. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Ukrainian law enforcement has exposed a financial pyramid originating from Russia suspected of making millions of U.S. dollars. The scam convinced victims to send fiat money and cryptocurrency by promising profitable investments in big companies around the world. Large Crypto Pyramid Scheme With Russian Roots Busted in Ukraine Officers from the Security Service of Ukraine (SBU) have unraveled a fake investment scheme called ‘Life Is Good,’ the agency announced on Tuesday. The fraudsters behind it offered potential clients to multiply their money by acquiring shares of global enterprises. The organizers of the large-scale pyramid scheme allegedly received almost $40 million dollars from more than 1,000 people they managed to defraud. The victims were instructed to transfer the money directly to the crypto wallets and bank accounts of the scammers. Life Is Good had an online platform maintaining fake investor accounts. Customers were promised deals bringing stable profits in the form of dividends and “guaranteed” bonuses if they were able to attract new participants to the project. According to the Ukrainian investigators, more than 10 people have been involved in the criminal organization, mostly Russian nationals. The financial pyramid, which was launched in the Russian Federation in 2017, had a local branch in Ukraine. Following Russia’s full-scale invasion that started in late February, 2022, the organizers tried to conceal their involvement in the scheme by elaborating a mechanism to collect cryptocurrencies through a network of exchanges operating throughout Ukraine. Working with their colleagues from the Ukrainian police and prosecutors, the SBU officers searched Life Is Good’s offices in Kyiv, seizing computers, mobile phones, accounting documents, and other records suggesting criminal activity as well as advertising materials. Law enforcement agencies in Ukraine, a regional leader in cryptocurrency adoption, have been improving their crypto expertise. According to a report in March, employees of the country’s Cyberpolice, the Asset Recovery and Management Agency, and the SBU attended training classes organized by Binance, the world’s leading digital asset exchange. In November, the Cyberpolice, which is the nation’s cybercrime combatting unit, dismantled a crypto fraud scheme allegedly making €200 million a year ($207 million at the time) by luring investors through a chain of representative offices and call centers across Europe. Why do you think the alleged Russian crypto fraudsters continued to operate in Ukraine after the war broke out? Share your thoughts on the case in the comments section below. View the full article

The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight. U.S. Treasury Report Assesses Risks Associated With Decentralized Finance The U.S. Treasury released a report on April 6, 2023, that assesses the purported risks of defi. “The risk assessment explores how illicit actors abuse defi services and vulnerabilities unique to defi services to inform efforts to identify and address potential gaps in the United States’ AML/CFT regulatory, supervisory, and enforcement regimes,” said the national treasury and finance department. The report was written by Treasury officials, including Brian Nelson, the Treasury’s undersecretary for terrorism and financial intelligence. “Defi services at present often do not implement AML/CFT controls or other processes to identify customers, allowing layering of proceeds to take place instantaneously and pseudonymously, using long strings of alphanumeric characters rather than names or other personally identifying information,” the report adds. It also acknowledges that some firms are providing AML/CFT controls and that onchain surveillance companies exist. However, Nelson and the report’s authors maintain that these controls and monitoring practices “do not adequately address the identified vulnerabilities on their own.” The defi report also discusses how the Treasury intends to strengthen federal oversight and regulatory policies. The authors emphasize that “centralized virtual asset service providers (VASPs) and industry solutions can partially mitigate some of these vulnerabilities.” The Treasury Department stated that regulations that cover traditional finance should also apply to decentralized finance, and regulators must close specific gaps that cybercriminals, money launderers, and scammers currently exploit. Interestingly, despite the report’s 42-page length, the Treasury report authors conclude by stating that illicit finance “remains a minor portion of the overall virtual asset ecosystem.” On page 36 of the report, which covers the conclusion, recommended actions, and posed questions, the researchers emphasize that most nation-state adversaries and cybercriminals do not typically use crypto assets or defi for illicit financing. “Moreover, money laundering, proliferation financing, and terrorist financing most commonly occur using fiat currency or other traditional assets rather than virtual assets,” the report’s authors conclude. What do you think about the U.S. Treasury report that assesses the purported risks associated with defi? Share your thoughts about this subject in the comments section below. View the full article

On Wednesday, Marjorie Taylor Greene (MTG), a Republican member of the U.S. House of Representatives, shared an article about the Federal Reserve’s Fednow project and criticized the central bank’s digital currency efforts. The representative from Georgia insisted that the U.S. should return to the “gold standard” and said she’s taking a “hard pass” on digital currency payment systems. MTG Blasts U.S. Central Bank’s Fednow Digital Currency Program Representative Marjorie Taylor Greene (R-GA) is known for her controversial statements and is not shy about expressing her opinions. The American politician and businesswoman has represented Georgia’s 14th congressional district since 2020. On April 5, she criticized the U.S. central bank’s Fednow project, stating that the U.S. should return to the gold standard rather than relying on digital currency payment systems. “Hard pass,” added the Congress member. Like other Republican politicians, Greene, or MTG, does not seem to support a central bank digital currency (CBDC). Texas senator Ted Cruz and Florida governor Ron DeSantis have introduced legislation against CBDCs. The stance of MTG on permissionless cryptocurrencies such as bitcoin (BTC) and ethereum (ETH) is “unclear,” according to Coinbase’s report on the Georgia representative. Coinbase’s report, which covers Congressional leaders’ opinions on crypto assets, states that there is “not enough data to determine” Greene’s official stance. However, the report does mention that MTG spoke out on Twitter against Canadian prime minister Justin Trudeau’s actions against a convoy of truckers. “As Trudeau has gone full dictator in Canada and is stealing Canadians’ crypto wallets, Democrats and big banks are lining up to take their cut of #crypto and #blockchain,” tweeted Greene. “Joe ‘the big guy’ Biden always gets his cut. Protect crypto owners’ rights,” she added. The Georgian politician also appeared on the “America First with Sebastian Gorka” podcast in an episode titled “Your Bitcoin is in Danger.” During a press briefing in November 2022, MTG discussed the alleged theory that donated crypto funds sent to Ukraine were transferred to Sam Bankman-Fried’s FTX. Many people believe that a CBDC would be a disastrous idea for the United States. Economist Richard Werner recently called the July launch of Fednow “suspicious.” Former Republican congressman from Texas, Ron Paul, also criticized the Fednow payment system three years ago, encouraging crypto competition instead. He stated, “I’m all for cryptocurrencies and blockchain technology because I like competing currencies.” Senator Elizabeth Warren (D-MA), who has referred to herself as “anti-crypto,” recently denounced competing currencies like bitcoin and called for the U.S. to move towards a CBDC. What are your thoughts on Marjorie Taylor Greene’s criticism of the Fednow project and her call to return to the gold standard? Do you agree with her stance? Share your thoughts about this subject in the comments section below. View the full article

Dogecoin was one of Thursday’s biggest movers, as the meme coin fell by as much as 9%. The decline comes as market sentiment begins to shift, following huge gains to start the week. Litecoin was also in the red today, with prices hovering near the $90.00 level. Dogecoin (DOGE) Dogecoin (DOGE) fell for a third consecutive session on Thursday, as market sentiment shifted bearish, following strong gains to start the week. DOGE/USD dropped to a low of $0.08857 earlier in the day, which comes less than 24-hours after trading at a high of $0.09804. The meme coin rose to a four-month high earlier in the week, after Twitter changed its logo to a cartoon image of Doge. Since then, traders have appeared to abandon earlier long positions, instead opting to secure profits. As a result of this latest decline in price, the relative strength index (RSI) has now fallen below a long-term floor at 60.00. At the time of writing this, the index is now tracking at 59.59, with a strong chance of further declines. Litecoin (LTC) Another notable mover on Thursday was litecoin (LTC), which fell towards the $90.00 level. Following a high of $94.44 in yesterday’s session, LTC/USD dropped to a bottom at $90.22 earlier in the day. Overall, it appears that this decline was a result of upwards momentum easing, as the token approached a key price point of $95.00. In addition to this, the RSI also failed to break out of its own ceiling at 57.00, giving way to a resurgence of bearish activity. Price strength is now tracking at 52.26, which is the weakest point for the index since March 31. A floor at 51.00 is seemingly the target for bears, and should the point be reached, there is a good chance that LTC will be below $90.00. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect litecoin to move above $95.00 this week? Let us know your thoughts in the comments. View the full article

