roadrunner

The Zambian kwacha, one of the best-performing currencies in 2022, is now expected to see its first quarterly decline in nearly two years. The Zambian leader Hakainde Hichilema claimed that stalled debt restructuring negotiations are adding to pressure against the local currency. Zambia’s Debt Default After ending 2022 as one of Africa’s best-performing currencies, the Zambian kwacha depreciated from 18 units of the local currency for every dollar on Jan. 1, to slightly more than 21 units per dollar by March 31. In addition, a report by Bloomberg has said the kwacha is set to realize its first quarterly decline since Q1 of 2020. At that time, the kwacha’s drop versus major currencies was attributed to fears Zambia would become the first sovereign defaulter on the African continent. A few months later, Zambia, which was then led by Edgar Lungu, would become the first country from the continent to default. However, following Lungu’s departure in August 2021, the Zambian kwacha’s value surged from around 19.34 units per dollar (ZMW19.34:$US1) to 15.3:1 on Sept. 2, 2022. As previously reported by Bitcoin.com News, the currency’s rebound was spurred by reports that the International Monetary Fund (IMF) had approved a bailout package for Zambia. However, since the beginning of the year, the kwacha has lost ground against the U.S. dollar and other major currencies. In an op-ed published in the Washington Post, President Hakainde Hichilema seemingly blamed the “cumbersome and bureaucratic” debt restructuring process for causing delays in finalizing his country’s planned reforms. According to the Zambian leader, such delays “are putting pressure on the local currency.” Meanwhile, the Bloomberg report suggested that a weakened kwacha and a resurgent inflation rate are likely to prompt another rate hike by the Zambian central bank. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The U.S. Federal Reserve could be competing with commercial banks due to a facility called the “overnight reverse repurchase agreement facility,” which has currently drawn in more than $2 trillion in deposits. According to analysts, this has affected bank deposits, as investors run to grab the higher yields it offers compared to traditional banks. The Federal Reserve ‘Reverse Repo’ Facility Is Affecting Banks’ Deposits, According to Analysts The recent banking crisis has made people worried about the security of the U.S. banking system, and while at a high level, some are still determining the causes that led to the fall of Silvergate, Signature, and Silicon Valley Bank, there is another phenomenon that is affecting the health of this system. The “overnight reverse repurchase agreement facility,” or reverse repo, as it is commonly referred to, allows money market funds, which are investment vehicles known to invest in low-risk instruments, to park money with the U.S. Federal Reserve while earning greater interest than what commercial banks offer. The facility, which was introduced back in 2013 by the Federal Reserve as a backstop for a possible shortage of low-risk investment options in the market, finished last month with $2.3 trillion in funds, down from a record number of $2.5 trillion reached in December 30, 2022, per numbers of the St. Louis Fed. Analysts have stated that the availability of this instrument is causing flight-to-quality flows away from bank deposits, which have come down by almost $126 million in the weeks following the bank crisis, marking the biggest drop since June 2021. The Bank Policy Institute (BPI), a research membership group for U.S. banks, stated: While money funds also invest in Treasury bills, when they pile into bills, bill yields call, reducing their attractiveness. It is only the reverse repo with its yields that is insensitive to supply and demand, that serves as a black hole for bank deposits. Proposed Solutions to the Issue This “black hole,” as the BPI called it, has a relatively simple solution, according to some. According to an article from Axios, this is a problem of returns, as the banks are not competing with the Federal Reserve, offering fewer yields, and ones not as attractive to investors. Neil Irwin, chief economic correspondent at Axios stated: The sucking sound of money leaving banks would not be so loud if they paid more competitive returns. The function of the reverse repo facility has already been criticized during quantitative tightening, with the BPI stating that it has “lost its purpose.” For the banking group, the solution involves a change in the inner workings of the mechanism, with the federal reserve diminishing the returns it offers. It stated: To reverse the giant sucking of the reverse repo, all the Fed need do is lower the interest rate it pays. What do you think about the reverse repo facility and its effect on bank deposits? Tell us in the comment section below. View the full article

A bill seeking to put blockchain and crypto assets under the purview of the Kenyan Capital Markets Authority is supposedly set to be debated in the country’s parliament. The bill also seeks to “widen the meaning of ‘securities’ to capture digital currencies.” The persons that receive licenses from the regulator are also required to maintain records of all digital currency transactions and to pay taxes on any gains made. Bill Proposes to Widen Definition of Securities According to Amboko Julians, a Kenyan economist and blogger, the East African nation’s parliament is set to debate a bill that proposes to place blockchain technology and digital currencies under the purview of Kenya’s Capital Markets Authority (CMA). Besides seeking to incorporate the definitions of blockchain and cryptocurrencies, Julians claimed that the bill also proposes “to widen the meaning of ‘securities’ to capture digital currencies.” In his March 28 Twitter thread, Julians shared the supposed screenshots of the bill that is being sponsored by the Kenyan legislator Abraham Kipsang Kirwa. As shown in the screenshots, Kirwa’s bill proposes that persons seeking to introduce a cryptocurrency must first obtain a license from the capital markets regulator. “A person who intends to introduce a new cryptocurrency product shall make an application to the Authority in the prescribed form for a licence,” reads the alleged bill. Disclosure of Crypto Activity The bill adds that the person making the application will also have to demonstrate to the regulator that the cryptocurrency in question “was subjected to a product development period of not less than two years.” In addition, the regulator will have to be satisfied that the crypto was subjected to a product test “on a customer base of not less than ten thousand.” To Kenyan residents who are recipients of the digital currency trading licenses, the bill says such persons must register with the CMA. They are also required to maintain records of all digital currency transactions and to pay taxes on any gains made. Meanwhile, the bill also proposes that anyone in Kenya who possesses or trades digital currencies must disclose the amount of crypto held, as well as when this was acquired and disposed of. If the bill is passed by the Kenyan parliament, persons trading in digital currencies will be required to apply for a license from the CMA within six months. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

