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Senate confirms pro-crypto Scott Bessent as US Treasury Secretary

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Scott Bessent, a well-known supporter of cryptocurrency and blockchain innovation, has been officially confirmed as the new U.S. Treasury Secretary. His appointment signals a potential shift in the government’s approach to digital assets, with industry leaders anticipating more favorable regulations. Bessent, a former hedge fund manager and chief investment officer for Soros Fund Management, has long been vocal about the transformative potential of cryptocurrencies and decentralized finance (DeFi).

His confirmation comes at a critical time for the crypto industry, as regulators continue to grapple with issues surrounding stablecoins, digital asset taxation, and market oversight. With the Biden administration facing pressure to establish clear regulatory guidelines, Bessent’s leadership could introduce policies that balance innovation with investor protection. Some analysts expect his tenure to lead to a more structured framework that fosters growth while addressing concerns over illicit activities and financial stability.

Crypto markets reacted positively to the news, with Bitcoin and major altcoins experiencing slight gains amid optimism about regulatory clarity. Industry stakeholders, including venture capital firms and blockchain startups, have expressed hope that Bessent’s policies will encourage institutional adoption and reduce uncertainty surrounding crypto investments. However, skeptics warn that despite his pro-crypto stance, broader legislative challenges could still hinder major regulatory changes.

Bessent’s appointment marks a significant moment for the digital asset sector, as the U.S. Treasury plays a crucial role in shaping financial policies. As he steps into his new position, all eyes will be on how he navigates the evolving landscape of crypto regulations and whether his leadership will bring long-term stability to the industry. His ability to bridge the gap between traditional finance and digital assets could define the next phase of crypto adoption in the U.S.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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