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Bank for International Settlements Is Trying “I Told You So” Trick On Crypto Industry As Bear Market Sets It

Mark Brennan
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Bank for International Settlements Is Trying “I Told You So” Trick On Crypto Industry As Bear Market Sets It

BIS Says Crypto Market Facing The Music As The Current Crypto Implosions Were Long-awaited.

For years now, the rise of alternative currencies, in form of digital currencies, has rattled governments and central banks. Most of them have drawn up harsh policies to contain the adoption of cryptos but these efforts were to no avail. Financial institutions and even some governments are now embracing cryptos like Bitcoin.

However, the Bank for International Settlements (BIS), doesn’t seem to bulge in its quest to trample competition and retain its power as the ultimate umbrella for all central banks in the world. Recent statements from its top execs as well as its 2022 reports point to this fact.

The BIS Is Anti-Decentralization

The BIS is strongly anti-cryptos primarily because of its decentralized nature that ensures no one entity has more power than the rest. This could explain why the institution is now using the current downturns in the crypto market to make its case against mainstream cryptocurrencies.

Its General Manager, Agustin Carstens, picks out the collapse of Terra and the price drop of BTC to demonstrate the alleged inherent weakness of decentralized digital currencies.

He told Reuters,

“Without a government-backed authority that can use reserves funded by taxes, any form of money ultimately lacks credibility. I think all these weaknesses that were pointed out before have pretty much materialized, You just cannot defy gravity. At some point, you really have to face the music.”

International Standards For CBDCs

Interestingly, while the BIS is anti-crypto, it supports the use of technology by centralized governments to improve currency security and international interoperability.

For this reason, CBDCs are now being explored by many central banks across the world. Basically, the BIS seems to be keen on supporting the use of CBDCs to steer people away from decentralized cryptos like Bitcoin. Carstens went on to intimate that the issue of CBDC interoperability has been an ongoing discussion among the members of G20.

Shiba Inu Shock Investors: Regain 14th Position, Surge 23% In Hours, Eliminates A Zero From Price 

Lele Jima
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Shiba Inu Shock Investors: Regain 14th Position, Surge 23% In Hours, Eliminates A Zero From Price 

Shiba Inu shocks investors as it rallies over 20% in hours. 



Shiba Inu (SHIB) has shown the crypto world that it is in no mood to remain in the dust, as it records a significant rally in the past few hours. 

The massive rally in Shiba Inu helped the cryptocurrency eliminate a zero from its price, as investors remain hopeful that the digital currency will continue to soar. 

Shiba Inu has soared 23.8% in the last five hours, moving from $0.000008 to $0.00001, thus placing the asset class among the top gainers today. 

SHIB Soars 27% in 24 Hours 

Data on popular cryptocurrency aggregator platform Coinmarketcap suggests that Shiba Inu is up 27.7% in the last 24 hours, as the coin’s price currently sits around $0.00001053. 

Shib was trading at $0.00000802 on 20th June and now trading above $0.00001, eliminating a zero from the price.

The tremendous growth of Shiba Inu may come as a shock to many given that no significant announcement was made about the project in the past day.  

Interestingly, that has always been the beauty of Shiba Inu, as the cryptocurrency usually embarks on tremendous rallies without any prior notice. 

According to data on Coinmarketcap, Shiba Inu is up 18,683,402% since its all-time low of $0.000000000056366. 

14th Place

Shib extraordinary price recovery helped the coin to take 14th place beating WBTC. Shiba marketcap is $5.769B while WBTC marketcap is $5.751B.

shib 14th place

Whale Accumulation & SHIB Burning Pump Coin’s Value

Meanwhile, in contrast to the SHIB’s previous surge, the current price increase of the cryptocurrency is attributed to a few factors, including constant whale accumulation and the burning exercise being carried out by the SHIBArmy, the name given to enthusiasts of the project. 

As reported, several top Ethereum whales have been taking advantage of the massive dip of SHIB, by purchasing millions of the cryptocurrency at intervals. 

Last week, a mysterious Ethereum whale holding a whopping 4 trillion Shiba Inu coins added another 130 billion units of the cryptocurrency to its holding. 

The total amount of Shiba Inu coins in circulation is gradually reducing following the massive amount of SHIB burnt via the official burn portal. 

