Friday, June 30, 2023

Biden Pledges to Eliminate Tax Loopholes for Crypto Traders Vows to Make US Tax System Fair

Biden Pledges to Eliminate Tax Loopholes for Crypto Traders — Vows to Make Federal Tax System Fair

U.S. President Joe Biden has promised to make the federal tax system fair by eliminating loopholes for crypto traders and hedge fund managers. He aims to “achieve tax code fairness” by “ensuring that the burden is shared by the wealthy, super-wealthy, and large corporations while safeguarding the middle class from any tax increases.”

Biden Wants to Eliminate Tax Loopholes for Crypto Traders

U.S. President Joe Biden talked about taxation for crypto traders during his economic policy speech dubbed “Bidenomics” in Chicago on Wednesday.

“Does anyone here think the federal tax system is fair? Raise your hand,” Biden said, adding:

No matter how much money you make. We’re going to make it fair by eliminating loopholes for crypto traders, hedge fund managers.

“We’re going to get billionaires to pay up a little bit, at least a minimum tax … No billionaire should pay a lower tax rate than a schoolteacher, a firefighter, or a cop,” he emphasized. “That’s the next phase of this fight: making the tax code fair for everyone, making the wealthy and the super-wealthy and big corporations begin to pay their fair share, without raising taxes at all on the middle class.”

Many crypto proponents took to social media to comment on Biden’s speech. Gabor Gurbacs, advisor at investment management firm Vaneck, tweeted:

Reminder: The U.S. added $9 trillion in debt in the past ~3 years. The U.S. doesn’t have a revenue problem. It has a government spending problem. Not sure what President Biden is saying about eliminating tax loopholes for crypto traders. There are few to none.

Ryan Selkis, founder & CEO of crypto analytics firm Messari, wrote: “At 80 years old, President Biden is one of the few people in D.C. who’s lived long enough to read through our 70,000-page tax code. But he’s also losing his marbles and seems confused: there are no ‘crypto trader’ tax loopholes, and his policies are destroying capital gains anyway.”

What do you think about Biden’s promise to eliminate tax loopholes for crypto traders? Let us know in the comments section below.



via Kevin Helms

Bitcoin Cash Hashrate Gains Momentum: Miners Flock to BCH as Profitability Surges

Bitcoin Cash Hashrate Gains Momentum: Miners Flock to BCH as Profitability Surges 

Over the past two weeks, bitcoin cash has experienced a significant surge, increasing 182% against the U.S. dollar and attracting more hashrate to its network. Approximately 22 bitcoin cash mining pools are now allocating SHA256 hashrate to the chain as BCH is currently 2.7% more lucrative to mine compared to BTC.

Bitcoin Cash Hashrate Sees Surge in Interest as Mining Profitability Outshines Bitcoin

In the last 24 hours, the crypto market has been quite unstable, particularly following the release of May’s personal consumption expenditure (PCE) data by the U.S. Department of Commerce, which showed a 0.1% increase.

Although several major cryptocurrencies lost value in response to this news, bitcoin cash (BCH) remains up by over 20% in just one day and more than 100% in a week. Two-week statistics reveal a 182% increase for BCH, while it is up 158% over the past month.

Bitcoin Cash Hashrate Gains Momentum: Miners Flock to BCH as Profitability Surges

This recent upswing in BCH’s value has prompted miners to direct significantly more hashrate toward the network. As of June 30, 2023, data reveals that BCH’s hashrate stands at around 5.6 exahash per second (EH/s).

This is a substantial leap from May 11, 2023’s rate of approximately 1.55 EH/s, which then saw a major spike on June 21st. Presently, on Friday, about 22 mining pools contribute hashpower to BCH, with Viabtc leading the charge with 603 petahash per second (PH/s).

Following Viabtc’s contribution are Antpool, Zsolobid, F2pool, Pool Moscow, Trust Pool, and Poolin in descending order. Present statistics from Coin Dance reveal that as of June 30th, mining on the Bitcoin Cash blockchain yields a profit 2.7% higher than that of its SHA256 counterpart BTC.

Bitcoin Cash Hashrate Gains Momentum: Miners Flock to BCH as Profitability Surges

Although BCH’s current hashrate is remarkably higher than it was a few weeks ago, it still falls short of the all-time high of 14.36 EH/s recorded at block height 622,407 on February 15, 2020. So far, the upward trend suggests that both the BCH’s USD value and overall hashpower have endured, but only more time will confirm if this outcome will sustain.

Will Bitcoin Cash’s mining profitability and increased hashrate propel the blockchain’s activity to new heights? Share your thoughts and predictions in the comments section below.



via Jamie Redman

Insiders Say SEC Deems Blackrocks Spot Bitcoin ETF and Other Applications as Inadequate

Insiders Say SEC Deems Blackrock's Spot Bitcoin ETF and Other Applications as Inadequate

According to a report citing “people familiar with the matter,” the U.S. Securities and Exchange Commission has allegedly informed Nasdaq and Cboe that Blackrock’s registration for a bitcoin exchange-traded fund (ETF) and the multitude of other spot bitcoin ETF applications currently in progress are considered inadequate.

SEC Reportedly Finds Flaw in the Latest Slew of Spot Bitcoin ETF Applications

Following Blackrock’s submission of an application for a spot bitcoin ETF to the U.S. Securities and Exchange Commission (SEC), numerous companies swiftly followed suit and filed their own registrations for similar products. Despite the SEC’s approval of bitcoin futures ETFs, including a newly authorized leveraged option, the regulatory body has thus far refrained from granting approval to spot bitcoin ETFs.

According to insiders cited by Vicky Ge Huang of the Wall Street Journal (WSJ), the latest registrations submitted including Blackrock’s ETF are reported to fall short of meeting the SEC’s rigorous standards.

The SEC has reportedly revealed that the submitted applications for the ETFs are deemed inadequate, the WSJ report discloses. Allegedly, the SEC has communicated this to both Nasdaq and Cboe, the two firms responsible for filing the ETF registrations on behalf of Fidelity and Blackrock.

While a spokeswoman from Cboe informed the WSJ that they intend to revise and resubmit the registration to meet the SEC’s requirements, Nasdaq declined to comment, as disclosed by the reporter on Friday. As per the sources cited in Ge Huang’s report, “the filings aren’t sufficiently clear and comprehensive.”

An array of firms, including Blackrock, Bitwise, Valkyrie, Invesco, Fidelity, Ark Investment, and Wisdomtree, have already submitted their filings, signaling the growing interest in spot bitcoin ETFs.

Additionally, Grayscale Investments, the largest manager of digital currency assets worldwide, has been striving to transform the Grayscale Bitcoin Trust into a spot bitcoin ETF. However, the Securities and Exchange Commission (SEC) rejected Grayscale’s application, prompting the firm to take legal action against the regulatory body.

The SEC’s decision-making process sheds light on their concerns regarding market manipulation. When the SEC denied the Fidelity Wise Origin Bitcoin Trust last year, they cited the inability to “prevent fraudulent and manipulative acts” or “protect investors” as the primary reasons for the denial.

What are your thoughts on the SEC’s stance towards spot Bitcoin ETFs and their concerns about market manipulation? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

Biggest Movers: LTC BCH Surge 20% Higher on Friday

LTC, BCH Surge 20% Higher on Friday

Litecoin surged by as much as 20% in today’s session, as bulls took the token to its highest level since April. The move came prior to the latest consumer sentiment report from the U.S, which rose to a reading of 64.4. Bitcoin cash climbed to its highest point since April 2022.

