Crypto Exchange Bybit Does Not Plan to Sanction Russian Users Despite MAS Call, Report
Cryptocurrency exchange Bybit has no intention to introduce restrictions for Russian traders, despite a recent reminder by the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in that respect. According to a crypto media report, the platform shared its position in correspondence with partners.
Singapore-based crypto exchange Bybit will not restrict users from the Russian Federation, despite the city-state’s central bank reiterating this week that licensed coin trading platforms must comply with sanctions imposed over Moscow’s ongoing invasion of Ukraine.
In response to numerous queries and publications alleging that Bybit will not be available in Russia due to the measures introduced by Singapore, the exchange pointed out that it is headquartered and registered in Dubai and emphasized:
We have stated several times that we do not discriminate against crypto users based on their location and passport.
Restrictions may affect only clients in jurisdictions that do not allow futures trading without license, as is the case with the United States, Singapore, and China among others, Bybit said. It made the comments in a message to partners shared by a source with the Getblock Magazine and quoted by other Russian-language crypto news outlets.
According to the report, Bybit further insisted that its team is doing everything possible to provide all users with equal access to its platform and is working to ensure their funds are safe and they have the best trading experience.
On Monday, the MAS also said that pro-Russian groups have been using digital asset exchanges to raise millions of dollars in crypto donations to support Russia’s military effort in Ukraine, citing studies conducted by blockchain forensics firms Chainalysis and TRM Labs.
Established in 2018, Bybit currently offers almost 200 currency pairs, has a daily trading volume exceeding $900 million and over 1.6 million users, the report notes. The platform is not the only global exchange that has had to address the Russia sanctions topic.
In October, the world’s largest coin trading platform, Binance, pointed to the lack of clarity regarding compliance with the EU restrictions. After previously banning only “high-value” crypto-asset services for Russian residents and companies, the Union’s eighth sanctions package prohibited European companies from providing all crypto wallet, account, or custody services to Russians.
During a press conference in Lisbon this week, Binance CEO Changpeng Zhao described the situation around the European sanctions as “tricky.” Replying to a question by Coindesk asking if the exchange would follow the decisions of other crypto companies and restrict Russian accounts, CZ admitted he did not have a definitive answer. He also noted that Binance is licensed in different jurisdictions and must comply with their regulations but emphasized the company is not against any people.
Cryptocurrency exchange Bybit has no intention to introduce restrictions for Russian traders, despite a recent reminder by the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in that respect. According to a crypto media report, the platform shared its position in correspondence with partners.
Singapore-based crypto exchange Bybit will not restrict users from the Russian Federation, despite the city-state’s central bank reiterating this week that licensed coin trading platforms must comply with sanctions imposed over Moscow’s ongoing invasion of Ukraine.
In response to numerous queries and publications alleging that Bybit will not be available in Russia due to the measures introduced by Singapore, the exchange pointed out that it is headquartered and registered in Dubai and emphasized:
We have stated several times that we do not discriminate against crypto users based on their location and passport.
Restrictions may affect only clients in jurisdictions that do not allow futures trading without license, as is the case with the United States, Singapore, and China among others, Bybit said. It made the comments in a message to partners shared by a source with the Getblock Magazine and quoted by other Russian-language crypto news outlets.
According to the report, Bybit further insisted that its team is doing everything possible to provide all users with equal access to its platform and is working to ensure their funds are safe and they have the best trading experience.
On Monday, the MAS also said that pro-Russian groups have been using digital asset exchanges to raise millions of dollars in crypto donations to support Russia’s military effort in Ukraine, citing studies conducted by blockchain forensics firms Chainalysis and TRM Labs.
Established in 2018, Bybit currently offers almost 200 currency pairs, has a daily trading volume exceeding $900 million and over 1.6 million users, the report notes. The platform is not the only global exchange that has had to address the Russia sanctions topic.
In October, the world’s largest coin trading platform, Binance, pointed to the lack of clarity regarding compliance with the EU restrictions. After previously banning only “high-value” crypto-asset services for Russian residents and companies, the Union’s eighth sanctions package prohibited European companies from providing all crypto wallet, account, or custody services to Russians.
During a press conference in Lisbon this week, Binance CEO Changpeng Zhao described the situation around the European sanctions as “tricky.” Replying to a question by Coindesk asking if the exchange would follow the decisions of other crypto companies and restrict Russian accounts, CZ admitted he did not have a definitive answer. He also noted that Binance is licensed in different jurisdictions and must comply with their regulations but emphasized the company is not against any people.
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$MRST is being listed on the top tier global exchange OKX!
1️⃣ MRST deposits open at 8:00 am UTC on Nov. 7
2️⃣ MRST/USDT, MRST/USDC Spot trading open at 9:00 am UTC on Nov. 9
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Bitcoin, Ethereum Technical Analysis: BTC at 2-Year Low, ETH Down 20% as FTX Turmoil Leads to Crypto Bloodbath
Bitcoin plunged to a two-year low on Wednesday, as the FTX token sell-off continued to weigh on cryptocurrency markets. After an initial 30% slide, FTX token fell by as much as 80%, as Binance confirmed its intention to absorb the failing exchange. Ethereum was also lower, dropping below $1,200.
Bitcoin (BTC) fell to its lowest level in two years on Wednesday, as markets continued to react to the volatility caused by the FTX/Binance affair.
The world’s largest cryptocurrency plunged to a low of $17,402.55 earlier in today’s session, less than a day after trading at a high of $20,582.24.
This move, which saw prices plummet by as much as 10%, took BTC/USD to its lowest level since November 2020.
As can be seen from the chart, the decline intensified when the token fell below its long-term support level of $19,000.
In addition to this, the 14-day relative strength index (RSI) has also slipped to a floor of its own, which is near the 29.75 level.
BTC has somewhat rebounded from earlier lows, with the token now trading at $17,718.95, with some bulls hoping for a support around $17,900 to be established.
In addition to BTC, ethereum (ETH) also fell considerably in today’s session, as prices dropped below $1,200 in the process.
Following a high of $1,564.55 on Tuesday, ETH/USD was down by as much as 20%, hitting a low of $1,157.23 .
This drop saw ETH move to its lowest level since July 14, when the token was trading slightly above $1,000.
Like with bitcoin above, the RSI on this ethereum chart is now tracking at 33.00, which is marginally above a floor of 32.50.
This reading, which is the weakest reading in the last five months, means that prices are now in oversold territory, which long-term bulls believe means that a bottom has been hit.
However, the 10-day (red) moving average continues to fall downward, and should this trend continue, it is likely that ETH will move below $1,000.
Bitcoin plunged to a two-year low on Wednesday, as the FTX token sell-off continued to weigh on cryptocurrency markets. After an initial 30% slide, FTX token fell by as much as 80%, as Binance confirmed its intention to absorb the failing exchange. Ethereum was also lower, dropping below $1,200.
