Bitcoin, Ethereum Technical Analysis: BTC, ETH Fall Lower, as US Consumer Confidence Hits 6-Month Low

Bitcoin erased recent gains on Wednesday, as markets reacted to the latest points of U.S. economic data. One of which being consumer confidence, which dropped to a six-month low in May. Ethereum was also lower in today’s session, dropping below $1,900.

Bitcoin

Bitcoin (BTC) neared a breakout below $27,000 on Wednesday, as markets reacted to the latest data surrounding consumer confidence in the United States.

Following a high of $28,037.69 on Tuesday, BTC/USD slipped to an intraday low of $27,009.69 earlier in the day.

The downturn comes as momentum in the market has slightly shifted, with the global crypto market cap falling by 2.59% as of writing.

Bitcoin chart by TradingView

Overall, today’s decline in BTC comes despite an upcoming crossover between the 10-day (red) and 25-day (blue) moving averages.

From the chart, it appears that a failed breakout of a ceiling at 53.00 on the relative strength index (RSI) played a significant role in this.

The index is now tracking close to a floor at 46.00, with a current reading of 47.10, and should this hold, a reversal is still possible.

Ethereum

Ethereum (ETH) dropped below $1,900 in today’s session, as bulls retreated from a recent multi-week high.

ETH/USD sunk to a bottom at $1,860.37 earlier in today’s session, which comes after a peak of $1,914.85 the day prior.

Overall, the shift in momentum has led to ethereum moving away from a recent high of $1,928, which was the strongest point price had hit since May 8.

Ethereum chart by TradingView

Looking at the chart, failure to move past a resistance level of $1,930 can be partially blamed for the change in direction.

Overall, bears now seem to be set on taking price to a support point at $1,830, with the RSI hunting for a floor of its own.

The index is now tracking at 52.60, with the next visible floor potentially at 49.00.

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What do you believe is behind today’s downturn? Leave your thoughts in the comments below.

from Bitcoin News

Crypto Exchange Bybit Granted In-principle Approval to Operate in Kazakhstan

Cryptocurrency exchange Bybit has received an in-principle approval to work in Kazakhstan, a jurisdiction increasingly seen by crypto companies as a gateway to the former-Soviet space. The trading platform wants to expand its presence in the region and other emerging markets.

Bybit on Route to Winning Kazakhstan Crypto License

Singapore-based Bybit, one of the world’s leading crypto spot exchanges, is now a step closer to becoming a licensed crypto operator in Kazakhstan. On Tuesday, the company announced it has obtained in-principle approval from the Astana Financial Services Authority (AFSA).

“The in-principle approval subjects Bybit to pre-conditions leading to permanent authorization upon Bybit’s completion of the full application process,” a press release explained. When licensed, it will be able to operate as a digital asset exchange and custody service provider.

AFSA is the regulatory body overseeing the Astana International Financial Centre (AIFC), Kazakhstan’s financial hub based in the capital Nur-Sultan (formerly Astana). Under the country’s current rules, only platforms registered there are allowed to offer such services.

Bybit noted that Kazakhstan is a gateway to the Commonwealth of Independent States (CIS), a regional organization uniting several former-Soviet states. The exchange believes this is a fast-growing market which is rapidly embracing cryptocurrencies and related activities such as mining and blockchain development.

“We are delighted to receive an in-principle approval from AFSA. We believe in the promising potential of the CIS and are eager to open up our world-class trading platform for crypto enthusiasts in the region,” Bybit co-founder and CEO Ben Zhou stated.

Kazakhstan became a mining hub following China’s crackdown on the industry in 2021 but has since tried to limit electricity consumption in the sector blamed for the country’s power deficit. It also took steps to regulate the crypto space through new legislation.

“It has always been our primary objective to operate our business in compliance with relevant rules and regulations. Bybit firmly supports the regulatory objective of establishing a compliant, secure, and transparent cryptocurrency industry to benefit users,” Ben Zhou added.

Bybit’s announcement comes after the world’s largest crypto exchange by daily trading volume, Binance, obtained in-principle approval to work with cryptocurrencies in Kazakhstan last August and was eventually granted full license in October 2022.

Do you think Kazakhstan will license more global cryptocurrency exchanges? Tell us in the comments section below.

from Bitcoin News

Junkineering Launches a Closed Demo in Q3 2023: New Approach Vision for the Web3 Gaming Industry

What is wrong with the current P2E market

Since most P2E projects do not create long-playing products, the Free-to-Play model of the past decade is breaking down, threatening to disrupt a $100B+ industry. The main lessons learned before 2023 are:

• NFTs were misused for trading and farming, not for gaming,
• Pay-to-play model anyway to engage in a full-featured game,
• Low quality graphics and lack of unique generated content,
• Farming and breeding decrease economy in a long run,
• Complex onboarding of Web2 gamers.

Here’s where Junkineering comes into play, with the goal to improve the model, align incentives between developers and players in a virtuous cycle, as well as deliver a quality product, engaging and Fun-to-Play. The approach they offer is as follows:

• Game design based on the NFT Utility,
• Fair free-to-play and Digital Ownership,
• User Generated Content,
• No breeding, no farming mechanics,
• Familiar experience for Web2 audience.

What is Junkineering

Junkineering is a Free-to-Play MMO RPG game with an NFT-oriented economy and a squad strategic gameplay. The game is being developed by Coleplay Studio, whose main focus is to deliver a high-quality gaming experience by uniting strong aspects of Web2 and Web3 worlds.

