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മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
CoinDesk
Craig Wright Wins U.S. Appeal in Billion-Dollar Bitcoin Dispute
A Florida jury was right to say the self-proclaimed inventor of cryptocurrency wasn't in partnership with David Kleiman when they mined bitcoin together, an appeals court ruled.
CoinDesk
Hi's Mastercard Debit Card Adds Option to Spend Sandbox's Token SAND
Cardholders of the hi Debit Mastercard, a partnership between crypto payments application hi and Mastercard, can now spend Metaverse platform Sandbox’s SAND token as a currency in eligible markets.
CoinDesk
Digital Pound Consultation Received Over 50,000 Responses, With Privacy a Major Concern
Many of the respondents outlined concerns around privacy, programmability and the decline of cash, Jon Cunliffe, deputy governor of the Bank of England said.
Bitcoin News
Biggest Movers: DOGE, SHIB 10% Higher, as Bulls Race to Meme Coins
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1966499524-1-768x432.jpg Dogecoin was one of Thursday’s big movers, as the cryptocurrency climbed by as much as 10% in today’s session. The surge in price comes as traders look to find opportunities in riskier crypto assets, with the meme coin realm ticking this box. Shiba inu also gained, reaching its highest point in over two months.
Dogecoin (DOGE)
Dogecoin (DOGE) rose by over 10% earlier in today’s session, as the global cryptocurrency market cap returned to the green.
DOGE/USD peaked at $0.07489 on Thursday, which comes following a low of $0.06596 the day before.
Today’s move sent dogecoin to its strongest point since August 14, when the price climbed to a high of $0.0771.
Overall, this is the seventh day in the last eight sessions that the meme coin has traded in the green.
This latest surge has pushed the 14-day relative strength index (RSI) to a current reading of 80.21, above a ceiling at 76.00.
As a result of price being overbought, current buyers may now begin to secure their profits.
Shiba Inu (SHIB)
Shiba inu (SHIB) was another notable gainer on Thursday, as price rose for a second consecutive day.
Following a low of $0.000007429 on Wednesday, SHIB/USD rallied to an intraday high of $0.000008208 earlier today.
Similar to dogecoin, today’s gains have sent SHIB to its highest level since August, after the price rose by nearly 10% today.
Looking at the chart, earlier gains have somewhat faded, as a result of the RSI failing to break out of a ceiling at 70.00.
As of writing, price strength now sits at 69.15, with a floor at 61.00 a likely target should momentum begin to shift.
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Do you expect shiba inu to climb higher this week? Let us know your thoughts in the comments.
Bitcoin News
Investor Greed Increases Amid Bitcoin ETF Anticipation
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1860997528-768x432.jpg With bitcoin trading higher amid rising anticipation of a spot bitcoin exchange-traded fund (ETF) approval in the U.S., investor moods have clearly shifted. The index measuring the balance between fear and greed emotions of participants in the crypto market entered the green zone of the scale this week.
Crypto Fear and Greed Index Registers Bullish Market Sentiments
The price of bitcoin (BTC) surged this week, likely in reaction to developments interpreted positively by investors anticipating the regulatory approval of America’s first spot bitcoin ETF. BTC is trading well over $34,000 at the time of writing, compared to around $28,000 last Thursday.
The change in sentiment was quickly registered by the Crypto Fear and Greed Index (CFGI) which exceeded 70 points out of 100 this week and stands at 71 (greed) on Oct. 26, according to the one devised by the software development platform Alternative.me.
Last week, the indicator was in the neutral zone and last month it was below 50 (fear). On this scale, zero means “extreme fear,” when many worried investors are irrationally selling, while 100 represents “extreme greed” with many people buying during a rising market.
Coinmarketcap’s Fear and Greed Index is currently slightly higher, at 72 points. According to the crypto data aggregation site, the indicator remained neutral for most of October before entering the green zone this week when market sentiments changed significantly.
The index had been predominantly expressing investors’ fear between around mid-August and late September and the last time it registered greed before that was in mid-July, the chart provided by Coinmarketcap.com shows.
Market moods in 2023 have been influenced to a great extent by negative news related to the ongoing regulatory crackdown on the industry since last year’s collapses of major platforms in the space such as cryptocurrency exchange FTX.
The prospects of the U.S. Securities and Exchange Commission (SEC) approving a spot bitcoin ETF in the coming months have played a balancing role. According to a recent research by Galaxy Digital, a spot-based bitcoin ETF would boost the price of BTC by 74% in the first year after launch.
