Day: February 1, 2023

Bitcoin meets FOMC after 39% January gains with Fed path ‘uncertain’

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Bitcoin (BTC) hovered around $23,000 on Feb. 1 after sealing its best January performance in ten years. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView End of Bitcoin bear market is “default view” Data from Cointelegraph Markets Pro and TradingView confirmed a monthly close of around $23,100 for BTC/USD — its highest since July 2022. The largest cryptocurrency finished the first month of the year up 39.6%, according to statistics from Coinglass. BTC/USD monthly returns comparison (screenshot). Source: Coinglass The impressive performance emboldened bulls, many of whom had kept the faith…

PayPal to Send Home 2000 Full-Time Employees, PYPL Shares Gain 2%

PayPal CEO has noted that the 2000 job cuts should have helped the company save $900 million last year and at least an additional $1.3 billion in 2023. PayPal Holdings Inc (NASDAQ: PYPL), through its President and CEO Dan Schulman, has announced plans to lay off 2000 global full-time employees, representing approximately 7 percent of its workforce. According to a letter sent to employees by Schulman, PayPal is facing challenging macroeconomic factors that require hard decisions including reducing the workforce. The company has announced that some departments will be more…

Former RAC employee fined for stealing data of victims of road traffic incidents

A former employee of breakdown services company RAC has plead guilty and been fined for the stealing of data of victims of road traffic accidents. Asif Iqbal Khan, 42, was working for RAC as a Customer Solutions Specialist. Over a single month in 2019, the RAC had received 21 complaints from suspicious drivers who received calls from claims management companies following accidents in which the RAC had assisted. A review of individuals that had accessed these claims found that Mr Asif Khan was the only employee to access all 21.…

Poundtoken and BitcoinPoint Partners to Bring GBPT Stablecoin to Users via 18K ATMs in UK

This partnership will help UK crypto customers trade digital assets seamlessly without the need to off-ramp using fiat currencies. Poundtoken, a British-regulated issuer of GBPT stablecoin, and BitcoinPoint have announced a strategic partnership to help United Kingdom users access a British Pound-backed stablecoin via a network of 18,000 ATMs. The move is geared towards helping both novice and professional crypto users in the UK access a regulated Pound-backed stablecoin. Moreover, the UK market is heavily dominated by United States dollar-backed stablecoins including USDC and Tether (USDT). Through the partnership between…

Here’s why India held on to older crypto reforms in national budget 2023

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Cryptocurrency and blockchain technology found no mention in India’s union budget for the year 2023, bringing down the hopes of millions of crypto holders in the country. Many in the Indian crypto community were hoping for some reduction to the high crypto tax, implemented in March 2022. Indian Finance Minister Nirmala Sitharaman presented the union budget on Feb. 1, announcing key changes to the income tax slabs. However, during the session, the minister didn’t mention crypto, central bank digital currency, or blockchain tech. Last year, India levied a 30% tax…

Blockchain Company SIMBA Chain Received $30M Funding Increase From US Air Force

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My Big Coin Founder Gets 8-Year Jail Sentence for Fraud

Crater’s firm offered virtual payment services through a fraudulent digital currency known as “My Big Coins,” which were marketed to investors between 2014 and 2017, defrauding them of more than $6 million. He and his associates claimed the coins were a functioning cryptocurrency backed by $300 million in gold, oil and other assets. They also falsely told investors the company had a partnership with MasterCard and that My Big Coins could be easily exchanged for fiat currency or other virtual currencies, CoinDesk had reported. Source

Snap Stock Losses 14% as Company Reports Weak Revenue in Q4 2022

In 2022, Snap experienced a rocky year from Q1 to Q4 due to the weak economy that caused many businesses to cut back on digital ad budgets. Social media company Snap Inc (NYSE: SNAP) missed its earnings for Q4 2022, causing its share to decline more than 14% in reaction to the news. While earnings per share were 14 cents versus the expected 11 cents, the company posted a weak revenue of $1.30 billion against expectations of $1.32 billion. Also, Snap said the average revenue per user in Q4  2022…

Binance and Mastercard Launch Crypto Prepaid Card in Brazil as Part of Latam Expansion – News Bitcoin News

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Leading crypto exchange Binance and credit card giant Mastercard have partnered to launch a prepaid crypto-linked card in Brazil as part of Binance’s expansion plans in Latam. The Binance card features 8% cashback for eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants. Brazil Receives Binance Prepaid Card Binance, a leading cryptocurrency exchange by volume traded, announced on Jan. 30 the launch of its Binance card in brazil, a product that will allow crypto users to make payments in crypto to legacy merchants. The…