Central Bank of Tanzania Should Strive for Crypto Adoption, Says the Country’s President

The president of Tanzania – Samia Suluhu Hassan – outlined the nation’s need for cryptocurrency adoption. She stressed out that the East African region still falls behind other, more advanced regions. ‘Do Not be Caught Unprepared’ In a recent announcement, the Tanzanian president – Samia Suluhu Hassan – highlighted the development of cryptocurrency usage and adoption in many countries. She reminded that the East African region, where Tanzania is located, is not as advanced as other areas and urged the financial chiefs to start working on that matter: ”I know…

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JPMorgan Implies that El Salvador’s Bitcoin Move Has no Economic Benefits 

Following El Salvador’s move to adopt bitcoin as a legal tender in the country, Wall Street giant JPMorgan seems not to be impressed by such a monumental decision from the Central American nation. JPMorgan Comments on El Salvador’s Bitcoin Move In a recent note to investors, as tweeted by Financial Times correspondent Robin Wigglesworth, JPMorgan commented that the recent move made by El Salvador to make bitcoin legal tender was growth-oriented. However, the American investment bank seemed to imply that the decision by the country had no economic benefit, adding…

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Worrying Sign for Bitcoin in the Short-Term: Exchanges Netflows

Some worrying signs are starting to appear for bitcoin’s price, at least in a short-term time frame. That’s according to a well-known analyst. The price for BTC has been wobbly recently, with it being unable to decisively break out in any direction. Last week, we saw bitcoin dipping as low as $31K only to recover and touch $38,500 days later. Now, however, the primary cryptocurrency is trading at around $35,500 for a 4% loss on the day. Commenting on the most recent price action was Ki Young Ju, the CEO…

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WazirX Reportedly Investigated by India’s Enforcement Directorate

India’s Enforcement Directorate (ED) has purportedly sent a show-cause notice to the founder of the popular exchange – Nischal Shetty, and the director – Sameer Mhatre. The agency has requested the duo to explain suspicious transactions worth nearly $400 million. According to a Reuters report, India’s financial crime-fighting organization, the ED, has contacted the two executives in regards to transactions worth 28 billion rupees ($382 million). The agency accused the operators of the exchange of failing to collect the required documents to carry out know-your-customer (KYC) verifications. Consequently, they are…

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Crypto Markets Dump $200 Billion in Bear Driven Bloodbath

Total market capitalization has declined by 11% in a fall from $1.74 trillion to a low of $1.55 trillion during Tuesday morning’s Asian trading session. The massive selloff has resulted in almost $200 billion being wiped out of digital assets and back into fiat. It is the lowest markets have fallen to since May 30, and more pain may be on the way. The lowest total market cap has been during the current correction was on May 24 when it dropped to $1.46 trillion. Markets are still 50% higher than…

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Toxic Bitcoin Maximalism is Bullshit, Erik Voorhees Says

ShapeShift CEO Erik Voorhees is no shy when it comes to expressing his opinion about politics, finance or Bitcoin maximalism —no matter popular or unpopular they might be. During an intervention at the Bitcoin 2021 conference in Miami, Voorhees criticized an earlier panelist’s comment praising toxic Bitcoin maximalism, saying that such thinking was, erm, wrong – to put it in more civilized terms. Bitcoin Maximalism: A Bug or a Feature? Just minutes before Erik Voorhees took the stage to moderate a panel on the evolution of cryptocurrency exchanges, a debate…

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Revolutionary: El Salvador On Its Way To Adopt Bitcoin As a Legal Tender

El Salvador’s president revealed at the ongoing Bitcoin 2021 Conference in Miami that he plans to make bitcoin a legal tender in his country. Speaking at the Bitcoin 2021 event, Nayib Bukele, the president of El Salvador, said he is planning to introduce a law that will make bitcoin a legal form of money in the country. According to a  video broadcast at the conference today, Bukele said he would send the bill to Congress next week. If the bill pushes through, El Salvador will become the first sovereign nation…

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Crypto is Not a Substitute for Gold but Copper: Goldman Sachs Head of Commodity Research

Jeff Currie – the Global Head of Commodities Research at Goldman Sachs – shared his thoughts on Bitcoin being a gold replacement. According to him, digital assets are substitutes for copper. From Gold to Copper In a recent CNBC interview, Jeff Currie warned that cryptocurrencies are risky and people should not consider them as a gold substitute. He opined that copper is a much more similar asset to be compared to digital assets: ”Digital currencies are not substitutes for gold. If anything they would be a substitute for copper. They…

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Flash Loans Strike: Belt Finance Exploited for $6.2 Million

The hacker managed to steal $6.2 million worth of BUSD, the Binance native USD-pegged stablecoin converted to ETH via 1inch DEX and partially withdrawn from Binance Smart Chain onto Ethereum. This hack was comparatively benign: only $6.2 million was stolen from Belt Finance’s massive $2.6 billion total value locked (TVL). The beltBUSD vault uses four strategies. A bug in the Elipsis strategy was used to leak out funds via the Venus strategy. The vault sends new deposits to the most undersubscribed strategy and pays out withdrawals from the most oversubscribed…

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