TL;DR Breakdown Qatar is facing criticism for its inadequate measures in combating money laundering and terrorist financing related to cryptocurrency firms. The FATF-MENAFATF evaluation report commends the country’s understanding of these risks but suggests it needs to better comprehend more complex forms. Despite its risk-based approach to financial sector supervision, its control over the non-financial sector, including crypto firms, needs enhancement. Qatar, the wealthy Middle Eastern nation known for its towering skyscrapers and burgeoning economy, has recently drawn significant attention for its involvement in the global cryptocurrency arena. However, this focus has not been entirely positive. Criticism is rising against Qatar for its perceived inadequacies in addressing money laundering and terrorist financing issues linked to cryptocurrency firms. Evaluating Qatar’s anti-money laundering efforts According to the Financial Action Task Force (FATF), an intergovernmental body aimed at combating money laundering and terrorist financing, Qatar has shown commendable progress in enhancing its defensive systems against these illicit activities. Despite this, concerns remain about the effectiveness of these measures in tackling criminal activities associated with digital currency platforms. Qatar, despite its size, boasts a…

TL;DR Breakdown Aptos price analysis shows a bullish trend. At the time of writing, APT is at the $8.99 mark. Support for APT is present at $8.46. Aptos price analysis shows a strong bullish sentiment that has pushed the price up 6 percent in the past 24 hours. The bullish pattern has been established over the past hours as buyers have taken control of the market. This surge in price has allowed APT to break through support levels at $8.46 and is currently sitting at the $8.99 mark. The resistance level is currently situated at $9.20. If the bulls can break through this level, it could lead to a further surge in price and possibly surpass the $10.00 milestone in the near future. On the other hand, if the price fails to break through this resistance level, it could lead to a slight retracement as traders take profits off the table and wait for further confirmation of an uptrend. APT/USD 24-hour chart: Aptos consolidates near the flag’s resistance at $9.04 The 4-hour chart for Aptos price analysis shows that the…

TL;DR Breakdown May 2023 saw losses from ‘rug pull’ crypto scams surpassing those from DeFi exploits, according to Beosin EagleEye. Total losses from various security incidents were $19.69 million, a decline of 79% from April, but fraud cases escalated to $45.02 million. The largest attack involved Jimbos on the Arbitrum chain, leading to a $7.5 million loss, while numerous projects left in the lurch resulted in losses of over $1 million. The month of May witnessed an unsettling development in the digital currency landscape as losses associated with ‘rug pull’ scams surpassed those stemming from DeFi exploits. This finding, underscored by Beosin EagleEye, the security risk monitoring platform of Beosin, signals an urgent need for increased vigilance among crypto investors. A dark cloud of rug pull scams In May 2023, as per Beosin’s data, an array of security incidents led to a total loss of $19.69 million, marking a significant 79% decrease compared to the preceding month. However, in a somewhat paradoxical trend, the total amount involved in fraudulent schemes, predominantly rug pulls, soared to a staggering $45.02 million, more…

TL;DR Breakdown Indian External Affairs Minister, Dr. S. Jaishankar, and Russian Foreign Minister, Sergey Lavrov, held a meeting to discuss cooperation within the BRICS, the G20, and the Shanghai Cooperation Organization (SCO). Both India and Russia are pushing for trade settlements in their national currencies, lessening their dependence on the U.S. dollar. These discussions were held during a two-day BRICS Foreign Ministers’ Meeting in Cape Town, South Africa. In the international diplomatic arena, an intriguing development has recently surfaced: two major global powers, India and Russia, are engaging in strategic dialogues focusing on strengthening cooperation within significant international forums, namely the BRICS, the Group of Twenty (G20), and the Shanghai Cooperation Organization (SCO). These discussions take on added significance as both countries are displaying a marked shift towards trade settlements in their respective national currencies, thereby diminishing their dependency on the U.S. dollar. A high-level diplomatic dialogue Dr. S. Jaishankar, India’s External Affairs Minister, recently met with his international counterparts, including Russia’s Foreign Minister Sergey Lavrov, during a two-day BRICS Foreign Ministers’ Meeting held in Cape Town, South Africa. The…

TL;DR Breakdown The Federal Reserve issues consent order to Silvergate Bank and parent company for winding down operations and liquidation. Silvergate voluntarily closes due to industry and regulatory developments, with significant declines in crypto-related deposits. Self-liquidation plan overseen by Federal Reserve and California regulators to protect depositors’ funds; closure impacts other crypto-friendly banks. In a move to facilitate the voluntary self-liquidation announced by Silvergate Bank earlier this year, the Federal Reserve Board has issued a consent order to the bank and its parent company, Silvergate Capital Corporation. The order aims to ensure an orderly wind-down of the bank’s operations while safeguarding the interests of depositors and the Deposit Insurance Fund. @federalreserve announces consent order against Silvergate Capital Corporation and Silvergate Bank to facilitate the voluntary self-liquidation that Silvergate announced on March 8, 2023: https://t.co/iWp4mfUeYI — Federal Reserve (@federalreserve) June 1, 2023 Silvergate Bank, one of the major crypto-friendly banks, made headlines in March when it unveiled plans to shutter operations due to recent industry and regulatory developments. Following the collapse of the crypto exchange FTX in November 2022, examinations conducted…

