Cryptos Brush Aside Rate Hike Fears

Cryptos Brush Aside Rate Hike Fears

By RTTNews Staff Writer | Published: 3/16/2022 10:01 AM ET

Cryptocurrencies rallied ahead of the interest rate review announcement by the Federal Reserve due on Wednesday. Market capitalization surged to $1.78 trillion from $1.72 trillion on Tuesday.

Bitcoin is trading at $40,376.25, having gained more than 4 percent in the past 24 hours. BTC has traded between $38,567.64 and $41,465.45 in the past 24 hours.

Ethereum surged by more than 5 percent in the past 24 hours and is currently trading at $2,674.48. The 24-hour trading range has been between $2,526.47 and $2,722.95.

Ethereum's rally assumes significance amidst reports that the Ethereum "Merge" has successfully taken place on the Kiln Testnet. The merging of the Beacon Chain with Kiln has happened on March 15. Ethereum's energy consumption is expected to drop significantly post the transition to the proof of stake consensus mechanism.

23rd ranked Chainlink (Link) which gained 6.50 percent and 25h ranked Uniswap (UNI) which rallied 5.25 percent are the top gainers among the top 25 cryptocurrencies ranked according to overall market capitalization.

Uniswap, the top ranked crypto token in the Decentralized Exchanges category has however lost close to 5 percent on a weekly basis.

7th ranked Terra (LUNA) shed 1.82 percent despite the broad-based rally and is the most prominent loser in the top 25 category. This follows a series of Twitter exchanges which eventually led to Terra's CEO placing a $1 million bet on the price of the coin in a year's time.

38th ranked metaverse crypto The Sandbox (SAND) has surged more than 8 percent in the past 24 hours amidst the announcement that global financial services provider HSBC would acquire a plot of land in The Sandbox metaverse. The virtual land would be developed to engage and connect with sports, esports and gaming enthusiasts. With the partnership, HSBC is also seeking to create innovative brand experiences that are educational, inclusive and accessible for its new and existing customers. The SAND token, which is the second most valuable metaverse token is presently trading at $2.92.

In regulatory developments, reports from Argentina indicate that the country is set to include cryptocurrency firms in the proposed anti-money laundering regulations. Earlier the U.K.'s Financial Conduct Authority (FCA) too had mooted a similar move.

The DeFi space witnessed two separate instances of exploits. DeFi protocols Agave and Hundred Finance have reportedly been exploited for $11 million. In another instance, $3 million has apparently evaporated from DeFi space as Deus Finance suffered a malware hack.

Financial markets worldwide are bracing for the Fed's policy review with a strong rally. Stock market indices across the globe surged and crypto prices appeared more or less dovetailed with movements in major stock markets. The pre-emptive relief rally appears to be founded on the strong reading that the current political and economic scenario would not justify a larger hike by the Fed even if the inflationary situation demands it.

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Article written by an RTT News Staff Writer, and posted on the RTT website.

Article reposted on Markethive by Jeffrey Sloe

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Shanghai Crypto Pyramid Scheme

Shanghai Crypto Pyramid Scheme With Over 60,000 Victims Busted

By Adrian Klent – March 16, 2022

Key Takeaways

  • Law enforcement agencies in Shanghai have infiltrated a crypto pyramid scheme.
  • The scheme involved over 60,000 victims and 100 million yuan.
  • Chinese authorities have been increasing their oversight of the illegal industry.

Despite ousting the crypto industry from its borders, China has continued to uncover criminal operations related to crypto. A joint law enforcement operation in Shanghai has led to the crackdown of the city’s first crypto pyramid-scheme case.

10 arrested in connection with 100 million yuan crypto scam

The local news outlet, The Paper, reports that the bust was the result of more than six months of investigations carried out by the Economic Investigation Team of the Shanghai Public Security Bureau, together with the Yungpu Public Security Branch.

So far, about 10 persons have been arrested in connection with the dubious scheme which was set up in June 2020. Authorities also claim more than 100 million yuan is involved.

The scammers marketed the scheme to be a “unicorn in the global application field” and “the world’s fastest public chain”, the authorities stated. However, investigations revealed that the elaborately set up company was only running multi-level marketing (MLM) scam, promising participants massive returns for signing up, buying tokens, and referring new participants.