After the Ordinal inscription process gained significant traction on the Bitcoin blockchain with more than 800,000 inscriptions to date, a new trend of non-fungible token (NFT) technology has emerged called Bitcoin Stamps. The image-storing technique is a new way of storing images on Bitcoin, and so far, more than 8,000 stamps have been minted. From Ordinals to Stamps: A New Way to Store Images on Bitcoin Materializes Bitcoin enthusiasts have been introduced to a new method of storing images on the Bitcoin network that’s different from the Ordinal inscription process that has become a popular trend in recent months. The new Bitcoin Stamp scheme was created by the Twitter user Mike in Space, and a summary of the project is hosted on Github. Basically, the technology provides a way to split an image into numerous unspent transaction outputs (UTXOs) by encoding it in Base64 text and leveraging the Counterparty protocol to broadcast it to Bitcoin. Bitcoin Stamps cannot be pruned like witness or signature data, and creating a Stamp is pricier than Ordinal inscriptions. Because of the expense, the Github summary of Bitcoin Stamps says, “the fewer the bytes, the better,” and recommends using “24×24 pixel, 8-color-depth PNG or GIF” files. On March 31, 2023, the first 600 Bitcoin Stamps were stamped, and as of writing, there’s more than 8,000 stamps. A directory of Bitcoin Stamps is hosted at stampchain.io, and the project also has support from Counterparty’s xchain.io. There are also collections like Pixel Gods, and Bitcoin Stamps can be found on the Counterparty assets portal kaleidoscopexcp.com. You may not like it, but this is what peak performance looks like.#Bitcoin Stamps pic.twitter.com/xzpjR7sZCC — Mike In Space! (@mikeinspace) April 3, 2023 The first Bitcoin Stamp, Stamp 0, was created four weeks ago on March 7, 2023, at 1:19 a.m. UTC. Of course, similar to Ordinals, there has been criticism of Bitcoin Stamps. When Mike in Space shared an image of a flow chart showing Bitcoin Stamp transactions, one person replied, “This is intentionally bloating the UTXO set rather than putting data in the witness… Why would you do this…?” Mike responded, saying, “Witness data is prunable. The intent is permanence.” Others were enthusiastic about the project and asked how they could participate. Despite some opposition, at the end of the day, anyone can mint Bitcoin Stamps at any time without permission. What do you think about the emergence of Bitcoin Stamps as a new image-storage trend on the Bitcoin blockchain? Let us know your thoughts in the comments section below. View the full article

According to the P2P Foundation forum, the mysterious creator of Bitcoin, Satoshi Nakamoto, has ostensibly turned 48 today on April 5, 2023. More than 14 years ago, Nakamoto introduced Bitcoin to the forum members, noting that the inventor “developed a new open-source P2P e-cash system called Bitcoin.” The Significance of April 5 in the History of the U.S. Monetary System and Its Connection to Bitcoin’s Creator Just over 14 years ago, Satoshi Nakamoto registered with the P2P Foundation forum to share information about Bitcoin. According to Nakamoto’s P2P Foundation page, the mysterious creator chose a birthday of April 5, 1975. In addition to revealing the birthday date, Nakamoto identified as male and claimed to be from Japan. Other than those sparse details, no additional information about Nakamoto can be gathered from the P2P Foundation forum. If the registered April 5, 1975, birthday is factual, Nakamoto would have turned 48 years old today. On Wednesday, cryptocurrency proponents discussed the relevance of Nakamoto’s alleged birthday and why Bitcoin’s creator may have chosen that specific date on the Reddit forum r/cryptocurrency. The Redditor who started the discussion explains how many Bitcoiners believe that April 5 was chosen because it was the day U.S. president Franklin D. Roosevelt confiscated gold from Americans and banned its ownership. Ratified in 1933, Executive Order 6102, signed by FDR, forbade “the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” The ban on gold ownership in the U.S. wasn’t repealed until December 31, 1974. Interestingly, Nakamoto’s birth year followed the repeal by one year. The Redditor u/KAX1107, who published the r/cryptocurrency post, explained: 1975 is the year U.S. citizens were allowed to own and trade gold again, after Nixon unilaterally dissolved the existing Bretton Woods system and canceled the convertibility of the U.S. dollar to gold in 1971, introducing the ‘paper standard.’ Nixon said this measure would be ‘temporary,’ but he lied. 52 years later, here we are. u/KAX1107 is not the first, nor the only person to believe in the connections between the dates Nakamoto chose. Many other Bitcoin supporters wholeheartedly believe that the date Nakamoto chose was for this very reason. Bitcoin supporters have been celebrating Nakamoto’s alleged birthday for years, and many continue to support the gold confiscation theory. Several theories attached to Nakamoto’s pseudonymous identity have emerged over the years, and it is widely assumed that Bitcoin’s creator left a number of secret Easter eggs in his messages. After registering with the P2P Foundation forum, Nakamoto used it for one purpose: spreading the message about Bitcoin’s benefits and the latest software. On February 11, 2009, 14 years ago, Nakamoto wrote, “I’ve developed a new open source P2P e-cash system called Bitcoin. It’s completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. Give it a try, or take a look at the screenshots and design paper.” What do you think about the theory that Satoshi Nakamoto chose his alleged birthday based on its connection to the U.S. gold ban? Do you believe there is any significance to this coincidence, or is it simply a fun coincidence? Share your thoughts in the comments section below. View the full article

Xrp rose for a second consecutive session on Wednesday, as the token continued to move away from a recent price floor. Since hitting an eleven-month high a week ago, the token has mostly consolidated. Avalanche was also in the green, as prices hit a one-week high. XRP XRP, formerly ripple, was a notable gainer in today’s session, as prices continued to move away from a recent support point. Following a low of $0.4972 on Tuesday, XRP/USD raced to an intraday high of $0.5256 earlier in today’s session. This came as bulls continued to move away from a floor at $0.49500, following a breakout earlier in the week. Looking at the chart, it appears that this took place as the 14-day relative strength index (RSI) bounced from a support of its own at 59.00 . At the time of writing, the index is tracking at 61.24, with the next visible ceiling at the 63.00 mark. As a result of this upcoming hurdle, earlier bulls have already moved to liquidate gains, with XRP now trading lower at $0.5137. Avalanche (AVAX) Another notable gainer on Tuesday was avalanche (AVAX), which moved to a one-week high. AVAX/USD moved to a peak at $18.31 earlier in today’s session, after falling to a low of $17.29 the day prior. The surge saw avalanche climb to its strongest point since March 23, and came following a move beyond a ceiling at $18.00. Since then, earlier gains have somewhat fallen as a result of the RSI hitting a wall at the 56.00 level. Price strength is now tracking at 55.63, which has resulted in AVAX once again trading below $18.00. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect avalanche to move back above $18.00 this week? Let us know your thoughts in the comments. View the full article