Concept and Mission

The Junkineering team decided on using MMO RPG and PermaDeath Mechanics for 5 primary reasons:

1. They want to target the biggest audience segment in both mobile and web games.
2. F2P and clear steps allow for simple user onboarding across all platforms.
3. User retention in this game genre is higher than in other genres.
4. Possibility to implement NFT in-game assets to extend gamers’ experience.
5. Players can generate the content playground themselves.

By creating Junkineering, the team of top-notch experts in gaming technologies set out to take a totally different approach to the in-game economy. Instead of implementing infamous farming mechanics and token-based economy models that inevitably ruin demand along with the coin price, they offer revenue from in-game purchases mixed with the NFT-economy, awarding players in stable coins and NFTs.

This approach keeps players engaged and attracts both Web2 and Web3 audiences, as well as contributes to maintenance of the well-balanced in-game economy.

Junkineering World

Along with lands opening for gamers chapter by chapter and allowing players to take part in battles, Junkineering offers several specific areas. Each area serves its own purpose. Here’s a brief overview of the Junkineering world:

Workshop Hub. In Junkineering all roads lead to the HUB. This is the base used for repairing, crafting, upgrading and minting the army of robots with their equipment.

Bot Construction. Bot Construction platform allows players to view and manage all constructed robots, selecting the best team. Here players can access their collection of robots, decide what kind of robot they need for the team and build it accordingly, as well as receive daily assets or buy them on the marketplace.

Global Map. In a 100+ hours PVE campaign you can progress, travelling between lands and winning story battles against NPCs. Junkineering offers the following lands: Scamy Yard, Startupers Hood, Dexwallet Street, Acics and Gund Base, Miningtlantida, Launchpad “To the moon”, each with its own mission, story and bosses.

What makes Junkineering stand out from the crowd

The game is created in a way to show players quality in each and every aspect. AAA-quality graphics along with a powerful combination of Web2 and Web3 provide users a completely new gaming experience. Here are some key features the team implemented:

• Free-to-Play and Captivating: Junkineering does not require any investments from its users. Instead, gamers daily get a free and random Box with gaming assets and immediately start their journey in the crypto apocalyptic reality. The spirit of crypto risks is imbued with captivating narratives, and fascinating game mechanics.
• PermaDeath Mechanic: The game design is tailored to increase player’s excitement and NFT value. One of such mechanics is PermaDeath, where losing a fight means losing non-NTF equipment forever.
• Bridging Web2 + Web3: The game unites the two worlds and thus delivers more opportunities for players from both Web2 and Web3 worlds.
• Top-notch Team: Every team member possesses extensive knowledge about gaming and Web3 technologies and has an experience of working in Tier-1 companies, such as Plarium, Playrix, GSC Game World, and Supermassive.
• Compelling Marketing: Junkineering marketing team has already proved to have a long-standing success both in crypto and gaming spaces delivering marketing for AAA-games.
• Stable NFT-oriented Economy: Well-balanced and sustainable in-game economy allows for combating inflation and instability of the NFT market.
• NFTs Perks: First, Junkineering gives users full access to all MVP game mechanics without the obligation to have NFTs purchased and stored. However, those who have NFTs can be part of the Play-and-Earn ecosystem and preserve their items even after losing a battle.

Second, the NFT assets have strong utility within the game ecosystem due to the complex way they are acquired. Apart from getting access to NFT leagues, battles and awards, players can trade each and every NFT item on the in-game NFT marketplace.

Third, Junkineering limited the amount of NFTs to be minted in each collection. Thus, they create a demand for new collections and control the number of the existing ones.

• Immersive Storytelling: The Junkineering team has developed an intriguing storyline, so that gamers can engage in a riveting PvE plot-based campaign.

• AAA-quality Bold Visuals: Each detail of the in-game assets, characters, weapons, etc. is carefully thought through and drawn by hand.
• User-generated Content: The community will be able to create their own NFT collections and equipment. Gamers can create robots from any part they can find on Earth, in space, in the ocean or their mind.
• Impeccable Web-site and Unmatched Trailer: It’s strongly recommended to not miss the bright and HQ official Junkineering trailer, and the subscribe button on junkineering.com
• Fun2Play: Junkineering is ACTUALLY fun to play. “We deliver fun gaming first!” states the team. They challenge the existing market of P2E games by developing an engaging and captivating storyline and game design.

When gamers can go wild playing Junkineering

While some essential achievements, like Game and Art Concepts, In-game Economy, Whitepaper and World Narrative, have been designed and implemented in Q1 2023, the biggest one is yet to come. Q3 will present the Junkineering community with a Demo version of the Free-to-Play MMO RPG game.

The Junkineering Demo version will be deployed in the form of an MVP with basic mechanics. The product will allow players to explore the following functions:

• fighting NPCs and bosses on the first PVE arena with a carefully planned strategy to utilise the best combination of the chosen robot’s stats and status,
• going through the first battle arenas, while exercising the power of well-designed robots,
• construct robots and their equipment for successes in the battlefields,
• and so much more.

To become an early tester and be the first to try the Junkineering Closed Demo, submit the form: https://forms.gle/ZAMnH2bFjgF49UcSA.

The project is now at the stage of fundraising and looking for inventors who will share their approach in creating a Web3 Gaming Product. With Coleplay Studio planning to launch a Private Pre-Seed Round in early Q3.

Everyone is welcome to have a deeper look into an alternative gaming reality and contribute to the Web3 enhancement.

