Ukraine is gearing up to block Russia’s use of Bitcoin and other cryptocurrencies in foreign trade, with sanctions already in the works. The government of Ukraine has unveiled plans to impose “sanctions and other solutions” aimed at blocking Russia‘s use…
Ukraine is gearing up to block Russia’s use of Bitcoin and other cryptocurrencies in foreign trade, with sanctions already in the works. The government of Ukraine has unveiled plans to impose “sanctions and other solutions” aimed at blocking Russia ‘s use of Bitcoin ( BTC ) for international payments, just a day after Russia’s finance minister Anton Siluanov publicly confirmed that Russian companies are already using crypto to evade Western sanctions. Vladyslav Vlasiuk, an advisor to the Ukrainian president, said that Ukraine had already alerted its international partners to Russia’s intentions earlier this year and that measures to prevent unwanted crypto payments are already in development, Ukrainska Pravda reports . “Are we at all surprised? No, we were, without exaggeration, the first to draw our partners’ attention to such plans of the enemy back in the summer. Appropriate sanctions and other solutions to block the possibility of using unwanted cryptocurrency payments are already being prepared.” Vladyslav Vlasiuk You might also like: Vladimir Putin: Bitcoin can’t be stopped Russia seeks Plan B Russia has been looking for ways to get around sanctions that have impacted its ability to make and receive international payments, even with countries like China. As crypto.news reported earlier , Russian companies have turned to using stablecoins like Tether’s ( USDT ) to carry out cross-border transactions. Some of Russia’s largest metal producers have started using stablecoins for trade with Chinese clients, though details on the volume of these trades are unclear. Sources have said that other alternatives are much slower or could risk having an overseas bank account frozen. Siluanov’s admission comes just a few months after the Kremlin established a legal framework for Bitcoin miners, which includes a provision allowing approved companies to use crypto for international trade. Read more: Tether froze $5.2m USDT from suspected scammers
Global interest rate cuts influence the cryptocurrency market. Employment data is critical for future Fed decisions. Continue Reading: Central Bank Moves Influence Cryptocurrency Prices The post Central Bank Moves Influence Cryptocurrency Prices appeared first on COINTURK NEWS .
With much of the globe celebrating Christmas, bitcoin (BTC) quietly appeared set to retake the $100,000 level after having fallen to below $93,000 just ahead of the holiday. The rally, however, stalled at just above $99,800 as Asia opened for business on Thursday morning and declined rapidly to roughly $95,000 only a few hours later. Bitcoin at press time was trading at $95,300, down 3.1% over the past 24 hours. The broader CoinDesk 20 Index was lower by 4.2% over the same time frame, with ETH, SOL, XRP, ADA and AVAX among cryptos in that gauge sporting 4%-7% losses. U.S. markets are open on Thursday, and stock index futures are pointing to modest early losses; gold and oil are marginally in the green. Crypto's price action over the past 48 hours is surely on very low volume and bitcoin has still more than doubled year-to-date, but perhaps overlooked in declines over the past week is that the tailwind of lower interest rates might have become a headwind. The 10-year Treasury yield continued to drift upward early Thursday, now at 4.63% and within a few basis points of its 2024 high. The yield is now ahead by nearly 100 basis points since the Federal Reserve slashed benchmark short-term rates by 50 basis points in September. Macro researcher Jim Bianco noted that the swift move upward in long-term rates following a Fed rate cut is nearly unprecedented in modern monetary history. "The bond market will keep selling (higher yields) the more the Fed talks about rate cuts in 2025," said Bianco. "If the Fed does not back off the rate-cutting talk, bond yields will go as high as needed to start breaking things, to break inflation."