Bitcoin (BTC) fell to its lowest level in two years on Wednesday, as markets continued to react to the volatility caused by the FTX/Binance affair.
The world’s largest cryptocurrency plunged to a low of $17,402.55 earlier in today’s session, less than a day after trading at a high of $20,582.24.
This move, which saw prices plummet by as much as 10%, took BTC/USD to its lowest level since November 2020.
As can be seen from the chart, the decline intensified when the token fell below its long-term support level of $19,000.
In addition to this, the 14-day relative strength index (RSI) has also slipped to a floor of its own, which is near the 29.75 level.
BTC has somewhat rebounded from earlier lows, with the token now trading at $17,718.95, with some bulls hoping for a support around $17,900 to be established.
In addition to BTC, ethereum (ETH) also fell considerably in today’s session, as prices dropped below $1,200 in the process.
Following a high of $1,564.55 on Tuesday, ETH/USD was down by as much as 20%, hitting a low of $1,157.23 .
This drop saw ETH move to its lowest level since July 14, when the token was trading slightly above $1,000.
Like with bitcoin above, the RSI on this ethereum chart is now tracking at 33.00, which is marginally above a floor of 32.50.
This reading, which is the weakest reading in the last five months, means that prices are now in oversold territory, which long-term bulls believe means that a bottom has been hit.
However, the 10-day (red) moving average continues to fall downward, and should this trend continue, it is likely that ETH will move below $1,000.
Biggest Movers: DOGE Surges Following Elon Musk Comments on the Meme Coin
Dogecoin was one of the only crypto tokens to trade higher on Saturday, as comments from Elon Musk boosted prices. Speaking in a Twitter Spaces centered around the FTX collapse, Musk was heard saying: “Doge to the moon.” Solana on the other hand extended its declines, falling by over 15%.
Dogecoin (DOGE) was one of today’s only gainers, as the token was boosted by comments from Tesla and Twitter CEO Elon Musk.
Following a low of $0.0793 on Friday, DOGE/USD rose to a peak of $0.09399 earlier in today’s session.
This surge saw the token climb by as much as 6%, breaking out of a key resistance level of $0.08900 in the process.
Speaking in a Twitter Spaces conversation hosted by Mario Nawfal, Musk added, “I think so, don’t bet the farm on DOGE, but I’m working hard on the DOGE.”
As can be seen from the chart, today’s spike has helped push the relative strength index (RSI) of 14 days above a key ceiling of 49.30.
Currently, the index is tracking at 50.87, with the next visible point of resistance at the 53.00 mark.
Solana (SOL) on the other hand was trading significantly lower, as prices of the token dropped for a second straight session.
After climbing to a high of $18.68 earlier in Friday’s session, SOL/USD sank to a bottom of $14.92 to start the weekend.
Overall, solana is now trading by nearly 60% lower in the past seven days, with some expecting further upcoming declines.
Looking at the chart, the downward trend caused by a crossover between the 10-day (red), and 25-day (blue) moving averages has extended.
In addition to this, the RSI is tracking at a level of 34.67, with a floor of 33.55 a likely target for bears.
However, should momentum take price strength below this point, many will likely expect SOL to fall towards a weaker floor of 23.30 on the index.
Dogecoin was one of the only crypto tokens to trade higher on Saturday, as comments from Elon Musk boosted prices. Speaking in a Twitter Spaces centered around the FTX collapse, Musk was heard saying: “Doge to the moon.” Solana on the other hand extended its declines, falling by over 15%.
Dogecoin (DOGE) was one of today’s only gainers, as the token was boosted by comments from Tesla and Twitter CEO Elon Musk.
Following a low of $0.0793 on Friday, DOGE/USD rose to a peak of $0.09399 earlier in today’s session.
This surge saw the token climb by as much as 6%, breaking out of a key resistance level of $0.08900 in the process.
Speaking in a Twitter Spaces conversation hosted by Mario Nawfal, Musk added, “I think so, don’t bet the farm on DOGE, but I’m working hard on the DOGE.”
As can be seen from the chart, today’s spike has helped push the relative strength index (RSI) of 14 days above a key ceiling of 49.30.
Currently, the index is tracking at 50.87, with the next visible point of resistance at the 53.00 mark.
Solana (SOL) on the other hand was trading significantly lower, as prices of the token dropped for a second straight session.
After climbing to a high of $18.68 earlier in Friday’s session, SOL/USD sank to a bottom of $14.92 to start the weekend.
Overall, solana is now trading by nearly 60% lower in the past seven days, with some expecting further upcoming declines.
Looking at the chart, the downward trend caused by a crossover between the 10-day (red), and 25-day (blue) moving averages has extended.
In addition to this, the RSI is tracking at a level of 34.67, with a floor of 33.55 a likely target for bears.
However, should momentum take price strength below this point, many will likely expect SOL to fall towards a weaker floor of 23.30 on the index.
Renault Launches Its Industrial Metaverse, Aims to Save $330 Million by 2025
Renault, one of the biggest automakers in the world, has announced it has built the first industrial metaverse, with all its production lines supplying data to this world. According to the company, this digital twin replica will allow it to save $330 million by 2025, diminishing warranty expenses, delivery times, and the carbon footprint of its activities.
Automobile company Renault has announced that it is already running an industrial metaverse of its activities, fueled by a series of processes that allow the company to monitor data from all of its production lines. This industrial world includes the interconnection of production lines, monitoring the totality of the supply chain, and almost all of the supply flows.
The company has stated that the implementation of this tech will produce substantial benefits, including savings in the order of $330 million by 2025. The industrial metaverse will supposedly allow the company to reduce delivery times by 60% and reduce the carbon footprint of vehicle production by 50%. Warranty costs will also be reduced by 60%, according to predictions by Renault.
Jose Vicente de Los Mozos, EVP, Renault industry group and head of country Iberia, stated:
Every day, billions of pieces of data are collected within Groupe Renault’s industrial sites. The metaverse provides real-time monitoring that increases the agility and adaptability of industrial operations, as well as the quality of production and the supply chain.
Renault’s metaverse is fed by a system based on digital twins, replicas of the factories and production lines the company operates, but in a virtual world. The system is then fed with data streams coming from the same factories and production lines, that have been equipped with a massive data capture solution called ID@scale, which is currently also being offered to other companies.
This platform has already contributed to safeguarding the production process of the company, with some of its components allowing it to detect 300 alerts, avoiding 300 production line halts. Patrice Haettel, vice president of industry strategy and engineering, stated:
This industrial metaverse is unique and allows us to activate efficiency and performance levers that were previously invisible, for the benefit of people and the environment.