Only yesterday, members of the Shiba Inu community burnt 83 million SHIB via the burn portal to further boost the value of the cryptocurrency. The efforts made by these enthusiasts are gradually leading to the surge in the coin’s value. 

Two Top Indian Crypto Exchanges Disabled Withdrawals – What’s Going On?

Albert Brown
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Two Top Indian Crypto Exchanges Disabled Withdrawals – What’s Going On?

 

The two largest crypto exchanges in India have disabled withdrawals and people are not happy.



Speculations are abounding about the two largest and most popular crypto exchanges in India. Apparently, they have stopped customers from making withdrawals, and the reasons for this action are somewhat flimsy.

The exchanges, CoinDCX and Coinswitch Kuber have taken this step at a time when a number of other crypto-related platforms have done the same. This has fueled speculations about why it’s happening. However, the two exchanges have moved to dispel fears and contain rumors.

“Strengthening KYC”

CoinDCX sent out a tweet pointing customers to a more detailed announcement posted earlier about the said action.

 

The announcement details that the decision to disable withdrawals was made in order to give room for the exchange to strengthen its KYC (Know Your Customer) protocols and make it safer for customers.

However, this explanation doesn’t seem to satisfy a lot of people in the crypto industry. A Reddit post by one user details some responses from the exchange when queried by customers about the disabled withdrawals.

On one hand, the exchange claims to be taking steps to comply with regulations. On the other hand, customers are left without access to their crypto holdings. This has led some to remind the community that having direct access to holdings and owning the keys is the ultimate way of ensuring no one controls other people’s stash.

There’s an adage that has been going around the crypto industry for a while:

“Not your keys, not your coins.”

Did They Get Rekt?

At the same time, there are questions as to whether the two exchanges may have run into losses after the crypto market crashed. For one, a few other platforms like 3AC and Celsius Network disabled withdrawals and transfers in the face of heavy liquidation when Bitcoin’s price fell. Could this scenario be playing out on these exchanges? As it’s always the case in this industry, the truth will be revealed in time.

 

New York Digital Investment Group Now Make It Possible For Companies To Integrate Bitcoin

Mark Brennan
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New York Digital Investment Group Now Make It Possible For Companies To Integrate Bitcoin

The partnership will give rise to the widespread adoption of Bitcoin across various companies.



As part of efforts to promote widespread adoption of Bitcoin (BTC), Deloitte has announced that it has partnered with New York Digital Investment Group (NYDIG) to enable companies globally to integrate the asset class into their businesses. 

Deloitte noted in a press release today that the partnership will see NYDIG implement Bitcoin products across its range of services, including consumer loyalty, banking, employee rewards, and lots more. 

Details of the Partnership

Under the partnership, a centralized approach will be created for clients seeking advice on Bitcoin products and services. In addition, companies will benefit from Deloitte’s professional services and NYDIG’s Bitcoin financial and technological products. 

Notably, the development comes amid growing interest among people who continue to look for an opportunity to gain exposure to the top asset class. Per the announcement, the service will further drive BTC adoption beyond what is currently in existence. 

Yan Zhao, president of NYDIG said the company is hoping that the world will evolve to the level where traditional and modern financial infrastructures will combine to offer people quality financial services coupled with a higher level of regulatory compliance. 

“We’ve already started the journey of bringing bitcoin to all by embedding bitcoin wallets into existing user experiences, powering bitcoin rewards programs, and enabling bitcoin-secured lending,” Zhao added. 

Zhao added that it is confident that Deloitte is the perfect fit to enable companies to make significant moves that will aid in the execution of such projects while meeting users’ demands. 

Commenting on the development, Richard Rosenthal, Deloitte’s digital asset banking regulatory practice lead, said: 

“We believe this alliance with NYDIG will further drive business growth and is another hallmark of the extensive investment Deloitte is making in enabling digital asset innovation.” 

NYDIG Fosters Bitcoin Adoption

It is worth noting that NYDIG has been focused on promoting widespread Bitcoin adoption since it launched in 2017.  

The company has embarked on a series of partnerships with top companies to facilitate Bitcoin adoption across various parts of the world. 

As reported, NYDIG announced a partnership with Fiserv in a bid to roll out Bitcoin services to multiple U.S. banks and credit unions. 