Once seen as a far-fetched idea, a proposal to create a strategic Bitcoin reserve is gaining traction in the United States, with the support of former President Donald Trump. While proponents see it as a bold step toward securing America’s financial future, critics argue it could jeopardize Bitcoin’s decentralized nature and lead to complex economic challenges. The concept of a national Bitcoin reserve was introduced by Dennis Porter, co-founder of the Satoshi Action Fund, a nonprofit organization founded in 2022 to advocate for Bitcoin adoption at the state and federal levels. Once a small idea, the proposal gained momentum after Trump publicly supported it during a Bitcoin conference in Nashville, Tennessee, in July. Appearing on CNBC earlier this month, Trump expressed support for the idea when asked if the federal government envisioned a strategic cryptocurrency reserve similar to oil reserves. “I think so,” Trump replied, adding, “We’re going to do great things in crypto.” Porter sees Trump's support as a turning point that has encouraged other politicians to embrace the concept. Republican Sen. Cynthia Lummis of Wyoming has emerged as a leading advocate of a federal Bitcoin reserve. This summer, she introduced a bill that would have the U.S. government purchase 1 million Bitcoins over five years. Lummis argues that such a move could help solve the national debt, which has reached $36 trillion, and cement America’s leadership in financial innovation. “My generation has spent federal dollars without limits for years,” Lummis said. “A strategic Bitcoin reserve gives us the chance to pay off nearly half of our national debt in the next 20 years and ensure we remain a leader in 21st century finance.” The idea has gained bipartisan support, with Democratic Representative Ro Khanna of California proposing that Bitcoin seized from criminal activity be held by the government as part of its reserves rather than sold immediately. Lummis’ plan to fund Bitcoin purchases involves revaluing the United States’ gold reserves, which are currently priced at $42 per ounce, well below the market rate of around $2,650 per ounce. By adjusting the valuation, the government could theoretically make a paper profit from financing Bitcoin purchases without issuing new debt or increasing taxes. Related News: How Will January Go in Cryptocurrencies? How is the Market Sentiment? But critics say the approach is not without consequences. Monetary economist George Selgin described the plan as a “backdoor loan” that relies on financial maneuvers to bypass traditional appropriations processes. The proposal has faced significant backlash from Bitcoin proponents who see government intervention as contrary to BTC’s original vision of decentralization. Mark Goodwin, editor-in-chief of Bitcoin Magazine, has expressed concerns that a state-controlled Bitcoin reserve could hinder BTC’s development as a decentralized currency and overpower the traditional financial system. Kathryn Austin Fitts, a former investment banker and federal official, argued that the plan benefits wealthy Bitcoin holders by creating a guaranteed recipient. She lamented that Bitcoin, once conceived as a revolutionary payments system, has morphed into what she called a “pump-and-dump financial product.” Despite the criticism, Porter and his team have continued to push the idea at both the federal and state levels. Last week, Texas introduced a bill to create a state-level Bitcoin reserve, and similar proposals have emerged in Pennsylvania and Ohio. According to Porter, the fight for Bitcoin reserves is about much more than economics. “Bitcoin is too important to give up on this fight,” he said. US President Donald Trump, who supports the idea, will take office on January 20. *This is not investment advice. Continue Reading: What is the Current State of the Process of Creating a Strategic Bitcoin Reserve in the US? Here are All the Need-to-Know Details
Bitcoin is rocking at $95,492, with a market cap of $1.89 trillion, a 24-hour trade whirl of $42 billion, and prices swinging between $95,134 and $99,886 today. Bitcoin Bitcoin‘s 1-hour chart showcases a dramatic drop from $99,881 to $95,111, with hefty selling pressure shown by big red candles. Small-bodied candles with long wicks point to
The Shiba Inu price has recorded a significant decline today as the broader crypto market retreated amid investors’ holiday mood. However, despite the recent dip, traders remained optimistic about the long-term trajectory of SHIB, indicating strong confidence in the crypto. Amid this, a top market expert hints at a potential rally for the dog-themed meme coin to $0.00008 in the coming days. Shiba Inu Price To Hit $0.00008? The crypto market retreated today with Bitcoin and top altcoins taking the biggest hits. In addition, the top meme coins also traded in the red, sparking concerns among investors over what lies ahead for the digital assets space. However, despite the recent pullback, the market optimism remained high for Shiba Inu price ahead. In a recent analysis, top crypto market expert JAVON MARKS said that a bullish signal has appeared on the recent price chart of SHIB, sparking market optimism. In addition, the expert said that the crypto is poised to rally to $0.000081 ahead, adding that “A more than 3.33X in an over 234% climb for Shiba is in the cards.” Source: JAVON MARKS, X This analysis has fueled discussions in the broader market about whether the top dog-themed meme coin could witness a strong recovery ahead. On the other hand, the recent market trends and positive developments of SHIB also indicate a potential rally ahead for crypto. On the other hand, another market expert InvestingHaven has shared a SHIB price outlook for 2025. In a recent X post, the expert said that the crypto could hit $0.0000998 in 2025 if the bullish momentum holds. At the same time, he also warned that the crypto could end the year at $0.0000234 if the bearish pressure remains. Source: InvestingHaven, X SHIB Recovery Ahead? The latest SHIB price chart showed that the crypto was down over 6% and exchanged hands at $0.00002167, with its trading volume falling 32% to $518.5 million. Over the last 24 hours, the crypto has touched a high and low of $0.00002314 and $0.00002146, respectively, indicating the volatile scenario in the market. Furthermore, SHIB Futures Open Interest plunged 10% today, reflecting the gloomy sentiment hovering in the market. However, despite the dip, the recent market trends hint at a potential recovery ahead for Shiba Inu price. For context, SHIB lead Shytoshi Kusama has recently lauded the SHIB: The Metaverse launch, while hinting at more “TREATS” for the community soon. This has fueled speculations over the potential developments of the ecosystem ahead. In addition, the recent Shiba Inu burn rate soared 160% with 18.97 million tokens burnt from the supply, Shibburn data showed . This also indicates a bullish road ahead, as the decline in supply often helps in pushing the prices higher. Having said that, the recent burning spree of the meme coin could boost the SHIB prices higher. Besides, positive on-chain indicators for SHIB also suggest that the crypto could target the $0.000045 level ahead. The post Will Shiba Inu Price Hit $0.00008 In Next 30 Days? appeared first on CoinGape .
