BITCOIN

U.S. Treasury Secretary Janet Yellen says that the collapse of crypto exchange FTX shows that the crypto industry “really needs to have adequate regulation.” She added: “It’s a Lehman moment within crypto, and crypto is big enough that we’ve had substantial harm with investors.” Treasury Secretary Janet Yellen on FTX Implosion and the Need for Adequate Crypto Regulation U.S. Treasury Secretary Janet Yellen talked about the need for adequate crypto regulation following the collapse of crypto exchange FTX at an event hosted by the New York Times Dealbook Wednesday. She said: I have been skeptical, and I remain quite skeptical. While emphasizing the importance of ensuring that crypto assets have adequate customer protections, the treasury secretary noted that it is also important to remain open to financial innovations, particularly those that could lower cross-border transaction costs and help improve financial inclusion. Yellen proceeded to comment about the meltdown of FTX, whi

Tesla CEO and Twitter boss Elon Musk has warned of a severe recession in the U.S. The billionaire stressed that the Federal Reserve needs to cut interest rates “immediately,” emphasizing that the Fed is “massively amplifying the probability of a severe recession.” Elon Musk Warns About Severe Recession Tesla CEO and Twitter chief Elon Musk warned about a severe recession in the U.S. on Wednesday. Replying to Vincent Yu who tweeted that he is “expecting a real economic recession in 2023,” Musk said the trend is concerning, emphasizing that the Federal Reserve “needs to cut interest rates immediately.” The billionaire stressed that the Fed is “massively amplifying the probability of a severe recession.” Sven Henrich, founder and the lead market strategist for Northmantrader, joined the discussion. He replied to Musk and Yu: “Ironically the Fed continues to project positive GDP growth for next year despite all the obvious signs. But they did the same thing in 2008. As always they wi

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300. Bitcoin Bitcoin ( BTC ) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report. Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets. Following a low of $16,366.66, BTC /USD rose to an intraday peak of $17,021.67 earlier in the day. However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process. As of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00. Should price strength cont

Tech giant Apple has threatened to withhold Twitter from its app store, according to Tesla CEO and Twitter chief Elon Musk. The billionaire added: “This is a battle for the future of civilization. If free speech is lost even in America, tyranny is all that lies ahead.” Apple’s Threat to Musk and Twitter The battle for free speech has escalated for Elon Musk and his newly acquired social media company as Apple has threatened to withhold Twitter from its app store, Tesla CEO and Twitter chief Elon Musk revealed Monday, noting that Apple will not say why. In a follow-up tweet, Musk confirmed that Apple is “making moderation demands.” According to reports, Apple was one of Twitter’s top advertisers, spending more than $100 million per year advertising on the social media platform. However, Musk tweeted Monday: Apple has mostly stopped advertising on Twitter. Do they hate free speech in America? Replying to Musk asking who else has been withheld by Apple, blockchain firm LBRY shar

Ethereum rose back above $1,200 on Tuesday, ahead of the upcoming consumer confidence report from the United States. The price comes following a breakout above a key resistance level of $1,180. Bitcoin also climbed higher in today’s session, ending a five-day losing streak. Bitcoin Bitcoin ( BTC ) snapped a five-day losing streak on Tuesday, as prices moved away from a recent point of support. Following a low of $16,054.53 to start the week, BTC /USD surged to an intraday high of $16,522.26 earlier today. This surge saw bitcoin climb from its aforementioned price floor $16,175, which has been in play since earlier in the month of November. Looking at the chart, although prices have surged, it will be a test to see if this momentum can be maintained, due to the relative strength index (RSI) colliding with a ceiling. As of writing, the index is hovering marginally above a ceiling of 41.00, with a current reading of 41.12. Should price strength continue in an upward direction, we

The billionaire owner of the NBA team Dallas Mavericks and a Stark Tank star, Mark Cuban, says that if he were the former FTX CEO Sam Bankman-Fried, he would be afraid of going to jail for a long time. “I talked to the guy and thought he was smart … I had no idea he was going to take other people’s money and put it to his personal use,” Cuban said. Mark Cuban on Sam Bankman-Fried and FTX’s Collapse Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, talked about the collapsed crypto exchange FTX and its former CEO Sam Bankman-Fried (SBF) in an interview with TMZ Sports, published Saturday. Despite the FTX meltdown, Cuban still sees value in cryptocurrency. He opined: There’s been a lot of people making a lot of mistakes, but it doesn’t change the underlying value. FTX filed for Chapter 11 bankruptcy on Nov. 11 and Bankman-Fried stepped down as the CEO. The crypto exchange is currently being probed in several jurisdictions. In the U.S., several authori

JPMorgan has outlined key changes it expects in the crypto industry and its regulation following the collapse of crypto exchange FTX. The global investment bank envisages several new regulatory initiatives, including those focusing on custody, customer asset protection, and transparency. JPMorgan Expects Major Changes in Crypto Industry Post FTX Meltdown Global investment bank JPMorgan published a report Thursday outlining major changes it expects to happen in the crypto industry following the collapse of cryptocurrency exchange FTX. Global strategist Nikolaos Panigirtzoglou explained that “Not only has the collapse of FTX and its sister company Alameda Research created a cascade of crypto entity collapse and suspension of withdrawals,” but it is also “likely to increase investor and regulatory pressure on crypto entities to disclose more information about their balance sheets.” Panigirtzoglou proceeded to list the main changes JPMorgan expects after the FTX meltdown. Firstly, he