Litecoin (LTC)

Litecoin (LTC) rose above $100.00 for the first time since April, as traders seemingly remained bullish on the token following its recent listing on EDX markets.

LTC/USD hit an intraday peak of $102.38 earlier in today’s session, which came following a low of $84.25 the day before.

As a result of the rally, litecoin peaked at its strongest point since April 18, when price reached a top at $103.41.

Today’s move came as bulls were able to break out of a recent resistance level of $98.00, with the relative strength index (RSI) doing similar.

Litecoin’s price strength surged past a ceiling at the 62.00 mark, on its way to a current reading of 65.43.

Should momentum continue, bulls will likely ease pressure closer to an upcoming level of 68.00.

Bitcoin Cash (BCH)

Bitcoin cash (BCH) made significant gains for a second straight session, this time rising by over 20% to end the week.

Following a low of $241.21 on Thursday, BCH/USD raced to an intraday high at $312.77 earlier in the day.

As a result of this latest rally, BCH moved to its strongest point since April 18 last year, when price peaked at $345.00.

Looking at the chart, the latest rally has sent the RSI to a current reading of 86.97, which is significantly overbought.

The 10-day (red) moving average has also made a relatively high leap away from its 25-day (blue) counterpart.

This could signal a potential top, which could be tempting for bears waiting for the perfect time to reenter the market.

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Can bitcoin cash continue this bull run during the weekend? Let us know your thoughts in the comments.



via Eliman Dambell

Coinbase Alleges SEC Lacks Any Powers to Regulate Digital Asset Exchanges in Recent Filing

Coinbase Alleges SEC Lacks 'Powers to Regulate Digital Asset Exchanges' in Recent Filing

Coinbase, one of the largest U.S.-based cryptocurrency exchanges, has filed a 177-page answer to the complaint introduced by the U.S. Securities and Exchange Commission (SEC), where the agency states the company was involved in the illegal brokerage of securities. Coinbase alleges that the institution lacks “any powers to regulate” cryptocurrency exchanges and that this enforcement action “offends due process and the constitutional separation of powers.”

Coinbase Contests SEC Powers to Regulate Cryptocurrency Exchanges

Paul Grewal, CLO of Coinbase, the largest U.S.-based cryptocurrency exchange, announced the filing of an answer to the complaint presented by the U.S. Securities and Exchange Commission (SEC), where the institution accuses the Coinbase of unregistered securities brokerage.

In the 177-page document, Coinbase explains that in April 2021, the SEC approved its registration to go public through an IPO on Nasdaq, “allowing Coinbase’s shares to be sold to millions of retail and institutional investors.” However, the recent filing of this enforcement action against the exchange contradicts the prior approval of its business model.

Coinbase criticizes the newfound position of the institution regarding cryptocurrency exchanges, stating that:

No statute enacted since April 2021 gives the SEC any powers to regulate digital asset exchanges, much less retroactively. The only change is in the SEC’s position regarding its powers.

Furthermore, the filing claims that this enforcement action, based on the SEC’s change of face, “offends due process and the constitutional separation of powers.”

Gensler vs. Gensler

The document also presents a timeline of how the views of SEC Chair Gary Gensler changed on the SEC’s faculties in the cryptocurrency space. Coinbase explains that in May 2021, Gensler testified before Congress stating the SEC “lacked statutory authority to regulate businesses like Coinbase,” putting the responsibilities of this task on Congress, citing a “regulatory gap.”

However, Gensler’s positions changed over time, and according to Coinbase, by the end of 2022, he stated: “I feel that we have enough authority, I really do, in this space,” for requiring crypto companies to register as securities exchanges.

About this, Coinbase’s filing declares:

The SEC also now asserts the authority to extract punitive retroactive penalties from companies for failure to recognize powers its own Chair was disclaiming two years ago.

Coinbase concluded that even if the SEC’s changes regarding securities were “colorable,” the major questions doctrine, a U.S. legal principle that states courts will presume that Congress does not delegate to executive agencies issues of major political or economic significance, would require courts to reject this construction.

What do you think about Coinbase’s answer to the SEC’s securities complaint? Tell us in the comments section below.



via Sergio Goschenko

US Court Orders Operator of Digital Asset Trading Scam to Pay $54 Million

US Court Orders Operator of Digital Asset Trading Scam to Pay $54 Million

According to the Commodity Futures Trading Commission (CFTC), Michael Ackerman, the operator of an alleged fraudulent digital asset trading scheme, has been issued with an injunction order which bars him from trading in any CFTC-regulated markets or registering with the CFTC. The injunction also requires Ackerman to pay $27 million in restitution to defrauded victims and a civil monetary penalty of $27 million.

Only $10 Million Was Used to Trade Digital Commodity Assets

The Commodity Futures Trading Commission (CFTC) announced on June 28 that a default judgment granting a permanent injunction has been issued against Michael Ackerman, the operator of a fraudulent digital asset trading scheme. According to the commission, the injunction granted by Naomi Reice Buchwald, a judge with a U.S. District Court, bars Ackerman from trading on regulated markets and registering with the CFTC.

The statement also revealed that Ackerman, who was sentenced to five years of probation with a year of home confinement in Feb. 2022, will also be required to “pay $27 million in restitution to defrauded victims.” Ackerman was further hit with a civil monetary penalty of $27 million for operating the fraudulent scheme.

As per the CFTC statement, the case against Ackerman stems from his alleged role in operating a fraudulent scheme which “solicited and misappropriated funds to purportedly trade digital commodity assets.” Although he managed to successfully extract an estimated $33 million from some 150 individuals and entities, Ackerman only used $10 million to trade. According to the Commission, Ackerman is thought to have used the remaining funds for “personal use or to prolong the fraudulent trading scheme.”

Injunction Orders May Not Lead to Recovery of Funds

The CFTC also accused Ackerman of lying to his victims about the monthly returns he was generating via the fraudulent trading scheme. In order to hide the fraud, Ackerman allegedly provided his customers with “false accounting statements, newsletters containing false trading returns, and fictitious screenshots of the amount of money under management.”

Meanwhile, the CFTC also used the announcement to warn victims of fraudulent digital asset scams that injunction orders may not lead to the recovery of funds.

“The CFTC cautions that orders requiring payment of funds to victims may not result in the recovery of any money lost because wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable,” the CFTC said.

What are your thoughts on this story? Let us know what you think in the comments section below.



via Terence Zimwara

Thursday, June 29, 2023

Change the Code Blasts Wall Street for Propping Up Bitcoin Initiatives

Change the Code Blasts Wall Street for Propping up Bitcoin Initiatives

Change The Code, a Greenpeace-backed initiative that seeks to change Bitcoin’s consensus algorithm, has blasted Wall Street companies for the support they are showing to Bitcoin-related activities. On social media, it has called out companies like Fidelity, Blackrock, JPMorgan, and Goldman Sachs, stating their actions propping up climate-destroying technologies are “unacceptable.”

Change the Code Rails Against Wall Street Incumbents

Change The Code, a campaign that seeks to change Bitcoin’s consensus algorithm to “fix” its energy consumption, has called out Wall Street companies for their support of Bitcoin activities. The initiative, backed by Greenpeace and EWG, has criticized the recent push of financial incumbents toward Bitcoin-related investments.

