Finance

Russian Finance Ministry Rules Out Sale of Oil for Bitcoin

Coins Legend June 20, 2022 0

The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto

Finance

Sberbank to Conduct First Digital Asset Transaction on Own Platform

Coins Legend June 19, 2022 0

Russia’s largest bank, Sberbank, is going to carry out the first transfer of digital assets on its own dedicated platform within a month, a top executive revealed this week. The announcement comes after earlier this year, the bank was authorized to issue digital financial assets. Sberbank Prepares for Deal With Digital Financial Assets on Proprietary […]

Finance

US Central Bank Hikes Benchmark Rate by 75 bps, Fed’s Largest Increase Since 1994

Coins Legend June 15, 2022 0

The U.S. Federal Reserve raised the federal funds rate by 75 basis points (bps) on Wednesday, and it was the largest increase since 1994. According to the Fed member’s expectations, the central bank will likely add another 1.5 percentage points by the year’s end. Fed Hikes Rate by 75 bps, Global Markets See Slight Rebound […]

Finance

JPMorgan Economist Expects the Fed to Hike Benchmark Rate by 75 bps as Global Markets Bleed

Coins Legend June 14, 2022 0

The U.S. Federal Reserve is expected to raise the federal funds rate during its next meeting on Wednesday and JPMorgan economist Michael Feroli believes that rising inflation will push the Fed to increase the rate by 75 basis points (bps). Last week, CME Group data indicated the market priced in a 95% chance that the […]

Finance

Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as Recession Deepens — Warns ‘Don’t Buy This Dip’

Coins Legend June 13, 2022 0

Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly bitcoin and ether. He explained that “The need to sell bitcoin to pay the bills will only get worse as the recession deepens,” adding that bitcoin is poised to crash to $20K while ether will sink to $1K. Peter Schiff Shares […]

Finance

US Inflation Spiked 8.6%, Highest in 40-Years — Economist Says We’re Not ‘Seeing Any Signs That We’re in the Clear’

Coins Legend June 12, 2022 0

After April’s consumer price index (CPI) report was published, a number of American economists and bureaucrats said that inflation had peaked and it was possible that inflation would subside. However, statistics from the U.S. Labor Department indicate the CPI increased 8.6% from a year earlier, as the month of May’s inflation data reached another lifetime […]

Finance

Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600

Coins Legend June 10, 2022 0

Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party payment network. US Residents Think […]

Finance

Yellen Downplays Stimulus Contributing to Inflation, Republicans Grill US Treasury Secretary’s Decisions

Coins Legend June 9, 2022 0

U.S. Treasury secretary Janet Yellen doesn’t think inflationary pressures stem from the stimulus policies enacted after the Covid-19 outbreak. While speaking to lawmakers on Wednesday, during the House Ways and Means Committee, Republicans criticized Yellen for not knowing about the risks of inflation. A U.S. senator from Wyoming questioned the Treasury secretary’s

Finance

American Economists Are Baffled by an ‘Unusual Situation’ as Russia’s Ruble Is the World’s Best Performing Fiat Currency

Coins Legend June 9, 2022 0

Two months after the Russian ruble fell below a U.S. penny, the transcontinental country’s fiat currency is the best performing currency worldwide. American economists are baffled by the “unusual situation” because a country facing stiff sanctions typically sees its fiat currency decline in value, but Russia’s ruble has done the exact opposite. Russia’s Ruble Outshines

Finance

World Bank Warns of Global Recession, Stagflation — ‘This Is the Sharpest Slowdown in 80 Years’

Coins Legend June 9, 2022 0

The World Bank has warned of a possible global recession. “For many countries, recession will be hard to avoid,” said World Bank President David Malpass. “This is the sharpest slowdown in 80 years.” World Bank on Global Recession, Stagflation The World Bank warned about the rising risk of stagflation and global recession Tuesday. World Bank […]