In February, NYDIG launched a new initiative that allows employees to delve into the world of digital currencies by converting a portion of their salaries to the top asset class – Bitcoin. The popular Bitcoin-focused firm recently saw its valuation spike to $7 billion after it raised a total of $1 billion in equity investment led by Westcap to further accelerate its growth.

Bitcoin Mining Company Bitfarms sells 3000 BTC And Falling Prices Makes Miners Rampantly sell GPUs

Albert Brown
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Bitcoin Mining Company Bitfarms sells 3000 BTC And Falling Prices Makes Miners Rampantly sell GPUs

 

Bitfarms sells 3000 BTC as Miners are Rampantly selling GPUs.


 

It’s been a busy week for the global Bitcoin self-mining company, Bitfarm, which has sold 3,000 Bitcoin (BTC) for around $62 million and closed on an originally scheduled $37 million capital loan with NYDIG ABL LLC (NYDIG), boosting the company’s liquidity by almost $100 million.

This takes the total number of BTCs held to 3,349, which includes the month-to-date output of 14 BTC each dayBitfarms has reduced its BTC-backed credit facility with Galaxy Digital LLC (Galaxy) a further $28 million from US$66 million to $38 million as a result of the profits of the sale.

They have continued to take measures to boost liquidity, de-leverage, and strengthen their balance sheet in light of the extraordinary volatility that has been seen in the markets. Jeff Lucas, the CFO of Bitfarms, has specifically sold 1,500 more Bitcoin and is no longer HODLing all of the daily BTC output they generate.

“We are no longer HODLing all our daily BTC production. While we remain bullish on long-term BTC price appreciation, this strategic change enables us to focus on our top priorities of maintaining our world-class mining operations and continuing to grow our business in anticipation of improved mining economics.”

GPU Selling

In the middle of all of this, as a result of the plummeting prices of major cryptocurrencies, a large number of Chinese e-cafes and miners are dumping graphics cards onto the market since they no longer have a need for them.

 

Scalpers, e-cafe owners, and miners are all now using auctions and streams to attempt to unload their excess hardware stock. Users now have the ability to purchase a used graphics processing unit (GPU), such as the RTX 3060 Ti, for $350 or even less.

After experiencing skyrocketing pricing and limited availability over the course of the last two years, it is a sight to see that many popular graphics cards are now retailing for their MSRP or even less.

Users Can Now Buy Floki Inu With Over 90 Fiat Currencies

Zabi
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Users Can Now Buy Floki Inu With Over 90 Fiat Currencies

 

Israel-Based EMI-licensed Fintech Company Simplex Integrates Floki Inu (FLOKI) Making It Easier to Buy FLOKI Over 90 Fiat Currencies.



Now, users can buy Floki Inu (FLOKI) in exchange for over 90 fiat currencies.

Simplex, an EMI licensed Fintech Company providing fraudless payment processing solutions to online merchants partnered with Floki Inu, a dog-themed meme coin. Through this partnership, Simplex will integrate FLOKI. Following this integration, the Simplex and partner website users would be able to buy a canine-themed meme coin in exchange for over 90 fiat currencies.

Simplex also confirmed the news:

Simplex has partnered with the world’s top cryptocurrency exchanges including Binance, Huobi, OKX, Kucoin, Opera, etc. to make cryptocurrency accessible to all. Simplex currently supports over 130 cryptocurrencies, and over 90 fiat currencies and is globally accessible with over 350 partner integrations.

Founded in 2014, Simplex is a world-leading Israel-based EMI-licensed Fintech Company that provides a fiat infrastructure for cryptocurrencies and processes crypto-to-credit card payments. On May 6th, 2021, Simplex was acquired by Nuvei at a valuation of $250 million.

Following the footsteps of the most popular dog-themed cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), Floki Inu is created by a group of crypto influencers including PetaByte Capital, Sabre, and MrBrown Whale.  These all influencers are the fans and members of the Shiba Inu (SHIB) community. The cryptocurrency is community-driven and is branding itself as “a movement”.

At the moment, Floki Inu is working on three flagship utility projects including an NFT gaming metaverse called Valhalla, an NFT and merchandise marketplace called FlokiPlaces, and a content and education platform called Floki Inuversity.