Do you expect the Crypto Fear and Greed Index to continue to increase in the coming weeks? Tell us in the comments section below.
CoinDesk
Media Reported Hamas Got Millions Via Crypto, but the Data Provider They Cited Says It Was Misconstrued
After Hamas' deadly attacks in Israel, media reports linked the terrorist group with tens of millions in crypto donations, but that data was misinterpreted and hugely exaggerated, according to the blockchain analytical firm that was cited.
CoinDesk
Crypto for Advisors: ETH Futures ETFs and What’s Next
Today in Crypto for Advisors Roxanna Islam from VettaFi discusses the current crypto ETF market with a focus on Eth futures performance.
CoinDesk
U.S. Senate's Banking Chairman Says Panel to 'Crack Down' on Crypto's Terrorism Ties
U.S. Sen. Sherrod Brown (D-Ohio) has said the Senate Banking Committee will "crack down on the use of crypto to fund terrorism and evade sanctions" at a time when the U.S. must stand with both Ukraine and Israel as they fight back against Russian President Vladimir Putin and Iranian-backed terrorists like Hamas.
tes to set up.
* Customization: Developers have the flexibility to tailor WaaS to suit their specific business requirements. They can seamlessly integrate it with their platform, incorporating features such as transaction capabilities and NFT displays.
* Enhanced User Efficiency: WaaS boosts user efficiency for on-chain transactions by eliminating the need to leave a dApp for transaction signatures. Users enjoy a seamless experience without switching to third-party external wallets, improving overall usability in Web3 applications (eg: Web3 mobile games).
BCN: Users tend to expect absolute sovereignty over their assets and information. Your company Particle Network recently unveiled the upgraded V2 of its WaaS solution with zero-knowledge technology. Could you tell our readers more about how this upgrade helps to ensure confidential transactions, login, and other interactions?
PW: By introducing zero-knowledge proof (ZKP) technology into our existing product suite, we’re enabling users to experience Confidential Login and Confidential Transactions. The Confidential Login feature ensures user login privacy by concealing the connection between their Web2 identities and wallet addresses. Users only need to plug into Particle Network and their activity will be protected with ZKP when using them. This approach aligns with our vision for Web3 wallet infrastructure, which goes beyond signature and private key management to encompass comprehensive data protection.
Regarding Confidential Transactions, our approach focuses on safeguarding user privacy at the address level rather than the asset level. This also enhances user transaction privacy through the use of one-time, temporary addresses, effectively preventing any linkage without the necessity for additional smart contracts or consensus layer forks.
BCN: Do you believe that ZK-WaaS will at some point become the standard configuration for Web3 application-layer products? If yes, can you share reasons to support your position on this issue?
PW: Absolutely, and here’s why. Our ZKwaas solution covers all the bases—Efficiency, Privacy, and Intelligence.
* Efficiency: We maintain user-friendliness with social logins, an efficient onboarding method for new users.
* Privacy Protection: With ZK technology, we are able to ensure absolute asset sovereignty for end users, which is a core principle of Web3.
* Intelligence: Our modular ZKwaas combined with Account Abstraction offers intelligent user interactions, including gasless transactions, session keys and other operations
In essence, it embodies Web3 principles, supports mass adoption, and is highly performant, therefore making it an evergreen solution that will become the industry standard.
BCN: According to various media reports, your WaaS solution has garnered more than 15 million users in about a year. What do you think helped you achieve this milestone?
PW: Our success can be summarized in three key points:
* Emergence of Pan-User Web3 Applications: The proliferation of pan-user Web3 applications, especially high-quality games and innovative social products, has been instrumental. These applications attract a broad audience, including existing Web2 users, driving demand for our B2B2C Wallet-as-a-Service products.
* Focused and Developer-Centric Approach: Our unwavering focus on WaaS has allowed us to effectively address both developers’ and end-users’ needs. We employ MPC-TSS technology for non-custodial security and offer a Smart WaaS solution. This not only benefits end-users with session keys and gasless transactions but also ensures developers’ concerns regarding security and privacy are addressed comprehensively.
* Strategic Partnerships: Strong industry connections, forged through partnerships with networks like BNB Chain, Linea, NEAR, Sei, and zkSync, as well as infrastructure partners like CertiK and Biconomy, have played a significant role in our growth.
BCN: What’s Intent-Centric Design in wallets, and why should decentralized app develo[...]