Other companies are also leveraging the metaverse with an industrial implementation in mind. In October, Microsoft announced it was working to bridge its services with the metaverse, to provide its cloud services to help with industrial processes as well.
Renault, one of the biggest automakers in the world, has announced it has built the first industrial metaverse, with all its production lines supplying data to this world. According to the company, this digital twin replica will allow it to save $330 million by 2025, diminishing warranty expenses, delivery times, and the carbon footprint of its activities.
Automobile company Renault has announced that it is already running an industrial metaverse of its activities, fueled by a series of processes that allow the company to monitor data from all of its production lines. This industrial world includes the interconnection of production lines, monitoring the totality of the supply chain, and almost all of the supply flows.
The company has stated that the implementation of this tech will produce substantial benefits, including savings in the order of $330 million by 2025. The industrial metaverse will supposedly allow the company to reduce delivery times by 60% and reduce the carbon footprint of vehicle production by 50%. Warranty costs will also be reduced by 60%, according to predictions by Renault.
Jose Vicente de Los Mozos, EVP, Renault industry group and head of country Iberia, stated:
Every day, billions of pieces of data are collected within Groupe Renault’s industrial sites. The metaverse provides real-time monitoring that increases the agility and adaptability of industrial operations, as well as the quality of production and the supply chain.
Renault’s metaverse is fed by a system based on digital twins, replicas of the factories and production lines the company operates, but in a virtual world. The system is then fed with data streams coming from the same factories and production lines, that have been equipped with a massive data capture solution called ID@scale, which is currently also being offered to other companies.
This platform has already contributed to safeguarding the production process of the company, with some of its components allowing it to detect 300 alerts, avoiding 300 production line halts. Patrice Haettel, vice president of industry strategy and engineering, stated:
This industrial metaverse is unique and allows us to activate efficiency and performance levers that were previously invisible, for the benefit of people and the environment.
Other companies are also leveraging the metaverse with an industrial implementation in mind. In October, Microsoft announced it was working to bridge its services with the metaverse, to provide its cloud services to help with industrial processes as well.
Cheelee: GameFi short video platform. Watch. Play. Earn.
Cheelee is the first GameFi short video platform where the user can make money while viewing the feed. Upon registration of your in-app wallet, you receive special NFT glasses, and you can start making money.
The mechanics are based on the Attention Economy model, where user’s attention is treated as a commodity for which social networks begin to pay. I looked into WP and got to the point.
Let’s take a look at some of the highlights:
1. A sustainable financial model. An extremely important indicator in the current market.
Cheelee is a social network, whose revenue is by 30% provided by advertising, in-game purchases and collaborations with brands, while for most m2e projects this figure is no more than just 1%.
2. The project is focused on a wide audience of social networks, it is 4.6 billion people, and plans to reach the 1st billion in the next 4 years.
3. The Cheelee social network was not created from scratch. There are almost three years of development behind it, 100+ team members, experience and continuity in the form of NUTSon social network with more than 1.5M uploads.
4. Free project entry. You do not need to spend hundreds and thousands of dollars to become a member of Cheelee, you just need to sign-up and start using the app.
5. You can earn without changing any of your habits. Just scroll through the feed, watch videos and get tokens.
All this sounds cool, but what about the prospects for the token price?
The emission of tokens is limited. There is a deflationary economic model, while the complexity of the mining will increase.
To support the token rates (there will be two CHEEL and LEE), the project has a Stability Fund, where up to 100% of profits from NFT sales and in-app transactions and 70% of advertising revenue, in-game purchases and collaboration with brands will be donated.
Now there is a chance to get WL and take a part in the giveaway of 50 000$!!!
http://bit.ly/3UGuuav
Cheelee is the first GameFi short video platform where the user can make money while viewing the feed. Upon registration of your in-app wallet, you receive special NFT glasses, and you can start making money.
The mechanics are based on the Attention Economy model, where user’s attention is treated as a commodity for which social networks begin to pay. I looked into WP and got to the point.
Let’s take a look at some of the highlights:
1. A sustainable financial model. An extremely important indicator in the current market.
Cheelee is a social network, whose revenue is by 30% provided by advertising, in-game purchases and collaborations with brands, while for most m2e projects this figure is no more than just 1%.
2. The project is focused on a wide audience of social networks, it is 4.6 billion people, and plans to reach the 1st billion in the next 4 years.
3. The Cheelee social network was not created from scratch. There are almost three years of development behind it, 100+ team members, experience and continuity in the form of NUTSon social network with more than 1.5M uploads.
4. Free project entry. You do not need to spend hundreds and thousands of dollars to become a member of Cheelee, you just need to sign-up and start using the app.
5. You can earn without changing any of your habits. Just scroll through the feed, watch videos and get tokens.
All this sounds cool, but what about the prospects for the token price?
The emission of tokens is limited. There is a deflationary economic model, while the complexity of the mining will increase.
To support the token rates (there will be two CHEEL and LEE), the project has a Stability Fund, where up to 100% of profits from NFT sales and in-app transactions and 70% of advertising revenue, in-game purchases and collaboration with brands will be donated.
Now there is a chance to get WL and take a part in the giveaway of 50 000$!!!
http://bit.ly/3UGuuav
GiveLab.com
Cheelee is giving $50,000!
Hanging on social networks scrolling the feed for hours? Times are changing: your attention is your...
Brazil Based FTX Customers Organizing to File Class-Action Lawsuit
A group of customers of the recently collapsed crypto exchange FTX, is organizing to take legal action against the company. The suit would be led by Ray Nasser, CEO of Arthur Mining, and will be brought by customers who had more than $100,000 on the exchange by the time of its bankruptcy.
The recent downfall of cryptocurrency exchange FTX has created issues for customers worldwide, who are now not sure about how to proceed regarding this issue. Brazilians are no exception, and one of them is leading a group to organize and exert legal action against the exchange.
The group is led by Ray Nasser, CEO of Arthur Mining, a Brazilian-led cryptocurrency mining company. The executive clarified that even if his company had no exposure to the FTX debacle, he wants to help people around him that suffered losses. He explained:
My company has zero FTX exposure, but we need to be supportive of those who have supported us all these years among investors and partners and help them as much as possible. A lot of people were hurt.
Nasser’s class-action lawsuit will be brought by customers of FTX that had more than $100,000 on the platform at the moment company funds were frozen. The lawsuit will be brought in either the U.S. or Bahamas jurisdiction, the countries where the exchange had headquarters.
Antonio Neto, head of FTX in Brazil, communicated that the downfall of the exchange took him by surprise and that he believed the company had the liquidity to face mass withdrawals. In a message sent to the Telegram group of the exchange in Brazil on Nov. 11, Neto stated he was also a victim of the unexpected situation. He stated:
All my personal funds and investments were also trapped in FTX, these are losses that are difficult to swallow. But the hardest thing is the frustration of having believed in something and shared it with family and friends who were also taken by surprise.