A senior People’s Bank of China (PBOC) official has urged regulators to consider cryptocurrency risks and fraud that could lead to bank failures when innovating regulation. The Chinese official highlighted the recent collapse of U.S. banks that provided services to crypto customers as an example. “The regulation philosophy, technology, and capability must be upgraded to ensure financial innovation won’t come at the cost of financial stability,” he stressed. Chinese Central Banker on Crypto Risks and Bank Failures Xuan Changneng, a deputy governor at the People’s Bank of China (PBOC), the Chinese central bank, spoke at the Boao Forum on Friday about the potential dangers of financial innovations, including cryptocurrencies, that could cause banks and lenders to fail. He was quoted by Bloomberg as saying: Risks and fraud associated with cryptocurrency, including the two American banks who ran into troubles after providing many services for cryptocurrency from taking deposits to settlement, showed that regulators should respect rules when innovating regulation. Although the Chinese central bank official did not mention specific banks, two crypto-friendly banks in the U.S. — Signature Bank and Silvergate Bank — recently failed. Signature Bank was seized by the New York State Department of Financial Services while Silvergate Bank underwent voluntary liquidation. While stating that there must be sufficient room for innovation, the PBOC deputy governor stressed that regulators need to “verify and confirm the new technologies applying to various financial models and products, rather than simply accepting or approving them.” Moreover, the central bank official stressed: The regulation philosophy, technology, and capability must be upgraded to ensure financial innovation won’t come at the cost of financial stability. At the same forum on Friday, China’s Vice Minister of Finance and Deputy Director of the Office of the Central Commission for Financial and Economic Affairs, Liao Min, emphasized the importance of the Chinese government’s active participation in international cooperation and coordination of standards. He stated that China needs to get “deeply” involved. What do you think about the statements by the Chinese central bank official? Let us know in the comments section below. View the full article

Economist Nouriel Roubini has shared his opinion about bank problems in the United States in a recently published opinion editorial. In the article, Roubini insists that “most U.S. banks are technically near insolvency, and hundreds are already fully insolvent.” Roubini: ‘Liquidity Support Cannot Prevent This Systemic Doom Loop’ The renowned economist Nouriel Roubini, also known as “Dr. Doom,” shared an opinion editorial on April 1 via MarketWatch. The article discusses turmoil in the U.S. banking sector, and Roubini highlights how banks in America carry unrealized losses on securities amounting to $620 billion. Furthermore, Roubini mentioned the U.S. Federal Reserve’s rate hike and said, “Making matters worse, higher interest rates have reduced the market value of banks’ other assets as well.” In light of this factor, Roubini says, “U.S. banks’ unrealized losses actually amount to $1.75 trillion, or 80% of their capital.” Moreover, Roubini emphasized that “the ‘unrealized’ nature of these losses is merely an artifact of the current regulatory regime, which allows banks to value securities and loans at their face value rather than their true market value.” Roubini continues his blistering criticism of the U.S. banking system, stating: In fact, judging by the quality of their capital, most U.S. banks are technically near insolvency, and hundreds are already fully insolvent. Dr. Doom Says ‘Everyone Should Be Preparing for the Coming Stagflationary Debt Crisis’ In the op-ed, Roubini discusses a concept called the “deposit-franchise,” and he asserts that depositors can sense deterioration in deposit safety, leading to a loss of trust. “If depositors flee, the deposit franchise evaporates, and the unrealized losses on securities become realized. Bankruptcy then becomes unavoidable,” Roubini opines. The economist also believes that the U.S. economy may face a harder landing due to the credit crunch caused by banking stress and referred to it as a “house of cards.” Roubini stresses that the world’s central banks “face not just a dilemma but a trilemma.” Furthermore, regional banks, which are vital for financing small and medium-sized businesses and households, are particularly affected, Roubini opined. Therefore, the trilemma for central banks is presented, as interest rate hikes aimed at achieving price stability may result in a recession and higher unemployment, while also increasing the risk of severe financial instability. The economist dubbed “Dr. Doom” concludes that the trilemma of challenges is compounded by negative aggregate supply shocks such as the Covid-19 pandemic and the war in Ukraine. Roubini’s op-ed adds: A severe recession is the only thing that can temper price and wage inflation, but it will make the debt crisis more severe, and that in turn will feed back into an even deeper economic downturn. Since liquidity support cannot prevent this systemic doom loop, everyone should be preparing for the coming stagflationary debt crisis. What steps do you think should be taken to address the potential banking crisis and the trilemma facing central banks? Do you agree with Roubini’s op-ed? Share your thoughts about this subject in the comments section below. View the full article

While the non-fungible token marketplace Blur has captured a significant amount of the market share in terms of NFT sales, the market’s native token, BLUR, lost more than 28% in value last month. At present, BLUR tokens are down more than 88% since the crypto asset’s all-time high recorded on February 14, 2023. Blur’s Native Token Slides 28% Against the Greenback in 30 Days The NFT marketplace Blur has captured a majority of the NFT sales over the past month, according to metrics from dappradar.com. Additionally, according to data from Dune Analytics, Blur’s market share in terms of volume over the past week was 71%. The Dune Analytics dashboard, created by @hildobby, shows that over the past week, Blur accounted for 42% of trades, while the NFT marketplace Opensea accounted for 48.3%. In terms of trader count this past week, Opensea outpaced Blur, with over 89,000 traders compared to Blur’s 39,000. While the marketplace has been competitive, Blur’s native token, BLUR, suffered this past month compared to most crypto assets. For instance, while ETH rose 8.5% higher and BTC rose by 19.8% in March, BLUR dropped 28% against the U.S. dollar. BLURUSD chart by TradingView Currently, BLUR holds the 161st largest market capitalization, with a circulating supply of 426.84 million BLUR tokens. As of Sunday, April 2, 2023, BLUR’s market valuation is $248 million. Over the last 24 hours, BLUR has seen $75.59 million in global trading volume, with Okx being the most active BLUR exchange today. Statistics further indicate that 42,509 unique addresses hold BLUR tokens, and roughly 94.42% of all BLUR created is held in 10 wallets. Rich list data from coincarp.com shows that 100 BLUR holders control 98.10% of the total supply, with the top address being the BLUR contract deployer. Meanwhile, BLUR reached an all-time high against the U.S. dollar on February 14, 2023, at $5.02 per unit. At current prices of $0.579 per BLUR, the token has dropped more than 88% since then. What do you think the future holds for the BLUR token and the NFT market as a whole, given the current trends and statistics? Share your thoughts about this subject in the comments section below. View the full article

