Tag: News

US Default Could Spark Global Financial Crisis – Economics Bitcoin News

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Harvard economics professor Kenneth Rogoff, who previously served as the chief economist at the International Monetary Fund (IMF), has warned that the U.S. defaulting on its debt obligations could spark a global financial crisis. “It’s a very perilous situation and we are in unknown waters,” he warned. Harvard Professor of Economics Kenneth Rogoff on U.S. Default and Global Financial Crisis Harvard economics professor Kenneth Rogoff shared his view on the U.S. economy, a possible U.S. default, and a global financial crisis in an interview with ET editor Srijana Mitra Das,…

Hedge Fund Mogul Stanley Druckenmiller Warns of ‘Hard Landing’ for US Economy – Bitcoin News

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Billionaire hedge fund manager Stanley Druckenmiller has a dire prediction for the U.S. economy: a recession is looming, and it’s likely set to hit this June. Druckenmiller’s forecast comes as American consumer spending remains low, and is largely driven by credit card usage. Druckenmiller, a seasoned investment mogul, warns that it would be foolish to ignore the possibility of a “really, really bad” scenario unfolding. Druckenmiller Cites Drop in Consumer Spending and Banking Industry Turmoil as Recession Indicators At the 2023 Sohn Investment Conference in San Francisco, Stanley Druckenmiller sounded…

NFT Sales Surge 31% This Week as Bitcoin NFTs Secure Second Place in Blockchain Sales – Market Updates Bitcoin News

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Non-fungible token (NFT) sales witnessed a minor rise last week, registering a humble increase of around 1.46% compared to the preceding week. The cumulative value of NFT sales amounted to $149.31 million from April 29 to May 6, 2023. Nevertheless, the most recent week exceeded anticipations, as sales skyrocketed by 31.22%. Throughout the seven-day interval, NFT sales attained $208.17 million. The substantial rise in this week’s NFT sales can be credited to the appearance of NFTs originating from the Bitcoin blockchain. Bitcoin-Based NFT Sales Gain Significant Momentum Bitcoin NFT sales…

Biden Appoints New Fed Vice Chair as Fedwatch Tool Shows Slim Chance of Rate Hike at June Meeting – Economics Bitcoin News

Investors believe it is highly likely that the target rate will remain unchanged at the June 14 Federal Open Market Committee (FOMC) meeting, following the U.S. Federal Reserve’s decision to increase the federal funds rate by 25 basis points on May 3. As the battle against inflation in the U.S. rages on, the Biden administration appointed Philip Jefferson as the new vice chair to replace Lael Brainard. The American president stated that his nominees will play a “crucial role” in maintaining price stability and overseeing the country’s financial institutions. Fedwatch…

Bitcoin Makes Progress in Clearing Backlog, but Lightning Network Capacity and Channels Dropped Amid Congestion – Bitcoin News

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In the past week, the Bitcoin network has made progress in resolving its congestion issues. On May 7, 2023, the number of unconfirmed transactions reached an all-time high of over 500,000 transfers, causing a major backlog. However, as of today, that number has been reduced to 263,406. Currently, 184 blocks need to be cleared to process the majority of transactions that are still stuck in the network’s mempool. Congestion Woes Ease on Bitcoin Network The long queue of transactions is finally starting to subside as bitcoin miners have started catching…

Musk on ‘Massive Incentive’ to Get Money Out of Banks, Dave Ramsey Dismisses De-Dollarization Fears, BTC Network Congestion Eases, and More — Week in Review – The Weekly Bitcoin News

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Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.’” Personal finance coach and author Dave Ramsey, for his part, thinks that de-dollarization fears are overblown. In crypto news, Bitcoin’s network congestion issues began to ease this week. All this and more just below, in the latest Bitcoin.com News Week in Review. Elon Musk Shares ‘Massive Incentive to Move Money out of Bank…

‘The Future of Digital Payments Lies in Web3 Payment Services’ Says Robert Miller of Fuse – Bitcoin News

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Despite not being mainstream payment solutions yet, cryptocurrency-based payments (also known as Web3 payments) already bring benefits such as lower transaction fees, Robert Miller, the vice president of growth at Fuse, a layer 1, EVM-compatible blockchain for launching dapps, has asserted. For merchants, Web3 payments come with the added benefit of what Miller called protection from “fraudulent chargebacks.” Crypto Payments Trump Traditional Payment Methods To back his assertions, Miller claimed many of the merchants that are presently experimenting with or encouraging their customers to use Web3 payments are doing so…

IRS, Chainalysis Helping Ukraine Track Russians Using Crypto to Evade Sanctions – Bitcoin News

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The U.S. Internal Revenue Service (IRS) said it’s working closely with Ukraine to help it trace crypto transactions of Russian sanctions evaders. The agency is providing the Ukrainians access to a Chainalysis tool as well as specialized training to Ukrainian law enforcement. IRS Offers Ukraine Tools From Chainalysis to Trace Russian Blockchain Transactions The criminal investigation division of the United States Internal Revenue Service announced it’s stepping up collaboration with counterparts abroad as part of efforts to identify persons and entities evading Western sanctions. The agency revealed it’s working with…

Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws, Official Says – Regulation Bitcoin News

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Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted. Russian Legislature to Vote on Crypto Laws by End of July The State Duma, the lower house of the Russian parliament, plans to adopt four crypto-related laws during its spring session which ends on July 30, according to Anatoly Aksakov, chairman of the parliamentary Financial Market Committee. The bills are tailored to regulate…

Americans’ Preference for Real Estate, Crypto Plunges — Fondness for Gold Skyrockets – Bitcoin News

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A recent Gallup Poll reveals a significant decline in the percentage of Americans favoring real estate as their preferred long-term investment, despite its continued popularity. Conversely, the Gallup survey indicates that the perception of long-term investments in gold has experienced an almost twofold increase compared to the previous year’s poll on the same topic. Gallup Poll Reveals Preference for Real Estate and Crypto Slides, While Bias Toward Gold Nearly Doubles Gallup, Inc., the analytics and advisory company headquartered in Washington, D.C., recently unveiled its latest Gallup Poll on long-term investments…