Change The Code explained that Fidelity, Blackrock, Vanguard, JPMorgan, Goldman Sachs, and Citi held shares in 24 mining companies valued at over $1.35 billion, accusing Wall Street of “going all in on Bitcoin” and directly supporting these activities.

It stated:

The climate movement has worked to hold financial institutions and banks accountable for their fossil fuel investments. Propping up and profiting from industries destroying our climate is unacceptable.

Furthermore, Change the Code called on these incumbents to answer for their “dirty investments” and “support a code change to help BTC achieve near 100% efficiency.”

Change the Code Objectives

The campaign to change the code of Bitcoin was launched in March when a group of so-called green organizations and crypto groups started to create awareness of the energy requirements of the Bitcoin network and its possible effects on the environment.

However, the recent barrage of bitcoin-related projects backed by established financial companies, including the launch of EDX, a cryptocurrency exchange backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial, and the filing of several ETF proposals by more incumbents, has taken the campaign to the offensive, stating that “these companies are turning a blind eye to these investments like other fossil fuel investments perpetuating climate chaos.”

The campaign advocates for Bitcoin to switch to a proof-of-stake (PoS) consensus that would reduce its energy consumption by almost 100%.

Ethereum, the second-largest cryptocurrency by market cap, completed a similar change in September as part of an update event called “The Merge,” which changed its network dynamics, leaving some miners out of business. The energy footprint of the protocol’s entire operation was reduced by 99.99%, going from an estimated 23 million megawatts of energy per year to just 2,600.

What do you think about the “Change The Code” campaign proposal? Tell us in the comment section below.



via Sergio Goschenko

European Banks to Disclose Exposure to Crypto Assets

European Banks to Disclose Exposure to Crypto Assets

Banks in the European Union will have to disclose their exposure to cryptocurrencies, EU institutions announced. The obligation will be introduced under a deal to implement globally agreed regulatory standards meant to improve the resilience of the financial institutions.

Deal Reached to Finalize EU Reforms of Banking Rules Addressing Crypto Risks

Representatives of the European Parliament, the Council and the Commission reached a provisional agreement to amend EU regulations on capital requirements for banks. The changes seek to make EU banks more resilient to economic shocks by implementing the Basel III global standards while taking into account European specifics.

The third Basel Accord was agreed by the European Union and its G20 partners in the Basel Committee on Banking Supervision. It represents a framework of international standards for bank capital adequacy, stress testing, and liquidity requirements which was first announced in late 2010 but its implementation was repeatedly postponed until 2025.

The negotiators also agreed on a transitional regime for crypto assets. To address specific, associated risks, banks in the European Union will be required to disclose their exposure to cryptocurrencies and other digital assets.

“Given the ongoing work of the Basel committee, it was decided that the Commission should come up with a relevant legislative proposal to implement these future Basel standard and specify the prudential treatment of such exposures during the transitional period,” the European Parliament said in a press release.

Also, by Dec. 31, 2028, the European Commission is expected to assess the overall state of the banking system in Europe’s single market, working closely with the European Banking Authority (EBA) and the European Central Bank (ECB). The executive body in Brussels will then report to the European Parliament and the Council on the “appropriateness of the Union regulatory and supervisory frameworks for banks.”

In January of this year, members of the European Parliament’s Committee on Economic and Monetary Affairs (ECON) supported a bill designed to enforce the global bank capital rules, including strict regulations meant to cover crypto-related risks for banking institutions keeping digital assets. ECON must also approve the latest agreement.

The deal comes after in April European lawmakers greenlighted the EU’s new Markets in Crypto Assets (MiCA) law which introduces comprehensive regulations for the crypto industry in Europe. The legislation was also adopted by the EU Council in May and will be implemented across the European Union by 2025.

How could the upcoming crypto disclosure requirements for EU banks affect cryptocurrency users in Europe? Share your thoughts on the subject in the comments section below.



via Lubomir Tassev

Report: FTX Management Seeks Investors to Revive Defunct Crypto Exchange; Exchange Token FTT Surges

Report: FTX Management Seeks Investors to Revive Defunct Crypto Exchange; Exchange Token FTT Surges

FTX management is actively seeking potential participants to revive the formerly defunct crypto exchange, as reported by sources knowledgeable about the situation. CEO John J. Ray III and other FTX executives have reportedly engaged in preliminary discussions with prospective investors, who could either acquire full ownership of the business or establish a joint venture.

FTX Aims for Resurgence: CEO and Executives Enter Discussions to Bring Back Crypto Exchange

Over the past few days, FTX’s native exchange token, FTT, has experienced a substantial surge in value. In the last 24 hours alone, the crypto asset has seen a 40% increase. Furthermore, within the past week, FTT’s value has soared by over 100%, as it surpassed the $2 threshold on Thursday, June 29, 2023. This recent spike in FTT’s price is attributable to renewed speculation surrounding the potential reboot of FTX. The latest speculation originated from a report in the Wall Street Journal, which cites sources familiar with the matter stating that FTX management is actively seeking investors for the concept of FTX 2.0.

Court filings and the current CEO of FTX, John J. Ray III, have confirmed these efforts on several occasions, stating, FTX “has begun the process of soliciting interested parties to the reboot of the FTX.com exchange.” According to insiders cited by the Wall Street Journal (WSJ), FTX has entered into discussions with potential investors to explore the possibilities of a comprehensive relaunch, either independently or through a collaborative endeavor. It is worth noting that the revamped exchange would likely undergo a rebranding process, and discussions are underway regarding granting stakeholder positions to customers with outstanding claims, the report’s sources say.

Investors interested in participating in a joint venture or providing financial backing are encouraged to express their interest to FTX management within this week, as disclosed by the individuals familiar with the matter interviewed by the WSJ reporters. The recent surge of FTT has sparked a heated debate among social media users regarding the prospects of an FTX reboot. While some enthusiasts eagerly support relaunching the cryptocurrency exchange, others dismiss the idea as a futile endeavor. Lawyers had already entertained the notion of a reboot in mid-April 2023, and CEO Ray broached the topic of re-establishing the exchange during his first interview after FTX collapsed.

Each time such announcements circulate, FTT’s price skyrockets. However, as the initial excitement dissipates, the token’s value against the U.S. dollar plunges significantly. The abysmal fundamentals of the token remain unchanged, even in the event of a relaunch, as the main deployer address distributed the entire supply after FTX’s bankruptcy. Moreover, statistics from FTT’s rich list reveal that the top ten wallets hold a staggering 93.61% of the total supply, while the top 20 wallets account for 96.24%.

What are your thoughts on FTX’s potential revival and the recent surge of FTT? Share your views and opinions about this subject in the comments section below.



via Jamie Redman

Bitcoin Firm Coinbits Suspends Operations Amidst Custodian Prime Trusts Financial Woes

The cryptocurrency firm and bitcoin investment app, Coinbits, has announced the suspension of its services due to complications involving the Nevada-based custodian, Prime Trust. Following accusations of insolvency and breaches of fiduciary responsibilities, Nevada’s financial regulators mandated the closure of Prime Trust. Despite these challenges, Coinbits maintains confidence that the custodian “still has enough bitcoin to honor our members’ balances.”

Bitcoin Investment App Coinbits Hit by Prime Trust Crisis, Halts Operations

In light of the financial difficulties faced by the cryptocurrency custodian Prime Trust, the bitcoin investment app Coinbits and its team have decided to suspend certain operations as a result of their association with the company. Coinbits made the announcement in a Twitter thread, expressing that it was an unfortunate message they had never anticipated sharing.