An idea to establish an Asian Monetary Fund has caught the attention of the Chinese leadership, the head of the Malaysian government revealed. The prime minister believes there is no reason for his country, which is hurting from a strong U.S. dollar, to remain dependent on the greenback. Malaysia Prepares to Trade With China in National Currencies, Limit Reliance on Dollar China is open to talks with Malaysia on a decades old proposal to set up an Asian Monetary Fund that can reduce reliance on the U.S. currency, Malaysian Prime Minister Anwar Ibrahim announced, quoted by Bloomberg. Anwar, who also serves as Malaysia’s minister of finance, pitched the idea at the Boao Forum last week when he emphasized on the need to cut dependence on the International Monetary Fund (IMF) as well. On Tuesday, he told Malaysian lawmakers: When I had a meeting with President Xi Jinping, he immediately said, ‘I refer to Anwar’s proposal on the Asian Monetary Fund,’ and he welcomed discussions. The head of the Malaysian government was reporting on the results of his recent state visit to the People’s Republic. He also said that Malaysia’s central bank is already working on enabling the two nations to start trading in their respective national fiats, ringgit and renminbi. An expensive U.S. dollar has been weakening currencies in the region and creating headaches for nations like Malaysia, which is a net importer of food items, the report remarks. Last fall, the ringgit, among other currencies, saw multi-decade lows against the greenback. Anwar Ibrahim reminded that he initially circulated the proposal for an Asian Monetary Fund when he first took the job of finance minister in the 1990s. At the time, the idea did not gain sufficient traction as the U.S. dollar was seen as strong, he admitted, while pointing out: But now with the strength of the economies in China, Japan and others, I think we should discuss this — at least consider an Asian Monetary Fund, and, secondly, the use of our respective currencies. Anwar’s statements come after the finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), of which Malaysia is a member, discussed decreasing their countries’ dependence on western currencies like the dollar. During a meeting in Indonesia at the end of March, they also explored ways to promote the use of local currencies in trade settlements. Do you think an Asian Monetary Fund will be formed in the near future? Share your expectations on the matter in the comments section below. View the full article

Bitcoin broke out of a resistance level of $28,500 on April 5, as crypto markets continued to react to economic data from the United States. Job openings in the U.S. fell below 10 million for the first time since 2021, which comes as employers began to reduce hiring efforts. Ethereum moved closer to $2,000, hitting a fresh eight-month high today. Bitcoin Bitcoin (BTC) broke out of a key resistance level on Wednesday, with traders now targeting a move beyond the $29,000 mark. Following a low of $27,979.75 on Tuesday, BTC/USD moved to an intraday high of $28,739.24 earlier in today’s session. The move saw bitcoin climb above a recent ceiling of $28,500, hitting a four-day high in the process. Bitcoin chart by TradingView Overall, it appears that the move occurred once the relative strength index (RSI) bounced from a recent floor at 58. As of writing, the index is tracking at 62.48, with the next visible ceiling of 65.00 a possible target for bulls. There is a strong possibility that BTC will be above $29,000 if and when this resistance point is hit. Ethereum In addition to BTC, ethereum (ETH) was also in the green, with prices climbing to a fresh eight-month high. ETH/USD moved to a high of $1,921.27 earlier in the day, which comes a day after trading at a low of $1,855.37. As a result of this rally, ethereum went back to its strongest point since August 17, when price hit a peak of $1,957. Ethereum chart by TradingView This latest surge has pushed price strength to a current reading of 65.87, which is marginally below a ceiling at 66.00. Due to this, some earlier bulls have moved to take profits, which has led to ETH falling from the day’s high. At the time of writing, ethereum is trading at $1,915.88. Register your email here to get weekly price analysis updates sent to your inbox: What is behind today’s surge in ethereum? Leave your thoughts in the comments below. View the full article

As Ripple and the U.S. Securities and Exchange Commission (SEC) persist in their legal dispute over XRP’s classification as a security, the consequences for both parties and the wider cryptocurrency market cannot be understated. This case offers a unique opportunity to attain much-needed regulatory clarity, which could ultimately promote growth and stability throughout the sector. Ripple should embrace this prospect wholeheartedly. The following opinion editorial was written by Joseph Collement, General Counsel at Bitcoin.com. Recent events, such as a rise in XRP’s value and an increase in open interest in the futures market, indicate mounting optimism about Ripple’s chances of triumphing in its lawsuit against the SEC. This positive sentiment is fueled by the anticipation that a Ripple victory could solidify XRP’s legal status in the U.S. market, prompting further price surges and potentially sparking an “alt season” where alternative cryptocurrencies outperform Bitcoin and Ethereum. But what does a win truly mean for Ripple? Examining the potential outcomes and their implications is crucial to understanding the importance of securing a favorable court judgment. Confidential Settlement The SEC and Ripple could reach a private settlement agreement. In this scenario, the terms of the settlement remain undisclosed, and the case does not proceed. While this outcome may offer some respite for Ripple, it is unlikely to provide guidance or clarification regarding the regulatory status of XRP and similar tokens. Public Settlement The SEC and Ripple could reach a settlement agreement that is disclosed publicly. This typically involves the company agreeing to pay a fine, register the token as a security, or adhere to specific regulatory requirements. If XRP were to be registered as a security, it could have wide-ranging repercussions for Ripple and the broader industry, as the classification would likely impede the token’s adoption and hamper innovation in the field. SEC Drops the Case Although improbable and a significant victory for Ripple, this result could occur if the SEC determines that it lacks sufficient proof to substantiate its allegations or if it decides that pursuing the case is not in the public interest. This outcome would certainly be a major win for Ripple. However, it would not provide clarity on whether similar tokens are securities, leaving the industry in a state of ambiguity and possibly deterring newcomers. Ruling that XRP is not a Security If the court rules in favor of Ripple, it could determine that XRP is not a security. This outcome would establish a legal precedent for the industry, strengthening the legitimacy of XRP and other similar tokens. A win for Ripple would also deal a significant blow to the SEC’s systematic attempt to claim jurisdiction over crypto assets. However, it is important to note that such a ruling may be subject to appeals, extending the legal battle and creating further uncertainty. Ruling in Favor of the SEC This outcome determines that XRP is a security in the U.S. and will embolden the SEC to continue its regulatory crusade against crypto assets, further impeding the industry’s growth. While a settlement may alleviate Ripple’s risk of an unfavorable ruling, given Ripple’s chances of winning its lawsuit as inferred by the market, the company should rise to the challenge and seize the opportunity to shape the future of the cryptocurrency industry. Obtaining a favorable judgment, especially with a published opinion from the court, will establish a legal precedent, offer desperately-needed clarity on token classifications, demonstrate Ripple’s commitment to industry principles, solidify XRP’s long-term legitimacy, and influence global regulatory approaches. The entire industry is watching, and Ripple has the potential to leave a lasting impact on the world of crypto. What outcome do you think is most likely in the ongoing legal battle between Ripple and the SEC, and how do you believe it will impact the wider cryptocurrency market and the future of token classification? View the full article