On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members as a “precautionary measure” to stabilize the oil market. Geopolitical Implications: The Move to Cut Oil Production Comes Amid Shifting Alliances and Tensions Between Major Players This weekend, Saudi Arabia and several major oil producers, including Russia, the United Arab Emirates (UAE), Iraq, Kuwait, Oman, and Algeria, plan to reduce oil production by a total of 1.15 million barrels per day. Saudi Arabia and Russia announced that each country would decrease oil production by 500,000 barrels per day (bpd), while the UAE will cut 144,000 bpd and Kuwait will reduce production by 128,000 bpd. The announcement of the oil superpowers’ decision to cut supply follows the reductions made in October, when oil-producing nations announced a decrease in production by 2 million bpd. At the time, the Biden administration expressed its anger and warned of “consequences.” On Sunday, the White House responded to the surprise cuts, and a spokesperson for Biden’s National Security Council said the United States does not believe that reducing production is advisable. The spokesperson also stated that Biden’s administration would continue to collaborate with oil producers to maintain low prices at the pump for American gas consumers. This news follows several reports over the last week indicating that several large nations are shifting away from U.S. dollar settlements. According to Alexander Babakov, the deputy chairman of the State Duma, the BRICS countries (Brazil, Russia, India, China, and South Africa) plan to discuss the creation of a new reserve currency for the group of countries. In addition, China recently struck a bilateral deal with Brazil that enables trades in their respective national currencies to purchase Liquefied Natural Gas (LNG). Furthermore, with China’s rapid growth, the BRICS bloc is now the world’s largest gross domestic product (GDP) group. Saudi Arabia and other major oil producers believe that the reduction in production will help stabilize the oil market and is being implemented as a “precautionary measure,” according to Riyadh’s energy agency. Data indicates that despite the oil production cut in October, prices of Brent crude and other measures of oil per barrel have decreased from $95 per barrel to $80. Last October, Democrat policymakers wanted to cut ties with Saudi Arabia, remove troops from the region, and end arm sales. What are your thoughts on the implications of the oil production cuts by Saudi Arabia and other major oil producers? Do you believe it will have a significant impact on global oil prices and the economy? Share your thoughts about this subject in the comments section below. View the full article

Sales of Donald Trump’s digital collectibles surged following the news of his indictment in New York on Thursday. Meanwhile, a report revealed that the market for non-fungible tokens (NFTs) has seen its strongest quarter since early last year, reaching a trading volume of $4.7 billion, despite a weaker March. Trump NFTs Spike as Former President Gets Indicted The Official Trump Digital Trading Cards have registered a surge in sales, according to data from the NFT market Opensea, following the news that the 45th United States President has become America’s first head of state, former or incumbent, to face criminal charges. The sealed indictment by a Manhattan grand jury has over 30 counts related to business fraud, media reports unveiled. It comes after an investigation into an alleged hush money payment scheme involving adult film star Stormy Daniels which dates back to the 2016 presidential election. The NFT collection was announced by Trump on social media in December when the first badge was sold within hours of launch. The thousands of tokenized cards depict him as just about anything masculine, up to a Superman character. After the indictment, the sales increased well over 400% in a day, reaching a volume of above 90 ETH on Thursday (around $166,000 at the time of writing) and exceeding a floor price of 0.59 ETH on Friday, March 31, the Opensea stats show. The number of owners now nears 14,000 but prices have since returned to more average levels. NFT Trading Volume Reaches $4.7 Billion in Q1, 2023 According to a report by the global decentralized apps store Dappradar, NFTs have had a generally strong first quarter this year, despite a significant slide in sales in March. In Q1 of 2023, as a whole, the trading volume expanded by more than 137%, to $4.7 billion, which is the highest increase since the second quarter of 2022. Dappradar also noted that Q1 was the first quarter when Opensea did not dominate the market for non-fungible tokens. “The NFT market is rapidly evolving, with the emergence of new players and changing dynamics,” the authors highlighted. “We haven’t registered such a percentage since February 2021,” the platform pointed out in a blog post titled “NFT Marketplace War Doubles Trading Volume in First Quarter,” a reference to the competition between Opensea and Blur. The latter had over 57% of the market in the first three months of the year, more than 70% in March. Do you think the NFT market will see stable growth in the coming months? Share your thoughts on the subjects and your predictions in the comments section below. View the full article

Famed “Big Short” investor Michael Burry tweeted Thursday, telling his 1.4 million followers, “I was wrong to say sell.” The tweet follows Burry’s warning for months that the U.S. was headed for an “extended multi-year recession” and his decision to dump all of his stocks but one in August 2022. Burry: ‘I Was Wrong to Say Sell’ Michael Burry, known as “Cassandra B.C.” on Twitter, is well-known for his predictions. He famously predicted and profited from the subprime mortgage crisis of 2007-2008. Burry’s unconventional investment strategies led to fame when Michael Lewis chronicled Burry’s forecasting of the 2008 financial crisis in his book and movie, “The Big Short.” In more recent times, Burry has been bearish again, predicting in December that the U.S. economy would falter into an “extended multi-year recession.” In May 2022, Burry warned that the U.S. could see a “consumer recession,” and in August, his firm Scion Asset Management sold all of its stocks except one. Scion sold long positions in companies such as Meta, Cigna Corp., Alphabet (Google), Bristol-Myers Squibb, and others. In January, Burry stated that he expected the U.S. to be in a recession “by any definition,” and in March, he compared the U.S. banking turmoil to the Panic of 1907. However, in his latest tweets on March 30, the renowned investor seems to be telling a different story. “I was wrong to say sell,” Burry tweeted. “Going back to the 1920s, there has been no BTFD generation like you. Congratulations,” the investor added in another tweet. Moreover, Burry’s tweets before March 30, 2023, have been erased as the legendary financier has been accused of deleting tweets or resetting his Twitter account on several occasions. There is even a Twitter account called @mikeburrysaved that shares Burry’s deleted tweets, and there are many archives covering his tweets and Twitter feed from the past few years. There have been several responses to Burry’s latest statements on March 30. “You gotta be kidding me,” one individual tweeted in response to Burry’s sell comment. In response to Burry’s “BTFD generation” comment, one individual said, “the dollar is worthless. What do [you] expect people to do?” Another person wrote to Burry, “There may also be no generation like this one that feels the pain on the way down in the same way.” The investor is not the only well-known entrepreneur predicting an economic downturn. Economist Peter Schiff and Robert Kiyosaki, the famous author of the best-selling book “Rich Dad Poor Dad,” are also predicting economic calamity. Do you think Michael Burry’s latest tweets signal a shift in his outlook for the economy, or is he simply acknowledging the resilience of the “BTFD generation”? Share your thoughts in the comments section below. View the full article