Check out Junkineering platforms to stay tuned:

Website — junkineering.io

GitBook — docs.junkineering.io

YouTube — youtube.com/@junkineering_io

Instagram — instagram.com/junkineering.nft

Twitter — twitter.com/JunkineeringNFT

 

 

 

 

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from Bitcoin News

New Nigerian President Slates Central Bank’s Interest Rate and Currency Demonetization Policy

The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the scrapping of a fuel subsidy which has been in existence since the 1970s.

Tinubu: Nigeria Needs Lower Interest Rates to Increase Investment and Consumer Spending

The recently sworn-in Nigerian president, Bola Ahmed Tinubu, has chastised the Nigerian central bank’s aggressive interest rate policy which has seen the benchmark rate rise to 18.5%. According to Tinubu, the Nigerian economy needs lower interest rates if it is “to increase investment and consumer purchasing.”

The remarks by the new Nigerian president came just over a week after the Central Bank of Nigeria (CBN)’s monetary policy committee voted to raise the benchmark rate by 50 basis points. The CBN has argued that its aggressive interest rate policy is intended to tame inflation, which rose to a 17-year-high of 22.22% in April.

However, Tinubu, who predicated his presidential campaign on reducing the country’s unemployment rate and boosting the gross domestic product (GDP), reportedly labeled the CBN’s interest rate policy “anti-business” and “anti-people.”

New Government to Review Central Bank’s Currency Demonetization Policy

Concerning the central bank’s controversial demonetization of old naira banknotes, Tinubu said his government will launch a review of this CBN policy.

“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender,” the new Nigerian president said.

Meanwhile, in what is seemingly his first significant decision as the new president, Tinubu announced the end of a fuel subsidy which has been in existence since the 1970s. Although it is said to have made the price of petrol one of the cheapest on the African continent, the subsidy has nonetheless been a drain on Nigeria’s finances.

According to a BBC report, the fuel subsidy is estimated to have gulped as much as $9.3 billion from the government’s revenues and may be on course to surpass this in the first half of 2023.

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from Bitcoin News

Report: Global Blockchain Gaming Market to Reach $300 Billion by 2030

The global blockchain gaming market will grow significantly during the next seven years and is expected to reach a market cap of $301.53 billion by 2030, according to a report issued by markets and intelligence firm Grand View Research. The “Blockchain In Gaming Market Size” report, found that this growth will be powered by the transition from traditional to blockchain gaming.

Entertainment Market to Shift to Blockchain-Based Games

The blockchain gaming market will grow significantly during the next seven years according to some predictions. A report issued by Grand View Research, a California-based markets research firm, predicts that the global blockchain gaming market will reach a market cap of $301.53 billion by 2030.

According to the report, this growth will be incentivized by the shift from traditional gaming to alternatives that allow ownership of assets, transparency, and gaming monetization. These traits of blockchain gaming could also cause the sector to rise at a compound annual growth rate (CAGR) of 68.3% from 2023 to 2030.

The rise of gaming metaverses will also supposedly include a more comprehensive set of actions to entice players to switch to these alternatives. The Covid-19 epidemic is further said to have caused rising demand for this kind of experience, facilitating the introduction of metaverse functions into the blockchain gaming sector.

More Insights

Another development that will reportedly fuel this growth could be the inclusion of decentralized finance (defi) elements into games. Grand View Research says players will monetize their gaming sessions and put these earnings into defi protocols, allowing for their monetization.

While the blockchain gaming market is still small compared to the gaming market, which had a value of close to $92 billion in 2022, the report expects it to keep growing. Traditional AAA game companies have thus far had limited experience with blockchain gaming, with Square Enix and Ubisoft leading the charge.

Square Enix introduced blockchain as part of its business program in 2021 and has planned to launch several blockchain-related experiences this year. Among these is Symbiogenesis, a story-driven non-fungible token (NFT) experience. Ubisoft also introduced NFTs in some of its products, reporting mixed results.

Recent reports indicate that the Epic Games store, a popular PC game storefront, has almost 20 blockchain games prepared to launch in 2023, many already available to early testers. Also, Epic exec Steve Allison stated that some of these games have “done pretty well,” according to Axios.

What do you think about the possible shift of the gaming industry to decentralized alternatives? Tell us in the comment section below.

from Bitcoin News

BRICS Bank to Offer More Loans in Local Currencies — President Calls for ‘Diversified Global Currency System’

The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s president stressed, adding: “In the future, it is unlikely that one single currency can dominate the world’s currency system. We will see more local currencies used to settle trade.”

‘We Will See More Local Currencies Used to Settle Trade’

The New Development Bank (NDB), formerly known as the BRICS Development Bank, is seeking to finance more projects in local currencies. The NDB was founded by the BRICS nations, namely Brazil, Russia, India, China, and South Africa. Besides the five founding members, Bangladesh, the United Arab Emirates (UAE), and Egypt have also joined. In addition, Uruguay is currently a prospective member, and recent reports suggest that Saudi Arabia is engaged in discussions to potentially become a member.

NDB President Dilma Rousseff said Tuesday at the annual meeting of the Shanghai-based lender that the bank plans to offer 30% of its loans in local currencies, up from 22% at present. The bank currently uses the U.S. dollar for most of its financing operations. Rousseff said at a press briefing:

We need to create a diversified global currency system … In the future, it is unlikely that one single currency can dominate the world’s currency system. We will see more local currencies used to settle trade.

