El Salvador’s Finance Minister said the country has had no losses despite the Bitcoin price drop

Avatar James Lochner 2 years ago

Alejandro Zelaya, El Salvador’s finance Minister, reacted to recent media attacks on the nation’s strategy of investing in Bitcoin. Calling the accusations of fiscal risks “extremely superficial.”

During a lecture at a press conference held on Monday, Zelaya answered a journalist’s question about the government’s reaction to the sharp fall in Bitcoin in an emotional way:

“There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy. El Salvador is what interests them the least, they are not interested in what happens to our economy, they are not interested in what happens to our people, what happens to inflation.”

The official highlighted the inappropriateness of the accusations that the country’s budget has lost about USD 40 million due to the fall in the price of cryptocurrencies from the high point of USD 60,300 at which El Salvador first bought BTC in October 2021.

Binance resumes Bitcoin withdrawals after pause

The world’s largest cryptocurrency exchange by trading volume, Binance, resumed Bitcoin withdrawals after a lull early Monday. So what say company.

The problem was caused “by a stuck transaction that caused a delay,” according to a tweet from chief executive Changpeng Zhao.

It was originally expected to be fixed in about 30 minutes, according to the tweet at 12:00 UTC. Minutes later, however, he said the problem would take a little longer to resolve.

The Binance boss said the funds are SAFU, referring to the Secure Asset Fund for Users emergency insurance fund that his exchange established four years ago. He further explained that the problem only affected the Bitcoin network. Bitcoin remained available for withdrawal on other networks such as BEP-20, he said.

Almost $100 million is leaving US cryptocurrency funds in anticipation of the Federal Reserve’s monetary policy

Institutional investors last week got rid of $101.5 million worth of digital asset products. In “anticipation of an aggressive monetary policy” of the US Federal Reserve, according to CoinShares.

The US inflation rate reached 8.6% year-on-year at the end of May. This is a return to levels not seen since 1981.

As a result, the market expects the Federal Reserve to take considerable measures to curb inflation. And, some traders are forecasting three more 0.5% rate hikes for October.

According to the latest editing from CoinShares’ “Digital Asset Fund Flows” weekly report, the outflows between June 6 and 10 were mainly led by investors from the United States. With USD 98 million, while Europe only accounted for USD 2 million.

New York mayor wants state governor to veto 2-year moratorium on PoW mining

New York City Mayor Eric Adams will ask Governor Kathy Hochul to veto a bill passed on June 3 that would impose a moratorium on proof-of-work (PoW) mining in the state for two years. So what inform Crain’s New York Business on Tuesday.

The New York State Senate passed a bill targeting proof-of-work (PoW) mining in June. In an effort to address some of the environmental concerns about cryptocurrencies.

The bill, which was approved by the state Assembly in May, would impose a two-year moratorium on new carbon-based fuel-powered PoW mining projects in the Empire State, although existing mining companies or those currently in the process of renewing permits would be authorized to continue operations. The Senate voted 36-27 in favor of the bill.

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