Author: Finbold

The governor of the Bank of Spain, Pablo Hernández de Cos, has called on the country’s governmental authorities to intensify the monitoring, regulation, and supervision of the cryptocurrency market. According to Hernández de Cos, the action is essential in order to manage the danger presented by the most prominent cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH); stablecoins, such as Tether (USDT); and other decentralized services, such as the Decentralized Finance (DeFi) sector. As part of his speech delivered at the II Observatory of Finance on February 21, Hernández urged for more collaboration at the national and international levels, as well as across…

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Truckers protesting against Covid-19 restrictions in Ottawa over the last couple of weeks has resulted in numerous demonstrators having their bank accounts frozen, as well as Canada’s Prime Minister Justin Trudeau invoking the Emergencies Act to include crypto transactions. As the Canadian government ramps up its efforts to derail the flow of funds to the demonstrators, the Ontario Superior Court of Justice sent Nunchuk a self-custodial Bitcoin wallet a Mareva Injunction, ordering it to freeze and disclose information about the assets involved in the Freedom Convoy 2022 campaign. In an official response to the Ontario Superior Court of Justice, Nunchuk replied that it is a “self-custodial, collaborative…

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Malaysia recorded the highest cases related to illegal Bitcoin mining in 2021 as the country continued the crackdown on various operators. The Malaysian Bukit Aman Criminal Investigation Department (CID) revealed that it seized illegal Bitcoin mining equipment worth a record RM54 million ($12.9 million), Malay Mail reports. Compared to 2020, the value of confiscated equipment stood at RM1.26 million ($331,000), representing a spike of 4,185%. According to the agency’s head, Datuk Seri Abd Jalil Hassan, authorities have opened about 570 investigations and arrested 528 people in relation to illegal crypto mining. In 2020, investigations stood at 20 from 26 arrests. Most of the culprits…

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Since rebranding itself as Meta (NASDAQ: FB), Facebook has staked its future on virtual reality by investing billions of dollars annually to develop technology and software that stretches beyond conventional social networking. During a virtual Meta meeting earlier this week, the company’s chief product officer, Chris Cox, provided staff colleagues with an update on Horizon’s user growth, according to The Verge, citing an employee who overheard Cox’s statement. Since Horizon Worlds was made available to all Quest customers in the United States and Canada in early December 2021, the company’s monthly user base has increased tenfold to 300,000 individuals. That figure encompasses both Horizon…

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The cryptocurrency market volatility continues to escalate with the sector recording capital outflows led by large-cap digital assets like Bitcoin.  On a year-to-date basis, the market has lost $470 billion from January 1, 2022’s figure of $2.21 trillion dropping to $1.74 trillion as of February 20, 2022 (down 21.25%), data provided by CoinMarketCap indicates. The outflow in the capital has been led by Bitcoin which is trading below the $40,000 mark ($38,285 at press time) while Ethereum has corrected by over 10% in the last seven days. On a year-to-date basis, Bitcoin has lost 18% of its value. Drivers for correction Although…

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Smart contracts capability has allowed the Cardano (ADA) network to grow at an unparalleled pace since September 2021, when the blockchain underwent a significant upgrade. Cryptocurrency experts have examined Cardano in light of its progress, examining its price potential, and the future of the biggest Proof-of-Stake (PoS) blockchain looks to be bright, according to a survey of 17 fintech experts conducted by Finder and published on February 17. In particular, the crypto analysts surveyed between January 6 – 17 projected a price at $8.18 by the end of 2025 for the smart contracts-enabled, peer-reviewed asset, an eightfold increase in just three years for the DeFi token. Whatsmore, they predicted ADA…

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Semiconductor manufacturer Nvidia (NASDAQ: NVDA) has registered a drop in sales of crypto mining processors under the Q4 2021 financial results.  The results indicate that the revenue plunged almost 77% from $105 million to $24 million, driven by possible factors like shifting focus from proof-of-work centered cryptocurrencies for energy-efficient proof-of-stake assets. The drop also comes when other chip makers like Intel have entered the crypto mining space. Notably, Intel claims that its latest processor for mining is 1,000 times faster than the standard chips for SHA-256. Nvidia also cited crypto volatility as a possible reason for dropping demand. According to Nvidia: “Volatility  in  the  cryptocurrency  market  including  changes …

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Dan Morehead, the CEO of cryptocurrency-focused hedge fund Pantera Capital has said the ongoing correlation between stocks and cryptocurrencies will be short-lived.  Morehead, through the company’s Blockchain Letter stated that the cryptocurrency sector would likely grow at a faster rate because the asset class stands out in a rising interest rate environment. According to the executive, the correlation was a direct reaction to investors absorbing the tapering measures by the Federal Reserve. He acknowledged that although the crypto sector is not necessarily cash-oriented, it acts like gold, getting an upper hand over traditional assets influenced by interest rates.  Furthermore, the hedge fund stated that the…

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U.K. challenger bank Revolut seems to be expanding its cryptocurrency assets after silently adding the decentralized meme token Shiba Inu (SHIB) to its banking app. Indeed, the fintech company, which has more than 15 million users, looks to have implemented a function that allows users to buy Shiba Inu Coin on its trading platform. The Shiba community first became intrigued when Revolut modified their official Twitter handle’s cover picture. In the cover shot, the Shiba Inu Dog is seated in an office chair in front of a laptop. A slogan inscribed on the wall in the backdrop reads, “Never Settle.” No official announcement made…

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The question of whether there is anything more fundamental at work with crypto assets, or if it is simply a risk as a consequence of the tightening of monetary policy, is increasingly coming to the forefront of conversation in the space. Speaking with CNBC on February 7, cryptocurrency lender Nexo founder, Antoni Trenchev, discussed the correlation between the crypto and the traditional financial markets with more institutions in the sector. Trenchev is skeptical about the Federal Reserve (Fed) and the planned rate increases, as well as the manner in which they would be implemented. He believes, on the other hand, that “cheap money” will continue to stay…

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