Bitcoin News
Bitcoin, Ethereum Technical Analysis: BTC Remains Near 18-Month High, ETH Recaptures $1,800 Level
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1910567509-768x432.jpg After a brief spell above $35,000 late on Wednesday, bitcoin retreated below this level during today’s session. Despite the decline, the cryptocurrency continues to trade close to an 18-month high on Thursday. Ethereum rose back above the $1,800 level.
Bitcoin
Bitcoin once again fell below the $35,000 level on Thursday, after a brief stint above this level on Wednesday.
Following a high of $35,133.76 late in yesterday’s session, BTC/USD dropped to an intraday low of $34,151.88 earlier today.
The move saw bitcoin continue to trade close to its strongest point since May 2022, when price was over $37,000.
At the time of writing, bitcoin is now trading at $33,990.55, which comes as the relative strength index (RSI) failed to penetrate the 90.00 zone.
Currently, the index is at a reading of 82.99, which remains significantly overbought in the medium term.
Should sentiment begin to truly shift bearish, a floor at $31,000 is the likely target for bears in the market.
Ethereum
On the other hand, ethereum (ETH) was mostly higher, leading prices back above the $1,800 level.
ETH/USD peaked at $1,865.10 earlier in today’s session, following a low at $1,781.49 on Wednesday.
As a result of today’s surge, ethereum rose to its highest level since August, when the price hovered below $1,880.
The cryptocurrency has now traded in the green for seven straight sessions, adding nearly 20% to its value during this period.
Overall, the 10-day (red) moving average continued to race ahead of its 25-day (blue) counterpart, which is a sign that momentum remains bullish.
At the time of writing, the RSI is at 74.90, which could cause current buyers to soon begin to capture gains.
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Do you expect ethereum to hit $1,900 before market sentiment shifts? Leave your thoughts in the comments below.
Bitcoin News
FTX Estate Initiates Second Tranche of Crypto Transfers, Shifting Millions to Centralized Exchanges
https://static.news.bitcoin.com/wp-content/uploads/2023/10/ftxsddf-768x432.jpg On Thursday, the analytics firm Peckshield alerted the community to another transfer of crypto assets from FTX wallets to centralized exchanges. Nearly $20 million in digital currencies were moved after the estate transferred $8.6 million in cryptocurrencies to Binance earlier in the day.
FTX Mobilizes Millions in Crypto to Centralized Exchanges in Second Major Move
The estate handling FTX’s bankruptcy has been relocating coins to centralized crypto exchanges. Following an $8.6 million transfer on Wednesday, the estate moved nearly $20 million during the evening hours of that day. The analytics and onchain intelligence company Peckshield detected the movement, with its alert system notifying the community at 10:56 p.m. Eastern time on Wednesday.
Peckshield disclosed that about 470,000 solana (SOL), worth $15 million, were moved to centralized exchanges including Binance. The onchain analytics alert system further detailed that FTX transferred coins such as ETH, COMP, and RNDN. Further, an additional $2.5 million in ether was reportedly sent to the centralized exchange Coinbase.
“In addition, FTX-labeled address has transferred ~1,393 ETH (~$2.5M) to Coinbase,” the Peckshield alert added.
Observers can only speculate that the coins were sent to be sold, as their movements become opaque once held on an exchange. Besides sending crypto assets to exchanges, presumably to trade or sell them, FTX debtors have also engaged in staking assets. To date, the estate has staked millions worth of SOL and roughly $5 million worth of ether. The estate continues to work on the final proposals in the bankruptcy case, drawing closer to completion.
What do you think about FTX moving funds to centralized crypto exchanges? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Bitcoin’s Recent Outperformance Fueled by Institutional Demand, JPMorgan Says
There has been a significant bitcoin inflow into larger wallets, which suggests institutional investor demand, the report said.
CoinDesk
JPMorgan Handles $1B Transactions Daily In Digital Token JPM Coin: Bloomberg
JPMorgan has plans to widen the coin's usage the bank's head of payments Takis Georgakopoulos said in an interview.
CoinDesk
UK Lawmakers Pass Bill to Help Seize Illicit Crypto
The bill lets law enforcement freeze crypto without a conviction, promising faster and more substantial seizures.
CoinDesk
Dollar/Yen Trading Volume Surpasses Bitcoin on DeFi Platform Gains Network
Gains Network, initially released on Polygon and later on Arbitrum, allows users to trade financial derivatives of cryptocurrencies, foreign exchange and commodities by matching buy-sell orders using smart contracts.
CoinDesk
Crypto Assets Under Management Jump to $31.7B; SOL-Based Products Rise 74%: CCData
Bitcoin-based products have increased their market share to 73.3% from 70.5% amid optimism over the possible approval of a spot-price exchange-traded fund.