The executive also highlighted that the NDB intends to strengthen collaboration with other multilateral and national banks. Additionally, the bank aims to broaden its reach and impact globally by actively inviting more members to join, thereby expanding its business operations and influence. According to its website, the bank has approved 96 projects, amounting to a combined approved financing of $32.8 billion.

During an interview with Chinese media outlet CGTN last month, Rousseff explained:

It is necessary to find ways to avoid foreign exchange risk and other issues, such as being dependent on a single currency, such as the U.S. dollar.

What do you think about the New Development Bank (NDB) seeking to fund projects in local currencies to reduce dependence on the U.S. dollar? Let us know in the comments section below.

from Bitcoin News

Bali Government Cracks Down on Crypto Payments by Foreign Tourists

The government of Bali, Indonesia, is cracking down on the use of cryptocurrency as a means of payment by foreign tourists. “Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions,” said the governor of Bali.

Strict Penalties Imposed for Foreign Tourists Using Crypto in Bali, Warns Governor

The Bali provincial government is cracking down on the use of cryptocurrency as a means of payment by foreign tourists in hotels, restaurants, shopping centers, and various other establishments, according to a report from the Antara Indonesian News Agency.

Bali Governor Wayan Koster said at the Bali tourism development press conference Sunday:

Foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use crypto as a means of payment, and violate other provisions will be dealt with firmly.

“Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions,” the governor detailed.

Koster clarified that the ban on using cryptocurrencies or any currencies other than the Indonesian rupiah as a payment method is in accordance with Law No. 7 of 2011 on Currency. Under this law, individuals who use currencies other than the rupiah may face penalties of up to one year of imprisonment and a maximum fine of Rp200 million (US$13,300).

The governor further explained that individuals engaged in foreign exchange business activities without proper authorization from Bank Indonesia, the country’s central bank, may face penalties ranging from a minimum of one year to a maximum of five years of imprisonment. Additionally, they may be subject to a minimum fine of Rp50 million (US$3,300) and a maximum fine of Rp22 billion (US$1.4 million).

In addition, Bank Indonesia Regulation No. 17/3/PBI/2015 establishes the requirement for the use of the Indonesian rupiah within the Indonesian territory. Koster stressed:

Violations will be subject to administrative sanctions in the form of written reprimands, obligations to pay fines, and prohibitions from payment transactions.

While crypto’s use as a payment instrument is prohibited, Trisno Nugroho, head of Bank Indonesia’s Bali province representative office, clarified that crypto as an asset is allowed.

What do you think about the Bali provincial government cracking down on payments using cryptocurrencies by foreign tourists? Let us know in the comments section below.

from Bitcoin News

South Africa’s Perceived Pro-Russia Stance May Result in Secondary Sanctions Which Threaten Financial Stability — Central Bank

The South African central bank has said the that perception that the African nation has aligned itself with Russia could result in the imposition of secondary sanctions which threaten financial stability. The bank also warned in its latest financial stability review that such a perception poses “a future threat to the participation of South African financial institutions in the global financial system.”

Central Bank Tasked With ‘Protecting and Enhancing Financial Stability’

The South African Reserve Bank (SARB) has said the country’s “non-aligned stance” on the war between Ukraine and Russia could “pose a future threat to the participation of South African financial institutions in the global financial system.” According to the central bank, the possibility of secondary sanctions being imposed on South Africa over its alleged pro-Russia stance further threatens financial stability.

In its recently released Financial Stability Review (FSR) report, the SARB noted that U.S. Ambassador Reuben Brigety’s weapons to Russia claims had contributed to the South African rand’s rapid decline on May 12. As reported by Bitcoin.com News, the rand’s exchange rate versus the greenback fell to a new low of 19.51 rands per dollar. The decline has continued and this culminated in the rand setting a new all-time low of 19.76 per dollar on May 25.

While several South African politicians and government officials have blasted Brigety and accused the United States of bullying, the SARB appeared to strike a more conciliatory tone in the first edition of this year’s FSR report. Explaining the central bank’s mandate, the report noted that while the central bank is tasked with “protecting and enhancing financial stability,” it should nonetheless “refrain from taking actions that would harm financial stability.”

Although the report does not directly identify support for Russia in its ongoing war with Ukraine as a step that threatens financial stability, it does however point to the warning issued to South Africa by U.S. Treasury Secretary Janet Yellen when she visited the country in Jan. 2023. According to the FSR report, Yellen not only implored the South African government and local businesses to comply with its Russia sanctions policy but threatened penalties against violators of this policy.

FATF Grey-Listing

Meanwhile, the SARB added that the recent grey-listing of South Africa by the Financial Action Taskforce only makes the threat to financial stability even greater.

“The events reported in the media and recent remarks by the U.S. Ambassador to South Africa could change perceptions about South Africa’s neutrality, which could build up to a point where it triggers secondary sanctions being imposed on South Africa. Considered along with the recent Financial Action Task Force (FATF) greylisting, the potential implications for the South African economy are severe, and the considerations from a financial stability perspective pertinent,” the SARB warned.

In the event that no secondary sanctions are imposed, South African financial institutions’ foreign counterparts may still react to the recent events by intensifying the scrutiny of local banks, the report warned. They may also respond by reducing “their exposure to South Africa as part of their own risk management processes.”

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from Bitcoin News

Russia to Enact Laws to Regulate Crypto Exchange Action; Profiles Use of Cryptocurrency to Bypass Sanctions

The government of Russia is preparing to regulate the establishment and action of crypto exchanges, abandoning its earlier proposal of the creation of a unique national platform. Anatoly Aksakov, head of the Russian State Duma Financial Markets Committee, stated that crypto exchanges could help Russia to bypass sanctions by using crypto to settle international payments.

