The CEO of Bitfury considers that the Fed’s fiscal tightening policy is affecting Bitcoin and the overall market. Although the US inflation is still above 8%, the price of BTC is around USD 20,000, 60% below its all-time high.

Bitfury CEO Brian Brooks recently said that the Federal Reserve’s (Fed) war on inflation affects the price of Bitcoin (BTC).

He considers that traders do not view BTC as a hedge against inflation during extreme fiscal tightening. He thinks that may lead long-term holders to expect the price to remain low in the short term.

Brooks told CNBC the Securities and Exchange Commission (SEC) should handle the crypto industry seriously and offer proper guidance rather than resorting to the courts.

The Fed Raises Interest Rates to Fight Inflation

The US inflation is at 8.5%, in contrast to July when it recorded its recent 40-year high of 9.1%. However, it is still well above the 2% target rate.

The overall crypto community has commented that deflationary assets like Bitcoin would do well in this high inflation environment.

However, that theory has recently undergone tests proving that it is deficient. The price of Bitcoin is around the USD 20,000 level, 60% below its all-time high.

Brooks believes the aggressive response of the Fed to high inflationary pressures has cooled the market. The executive said they had discussed the idea that Bitcoin is a hedge against inflation. He highlighted that a strict policy from the Fed would hurt the price of BTC.

Since early 2022, the Fed has followed an aggressive financial tightening policy, raising the cost of loans by 2.25% from nearly zero.

The US central bank raised interest rates by 0.25% in March, 0.50% in May, 0.75% in June, and 0.75% in July.

People also perceive that Bitcoin is underperforming due to the type of inflation the market faces.

Steven Lubka, the managing director of Swan Bitcoin, considers that BTC only works well in inflationary environments caused by currency devaluation or excessive money printing.

Brooks Adopts a Critical Stance against the SEC

Although Brooks was frank about the Fed and its economic policies, he focused most of his anger on the SEC. He was particularly upset about the regulatory approach from the latter agency to the crypto industry. Since it is light on actionable guidance and heavy on litigation, it has hurt Bitcoin and the overall market.

The CEO of Bitfury said that regulation does not mean suing people over new projects, firms, or tokens. Therefore, he commented the approach from the SEC over the past few years has consisted of not telling people the rules upfront.

Brooks seems to agree with the comments from Superintendent Adrienne Harris from the New York Department of Financial Services (DFS).

Harris has officially stated her intention to work toward a fairer crypto regulatory landscape. She said they should have transparency on the rules, moving away from regulation by application.

Meanwhile, Bitcoin is trading at around USD 20,424 and has accumulated a 2.9% gain over the last week. While its daily trading volume is above USD 28.18 billion, its market capitalization is about USD 390.84 billion, according to CoinGecko.

By Alexander Salazar

The government of Mendoza said users could only comply with their tax obligations with stablecoins like DAI and USDT. Meanwhile, Dubai and Singapore seek to tighten cryptocurrency trading, arguing that the industry poses risks to investors.

The tax authority of the province of Mendoza in Argentina recently announced that citizens could pay their taxes with cryptocurrencies. Mendoza is the largest territory in the South American country and has a population of over 2 million.

The government of Mendoza said that users could pay with crypto wallets like Binance, Bitso, Buenbit, Bybit, Ripio, and Lemon. According to local media, the province will only accept stablecoins, including DAI and USDT, for paying taxes.

That new service is reportedly part of a modernization and innovation objective conducted by the Mendoza Tax Administration. The government said it aims to provide taxpayers with various means to comply with their obligations.

Congresspeople Highlight the Role of Bitcoin in El Salvador

Bitcoin declared Bitcoin as a legal tender in September 2021, capturing the attention of bitcoiners, investors, economists, businesspeople, and governments. The Bitcoin Law, which made it possible, will be one year old in the coming days.

Salvadoran Congresspeople Dania González, Caleb Navarro, Héctor Sales and Oscar García recently talked about the pioneering cryptocurrency. González said they were proud as Bitcoin provides many opportunities for those wanting to invest in the country.

She highlighted that it is the first country to promote BTC as a legal tender, opening many opportunities for the crypto community. She also mentioned inclusion since only 30% of the population had access to financial services before this initiative.

Dubai Announces New Cryptocurrency Trading Rules to Protect Investors

Dubai takes a step ahead with a new licensing program for cryptocurrency service providers. Meanwhile, local regulators introduce additional marketing and advertising regulations for the industry.

The Dubai Virtual Assets Regulatory Authority (VARA), the cryptocurrency regulator of the city, recently announced new regulatory guidelines. They aim to control crypto asset marketing, advertising, and promotions.

Among its rules, the VARA refers to all forms of outreach, communication, advertising, information dissemination, awareness creation, customer engagement, and investor solicitation.

Singapore Plans to Tighten Rules on Cryptocurrency Trading

A Singaporean regulatory official recently said the government plans to tighten cryptocurrency trading by retail investors through new regulations. He stated that they are taking that step to safeguard the interest of investors, arguing they are unaware of the risks of the crypto market.