The total value locked (TVL) in decentralized finance (defi) during the first week of April is about $50 billion, roughly the same as on March 1. The value locked dropped to $42 billion on March 12 but has since rebounded as protocols such as Lido Finance, Aave, and Justlend recorded double-digit monthly gains. After the March 12 Dip, the Value Locked in Decentralized Finance Rebounds to $50B According to statistics, the value locked in defi on April 2, 2023, is $50.22 billion, up 0.91% in the past 24 hours. The protocol Lido Finance commands a TVL of around $10.94 billion as of Sunday. Lido dominates the $50 billion TVL with 21.77%, and the value locked in the protocol saw a 19.75% rise in March. Makerdao’s TVL is below Lido’s at $7.7 billion as it rose 9.66% last month. Aave’s TVL increased by 16.94% to the current $5.55 billion. Protocols following Lido, Makerdao, and Aave in TVL size include Curve, Uniswap, Convex Finance, JustLend, PancakeSwap, Coinbase Staked Ethereum, and Instadapp. While Lido jumped over 19% last month, Coinbase Staked Ethereum rose by 22.29%, and Rocketpool, another Ethereum (ETH) liquid staking protocol, saw its TVL rise by 18.47%. Other notable risers in terms of TVL in defi protocols include Liquity, up 27.12% over the last 30 days, and Bwatch, which rose 25.78%. Of the $50 billion TVL today, 58.6% of the value locked is housed on Ethereum. 10.69% is held on Tron, 10.15% is stored on the Binance Smart Chain (BSC), and 4.4% is kept on Arbitrum. Ethereum’s TVL is $29.39 billion, and Tron’s is currently $5.36 billion. Ethereum’s and BSC’s TVLs shrunk in March, but Tron’s rose 2.8% higher, and Arbitrum’s TVL swelled by 13.93%. Notable gainers in March include Mixin (+16.32%), Defichain (+14.84%), and Kava (+18.52%). Optimism’s TVL was reduced by 9.68% in March, and Fantom’s slid 8.87% lower. Polygon and Avalanche also saw TVL reductions during the past 30 days. Ethereum has the most defi protocols with 720, while Tron only has 17. BSC has a total of 568 recorded, and Polygon has 399 defi protocols. Defillama statistics show that Ethereum-based decentralized exchanges (dexs) have seen $4.54 trillion in cumulative volume. BSC has recorded $1.46 trillion, and Avalanche has seen $215.22 billion to date. Dex volume by chain is almost as high as it was in May 2022. What do you think the future holds for the value locked in decentralized finance? Will we see continued growth, or could there be another dip in the near future? Share your thoughts in the comments below. View the full article

Warnings continue to pervade market and financial news this week, with Monica Crowley, former assistant secretary for public affairs for the U.S. Department of the Treasury, indicating “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. In related news, billionaire Bill Ackman warned that the U.S. economy is “heading for a train wreck.” Meanwhile, First Citizens Bank has acquired SVB, and the U.S. government remains a top bitcoin holder with its seized stash. All this and more, just below. Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic system.” Read More Billionaire Bill Ackman on US Banking Crisis: ‘I Fear We Are Heading for a Train Wreck’ Billionaire Bill Ackman has warned that the U.S. economy is “heading for a train wreck” if the government allows the current banking crisis to continue. “Trust and confidence are earned over many years, but can be wiped out in a few days,” he said. “Hopefully, our regulators will get this right.” Read More US Government Remains a Top Bitcoin Holder With Seized Stash Valued at $5.6 Billion As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address. Read More First Citizens Bank Acquires Silicon Valley Bank, Costing FDIC Deposit Insurance Fund an Estimated $20B According to the Federal Deposit Insurance Corporation (FDIC), the troubled bank Silicon Valley Bank (SVB) was acquired by First Citizens Bank & Trust Company, which is based in Raleigh, North Carolina. First Citizens acquired all deposits and loans from SVB, as well as the 17 branches that SVB owned across the United States. Read More Where do you think the global economy is heading? Are the warnings of collapse overblown, underplayed, inaccurate, or right on the money? Let us know in the comments section below. View the full article

Blocknox, a subsidiary of one of Europe’s largest stock exchanges, Boerse Stuttgart, has been licensed to operate as a crypto custodian in Germany. The authorization will allow the company to offer custody services for digital assets to institutional investors across the Old Continent. Boerse Stuttgart Subsidiary Blocknox to Offer Crypto Custody Services Under Bafin License Germany’s second-largest stock exchange and one of the largest in Europe, Boerse Stuttgart, will be able to provide European banks, brokers, asset managers, and family offices with both trading and custody solutions for their crypto asset offerings. Its subsidiary, Blocknox, which is part of the Boerse Stuttgart Digital division, has received the final license for its operations as a crypto custodian from the Bundesrepublik’s Federal Financial Supervisory Authority (Bafin), a press release revealed. Boerse Stuttgart Digital is the stock market’s brand for all activities in the field of cryptocurrencies. Through the unit, Boerse Stuttgart Group is able to offer institutional partners various solutions for accessing, trading as well as keeping cryptocurrencies on behalf of clients. The exchange noted: A high six-digit number of end customers are already benefiting from excellent liquidity today. According to Matthias Voelkel, CEO of Boerse Stuttgart Group, the license allows the company to become a fully regulated, one-stop shop for brokerage, trading and custody of digital assets. “This makes us the infrastructure partner of choice for banks, brokers, asset managers and family offices,” he elaborated. Reliability, stability and transparency form the basis for functioning crypto markets, added Oliver Vins, managing director of Boerse Stuttgart Digital and Blocknox. He believes that the Bafin license asserts Boerse Stuttgart’s role as a provider of secure access to the growing market for digital assets. Crypto custody services were legalized in Germany in January 2020. Companies that want to provide them are required to obtain a special permit. In February of that year, Boerse Stuttgart announced that Blocknox intends to offer such services to institutional clients. The subsidiary applied for regulatory approval and was initially granted the provisional status of a regulated financial service provider. Do you think Germany will continue to issue licenses to crypto custodians? Tell us in the comments section below. View the full article

According to data from the cryptocurrency automated teller machine (ATM) aggregation website Coin ATM Radar, over 3,600 crypto ATMs went offline in March. Since the end of 2022, the number of crypto ATMs has declined by 13.91% in the last three months. Crypto ATM Numbers Decline in 2023 According to data from Coin ATM Radar, the number of crypto ATMs worldwide has decreased by 13.91% since December 2022. At that time, 39,179 crypto ATMs were installed globally. In January, 1,587 crypto ATMs went offline, marking the second time a large number of machines had gone offline since the loss of 399 crypto ATMs in September 2022. In February 2023, the decline in crypto ATMs was less drastic than in January and fewer than the drawdown in September. A total of 275 cryptocurrency ATMs went offline in February. The largest decline was recorded in March, according to Coin ATM Radar statistics, which indicated a drop of 3,627 crypto ATMs. The loss in March coincided with the recent General Bytes hack that occurred on March 17 and 18, which resulted in the theft of more than $1.5 million in crypto. According to statistics on April 1, 2023, there’s currently 33,728 crypto ATMs installed worldwide. General Bytes machines account for 28.5% of all machines globally, and devices manufactured by Bitaccess represent 20.2% of the market share. Genesis Coin ATMs represent 17% of the machines worldwide, while Coincloud devices account for 12.7%. As of Saturday, April 1, 2023, the United States has the highest number of crypto ATMs worldwide, followed by Canada, Australia, and Spain. More than 28,000 crypto ATMs are located in the United States, while Canada hosts over 2,600. Looking at the data on crypto ATM manufacturing growth, Bitaccess experienced a decline, while General Bytes’ growth is on the rise. Genesis Coin also saw a decline, but it was much less than Bitaccess’s drop between February and March. What do you think the future holds for the crypto ATM industry? Will we see a rebound in numbers or a continued decline? Share your thoughts in the comments section below. View the full article