Coinbits insisted customers have been duly notified about the ongoing concerns through the platform’s website and email communications. In essence, the Twitter thread provides insights into Coinbits’ utilization of Prime Trust as a custodian.

However, due to regulatory challenges in Nevada, Coinbits has been compelled to temporarily suspend the majority of its services. Despite this setback, the team remains optimistic that Prime Trust possesses sufficient bitcoin (BTC) to settle customer balances.

Coinbits stated, “The petition from the Nevada Department of Business and Industry seems to indicate that Prime Trust still has enough bitcoin to honor our members’ balances. We are pursuing these assets on behalf of our members.”

According to a court filing submitted to the Eighth Judicial District Court in Las Vegas, the Nevada Financial Institutions Division disclosed that Prime Trust had a debt of $85.67 million in fiat currency to its clients. However, the company only possessed $2.90 million to cover this amount.

Additionally, Prime Trust owed $69.50 million in crypto to its clients, but only possessed $68.64 million, leaving a shortfall of $83.63 million between both crypto and fiat. The court filing further explains that the company incurred these losses due to wallets becoming inaccessible following a management transition.

In line with the court filing, blockchain intelligence firm Arkham Intelligence tweeted that it had potentially located a wallet containing $45 million, with 90% of the funds consisting of ethereum (ETH). The Prime Trust issue has gained significant attention across social media platforms such as Reddit and Twitter.

“Wow – Prime Trust receivership will be a mess [and] it’s *EXACTLY* what the State of Wyoming enacted its laws to avoid,” remarked Caitlin Long, the founder and CEO of Custodia Bank, on Tuesday. Long also raised important inquiries, stating, “[Big questions]: Who will pay the legal bills—[Nevada] taxpayers or Prime Trust customers? Some Prime Trust customers are IRAs/ERISA plans—can these even be bailed in?”

The exact extent of the impact still remains uncertain, but it is known that both Coinbits and Stably have been affected by Prime Trust’s problems. The number of other firms affected has yet to be determined.

What do you think this incident means for the future of cryptocurrency custodianship? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

Biggest Movers: SOL Gains 10% BCH Hits Fresh 1-Year High

SOL 10% Higher, as BCH Hits Fresh 1-Year High

Solana surged 10% on June 29, after it was confirmed that a new cross-chain bridge will allow users easier access to other blockchains. The update from Debridge will reportedly enable solana users to access ethereum’s virtual machine for the first time. Bitcoin cash extended its own gains on Thursday.

Solana (SOL)

Solana (SOL) was a notable mover in today’s session, as the price rose by over 10%.

Following a low of $15.75 during Wednesday’s session, SOL/USD jumped to a peak of $18.20 earlier in the day.

This resulted in the world’s ninth largest cryptocurrency climbing to its highest point in the past 20 days.

As a result of the rally, the 10-day (red) moving average is now on the cusp of an upward crossover with its 25-day (blue) counterpart.

Additionally, the relative strength index (RSI) appears to be nearing a breakout of a resistance point around the 51.00 level.

The index is currently tracking at 50.87, with SOL at $17.35, after giving up earlier gains.

Bitcoin Cash (BCH)

Bitcoin cash (BCH) was in the green on Thursday, racing to a fresh multi-month high in the process.

BCH/USD surged to an intraday high of $247.64 earlier in the day, a day after dropping to a bottom at $223.50.

As a result of this latest rally, BCH moved to its strongest point since May 11 last year, when price peaked at $249.00.

This latest move comes as the RSI once again broke out of a ceiling at the 80.00 level, after dropping below this point the day prior.

Currently, the index is tracking at 81.72, which remains deep in overbought territory, and could prompt bears to reenter the market.

Despite this, traders will likely attempt to reach a target at $250.00 first, before any inevitable sell-offs.

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Will bitcoin cash end the month above or below $250.00? Let us know your thoughts in the comments.



via Eliman Dambell

Bitcoin Difficulty Takes a Dip: Networks First Downward Adjustment in 56 Days Signals Easier Mining Ahead

Bitcoin Difficulty Takes a Dip: Network's First Downward Adjustment in 56 Days Signals Easier Mining Ahead

On June 28, 2023, Bitcoin saw its first downward difficulty adjustment in 56 days, or since May 4, with a decline of 3.26%. This modification lowered the network’s difficulty to 50.65 trillion from its record high of 52.35 trillion on June 14.

Bitcoin Mining Gets a Breather: Difficulty Decreases by 3.26% in Recent Adjustment

Today, mining bitcoin (BTC) is now 3.26% less challenging than it was in the previous fortnight or since June 14. This decline of 3.26% happened at block height 796,320 on June 28, reducing the difficulty to the current level of 50.65 trillion. Shortly after the difficulty increase on June 14, the adjustment that took place on June 28 was initially anticipated to be a rise due to soaring hashrates and quicker block intervals.

Bitcoin Difficulty Takes a Dip: Network's First Downward Adjustment in 56 Days Signals Easier Mining Ahead

Nonetheless, following June 19, 2023, this all shifted as a reduced hashrate and slower block intervals resulted in the drop. In fact, as of Thursday, June 29, 2023, the total hashrate dipped below the 300 exahash per second (EH/s) range twice within the last two weeks. With an average hashrate of 360.9 EH/s over these weeks, the upcoming difficulty retarget is set for July 13, 2023.

Currently, the block interval time remains longer than the usual ten-minute average; confirmation of the most recent block took place within a timeframe of ten minutes and fifty-four seconds. This indicates that for now, another decrease could occur on July 13; however, similar to last month, this could rapidly change over the next unmined set of 1,920 blocks.

Today’s leading mining pool is Foundry USA with its contribution of an impressive 117.21 EH/s or about one-third of the total hashrate from the past three days. Other key players in the mining pool territory consist of Antpool, F2pool, Binance Pool, Viabtc, Luxor, and SBI Crypto. Statistics currently show that 41 mining pools are dedicating hashrate toward the Bitcoin network on June 29.

What are your predictions for Bitcoin’s upcoming difficulty adjustment on July 13? Will we see another decrease or a surprising uptick in mining challenges? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

Bitcoin Ethereum Technical Analysis: BTC Rebounds on Thursday Following Microstrategys Latest Purchase

BTC Rebounds on Thursday, Following MicroStrategy's Latest Purchase

Bitcoin rebounded on Thursday, as markets reacted to the news that Microstrategy bought an additional $374 million worth of the cryptocurrency. Michael Saylor’s firm now has 152,333 bitcoin, worth roughly $4.52 billion. Ethereum moved closer to $1,900 on the news.

Bitcoin

Bitcoin (BTC) edged higher in today’s session, after it was confirmed that Michael Saylor’s Microstrategy purchased 12,333 BTC.

Following the news, BTC/USD hit a high of $30,740.79, which comes after the price bottomed out at $29,921.82 the day prior.

Today’s rally has seen BTC briefly break out of a resistance level at the $30,700 mark, however bulls are struggling to sustain this.

At the the time of writing, bitcoin is trading at $30,678.73, with the relative strength index (RSI) nearing a ceiling of its own at 68.00.

Price strength is now at 67.02, with earlier bulls seemingly opting to secure some gains as the aforementioned resistance looms.

In the event this zone is breached, there is a good chance the price will rise over the $31,000 mark.

Ethereum

In addition to BTC, ethereum (ETH) marginally rose on Thursday, after bouncing from a key support point.