PRESS RELEASE. ProBit Global, a top 20 cryptocurrency exchange, looks forward to continued success in launching exciting and promising crypto projects through its IEO platform, while providing its users with unparalleled profit opportunities. ProBit Global remains buoyant on Initial Exchange Offerings While the past few years have seen significant challenges in the cryptocurrency IEO space, ProBit Global has shown no signs of slowing down as the exchange aims to offer its customers and users outstanding value when it comes to budding blockchain-based projects. Since 2019, ProBit Global has built a wealth of experience in creating and tailoring Initial Exchange Offerings, successfully running over 400 rounds of IEO. For clients looking to launch their blockchain projects, ProBit Global’s proven record of IEO fundraising can provide the impetus needed to reach their development goals. For users on the ProBit Global exchange, IEOs continue to offer affordable entry points into exciting blockchain projects, along with early access to crypto tokens boasting huge upside potential. Building a trusted IEO platform Despite recent downturns in market activity, ProBit Global has managed to retain its position as a leading crypto IEO platform. Clients and users can be confident that the exchange’s experienced team adheres to stringent regulatory practices. Users can rest assured that IEO projects are thoroughly vetted, with a wide range of checks required before projects are successfully launched. Unlike other cryptocurrency exchanges, ProBit Global is proactive in introducing projects at early stages, which can generate large-scale long-term gains. An exciting IEO opportunity awaits ProBit Global’s latest IEO features a project called Spread Wisdom (SWIM), the world’s first wisdom utility platform to offer rewards. SWIM aims to empower and engage users by providing incentives created by a world-class team of researchers and quantitative experts in the blockchain and gaming industry. This blockchain-based effort is an innovative and exciting way for the new generation to learn about financial literacy and promote critical thinking and problem-solving skills. Users interested in participating in the SWIM – Spread Wisdom IEO can get a 15% token bonus by purchasing SWIM using PROB, the native utility token of the ProBit Global platform. Alternatively, users can gain a 7% token bonus by purchasing SWIM using USDT, BTC or ETH. With Round 2 of the SWIM – Spread Wisdom IEO currently underway, investors can take advantage of a lower buy-in price and a highly favorable vesting period. Find out more about this exciting IEO opportunity here. Notable ProBit Global IEOs Proof of ProBit Global’s success in the crypto IEO space is evident in the long-term price gains of projects such as VERASITY (VRA), Steemhunt (HUNT) and SmartKey (SKEY), to name a few. The VERASITY IEO allowed investors to buy in at $0.015 and reached gains of 5.8X, with an all-time high of $0.0869. Both HUNT and SKEY tokens saw prolific gains from their IEO prices of $0.02 and $0.03, to ATHs of $2 and $0.32 respectively. What next for IEOs on ProBit Global? IEOs on ProBit Global can provide a major boost to fledgling projects, as the exchange is able to provide significant reach and exposure by marketing the token to their various regional user bases, while also building investor confidence thanks to extensive security measures. ProBit Global’s comprehensive suite of marketing activities allow companies to tap into rapidly growing crypto markets across the globe, with active communities across the Asia-Pacific and European regions. As of April 2023, Probit Global has launched more than 170 crypto projects, raising over $50 million dollars in funding. The exchange plans to retain IEO as a staple of its arsenal as a highly cost-effective means of generating capital for promising blockchain projects. About ProBit Global Founded in 2018, ProBit Global is a Top 20 cryptocurrency platform featuring access to more than 800 cryptocurrencies and over 1000 different markets. ProBit Global aims to position itself as a world-class exchange for both crypto enthusiasts and novice investors, and boasts a user base of more than 2,000,000 active users, globally. With a powerful crypto trading interface, easy integration for automated crypto trading bots, fiat on-ramp support for 45 currencies, and a multilingual website in 46 languages, ProBit Global has all the features to make your cryptocurrency trading experience easy. To learn more, visit probit.com. ProBit Global Telegram: https://t.me/ProBitGlobalOfficial DISCLAIMER: The information provided on this website is for informational purposes only and does not constitute financial advice. ProBit Global is not responsible for any losses or damages arising from the use of this website or any of the information contained herein. Trading in cryptocurrencies carries a high level of risk and may not be suitable for all investors. We strongly recommend that you seek independent financial advice before making any investment decisions. 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