Cryptocurrency exchange Bittrex is shutting down its U.S. operations due to “continued regulatory uncertainty” as U.S. regulators increase their enforcement efforts against cryptocurrency trading platforms. Regulatory requirements currently “are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape,” Bittrex described. Bittrex Exiting U.S. Crypto Market Cryptocurrency exchange Bittrex announced the shutdown of its U.S. operations on Friday. The exchange tweeted: Due to continued regulatory uncertainty, we have made the difficult decision to wind down our U.S. operations, effective April 30, 2023. “All funds are safe and can be fully withdrawn immediately,” the announcement adds, emphasizing that the closure does not affect non-U.S. customers using the Bittrex global platform. Richie Lai, CEO and co-founder of Bittrex, explained: “It’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment.” Noting that his trading platform turned nine years old this month, Lai opined: Nine years later, the crypto ecosystem is very different. Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape. Bittrex noted that the last full day users can withdraw their cryptocurrency is April 29. Moreover, the last day to submit fiat withdrawals is April 24 at 5 p.m. PDT for wire and April 27 at 5 p.m. PDT for ACH. In the U.S., cryptocurrency companies are facing increased regulatory scrutiny, as the Securities and Exchange Commission (SEC) is prioritizing enforcement efforts. The SEC has targeted multiple crypto firms, such as issuing a Wells notice to Coinbase and filing charges against Kraken over the exchange’s staking program. SEC Chairman Gary Gensler recently asked for more funding for his agency to combat misconduct in the crypto space. He has claimed that all crypto tokens, except bitcoin, are securities. In addition, the Commodities Futures Trading Commission (CFTC) has filed a complaint against Binance and its CEO, Changpeng Zhao (CZ). What do you think about Bittrex shutting down its U.S. operations? Let us know in the comments section below. View the full article

According to the token protocol startup Noble, the second-largest stablecoin, USDC, will be integrated into the Cosmos blockchain, as the company has partnered with Circle Financial for the rollout. Noble details that the integration will give access to Circle’s USDC stablecoin to more than 50 Inter-Blockchain Communication (IBC) networks. USDC Native Support Is Coming to the Cosmos Blockchain Noble, a token issuance protocol startup, has revealed the Cosmos network of IBC protocols will support USDC. The team introduced Noble last week in a blog post that describes the protocol as an “app-chain purpose-built for native asset issuance in Cosmos and the boundless Inter-Blockchain Communication (IBC) ecosystem.” On Tuesday, Noble announced its partnership with Circle Financial to bring USDC to the Cosmos ecosystem. “This is a huge moment for our ecosystem,” Noble said on Tuesday. “Cosmos has never had a native, fiat-backed stablecoin that is highly liquid [and] fully collateralized. For the first time in Cosmos history, 50+ IBC-enabled blockchains will soon be able to access USDC natively via IBC,” Noble added. Circle Financial also confirmed the partnership on Tuesday and said, “We’re excited to bring USDC to Cosmos. USDC is expected to launch on [Noble] soon, stay tuned for details.” After USDC becomes native to Cosmos, it will be the ninth blockchain where the stablecoin is natively hosted. Currently, USDC is hosted natively on Ethereum, Solana, Avalanche, Tron, Algorand, Stellar, Flow, and Hedera. Additionally, USDC is bridged to Arbitrum, Near, Fantom, and Polygon. While it was previously bridged to Cosmos, it was not hosted in a native manner. Noble says that this new native support will help overcome challenges with bridging techniques. “This integration will catalyze hundreds of millions of dollars in liquidity over the coming months in Cosmos, and will seek to rectify the challenges that users and appchains face when interacting with bridged assets,” Noble detailed. Neither Noble nor Circle have disclosed the official launch date, but Noble stated that further announcements on asset integrations are coming, including the official launch date for USDC on Noble. What impact do you think the integration of USDC on the Cosmos blockchain will have on the overall stablecoin market? Share your thoughts about this subject in the comments section below. View the full article

Binance CEO Changpeng Zhao (CZ) has addressed the allegations against him by the U.S. Commodity Futures Trading Commission (CFTC). “We do not agree with the characterization of many of the issues alleged in the complaint,” the executive stressed. CZ Responds to CFTC’s Allegations The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), published a blog post on Monday to address the civil enforcement action against him and his crypto exchange by the U.S. Commodity Futures Trading Commission (CFTC). The U.S. regulator charged Zhao and three entities that operate the Binance platform “with numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.” Noting that the CFTC’s civil complaint against him and Binance was “unexpected” and “disappointing,” Zhao explained: Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. “We will only be able to give full responses in due time,” CZ noted and proceeded to address some key points. Firstly, he claimed that “Binance.com has developed best-in-class technology to ensure compliance,” adding: “We block U.S. users by nationality (KYC), IP (including commonly used VPN endpoints outside of the US), mobile carrier, device fingerprints, bank deposit and withdrawals, blockchain deposits and withdrawals, credit card bin numbers, and more.” The executive emphasized that his crypto firm is “committed to transparency and cooperation with regulators and law enforcement (LE)” both in the U.S. and globally, elaborating: Binance currently has more than 750 people in our compliance teams, many with prior law enforcement and regulatory agency backgrounds. He added that to date, Binance has handled more than 55,000 law enforcement requests and assisted U.S. authorities in freezing and seizing more than $125 million in funds in 2022, and $160 million in 2023 so far. “We intend to continue to respect and collaborate with U.S. and other regulators around the world,” CZ stressed, adding that “Binance.com holds the highest number of licenses/registrations globally, 16 and counting.” After revealing that he personally has two accounts at Binance, one for Binance Card and one for his crypto holdings, Zhao claimed that Binance.com does not engage in trading for profit or market manipulation. “Binance.com has a 90-day no-day-trading rule for employees, meaning you are not allowed to sell a coin within 90 days of your most recent buy, or vice versa,” he additionally shared. “We also prohibit our employees from trading in Futures. Further, we have strict policies for anyone with access to private information, such as details of listings, Launchpad, etc. They are not allowed to buy or sell those coins.” The Binance boss concluded: I observe these policies myself strictly. I also never participated in Binance Launchpad, Earn, Margin, or Futures. What do you think about Binance CEO Changpeng Zhao’s response to the CFTC’s allegations? Let us know in the comments section below. View the full article