CoinDesk
First Mover Americas: Bitcoin and Ether Options Activity Hits $20B
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 26, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
said only $21,000 in cryptocurrency has been donated since Oct. 7, and much of this has been frozen. On Oct. 9, Gaza Now sent around $2,000 of the donated cryptocurrency to an exchange, where it was promptly frozen, the firm added, noting that around $9,000 in USDT donations were also frozen by Tether.
In contrast, much more funds have been raised to help people in Israel, the blockchain analytics firm additionally pointed out, stating:
Crypto fundraising for humanitarian causes in Israel is flourishing. For example, Crypto Aid Israel had received over $185,000 in crypto donations by October 19th to support those impacted by the attacks.
What do you think about the clarification by Elliptic about how much crypto Hamas had raised? Let us know in the comments section below.
Bitcoin News
Top Meme Tokens Record Impressive Gains in 24-Hour Trading Frenzy
https://static.news.bitcoin.com/wp-content/uploads/2023/10/mememmememmeme-768x432.jpg According to statistics on October 26, 2023, the meme coin crypto economy has risen nearly 10% against the U.S. dollar in the past 24 hours. The top five meme tokens, including dogecoin, shiba inu, pepe, floki, and baby doge coin, have risen between 7% and more than 28% in the last day.
Meme Coins Enjoy a 10% Uplift in Market Value
Meme coin values surged against the dollar on Thursday as the market valuation of the entire meme market reached $16.8 billion, up 9.9% over the past 24 hours. The leading meme coin in terms of market capitalization, dogecoin (DOGE), has risen 11% over the past day. Right below DOGE is shiba inu (SHIB), which gained 7.8% in the 24-hour span. DOGE has recorded $1.48 billion in global trade volume over 24 hours, and SHIB has seen about $428 million in trade volume.
Pepe (PEPE) climbed 8.9% against the dollar, and floki (FLOKI) saw a 28.6% rise during the past 24 hours. The fifth-largest meme coin by market cap, baby doge coin (BABYDOGE), has increased by 7% in the last day. The sixth-largest meme token, literally dubbed “harrypotterobamasonic10inu,” saw a 2.2% decline on Thursday, and dogelon mars (ELON) saw a slight 1.7% increase. The token wall street memes (WSM), on the other hand, saw an 18.2% decline against the dollar.
While the meme coin economy is seeing $2.66 billion in global trade volume over 24 hours, most of the trade volume stems from DOGE and SHIB. In fact, approximately 71.42% of the day’s global trade volume derives from the two leading meme token assets. While the top five saw respectable 24-hour gains, the biggest leaders in the meme coin world in terms of today’s percentage increases include pepesol, strawberry elephant, and wassie. All three of those meme tokens saw gains between 70% and 290% over the past day.
What do you think about the meme coin market action on Thursday? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
LIVE: Sam Bankman-Fried Will Testify Soon Today in the FTX Fraud Trial
Prosecutors rested their case on Thursday, so SBF's defense lawyers are calling witnesses now.
CoinDesk
Pepecoin Doubles to $500M Market Cap as Memecoin Fever Steals Bitcoin's ETF Thunder
The price of pepe [PEPE], one of the many memecoins that spawned out of crypto winter, has doubled in a week as traders anticipate the etchings of a bitcoin [BTC] spot ETF-induced bull market.
CoinDesk
Protocol Village: IoTeX Blockchain to Integrate With Solana for 'IoT-Connected Projects'
The latest in blockchain tech upgrades, funding announcements and deals. For the week of Oct. 16-22, with live updates throughout.
pers and users care about it?
PW: The need for intent-centric design arises from two key factors:
* Empowering User Autonomy: In the crypto industry, user empowerment is fundamental, granting control over assets, data, and information. However, this autonomy requires users to actively manage every minor on-chain operation, which can become cumbersome.
* Complex Interactions: With the evolution of the industry, blockchain scenarios have grown more intricate, involving numerous authorizations and subjective judgments. Users now face increased demands, such as setting gas fees and adjusting slippage.
Intent-centric design aims to preserve user autonomy while relieving the user from having to actively manage the underlying processes. Users only need to specify the start and end of their requirements, shifting user interactions from a transaction-based to a demand-based model.
BCN: In recent years, a growing number of Web2 companies have started experimenting with Web3 solutions to streamline their processes and strengthen their connections with users. Can you briefly discuss how Web2 companies can better prepare for Web3 integration and if WaaS is one tool that can help them in this endeavor?