Russia to Enact Cryptocurrency Exchange Rules Soon

The government of Russia will focus on establishing a framework to regulate the establishment and action of crypto exchanges, according to recent statements of Anatoly Aksakov, head of the Russian State Duma Financial Markets Committee. The legislative body abandoned the earlier proposal of creating a unique national cryptocurrency exchange.

The proposal of a unique exchange presents a fundamental flaw: it might be targeted by Western sanctions at some time in the future, Aksakov explained.

In a recent interview on Izvestia, a Russian magazine, Aksakov explained:

Exchanges will be used for cross-border settlements, including bypassing sanctions restrictions, so new restrictions may be introduced against them. At the same time, other organizations will constantly be able to appear.

The idea of a unique cryptocurrency exchange was also rejected by the Ministry of Finance of Russia. Ivan Chebeskov, director of the financial policy department of the Ministry of Finance of the Russian Federation, favored the establishment of comprehensive rules for cryptocurrency exchanges instead.

Profiling Exchanges to Bypass Sanctions

Russian officials have also clearly stated that one of the functions of these exchanges might be to facilitate the payment of imports and bypass the Western economic sanctions enacted against Russia as a consequence of the Russia-Ukraine conflict.

Alexei Guznov, deputy chairman of the Bank of Russia, stated:

Most likely, these will be organizations that will help in the interaction between exporters and importers and in cross-border settlements in digital currencies. Through them, Russian companies will be able to pay, for example, for parallel imports.

Other sources also reinforce the possibility that regulating these cryptocurrency exchanges might bring to the Russian financial system. Alexey Tarapovsky, the founder of Anderida Financial Group, told Izveztia that Western businesses are very interested in making these kinds of payments, already processing about $10 billion in digital currencies each year.

Tarapovsky declared:

Such platforms will help national companies conduct international settlements with crypto against the backdrop of sanctions.

On May 19, Aksakov also stated that the digital ruble law was likely to be passed in June after being approved in its first discussion.

What do you think about the usage of crypto to bypass economic sanctions? Tell us in the comments section below

from Bitcoin News

Crypto Industry’s Reputation Takes a Hit: FTX and Bitcoin Rank at the Bottom of 2023 Axios Harris Poll 100

A recent survey conducted by Axios and Harris Poll, which polled 16,310 Americans, has revealed some interesting findings about the reputation of two select entities in the crypto industry. FTX, a crypto exchange that has since gone out of business, has been ranked at the very bottom of the list, coming in at 99 out of 100. Meanwhile, bitcoin has made its debut on the list, ranking a low of 93 among the top companies and organizations.

FTX and Bitcoin’s Reputation Woes Highlighted in Visible Brands Poll

The 2023 Axios Harris Poll 100 has revealed that FTX has a less-than-stellar reputation among the top 100 companies ranked from best to worst in terms of reputation. The survey’s is to “gauge the reputation of the most visible brands in America,” as stated by Axios. Interestingly, the poll has added two crypto-themed elements this year: the now-defunct crypto exchange FTX and the leading crypto asset by market capitalization, bitcoin (BTC).

The poll revealed that FTX and bitcoin are at the bottom of the list, indicating that they have lackluster reputations among a list of other visible brands. FTX, in particular, has landed in the second-to-last position, just above the Trump organization, which is considered the worst visible brand in the country. Meanwhile, Fox (98), Twitter (97), Meta (96), and Spirit Airlines (95) are just above the bankrupt crypto company.

Bitcoin and Tiktok are also on the list, with bitcoin ranking 93 and Tiktok ranking 94. Interestingly, there are firms that stand above bitcoin, including BP (92), Balenciaga (91), Family Dollar (90), Dollar Tree (89), Wells Fargo (88), and Comcast (87). To determine the reputation of the 100 most prominent companies, survey participants were asked to rate them on nine different dimensions. This allowed for the calculation of each company’s Reputational Quotient, or RQ score.

​​From March 13 through 28, 2023, Axios and Harris conducted the latest survey using the same framework that has been in place since 1999. The top ten on the poll’s list of most visible brands with better reputations than most included Patagonia, Costco, John Deere, Trader Joe’s, Chick-fil-A, Toyota, Samsung, Amazon, USAA, and Apple, respectively.

What do you think the crypto industry can do to improve its reputation and gain the trust of the public? Share your thoughts in the comments section below.

from Bitcoin News

TradingView Integrates VERSE Token and Verse DEX, a Milestone in Verse Adoption

TradingView, the globally renowned charting platform and social network for traders and investors, has announced the integration of $VERSE token and Verse DEX within its platform. This milestone in the adoption of Verse is a clear signal that Verse as the gateway to DeFi resonates with a great many people.

TradingView, used by over 50 million traders and investors worldwide, ranks as the #1 website in the Investing category according to Similarweb rankings. With a 4.9 rating from over 500,000 reviews, TradingView is now the highest-rated finance app on the Apple App Store. The addition of VERSE and Verse DEX to its platform underscores the impressive growth the Verse ecosystem has experienced in a short time.

Bitcoin.com‘s decentralized exchange, Verse DEX, has surged in Total Value Locked (TVL). Since March, Verse DEX’s TVL has increased by more than 290%, surpassing $16 million, placing it among the top 20 DEXs on Ethereum. Verse DEX’s boosted pools offer enticing rewards, with APRs as high as 91% for liquidity pool (LP) token farming at verse.bitcoin.com/farms.

