Crypto Lender Blockfi Secures $250 Million Line of Credit From FTX, CEO Says Capital Will Bolster Its Balance Sheet

The crypto lender Blockfi detailed on Tuesday that the company secured a $250 million line of credit from FTX. Blockfi’s CEO Zac Prince announced on Twitter that the company will use the capital to bolster Blockfi’s “balance sheet and platform strength.” Blockfi Obtains $250 Million Revolving Credit Line From FTX After Crypto Lending Firms Struggle With 2022’s Market Volatility It’s been a rough year for crypto lenders due to digital assets losing significant value over the last few months. One lender, Celsius, has been accused of being insolvent and last…

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Russian Ruble Taps 7-Year High Against the US Dollar — Economist Says ‘Don’t Ignore the Exchange Rate’

Recent news reports have detailed that Russia’s fiat currency, the ruble, was the best-performing currency worldwide and the articles explained that American economists were perplexed by the trend. On Monday, the Russian ruble rose to 55.47 per dollar, which was the highest increase since 2015. While many have dismissed the ruble’s exchange rate, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial called: “Don’t ignore the exchange rate: How a strong ruble can shield Russia.” Russia’s Ruble Climbs Higher — Report Says ‘Putin Is Having the Last…

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Biggest Movers: DOGE, SHIB Near 10-Day Highs, Following Recent Surges in Price

SHIB was trading almost 15% higher during today’s session, as its price approached a ten-day high. Its fellow meme coin, DOGE, was also in the green on Tuesday, with prices hitting their highest point since June 12. Shiba Inu (SHIB) SHIB was once again in the green on Tuesday, as it continued to move away from this weekend’s lows. Over the weekend, SHIB/USD fell to an intraday low of $0.00000707, which was its lowest point since October 2021. Since then, prices have picked up momentum, and today saw prices hit…

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Top Privacy Cryptocurrencies by Market Cap Lost Half Their Value in Less Than 2 Months

Since the end of April, the top privacy crypto assets by market capitalization went from a combined value of $10.7 billion to today’s valuation of around $5.09 billion. During that time frame, monero lost 48% in value while zcash shed 56% against the U.S. dollar. Privacy Coin Economy Sheds Billions Since End of April The top five privacy crypto coins monero (XMR), zcash (ZEC), decred (DCR), nucypher (NU), and horizen (ZEN) have lost significant value during the last two months. On April 28, 2022, archived data shows that the top…

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Bitcoin, Ethereum Technical Analysis: ETH, BTC Climb for Back-to-Back Sessions for First Time in Nearly 2 Weeks

Bitcoin was trading higher for a second consecutive session on Tuesday, which is the first time it’s seen back-to-back gains in over two weeks. ETH also climbed in today’s session, as bulls continued to re-enter the market. Bitcoin BTC was trading higher for a second consecutive session on Tuesday, as markets continued to move away from recent lows. Prices hit an intraday peak of $21,387.65 earlier in today’s session, less than a day after trading at a low of $19,905.48. Today’s surge in price sees BTC/USD rise for back-to-back sessions…

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Iran to Shut Down Crypto Mining Farms Amid Record High Power Demand

Authorities in Iran plan to unplug licensed crypto mining facilities as electricity consumption in the country is reaching record highs. The mining farms will be cut off from the grid on Wednesday, the Islamic Republic’s Ministry of Energy announced. Legal Crypto Miners in Iran to Halt Operations Again Due to Electricity Shortages Authorized crypto mining enterprises in Iran will have to unplug their power-hungry coin minting equipment from the beginning of Tir, the next month in the Iranian calendar, or Wednesday, June 22. Mostafa Rajabi Mashhadi, spokesman of the Ministry…

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LBank Exchange Will List MintMe․com Coin (MINTME) on June 22, 2022

PRESS RELEASE. INTERNET CITY, DUBAI, Jun. 21, 2022 – LBank Exchange, a global digital asset trading platform, will list MintMe.com Coin (MINTME) on June 22, 2022. For all users of LBank Exchange, the MINTME/USDT trading pair will be officially available for trading at 18:00 (UTC+8) on June 22, 2022. Providing a new and innovative way of crowdfunding, MintMe.com allows anyone to mint a token for free that represents themselves or a project that they have created for their fanbase. Its native token MintMe.com Coin (MINTME) will be listed on LBank…

