Tag: News

Lessons on Fractional Reserve Banking From 15th Century Italy – Featured Bitcoin News

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Amid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers were early adopters of fractional reserve banking, a practice that Medici Bank customers were unaware of, and that ultimately led to the financial institution’s failure. ‘Nothing New’— How the Medici Bank Failure Is Still Very…

With Close to 10 Billion Stablecoins Redeemed, BUSD’s Supply Drops to Lowest Level Since April 2021 – Altcoins Bitcoin News

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Statistics recorded on April 15, 2023, show that the number of coins in circulation for the stablecoin BUSD dropped below the 7 billion range to 6.68 billion, marking the lowest number of BUSD in circulation since April 2021. Furthermore, data indicates that the supply of BUSD has shrunk by 19.8% over the past 30 days. BUSD Stablecoin Supply Hits Lowest Point in Two Years BUSD, which was once among the largest stablecoins, remains the third-largest USD-pegged token. However, on February 13, 2023, Paxos announced that the New York State Department…

Shapella Upgrade Hits, Economist Predicts Biggest Crash ‘in Your Lifetime,’ US Bank Lending Plummets — Week in Review – The Weekly Bitcoin News

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In crypto news this week, the Ethereum network’s long awaited Shapella upgrade took effect, unlocking staked ether. In the broader financial world, economist Harry Dent has predicted a massive crash to hit by mid-June, bank lending plummeted by a record $105 billion in two weeks, and the USD’s ability to maintain its value even in the short-term has once again been called into question. All this and more just below, in the Bitcoin.com News Week in Review. Ethereum’s Shapella Upgrade Unlocks Staked Ether, Over 860K ETH Poised for Withdrawal, Price…

Do Kwon’s Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils – Bitcoin News

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Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Terraform Labs Transferred Large Amounts of Money to South Korean Law Firm Prior to Crash South Korean prosecutors working on the fraud case against Terraform Labs co-founder and CEO Do Kwon have revealed that the company has paid a total of 9 billion won (nearly…

Nigeria-China Currency Swap Agreement Fails to Ease Pressure on the Naira – Africa Bitcoin News

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Nigerian economic experts have said the country’s five-year-old currency swap agreement with China has not eased the pressure against the Nigerian currency. According to one expert, implementation of the swap arrangement is being held back by the size of the trade imbalance between Nigeria and China Easing Pressure on the Naira According to experts on the Nigerian economy, the country’s five-year-old currency swap agreement with China has failed to ease the pressure on the naira. Signed between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBOC),…

Silk Road Hacker Sentenced to a Year in Prison for Wire Fraud – Bitcoin News

On April 14, 2023, the Department of Justice (DOJ) for the Southern District of New York revealed that the hacker responsible for the Silk Road marketplace breach had been sentenced to a year in prison for wire fraud charges. James Zhong stole more than 50,000 bitcoin from the darknet marketplace (DNM) in September 2012. DOJ attorney Damian Williams stated that Zhong had utilized a bitcoin mixing service, an international cryptocurrency exchange, and “an impressive array of technological tools to frustrate tracing efforts.” Officials Seize Bitcoin, Precious Metals, and Firm With…

G20 Finance Chiefs Agree Global Policy Responses to Crypto Are Required – Regulation Bitcoin News

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The G20 finance ministers and central bank governors have agreed that crypto regulation cannot be confined to one part of the world, said India’s finance minister. “Any action on crypto assets will have to be global,” she stressed, adding that the G20 finance chiefs’ discussion on crypto was “very substantive.” G20 Finance Chiefs on Crypto Regulation Indian Finance Minister Nirmala Sitharaman spoke about the G20’s discussion on crypto regulation Thursday during a press briefing that followed the G20 finance ministers and central bank governors meeting, held on the sidelines of…

De-Dollarization Trend Irreversible, Flight From US Dollar Sure to Accelerate, Says Russian Official – Economics Bitcoin News

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Russia’s foreign minister says a flight from the U.S. dollar “is sure to accelerate,” emphasizing that “this trend is irreversible.” The official added: “The path of sanctions is the path to nowhere. Serious countries and sober-minded politicians are drawing relevant conclusions and these conclusions are definitely in favor of terminating dependence on the West.” Russian Official on De-Dollarization Trend Accelerating Russia’s Minister of Foreign Affairs, Sergey Lavrov, said at a press conference on Friday that the shift away from using the U.S. dollar as the medium of exchange in global…

USD Will No Longer Be King, We’re at Turning Point for US Dollar – Economics Bitcoin News

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Jeffrey Tucker says we are at the turning point for the U.S. dollar, citing a growing de-dollarization trend. “The dollar’s just not going to be king,” he warned, adding that history will record recent events “as the turning point for the dollar.” Jeffrey Tucker on De-Dollarization, USD’s Turning Point Jeffrey Tucker, an author and publisher who worked for former U.S. Representative Ron Paul and the Mises Institute for many years, shared his view on the growing de-dollarization trend and its effects on the U.S. economy in an interview with NTD…

Former President Donald Trump Likens US Losing Currency War Against China to America Losing a World War – Economics Bitcoin News

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Former U.S. President Donald Trump has warned that the U.S. losing a currency war against China would be like America losing a world war. “We’ll be a second-tier country,” Trump cautioned, adding that the U.S. dollar is “what makes us powerful and strong.” Donald Trump on US-China Currency War Former President Donald Trump warned in an interview with Fox News, aired Wednesday, that China pushing a large portion of the world off of the dollar standard would be the equivalent of America losing a world war. “Iran gets together with…