The VERSE token, launched in December 2022, addresses the challenge of onboarding newcomers to the crypto space by incentivizing user engagement in the Bitcoin.com ecosystem. With tiered rewards, payment functionality, and exclusive access to platform services, VERSE encourages users to explore and benefit from the decentralized finance world. Currently, VERSE rewards are available to early adopters through farming on the Verse DEX. For those interested in earning up to 91% APR, step-by-step instructions can be found here.

“We are thrilled to have our VERSE token and Verse DEX integrated into TradingView, a platform that holds such significance in crypto and traditional finance,” said Dennis Jarvis, CEO of Bitcoin.com. “This partnership not only validates the value of our offerings but also reinforces our commitment to creating a more accessible and robust DeFi ecosystem.”

About Bitcoin.com

Bitcoin.com is building products that give everyday people access to a vast world of opportunities to generate personal prosperity without limits. Since 2015, Bitcoin.com has been a global leader in introducing newcomers to cryptocurrency, featuring accessible educational materials, timely and objective news, and easy-to-use fully self-custodial products for buying, spending, trading, investing, and earning with crypto.

About Verse

VERSE is a rewards and utility token for users who contribute to and participate in the Bitcoin.com ecosystem. Launched in December 2022, the VERSE token is designed to expand access to decentralized finance and help unlock the economic freedom it provides.

About TradingView

TradingView is a premier charting platform and social network used by over 50 million traders and investors worldwide to spot opportunities across global markets. As a comprehensive resource for financial analysis, TradingView empowers users with advanced charting tools, customizable technical indicators, and a vibrant community of like-minded individuals to collaborate and learn from.

 

from Bitcoin News

Litecoin’s Daily Transaction Count Remains Elevated as LTC Ordinals Approach 4 Million

Over the past week, Litecoin has experienced a sustained increase in daily confirmed transactions. Following a record-breaking peak of 585,415 daily confirmed transactions on May 10, the blockchain has consistently handled a range of 172,000 to 532,000 transactions per day.

Litecoin’s Daily Transaction Rise Continues

Since May 2, 2023, the Litecoin (LTC) network has been witnessing an unprecedented surge in daily transactions. Bitcoin.com News first reported this development 11 days ago on May 18, and the momentum of LTC transactions has shown no signs of slowing down. To put it in perspective, the previous highest number of confirmed daily transactions for Litecoin was on September 26, 2022, with a total of 211,014 transactions recorded on that day. Before that, the previous record was set on June 24, 2021, reaching 196,191 transactions.

Throughout the majority of 2022 and the initial months of 2023, Litecoin’s daily transaction volume ranged between 90,000 to 130,000 transactions per day, occasionally reaching peaks of 150,000 to 175,000. However, the recent surge in daily transfers on the LTC network marks a new trend, unlike anything observed before. Moreover, on May 10, Litecoin achieved a milestone of processing 7 transactions per second, followed by 6 transactions per second on May 25.

This uptick in transaction speed represents a substantial departure from the network’s typical average of 1 to 2 transactions per second throughout its existence. Despite the higher volume of transfers on the Litecoin network, transaction fees remain low, standing at 0.000079 LTC or $0.0072 per transaction. Additionally, the network’s hashrate has been soaring, reaching an all-time peak of 924.45 terahash per second (TH/s) on April 11, 2023, at block height 2,454,983. As of the present moment, LTC’s hashrate is hovering at 739.03 TH/s.

A significant portion of Litecoin (LTC) transactions can be attributed to Ordinal inscriptions, with a notable surge occurring 11 days ago when 2.58 million inscriptions were minted on the blockchain. As of today, the number of Litecoin-based inscriptions has climbed to 3,841,215, inching closer to the 4 million mark. It remains uncertain how long this heightened level of activity will persist on the LTC network, especially as Dogecoin experiences a similar rise in transactions. Currently, there are 10,967,200 LTC blocks remaining to be mined, with approximately 64 days left until the next LTC halving event.

What are your thoughts on Litecoin’s rise in daily transactions? Share your opinions and insights in the comments section below.

from Bitcoin News

Hackers Breach Nigerian Crypto Trading Platform — BTC and Naira Assets Compromised

The Nigerian gift card and crypto trading platform, Patricia, announced on May 26 that one of its trading applications had been breached and that BTC as well as naira assets were compromised. The crypto exchange platform said it has since suspended withdrawals and is presently “undergoing internal restructuring.”

Patricia Says Customer and Merchant Assets ‘Secure’

The Nigerian gift card and crypto exchange platform, Patricia, revealed on May 26 that hackers had breached its retail trading application leaving an undisclosed amount of BTC and naira assets compromised. According to an update issued by the firm, other crypto balances were not affected by the breach. Patricia also reassured the public that the assets belonging to its customers and merchants were still secure.

Hello Chief,

We have a much needed update for you. #patriciatechnologies #cryptocurrencies pic.twitter.com/AcOIdIE8Vu

— Patricia (@PatriciaSwitch) May 26, 2023

However, despite the statement which sought to assuage users of the platform, Patricia said it had stopped processing withdrawals.

“In light of this, we are undergoing internal restructuring and temporarily suspending withdrawals on our app (mobile and web). We understand how this has affected our customers and are truly appreciative of your patience through this inconvenience. We assure you we are working to strengthen our security measures,” Patricia said in a statement.