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Visa Launches Bitcoin and Crypto Enabled Cards in Latam

Visa, one of the biggest payments companies in the world, has announced the launch of a series of crypto-enabled cards in partnership with several fintech startups in Latam. These cards will allow users to spend crypto, purchase crypto where Visa cards are accepted for such, and also receive crypto cash back through different fintech partners in the region. Visa Provides Fintech Partners With Crypto-Enabled Cards More global payment companies are taking an interest in mixing conventional fiat payments with more advanced solutions like cryptocurrencies. Visa, one of the leading payments…

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Study: Today’s Metaverse Still Not Suited for Remote Work

A study released earlier this month has found that working in the metaverse with the tools available today might decrease the productivity of employees, and also increase their frustration and anxiety related to remote work. 11% of the participants in the study felt so much discomfort that they could not complete even a day in the study, leaving their tasks incomplete. Metaverse Needs Upgrades to Support Remote Work Companies and individuals are betting that the metaverse, an alternate digital representation of our world, will have an important role in the…

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USDD Continues to Trade for Under $1 — Tron DAO Reserve Insists Stablecoin Has Not Depegged

Since June 12, 2022, the Tron-based stablecoin USDD has remained below a U.S. dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day prior on June 19, USDD saw an all-time low at $0.928 per unit. Despite being below the U.S. dollar parity, the Tron DAO Reserve says the stablecoin has not depegged in a Twitter thread that discusses a combination of an “on-chain mechanism [and] collateralized assets.” USDD Trades Below $1 for an Entire Week USDD has been…

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BOSO TOKYO Looks to Bring Japanese Culture to the World via Innovative Use of Metaverse Capabilities

Everyone would agree that the DeFi industry is absolutely booming right now, and for good reason. After all, there is an abundance of technological innovation right now through aspects such as cryptocurrencies, NFTs, P2E games, blockchain, and most recently the metaverse. With that being said, it can often prove difficult to ascertain which projects in this sector are worth more than just the initial hype and can actually offer something of real value. This is where BOSO TOKYO comes in. What is it? Naturally, it is crucial to understand what…

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Deutsche Bank Expects Sooner, More Severe US Recession as the Fed Takes ‘Aggressive Hiking Path’

Deutsche Bank has updated its recession forecast. The bank’s economists now see “an earlier and somewhat more severe recession” than previously predicted. “The Fed has undertaken a more aggressive hiking path, financial conditions have tightened sharply and economic data are beginning to show clear signs of slowing,” said the economists. Deutsche Bank’s Recession Forecast Deutsche Bank’s chief U.S. economist, Matt Luzzetti, explained in a note to clients Friday that a recession will come sooner and it will be more severe than previously predicted, Yahoo Finance reported. The bank said in…

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President Biden Insists US Recession Is Not Inevitable — Treasury Secretary Yellen Concurs

President Joe Biden and Treasury Secretary Janet Yellen say that a U.S. recession is not inevitable, dismissing the concerns of many economists who have predicted an upcoming recession. In addition, Biden insisted that the U.S. will “overcome this inflation” while Yellen admitted that “inflation is unacceptably high.” Biden: U.S. Recession Isn’t Inevitable President Joe Biden reiterated to reporters Monday in Rehoboth Beach, Delaware, that a U.S. recession is not “inevitable.” Asking Biden about a potential recession, a reporter said, “Economists are saying that a recession is more likely than ever.”…

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SEC Chair Warns of ‘Too Good to Be True’ Crypto Products — US Treasury Calls for Urgent Regulation

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned the public about crypto investments that seem “too good to be true.” Meanwhile, the U.S. Treasury Department says that the recent crypto market turmoil underscores the urgent need for regulatory frameworks that mitigate the risks posed by digital assets. SEC Chair Gensler’s Crypto Warning SEC Chairman Gary Gensler cautioned investors last week about crypto lending platforms offering products that seem too good to be true, Reuters reported. The securities regulator’s warning followed crypto lender Celsius Network’s…