No blockchain or token existed as the scheme was only run through a server, rewarding old signups with funds and new sign-ups.

This has not been the only crypto-related pyramid scheme that Chinese authorities have exposed of late. Last month, Ripple Pay Union, another MLM scam was clamped down. The criminal network claimed to have ties with the American fintech company, Ripple, and its XRP token.

Asides from pyramid schemes, China has also recorded an alarming amount of crypto being used for money laundering and gambling. The crypto that was most commonly involved was found to be USDT according to an analysis by a blockchain forensics firm.

China’s crypto scammers have also involved victims from neighboring countries. Business Standard recounts that victims in Singapore lost over $139 million to Chinese fraudsters last year.

China broadening its crypto crackdown net

China officially declared holding, trading, mining cryptocurrencies illegal last year. Since then it has been going after lawbreakers and putting new regulations in place to ensure there are no loopholes for the crypto industry.

Last week, China’s Supreme People’s Procuratorate disclosed that it prosecuted 1,262 people for laundering crimes involving crypto. The offenders included crypto exchange executives and online lending platforms.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

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BTC BYTE MINER software – working and Paying 2 Options for you

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BLOCKCHAIN – Still Set To Be The Most Disruptive Technology Since The Internet


BLOCKCHAIN – Still Set To Be The Most Disruptive Technology Since The Internet

Blockchain technology is celebrating ten years and in spite of the current turmoil, it still stands that it has the potential to become the most disruptive technology since the internet, transforming the way governments and businesses operate and interconnect. But are we close to the tipping point of mass adoption?

Why is it this technology has not yet completely transformed our world, considering the numerous initiatives that are underway? The devil is not in the technological details, but rather in the word just mentioned – transformation. Without a holistic transformational approach to the technology, it will stay promising, not fulfilling its full potential.

Deloitte’s 2018 Blockchain Report suggests that the technology is getting closer to an outright breakthrough. The survey polled a sample of more than 1,000 senior executives in seven countries at companies with $500 million or more in annual revenue. 74% see a compelling business case and 34% have already started to integrate blockchain technology in their organization.

However, despite the respondents’ interest in blockchain’s capabilities, nearly 39% of the global sample said they believed blockchain was “overhyped”. In the United States, this number was even higher: 44% of the respondents view blockchain as overhyped, up from 34% in a 2016 survey by Deloitte.

In terms of technology, blockchain has already proven its value and there are production examples and consortia in almost every industry that are either live or have the mission statement to do so.

We now know that the technology works, and the yet to be released potential is clear: to fully reinvent how businesses and governments manage their transfer of value, be that personal information, currency or goods. Blockchain solutions can take both time and costs out of almost any process, enabling near real-time operations with a high degree of accuracy and control. However, it will require a fundamental transformation in all parts of the value chain to establish new processes, commercial agreements, and controls throughout the ecosystems. Hence, legacy and decentralization are not very well-matched.

So what is needed to make the transformation and move from tech hype to mass adoption? We see three necessary actions:

1. Be clear on the return of investment – regardless of if it comes in fiat currency, tokens, new business or efficiency in governmental processes. A fundamental step for transformation is to move forward from a technological focus, towards a business value-led multi-disciplinary approach. This requires a mindset shift for senior leaders who are used to driving efficiencies and make technology investments for their own organizations. Thinking in terms of consortia, platforms and ecosystems is a new horizon and will take some time to mature.

2. Make regulators regulate – the current lack of regulatory clarity or standards related to e.g. KYC processes, ICOs, and digital identity is holding back potential change.

3. Bring diversity to the table – skills within business, regulation, transformation, subject matter expertise, R&D, project management and more are needed from all genders and walks of life. A fundamental step for transformation is to move forward from a technological focus that mainly attracts a tech-savvy, and often like-minded, group and let people with diverse backgrounds apply their experience and competencies in the next step towards broader adoption. Because there’s one thing we know for sure from these ten years of blockchain: decentralization works.

Viktor Tjäder-Larsson

Philip Dunard Reuter

Ester Sundström


Deloitte is one of the world’s biggest professional services firms, serving four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries

Article by Toshitimes


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