China News by Thebittimes.Com

Singapore’s senior minister and the chairman of the central bank, the Monetary Authority of Singapore (MAS), says there should be just “ one regulatory system” for both crypto and traditional finance. In addition, he stressed that regulators should provide “ultra clarity as to what’s an unregulated market,” so investors are aware that they go in at their own risk. ‘One Regulatory System’ Tharman Shanmugaratnam, Singapore’s senior minister who is also the chairman of the country’s central bank, the Monetary Authority of Singapore (MAS), talked about cryptocurrency regulation during a panel discussion with other regulators and bankers at the World Economic Forum last week. Shanmugaratnam previously served as Singapore’s deputy prime minister and the minister for finance. He is also currently the coordinating minister for social policies and adviser to the prime minister on economic policies. “Something is very cl...

The United Arab Emirates (UAE) minister of state for foreign trade says that cryptocurrency “will play a major role for UAE trade going forward.” He stressed: “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.” Crypto to Play a Major Role in the UAE United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi talked about cryptocurrency Friday during an interview with Bloomberg in Davos, Switzerland. He shared that one area the UAE is looking to expand is cryptocurrencies, adding: Crypto will play a major role for UAE trade going forward. “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies,” Al Zeyoudi described. “We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed,” the official noted. Oma...

Ethereum co-founder Vitalik Buterin published a research post that suggests using stealth addresses to enhance privacy-preserving transfers. Buterin detailed that stealth addresses can be implemented fairly quickly today on Ethereum and would significantly boost user privacy on the blockchain network. Buterin Suggests Stealth Addresses as a Solution to the Privacy Challenges in Ethereum Ecosystem Three days ago, the co-founder of Ethereum, Vitalik Buterin, published a blog post that gives a comprehensive overview of stealth addresses and the benefits of using them. Stealth addresses are a feature that is supported by other blockchain networks, like Monero (XMR), to increase privacy and anonymity when conducting transactions. The network creates one-time addresses that are not connected to the user’s public address. In the blog post, Buterin insists that “one of the largest remaining challenges in the Ethereum ecosystem is privacy.” Buterin describes a number of d...

“The Price of Tomorrow” author Jeff Booth has warned of a “great depression on steroids” if the U.S. Federal Reserve keeps hiking interest rates, while buzz about the anticipated layer two (L2) scaling solution known as Shibarium has been the backdrop for dynamic price movements in shiba inu. In other news, former FTX US president Brett Harrison has explained why he left the company and his relationship with co-founder Sam Bankman-Fried (SBF), of FTX infamy. All this and more just below. Jeff Booth Warns of Debt Deflation If Federal Reserve Keeps Hiking Interest Rates The author of “The Price of Tomorrow,” Jeff Booth, has warned about debt deflation, calling it a “great depression on steroids,” if the Federal Reserve continues to hike interest rates. He believes that eventually the Fed “will be forced to pivot.” Read More Former President of FTX US Shares His Experience and Relationship With CEO Sam Bankman-Fried in Detailed Twitter Thread The former presi...

Bitcoin’s prolonged breakout above $22,000 is easing pressure on razor thin profit margins for BTC miners. Bitcoin mining powers network transactions and BTC price. During the 2021 bull run, some mining operations raised funds against their Bitcoin ASICs and BTC reserves. Miners also preordered ASICs at a hefty premium and some raised funds by conducting IPOs.  As the crypto market turned bearish and liquidity seized within the sector, miners found themselves in a bad situation and those who were unable to meet their debt obligations were forced to sell the BTC reserves near the market bottom or declare bankruptcy Notable Bitcoin mining bankruptcies in 2022 came from Core Scientific, filing for bankruptcy, but BTC’s early 2023 performance is beginning to suggest that the largest portion of capitulation has passed. Despite the strength of the current bear market, a few miners were able to increase production throughout 2022 and on-chain data shows Bitcoin miner accumulation began to ...

DCG subsidiary Genesis Global Capital filed for bankruptcy protection in the southern district of New York on Jan 19. Following a massive hit from the recent FTX collapse the lender is the latest firm to fold in the ongoing crypto winter.   Lending Businesses Seek Bankruptcy Protection News of the filing broke via a press release on Thursday. Per the report Genesis alongside two lending subsidiaries Genesis Global Capital and Genesis Asia Pacific submitted voluntary Chapter 11 applications. This followed rumors that the company would file for bankruptcy if unable to garner enough investor support as it battled liquidity issues. The affected firms make up the whole of Genesis’ crypto lending operations. These three recorded the worst losses after crypto firms Three Arrows Capital and FTX both imploded. It appears other companies beneath Genesis; its derivatives, spot trading, and custody divisions have been able to stay afloat.  According to the press release, the aforemention...

Shiba Inu was trading at $0.00000990 before the SHIB team announced the Shibarium Public Beta TestNet launch. However, its fortunes changed after the announcement, as it quickly deleted a zero in the indices. From trading with five zeroes, SHIB entered the week with four zeroes and began attracting heavy bullish sentiments. If you had invested $1,000 before the Shibarium announcement on Monday, you would have made a quick profit of $250 on Wednesday. Shiba Inu reached a weekly high of $0.00001250 on Wednesday from $0.00000990 before the Shibarium announcement on Sunday. Therefore, SHIB spiked 25% in just three days, turning an investment of $1,000 turn into $1,250 in 72 hours. Also Read Shiba Inu: AI Predicts SHIB Price For January 31, 2023 Source: Twitter Shiba Inu: When Shibarium? Source: Pixabay A tentative release date for Shibarium Public Beta TestNet is yet to be confirmed by the team. The dog-themed token could jump in price during the next announcement, as i...