According to reports from Coingecko, Brazil is the tenth-ranked country most affected by FTX’s bankruptcy. Brazilian users accounted for 2.8% of the traffic on the site, with an average of 134,000 visits monthly. Colombia is the second-ranked Latam country on the list, with 1.3% of the monthly traffic.
A group of customers of the recently collapsed crypto exchange FTX, is organizing to take legal action against the company. The suit would be led by Ray Nasser, CEO of Arthur Mining, and will be brought by customers who had more than $100,000 on the exchange by the time of its bankruptcy.
The recent downfall of cryptocurrency exchange FTX has created issues for customers worldwide, who are now not sure about how to proceed regarding this issue. Brazilians are no exception, and one of them is leading a group to organize and exert legal action against the exchange.
The group is led by Ray Nasser, CEO of Arthur Mining, a Brazilian-led cryptocurrency mining company. The executive clarified that even if his company had no exposure to the FTX debacle, he wants to help people around him that suffered losses. He explained:
My company has zero FTX exposure, but we need to be supportive of those who have supported us all these years among investors and partners and help them as much as possible. A lot of people were hurt.
Nasser’s class-action lawsuit will be brought by customers of FTX that had more than $100,000 on the platform at the moment company funds were frozen. The lawsuit will be brought in either the U.S. or Bahamas jurisdiction, the countries where the exchange had headquarters.
Antonio Neto, head of FTX in Brazil, communicated that the downfall of the exchange took him by surprise and that he believed the company had the liquidity to face mass withdrawals. In a message sent to the Telegram group of the exchange in Brazil on Nov. 11, Neto stated he was also a victim of the unexpected situation. He stated:
All my personal funds and investments were also trapped in FTX, these are losses that are difficult to swallow. But the hardest thing is the frustration of having believed in something and shared it with family and friends who were also taken by surprise.
According to reports from Coingecko, Brazil is the tenth-ranked country most affected by FTX’s bankruptcy. Brazilian users accounted for 2.8% of the traffic on the site, with an average of 134,000 visits monthly. Colombia is the second-ranked Latam country on the list, with 1.3% of the monthly traffic.
Brazilian Bank Itau Unibanco to Offer Cryptocurrency Custody Services in 2023
Itau Unibanco, one of the biggest Brazilian banks, has announced it will offer cryptocurrency custody services in 2023. Itau Digital Assets, the cryptocurrency unit of the company, will be responsible for this offering, which will be first available to customers of the bank, and then to third parties as a service.
Itau Unibanco, one of the largest private banks in Brazil and Latam, has decided to step into the crypto-related services business. The company announced on Nov. 17, 2022, that it plans to launch cryptocurrency custody services in 2023. Itau Digital Assets, the division of the company that deals with all things crypto, will be in charge of the tech behind this solution.
For Itau Unibanco, custody services are an important part of the security framework that third-party companies can offer users. On this, Itau Unibanco’s product manager Eric Alftafim told O Globo:
Custody is a fundamental element in this context, because, especially in a new market like crypto assets, it brings security to investors. We will safeguard customer assets in a reliable environment.
The cryptocurrency custody service will be implemented in two phases. The first phase will allow customers of the bank to contract these services. The second phase will extend these services to third parties including other companies and institutions. Itau Unibanco expects to launch its custody solution in Q2 2023. However, the company did not reveal the assets supported by its solution.
While Itau Unibanco is one of the first banks to announce this kind of service, it is not the first in Brazil. BTG Pactual, another institution in Brazil, debuted its cryptocurrency custody services as part of the launch of its own crypto exchange, called mint, in August.
This is not the first time that Itau Unibanco flirts with crypto. The company announced that it might introduce cryptocurrency trading for its customers on July 14. In the same way, the bank is also operating a tokenization unit, that allows customers to issue tokens representing real-world assets in the bank’s own exchange.
Itau Unibanco is also part of this year’s LIFT Lab, where a series of institutions present their projects with the idea of innovating the current finance system. The company was selected to present a Brazilian real pegged stablecoin solution, that could allow for quick exchange between tokens representing other fiat currencies in a decentralized finance environment.
Itau Unibanco, one of the biggest Brazilian banks, has announced it will offer cryptocurrency custody services in 2023. Itau Digital Assets, the cryptocurrency unit of the company, will be responsible for this offering, which will be first available to customers of the bank, and then to third parties as a service.
Itau Unibanco, one of the largest private banks in Brazil and Latam, has decided to step into the crypto-related services business. The company announced on Nov. 17, 2022, that it plans to launch cryptocurrency custody services in 2023. Itau Digital Assets, the division of the company that deals with all things crypto, will be in charge of the tech behind this solution.
For Itau Unibanco, custody services are an important part of the security framework that third-party companies can offer users. On this, Itau Unibanco’s product manager Eric Alftafim told O Globo:
Custody is a fundamental element in this context, because, especially in a new market like crypto assets, it brings security to investors. We will safeguard customer assets in a reliable environment.
The cryptocurrency custody service will be implemented in two phases. The first phase will allow customers of the bank to contract these services. The second phase will extend these services to third parties including other companies and institutions. Itau Unibanco expects to launch its custody solution in Q2 2023. However, the company did not reveal the assets supported by its solution.
While Itau Unibanco is one of the first banks to announce this kind of service, it is not the first in Brazil. BTG Pactual, another institution in Brazil, debuted its cryptocurrency custody services as part of the launch of its own crypto exchange, called mint, in August.
This is not the first time that Itau Unibanco flirts with crypto. The company announced that it might introduce cryptocurrency trading for its customers on July 14. In the same way, the bank is also operating a tokenization unit, that allows customers to issue tokens representing real-world assets in the bank’s own exchange.
Itau Unibanco is also part of this year’s LIFT Lab, where a series of institutions present their projects with the idea of innovating the current finance system. The company was selected to present a Brazilian real pegged stablecoin solution, that could allow for quick exchange between tokens representing other fiat currencies in a decentralized finance environment.
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Study: 6,100 Crypto ATMs Installed in 2022, Figure 3 Times Less Than in Previous Year
New data has shown that as many as 6,100 crypto and bitcoin automated teller machines were installed in the first eleven months of 2022. The latest figure is approximately three times less than the ATMs that were installed in 2021. The data shows that the United States, which has over 34,000 crypto ATMs, accounts for nearly 90% of all the installed machines.
According to the data compiled by Crypto Presales, the approximately 6,100 crypto and bitcoin automated teller machines (ATMs) installed in the first eleven months of 2022 are almost three times less than what was installed in the same period last year. The apparent slowdown in the number of newly installed ATMs is in contrast to the rapid increase in the number of new installations that was seen in 2021.