ETH/USD jumped to an intraday peak at $1,874.01 earlier in the day, less than 24 hours after settling at a low of $1,822.10.

Bulls rejected a breakout below a floor at $1,820, and have now instead begun to push price towards the $1,900 mark.

This started after the RSI rose above a resistance level at 53.00. It is currently tracking at 54.81.

As a result, bullish momentum has also heightened, with the 10-day (red) moving average extending its upward cross with its 25-day (blue) counterpart.

If this trend continues, ETH will likely hit $1,930 momentarily.

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Could Microstrategy buy more bitcoin in the coming weeks? Leave your thoughts in the comments below.



via Eliman Dambell

Mind Network Secures $25 Million in Initial Funding From Binance Labs and Other Prominent Venture Capitalists

PRESS RELEASE. Mind Network, an innovative platform leading the way in data security and privacy within the Web3 ecosystem, is delighted to announce the successful completion of its initial funding round, raising $2.5 million. Binance Labs, Comma3 Ventures, SevenX Ventures, HashKey Capital, Big Brain Holdings, Arweave SCP Ventures, Mandala Capital, and other notable investors participated in the funding round.

Mind Network has emerged as a frontrunner in the Web3 arena, providing users with end-to-end encryption and granting them full control over their personal data, financial transactions, and user interactions. By incorporating the principles of Zero Trust Security, Zero Knowledge Proof, and proprietary Adaptive Fully Homomorphic Encryption techniques, the platform ensures robust protection and access control within the decentralized ecosystem.

“We are extremely pleased to receive the support and confidence of such esteemed investors,” stated Mason, representing Mind Network. “This funding will enable us to further develop our groundbreaking technology and accelerate the adoption of our platform across various industries, ensuring worldwide data privacy and ownership for our users.”

As a participant in Binance Incubation Program Season 5, Mind Network has benefited from the expertise and guidance of Binance Labs, the VC and incubation arm of Binance. Moreover, the company has been chosen to be part of the prestigious Chainlink BUILD Program, reaffirming its commitment to establishing a Web3 ecosystem centered around data privacy and ownership.

“We are excited to welcome Mind Network to our ecosystem,” commented Oliver Birch, Global Head of Chainlink BUILD. “Their innovative approach to data security aligns with our mission, and we eagerly anticipate collaborating with them to shape the future of decentralized applications.”

Mind Network has formed strategic partnerships with industry giants, including Chainlink, Consensys, and Arweave, providing a solid foundation for the platform’s growth. These partnerships have also facilitated early support from global banks, insurance companies, and various dApps and protocols.

Mind Network has assembled a formidable team comprising accomplished leaders in their respective fields. The CTO, George, previously conducted research at Cambridge University, and the United Kingdom government and high-street banks have adopted his cryptographic findings. Dennis, the CSO, made history as the first white hat hacker to breach Tesla’s security in 2014. The remainder of the team consists of serial entrepreneurs, award-winning scientists, and Web3 marketing veterans.

With the successful completion of the seed funding round and the ongoing support from its partners and investors, Mind Network is well-positioned to advance its mission of enhancing data security, privacy, and ownership in the Web3 era.

To find out more about Mind Network and its groundbreaking technology, please visit:

Website: https://mindnetwork.xyz/

Twitter: https://twitter.com/mindnetwork_xyz

Medium: https://mindnetwork.medium.com/

Gitbook: https://mind-network.gitbook.io/mindnetwork/

Discord: https://discord.gg/UYj94MJdGJ

Telegram: https://t.me/MindNetwork_xyz

 

 

 

 

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.



via Media

Wednesday, June 28, 2023

Unplugged: The Impending Threat of Widespread Blackouts in Grid-Reliant Economies

Lately, the media has been captivated by the possibility of a grid collapse and the devastating economic consequences it would entail. Curiously, the internet is teeming with headlines suggesting the plausibility of such a collapse, whether caused by cyberattacks, physical assaults on infrastructure, equipment malfunctions, or even the notion of an electromagnetic pulse (EMP) incapacitating the most influential energy providers.

Antiquated and Fragile Power Grids Putting U.S. and Global Economies on Edge

In recent months, the media has honed in on the potential for a grid collapse. On June 27, 2023, Wired writers Maryn McKenna and Matt Simon elucidated in an editorial that although the power system may possess resilience, it is not impervious to vulnerabilities. The article delves into the implications of scorching heat waves and questions whether contemporary power stations can withstand the demands. The authors elaborate on the detrimental impact hurricanes and earthquakes can have on the grid infrastructure, resulting in “widespread destruction.”

In a noteworthy development, Kgosientsho Ramokgopa, the electricity minister of the Republic of South Africa, expressed concerns about the detrimental effects of an excessive reliance on solar power, warning that it could potentially lead to a grid collapse in his region. Ramokgopa emphasized, “There are pitfalls to the rate at which you add new generation from solar PV. It has the potential to collapse the grid.”

Meanwhile, Forbes decided to put the AI-powered chatbot, Chatgpt, to the test, questioning it about potential triggers for a collapse of the U.S. electric grid. Chatgpt promptly identified factors such as “extreme weather events,” “insufficient power generation,” “transmission network overload,” “cascading failures,” and “lack of grid resilience.” An article published in calmatters.org says California’s regionally isolated power grid “leaves the state vulnerable to failure.” Discussions of grid failure are at their peak again in Texas this summer as local media outlets claim “Texans have the grid on their minds.”

Several countries have experienced widespread electric outages like Malaysia, Brazil, Argentina, Uruguay, and Paraguay. In 2006, Europe dealt with a cascading breakdown where millions of people were affected from Germany, France, Italy, Spain, Belgium, Netherlands, Poland, Switzerland, Czech Republic, Greece, Morocco, and Portugal. China suffered from severe blackouts and widespread electric outages in 2021 and it was reported that millions of homes and businesses were hit by power cuts. The fact is there are plenty of regions worldwide that could suffer from a major grid collapse.

Examples of this situation have happened time and time again all over the world. In April 2015, Washington D.C. experienced a widespread power outage that affected government and privately-owned buildings, as well as the city’s public transit rail system. The same year, Turkey experienced a massive nationwide power outage that affected almost all parts of the country. In March 2023, tripwire.com author Robert Ackerman Jr., explains that the “problem with the U.S. power grid [is that] it’s too vulnerable to attacks.” The number of reported attacks on the U.S. grid has surged in the past decade, with 2020, 2021, and 2022 being the most active.

Widespread and Long-term Outages Could Collapse a Nation-State’s Entire Economy; No Country is Protected from EMPs

In any country, a prolonged grid collapse yields significant and severe economic repercussions, as seen in the past. The consequences encompass contracting economies, job losses, collapsing supply chains, and rendering current grid-dependent financial systems essentially obsolete. Additionally, the prolonged absence of electricity can exacerbate matters by inflicting damage on critical infrastructure components. In fact, a widespread grid shutdown can precipitate the failure of a nation’s fiat system within days. Ultimately, the extent of impact and recovery timeline hinge upon diverse factors, including emergency response efficiency, resource availability, and the resilience of the population.

Thus far, both the United States and numerous other nations boasting interconnected grid systems have managed to withstand cyberattacks, physical assaults, and natural calamities. However, nation-states remain vulnerable to an electromagnetic pulse (EMP), a destructive phenomenon. EMPs can occur naturally through solar flares or be induced by the electromagnetic radiation resulting from a nuclear explosion. These events trigger widespread voltage surges in electrical systems, often leading to substantial damage to electrical components. Presently, no country possesses complete protection against EMPs, and the U.S. government has raised concerns regarding China and Russia, suspecting their possession of EMP attack capabilities.