TIME And Sandbox To Launch ‘TIME Square’ in The Metaverse

Albert Brown
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TIME And Sandbox To Launch ‘TIME Square’ in The Metaverse

 

TIME and The Sandbox are Collaborating to Construct a TIME Square in the Metaverse.


 

On Tuesday, The Sandbox and TIMEPieces, an NFT community effort under US media business TIME, launched new cooperation to establish “TIME Square,” the company’s first-ever location in the metaverse. “TIME Square” will be the result of the collaboration between the two organizations.

TIME Square will be constructed on property owned by TIME in The Sandbox and will serve as a location for gatherings, art, and commerce. The design of TIME Square will be influenced by the aesthetic essence and energetic vibe of the well-known area in New York City.

The relationship was announced by TIME President Keith A. Grossman during The Sandbox event held at NFT.NYCnyc. Grossman also issued an open call for architects to create TIME Square, recreating the internationally famous cultural hub for the metaverse.

“Our goal is to create a destination that will be the heart of the metaverse. Since launching TIMEPieces in September 2021, we have focused on developing a community in Web3 that benefited from the incredible 100- year legacy and access TIME has established. “

The ambiance of TIME Square will be welcoming to everybody and will provide experiences that are one of a kind to those who own TIMEPieces. The destination will serve the TIMEPieces community by giving virtual access to a variety of educational experiences, as well as conversations, events, and screenings of projects produced by TIME Studios.

The Sandbox is often viewed as a “virtual Manhattan,” according to Sebastien Borget, COO and Co-Founder of The Sandbox. The Sandbox is a vibrant space alive with culture, entertainment, and brands, where anyone can discover, learn, work, meet new people, play, dance, and find amazing new opportunities.

They are adding TIMEPieces as the pulsating heart and soul of this virtual Manhattan by teaming with TIME. In TIME Square, which is a venue in their creative metaverse for companies and artists, they will hold a design call for virtual architects.

Celsius Rise As Rumors Circulate Celsius Is Due For A Bailout

Mark Brennan
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Celsius Rise As Rumors Circulate Celsius Is Due For A Bailout

 

Celsius may be finally looking at a light at the end of the tunnel after a week of turmoil and the threat of liquidation.



Rumors currently gracing the crypto waves currently have it that Celsius, the embattled DeFi platform, could be in for a takeover by another party with deeper pockets. Celsius has spent the last week trying to keep afloat and avoid liquidation after BTC prices fell and took it with them.

The platform halted withdraws and has been working on topping up its collateral to prevent losses that might occur if its holdings get liquidated. The situation was made worse by BTC’s price drop to below $20k. The company has also faced a threat of a class action lawsuit for halting withdrawals.

How It Would Work

Now, there are some rumors that another entity may be interested in bailing out Celsius. Basically, the company in question would have to use its resources to provide more collateral and liquidity to the platform. Withdrawals and transfers would be resumed, and the Celsius Network would operate normally. It would also take over assets currently owned by Celsius.

Famous Twitter influencer Alfred says:

“There are some rumors circulating in the market about a possible Celsius bailout. A bailout in the form of a full acquisition of all Celsius assets and liabilities could be a huge win for Celsius customers as withdrawals could restart using the larger company’s balance sheet.”

 

However, the rumors don’t hint at which company among the numerous crypto entities in the industry may be in talks with Celsius. Still, these reports of a possible bailout to a company on the brink of total collapse are a source of hope for many investors – especially those whose digital assets have been locked up in Celsius.

Celsius was trading at $0.74 yesterday and is now up almost 100%, touching the intraday high of $1.63, currently trading at $1.38.

Deal Not Guaranteed

At this point, investors need to remember that deals depend on how the two entities engage and if they reach an agreement to that effect. In this case, while there are rumors of a possible deal in the process, it’s not guaranteed.

Success in this regard would create a better environment for the CEL to thrive as investor confidence would be boosted. The community is eager to find out more details of the deal and identify the “big money” entity in question.

FBI Warns Crypto Fraudsters Are Using LinkedIn To Target Victims

Mark Brennan
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FBI Warns Crypto Fraudsters Are Using LinkedIn To Target Victims

 

FBI Warns Crypto fraudsters are using LinkedIn to pursue victims.