TL;DR Breakdown . Avalanche price stuck at $14 support . Next resistance point comes down to $15.5 . Price lowered to $13.85 today Avalanche price analysis shows a continued downtrend in place for the cryptocurrency, with price lowering down to $13.85 over the past 24 hours. AVAX price has been stuck around the $14 support largely since the decline from $16.48 on May 8, its highest price in a month. With the persistent downtrend in place, AVAX resistance has come down to $15.5 with current level of price at $14.10. Avalanche trading volume dropped off further over the past 24 hours by around 10 percent, while market cap sits at $10,173,639,679. The larger cryptocurrency market shows minor declines taking place across major cryptos over the past 24 hours. Bitcoin dropped 1 percent to move below the $27,000 mark, while Ethereum stays put at $1,800. Meanwhile, among leading Altcoins, Ripple dropped 1 percent to $0.50, and Cardano 3 percent to $0.36. Furthermore, Dogecoin price remains at $0.07, whereas Polkadot suffered a 2 percent decline to move down to $5.2. Avalanche price…

TL;DR Breakdown GPT-4, an advanced AI model, has made a bold prediction about Ethereum hitting a new all-time high by January 15, 2024. This prediction is based on ETH’s current bullish outlook, optimistic market sentiment, and developments such as the adoption of its Proof of Stake mechanism. The forecast has stirred excitement and anticipation in the crypto community, marking a significant potential milestone for the cryptocurrency. I recently engaged in an enlightening dialogue with an AI model, GPT-4, renowned for its analytical prowess. This encounter led to a startling prediction concerning Ethereum, the second-largest cryptocurrency by market capitalization. Decoding GPT-4’s Ethereum prediction Artificial Intelligence continues to disrupt various sectors, with the finance and cryptocurrency landscape being no exception. Renowned for its deep learning capabilities, GPT-4 has emerged as an insightful commentator in the digital currency ecosystem. Recently, I interacted with this cutting-edge model to discuss Ethereum’s outlook, given its current market status. At the time of our exchange, the largest altcoin was trading at $1,873, within a narrow price range. Engaging in an insightful dialogue, GPT-4 articulated a thought-provoking analysis…

TL;DR Breakdown SUI tokens are a specific crypto that can be staked to participate in the governance and validation of the SUI blockchain network. Staking involves holding and securing crypto tokens in a wallet to support the operations of a blockchain network.  Staking allows token holders to earn rewards for participating in network consensus and maintaining its security. Here is where you can stake SUI tokens. The SUI tokens launch on Binance‘s Launchpool has drawn much attention from the crypto world. Validators can vote on upgrades according to the Amount they have staked via SUI, which is used for network support and staking. The involvement of Justin Sun and the prospect of legal action have increased the interest in the growth of the SUI token. Contents hide 1 What is SUI Token and how is it used? 2 SUI Tokens Staking – What are the requirements? 3 How to Stake SUI Token 4 Crypto exchanges where to get SUI What is SUI Token and how is it used? SUI supports and runs the Sui network, specifically to cover transaction and…

TL;DR Breakdown Russian Finance Ministry advises against investing in cryptocurrencies as a savings option, citing high risk and lack of interest accrual. Russian government abandons plans for a national cryptocurrency exchange and focuses on regulating crypto trading platforms instead. Russia explores the use of digital assets for cross-border payments to overcome sanctions, with a draft law allowing DFAs and cryptocurrencies for cross-border payments by exporters. The country also plans to support interactions with other CBDCs through the digital rouble platform. Russian Ministry of Finance has cautioned citizens against using cryptocurrencies as savings. With the decline in interest for foreign fiat currencies due to imposed restrictions and Western sanctions, the official emphasized that high-risk assets like cryptocurrencies are unsuitable for most people’s savings and should primarily be considered by wealthier individuals. During the blockchain conference “Finance of the Future: Challenges and Opportunities,” Ivan Chebeskov, the head of the Financial Policy Department of the Russian Ministry of Finance, highlighted the risks associated with cryptocurrencies. He stated that even stablecoins pegged to traditional currencies are not ideal for savings as they do not…

TL;DR Breakdown TUSD, or TrueUSD, is a stablecoin pegged to the value of the US dollar. Staking TUSD tokens allows you to earn rewards while holding them in support of the network. Choose a wallet that supports TUSD tokens and staking. Options include hardware wallets, desktop wallets, and web-based wallets.  Look for a reliable staking platform that supports TUSD staking.  After staking, regularly monitor your staked TUSD tokens and track your rewards. TrueUSD (TUSD) has made a name for itself as a solid stablecoin by providing users with an easy and secure way to transfer money. TUSD strives to ease the worries about stablecoins. It is backed by USD cash in escrow accounts and boasts a straightforward collateralization procedure. TrueUSD enables users to stake their tokens and generate passive revenue, increasing its appeal. Contents hide 1 TrustUSD: What is it? 2 TUSD – How it works 3 What purpose does TrueUS serve? 4 How to stake TrueUSD 5 Where to Buy TUSD TrustUSD: What is it?  TrueUSD debuted at the beginning of 2018. It was intended to be a straightforward,…