PW: Facilitating Web2 companies in harnessing Web3 technology has been a core part of our mission. In addition to the previously mentioned WaaS features that ease the transition for Web2 users, we would like to highlight a real-world example involving Moongate, a non-fungible token (NFT) ticketing platform. They teamed up with offline events like ethereum (ETH) Singapore, ETH HK, and GM Vietnam to implement an NFT ticketing system.
They utilized our WaaS, enabling email login and fiat currency purchases for these NFT tickets. These tickets are sent to non-custodial wallets created by our service, fulfilling three needs simultaneously:
– Event organizers looking for Web3 features with a smooth ticketing experience.
– Web2 users at offline events find it user-friendly.
– Web3 users are able to acquire NFT assets easily.
What are your thoughts about this interview? Let us know what you think in the comments section below.
Bitcoin News
Zero-Knowledge WaaS a Prospective Standard Configuration for Web3 Application-Layer Products — Pengyu Wang
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2339707217-768x432.jpg According to Pengyu Wang, the founder of Particle Network, developer solutions known as zero-knowledge wallet-as-a-service (ZK-WaaS) embody Web3 principles and “are highly performant” which in turn makes them “an evergreen solution that will become the industry standard.” Wang also points to how zero-knowledge technology helps ensure a core principle of Web3, asset sovereignty for end users, is upheld. ‘Complexities Associated With Traditional Web3 Wallets’
In written answers sent to Bitcoin.com News, Wang also pointed to how WaaS can turn out to be a developer solution that ultimately brings the masses to Web3. According to the Particle Network founder, this is due to the fact that WaaS wallets are not burdened with the “complexities [often] associated with traditional Web3 wallets.”
When asked about some of the complexities stopping prospective users from seeking to utilize Web3 wallets, Wang identified three main contributing factors. One of these factors relates to the perceived complexity of managing and safeguarding private keys and seed phrases. Poor user experience as well as the multiple signature requirement for on-chain transactions are the other two contributing factors.
Meanwhile, in the rest of his written answers sent to Bitcoin.com News via Linkedin, Wang also shared his views on intent-centric design in Web3 wallets and why this should concern both users and developers of decentralized applications. He also touched on how Web2 companies can better prepare for Web3 integration. Below are the rest of Pengyu Wang‘s answers to the questions sent.
Bitcoin.com News (BCN): For most users, wallets are where their Web3 journey begins, storing digital assets, facilitating transactions, and acting as users’ digital identities. What are some of the attributes of wallets you think contribute to complicating user interactions?
Pengyu Wang (PW): Some of the key issues that contribute to the complexity for users include:
1. Private Key Complexity: Managing and safeguarding lengthy private keys and seed phrases can be daunting, especially for newcomers, creating security concerns.
2. Poor User Experience: Many wallet interfaces lack user-friendly designs and essential features, making the user experience less intuitive and frustrating for those seeking easy access to NFTs or native token swaps.
3. Multiple Signatures: Users often encounter multiple signature requirements during on-chain transactions. For instance, a simple USDC to ETH swap may involve a two-step process, adding friction to the user interaction. Streamlining this process can reduce friction and enhance the user experience.
BCN: What’s wallet-as-a-service (WaaS) and in what ways does it help developers build Web3 experiences accessible to not-so-crypto-savvy users? Also, how does it compare to the normal decentralized exchange or centralized exchange-based wallets?
PW: WaaS is a developer-friendly solution for seamlessly integrating Web3 wallets into native platforms, enhancing accessibility for all users. It appeals to non-crypto users as well by removing complexities associated with traditional Web3 wallets. Particle Network’s MPC-TSS technology provides users with a non-custodial embedded wallet, superior to centralized exchange (CEX)-based wallets.
Compared to conventional decentralized exchange (DEX) or CEX-based wallets, WaaS offers distinct advantages:
* Swift Onboarding: Particle’s WaaS enables new users to access Web3 in just 20 seconds, thanks to social logins integrated directly into the application’s interface. This is a significant improvement over traditional wallets, which can take several minu[...]
Bitcoin News
BitFuFu: 10 Million Trial Cash Giveaway, Enjoy Bitcoin Cloud Mining at Zero Cost
https://static.news.bitcoin.com/wp-content/uploads/2023/10/img_20231026_170404_708-768x432.jpg PRESS RELEASE. In order to allow more users to experience cloud mining, BitFuFu has introduced the Trial Cash feature. During the initial launch, we’re giving away 10 Million Trial Cash, so invite your friends to share this bounty! There are additional referral rewards waiting for you too!