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Cleveland Fed President Loretta Mester Is ‘Not Predicting a Recession,’ Says Inflation Will Move Down

Cleveland Federal Reserve Bank president Loretta Mester doesn’t think a recession will take place in the United States but believes it will take two years to get inflation back down to 2%. While speaking during an interview on Sunday, Mester explained that while it will take two years, inflation “will be moving down.” A 2% Inflation Rate Will Take 2 Years to Achieve, Says Cleveland Fed President Loretta Mester The president and CEO of the Federal Reserve Bank of Cleveland, Loretta Mester, spoke to CNBC in an interview on Sunday…

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‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week. The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin…

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Biggest Movers: MKR up 20% to Start the Week, Whilst AVAX Rebound Continues

MKR was up by nearly 20% to start the week, as prices continued to move away from recent lows. AVAX was also in the green, as it climbed by over 10% on Monday, after hitting a ten-month low during the weekend. Maker (MKR) MKR was a notable mover to start the week, as prices climbed nearly 20% on Monday, following recent declines. Following an intraday bottom of $789.20 on Sunday, MKR/USD raced to a peak of $948.50, as prices neared a key resistance point. This level is the $1,000 mark,…

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Digital Collectible Downturn — NFT Sales Slid More Than 74% Lower Than the Month Prior

While digital currencies suffered this past month, non-fungible token (NFT) sales dropped by 74.44% during the last 30 days. Data shows that during the last seven days, NFT sales have slipped 17.33% lower than the sales recorded the week prior. NFT floor values for popular collections have rebounded this week in terms of ethereum value, but with ether’s exchange rate so low, blue chip NFTs are selling for a lot less than they did last month. Data Shows NFT Sales Continue to Sink Lower Coinciding with the crypto bear market,…

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Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000 as Cryptos Rebound

Following a weekend trading below $20,000, bitcoin rallied by over 10% on Monday to recapture this level. Cryptocurrencies were mainly in the green to start the week, as bulls seemingly bought the weekend’s dip. ETH was almost 15% higher in today’s session. Bitcoin Bitcoin rebounded from recent drops to start the week, as prices were once again trading above the $20,000 level. Following a low of $19,232.30 during Sunday’s session, BTC/USD has rallied to an intraday high of $20,913.32 on Monday. This rally saw the world’s largest crypto token regain…

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Russian Finance Ministry Rules Out Sale of Oil for Bitcoin

The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto Payments Not for Russian State Settlements, Ministry of Finance Says Cryptocurrency payments, in terms of international transactions, are seen by the authorities in Moscow as an alternative option for small private business contracts, but this will not affect Russian oil deliveries. The clarification was made by…

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Bitflex Commences BETA Testing With Zero-Trading Fees

PRESS RELEASE. Seychelles, June 20, 2022 – Bitflex Inc. (the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced that the Company will commence BETA testing of its cryptocurrency exchange and plans to officially launch the exchange by October this year. The Bitflex exchange offers an aesthetically pleasing interface built-in with news, notifications, and charting tools to create a superior environment for users to make the most educated trades. The BETA platform will offer up to 8 trading pairs for linear perpetual swaps. BETA versions…

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Digital Asset Exchange Coinmena Secures Provisional License Allowing It to Operate in the UAE

Coinmena, the Bahrain-headquartered and sharia-compliant digital asset exchange, announced recently that it had secured a provisional virtual assets license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows Coinmena to not only expand its activities but to “further strengthen [its] banking relationships within the UAE.” Expanding Coinmena’s Activities in the UAE A Bahrain-headquartered digital asset exchange, Coinmena, has been granted a provisional virtual assets license by Dubai’s Virtual Assets Regulatory Authority (VARA). The provisional license allows Coinmena to continue its operations in Dubai while “it undertakes the in-depth process”…

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Meta Launches Metaverse Digital Clothing Store

Meta announced that it was launching a designer digital clothing store that will allow users to purchase pieces of clothing for their avatars in its metaverse. The company believes that clothing and other accessories will become an important part of the users’ identity expression and that this will entice them to spend money on digital clothes that will be wearable on all Meta’s apps, including Facebook and Instagram. Meta to Sell Metaverse Clothing With the rise of the metaverse, an alternative and digital take of our world, companies have begun…