The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says the current banking crisis has pushed the U.S. economy closer to a recession. “We have fundamental issues, regulatory issues facing our banking system,” the Fed official stressed. Neel Kashkari on U.S. Economy, Banking Crisis, Recession Federal Reserve Bank of Minneapolis President Neel Kashkari shared his thoughts on the state of the U.S. economy, the current banking crisis, and whether the U.S. is headed toward a recession in an interview with CBS News Sunday. Responding to a question about whether the present banking crisis has caused the U.S. economy to edge closer toward a recession, Kashkari said: It definitely brings us closer. Right now, what’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch. “That credit crunch … would then slow down the economy,” he cautioned, noting that the Fed is monitoring the situation “very, very closely.” “Such strains could then bring down inflation. So we have to do less work with the federal funds rate to bring the economy into balance,” Kashkari continued. “But right now, it’s unclear how much of an imprint these banking stresses are going to have on the economy.” Several major banks, including Silicon Valley Bank and Signature Bank, failed in recent weeks, prompting the Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation (FDIC) to step in and protect depositors. Kashkari was asked whether more regulations are needed to prevent bank failures and if the FDIC deposit insurance should be raised above $250,000. Additionally, he was questioned whether the 2018 rollbacks on the regulation of mid-sized banks should be reinstated. The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 reversed some of the regulations that were implemented following the 2008 financial crisis. The Fed official replied: Well, we have fundamental issues, regulatory issues facing our banking system. I have argued for years that the biggest banks in the world are still too big to fail. Commenting on deposit outflows from smaller banks to larger institutions, the Fed bank president stressed: “The reason that deposits are flowing to the big banks, the reason that Credit Suisse was bailed out by the Swiss government, is because banks have this premium position, and it’s unfair.” He elaborated: It’s an unfair playing field that puts enormous pressure on regional banks and community banks, and that needs to be addressed. We need regional banks in America, we need community banks in America. “Once we get through this stress period, we have to come up with a regulatory system that both ensures the soundness of our banking system, but it’s also fair and even, so the community banks and regional banks can thrive. We do not have that today,” Kashkari concluded. Some people have urged the government to extend their bailout to smaller banks. Billionaire Bill Ackman recently said, “We are heading for a train wreck,” warning of permanent damage to smaller banks if the government allows the current banking crisis to continue. What do you think about the statements by Federal Reserve Bank of Minneapolis President Neel Kashkari? Let us know in the comments section below. View the full article

Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic system.” Crowley Warns of ‘Catastrophic’ Consequences if the U.S. Dollar Loses Global Reserve Currency Status Monica Crowley, former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury, explained on Fox News Saturday what would happen if emerging economies move away from the U.S. dollar towards the Chinese yuan and the USD is no longer the world’s dominant currency. She stressed: It’s really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world’s global reserve currency. Crowley explained that since the end of World War II, the dollar has been considered a safe haven. Initially, it was backed by gold, but after President Nixon took the U.S. off the gold standard, there has been no hard asset backing the dollar for the last 50 years. Instead, it has been backed by “the strength and economic power” of the U.S., she said. The former Treasury official added that another important factor is “the fact that oil has always been traded in dollars,” warning: If that were to end, that would mean the end of the U.S. dollar. Emphasizing that the U.S. dollar having the world’s reserve currency status “has been a real privilege,” she expressed: “We’ve abused the privilege by wholly reckless monetary and fiscal policy for so many years, certainly over the last couple of years, which has really devalued the dollar.” Crowley continued: “On top of that, now you do have this perfect storm of Biden’s weakness, his war on American domestic energy production, the Ukraine war … Because of all of these things, we’ve got America’s enemies, led by China, forming a new economic bloc.” The former Assistant Secretary for Public Affairs added that since we are at a pivotal moment, “all it would take at this point … is for Saudi Arabia, who has indicated that they are open to this, to say: ‘You know what, we’re going to be open to considering other currencies to trade in oil.'” Crowley warned: If that were to happen, there would be a complete implosion of the global economic system, but certainly the American economic system. And if that were to happen, you’d be looking at sky-high inflation just raging, Weimar Republic kind of inflation. If you think inflation is bad right now, just wait. “But more importantly, we would lose our economic dominance and we would lose our superpower status,” she noted. Do you think the U.S. dollar will lose its world’s reserve currency status and do you agree with Monica Crowley about the “catastrophic consequences”? Let us know in the comments section below. View the full article

According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with the help of state officials, “turned to the task of purging their accounts from each of the banks subject to their supervision.” Constitutional Issues Raised by Operation Chokepoint 2.0: Depriving Businesses of Due Process and Key Structural Constitutional Protections Five days ago, Bitcoin.com News published an article that examines recent discussions in the crypto community regarding “Operation Chokepoint” and why crypto proponents believe the U.S. government aims to eliminate access to cryptocurrencies. On Monday, the Washington D.C. law firm Cooper & Kirk published a white paper on the subject, noting that U.S. bank regulators are ostensibly waging a “clandestine financial war” against the crypto industry. The paper’s authors, David Thompson, John Ohlendorf, Harold Reeves, and Joseph Masterman, begin by explaining “Operation Chokepoint 1.0” before delving into “Operation Chokepoint 2.0.” The first iteration of the alleged operation began by labeling legal and law-abiding crypto entities as “reputationally risky.” The second stage of the operation attempts to choke the crypto industry by restricting access to on and off-ramps. According to the Cooper & Kirk paper, “in the back rooms of banks around the country, bank examiners explained that those financial institutions that continued to serve customers that the federal regulators had labeled ‘reputationally risky’ would suffer the consequences.” The law firm explains that one of the first acts committed was when the Biden administration’s Office of the Comptroller of the Currency (OCC) rescinded a rule designed to “ensure fair access to banking services for several industries—including debt collection—previously cut off during the controversial Obama-era program Operation Chokepoint.” The Cooper & Kirk authors further detail that the Federal Deposit Insurance Corporation (FDIC) got involved on April 7, 2022. At that time, the FDIC issued a letter to all institutions under its supervision, asking for information concerning their interest in serving the crypto industry and banks that are already engaged with businesses of this nature. Cooper & Kirk’s white paper asserts that Operation Chokepoint 2.0 is unlawful and unconstitutional. “Operation Choke Point 2.0 deprives businesses of their constitutional rights to due process in violation of the Fifth Amendment,” the paper’s authors explain. “Operation Choke Point 2.0 violates both the non-delegation doctrine and the anti-commandeering doctrine, depriving Americans of key structural constitutional protections against the arbitrary exercise of governmental power.” The white paper follows the failures of three major U.S. banks that had connections with the crypto industry, as well as commentary from Signature Bank board member and former politician Barney Frank, who suggested that Signature’s seizure was meant to be an “anti-crypto” message. What do you think about the allegations made in the Cooper & Kirk white paper? Do you believe that Operation Chokepoint 2.0 is unconstitutional, and if so, what actions should be taken to protect the rights of crypto businesses? Share your thoughts in the comments section below. View the full article