Despite being touted as a game-changing innovation, the decentralized finance (defi) ecosystem is still not connected to fiat rails largely because of regulatory and compliance issues, Torsten Stuber, the CTO at Pendulum says. According to Stuber, the defi ecosystem will succeed in getting more traditional financial institutions on board once “a substantial amount of liquidity needed to facilitate efficient trading” is in place. Defi’s Perceived Lack of Regulation a Barrier to Adoption In addition, Stuber, whose firm uses the Polkadot blockchain to bring fiat networks to the decentralized finance ecosystem, suggested increased education and awareness as the other ways defi proponents can bring traditional financial institutions on board. The Pendulum CTO also shared his views on central bank digital currencies (CBDCs), and their benefits and likely risks to defi. In written responses sent to Bitcoin.com News Stuber also explained why the integration of CBDCs into defi systems is something that goes against the very essence of decentralization. The CTO also explained why having more collateral could be a solution to the problem of stablecoins depegging during extreme market events. Below are Stuber’s responses to the questions sent by Bitcoin.com News. Bitcoin.com News (BCN): The foreign exchange market is believed to be a more than $6 trillion market that runs on the infrastructure built by traditional financial institutions. Some have suggested that forex trading based on decentralized finance (defi) can potentially improve the efficiency of, or access to, this market. However, for this to happen, some argue that the defi space needs to be developed further. To help readers understand why defi is potentially a game changer, can you briefly define decentralized forex trading and how this could potentially benefit traditional businesses, fintechs, or even traders? Torsten Stuber (TS): Decentralized forex trading refers to the process of conducting foreign exchange transactions on a decentralized platform, typically built on a blockchain network. By leveraging smart contracts and automated market makers (AMMs), decentralized forex trading aims to improve the efficiency, transparency, and accessibility of the traditional forex market. To be more specific, I particularly want to stress the following advantages. First, decentralized forex trading will lower transaction costs by eliminating intermediaries. Second, blockchain-based platforms record all transactions on a transparent distributed ledger – this can help minimize market manipulation and fraudulent activities. Third, traditional forex markets operate within specific trading hours, depending on the region, whereas decentralized forex trading platforms function round-the-clock, allowing businesses and traders to conduct transactions anytime and anywhere; even more, they facilitate seamless cross-border transactions, bypassing geographical restrictions. Finally, the cryptographic principles underlying blockchain technology provide a more secure infrastructure for conducting forex transactions. The integration of smart contracts enables the creation of customizable, automated financial services, such as specialized forex automated market makers (AMMs), lending protocols, and yield farming opportunities. This can unlock new revenue streams for fintechs and traditional businesses. By integrating traditional forex markets with DeFi applications, Pendulum aims to create a shared financial infrastructure that bridges the gap between centralized and decentralized finance. (BCN): Despite boasting advantages over conventional finance, the defi ecosystem is still not as connected to fiat rails as some would have liked. What do you think are some of the reasons for this state of affairs? TS: Connecting fiat rails to Defi presents several challenges, which have limited the widespread adoption of a decentralized forex. One of the most important challenges is regulatory and compliance issues: Defi platforms typically operate in a decentralized, permissionless manner, which can create uncertainty in terms of regulatory compliance. As traditional financial institutions are subject to strict regulations, bridging the gap between fiat and Defi ecosystems requires addressing these concerns and ensuring adherence to applicable laws and regulations, such as AML/KYC requirements. Furthermore, there are liquidity concerns. On-chain forex requires a substantial amount of liquidity to facilitate efficient trading and reduce price slippage. However, attracting liquidity from traditional forex markets to Defi platforms remains a challenge, as many institutional investors are still hesitant to venture into the crypto space. The complexity of Defi platforms and the lack of understanding around their potential benefits may deter traditional businesses from engaging in on-chain forex activities. Increased education and awareness are needed to promote its adoption. To overcome these obstacles, Pendulum aims to build a blockchain platform that combines traditional finance with Defi. By addressing regulatory concerns, enhancing liquidity, improving technological capabilities, and promoting education, Pendulum can help to establish a shared financial infrastructure for on-chain forex. BCN: It can be argued that one of the main challenges that traditional finance companies face when trying to adopt or incorporate defi is the perceived lack of regulation. In your opinion, is it possible for traditional financial institutions to be able to interact with defi platforms without finding themselves on the wrong side of regulations? TS: Traditional financial institutions can adopt Defi while maintaining compliance with regulations by focusing on a few strategies. One of the most important activities is to proactively collaborate with regulators: engaging in open dialogue with regulatory bodies can help to better understand the evolving regulatory landscape and ensure that any interaction with Defi platforms complies with applicable laws. Proactively working with regulators can also help shape future policies that facilitate a smooth integration of Defi into the traditional financial ecosystem. Additionally, Tradfi [traditional finance] companies should adopt strict anti-money laundering (AML) and know-your-customer (KYC) procedures when dealing with Defi platforms. Another strategy is to collaborate with established and compliant Defi providers – these partnerships can help develop compliant Defi solutions tailored to the needs of traditional finance companies. I would also recommend that institutions invest in training programs to educate their employees about Defi, its potential benefits, and associated regulatory challenges. This knowledge can help organizations make informed decisions and navigate the regulatory landscape more effectively. BCN: On the topic of central bank digital currencies (CBDCs), proponents of the assets have often touted such digital currencies as better alternatives to privately created or issued coins. Some of these advantages are the ability to trace funds which allows authorities to target criminals that move funds via the traditional financial system. However, the same CBDCs come with risks that are not palatable to defi users. In your opinion, what do you think are some of the biggest risks associated with CBDCs for defi users and what degree of anonymity or traceability should these central bank-issued digital currencies ideally offer? TS: Central Bank Digital Currencies (CBDCs) present both opportunities and risks for DeFi users. The main difference from decentralized assets is that they are issued and controlled by central banks. For that reason, they are subject to strict regulatory oversight and may involve extensive monitoring and data collection. DeFi users may face new regulatory requirements or restrictions when using CBDCs on DeFi platforms, or they may face the potential loss of privacy compared to using cryptocurrencies. CBDCs, by nature, are centralized currencies. The integration of CBDCs into DeFi systems could introduce centralized points of control and potentially weaken the decentralized nature of these platforms, impacting the core principles of DeFi. Regarding the degree of anonymity or traceability of CBDCs, a balance must be struck between ensuring user privacy and enabling sufficient traceability to prevent illicit activities such as money laundering and tax evasion. Central banks may choose to implement varying degrees of anonymity or pseudonymity for CBDCs, offering privacy for users up to a certain transaction limit or implementing tiered identity verification requirements based on transaction size or risk. BCN: We recently had a few episodes of stablecoins depegging or disappearing totally and this has raised a lot of questions. As many have learned, extreme events often cause tokens that are pegged against local fiat currencies to lose their value. How would you ensure that the tokens pegged to local fiat currencies don’t depeg in extreme events? TS: This very much depends on the pegging mechanism. We particularly support one-to-one fiat-backed tokens that can be freely on-ramped and off-ramped anytime and in a compliant manner by exchanging one unit of the fiat currency for one token and vice versa. For such tokens, the risk of de-pegging can be lowered by guaranteeing a frictionless and highly efficient off-ramping and on-ramping mechanism and creating user trust that such a mechanism will always be available (e.g., by proving that sufficient reserves are available). For more complex stablecoin constructs, one should adopt a mix of strategies to mitigate risk. Stablecoins pegged to local fiat currencies should be adequately backed by a basket of diversified assets, such as cash or short-term government bonds. In the case of crypto-collateralized stablecoins, requiring over-collateralization can help mitigate the risk of de-pegging. By holding more collateral than the value of the issued stablecoins, the system can better absorb fluctuations in the collateral’s value and maintain the peg during extreme market conditions. As a general principle, ensuring transparency and conducting regular audits can help build trust and credibility in the stablecoin’s backing assets and stabilization mechanisms. This transparency can help users monitor the token’s stability and make informed decisions, contributing to overall market stability. BCN: Your firm is reported to have teamed up with Getpaid Africa to enable on and off-ramp connections between Pendulum’s defi network and East African currencies. Why did you choose the East African markets for this sort of initiative? TS: African and particularly East African markets present a unique opportunity for such a partnership. East Africa has experienced rapid growth in mobile money services. This widespread adoption of digital financial services provides a solid foundation for introducing Defi solutions that can seamlessly integrate with existing mobile money platforms, making it easier for users to access and adopt Defi products. In addition, some East African countries have shown a relatively progressive and forward-looking approach to digital financial services and cryptocurrencies – this favourable regulatory environment can facilitate the adoption of Defi solutions. There is high demand for innovative financial services. A significant portion of the population in East Africa remains unbanked or underbanked. By offering accessible Defi solutions, Pendulum and Getpaid.Africa can help promote financial inclusion for these underserved communities. The East African region receives a substantial amount of remittances. Pendulum can help streamline remittance processes, reduce transaction fees, and provide faster, more secure cross-border transactions. What are your thoughts about this story? Let us know what you think in the comments section below. View the full article

Egon von Greyerz, market analyst and founder of Matterhorn Asset Management, is predicting the collapse of the central bank system in the next few years due to an increasing issuance of currency and debt. Von Greyerz states that in the face of an economy with no buyers, the only hedge will be tangible assets, including gold and silver. The Collapse of ‘Everything’ Egon von Greyerz, the founder of Matterhorn Asset Management, has recently expressed his worries about the situation of the central banking system in an article titled “The Everything Collapse,” where he details how the economy could collapse in the coming years, calling for people to hedge their savings in gold and silver. Von Greyerz states that the current macroeconomic problems are derived from the uncontrolled issuance of fiat money and debt, manipulated by the movements of central banks. He believes that the 2008 market collapse, the subprime mortgage crisis, the wild swing in the rates of treasuries, and the inflation boom have all been produced by the current central banking system. Von Greyerz states: The debt which has built up has now reached levels which means the financial system is now too big to survive. Von Greyerz explains that central banks are vigilant to stop bank collapses, as evidenced by what already happened with Silicon Valley Bank and Credit Suisse. However, he believes the issued controls, like the insurance set by the Federal Deposit Insurance Corporation (FDIC), which insures only 0.7% of the $18 trillion in deposits, are posed to fail. This means governments will have to start printing more money in order to save the system. Gold and Silver: The Ultimate Hedge In his article, Von Greyerz notes that all assets are priced at the margin, and while investors exit the stock market and other markets, like the real estate market, it is possible for assets to plunge by 70% or even to zero. He states: If there is one seller and no buyer in the housing market, the price of all houses will go to zero. The same is true for the stock market. But as investors run for the exit, most will not get through since there will at some point be no buyers at any price. In this hypothetical situation, Von Greyers recommends paying all debts in order to avoid suffering bank repossessions, and jumping to tangible assets. However, in the long run, he recommends a flight to safety by investing in precious metals like gold and silver, before the demands leave the current supply at zero. He concluded: Currently, all production is absorbed and any increase in demand cannot be met by increased supply but only by much higher prices. We could reach a situation when there is no silver or gold available at any price. What do you think about the potential collapse of the financial system discussed by Von Greyerz and the value of gold and silver as protection for investors? Tell us in the comments section below. View the full article

