Bitcoin News and Finance: What You Need to Know

As the Indian government gets closer to moving forward with the cryptocurrency bill, an official from the Ministry of Finance reportedly explained what discussions the government has been having regarding the crypto bill and the impending legislation. Indian Crypto Bill’s Progress Update The Indian government is getting closer to introducing the cryptocurrency bill in Parliament. On Friday, CNBC TV18 and Bloombergquint provided some updates on the status of the bill and what discussions the government has been having regarding cryptocurrency. However, both news outlets cited anonymous sources. According to Bloombergquint, “India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit the holdings … this would include a ban on transacting directly via foreign exchanges.” The publication cited “a senior finance ministry official on condition of anonymity.” The official also clarified that the ban will not be...

One of the largest darknet marketplaces for selling identity data and stolen credit card information, Joker’s Stash retired last month after making off with a cool $1 billion in cryptocurrencies. Weeks ago, U.S. and European officials seized some of the web portal’s servers tied to Joker’s Stash site, but were unable to completely shut operations down. Darknet Market Joker’s Stash Closes Shop A number of reports indicate that the world’s largest darknet market (DNM), in terms of stolen credit card and identity sales, has called it quits after operating since 2014. Joker’s Stash explained in mid-January that the business would be closing shop in mid-February and it has followed through with the plan. The blockchain analysis firm Elliptic detailed that the Joker’s Stash raked in more than $1 billion in cryptocurrencies during its tenure. Elliptic also revealed that the estimate was a conservative calculation based on the revenue Joker’s Stash took in during the years and all the fe...

Blockchain analysis firm, Chainalysis’ latest crime report has named Mirror Trading International (MTI) as the biggest cryptocurrency scam of 2020. Chainalysis arrived at this conclusion after an investigation found that MTI had taken in $589 million from more than 471,000 deposits. According to the report, MTI’s haul is significantly higher than that of Forsage and J-enco, the next biggest scams. Both scams raked in less than $350 million each. More South African Victims Meanwhile, in the report’s brief focus on MTI, Chainalysis reveals that more than half of MTI’s web traffic had originated from South Africa. On the other hand, Canada, Mexico, the United Kingdom and the U.S together account for nearly a quarter of the remaining web traffic. Using this web traffic data, the blockchain analysis firm concludes that “most MTI victims hail from these countries in similar proportions as well.” Separately, the blockchain analysis firm’s report also found that the BTC that was sent to...

The U.S. Securities and Exchange Commission (SEC) could investigate Elon Musk over Tesla’s $1.5 billion bitcoin purchase, some legal experts have warned, including a former SEC enforcement officer. Given the timing of Tesla’s bitcoin purchase and Musk’s multiple tweets on the subject, some say that the SEC will look into the matter. Elon Musk Could Face an SEC Probe Regulators could probe Tesla CEO Elon Musk over his company’s bitcoin purchase, the Telegraph reported Tuesday. Last week, an SEC filing reveals that Tesla bought a substantial amount of bitcoin in January. “We invested an aggregate $1.50 billion in bitcoin … we expect to begin accepting bitcoin as a form of payment for our products in the near future,” the filing reads. Doug Davison, a partner at Linklaters and a former branch chief of the SEC’s division of enforcement, explained: It would not be surprising – given the focus on the chief executive’s tweets, bitcoin pricing and recent dramatic market moves – for the ...

Former presidential candidate Andrew Yang is running for mayor of New York City. He has promised that as mayor he would invest in making the city “a hub for bitcoin and other cryptocurrencies.” Yang is also pro-universal basic income (UBI) and wants to launch “the largest basic income program in history.” Andrew Yang Promises to Turn New York City Into a Bitcoin and Crypto Hub as Mayor Entrepreneur and former presidential candidate Andrew Yang is running for mayor of New York City. The Democratic primary is on June 22. He ran for U.S. president in the 2020 election before dropping out early last year. Yang tweeted Thursday: “As mayor of NYC – the world’s financial capital – I could invest in making the city a hub for BTC and other cryptocurrencies.” “I am running for mayor because I see a crisis – and I believe I can help,” Yang explained on his campaign website. The pro-bitcoin candidate moved to New York City 25 years ago. Yang has long been a proponent of bitcoin. Early last...