 

The Federal Bureau of Investigation (FBI) has issued a warning to users of LinkedIn to be vigilant against crypto fraudsters, stating that these dishonest players pose a significant risk to the social media network.

According to statements made by an FBI special agent, Sean Ragan, on Friday, cryptocurrency investment con artists on LinkedIn pose a “significant threat” to the safety of users. Ragan expressed his opinion that there is an issue with fraudulent investment opportunities on LinkedIn during an interview with CNBC.

People who have been unemployed for an extended period are the primary targets of most employment scams. These cons obtain personal information through employment applications or resumes posted on job portals such as Indeed and Zip Recruiter by using deceptive yet alluring methods. And yet more cons offer an easy or guaranteed income in exchange for a fee.

According to the research, the fraudsters finally convince their victims to shift their cryptocurrency assets onto a phony website that is managed by the bad actor. Once this occurs, the false website is emptied of all monies.

“It’s not their fault that they were victimized. It’s the perpetrator’s fault. It’s the criminal’s fault. They spend their nights and days thinking about ways to victimize and defraud people. That’s how they make their money through illicit gains. And the people that fall victim to it, they’re victims.” Sean Ragan

LinkedIn has acknowledged the threats which Ragan warns, but the company insists that it will not relax its vigilance in the fight against fraud on its website. The company told CNBC that it will continue to enforce its policies, which state unequivocally that fraudulent activity of any kind, including financial scams, is not permitted on LinkedIn.

They went on to say that they work diligently each day to ensure the safety of their users and that this involves making investments in both automatic and manual defenses in order to identify and handle fraudulent activity, bogus accounts, and inaccurate information.

Elon Musk Says He Never Told Anyone to “Invest In Crypto” Amid Ongoing $258B Dogecoin Lawsuit Against Him  

Mark Brennan
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Elon Musk Says He Never Told Anyone to “Invest In Crypto” Amid Ongoing $258B Dogecoin Lawsuit Against Him  

The Tesla exec says he has never advised anyone to invest in digital currencies.  


In light of the lawsuit slammed against Elon Musk, the Tesla executive noted that he never asked anyone to invest in cryptocurrencies.

The founder and CEO of the American electric car company made this known today in a virtual interview in the ongoing Qatar Economic Forum with John Micklethwait, Bloomberg News Editor-in-Chief.

According to Musk, despite not advising anyone to invest in cryptocurrencies, he and his company hold some units of Bitcoin (BTC) and Dogecoin (DOGE), which he explained represent a small percentage of the company’s total cash reserve. He also confirmed again that he personally support dogecoin.

“I have never said that people should invest in crypto. In the case of Tesla, SpaceX, and myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets, I also bought dogecoin and Tesla accepts dogecoin for merchandise and I intend to personally support dogecoin.” Musk was quoted as saying in the interview.

Musk Sued for Promoting Dogecoin

It can be recalled that a U.S.-based man slammed Musk with a $258 billion lawsuit for the role he played in promoting Dogecoin to the public.

On several occasions, the popular tech mogul has thrown his weight behind Dogecoin on Twitter, where he has a huge following of nearly 100 million users.

Musk’s constant support of Dogecoin contributed to the massive growth of the cryptocurrency, which soared as high as $0.73 early last year.

However, the token’s value is currently a shadow of itself, as it has plunged massively by over 90% since it peaked at $0.73.

DOGE is trading around $0.06 at the time of writing this line, data on cryptocurrency aggregator platform Coingecko shows.

The plaintiff, Keith Johnson, noted that Musk was instrumental in promoting Dogecoin to the public, a token that he described in the lawsuit as a “pyramid scheme.”

Johnson said he will be representing global Dogecoin investors who have also suffered significant losses investing in the cryptocurrency.

Meanwhile, Johnson’s description of Dogecoin as a pyramid scheme did not go down well with DOGE’s co-creator Billy Marcus.

In a Twitter thread yesterday, Marcus said if people consider DOGE a pyramid scheme, then the same title should be used to describe all financial instruments, including stocks, commodities, and the entire crypto market among others.

Elon’s Tesla currently holds a total of 42,902 Bitcoin, which was acquired at an aggregate sum of $1.32 billion.

Elon also confirmed that His SpaceX Merch is to Accept Dogecoin Soon.

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