Month: January 2023

US gov’t $1.5T debt interest will be equal 3X Bitcoin market cap in 2023

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Bitcoin (BTC) bulls do not need to wait long for the United States to start printing money again, commentators believe. The latest analysis of U.S. macroeconomic data has led one market strategist to predict quantitative tightening (QT) ending to avoid a “catastrophic debt crisis.” Analyst: Fed will have “no choice” with rate cuts The Federal Reserve continues to remove liquidity from the financial system to fight inflation, reversing years of COVID era money printing. While interest rate hikes look set to continue declining in scope, some now believe that the…

BTC Hovers Near $23,000 to Start the Weekend – Market Updates Bitcoin News

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Bitcoin started the weekend hovering near $23,000, as markets continued to react to personal consumption data in the United States. Figures released on Friday reported that spending fell by 0.2% last month, despite overall consumer sentiment moving higher. Ethereum remained close to $1,600 to start the day. Bitcoin Bitcoin (BTC) remained close to the $23,000 level on Saturday, as markets continued to react to Friday’s U.S. personal consumption data. Following a high of $23,417.72 late on Friday, BTC/USD fell to an intraday low of $22,880.60 earlier in the day. This…

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

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The U.S. government is set to tighten regulations to mitigate the growing risks associated with the crypto industry. This development comes after increased scrutiny following the collapse of FTX and Terra Luna in 2022.  In a press release on January 27, the White House put forward a comprehensive roadmap designed to protect investors and hold bad actors accountable. The roadmap highlighted several measures for more effective regulations in the crypto industry.  A Two-Pronged Approach By U.S. Government The U.S. government revealed that it had spent the past two years identifying…

Sao Paolo Introduces Blockchain in Data Access Law – Regulation Bitcoin News

The Brazilian city of Sao Paolo has introduced the concept of blockchain in its municipal data access and transparency law. The concept of blockchain is defined as a technology that can be of use in this field, but the city has not defined the structures or the implementation for its use in the future. Sao Paolo Law Introduces Concept of Blockchain Little by little, more use cases of blockchain, part of the technology behind cryptocurrency, are being embraced by institutions all over the world. The city of Sao Paolo has…

IRS reminds taxpayers of crypto income reporting ahead of 2022 filing

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With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of United States federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies. Until 2021, the IRS used the term “virtual currencies” in income tax-related reporting forms, which have been updated to “digital assets.” All U.S. citizens must answer questions about cryptocurrencies “regardless of whether they engaged in any transactions involving digital assets.” The question about digital asset income features in three forms —…

Former FTX Boss, Sam Bankman-Fried, Using Privacy Messaging App, Signal

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Federal prosecutors of the Southern District of New York overseeing the current case against Sam Bankman-Fried, the disgraced founder and former CEO of FTX, want the court to impose tighter bail conditions on the defendant. SBF Using Signal Based on their investigations, they discovered that Sam Bankman-Fried, also known as SBF, had messaged the general counsel of FTX US via Signal.  Signal is a messaging app similar to WhatsApp. The platform offers instant messaging across platforms, allowing people to communicate privately. Signal creators’ primary focus is on security and privacy. The application…

Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price metrics

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Bitcoin (BTC) remains firmly “bullish” at $23,000, according to new on-chain metrics from one of the industry’s best-known names. In a preview on Jan. 28, market cyclist and on-chain analyst Cole Garner revealed what he said were “backtested and validated” Bitcoin trading tools. Garner: BTC price signals should excite bulls While BTC/USD attempts to push through liquidity above $23,000, the debate rages as to whether a significant BTC price correction is due. For Garner, who offered a snapshot of several trading signals to Twitter users at the weekend, there is…

Ban on Crypto Mining in Residential Areas Proposed in Russia – Mining Bitcoin News

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Advisors to the Kremlin have suggested that home crypto mining should be banned in Russia, or in some of its regions. The stated motive for the proposal is to prevent fires in residential buildings. Amateur miners have been blamed for high loads on the grid causing breakdowns and blackouts. Energy Experts Want to Prohibit Mining Cryptocurrency in Russian Homes The Energy Committee of the State Council, an advisory body to the Russian president, has recommended imposing a ban on the minting of digital currencies in residential areas. Its members believe…

Crypto-Friendly Bank, Silvergate, Suspends Dividend Payouts

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Silvergate, a California-based crypto bank whose shares are listed on the New York Stock Exchange, is suspending dividend payout to remain highly liquid as the digital currency market tries to pull itself out of the liquidity crisis of 2022. In a press release on January 27, Silvergate, a state-chartered bank that went public in 2019, said it would suspend dividend payout on its “5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A” to preserve capital.  Focus On Liquidity The crypto bank said its primary focus is maintaining a highly liquid balance…