Fabio Panetta, a member of the executive board of the European Central Bank (ECB), has stated that companies increasing their profit margins could be helping to fuel inflation. In an interview with the New York Times, Panetta warned about the effect that companies increasing such margins could have on inflation levels in the long term. ECB’s Panetta Links Profit Margins With Inflation Fabio Panetta, a member of the executive board of the European Central Bank (ECB) and former deputy governor of the Bank of Italy, has brought attention to the effect that the rising profit margins of various companies could have over inflation levels. In an interview given to the New York Times on March 31, Panetta talked about these profits and price-setting practices, and their possible link with the high inflationary levels in Europe. The current headwinds the world economy is facing could lead companies to raise their profit margins if they are expecting a rise in their costs, which can come from different sources, according to Panetta. He stated: “We are probably paying insufficient attention to the other component of income — that is, profits. The situation which prevails in the economy, there could be ideal conditions for firms to increase their prices and profits.” However, Panetta explained that his statements did not imply that the European bloc would act to control these prices. Instead, he clarified that he wanted to examine all the factors that were affecting the inflation levels. Inflation Levels Falling, but Far From the Goal Preliminary numbers issued by the European Union indicate that March finished with a 6.9% inflation rate, cooling down from the 8.5% reached in February. This is due to the sharp decline in energy prices across Europe. However, the prices of the core elements of European inflation, which exclude energy and food, have continued to surge, reaching an all-time high of 5.7% during March. This means that the ECB will likely keep raising interest rates in the foreseeable future, as it embraces its data-dependent approach. This is the opinion of Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, who stated: Policymakers at the ECB won’t read too much into the drop in headline inflation in March and will be more concerned that the core rate hit a new record high. On March 16, the ECB raised interest rates by 0.5%, with President Christine Lagarde stating that inflation was “projected to remain too high for too long,” with levels being still very far from the 2% goal proposed by the institution. What do you think about Fabio Panetta’s take on the rise of profit margins and its effect on inflation? Tell us in the comment section below. View the full article

The U.S. Department of Justice (DOJ) says it has seized cryptocurrency worth over $112 million linked to fraudulent investment schemes known as “pig butchering.” According to court documents, the seized crypto accounts were allegedly “used to launder proceeds of various cryptocurrency confidence scams,” the Justice Department said. $112 Million in Crypto Seized by DOJ The U.S. Department of Justice (DOJ) announced Monday that it has seized cryptocurrency worth more than $112 million “linked to cryptocurrency investment scams.” Noting that the Federal Bureau of Investigation (FBI) Phoenix Division is investigating this case, the announcement details: Seizure warrants for six virtual currency accounts were authorized by judges in the District of Arizona, the Central District of California, and the District of Idaho. “According to court documents, the virtual currency accounts were allegedly used to launder proceeds of various cryptocurrency confidence scams,” the DOJ said. The announcement describes “pig butchering” schemes where scammers often target victims through “social networking and online communications platforms, dating websites, and phone calls and text messages that are meant to appear to have been misdialed.” After gaining the trust of their victims, scammers introduce the idea of cryptocurrency trading and persuade them to invest in crypto schemes where the funds are redirected to accounts controlled by them. Victims may see apparent gains and even withdraw some money to build trust. However, after making a large investment, they can’t withdraw their funds. Scammers may request more money for taxes or fees, promising access to the account. The scam continues until the victim’s savings are depleted. The Federal Bureau of Investigation (FBI)’s Internet Crimes Complaint Center (IC3) recently revealed that investment fraud accounted for the highest losses of any scam, totaling $3.31 billion. The agency noted that cryptocurrency investment fraud rose 183% from $907 million in 2021 to $2.57 billion in 2022. What do you think about the DOJ seizing crypto in a pig butchering scam crackdown? Let us know in the comments section below. View the full article

Authorities in South Korea have reportedly seized assets worth billions of won belonging to former representatives of Terraform Labs. The measure should prevent suspects in the case with the failed blockchain firm from selling property that may have been obtained with criminal proceeds. South Korean Law Enforcement Moves to Seize Terraform-Linked Real Estate, Report Prosecutors in South Korea have so far established control over 210 billion won (nearly $160 million) in assets owned by employees and executives of Terraform Labs, the company behind the collapsed cryptocurrency luna and stablecoin terrausd, the national broadcaster KBS reported. The property, mostly real estate, has been seized by the financial and securities crime joint investigation team of the Seoul Southern District Prosecutor’s Office. The move aims to prevent eight people from disposing of the assets that authorities suspect may have been acquired using undue profits. Among them is Terraform Labs co-founder Shin Hyun-seung, also known as Daniel Shin, who has been accused of unfairly earning some 140 billion won by buying luna before it was officially issued and selling it at peak price afterwards, while failing to inform investors about the risks associated with the coin. Shin also allegedly used customer information and funds of a fintech firm he later found, Chai Corp., to promote luna. He now faces multiple charges of fraud and violations of capital markets and financial laws in South Korea. In November, last year, prosecutors seized Shin’s home in a neighborhood of the South Korean capital, and have since frozen about 100 billion won worth of his property. Despite the charges, a Seoul court rejected their second request for his pre-trial detention last week. South Korean investigators claim Shin made a total of over 154 billion won in gains while working with Terra. They intend to also track down his hidden assets and seize them. The unfair profits of the seven other employees allegedly amount to 169 billion won, 114 billion of which have been “collected and preserved,” the KBS report detailed. Shin and others are accused of masterminding the Terra business in a way that allowed them to acquire pre-issued luna that they sold when the price increased after launch. Terraform’s other co-founder, Do Kwon (Kwon Do-Hyung) was arrested in Montenegro in March along with Han Chang-joon, the company’s chief financial officer. Kwon is likely to stand trial in the small Balkan nation for attempting to leave for Dubai on a forged Costa Rican passport, before he is handed over to either South Korea or the United States to face other charges. Both nations are seeking his extradition. Do you expect South Korean authorities to eventually confiscate the assets of the Terraform Labs former employees? Share your thoughts on the subject in the comments section below. View the full article

Step into the Cosmic World of Gaming with BitspinCasino’s Welcome Offer of up to 3 BTC. A Cosmic Entrance: New Players Get up to Free BitspinCasino, the new online casino that promises to take players on a journey through the cosmos, has made a grand entrance into the online gaming world. The casino is offering an unbeatable welcome offer of up to for players to play for free. New players are being offered a whopping 110% deposit bonus for their first three deposits, with a chance to get up to on top of their deposits. This means that if a player deposits over the course of 3 deposits, they will receive an additional, resulting in a total of to play with at the casino. As if that wasn’t enough, new players will also receive 200 free spins to use on the Candy Monsta game and keep any winnings from the bonus. Play with Your Currency of Choice: BTC, ETH, USD, EUR, JPY & more At BitspinCasino, you can play with a variety of fiat currencies and cryptocurrencies, including USD, EUR, BTC, ETH, USDT, JPY, and many others. With over 20 different payment methods, you can quickly and easily deposit or withdraw your funds using direct bank transfers, Skrill, Neteller, VISA, Mastercard, and more. Players Get a 50% Deposit Bonus, and 150 Free Spins Every Week And the fun doesn’t stop there. BitspinCasino offers a variety of promotions throughout the week to keep your gameplay exciting. Every Tuesday, you can enjoy a 50% deposit bonus in Refuel Tuesdays, and every Friday, you can get 150 Free Spins on Free Spins Fridays. A New Partner for the Journey Onward BitSpinCasino is proud to announce its partnership with bitcoincasinos.com, a leading authority in the cryptocurrency gambling industry. This collaboration is aimed at providing players with an unparalleled gaming experience by leveraging the expertise of both companies. With bitcoincasinos.com’s industry insights and BitSpinCasino’s cutting-edge gaming technology, players can expect a seamless, safe, and secure online casino experience at BitSpinCasino. The partnership will also enable BitSpinCasino to expand its reach in the cryptocurrency gambling market, further strengthening its position as a top-rated online casino. Through this partnership, BitSpinCasino is confident in delivering its promise of an exceptional player-centric gaming experience that will exceed players’ expectations. About BitSpinCasino BitSpinCasino offers a truly premium experience among the cosmic sea of casinos that, quite frankly, you might otherwise get easily lost in. We strive to create a gaming platform that not only embodies the best-in-class features but is also the most transparent and secure. Our casino is a dynamic and robust gaming platform brought to you by some of the most seasoned experts in the casino industry. The casino is a result of years of experience in bringing some of the hottest games from the top games providers, creating & finessing a wide variety of proprietary games that you can play nowhere else. We’ve proven ourselves in providing unmatched service to casino players that would not entertain anything less than the best. The team’s close association with Bitcoin.com lends itself to our operational philosophy of credibility and fairness. You can rest assured that you are playing with one of the most trustworthy online casinos where the safety of your funds is our highest priority. So come aboard and join us on a journey that will set you in a cozy mood for hours of smooth and seamless gaming sessions with the possibility of winning big jackpots of astral proportions! What do you think about Bitcoin.com’s BitSpinCasino? Let us know what you think in the comments section below. This is a promoted post. Learn more on how to reach our audience here. Read the disclaimer below. View the full article