Billionaire Bill Ackman has warned that the crypto industry needs to self-police or it risks being shut down. He added that regulators need more resources to police the bad actors in the crypto space and will likely take years to catch up. Bill Ackman on Crypto Regulation and the Need for Industry to Self-Police Billionaire Bill Ackman shared his thoughts on a variety of crypto-related topics, including crypto regulation, in a series of tweets Saturday. Ackman is the CEO and portfolio manager of Pershing Square Capital Management, a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). His current net worth is about $3.5 billion. Regarding cryptocurrency regulation, he said: “I am not sure we need new rules. Much of the fraud that is taking place is old-fashioned pump and dump schemes, and failures of custodians to protect customer assets.” The executive continued: “I suspect that existing anti-fraud and other laws already govern these violations.

Tesla CEO and Twitter boss Elon Musk says he will make an alternative phone if Apple and Google boot Twitter from their app stores. Many people want him to go ahead with a phone launch even if Apple and Google do not deplatform Twitter. Elon Musk Could Launch Alternative Phone to Compete With Apple and Google Elon Musk revealed Friday the possibility of him launching his own smartphone, which would compete with iPhone and Android, should Apple and Google deplatform his newly acquired social media company. Twitter user Liz Wheeler suggested that Musk should produce his own smartphone if Apple and Google boot Twitter from their app stores, adding that “Half the country would happily ditch the biased, snooping iPhone & Android.” Musk replied: “I certainly hope it does not come to that, but, yes, if there is no other choice, I will make an alternative phone.” Musk’s plans for Twitter as a free speech platform could put the social media company in conflict with Apple and Google a

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, is still bullish on bitcoin despite the collapse of crypto exchange FTX. He stressed that the cryptocurrency cannot be blamed for the actions of former FTX CEO Sam Bankman-Fried. Robert Kiyosaki Still Bullish on Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, discussed the FTX collapse and bitcoin with guest Mark Moss on the Rich Dad Radio Show which aired earlier this week. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Moss is a radio host and the author of “Uncommunist Manifesto.” After listening to Moss outlining the problems at FTX and numerous fraudulent actions allegedly conducted by its former CEO Sam Bankman-Fried (SBF), Kiyosaki emphasized: I’m still bullish on bitcoin … Bitco

On Saturday, members of the forum r/cryptocurrency discussed how the current bear market is now the second-longest bear market in the history of bitcoin prices. According to the forum post, the current crypto winter has lasted more than 380 days, just below the longest bitcoin downturn that took place during the 2013-2015 bear market, which lasted 415 days in length. ‘Surviving a Bear Is a Rite of Passage’ — Redditors Discuss Surviving the Second-Longest Bitcoin Bear Run During the last few months people have been curious about how long the crypto winter will last and on Saturday, Nov. 26, 2022, the Redditor u/partymsl published a forum post on r/cryptocurrency declaring the current downturn as “the second-longest bear market ever for crypto.” The post’s author notes that this crypto bear market is “likely to be the longest” and stressed that “surviving this [bear market] is no joke.” Moreover, u/partymsl also summarized how the author defines a bear market, and explained that it’

PRESS RELEASE. Seychelles, Nov 26, 2022 – Leading global cryptocurrency exchange, Bitget, has announced a series of marketing campaigns with Lionel Messi, the Argentinian Football legend, with the launch of the brand film to celebrate the 2022 World Cup. With this USD 20 Million investment in campaigns and rewards, Bitget aims to benefit users with attractive rewards, help enhance market sentiment and reignite confidence in the crypto industry. Bitget announced its partnership with Lionel Messi with the first announcement campaign “A Perfect 10” in late October, receiving an overwhelming response from the general public, Bitget community and partners. The exchange will launch the next marketing campaign titled, “Make it Count” during the 2022 World Cup period, with a new brand video and a series of exciting marketing plans. To further engage our users with the football craze, Bitget has arranged multiple giveaways and exclusive rewards with social contests and World Cup-themed ac

Latam is still unprepared to deal with cryptocurrency-related crimes and scam situations, according to a recent report issued by Global Financial Integrity (GFI), a Washington DC-based think tank. The document states that crypto regulation has failed to grow with the adoption of these new technologies and that governments have often failed to detect and punish crypto-related crimes. GFI: Latam Still Vulnerable to Crypto-Related Crime While the adoption of cryptocurrency has grown immensely in Latam due to the unique economic situations and difficulties of the countries in the area, cryptocurrency regulation has failed to develop on par. This is one of the conclusions that a report titled “Cryptocurrencies: A Financial Crime Risk within Latin America and the Caribbean,” issued on Nov. 14, found. Produced by Global Financial Integrity, a Washington DC-based financial think tank, the report examined the legal cryptocurrency developments in Latam and the Caribbean, focusing on countri