A prosecutor investigating Terraform Labs CEO Do Kwon for alleged passport forgery in Montenegro has indicated that he will not be extradited soon. The law enforcement official told South Korean media that Montenegrin authorities intend to indict Kwon within a month, ruling out the possibility of him being handed over to other countries within the detention period. Passport Forgery Investigation Takes Precedence Over Extradition Requests in Do Kwon’s Case It may take some time before an extradition process begins for Do Kwon, the South Korean Yonhap news agency reported, quoting the prosecutor working on the case of the Terraform Labs co-founder who was recently arrested in Montenegro. Judicial condemnation of crimes that have taken place in Montenegro’s jurisdiction is a priority for the authorities in the small Balkan nation, Haris Šabotić stated in an interview in the Montenegrin capital Podgorica on Monday. Šabotić is in charge of the local investigation against Kwon for alleged forging of documents. The chief executive of the company behind the failed stablecoin terrausd and cryptocurrency luna was detained on March 23 while trying to board a flight to Dubai using a fake Costa Rican passport. Kwon Do-Hyung, as is his full name in Korean, disappeared after departing for Singapore in April, 2022, right before the collapse of the two coins ust and terra. He then fled to Serbia, where he reportedly registered a new firm, before eventually ending up in neighboring Montenegro. The prosecutor noted that the allegations of counterfeiting are subject to an ongoing investigation, rejecting earlier media reports that Kwon has already been indicted. Following a 72-hour initial detention, a Montenegrin court extended the measure to 30 days. The goal is to indict Kwon within that period, Haris Šabotić further noted. “We don’t know how the situation will develop after the indictment, but what is clear is that there is no possibility that the detainee will be handed over for 30 days,” he added. South Korea, the United States, and Singapore are all trying to secure Kwon’s extradition. While Šabotić declined to discuss the matter in detail as it’s not up to the prosecution to decide on the requests, he emphasized that the fake passport case investigation will be prioritized, noting: We can move on to the next step only after the prosecution of this case is over. We are not interested in the issue of extradition. If convicted of forgery of official documents, Do Kwon may receive up to five years in prison, according to Montenegro’s law. “If we bring charges within 30 days, the court will decide,” Šabotić said in the interview that took place at the District Prosecutor’s Office in Podgorica. Kwon is currently held in the Spuž detention center near the Montenegrin capital. Do you think Montenegro will eventually extradite Do Kwon and if so, to where? Share your expectations in the comments section below. View the full article

On Tuesday, French officials conducted raids on five major banks located in and around Paris, including Societe Generale, BNP Paribas, HSBC, Natixis, and BNP’s Exane Bank, over alleged charges of money laundering and fiscal fraud. According to a spokesperson for France’s Financial Prosecutor’s Office (PNF), the preliminary investigation into four French banks and one international bank began at the end of 2021. Cum-Ex Scheme at the Center of the Investigation; Societe Generale Confirms Involvement in the Raids Amid the banking crisis plaguing the industry in the United States and abroad, French enforcement authorities on Tuesday raided the offices of several major banks, including HSBC, Societe Generale, BNP Paribas, Natixis, and Exane. The PNF prosecution office noted that the raids were based on suspicion of money laundering and fiscal fraud. “The ongoing operations, which have required several months of preparation, are being carried out by 16 investigating judges and over 150 investigative agents,” the PNF said in a statement. The raids are tied to an alleged dividend arbitrage scheme known as “cum-cum” or “cum-ex” practices. The practice involves splitting dividends temporarily in order to avoid dividend taxes. Reportedly, the practice is leveraged by the banks’ wealthy clients to avoid taxation on dividend accounts. The PNF also disclosed that six German prosecutors were involved in the case. The PNF and collaborating prosecutors believe that the alleged fraud has cost governments $108 billion. According to a report by CNBC, Societe Generale was the only financial institution to confirm the office raids. A spokesperson for Societe Generale told The Telegraph that the bank is “part of the investigation.” What are your thoughts on the alleged $108 billion fraud by five major banks? Share your thoughts about this subject in the comments section below. View the full article

PRESS RELEASE. Canada, Alberta – Cryptocurrency has become a hot topic in recent years, capturing the attention of investors and traders alike. While it has faced its fair share of controversies, it has also opened up new possibilities and transformed the financial sector. With the rise of cryptocurrency, there has been a surge in the number of exchanges that facilitate the buying and selling of digital assets; with the fall of FTX, traders have become more aware of whether their digital assets are within their own key, boosting the popularity of decentralized exchanges. Among these exchanges is the emerging decentralized spot and perpetual trading exchange, DAMX, which has quickly gained popularity in the market. What sets DAMX apart from other exchanges is its focus on providing benefits to both investors and traders. The exchange supports low swap fees and zero-price impact trades, making it an attractive option for those looking to minimize costs. Additionally, DAMX has a unique multi-asset pool that rewards liquidity providers fees from market making, swap fees, and leverage trading. This pool incentivizes users to contribute to the liquidity of the exchange, leading to a more active market and better trading opportunities. Perpetual Trading and Staking on DAMX One of the key features of DAMX is its perpetual futures trading. Perpetual contracts are a popular means of trading in the cryptocurrency market, and DAMX has made it accessible to traders on its platform. With perpetual contracts, traders can bet on the future price of an asset without actually buying it. This allows them to profit from both upward and downward price movements, opening up new opportunities for trading. Another standout feature of DAMX is its staking program. Holding the DAMX token unlocks a range of benefits, including the ability to stake tokens and earn rewards. Users that stake DAMX receive three types of rewards: escrowed DAMX, multiplier points, and FTM rewards. The exchange converts 30% of fees generated from swaps and leverage trading to FTM and distributes them to staked DAMX tokens. This program encourages users to hold onto their tokens and contribute to the liquidity of the exchange, leading to a more stable and active market. DAMX NFT Collection DAMX’s NFT collection ”DAMX Robot Club” also plays a huge role within the ecosystem to benefit the users with extra incentives to trade within the platform. All the NFTs holders will be entitled to: Earn 10% of all DAMX Platform fees Airdropped 10% of incentives for users’ fund DAMX’s first choice: Fantom DAMX is built on the Fantom blockchain, which offers several advantages over other blockchains. One of the most significant advantages is its scalability. The Fantom network can handle a large volume of transactions per second, making it an ideal platform for trading. Additionally, the network provides high levels of security and decentralization, ensuring that transactions are safe and secure. The exchange’s underlying technology is designed to maintain the features of a decentralized exchange (DEX) while aggregating purpose-built price feeds to provide traders with the necessary tools to reduce the risk of liquidations. This approach harnesses liquidity from several DEXs, minimizing slippage on large orders while optimizing swap fees and token prices. The aggregators also protect users from pricing effects and failed transactions, providing a better user experience for the community. DMAX has quickly emerged as a top-tier exchange in the cryptocurrency industry with its continuous development and growing community. The platform’s focus on sustainability, low-cost fees, and security has made it a favorite among traders and investors alike. With dynamic pricing supported by Chainlink Oracles and an aggregate of prices from leading volume exchanges, DAMX has cemented its position as a leader in the world of cryptocurrency trading. Caution: DAMX token has not been released yet, and code audit is in progress. Website: https://dmxdao.com Twitter: https://twitter.com/DmxDao Telegram: https://t.me/DMX_Community Announcement Channel: https://t.me/DMX_Announcement Medium: https://medium.com/@DMXDAO Discord: https://discord.com/invite/gWRfAVa6rw Github: https://github.com/orgs/dmxdao/repositories Contact: Name: David Wan, CEO Email: david@dmxdao.com URL: https://dmxdao.com 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