According to a message from Paxful Founder and CEO, Ray Youssef, the peer-to-peer bitcoin trading platform is suspending its marketplace, and the company is uncertain if it will return. Youssef cited challenges such as regulations and some key staff departures, but he also noted that he could not share the full story at this time. Challenges Cited by Paxful CEO Ray Youssef Explain Why the P2P Bitcoin Exchange Is Suspending Its Marketplace On April 4, 2023, Paxful released a blog post stating that the peer-to-peer Bitcoin (P2P) exchange is suspending its operations. “Today, Paxful will be suspending its marketplace,” said the trading platform’s CEO, Ray Youssef. “We are not sure if it will come back,” he added. Youssef continued by saying that the suspension may come as a shock to many and that he cannot share all the details at this time. “I can say that we unfortunately have had some key staff departures,” Youssef wrote. “Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S.” Paxful was co-founded by Ray Youssef and Artur Schaback in July 2015, and in 2018, it became the largest P2P exchange by volume. Over the past few years, Paxful has expanded considerably into Venezuela and Africa. In June 2021, the company announced that it would donate 1% of its profits to charity. A week before the announcement that it would suspend services, Youssef informed the public that Paxful had reimbursed its Paxful Earn customers after issues related to the Celsius bankruptcy. In a tweet on Tuesday, Youssef noted that many people were attempting to withdraw funds and transfers were taking longer than usual. “The Paxful database is a bit overloaded now as everyone is withdrawing funds, which is making transfers slow. I promise that funds are safe and will clear soon,” Youssef tweeted. Paxful is the second P2P Bitcoin exchange to close after Localbitcoins announced it was shutting down in February. The Helsinki, Finland-based Bitcoin exchange, founded in 2012, attributed the shutdown to the “ongoing crypto-winter.” What do you think the suspension of Paxful’s marketplace means for the future of peer-to-peer Bitcoin exchanges, and how might it impact the wider cryptocurrency market and its users? Share your thoughts in the comments below. View the full article

After Saudi Arabia and members of the Organization of the Petroleum Exporting Countries (OPEC) surprised the world by announcing cuts to oil production, a spokesperson for U.S. president Biden’s National Security Council stated that reducing production is not advisable. According to a recent report, Saudi Arabia’s crown prince Mohammed bin Salman has told associates that Riyadh is no longer interested in pleasing the United States. The Growing Shift Away from U.S. Dollar Hegemony in Global Trade and Finance There has been a lot of focus on OPEC members and the BRICS countries (Brazil, Russia, India, China, and South Africa) recently as several members of these groups are shifting alliances. On Sunday, April 2, several major oil producers, including Saudi Arabia, Russia, the United Arab Emirates (UAE), Iraq, Kuwait, Oman, and Algeria, announced plans to cut oil production in 2023. The cuts will begin in May, and it is estimated that production will be reduced by 1.15 million barrels of oil per day. After the decision, the White House responded to the news by stating that cutting oil production was not advisable. Despite statements from the Biden administration and various Democratic policymakers vowing consequences the last time major oil producers cut production in October 2022, Saudi Arabia’s leaders do not seem to care. According to a Wall Street Journal (WSJ) report published on April 3, Prince Mohammed “told associates late last year that he was no longer interested in pleasing the [United States].” According to a report by Summer Said and Stephen Kalin in the WSJ, “people familiar with the conversation” explained that the prince wants “something in return for anything he gives Washington.” The report also claims that the oil production cut “has major political ramifications and could add to Riyadh’s already significant tensions with Washington.” Last October, Saudi government officials reportedly mocks president Joe Biden over his mental acuity. In July, Biden flew to Saudi Arabia to meet with the prince and pressed the Saudis for more oil production. However, the Saudi government refused his requests, and after Biden left, the U.S. president was ridiculed on a television broadcast aired in Saudi Arabia, calling him “Sleepy Joe.” At that time, people familiar with the matter told the WSJ that unnamed members of the Saudi government say the prince and his team privately make fun of president Biden behind his back. Biden was also mocked when he traveled to see the prince and decided not to shake the prince’s hand, instead offering a pandemic-inspired fist bump. Amid the Saudi government’s message and America’s tensions with the BRICS nations, the U.S. government’s exceptionalism that inspired the 2004 comedy “Team America: World Police” seems to be fading faster than ever before. This year, after a 48-year relationship solely with the U.S. dollar, Mohammed Al-Jadaan, Saudi Arabia’s finance minister, said the kingdom is open to trading in currencies other than the U.S. dollar. Many analysts and economists have stressed that the U.S. dollar has been propped up by the petrodollar scheme since 1944. The recent events in 2023 indicate that the greenback’s superiority is taking a back seat, and many officials abroad don’t seem to care what the U.S. thinks these days. What do you think the long-term implications of these tensions between the U.S. and Saudi Arabia will be on the global oil market and the international relations between these two countries? Share your thoughts about this subject in the comments section below. View the full article