As explained in the Crypto Presales report, the year 2021 witnessed the most crypto and bitcoin ATM installations by far — about 20,300 newly installed machines. That year’s record number of new installations brought the total number of such ATMs to 32,600.
In contrast, the year 2022, which has been dominated by bears and the collapse of Terra LUNA and UST (and more recently the collapse of FTX), has seen the number of ATMs installed drop for the first time. The report explained:
By mid-2022, there were around 37,800 crypto ATMs worldwide. The number continued rising and hit over 38,800 in August. However, in September, the number of BTMs dropped for the first time, with the total number of machines slipping to 38,400.
The report nevertheless revealed the number of installed ATMs has since recovered and was believed to have been hovering around 39,000 by mid-November 2022.
Meanwhile, the data compiled by Crypto Presales shows that the United States accounts for approximately 90% of all installed crypto and bitcoin ATMs in 2022. According to the data, Canada’s 2,688 installed ATMs occupy the second position in the top ten list of countries with the most crypto-dispensing machines. The rest of the countries in the top ten have under 300 ATMs installed.
Concerning the ownership of ATMs, the report said:
“With a 33% market share and over 12,000 machines as of November, Bitaccess represents the largest crypto ATM manufacturer globally. General Bytes ranked second with a 23% market share and around 9,000 BTMs. Genesis Coin and Bitstop follow with a 22% and 5% market share, respectively.”
The report, which relies on data from Coin ATM Radar, noted that 82% of all the installed machines support altcoins. About 80% of the ATMs support litecoin, 73% support ethereum, and only 39% support dogecoin.
New data has shown that as many as 6,100 crypto and bitcoin automated teller machines were installed in the first eleven months of 2022. The latest figure is approximately three times less than the ATMs that were installed in 2021. The data shows that the United States, which has over 34,000 crypto ATMs, accounts for nearly 90% of all the installed machines.
According to the data compiled by Crypto Presales, the approximately 6,100 crypto and bitcoin automated teller machines (ATMs) installed in the first eleven months of 2022 are almost three times less than what was installed in the same period last year. The apparent slowdown in the number of newly installed ATMs is in contrast to the rapid increase in the number of new installations that was seen in 2021.
As explained in the Crypto Presales report, the year 2021 witnessed the most crypto and bitcoin ATM installations by far — about 20,300 newly installed machines. That year’s record number of new installations brought the total number of such ATMs to 32,600.
In contrast, the year 2022, which has been dominated by bears and the collapse of Terra LUNA and UST (and more recently the collapse of FTX), has seen the number of ATMs installed drop for the first time. The report explained:
By mid-2022, there were around 37,800 crypto ATMs worldwide. The number continued rising and hit over 38,800 in August. However, in September, the number of BTMs dropped for the first time, with the total number of machines slipping to 38,400.
The report nevertheless revealed the number of installed ATMs has since recovered and was believed to have been hovering around 39,000 by mid-November 2022.
Meanwhile, the data compiled by Crypto Presales shows that the United States accounts for approximately 90% of all installed crypto and bitcoin ATMs in 2022. According to the data, Canada’s 2,688 installed ATMs occupy the second position in the top ten list of countries with the most crypto-dispensing machines. The rest of the countries in the top ten have under 300 ATMs installed.
Concerning the ownership of ATMs, the report said:
“With a 33% market share and over 12,000 machines as of November, Bitaccess represents the largest crypto ATM manufacturer globally. General Bytes ranked second with a 23% market share and around 9,000 BTMs. Genesis Coin and Bitstop follow with a 22% and 5% market share, respectively.”
The report, which relies on data from Coin ATM Radar, noted that 82% of all the installed machines support altcoins. About 80% of the ATMs support litecoin, 73% support ethereum, and only 39% support dogecoin.
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New Naira Banknotes to Make Monetary Policy More Effective — Nigerian Central Bank Governor
The Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause.
According to the Nigerian central bank governor, Godwin Emefiele, the recently launched naira banknotes are expected to force currency dealers to return “hoarded currency back into the banking system.” In a speech delivered at the new naira banknotes unveiling ceremony, Emefiele claimed that the new banknotes could potentially enhance the effectiveness of the country’s monetary policy.
Besides helping return the older banknotes into circulation, the CBN governor insisted the redesigned naira banknotes are likely to bolster the bank’s financial inclusion cause. Emefiele explained:
We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy.
According to Emefiele, once the exercise to phase out the older 100, 200, 500, and 1,000 naira banknotes has been completed, the CBN’s job of tracking and identifying suspicious movements of funds will become easier. At the moment this has not been possible because 84.71% of the naira banknotes “in circulation are outside commercial banks’ vaults.”
Meanwhile, in the same speech, Emefiele repeated the CBN’s earlier assertions which implied that the controversial decision to relaunch the banknotes had been greenlighted by Nigerian President Muhammadu Buhari.
According to the CBN, the phasing out of the current banknotes is not only long overdue but is “a global best practice for central banks” that must be repeated every 5 to 8 years. However, after the CBN announced its plan to replace the old naira banknotes with the redesigned ones, the currency’s parallel market exchange rate versus the U.S. dollar depreciated rapidly.
As reported by Bitcoin News, the naira’s plunge was caused by the abrupt surge in the demand for U.S. dollars versus the dwindling supply. However, after Nigeria’s Economic and Financial Crimes Commission began cracking down on the so-called illegal currency dealers, the local currency’s parallel exchange rate improved from just over 900 units per dollar in October to just under 800 units per dollar by Nov. 26.
The Central Bank of Nigeria governor, Godwin Emefiele, has said the newly designed naira banknotes are set to enhance the effectiveness of the organization’s monetary policy and bolster the financial inclusion cause.
According to the Nigerian central bank governor, Godwin Emefiele, the recently launched naira banknotes are expected to force currency dealers to return “hoarded currency back into the banking system.” In a speech delivered at the new naira banknotes unveiling ceremony, Emefiele claimed that the new banknotes could potentially enhance the effectiveness of the country’s monetary policy.
Besides helping return the older banknotes into circulation, the CBN governor insisted the redesigned naira banknotes are likely to bolster the bank’s financial inclusion cause. Emefiele explained:
We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy.
According to Emefiele, once the exercise to phase out the older 100, 200, 500, and 1,000 naira banknotes has been completed, the CBN’s job of tracking and identifying suspicious movements of funds will become easier. At the moment this has not been possible because 84.71% of the naira banknotes “in circulation are outside commercial banks’ vaults.”
Meanwhile, in the same speech, Emefiele repeated the CBN’s earlier assertions which implied that the controversial decision to relaunch the banknotes had been greenlighted by Nigerian President Muhammadu Buhari.
