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Bitcoin Breaks Away From Stock Market Amid Recession Fears Healthy demand for non-essentials could drive additional spending and inflate prices, especially in the presence of a strong labor market with decades-high employment levels.    Yesterday’s January CPI report revealed that core CPI, excluding food and energy costs, rose to 0.4% last month. This number complicated the inflation narrative, which suggested that disinflation in other sectors of the economy pointed to the success of the Fed’s tightening policy.  Now, with higher retail sales and higher CPI, the Federal Reserve will likely increase interest rates to above 5% at its March 2023 Open Markets Committee meeting.

WILL BE UPGRADING SOON FROM PHPFOX TO METAFOX, WE WILL KEEP YOU UPDATED 

Former Coinbase product manager Ishan Wahi has pleaded guilty to two counts of conspiracy to commit wire fraud connected to an insider trading scheme at the U.S. exchange. In a Feb. 7, 2023 court hearing, Wahi admitted to sharing data about forthcoming Coinbase cryptocurrency listings with his younger sibling Nikhil and their friend Sameer Ramani. The rise in the value of the tokens after their Coinbase listing allowed the younger Wahi and their mutual friend to reap at least $1.5 million in profits illegally, U.S. Department of Justice prosecutors asserted. Ex-Coinbase Manager Faces 3-4 Year Sentence as Brother Serves Jail Time Ishan Wahi pleaded not guilty last year after a Twitter user unveiled an Ethereum wallet holding hundreds of thousands of crypto tokens bought 24 hours before they were listed on Coinbase. The wallet belonged to Ramani, who purchased the tokens using Wahi’s information.   Following the Twitter post, Coinbase security arranged a meeting with Wahi in their Seattle Office. Before the meeting, Wahi’s flight to India was prevented by U.S. law enforcement. Federal Judge Preska has set May 10, 2023, as the hearing date for sentencing. Ishan Wahi will likely be imprisoned for 36 to 47 months, while his brother is currently serving a ten-month sentence after pleading guilty to a similar wire fraud charge last year.

The Optimism (OP) price reached a new all-time high on Feb. 3. Whether it moves above the $3.22 resistance area can determine the future trend’s direction. The Optimism price has exploded in 2023, increasing by 255%. This led to a new all-time high price of $3.13 on Feb. 3. The high was made at exactly the 1.61 Fib retracement of the previous drop. Since Fib extensions are used as resistance/support whenever the price reaches a new all-time high, whether OP manages to break out above it or gets rejected could determine the future trend.  In case of a breakout, the next resistance would be at $4.83, the 2.61 Fib extension. However, if the rally loses steam, the Optimism price could fall to the horizontal support level of $2. The area previously acted as resistance before turning to support on Jan. 25. While the daily RSI generated bearish divergence (green line), it seems to have broken out from the bearish divergence trend line. 

Inflation Rates are excessive 2  The majority of people have debts with banks, so most people have no financial freedom 3 No transparency in human rights, your voice means nothing to the governmen 4 Governments are continuously printing money 5 Everything is controlled by a small group of people (the only real decision-makers) 6 Countries are waging wars 7 People pay high taxes for any product and even for inheritance 8 National currencies lose their values due to high inflation growth 9 People lose their jobs due to the technology that's replacing their labor Bitcoin and Monero cryptocurrency mission is to create a truly decentralised state, where every citizen enjoys a pure democracy with a fully transparent voting system, redistributed wealth and fair laws. Prosperity and fairness are the key principles.  

Coin Center, a non-profit organization focused on cryptocurrency policies, revealed that it is suing OFAC over its Tornado Cash sanction. In a statement released on Oct. 12, Coin Center reiterated its crypto-forward mission, stating that Americans have the freedom to employ privacy mechanisms, and OFAC lacks the jurisdiction to censor a smart contract. It argued, “Privacy is normal for a salaried employee, a charitable donor, even a celebrity, but privacy is not normal if you do these things on Ethereum unless you use Tornado Cash.”

Cryptocurrency is a new type of digital asset class that first started with the creation of Bitcoin. The word “cryptocurrencies” is a blanket term for the broader market of crypto assets. The name cryptocurrency is a compound word originating from the fact that Bitcoin used cryptography for privacy and security to protect the first ever form of digital currency.

As the cryptocurrency industry has grown, additional assets that utilize cryptography have emerged that have use cases beyond simply acting as a digital currency. Crypto assets are typically classified as the following:  Payment Currencies Payment currencies are the original cryptocurrencies, used to pay merchants, send money to friends, or anything else you can do with cash. Payment currencies include Bitcoin (BTC), Litecoin (LTC), and Ripple (XLM). Privacy Coins These coins employ unique technology to obfuscate the details of cryptocurrency transactions such as receiver, sender, and total amount transacted. Privacy coins include ZCash (ZEC) and Monero (XMR). Utility Tokens Utility tokens act as the central currency required to power blockchain economies, decentralized applications, and more. Utility tokens include Basic Attention Token (BAT) and Golem (GNT). Exchange Tokens Exchange tokens are the native token issued by certain cryptocurrency exchanges. These tokens often provide unique benefits such as trading fee discounts, voting, or access to initial token offerings. Exchange tokens include Binance Coin (BNB) and KuCoin Shares (KCS). Stablecoins Stablecoins are typically backed by fiat currencies, namely the dollar, due to its global reserve currency status and commonality and familiarity. Stablecoin valuations are tied 1:1 against the dollar, and are often used as a safe haven during crypto market downturns. Stablecoins include Tether (USDT) and USD Coin (USDC). Gold-Backed Tokens To serve the increasing demand for gold and bring the asset into the digital era, many new tokens backed by a corresponding ounce or gram of gold have grown in popularity. Gold-backed tokens include Tether Gold (XAUT) and Digix Gold Token (DGX). Security Tokens Stocks, bonds, and other assets deemed as securities by the SEC’s Howey Test, once cryptographically tokenized to represent digital ownership, are security tokens.

Bitcoin was created by Satoshi Nakamoto as the first successful form of “peer-to-peer electronic cash.” While there were many precursors to the groundbreaking technology, Bitcoin was the first to solve the double-spend issue plaguing other unsuccessful attempts. Bitcoin utilizes a process called proof-of-work that involves complex mathematical puzzles being solved by specially designed machines called miners.  Miners validate each block, then add its data to the blockchain permanently. The reward miners receive for securing the Bitcoin protocol is cut in half approximately every four years during an event called the halving. The block reward is currently 6.25 BTC. Bitcoin was designed so that only 21 million BTC will ever exist. This digital scarcity, along with its decentralized, trustless design that operates without the need for a third party, is what gives the asset its value. Bitcoin started its life virtually worthless in 2009, and reached an all-time high of $20,000 per BTC on December 17, 2017. The highly publicized peak put cryptocurrencies on the map, made the asset a serious contender in the financial world, and made Bitcoin a household name. Today, Bitcoin has been featured on Jeopardy, in Coinstar machines, and is a valid answer in Scrabble according to the game’s official world list, powered by Merriam Webster – makers of the most well-known dictionary, which Bitcoin is also in. Bitcoin is available as a trading pair against USD and other fiat currencies, and against several altcoins. Several platforms also allow for Bitcoin derivatives, futures, and other Bitcoin-based contracts or trading instruments.