What steps do you believe should be taken to enhance global preparedness against the catastrophic impact of widespread power outages and EMPs on national economies? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

Blackrocks Influence Fuels Soaring Bitcoin Interest Google Trends Data Shows

Blackrock's Influence Fuels Soaring Bitcoin Interest, Google Trends Data Shows

Over the past 30 days, the popularity of the term “bitcoin” has surged significantly, as indicated by Google Trends metrics. On June 21, 2023, the search term bitcoin achieved a perfect score of 100. Notably, the curiosity surrounding bitcoin-related news has also experienced a notable uptick this past month. In particular, topics such as Blackrock’s exchange-traded fund (ETF) have contributed to the heightened interest in the subject matter.

Blackrock Sparks Bitcoin Interest Boom, According to Google Trends

Over the course of the past month, bitcoin (BTC) has witnessed a notable 9% increase in its price, captivating the attention of many. This surge in interest is depicted through Google Trends statistics, revealing a significant upswing in searches for the term “bitcoin.”

As of June 28, 2023, the data from Google Trends clearly demonstrates a significant rise in search activity since May 28, 2023. On that day, the search term bitcoin achieved a score of 61 out of 100. However, its popularity began to soar during the initial week of June, reaching an impressive score of 81.

By June 21, the search term bitcoin achieved a perfect score, just a few days after Blackrock filed its spot bitcoin ETF. The most recent date recorded in the data from Google Trends for the preceding 30 days was June 24, reflecting a score of 82.

Regarding regional interest, it is noteworthy that El Salvador displays the highest level of interest in searching for the term bitcoin. Following El Salvador, the countries that exhibit notable interest in bitcoin are Nigeria, Brazil, the Netherlands, and Slovenia, respectively.

The top five associated topics linked to web searches for bitcoin encompass “Blackrock,” “Blackrock Investment Management Company,” “SEC,” “U.S. Securities and Exchange Commission,” and “exchange-traded fund.” According to Google Trends metrics, the most prevalent query is “Blackrock Bitcoin ETF.”

Alongside the surge in basic web searches for the term bitcoin, there has also been a significant increase in interest regarding bitcoin-related news. On June 21, 2023, searches for news related to bitcoin reached a flawless score of 100.

The top five associated topics linked to both bitcoin and news encompass an “exchange-traded fund,” “Blackrock Investment Management Company,” “Blackrock,” “Bitcoin Mining,” and the “U.S. dollar.” According to data from Google Trends, the regions displaying the highest level of interest in bitcoin news worldwide over the last 30 days are Greenland, Western Sahara, Iceland, Mauritania, and Guinea.

What are your thoughts on Bitcoin’s surging popularity and its connection to the Blackrock spot bitcoin ETF? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

Ledger Unveils Tradelink: A Custodial Crypto Trading Platform Tailored for Institutions

Ledger Unveils Tradelink: A Custodial Crypto Trading Platform Tailored for Institutions

On June 28, the crypto hardware wallet manufacturer and security firm Ledger unveiled its latest offering, a digital currency exchange and custodial solution service, specifically tailored for institutions. The new service, known as Tradelink, has been heralded by Ledger as “the first open network to enable custodial trading via exchange and custodial partners.”

Ledger Targets Institutions With Tradelink Launch

The security firm and crypto hardware manufacturer Ledger announced the launch of a new service on Wednesday that targets institutional investors. According to the company, the Ledger Enterprise Tradelink service will enable “off-exchange trading,” “enhanced security,” “distribution of risk,” “zero transaction fees,” and “faster and more efficient trading.”

Ledger details that it has partnered with a slew of asset managers and market makers such as Hodl Group, Wyden, Wintermute, Coinsquare, NDAX, Damex, Bitazza, Flowdesk, YouHodler, Crypto.com, Bitstamp, Huobi, Uphold Institutional, and Cex.io. Furthermore, Ledger partnered with regulated custodians such as Komainu, Tetratrust, Etana, Crypto Garage, Damex, and Kryptodian as well.

“We are creating a future-proof solution that will give Ledger Enterprise customers flexibility and security allowing institutions to de-risk their businesses,” the chairman and CEO of Ledger Pascal Gauthier detailed in a statement sent to Bitcoin.com News. “By unlocking better trading options for enterprises, we are empowering asset managers, custodians, and exchanges to navigate the changing landscape with confidence while making the whole ecosystem a safer and more transparent place,” Gauthier added.

Ledger’s latest service comes off the heels of the firm’s $109 million fundraising announcement at the end of March 2023. Furthermore, Ledger revealed a new hardware wallet at the end of 2022 called the Ledger Stax, which was designed by iPod creator Tony Fadell. The company faced backlash for a controversial backup tool it introduced but later disclosed it would work toward open-sourcing its code as much as possible. “So, we have made the decision to accelerate the open-sourcing roadmap,” Gauthier said at the time.

What are your thoughts on Ledger’s Tradelink service? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

Microstrategy Expands Bitcoin Position With $347 Million Investment Pushing Total Holdings to 152333 BTC

Microstrategy Expands Bitcoin Position With $347 Million Investment, Pushing Total Holdings to 152,333 BTC

Microstrategy has purchased 12,333 more bitcoin for about $347 million, growing its cryptocurrency holdings to 152,333 btc. The Nasdaq-listed software company’s announcement came amid a series of positive developments in the crypto industry.

Microstrategy Adds 12,333 Bitcoin to Its Holdings

Business intelligence and software company Microstrategy (Nasdaq: MSTR) has expanded its bitcoin holdings. The company’s co-founder and executive chairman, Michael Saylor, announced in a tweet Wednesday:

Microstrategy has acquired an additional 12,333 BTC for ~$347.0 million at an average price of $28,136 per #bitcoin. As of 6/27/23 Microstrategy hodls 152,333 $BTC acquired for ~$4.52 billion at an average price of $29,668 per bitcoin.

In its filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the company clarified that the additional coins were acquired during the period between April 29 and June 27. At the time of writing, the price of bitcoin is $30,109.

Saylor is a vocal bitcoin supporter. He tweeted last week that the cryptocurrency “now has the support of presidential candidates, regulators, legislators, money managers, bankers, investors, and the general public.” The executive opined:

The future will bring a parade of positives for those intent on proliferating bitcoin as an instrument of economic empowerment.

Microstrategy made its announcement amidst a series of positive developments in the crypto industry. Recently, the world’s largest asset manager, Blackrock, filed to launch a bitcoin trust that many believe to be a spot bitcoin exchange-traded fund (ETF). Following Blackrock’s move, several other major companies are reportedly submitting similar filings, including Fidelity. While the SEC has not approved a spot bitcoin ETF, the filings by major companies have sparked optimism in the crypto space that the securities regulator will grant approval in the near future.

Last week, a series of prominent financial institutions launched EDX, a cryptocurrency exchange that allows the trading of four cryptocurrencies. The platform’s founding investors include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. Moreover, Deutsche Bank has applied for a license to offer crypto custody services in Germany. This week, banking giant HSBC also enabled bitcoin and ethereum ETF trading on its mobile apps in Hong Kong.