According to the CBN, the phasing out of the current banknotes is not only long overdue but is “a global best practice for central banks” that must be repeated every 5 to 8 years. However, after the CBN announced its plan to replace the old naira banknotes with the redesigned ones, the currency’s parallel market exchange rate versus the U.S. dollar depreciated rapidly.
As reported by Bitcoin News, the naira’s plunge was caused by the abrupt surge in the demand for U.S. dollars versus the dwindling supply. However, after Nigeria’s Economic and Financial Crimes Commission began cracking down on the so-called illegal currency dealers, the local currency’s parallel exchange rate improved from just over 900 units per dollar in October to just under 800 units per dollar by Nov. 26.
Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday
Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300.
Bitcoin (BTC) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report.
Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.
Following a low of $16,366.66, BTC/USD rose to an intraday peak of $17,021.67 earlier in the day.
However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.
As of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.
Should price strength continue in an upward direction, and move beyond this upcoming obstacle, then bitcoin could extend today’s rally.
Like BTC, ethereum (ETH) also moved higher on Wednesday, as prices surged for a second success session.
ETH/USD hit a peak of $1,276.55 earlier in today’s session, which comes less than 24-hours after trading at a low of $1,205.78.
As a result of today’s gains, the world’s second largest cryptocurrency hit its highest point since November 15.
Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.
In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.
The target for ETH bulls appears to be the $1,300 level, which was last hit on November 11, when the coin was at a peak of $1,307.
Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300.
Bitcoin (BTC) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report.
Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.
Following a low of $16,366.66, BTC/USD rose to an intraday peak of $17,021.67 earlier in the day.
However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.
As of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.
Should price strength continue in an upward direction, and move beyond this upcoming obstacle, then bitcoin could extend today’s rally.
Like BTC, ethereum (ETH) also moved higher on Wednesday, as prices surged for a second success session.
ETH/USD hit a peak of $1,276.55 earlier in today’s session, which comes less than 24-hours after trading at a low of $1,205.78.
As a result of today’s gains, the world’s second largest cryptocurrency hit its highest point since November 15.
Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.
In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.
The target for ETH bulls appears to be the $1,300 level, which was last hit on November 11, when the coin was at a peak of $1,307.
Stellantis Owned Fiat Launches Metaverse Store Using Touchcast and Microsoft Tech
Fiat, an automotive brand property of Stellantis, has launched its first metaverse-based store, which the company claims is the first showroom of its kind. The experience, which was developed with tech supplied by Touchcast and Microsoft, aims to make the virtual process of reviewing a car more interactive.
Fiat, an automotive brand property of one of the top ten car manufacturers in the world, Stellantis, has launched its first virtual metaverse store. The company will allow customers to try the experience they will have inside and outside one of its models, the New 500 La Prima by Bocelli, through a virtual simulation of the model.
The showroom will let the users review the car via a 360-degree view of the car model, and test the systems and the infotainment array that the company offers on this vehicle. Also, the customers can change the appearance and equipment of the car depending on the version and extras chosen, and even drive the vehicle through a virtual course.
Olivier Francois, Fiat CEO and Global Stellantis CMO, remarked on the importance of this kind of experience for the development of the brand. He stated:
The Fiat metaverse store is the first of its kind in the automotive sector. It is a magical experience: an immersive human-driven journey into the world of Fiat. Simple and user-friendly, pursuing the idea of ‘tech it easy,’ and accessible for everyone.
To produce this experience, the company used Touchcast’s platform, which leverages Microsoft Cloud as a backbone to provide a headset-less metaverse experience.
Other companies have also been testing such programs to expand the reach of their products far beyond what in-store car dealers can do. However, Fiat differentiates itself from other brands in allowing the customers to be accompanied by what it calls a “product genius,” an actual person who will be able to answer questions that the potential buyer will have about the capabilities of the vehicle and the specifics of the sale process.
This does have a drawback, and that is that the metaverse showroom functions as a real showroom, not being available 24/7 for the customers.
The brand plans to expand the number of models available in the showroom by the end of 2022, with more of the vehicles being available in the metaverse showroom in the first half of 2023. Stellantis did not specify if this tech will be extended to other brands in the company.
Other automotive companies are also using the metaverse as part of their operations. Renault is using an industrial metaverse to optimize its production, aiming to save $330 million by 2025. In September, Ford filed 19 trademark applications to protect and develop its brand image in the metaverse.
Fiat, an automotive brand property of Stellantis, has launched its first metaverse-based store, which the company claims is the first showroom of its kind. The experience, which was developed with tech supplied by Touchcast and Microsoft, aims to make the virtual process of reviewing a car more interactive.
Fiat, an automotive brand property of one of the top ten car manufacturers in the world, Stellantis, has launched its first virtual metaverse store. The company will allow customers to try the experience they will have inside and outside one of its models, the New 500 La Prima by Bocelli, through a virtual simulation of the model.
The showroom will let the users review the car via a 360-degree view of the car model, and test the systems and the infotainment array that the company offers on this vehicle. Also, the customers can change the appearance and equipment of the car depending on the version and extras chosen, and even drive the vehicle through a virtual course.
Olivier Francois, Fiat CEO and Global Stellantis CMO, remarked on the importance of this kind of experience for the development of the brand. He stated:
The Fiat metaverse store is the first of its kind in the automotive sector. It is a magical experience: an immersive human-driven journey into the world of Fiat. Simple and user-friendly, pursuing the idea of ‘tech it easy,’ and accessible for everyone.
To produce this experience, the company used Touchcast’s platform, which leverages Microsoft Cloud as a backbone to provide a headset-less metaverse experience.
Other companies have also been testing such programs to expand the reach of their products far beyond what in-store car dealers can do. However, Fiat differentiates itself from other brands in allowing the customers to be accompanied by what it calls a “product genius,” an actual person who will be able to answer questions that the potential buyer will have about the capabilities of the vehicle and the specifics of the sale process.
This does have a drawback, and that is that the metaverse showroom functions as a real showroom, not being available 24/7 for the customers.
The brand plans to expand the number of models available in the showroom by the end of 2022, with more of the vehicles being available in the metaverse showroom in the first half of 2023. Stellantis did not specify if this tech will be extended to other brands in the company.
Other automotive companies are also using the metaverse as part of their operations. Renault is using an industrial metaverse to optimize its production, aiming to save $330 million by 2025. In September, Ford filed 19 trademark applications to protect and develop its brand image in the metaverse.
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Report: South African Digital-Only Bank Launches Crypto Payments Gateway
A South African digital-only bank (also known as a “neo bank”), Be Mobile Africa, has reportedly launched a crypto payment gateway that allows merchants to convert digital currency payments to fiat currency. Cédric Jeannot, the CEO of the digital-only bank, said the “new gateway is a game-changer” that also helps small businesses “preserve wealth in unfavourable economic conditions.”