After the Twitter logo was changed from the original blue bird to a cartoon image of the famous Shiba Inu Doge, the cryptocurrency dogecoin rose significantly in value and is now up 27% more than 12 hours later. However, a number of bitcoin proponents expressed distaste for the logo change, and a few insisted that Elon Musk was promoting “unregistered securities” by making the change. Doge Logo Change Has Upset a Handful of Bitcoiners, While Others Oppose the Discontent On April 3, 2023, the Twitter logo was changed to a cartoon image of the popular meme of the Shiba Inu Doge, and the reason for the change is unclear. While the image is simply a cartoon picture of Doge, it has been directly associated with the cryptocurrency meme asset dogecoin (DOGE). Some even speculated that Twitter’s owner, Elon Musk, swapped the logo for the Doge meme to troll against a recent multibillion-dollar lawsuit against him that claims his tweets artificially inflate the price of DOGE. Meanwhile, mainstream media publications like Mashable attempted to downplay the Twitter logo change by calling it “corporate cringe” and insisting that the internet “reacted by laughing at (not with) Elon Musk.” Additionally, a number of bitcoin advocates tweeted their opposition to the logo change and criticized Musk for not highlighting the leading cryptocurrency BTC. One individual wrote, “Pumping centralized unregistered securities again, [Elon Musk]?” Another person opined that “Dogecoin needs Elon Musk to win. Bitcoin needs nobody. That’s why we will win.” Elon's dumb little Doge stunt is absolutely worth it for all the seething it's caused among salty Bitcoin maximalists. "uNrEgIsTeReD sEcUrItY" ok BitKaren 😏 — Joel Valenzuela (@TheDesertLynx) April 3, 2023 After the logo was changed, Twitter was filled with posts from bitcoin supporters who were dissatisfied with the Doge logo replacement. “Dogecoin is not ‘money for the people’ as advertised by Elon Musk. Bitcoin is,” tweeted Mark Harvey. “This is due to block size. In a hypothetical world where both blockchains are fully adopted (all blocks completely full of transactions), dogecoin would be significantly more centralized than bitcoin,” Harvey claimed. Bitcoin author and educator Anita Posch emphasized that the logo change was “too much.” “This is really getting too much,” Posch said. “What a blunt advertisement for Dogecoin. I really loved Twitter, but since Elon is around everything is getting worse.” Not everyone agreed with the bitcoin supporters who tweeted their opposition to the logo change. In response to the allegation of pumping “unregistered securities,” one person replied, “This new breed of Bitcoiner that’s totally anti-free market and pro-government regulation is confusing to me.” “[Elon Musk is] clearly trolling. Why are we getting so outraged?” another individual asked. While Posch claimed that “many people will lose money” and that “it’s totally irresponsible,” others challenged the author’s argument. “If people lose money because somebody exchanges a bird logo with a dog logo, then they totally deserve to lose it. Nothing about this is irresponsible,” one person tweeted to Posch. Still, many Bitcoin advocates felt compelled to criticize Twitter’s new owner for changing the logo. “So Elon Musk, how does changing the Twitter logo to a DOGE dog help you towards your stated goal of ‘doing useful things for civilization?’ You’re contributing to distraction from the most important invention in human history since the Internet – Bitcoin,” wrote Brett Morrison, CEO of truevote.org. And, of course, several people dismissed these opinions as close-minded maximalism. “I would say the same about maxis who are putting people off Bitcoin in the thousands with their Hubris. Doge may well end up historically more important than bitcoin,” replied one person to Morrison’s complaint. What do you think about the Twitter logo change to the Doge meme and the ensuing reactions from Bitcoin supporters? Do you believe it was just a harmless logo change or do you agree with those who claim that it promotes DOGE? Share your thoughts in the comments section below. View the full article

Dogecoin continued to trade close to a four-month high on Tuesday, following a 30% price surge to start the week. The rally came after Twitter changed its logo from the traditional blue bird, to a cartoon picture of Doge. Shiba inu was also higher, as it moved to a multi-week high. Dogecoin (DOGE) Dogecoin (DOGE) was one of today’s biggest gainers, as markets continued to react to Twitter’s logo change. DOGE/USD raced to a high of $0.1026 late on Monday, following a low of $0.07663 earlier in the day. As a result of this move, the meme coin rose to its strongest point since December 5, when it hit a peak of $0.1118. Looking at the chart, Tuesday’s surge appears to coincide with the relative strength index (RSI) breaking out of a ceiling at 70.00. At the time of writing, the index is tracking at 73.45, which is its highest reading since November. Overall, dogecoin is up over 30% at the time of writing, and nearly 40% higher than at the same time last week. Shiba Inu (SHIB) Another notable gainer on Tuesday was shiba inu (SHIB), which moved to a three-week high in the past several hours. Following a low of $0.00001065 to start the week, SHIB/USD climbed to a peak of $0.00001157 yesterday evening. This resulted in prices jumping by as much as 6%, hitting their highest level since March 14 in the process. Similar to DOGE, the move seemingly took place following a breakout of a key resistance level of 55.00 on the RSI indicator. Price strength is now tracking at 55.76, and appears to be heading towards a higher ceiling at 58.00. Should it reach its apparent target, SHIB will likely move beyond March’s high of $0.00001184. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect dogecoin and shiba inu to extend this rally further into the week? Let us know your thoughts in the comments. View the full article

On April 3, 2023, at Ethereum block height 16,964,664, a group of MEV (Maximal Extractable Value) bots were exploited for $25.3 million. An analysis of the exploit revealed that a renegade validator switched the MEV bots’ transactions and seized various crypto tokens, such as 7,460 wrapped ether and 64 wrapped bitcoin. While the Mechanisms Behind MEV Bots Boost Profit, They Also Have Vulnerability to Exploits Recently, crypto proponents and security experts have been discussing how a group of MEV bots lost $25.3 million in a sophisticated exploit. The attacker used a transaction manipulation tactic that enabled the rogue validator to replace several MEV transactions, resulting in the loss of a significant amount of WBTC, USDC, USDT, DAI, and WETH. MEV, also known as “Maximal Extractable Value” bots or flashbots, are automated software programs that use Ethereum’s blockchain to profit from transaction execution. MEV bots have various uses, such as executing trades ahead of other traders, known as front-running, and discovering arbitrage and liquidation opportunities. In this case, the rogue validator employed a “sandwich attack,” which is a type of transaction manipulation tactic utilized by MEV bots on Ethereum. Interestingly, the renegade validator became an Ethereum validator on March 16, 2023, a little over two weeks before the exploit took place. “In this incident, a rogue validator appears to have broken the “gentleman’s agreement” whereby Flashbot validators ignored the fact that penalties for malicious behavior were in many cases inadequate to economically disincentivize it,” Certik, a Web3 and blockchain auditing and security firm told Bitcoin.com News in a note on Monday. “In total, the rogue validator was able to replace MEV transactions worth $25.3 million,” Certik added. “The irony of MEV bots falling victim to a scheme like this is unlikely to earn them much sympathy from the general public, who tends to be the victim of their value extraction. Still, this incident highlights the dangers of centralized systems, where an agreement to play by the rules can be just as easily revoked as it was given.” Certik further reports that $1.82 million in WBTC, $5.29 million in USDC, $3 million in USDT, $1.7 million in DAI, and $13.52 million worth of wrapped bitcoin (WBTC) was taken in the exploit. MEV bots or Flashbots can generate significant profits for their operators, but they have also raised concerns within the Ethereum ecosystem over fairness and censorship. What do you think the future holds for MEV bots in light of this exploit, and how can their risks be mitigated? Share your thoughts about this subject in the comments section below. View the full article

Ethereum surged to an eight-month high on Tuesday, as bulls began to gradually return to cryptocurrency markets. As the session matured, the global market cap moved higher, and is up by 1.27% at the time of writing. Bitcoin moved closer to a key resistance level at $28,500. Bitcoin Bitcoin (BTC) continued to trade close to a key resistance level on Tuesday, as volatility in the market remained high. BTC/USD rose to a peak of $28,433.74 earlier in today’s session, which follows up from a low of $27,276.72 on Monday. As a result of today’s surge, bitcoin moved near its recent price ceiling of $28,500, however bulls were not able to reach this point. Looking at the chart, this seems to be due to the fact that the relative strength index (RSI) continued to hover near a floor at 60. As of writing, the index is tracking at 61.00, with the next visible ceiling of 65.00 a possible target for buyers. Should this level be reached, there is a strong possibility that BTC will be trading above $28,500. Ethereum On the other hand, ethereum (ETH) was mostly higher in today’s session, as bullish sentiment made an unexpected return. Following a low of $1,771.15 to start the week, ETH/USD climbed to an intraday high of $1,871.35 on Tuesday. Tuesday’s rally saw bulls push ethereum back to its strongest point since August 17, when price hit a peak of $1,957. One of the catalysts for today’s surge appears to be a breakout at the 61.50 zone on the RSI indicator. Currently, price strength is tracking at 62.54, with an upcoming ceiling at 65.00 a possible destination for bulls. Should this point be hit, there is a good chance ETH will be trading at $1,900. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect ethereum to move to $1,900 this week? Leave your thoughts in the comments below. View the full article