Bitcoin payments service provider Bitpay has added support for Apple Pay. Holders of a Bitpay prepaid Mastercard in the U.S. can now add it to their Apple Pay app to make payments for goods and services. Bitpay says that Google Pay and Samsung Pay will also be added in the near future. Bitpay Cardholders Can Now Use Apple Pay Bitpay announced Friday its support for Apple Pay. U.S.-based Bitpay debit card users can now add their Bitpay card as a funding source inside their Apple Pay app. This will allow them to make online and in-store purchases with cryptocurrencies wherever Apple Pay is accepted. The announcement states: US cardholders of the Bitpay prepaid Mastercard can add their card to Apple Wallet and spend with Apple Pay. With Apple Pay, Bitpay cardholders can make secure purchases in stores, in apps, and online. The company explained that while new Bitpay customers wait for their plastic card to arrive, they can add virtual cards to Apple Wallet via the Bitpay Wallet app...

PRESS RELEASE. DeFi Yield Protocol (DYP) is a decentralized yield farming platform that allows liquidity providers to earn rewards in Ethereum and its native token DYP. It offers a solution to the risk involved in Yield Farming by offering different options for investors to earn while maintaining full decentralization of its platform. DYP users can bank on the anti-manipulation feature that ensures that the volatility of tokens is controlled and prevents whales from taking over its token price mechanism (DYP). Massive Earning Potentials via Staking Pool DYP has been able to generate massive buzz since its launch in 2020. The yield farming protocol launched its staking pool in December, and liquidity providers have earned immense rewards on their stakes. As of Feb 3, 2021, over $63 million worth of crypto-assets have been staked in DYP smart contracts making it one of the fastest-growing yield farming platforms. DYP has distributed over 2,575 ETH worth around $4,206,003 since its ...

On February 12, the founder of the now-defunct file-sharing website Megaupload and cryptocurrency proponent, Kim Dotcom tweeted about a new website he created that shows the upside of bitcoin cash. The web portal whybitcoincash.com highlights why people should join the digital money revolution and how “cryptocurrencies stand to transform the way business and individuals exchange value.” Kim Dotcom Launches Whybitcoincash.com In mid-January, news.Bitcoin.com chatted with Kim Dotcom and he discussed how he planned to “accelerate” the mission of peer-to-peer electronic cash. Dotcom has been very vocal about his support for bitcoin cash (BCH) and before our interview, the internet entrepreneur said his next-generation content monetization app K.im will see bitcoin cash ( BCH ) integration. Dotcom has continued to pursue accelerating bitcoin cash adoption and on Friday, Dotcom told his 700,000 Twitter followers about his new website. “Many people are asking me why I’m supporting Bitc...

Buoyed by reports that Twitter has been studying the possibility of adding bitcoin to its balance sheet, the company’s stock surged to a new 52-week high of $73.18 on Feb. 12. Before the surge, the stock had been trading at just under $60 on Feb. 9. At the time of writing, Twitter’s market capitalization stood at $57.20 billion. Telsa’s BTC Move an Inspiration Reports of Twitter’s possible bitcoin acquisition follow Tesla’s announcement that it had acquired BTC worth $1.5 billion. Tesla’s acquisition is fueling speculation that more large corporations may follow the electric carmaker in adding BTC to their reserves. Already, Mastercard has announced it will be supporting cryptocurrencies in its payments network. Also, as the Twitter stock responded positively to comments by one company executive, CEO Jack Dorsey was announcing the creation of a bitcoin development trust. In a tweet, Dorsey, a supporter of bitcoin, says he and hip hop artist Jay Z are “giving 500 BTC to a new...

Sandeep Biswas, chief executive officer of Newcrest Mining, one of the world’s biggest gold miners, has said that the sharp increase in bitcoin prices should compel crypto investors to hold gold as a safe-haven asset. In a Feb. 11 interview with Bloomberg TV, Biswas criticized bitcoin’s ( BTC ) volatility while flouting gold’s credentials as a time-tested haven against monetary inflation. “If you’re into cryptos, you want to consider having some gold,” said Biswas, who heads Australia’s top gold producer. “[Bullion] may act as a bit of a hedge against the volatility of cryptos.” Bitcoin has drawn comparisons with gold, and the top cryptocurrency is now accepted in some quarters as gold’s digital equivalent. This week, BTC raced to a record high of $48,800 after Tesla, the Elon Musk-owned electric car maker, revealed a $1.5 billion investment in the digital currency. Tesla’s investment reignited the debate on whether bitcoin would eventually take over gold as the safe-haven asse...