Ravi Menon, the CEO of the Monetary Authority of Singapore (MAS), made those comments during a seminar on digital asset innovation. The same as Dubai, they consider that cryptocurrencies are dangerous for the interests of investors.

Menon explained that MAS has to undergo a lengthy licensing process to attract cryptocurrency companies. That has led them to take drastic measures to regulate crypto trading by retail investors.

Bitcoin is trading at around USD 20,424 and has accumulated a 2.9% gain over the last week. While its daily trading volume is above USD 28.18 billion, its market capitalization is about USD 390.84 billion, according to CoinGecko.

By Alexander Salazar

The event will try to discuss concrete ways of applying the metaverse to medicine and health services in general.

The first health event in the metaverse will be held in Spain On October 27. The project also has the Metaverse Hospital, a health center that intends to apply the metaverse and the latest advances of Web 3.0, to the provision of health services.

Spain will set the standard in world medicine by holding the first health event in the metaverse. And is that next October 27 the first event and one of the first worldwide will be held in Spain.

This event is expected to address the key issues in the application of metaverse technology in the provision and organization of health services in its various specialties. The initiative is organized by Hospital Metaverso, in collaboration with Uttopion; the HealthCare Congress in the Metaverse.

Hospital Metaverso

The host entity has decided to expand virtual health care options. It will do this with an interaction that allows the use of scientific evidence and artificial intelligence in the care process with traceability and validation in Blockchain.

“First Hospital managed with digital assets for hospital management and bio-research through government bodies tokenized for its design by the scientific health community. “REAL MEDICINE IN A VIRTUAL SPACE”. We intend to provide new ways of excellent health care for the benefit of the general population and patients. As well as generating alternatives to more efficient management of health services.”

New Possibilities of the Metaverse in the Health Line

The event will try to deliberate on concrete ways in which not only virtual patient care is facilitated; it also enables collaboration and interaction with other specialists, professionals, and hospital services.

It is expected that thanks to the use of the metaverse in medicine, teamwork processes and meetings for clinical sessions will be much more effective than traditional ones. The metaverse can also influence the approach of clinical research strategies so that they take advantage of the enormous potential of managing large amounts of clinical data. These topics and more will be the ones that will be discussed at the event.

“The key issues in the application of the metaverse in the provision and organization of health services in all their dimensions will be addressed”

On the other hand, the metaverse offers a field of improvement in assistance, and virtual visits by family members to hospitalized patients, both in intensive care units and in general hospitalization. At the same time, it remotely supports the work of nurses in primary care in areas without medical professionals due to the scarcity of these resources. In addition, it is also intended to integrate Web 3.0 into health services. Among the advances are the following listed below:

• Digital Identity
• Web 3.0
• Active digital clinical guides and bio investigation
• Virtual patient journey design

Towards Innovation with the Metaverse

Through the Next Generation funds, among others, the Government promotes the growth of the application of digitization in Spain. This also includes the metaverse. In this sense, companies in the health sector are developing numerous initiatives that will be addressed and analyzed at the HealthCare Congress in the Metaverse.

The program will also feature a space for biomedical innovation startups to support the leadership, visibility, and application of new companies full of talent.

‘HealthCare Congress en el Metaverso’ is an initiative of Hospital Metaverso under the direction of a team made up of Leyre Martin as head of Medical Management, Sara Martínez as CSO, and José Martínez Olmos as head of Institutional Relations.

It has an omnichannel communication infrastructure to facilitate solutions provided by Kron World, a Spanish company led by benchmarks in enabling technologies and committed to European and international standards in Blockchain and Distributed Registry Technologies that allow the Hospital Functional Unit to be developed entirely in metaverse.

By Audy Castaneda

The announcement comes weeks before the Ethereum Merger.

Mexican exchange Bitso announced that it will now allow returns from its “Bitso+” platform in Ether (ETH) weeks before the Merger takes place. Previously, the company’s program included Bitcoin (BTC) and USD stablecoins and the tiered earnings are sent to its users every Monday.

The Mexican exchange explained the following:

“To take advantage of this advantage, users must enroll in Bitso+, our income generation program that can be easily found on the first screen of our app. Users already registered with the product do not need to do anything. The yields will begin to govern as of August 29, 2022.”

Last August 12, the co-founder of Ethereum, Vitalik Buterin, The Merge or the Fusion will launch on Ethereum on September 15. The ETH leader’s prediction coincided with developers who had set the same deadline for the network to complete its transition to Proof-of-Stake (PoS).

BeInCrypto previously explained that Ethereum’s Proof-of-Stake has been discussed since 2014, but is infamous for years of delays. Several key projects in the sector, such as Circle, Tether, Chainlink and Binance among others, and the Ethereum community itself have widely supported the update.