Sam Bankman-Fried (SBF), the former CEO of FTX, now faces a 13-count indictment as U.S. officials have added new charges. One of the new charges alleges that SBF leveraged $40 million to influence “one or more Chinese government officials.” Details of the Bribery Charges Against Sam Bankman-Fried Sam Bankman-Fried (SBF), the co-founder and former CEO of FTX, now faces charges of bribing Chinese government officials. “Bankman-Fried and others agreed to pay cryptocurrency to one or more foreign officials in China to influence and induce them to unfreeze the accounts in order to assist Bankman-Fried, Alameda, and others in obtaining and retaining business for, and directing business to, Bankman-Fried, Alameda, and others,” the revised indictment states. This is not the first time SBF’s indictment has been revised. In February 2023, Bitcoin.com News reported that SBF’s indictment was revised to include bank fraud charges. SBF faces other charges as well, including defrauding the Federal Election Commission (FEC), wire fraud, and securities fraud. The former FTX CEO has pleaded not guilty to the charges, but three of the firm’s top deputies have pleaded guilty and are cooperating with federal prosecutors. The revised filing indicates that Chinese officials reportedly seized two accounts owned by Alameda Research, SBF’s quantitative trading arm, which were allegedly held on “two of China’s largest crypto exchanges” in 2021. Once again, the revised indictment does not include any other defendants, and Sam Bankman-Fried is the only individual named. With the addition of bank fraud charges last month and newly added bribery charges, SBF now faces a total of 13 charges from the Department of Justice in New York. He also faces lawsuits filed by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). What do you think about the new charges SBF faces? Let us know your thoughts in the comments section below. View the full article

Xrp rose to a fresh five-month high on Tuesday, as prices climbed for a fourth straight session. The token moved to its highest point since November, which comes despite a red wave sweeping over cryptocurrency markets. The global market cap is down 2.35% as of writing. XRP XRP, formerly ripple, rose for a fourth consecutive session on Monday, as prices hit their highest point in five months. XRP/USD surged to an intraday high at $0.5029, less than 24 hours after falling to a low of $0.4573. As a result of the move, XRP hit its strongest point since November 6, breaking out of a ceiling at $0.4950 in the process. Looking at the chart, the 14-day relative strength index (RSI) moved to a one-week high, with a current reading of 68.87. This is marginally below resistance at 69.00, and close to a recent seven-month high at 74.00. Earlier gains in XRP have already begun to ease, with bulls seemingly securing gains around this ceiling. Monero (XMR) During today’s red wave, monero (XMR) was a notable token to fall, as prices moved to a five-day low. Following a high of $163.98 to start the week, XMR/USD slipped to a bottom at $149.85 earlier in today’s session. The drop sees monero fall by as much as 7%, edging closer to a long-term support point at $146.00 in the process. Whilst price has yet to reach this floor, the RSI collided with a support point of its own at the 49.00 mark. Bulls have since pushed the index higher, with price strength now tracking at 50.08, which comes as XMR moved away from earlier lows. Currently, monero is tracking at $154.03, with a move towards a ceiling at $156.00 a strong possibility. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect monero to move higher in upcoming days? Let us know your thoughts in the comments. View the full article

National cryptocurrency exchanges have paused their activities in Venezuela according to reports, as the anti-corruption probe on national crypto watchdog Sunacrip and unlawful oil sales continues in the country. Tarek William Saab, attorney general, confirmed the involvement of the institution in a parallel scheme that involved the sale of Venezuelan oil to third parties, mentioning Sunacrip as part of the criminal structure. National Exchanges Pause Operations in Venezuela The “Crypto-PDVSA” anti-corruption probe, named after the state-owned oil company, is still investigating the involvement of Sunacrip, the Venezuelan crypto watchdog, in the illegal sale of oil to third parties. According to recent reports, the probe has resulted in the pause of all trading activity of national cryptocurrency exchanges, with no date for resuming operations announced. Ana Ojeda, a Venezuelan cryptocurrency lawyer, also known as “Criptolawyer” on Twitter, stated: Venezuelan exchanges close operations by orders of Sunacrip. Supposedly temporary measures while the institution is restructured. Ojeda also confirmed that registered miners from all over the country were forced to pause their operations while the probe continues, stating that “digital miners from all over the country, registered with the agency, have also been turned off.” Cryptobuyer, one of the main exchanges in the country, issued a press release in which it stated that it would be pausing its activities according to orders issued by Sunacrip, but hours later, it issued yet another release that denied this, stating that it was reporting about a temporal stop in its own operations. Attorney General Confirms Sunacrip’s Involvement in Oil Sale Scheme Tarek William Saab, attorney general of Venezuela, officially confirmed the involvement of Sunacrip in parallel operations that successfully allowed the sale of oil to third parties. In a press conference offered on March 25, Saab explained, in part, how this corruption scheme operated. He declared that PDVSA officials used their influence to execute oil sales that were parallel to the ones executed by the state-owned oil company. After these operations, Sunacrip did not deliver the proceeds of the sale of this oil to PDVSA. Saab said the money was used to buy cryptocurrency assets and injected into other activities in order to launder it. However, Saab did not say whether cryptocurrencies were used as a payment method for the illegally sold crude. There are currently 11 people apprehended in relation to these crimes, including former Sunacrip head Joselit Ramirez. What do you think about the pause of trading activities of cryptocurrency exchanges in Venezuela and the Crypto-PDVSA probe? Tell us in the comment section below. View the full article