What do you think about Microstrategy acquiring more bitcoin? Let us know in the comments section below.



via Kevin Helms

Biggest Movers: SHIB MATIC Fall 5% Lower on Wednesday Hitting 1-Week Low

SHIB, MATIC Fall 5% Lower on Wednesday, Hitting 1-Week Low

Shiba inu was down by as much as 5% on Wednesday, as the meme coin slipped to a one-week low in today’s session. Market uncertainty has heightened in recent days, following the news that Prime Trust has been placed into receivership. Additionally, traders’ nerves increased ahead of Federal Reserve Chair Jerome Powell’s latest speech.

Shiba Inu (SHIB)

Shiba inu (SHIB) fell by nearly 5% in today’s session, as traders reacted to several points of macro-economic news.

After surging to a peak of $0.000007668 on Tuesday, SHIB/USD dropped to an intraday bottom at $0.000007261 earlier in the day.

This drop saw bearish sentiment marginally increase, with short sellers now seemingly targeting a floor at $0.00000640.

Overall, SHIB has fallen for three of the last six days, pushing its relative strength index (RSI) to a current low at 41.89.

As a result of this, the index fell below a support point at 46.00, and now seems to be heading for a lower floor at 40.00.

Should it reach this point, there is a good chance that the meme coin will be trading under the $0.00000700 mark.

Polygon (MATIC)

In addition to SHIB, polygon (MATIC) also edged lower on Wednesday, falling to a one-week low in the process.

MATIC/USD bottomed out at $0.6293 earlier in the day, which comes following Tuesday’s peak at $0.6713.

The drop in prices resulted in polygon falling to its lowest point since June 20, when it reached a low of $0.5913.

From the chart, this decline comes despite momentum appearing to be bullish, with the 10-day (red) moving average nearing an upwards cross with its 25-day (blue) counterpart.

Additionally, price strength has fallen below a floor at 39.00, and is tracking at 38.63 as of writing.

In the event MATIC continues to decline, a likely target for bears will be an upcoming support zone at $0.580.

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Will polygon end the month below $0.600? Let us know your thoughts in the comments.



via Eliman Dambell

Bitcoin Ethereum Technical Analysis: BTC Consolidates Below $31000 Following Prime Trust Liquidation

BTC Consolidates Below $31,000, Following Prime Trust Liquidation

After briefly rising above $31,000, bitcoin consolidated on Wednesday, as bulls moved to secure recent gains. The uncertainty came as crypto custodian Prime Trust entered receivership, after being found to be illiquid by authorities. Ethereum also declined, once again falling below $1,900.

Bitcoin

Bitcoin (BTC) consolidated on Wednesday, as traders opted to secure profits following a recent bull run.

BTC/USD broke out of a key resistance level at $30,800 on Tuesday, on its way to a peak at $31,006.79 late in yesterday’s session.

However, take profit orders seemed to have been triggered, with bitcoin dropping to an intraday low of $30,169.78 today.

As mentioned yesterday, the relative strength index (RSI) was approaching a ceiling at 73.00, and it appears that bulls were unable to move beyond this point.

The index is now tracking at the 66.45 mark, which comes after price strength was unable to stop at a support level at 68.00.

Should this downward momentum continue, it is likely that BTC will fall below $30,000 in the coming days.

Ethereum

Additionally, ethereum (ETH) also edged lower on Wednesday, with price once again falling under the $1,900 mark.

After Tuesday’s peak at the $1,911.31 mark, ETH/USD slipped to a bottom at $1,850.87 earlier in today’s session.

This low has acted as an interim point of support for previous bulls, who typically go on to push prices higher from this level.

So far, that has been the case, with the world’s second largest cryptocurrency now tracking at $1,862.93.

Ethereum’s price strength is currently hovering slightly below a floor at 55.00, and should it once again move above this zone, bullish optimism could rise.

If so, the next target will likely be a breakout of the $1,930 resistance level.

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Do you expect any other crypto custodians to be shut down? Leave your thoughts in the comments below.



via Eliman Dambell

Swiss Central Bank to Launch Wholesale CBDC Soon Says Chairman Thomas Jordan

Swiss Central Bank to Launch Wholesale CBDC Soon Says Chairman Thomas Jordan

The Swiss National Bank (SNB) said it plans to issue a wholesale central bank digital currency as a pilot via SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. SNB chairman Thomas Jordan said while the Central Bank has not ruled out launching retail CBDCs, the bank is being “a little bit prudent at the moment.”

‘This Is Not Just an Experiment’

The Swiss central bank said on June 26 it intends to issue wholesale central bank digital currency on SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. According to Thomas Jordan, the chairman of the Swiss National Bank (SNB), the pilot CBDC project is expected to commence soon and will run for a limited period.

However, the SNB chairman who spoke at the Point Zero Forum, revealed that the experiment would involve the use of a real money equivalent.

“This is not just an experiment, it will be real money equivalent to bank reserves and the objective is to test real transactions with market participants,” Jordan reportedly said.

Central Bank Not Keen on Launching Retail CBDC

By taking this step, the Swiss central bank joins its peers in countries which have either launched their respective CBDCs or are still in the trial or study phase. Their objective, according to a Reuters report, is to avoid ceding control of digital payments to the private sector.

Meanwhile, during his address at the forum, the SNB chairman attempted to explain why the central bank is currently unwilling to launch a retail CBDC. He said:

“We do not exclude that we will never introduce retail [CBDCs] but nevertheless we are a little bit prudent at the moment.”

What are your thoughts on this story? Let us know what you think in the comments section below.



via Terence Zimwara

Dubai Regulator Unveils Schedule of Fees for Virtual Asset-Related Activities

Dubai Regulator Unveils Schedule of Fees for Virtual Asset-Related Activities

The Dubai Virtual Asset Regulatory Authority (VARA) recently announced the schedule of fees “covering the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications, and the submission of whitepapers for VARA review.” According to VARA, licensed entities seeking to completely withdraw from Dubai will be asked to pay a license withdrawal fee of $3,670.

Whitepaper Submission and Review

The Dubai digital asset regulator, Virtual Asset Regulatory Authority (VARA), recently unveiled a schedule of fees for “the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications.” Also, in its June 21 announcement, the regulator stated will be accepting and reviewing whitepaper submissions.

According to the announcement, proprietary traders in the country will be required to have a so-called no-objection certificate (NOC) before commencing any “proprietary trading in or from the Emirate of Dubai.” The annual NOC fee is pegged at approximately $367 (AED1,000) and no further fees are required from applicants.

For registered digital asset firms seeking to amend or change the details of their VARA license, a payment of approximately $184 is needed, the regulator said. On the other hand, licensed entities seeking to completely withdraw from the country will be asked to pay a license withdrawal fee of $3,670.

Concerning the regulation of whitepapers, VARA said issuers that seek review under its Virtual Asset Issuance Rulebook will have to pay a fee of $1,830. An additional fee equivalent to $18,300 will be required for the “completion of a detailed review.” Similarly, requests to amend whitepapers will also be subject to a submission fee of $1,830 and a detailed review fee of up to $18,300.

Meanwhile, in instances where “legal opinions or memorandums” are submitted to the regulator for review and consideration for the “regulatory perimeter applicable to a firm’s virtual asset activity,” VARA said a fee of up to $1,090 may be charged.