According to the update, Patricia’s security team and local law enforcement have since identified an individual who is thought to be a part of a group of hackers behind the breach. The crypto platform also said it will “pursue this lead” and collaborate with security agencies until it recovers the missing assets.

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from Bitcoin News

Economist Peter Schiff Blasts Debt Ceiling Deal, States National Debt Might Increase by $4 Trillion in the Next Two Years

Peter Schiff, the chief economist of Europac and best-selling author, has blasted the recent bipartisan deal regarding the United States debt ceiling. According to Schiff, the proposal fails to address the already inflated budget, allowing rises in several budget areas without supervision, which could increase the U.S. national debt by at least $4 trillion in the next two years.

Peter Schiff Criticizes Debt Limit Deal

Peter Schiff, gold bug and chief economist at Europac, has blasted the recently reached bipartisan agreement regarding the U.S. national debt limit. Schiff considers the proposed two-year deal, which is said to suspend the debt ceiling, insufficient, as it allows several budget lines to continue increasing, capping only specific expenses.

On this, Schiff stated:

The deal to raise the debt ceiling allows military and entitlement spending to increase, and only caps discretionary spending at 2023 levels for two years.

Schiff, who has criticized the U.S. government’s handling of the debt ceiling issue before, believes the numbers determined for this year, even if frozen, are still excessive. He explains that the debt ceiling deal will allow a rise of at least $4 trillion in the U.S. national debt during the next two years.

To Schiff, the real problem is not the debt ceiling but the debt that will continue to increase.

Suspension vs. Raise

Schiff also has opinions about why Democrats and Republicans approved a debt suspension deal instead of a determined limit raise for the next two years.

Schiff explained:

The reason [the president] and … McCarthy agreed to suspend the debt ceiling, rather than to raise it, is to ensure the debt doesn’t hit the ceiling during the 2-year period. Achieving this by way an increase would require a record $5 trillion hike, far too embarrassing to vote for.

If finally approved, the proposed debt deal would also postpone further debt discussions until after the next U.S. presidential election.

Now politicians will face the challenge of approving this debt deal in the U.S. Congress before June 5, signaled by Treasury Secretary Janet Yellen as the date when government funds could be exhausted.

However, like Schiff, some have already stated their problems with how the proposal is structured, voicing opposition to passing the bill as is. Texas Representative Chip Roy declared he would try to stop the bill in the House, explaining that it had almost no spending cuts.

What do you think about Peter Schiff and the debt limit deal? Tell us in the comments section below.

from Bitcoin News

South African Rand Plunges to New Low After Benchmark Interest Rate Is Raised to 14-Year High

The South African fiat currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of 19.7640 per dollar on May 25 just moments after the South African Reserve Bank raised the benchmark interest rate to its highest since 2009. Although the currency has since made some recovery, prediction models show that the rand will soon breach the 20 rand per dollar mark.

First Back-to-Back Rate Hike Since 2009

The South African currency — the rand — fell to a new of 19.7640 per dollar on May 25, moments after the country’s central bank raised the key interest rate to 8.25%. The rand’s latest plunge came some two weeks after the currency fell to what was then the new all-time low of 19.51 units of the rand per dollar.

As reported by Bitcoin.com News, the rand’s plunge on May 12 followed U.S. allegations that South Africa had supplied weapons to Russia, which invaded Ukraine in February 2022. The allegations have raised fears that the United States might block South Africa’s access to the African Growth and Opportunity Act (AGOA) preferential duty-free market.

In addition to the U.S. allegations, the South African economy has been rattled by worsening electricity shortages and rising inflation. In its attempt to halt the economy’s descent, the South African Reserve Bank (SARB), like many of its peers, has adopted an aggressive monetary policy which has now seen it deliver what is being described as its first back-to-back 50-basis-point hikes since 2009. The latest increase brings the cumulative rate hike since Nov. 2021 to 475 basis points.

Currency Expected to Breach the 20 Rand per Dollar Mark

However, shortly after the latest interest rate increase was announced, the rand fell by as much as 2.6% before recovering and stabilizing at around 19.64 units per dollar. At the time of writing, available data shows the rand has depreciated by as much as 13.5% in 2023.

Meanwhile, a Bloomberg report said a prediction model shows that after the rate hike, the chances of the rand breaching the 20 units per dollar mark have gone up to 53%. Before the SARB’s latest rate decision, the same model put the probability of this happening at just 6.8%. According to the data on a website that forecasts the rand’s exchange rate versus the dollar, the South African currency is now expected to breach the 20 units per dollar level sometime in late May or early June.

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from Bitcoin News

Binance Launching New Crypto Trading Platform in Japan This Summer to Comply With Regulations

Global cryptocurrency exchange Binance says it has created a new crypto trading platform for Japan residents that will be available this summer. The new exchange will fully comply with Japanese crypto regulations and will offer trading of a limited number of tokens initially, according to the exchange.

Binance Has Created New Crypto Trading Platform for Japan Users

Global cryptocurrency exchange Binance has announced that it is launching a local crypto trading platform for residents of Japan this summer. Binance wrote:

We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations.

“The new platform will be available this summer. We will inform the launch date and provide further details in the coming months,” the global crypto exchange continued.

The services offered by Binance’s global platform will be discontinued for Japan residents on Nov. 30, the announcement adds. “Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC), which will be available after August 1, 2023.”

From Dec. 1, all Binance.com accounts held by local Japanese resident users will be set to “withdrawal-only mode,” Binance detailed. In addition, Binance noted that its new Japan platform “will not provide derivatives services at the initial stage to comply with local regulations.”