What is Trial Cash?
Trial Cash is a virtual amount provided by BitFuFu, which allows users to simulate the process of purchasing products and generating real income. It truly means: we cover the initial investment, and all the earnings belong to you.
After users register and claim $1,000 Trial Cash, they can purchase a “1-day free mining product” worth $1,000 without the need to invest any additional funds. The static output of 7U~11U goes directly into the user’s FuFu Earns account, all output belongs to the user. If you complete KYC verification on the registration day, you can also enjoy double rewards.
How to Claim and Use Trial Cash?
Step 1: Register an account and get Trial Cash.
New users who register on the BitFuFu platform will automatically receive $1,000 in mining Trial Cash with no verification or fees required.
Step 2: Purchase the Trial Plan.
Using Trial Cash, you can simulate the purchase of the mining plan and experience the cloud mining process. The best part is, you don’t have to worry about any investment risks because it’s all done using Trial Cash.
Step 3: Complete KYC Verification.
To ensure the security of your account and enjoy mining income, complete the KYC verification before you start receiving mining returns. This will enable you to double your mining returns.
Step 4: Receive Mining Output.
After 24 hours of purchasing the Trial Plan, your mining experience will be complete. The platform will recover the 1,000 Trial Cash, and the remaining mining output will be credited directly to your personal FuFu Earns account. Expect static output of 7U~11U, ensuring a zero-risk investment with 100% returns.
While this Trial Cash offer is currently only available to new registered users, we plan to apply it to more future activities. Click the link below and take action now!
* Activity Participation Link: https://www.bitfufu.com/
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
CoinDesk
Bitcoin to Score 'Golden Cross' After 30% Price Surge in Two Weeks
The bullish pattern comes months ahead of bitcoin's fourth mining reward halving.
CoinDesk
What's Left for Sam to Say?
Sam Bankman-Fried has said a lot in the months after FTX collapsed about what happened. What's left for him to discuss?
CoinDesk
HayCoin Price Climbs to $5.5M Per Token as Long-Term Holder Destroys 51 HAY
The first-ever token floated on Uniswap was revived by a bunch of developers and is quickly gaining a loyal community.
CoinDesk
First Mover Americas: Deutsche Bank Trials a SWIFT Alternative for Stablecoins
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 25, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Bitcoin News
Nigeria Plans to Include Fintechs in Broadened Official Currency Market
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1183969021-768x432.jpg A Nigerian official recently said the foreign exchange-starved country plans to include “legitimate” market participants like bureaux de change and financial technology companies in the official forex currency market. Finance Minister Wale Edun also said the country will receive $10 billion in inflows in the next few weeks.
Nigeria Contemplates Outlawing Forex Parallel Market
Nigeria is planning to broaden the official currency market to include “legitimate” participants such as bureaux de change and financial technology companies, Taiwo Oyedele, a member of President Bola Tinubu’s committee on fiscal policy and tax reforms, has said. Oyedele, who spoke at the Nigerian Economic Summit on Oct. 23, revealed that the government is also considering making it illegal to trade on the foreign currency parallel market.
The comments by Oyedele, who chairs the reforms committee, came on the same day when the local currency plunged to a low versus the U.S. dollar on the parallel market. According to a Bloomberg report, the Nigerian currency fell to 1,215 naira for every dollar on the parallel market. On the same day, the dollar-to-naira exchange rate on the official market stood at 1:795.
The naira’s latest slide versus major currencies came just a few weeks after the Central Bank of Nigeria (CBN) removed import restrictions on 43 items. As reported by Bitcoin.com News, the Nigerian central bank hoped the removal of the restrictions would slow down the naira’s depreciation on the parallel market.
Authorities Expecting $10 Billion in Inflows
Despite these and other steps taken by the CBN, the naira has lost ground versus the dollar and looks set to continue. Some now fear the local currency may be on course to breach the 2,000 mark. However, Oyedele said a lack of sufficient liquidity may be the reason why the naira is still falling.
“We currently have a market that is not working and it’s not going to work in its current format. We don’t have sufficient liquidity even if you combine the parallel and the official markets,” Oyedele said.
Meanwhile, the Nigerian Finance Minister Wale Edun reportedly said the country would receive foreign currency inflows of $10 billion in the next few weeks. Still, Edun did not share details concerning the anticipated inflow which he described as a “line of sight.”
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What are your thoughts on this story? Let us know what you think in the comments section below.