The digital-only bank Be Mobile Africa recently created a cryptocurrency gateway that allows South African businesses and merchants to accept digital currency payments, a report has said. It added that users of the new gateway have the option to convert incoming cryptocurrency into either the South African rand, the U.S. dollar, or the euro. Users also have the option to store their crypto with the digital bank.
According to a report by Itweb, the digital-only bank’s crypto gateway launch comes at a time when local banks have targeted accounts associated with cryptocurrencies. The report nevertheless quotes Cédric Jeannot, the CEO of the digital-only bank, explaining why the crypto gateway has been created. He said:
“International payments have always been a pain point for African SMEs small-to-medium enterprises. Sending or receiving money from customers outside of one’s country is expensive and often takes days. We are seeing an increase in the number of African SMEs transacting with clients outside of their own domestic market, including other African countries. This new payment gateway is a game-changer.”
The CEO added that SMEs using the gateway will also benefit by way of significantly lower fees incurred. He also argued that by exposing SMEs to crypto, his company is making available the means to “preserve wealth in unfavourable economic conditions.”
A South African digital-only bank (also known as a “neo bank”), Be Mobile Africa, has reportedly launched a crypto payment gateway that allows merchants to convert digital currency payments to fiat currency. Cédric Jeannot, the CEO of the digital-only bank, said the “new gateway is a game-changer” that also helps small businesses “preserve wealth in unfavourable economic conditions.”
The digital-only bank Be Mobile Africa recently created a cryptocurrency gateway that allows South African businesses and merchants to accept digital currency payments, a report has said. It added that users of the new gateway have the option to convert incoming cryptocurrency into either the South African rand, the U.S. dollar, or the euro. Users also have the option to store their crypto with the digital bank.
According to a report by Itweb, the digital-only bank’s crypto gateway launch comes at a time when local banks have targeted accounts associated with cryptocurrencies. The report nevertheless quotes Cédric Jeannot, the CEO of the digital-only bank, explaining why the crypto gateway has been created. He said:
“International payments have always been a pain point for African SMEs small-to-medium enterprises. Sending or receiving money from customers outside of one’s country is expensive and often takes days. We are seeing an increase in the number of African SMEs transacting with clients outside of their own domestic market, including other African countries. This new payment gateway is a game-changer.”
The CEO added that SMEs using the gateway will also benefit by way of significantly lower fees incurred. He also argued that by exposing SMEs to crypto, his company is making available the means to “preserve wealth in unfavourable economic conditions.”
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Kevin O’Leary Reveals FTX Paid Him $15 Million to Become a Spokesperson for the Exchange
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has revealed that the collapsed crypto exchange FTX paid him about $15 million to become its spokesperson. “I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero,” O’Leary said.
Shark Tank star Kevin O’Leary revealed in an interview with CNBC Thursday that the collapsed crypto exchange FTX paid him about $15 million last year to become its spokesperson.
Noting that he fell prey to “groupthink,” O’Leary detailed:
Total deal was just under $15 million, all in … I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero.
The Shark Tank star further revealed that he also had over $1 million of FTX equity, which is now rendered worthless due to the bankruptcy protection process. In addition, Mr. Wonderful explained that the balance of a little over $4 million was purportedly eaten up by taxation and agent fees. He admitted:
It was not a good investment.
FTX filed for bankruptcy on Nov. 11 and Sam Bankman-Fried (SBF) stepped down as the CEO. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
Despite stating that he lost millions of dollars in the FTX collapse, O’Leary has insisted that Bankman-Fried is one of the best traders in the crypto space and that he would back him again if he has another venture. This has shocked the crypto industry since most people believe that Bankman-Fried is a fraud and a conman. Some have compared the FTX meltdown to Bernie Madoff’s Ponzi scheme.
Bankman-Fried has insisted that he did not knowingly commit fraud. Like O’Leary, billionaire hedge fund manager Bill Ackman similarly said he believes SBF was telling the truth. Mr. Wonderful also recently revealed that he almost secured $8 billion to save FTX before it collapsed and had to file for bankruptcy.
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has revealed that the collapsed crypto exchange FTX paid him about $15 million to become its spokesperson. “I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero,” O’Leary said.
Shark Tank star Kevin O’Leary revealed in an interview with CNBC Thursday that the collapsed crypto exchange FTX paid him about $15 million last year to become its spokesperson.
Noting that he fell prey to “groupthink,” O’Leary detailed:
Total deal was just under $15 million, all in … I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero.
The Shark Tank star further revealed that he also had over $1 million of FTX equity, which is now rendered worthless due to the bankruptcy protection process. In addition, Mr. Wonderful explained that the balance of a little over $4 million was purportedly eaten up by taxation and agent fees. He admitted:
It was not a good investment.
FTX filed for bankruptcy on Nov. 11 and Sam Bankman-Fried (SBF) stepped down as the CEO. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
Despite stating that he lost millions of dollars in the FTX collapse, O’Leary has insisted that Bankman-Fried is one of the best traders in the crypto space and that he would back him again if he has another venture. This has shocked the crypto industry since most people believe that Bankman-Fried is a fraud and a conman. Some have compared the FTX meltdown to Bernie Madoff’s Ponzi scheme.
Bankman-Fried has insisted that he did not knowingly commit fraud. Like O’Leary, billionaire hedge fund manager Bill Ackman similarly said he believes SBF was telling the truth. Mr. Wonderful also recently revealed that he almost secured $8 billion to save FTX before it collapsed and had to file for bankruptcy.
Constant Blackouts Have Ruined Cryptocurrency Mining Investments in Cuba
Several small investors have manifested that the constant blackouts in several parts of Cuba have made cryptocurrency mining unsustainable, leaving them unable to operate their rigs. The blackouts also affect telecommunications, leaving some of these operations that rely on off-grid power plants without the internet needed to complete mining tasks.
Cryptocurrency has reached a notable level of functionality in Cuba, as citizens use it as an alternative to getting services that they would be unable to get otherwise, including international shopping, mobile and internet top-up services, and even sending and receiving remittances. However, cryptocurrency mining is facing problems to reach the same level of popularity.
While crypto mining was once considered a smart investment by Cubans, this idea has been demolished by the current state of the Cuban power grid, which puts mining operations in jeopardy due to the constant blackouts the country is facing. Raydel González, a small cryptocurrency miner that built his own rig, explained to the local news site Cubanet the difficulties that a miner faces in the country today. He stated:
I, like many others, had invested a lot of money in cryptocurrency mining equipment that is not cheap. With the advent of blackouts, cryptocurrency mining in Cuba is unsustainable.