Regarding which crypto tokens will be available on the new Binance Japan platform, the crypto firm explained:

Binance Japan will have a limited number of tokens available for spot trading at the initial stage, and there are limitations on certain product offerings to comply with local regulations. We will add more products and services when it is possible to do so.

Binance further noted: “We aim to provide over 30 tokens as a first step. We will provide updates and more information once new tokens are confirmed.”

In November last year, Binance said it had acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider regulated by Japan’s top financial regulator, the Financial Services Agency. “The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake,” said Takeshi Chino, general manager of Binance Japan.

What do you think about Binance launching a local platform for Japan residents to comply with regulations? Let us know in the comments section below.

from Bitcoin News

Belarus Seeks to Deepen Ties With BRICS, SCO, ASEAN — Pushes for Economic Union With Zero Restrictions

Belarus President Alexander Lukashenko says his country’s response to sanctions is to deepen relations with the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). “The creation of a comprehensive economic union remains our priority,” he emphasized. “There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.”

Belarus Prioritizes Building Economic Union With ‘No Barriers and No Restrictions at All’

Belarusian President Alexander Lukashenko outlined his country’s priorities and response to sanctions during the Supreme Eurasian Economic Council meeting in Moscow on Thursday. The meeting was chaired by Russian President Vladimir Putin.

Lukashenko explained that Belarus’ response to sanctions is to strengthen cooperation within major multinational organizations, such as the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). The BRICS economic bloc comprises Brazil, China, India, Russia, and South Africa. The Belarus leader said (translated by Google):

Our response to the sanctions pressure is to intensify cooperation within the SCO, BRICS, and ASEAN, to close new trade agreements, and [engage in] constructive and mutually beneficial cooperation with everybody who is interested in being our friends and partners.

“Having said that, I want to note that as a result, we must ensure the balance of interests between all the parties involved. It is not an easy task but I am confident that the commission has the skills and competence required,” he added.

Lukashenko continued: “The modern world is undergoing global changes and entering an era of major transition and strategic development. There is increasing awareness of the need to replace the unipolar system of management with new decision-making centers that ensure the consideration of interests of all participants in international relations.” He stressed:

The creation of a comprehensive economic union remains our priority … There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.

“Colleagues, I believe that, by taking joint efforts, we can fully realize the potential of this union internally and externally, thus creating one of the full-weight responsible centers of the new multipolar world,” the Belarus leader concluded.

The Belarusian leader also spoke at the Eurasian Economic Forum in Moscow Wednesday. “Financial, pandemic, [and] geopolitical crises are replacing each other so quickly that people simply do not have time to take a breath and lose confidence in the future,” Lukashenko opined, elaborating:

The world has been recently living in a constant state of tension and uncertainty. This is also natural in the transition period from the old era to the new one, to which we aspire and whose name is multipolarity.

While noting that in extraordinary circumstances, a stable economy serves as a strong foundation, he emphasized that in today’s interconnected world with transparent economic borders and intertwined trade relations, it becomes nearly impossible for any nation to achieve economic stability on its own. He added that consequently, countries are increasingly motivated to seek membership in influential regional and international organizations, such as the Eurasian Economic Union (EAEU), SCO, BRICS, and ASEAN.

What do you think about the statements by Belarusian President Aleksandr Lukashenko? Let us know in the comments section below.

from Bitcoin News

‘Weaponization Project of the Dollar’: Asian Countries Talk De-Dollarization; Jim Rogers Says USD’s Time ‘Coming to an End,’ and More — Week in Review

The future fate of the U.S. dollar continues to dominate financial news, as investor Jim Rogers says the USD’s time is “coming to an end,” and nine Asian countries have been discussing de-dollarization measures in Iran. In other news, an expert has predicted that the price of gold will skyrocket due to economic conditions, and JPMorgan CEO Jamie Dimon has said of interest rates that people “should be prepared for rates going higher from here.” All this and more just below, in this latest Bitcoin.com News Week in Review.

9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran

Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting.

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Renowned Investor Jim Rogers Warns US Dollar’s Time ‘Coming to an End’ as Countries Seek Alternatives

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says the U.S. dollar’s time is coming to an end as more countries are seeking alternatives to the USD. “Many friends of America are moving, trying to find something to compete with and ultimately replace the U.S. dollar. It will happen. It has always happened,” he warned.

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JPMorgan Boss Warns ‘Everyone Should Be Prepared’ for Interest Rates ‘Going Higher From Here’

JPMorgan Chase, the largest bank in the United States, held its investor day event on Monday, where CEO Jamie Dimon answered questions from analysts and journalists. Despite market expectations of a rate hike pause, Dimon cautioned that people “should be prepared for rates going higher from here.” The billionaire banker also discussed the potential for commercial real estate to sour following concerns raised by Berkshire Hathaway’s Charlie Munger about the sector.

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Gold Prices Poised to Skyrocket as Expert Predicts Fourfold Increase in Demand

Although gold has been trading below the $2K range since May 16, 2023, Rick Rule, the founder of Rule Investment Media, is confident that the struggling U.S. economy will cause demand for precious metals like gold to skyrocket. In an interview published on May 18, Rule emphasized that people’s anxiety about the purchasing power of conventional savings methods has always been the main factor driving gold prices. According to Rule, this trend is likely to continue, and he predicts that demand for gold will increase by fourfold in the near future.

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What are your thoughts about recent conversations on the dollar losing its influence in global economics? Let us know in the comments section below.

from Bitcoin News