FinTech

President of El Salvador, Nayib Bukele, gestures during his speech at the closing ceremony of the Latin Bitcoin conference (LaBitConf) at Mizata Beach, El Salvador, where he announced "Bitcoin City", on November 20, 2021.Marvin Recinos | AFP | Getty ImagesEl Salvador just added another $15.5 million worth of bitcoin to its balance sheet, as the world's most popular cryptocurrency continues its sell-off.In a tweet on Monday, President Nayib Bukele revealed that the country bought the dip, adding another 500 bitcoin to…

Bitcoin dropped below the $30,000 level late Monday, breaching a symbolic price threshold.At its lowest price point, the world's most popular cryptocurrency was more than 12% lower on the day — and more than 56% off its November all-time high of around $69,000.The last time bitcoin traded below $30,000 was in July 2021, when the digital asset traded as low as $29,839.80. Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank, previously told CNBC that bitcoin would need to maintain a key psychological…

Pedestrians walk past a display of cryptocurrency Bitcoin on February 15, 2022 in Hong Kong, China.Anthony Kwan | Getty ImagesA multibillion-dollar bet that bitcoin can act as a "reserve currency" for the crypto economy is already being tested as UST, a controversial stablecoin, struggles to maintain its $1 peg.UST dropped close to 99 cents over the weekend, fueling fears of a potential "bank run" that could force Terra, the project behind it, to dip into a $3.5 billion pile of bitcoin to support the token.Now, the Luna…

Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments, according to new data from Glassnode.That percentage is even higher when you isolate for the short-term holders who got skin in the game in the last six months when the price of bitcoin peaked at around $69,000.In the last month alone, 15.5% of all bitcoin wallets fell into an unrealized loss, as the world's most popular cryptocurrency plunged to the $31,000 level, tracking tech stocks lower. Bitcoin's close…

A fintech startup, Shecluded, has won the U.S.-backed SelectUSA tech pitch competition for Nigerian female-led tech startups interested in expanding their business operations into the United States. Nine startups made their pitch before a panel of accomplished U.S. and Nigerian business leaders, including U.S. Consulate representatives, and received valuable feedback on their business proposals. Following a close contest, Ifeoma Uddoh, 2021 alumna of the Academy for Women Entrepreneurs…

The state of New York wants to ban new bitcoin mining operations, a move that some industry insiders fear could have a domino effect across the U.S.The bill, which is swiftly making its way through the state capitol in Albany, calls for a two-year moratorium on certain cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions. Proof-of-work mining, which requires sophisticated gear and a whole lot of electricity, is used to create bitcoin, though ethereum — at least…

Binance is the world's largest crypto exchange, handling billions of dollars in trading volumes on a daily basis.STR | NurPhoto via Getty ImagesBitcoin exchange Binance's move to participate in Elon Musk's $44 billion takeover of Twitter could boost digital currency evangelists' hopes for the development of a more "decentralized," crypto-friendly social media platform.Binance plans to invest $500 million in equity funding as part of a $7 billion financing pledge to support the Tesla CEO's bid to buy Twitter. Oracle…

"Buy now, pay later" giant Klarna says it will start reporting data on customers' usage of its products to credit bureaus in the U.K., gearing up for incoming regulations aimed at reining in the sector over fears it is putting young people into debt.Starting June 1, the Swedish fintech firm will share information on whether Brits paid off an installment loan in time or are falling behind on their payments to TransUnion and Experian, meaning such data will now start to appear on their credit reports. Klarna has around 16…

Binance CEO Changpeng Zhao gave a keynote at a Paris crypto industry event in April 2022 to debut a new accelerator program for so-called "Web3" start-ups.Benjamin Girette | Bloomberg | Getty ImagesBinance has been granted approval from regulators to operate its cryptocurrency exchange in France.The company is now listed as a registered digital asset service provider by the French stock market watchdog AMF, enabling it to offer trading and custody services for bitcoin and other cryptocurrencies.Binance is the largest…

BODEN, Sweden — Tucked away in snowy Swedish Lapland is a modern-day gold mine. But instead of picks and shovels, it's filled with thousands of computers.These machines, known as mining rigs, are working around the clock to find new units of cryptocurrency — in this case, ethereum, the second-largest token globally.To do so, they must compete with others around the world to find the answer to a complex math puzzle, which grows in difficulty as more and more computers, known as "miners," join the network. The aim is to…