The Bank of Japan is preparing to run a test trial of its own central bank digital currency (CBDC), the digital yen, with help from three top banks and regional institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transactions, and experimenting with its functionality in environments without internet connections. Bank of Japan to Trial Digital Yen CBDC The Bank of Japan is planning to test the functionality of a version of its CBDC, the digital yen, in partnership with three top banks and several regional institutions, according to Nikkei . The results obtained from the pilot program, reportedly set to run for two years, will be key in the decision of the government to actually develop a digital yen. The pilot program will include different tests for the currency to determine its behavior when doing everyday transactions, such as deposits and withdrawals. Also, the bank will be testing its functionality in emergencies, where i

A large amount of cryptocurrency kept in a wallet associated with crypto exchange Wex, successor of the infamous trading platform run by alleged money launderer Alexander Vinnik, has moved for the first time since 2017. The 10,000 bitcoins in question, worth over $165 million, have been transferred to new addresses in several transactions. Bitcoin Stored in Dormant Wex Wallet Moves for the First Time in Five Years The unknown holder of a bitcoin wallet linked to the now-defunct Wex, once the largest cryptocurrency exchange in the Russian-speaking market, has withdrawn 10,000 coins. Funds at this BTC address last moved in September 2017, when the same amount was sent out. Wex was established in that year, following the collapse of BTC-e, which closed down after the arrest in Greece of one of its operators, Alexander Vinnik. The Russian IT specialist, who is currently in U.S. custody, is accused of laundering up to $9 billion through the exchange. The transfer of the digital money

Tesla CEO and Twitter chief Elon Musk has clarified that Sam Bankman-Fried, former CEO of collapsed crypto exchange FTX, does not own any stake in Twitter. This followed an article published by a Bankman-Fried-backed publication suggesting that Musk took $100 million from the former FTX executive. Elon Musk on SBF’s Alleged Investment in Twitter Elon Musk has clarified that Sam Bankman-Fried (SBF), FTX’s co-founder and former CEO, currently owns 0% of Twitter. The confirmation followed an article published Wednesday by Bankman-Fried-backed publication Semafor indicating that SBF owns a $100 million stake in the social media platform. The article claimed to have obtained a private text message between Musk and Bankman-Fried as proof of the stake. Semafor debuted on Oct 18, just a few weeks before the FTX meltdown began . The crypto exchange filed for Chapter 11 bankruptcy on Nov. 11 and SBF stepped down as the CEO. Musk tweeted Wednesday: “Semafor is owned by SBF. This is a massiv

The Turkish government has launched an investigation on the former chief executive of failed cryptocurrency exchange FTX, Sam Bankman-Fried. According to local media, the authorities in Ankara have also seized assets belonging to the founder of the troubled coin trading platform. Turkey’s Financial Intelligence Unit Initiates Another FTX-Related Probe Financial regulators in Turkey have started to investigate the founder and former CEO of cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), for alleged fraud. The move follows the initiation in mid-November of a probe into the collapse of the company, which also operated a Turkish platform. Both investigations are led by the country’s Financial Crimes Investigation Board (MASAK), a department under the Ministry of Treasury and Finance. As part of them, the authorities have seized assets of SBF and other affiliates, the Anadolu Agency reported on Wednesday. Commenting on the case, Turkey’s Finance Minister Nureddin Nebati highligh

The mayor of New York City, Eric Adams, is not discouraged by the collapse of crypto exchange FTX and heavy market sell-offs. Noting that crypto is coming whether we like it or not, he stressed the importance of moving into this space. NYC’s Mayor on FTX Collapse and the Importance of Embracing Crypto New York City Mayor Eric Adams answered some questions about how the meltdown of crypto exchange FTX affects his crypto stance Tuesday at the Manhattan Family Justice Center. Adams is a big supporter of bitcoin and crypto. He converted some of his paychecks into BTC and ETH earlier this year “to send a message that New York City is open to technology.” The mayor was asked if he has any regrets about supporting bitcoin and whether New York City should continue to promote the crypto industry. “Well, first I believe in technology — the whole thought of using crypto, blockchain currency, you call it cyber wallets,” he replied, elaborating: We need to move into this space. This space

Several U.S. senators have called on Fidelity Investments to reconsider allowing bitcoin in 401(k) retirement plans. “The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems,” the lawmakers told Fidelity CEO Abigail Johnson. US Senators Want Fidelity to Stop Offering Bitcoin in Retirement Plans Three U.S. senators sent a letter to Fidelity Investments CEO Abigail Johnson Monday regarding the financial services firm’s bitcoin offerings in 401(k) retirement plans. The letter was signed by senators Elizabeth Warren (D-MA), Richard J. Durbin (D-IL), and Tina Smith (D-MN). Reiterating their concerns about Fidelity allowing bitcoin exposure in retirement plans, the lawmakers stressed: “Once again, we strongly urge Fidelity Investments to reconsider its decision to allow 401(k) plan sponsors to expose plan participants to bitcoin.” They detailed: “Since our previous letter , the digital asset industry has only