Ethereum Gains Positions prior to The Merge

The most famous event of the year in the crypto sector already has a launch date, something that years ago seemed very far away and seems to become a reality. Soon the crypto community will see its effects. ETH purchases have started to sprout in anticipation of the Merge opening up even the possibility of institutional investment, it may be for a while that Ethereum will lead the crypto market, leaving Bitcoin to follow its own path.

The Mexican exchange details that the returns for each ETH will be 2% per year and if the balance exceeds 1 ETH, the return in one year is 0.5%. Bitso reminds us that the yields are generated with the total of the balance.

“One of the most important benefits of the product is that your funds are always available to convert or withdraw, giving you the possibility of liquidity 24/7. Another important thing to mention is that your returns are calculated daily and sent to your account weekly on Mondays. A great way to start the week, don’t you think?”

At the end of July, Bitso announced that fans of the Mexican National Team and clients of the exchange will be able to buy official jerseys in Ethereum (ETH), in addition to the fact that buyers will be able to gain access to the first limited edition of non-fungible tokens (NFT).

Bitso did not reveal a date for the launch:

“Soon, you will be able to buy the beautiful new shirt of the Mexican National Team @miseleccionmx with the #ETH you have in your Bitso account. If you do, you will be one of the few people to have access to the first edition of National Team NFTs.”

It is worth remembering that in January, Bitso announced its partnership with the Mexican National Team, whose exchange logo will be worn by players at the upcoming FIFA World Cup Qatar 2022, as officials announced. Meanwhile, the Mexican National Team highlighted that the agreement with Bitso will allow them to develop new opportunities with fans, through the cryptocurrencies of the exchange’s catalog, such as Bitcoin, Ethereum, Shiba Inu, MANA, or The SAND.

The Mexican National Team confirmed that the jerseys can only be purchased by Bitso customers and they can be purchased in Ethereum; however, he did not reveal any more details about his first NFT collection, nor a date for both cases.

By Audy Castaneda

Crypto-related companies have seen their shares drop for a day, as BTC fell below a local threshold following a Fed announcement.

Stocks of crypto-related companies have tumbled, as Bitcoin fell below $20,000 on the back of increasingly aggressive rhetoric from the Federal Reserve.

Shares of cryptocurrency miners Marathon Digital and Riot Blockchain fell 5% over the past day. Nasdaq-listed US cryptocurrency exchange Coinbase saw its shares fall 4%, while digital payments group Block lost 3%.

Meanwhile, MicroStrategy, the business intelligence firm that retains large holdings in Bitcoin, fell 5.4%.

Inflation-Focused Federal Reserve

US Federal Reserve Chairman Jerome Powell delivered a 10-minute speech to economists and central bankers last week, indicating that the monetary authority would continue to aggressively raise interest rates until inflation remains in check. 2% target.

“Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record advises against premature policy easing,” Powell said at the annual Jackson Hole economic symposium.

Powell also said that the decision on how far to extend key interest rates in September “will depend on the totality of the incoming data and the evolution of the outlook.”

Holger Zschaepitz, a popular market commentator for the German publication Die Welt, said the speech hit “all the aggressive notes” and that Powell “skipped the more moderate ones.”

“The tough traits were his acknowledgment of the pain likely to be needed to bring down inflation: no soft landing anymore, the indication that rates will have to be pushed above neutral,” he added in part of the Twitter comments.

As inflation and higher interest rates have put double pressure on the economy, investors have fled riskier assets such as cryptocurrencies and tech stocks. For example, these recent comments caused Bitcoin to drop below $20,000 for the first time since July 13.

Bitcoin’s decline has lately mirrored the movement in stocks, according to Sevens Report Research founder Tom Essaye. Because they are both “waiting for the resolution of what’s going to happen with the economy, and nobody knows,” he doesn’t see Bitcoin as anything different than stocks, he told Barron’s. Following Powell’s aggressive comments on Friday, the S&P 500 slumped 3.4%.

Meme Stocks Will Remain

Meanwhile, meme stocks, another financial trend closely associated with crypto thanks to trading platforms like Robinhood, appear to have become a fixture.

Nearly two-thirds of the 522 respondents in the latest MLIV Pulse poll expect some form of meme mania to persist. Although the survey revealed that meme stocks will likely hold up, 69% of respondents said the phenomenon is unlikely to see trading volumes as it did during its January 2021 peak.

“We see aspects of the community within meme stocks, so as long as investors build a community and get in, they will find their way into meme stocks,” said Callie Cox, US investment analyst at eToro. “Meme stocks are just another way for retail investors to engage with the market.”

As a consequence of Powell’s assertions, the S&P 500 closed down 3.4% on the day, hitting its lowest levels since late July. The Nasdaq Composite Index copied the move and extended losses, down 4%.

Overall, the US stock market lost more value than the entire market capitalization of Bitcoin and altcoins combined.

The total cryptocurrency market capitalization itself fell from $1.029 trillion to $936.87 billion at one point overnight, representing a drop of 8.95%, according to data from Cointelegraph Markets Pro and TradingView.

By Audy Castaneda