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McKinsey: The Metaverse Could Generate $5 Trillion by 2030 — ‘Simply Too Big to Be Ignored’

Global consulting firm McKinsey & Company has forecasted that the metaverse may generate up to $5 trillion by 2030. In addition, more than 80% of commerce could be impacted by activities in the metaverse. Metaverse Could Generate $5 Trillion by 2030 Global management consulting firm McKinsey & Company published a report last week titled “Value creation in the metaverse.” The report details: “Our work began by surveying more than 3,400 consumers and executives on metaverse adoption, its potential, and how it may shift behaviors. We also interviewed 13 senior leaders…

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Kevin O’Leary Says He Won’t Sell Any Crypto Despite Downturn – ‘You Just Have to Stomach It’

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he is not selling any of his cryptocurrencies despite the crypto market downturn. “Long term, you just have to stomach it. You have to understand you’ll get volatility,” he stressed. Kevin O’Leary: I’m Not Selling Anything Shark Tank star Kevin O’Leary talked about bitcoin and other cryptocurrencies in an interview with the Insider, published Saturday. Commenting on the crypto market turmoil, O’Leary said: I’m not selling anything … Long term you just have to stomach it. You have to understand you’ll…

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Tesla CEO Elon Musk Confirms He’ll Keep Buying and Supporting Dogecoin

Tesla and Spacex CEO Elon Musk has reaffirmed his commitment to dogecoin (DOGE). He confirms that he will keep buying and supporting the meme cryptocurrency. The price of dogecoin climbed following his statements amid a crypto market downturn. Elon Musk Reaffirms Commitment to Dogecoin Tesla CEO Elon Musk reaffirmed his support for the meme cryptocurrency dogecoin a few times this weekend. On Sunday, Musk tweeted that he will keep supporting DOGE. He also indicated that he will keep buying the meme coin. On Saturday, the Tesla boss also mentioned DOGE…

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Salvadoran President to Bitcoin Investors: Your BTC Investment Is Safe, Will Immensely Grow After Bear Market

The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market. El Salvador’s President on Bitcoin Investments The president of El Salvador, Nayib Bukele, has spoken up about bitcoin investments amid BTC’s heavy sell-off. El Salvador has purchased 2,301 bitcoins since the country made BTC legal tender alongside the U.S. dollar in September last year. With the price of bitcoin plunging, El Salvador’s BTC investment has reportedly lost 50% of its value, or…

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Binance Suspends Direct Deposits and Withdrawals in Brazil

Binance announced this week that the direct withdrawal and deposits were suspended in Brazil. The exchange issued a statement where it announced that this was the result of a change in the payments partner in the country and that it will be taking legal steps against it. However, the partner states that Binance did not adapt to provide the new KYC information required by Brazil’s central bank. Binance Stops Real Related Movements Binance stopped real-based direct deposits and withdrawals in Brazil this week as a result of a change in…

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Cumberland Sees Massive OTC Moves During Crypto Market Rout — ‘Most Volume We’ve Seen This Year’

During the last week, while crypto markets got hammered, digital currency-centric over-the-counter (OTC) trading desks were swamped with orders. The cryptocurrency OTC trading desk Cumberland, a subsidiary of DRW, explained that on June 13, the firm saw 30% more volume than the previous year-to-date high on May 13. Cumberland Says ‘On Big Swings, More Volume Tends to Come to OTC Desks’ Over-the-counter (OTC) trading desks allow high-net-worth crypto traders to trade coins without affecting spot markets as much as they would trading on a traditional exchange. OTC trading desks also…

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Sberbank to Conduct First Digital Asset Transaction on Own Platform

Russia’s largest bank, Sberbank, is going to carry out the first transfer of digital assets on its own dedicated platform within a month, a top executive revealed this week. The announcement comes after earlier this year, the bank was authorized to issue digital financial assets. Sberbank Prepares for Deal With Digital Financial Assets on Proprietary Platform Russian majority state-owned bank Sberbank (Sber) will perform the first transaction with digital financial assets (DFAs) on a platform developed by the institution within a month, Tass reported. The news agency quoted Anatoly Popov,…

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