Bloomberg is back to doing what it does best: pushing fear, uncertainty, and doubt (FUD). This time, the target is Tether, the crypto industry’s biggest stablecoin issuer, and the ammunition is Donald Trump’s presidency. Bloomberg’s latest editorial predicts what’ll happen when Trump’s crypto-friendly policies collide with Tether’s controversial practices. But let’s just call this what it is — an attack on crypto, laced with political undertones. It’s not the first one this month either. Tether acts as a digital dollar, providing traders a safe haven from unstable local currencies and other volatile cryptos. It’s supposed to be simple: for every Tether token issued, there’s an actual dollar in reserve. But Bloomberg doesn’t buy it. According to the editorial, Tether operates more like a dodgy offshore bank than a transparent financial institution. Its reserves reportedly include Bitcoin, risky loans, and investments nobody can seem to fully identify. Add shady associations to the formula. Over the years, Tether’s name has popped up in investigations involving everyone from North Korean hackers to Irish gangsters and Hamas operatives. Bloomberg points to these links in accusing Tether of enabling billions of dollars to move in and out of the criminal underworld. Trump makes Tether even bigger Admittedly, Trump’s administration is already too cozy with Tether. His pick for commerce secretary, Howard Lutnick, has direct ties to the stablecoin issuer via his company Cantor Fitzgerald, which owns a 5% stake in Tether, earning millions in custody fees and pushing for plans to lend billions against Bitcoin. For Bloomberg, this is the beginning of the end. It argues that the deeper Tether integrates with Wall Street, the higher the chances of a catastrophic fallout. Trading volume exploded after Trump’s election, with Tether moving $4.6 trillion in November alone. What’s worse, the news outlet argues that Tether’s continued growth could turn a crypto crash into a full-blown financial crisis. Imagine if Tether’s reserves—already packed with risky assets—collapse. Bloomberg warns this could drag down firms like Cantor and infect traditional financial markets. But wait, it gets juicier. Bloomberg accuses Tether of being a tool for crime. Federal prosecutors have had their eyes on the company for years, and the Treasury Department has floated the idea of sanctions to remove it from American markets altogether. Tether, for its part, denies any wrongdoing and insists its reserves are fully backed. Still, with Trump back in the Oval, Bloomberg argues that Tether could flourish in a way that makes these alleged risks impossible to ignore. Bloomberg slams Trump’s Bitcoin reserve plan Bloomberg isn’t just targeting Tether, as aforementioned. They’ve got a bone to pick with Trump’s rumored Bitcoin reserve plan too. The idea, backed by Trump and first created by crypto-friendly Senator Cynthia Lummis , involves the U.S. government holding onto 200,000 confiscated Bitcoins—worth $20 billion—and buying another million over five years. Supporters compare it to the country’s strategic petroleum reserve, which stockpiles oil for emergencies. However, Bloomberg published an editorial earlier this month calling it “the biggest crypto scam yet.” It argues that Bitcoin has no industrial use, no intrinsic value, and no connection to the real economy. In the news outlet’s eyes, it’s nothing more than a speculative asset, with its value entirely dependent on market hype. According to Bloomberg, a government Bitcoin reserve would enrich early holders, inflate the price, and leave taxpayers holding the bag. Funding the purchases would mean either borrowing more money—adding to the national debt—or printing more money, fueling inflation. And if Bitcoin’s price tanks, the reserve could end up worthless, leaving the government with a pile of useless digital tokens. Bloomberg also warns that a Bitcoin reserve could push banks deeper into crypto. Imagine banks lending dollars against Bitcoin collateral, only to panic when prices drop. The media giant says this could lead to another financial crisis, complete with bailouts and taxpayer-funded rescues. And the irony is not lost on Bloomberg either. Bitcoin was supposed to be about freedom from governments and banks. Yet here we are, with centralized financial institutions lobbying for subsidies and government backing. Bloomberg calls it the ultimate betrayal of Bitcoin’s original vision. And it’s not wrong. Bloomberg’s bias and political games Here’s the thing, though: Bloomberg’s motivation might have more to do with bitter politics than the Satoshi gospel. The company, owned by billionaire Michael Bloomberg, has a history of taking potshots at both. You see, Michael is a Democrat and a longtime Trump critic who hates crypto. He even ran for president in 2020 on a platform that included a heavy campaign against crypto. So, it’s no surprise that Bloomberg’s editorial board is now going after Trump’s crypto policies with a vengeance. But while Bloomberg’s warnings might scare some, they don’t tell the whole story. Tether and Bitcoin have survived worse. The crypto industry thrives on uncertainty, and every time someone declares its demise, it comes back stronger. As for Trump, he’s not likely to back down. We doubt the self-proclaimed “crypto president” ever even thinks about Michael Bloomberg.
As the cryptocurrency market faces renewed weakness post-holiday, Bitcoin is seeing significant price fluctuations and market capitalization losses. The recent dip, occurring just after Christmas, evidences traders’ behavior at year-end,
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