What are your thoughts on this story? Let us know what you think in the comments section below.



via Terence Zimwara

Tuesday, June 27, 2023

Ran Neuner Believes Blackrocks Bitcoin ETF Could Double Price Next Year Dismisses Malicious Intent Speculations

Ran Neuner Believes Blackrock's Bitcoin ETF Could Double Price Next Year, Dismisses ‘Malicious Intent’ Speculations

Following Blackrock, the largest asset manager globally, filing for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), Ran Neuner, host of Crypto Banter, stated during an interview with Michelle Makori, lead anchor for Kitco News, that he believes the asset manager has “no malicious intent.” Neuner additionally expressed his view that the price of bitcoin could potentially double next year, stating that this is on the “conservative” side.

Crypto Banter Host Ran Neuner Bullish About Blackrock Spot Bitcoin ETF Filing

Many members of the crypto community have been engaged in discussions regarding institutional interest in the crypto economy, which has increased following Blackrock’s filing for a spot bitcoin ETF. While the filing has sparked institutional interest and led to a rise in crypto prices, there are speculations suggesting that the firm’s move might be a “coordinated attack.” Some individuals have presumed that the filing strangely occurred shortly after the initial wave of enforcement actions known as “Chokepoint 2.0” targeting influential entities within the crypto industry.

During a recent interview with Michelle Makori, lead anchor and editor-in-chief for Kitco News, Ran Neuner, the host of Crypto Banter, expressed his belief that Blackrock’s intentions are not malicious, despite the rumors and criticism circulating on social media. Some crypto enthusiasts have scrutinized the details of Blackrock’s ETF filing, noting a mention of a hard fork, leading to speculation that Blackrock could take control of development and split the network. “That is not a theory I’m concerned about, to be honest,” Neuner emphasized to Makori.

“Whether or not one party owns all the bitcoin won’t make bitcoin centralized,” Neuner insisted to the show host. “The only way that that can change is if the majority of the miners, over 50 percent of the miners around the world, agree that the rules need to change … Regardless of who owns the bitcoin, the mining still remains decentralized.”

Neuner expressed his viewpoint that Blackrock’s spot bitcoin ETF, combined with the upcoming halving scheduled for April 20, 2024, will drive the price upwards. Neuner stated his belief that the price could potentially reach “much higher” levels, doubling its current value. “I’m just being conservative,” he told the Kitco News show host. “I think [the Blackrock ETF] could be a game changer,” Neuner stated. “If you get a bitcoin spot ETF, you now really open all of this money coming into crypto with an easy way to access this asset.”

Although Neuner’s theory is plausible, there were complaints following the approval of a spot gold ETF by the U.S. in 2004, as it faced accusations of price manipulation and suppression. In the interview, Neuner also discussed U.S. presidential candidates who have expressed support for Bitcoin (BTC), such as Francis Suarez, Ron DeSantis, Robert F. Kennedy Jr., and Vivek Ramaswamy. Neuner views the increasing number of candidates endorsing BTC as a positive development that brings the topic into the spotlight.

“Most of the candidates that have put their hats in the ring … have taken a favorable position on bitcoin and crypto,” Neuner explained. “The market is telling you, and the politicians are telling you, that bitcoin is an election issue.”

What are your thoughts on Ran Neuner’s optimism toward the Blackrock Spot Bitcoin ETF filing? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

AX1 Syndicate Research on Global Regulatory Dynamics for Crypto

PRESS RELEASE. The AX1 syndicate has conducted an in-depth review of the latest legal developments in the cryptocurrency space, with particular attention to the regulations, exchanges, and tax implications for both the European Union and the United States. This review aims to illuminate the evolving regulatory landscape and highlight key areas of concern and significance.

The study begins by examining the risks associated with using Centralized Exchanges (CEXs) for long-term storage of funds, particularly in light of recent CEX troubles. The review advises against using CEXs for long-term storage, even for the largest Tier 1 CEXs, due to potential risks such as regulatory enforcement, fraud, and liquidity issues​​.

The review also delves into the different crypto fiat on-ramp and off-ramp options available in the EU and US, each with its own set of advantages and disadvantages. The options include bank transfers, credit card transactions, PayPal, Crypto ATMs, and Over-The-Counter (OTC) transactions. The legal status of crypto in the EU and US is also discussed, with the report noting that regulations, including the upcoming Markets in Crypto-Assets (MiCA) in the EU, are still evolving​​.

The overarching legal landscape for cryptocurrencies is also addressed. The report points out that as cryptocurrencies become more mainstream, there will likely be more regulation in the years to come. Regulatory actions by entities such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the US, and the proposed MiCA regulation in the EU are highlighted​.

A substantial part of the review focuses on the proposed McHenry-Thompson Digital Asset Market Structure Bill in the US, which seeks to provide clarity, fill regulatory gaps, and foster innovation while providing consumer protections. The Bill’s provisions include defining digital assets, distinguishing between securities and commodities, creating a new self-regulatory organization for the digital asset industry, and providing new investor protections such as disclosure requirements and customer protection​​.

In sum, the research conducted by AX1 team provides valuable insights into the evolving legal landscape of cryptocurrencies in the EU and US. While there are significant regulatory advancements, there are also potential areas of concern that warrant further examination.

The AX1.vc platform is a blockchain-based platform that allows investors to invest in early-stage startups and emerging companies. The platform is designed to be secure, transparent, and efficient, making it easier for investors to find and invest in promising startups.

One of the most significant advantages of the AX1.vc platform is its use of blockchain technology. Blockchain technology provides a secure and transparent way to manage investments, eliminating the need for intermediaries and reducing the risk of fraud. This makes the platform an attractive option for investors who are looking for a secure and reliable way to invest in startups.

Link on report: https://ax1.vc/legal/

Website: https://ax1.vc/

Twitter: https://twitter.com/ax1vc

 

 

 

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.



via Media

Biggest Movers: BCH Hits 1-Year High as EDX Markets Rally Intensifies

BCH Hits 1-Year High, as EDX Markets Rally Intensifies

Bitcoin cash rose to a one-year high on Tuesday, as traders continued to buy the token following last week’s EDX markets listing. The newly formed exchange, which is backed by the likes of Citadel, Sequoia Capital and Fidelity, listed the coin in its offering. Litecoin was another token added to the exchange.

Bitcoin Cash (BCH)

Bitcoin cash (BCH) was one of Tuesday’s notable gainers, as the token surged to a one-year high.

Following a low of $197.30 to start the week, BCH/USD raced to an intraday peak of $236.64 earlier in the day.

As a result of today’s peak bitcoin cash moved nearly 18% higher, hitting its strongest point since May 2022 in the process.

From the chart, a breakout above a ceiling at 80.00 on the relative strength index (RSI) appears to be one of the reasons for today’s surge.

The index is now tracking at 82.55, which is deep in overbought territory, and comes as price rose by 120% in the last seven days.

Bears are likely already circling the token, anticipating a potential change in direction in the coming days.

Litecoin (LTC)

Litecoin (LTC) was another token to be listed on the EDX platform, however prices have not risen to the extent of BCH.

LTC/USD snapped a three-day losing streak on Tuesday, climbing to a peak of $89.90 earlier in the day.

This comes less than 24 hours after the cryptocurrency fell to a bottom at $86.42, despite a recent crossover of moving averages.

The 10-day (red) moving average rose above its 25-day (blue) counterpart, which typically signals bullish momentum.

In order for this to truly materialize, a breakout of an upcoming ceiling at 58.00 on the RSI will need to occur.

As of writing, price strength is now tracking at 56.30.

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What else is behind the recent rally in bitcoin cash? Let us know your thoughts in the comments.



via Eliman Dambell