Other miners like Eduardo Gomez purchased power plants in order to keep their operations ongoing, but the scarcity of gas has also made it difficult for these operations that run on off-grid power to be sustainable. Gonez explained that he is still unable to bring revenue from an investment of $5,000.
But even miners that have managed to run their operations off-grid having secured a constant flow of gas to ruin their plants are being affected by the issue. This is because these blackouts are also affecting the local telecom grid, which cannot be operated with the limited plants that Etectsa, the local Cuban Telecom company leverages.
This problem was reported in June when officers of the company were already facing similar issues. At the time, an anonymous Etecsa worker stated:
Etecsa’s generators are running out of fuel to support so many hours of blackouts. The plants are not capable of generating all the energy necessary to keep so much equipment on for so long and that is why everything works incorrectly.
Several small investors have manifested that the constant blackouts in several parts of Cuba have made cryptocurrency mining unsustainable, leaving them unable to operate their rigs. The blackouts also affect telecommunications, leaving some of these operations that rely on off-grid power plants without the internet needed to complete mining tasks.
Cryptocurrency has reached a notable level of functionality in Cuba, as citizens use it as an alternative to getting services that they would be unable to get otherwise, including international shopping, mobile and internet top-up services, and even sending and receiving remittances. However, cryptocurrency mining is facing problems to reach the same level of popularity.
While crypto mining was once considered a smart investment by Cubans, this idea has been demolished by the current state of the Cuban power grid, which puts mining operations in jeopardy due to the constant blackouts the country is facing. Raydel González, a small cryptocurrency miner that built his own rig, explained to the local news site Cubanet the difficulties that a miner faces in the country today. He stated:
I, like many others, had invested a lot of money in cryptocurrency mining equipment that is not cheap. With the advent of blackouts, cryptocurrency mining in Cuba is unsustainable.
Other miners like Eduardo Gomez purchased power plants in order to keep their operations ongoing, but the scarcity of gas has also made it difficult for these operations that run on off-grid power to be sustainable. Gonez explained that he is still unable to bring revenue from an investment of $5,000.
But even miners that have managed to run their operations off-grid having secured a constant flow of gas to ruin their plants are being affected by the issue. This is because these blackouts are also affecting the local telecom grid, which cannot be operated with the limited plants that Etectsa, the local Cuban Telecom company leverages.
This problem was reported in June when officers of the company were already facing similar issues. At the time, an anonymous Etecsa worker stated:
Etecsa’s generators are running out of fuel to support so many hours of blackouts. The plants are not capable of generating all the energy necessary to keep so much equipment on for so long and that is why everything works incorrectly.
Federal Reserve Hikes Rate by 50bps, FOMC Signals Rate to Rise to 5.1% Next Year
The U.S. central bank’s Federal Open Market Committee (FOMC) convened on Wednesday and raised the federal funds rate by 50 basis points (bps). The 0.5 percentage point rise follows the four consecutive three-quarters of a point increases codified during the last few months. The FOMC’s rate hike follows the recent U.S. inflation report which indicated that consumer prices fell to 7.1%, which was lower than expectations.
Following the consumer price index (CPI) report published on Tuesday, members of the U.S. Federal Reserve met on Wednesday and announced a 50bps rate hike. The December increase is smaller than the last four three-quarters of a point (75bps) rate increases.
“The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the FOMC said. “In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/4 to 4-1/2 percent.” The Fed is projecting an additional 75bps hike in the federal funds rate by the end of next year.
The news follows Tuesday’s CPI data that rose less than expected as metrics show the inflation rate in November was up 7.1% from a year ago. Core CPI jumped 0.2% on the month, the U.S. Bureau of Labor Statistics (BLS) noted. “Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment,” the BLS CPI report details. The FOMC report notes that the Fed will continue to monitor “incoming information for the economic outlook.”
“In addition, the committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May,” the FOMC members disclosed. “The committee is strongly committed to returning inflation to its 2 percent objective,” the FOMC added. After the rate hike and the bank signaled more increases will be enacted, equity markets and precious metal prices tumbled.
Crypto prices dropped too, and the price of bitcoin (BTC) fell beneath the $18K zone after the FOMC statement. The Fed has codified a number of rate hikes this year with one half percentage point jump and four three-quarters of a point hikes, making it a grand total of five federal funds rate increases in 2022.
At the end of November, Federal Reserve chairman Jerome Powell hinted during a speech at the Brookings Institution in Washington that easing up on the rate hikes very well could happen in December. Powell has faced political pressure in regard to the rate hikes and Tesla’s Elon Musk has warned against the aggressive hikes in recent times.
“We have more work to do,” Powell told reporters on Wednesday afternoon, and he further noted that “inflation risks are to the upside.”
The U.S. central bank’s Federal Open Market Committee (FOMC) convened on Wednesday and raised the federal funds rate by 50 basis points (bps). The 0.5 percentage point rise follows the four consecutive three-quarters of a point increases codified during the last few months. The FOMC’s rate hike follows the recent U.S. inflation report which indicated that consumer prices fell to 7.1%, which was lower than expectations.
Following the consumer price index (CPI) report published on Tuesday, members of the U.S. Federal Reserve met on Wednesday and announced a 50bps rate hike. The December increase is smaller than the last four three-quarters of a point (75bps) rate increases.
“The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the FOMC said. “In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/4 to 4-1/2 percent.” The Fed is projecting an additional 75bps hike in the federal funds rate by the end of next year.
The news follows Tuesday’s CPI data that rose less than expected as metrics show the inflation rate in November was up 7.1% from a year ago. Core CPI jumped 0.2% on the month, the U.S. Bureau of Labor Statistics (BLS) noted. “Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment,” the BLS CPI report details. The FOMC report notes that the Fed will continue to monitor “incoming information for the economic outlook.”
“In addition, the committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May,” the FOMC members disclosed. “The committee is strongly committed to returning inflation to its 2 percent objective,” the FOMC added. After the rate hike and the bank signaled more increases will be enacted, equity markets and precious metal prices tumbled.
Crypto prices dropped too, and the price of bitcoin (BTC) fell beneath the $18K zone after the FOMC statement. The Fed has codified a number of rate hikes this year with one half percentage point jump and four three-quarters of a point hikes, making it a grand total of five federal funds rate increases in 2022.
At the end of November, Federal Reserve chairman Jerome Powell hinted during a speech at the Brookings Institution in Washington that easing up on the rate hikes very well could happen in December. Powell has faced political pressure in regard to the rate hikes and Tesla’s Elon Musk has warned against the aggressive hikes in recent times.
“We have more work to do,” Powell told reporters on Wednesday afternoon, and he further noted that “inflation risks are to the upside.”
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