Tag: News

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

boss

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

boss

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

boss

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

boss

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

boss

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

boss

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

boss

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…

South African Currency Plunges to New Low Versus the Dollar a Day After the US Accused Country of Secretly Supplying Ammunition to Russia – Featured Bitcoin News

boss

The South African currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of ZAR19.51:US$1 on May 12. The rand’s latest fall came a day after the U.S. ambassador to South Africa accused the country of secretly supplying weapons to Russia. Banking giant JP Morgan said it now projects South Africa’s gross domestic product to contract by 0.2%, down from the earlier positive projection of 0.3%. South Africa Denies It Supplied Ammunition to Russia The exchange rate of the South African currency versus the greenback fell to…

10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies – Economics Bitcoin News

boss

The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This move will help them reduce their reliance on the U.S. dollar. Southeast Asian Countries’ De-Dollarization Efforts The leaders of the Association of Southeast Asian Nations (ASEAN) gathered in Labuan Bajo, Indonesia, for the 42nd ASEAN Summit on May 10-11 under the chairmanship of the Republic…