Bitcoin News and Finance: What You Need to Know

As Coti ramps up efforts to bring a decentralized fear index to crypto, it has enlisted the help of Professor Dan Galai, one of the pioneering brains behind the Cboe Market Volatility Index (VIX), to help the organization develop a crypto-oriented version. VIX Co-Creator to Join Coti-Backed Volatility Project Since exchanges for cryptocurrencies first arose, the market and accompanying price action have proven to be among the most volatile around. Intraday swings of double-digit percentage rates are regular occurrences. While it might seem like outsized volatility given the market’s dramatic movements and momentum, volatility in and of itself is not unique to crypto. Volatility has also been a key metric for understanding certain markets, especially the options market. One of the foremost barometers for volatility in stock markets is the Chicago Board Options Exchange (Cboe) Market Volatility Index, or VIX as it’s more commonly known. The VIX tracks 30-day implied volatility in

The Central Bank of Liberia (CBL) has warned against a local crypto startup’s plan to proceed with the introduction of a digital financial product without adhering to the required regulation. According to the CBL, this act will not only be illegal but this will likely “undermine the country’s financial system.” The CBL’s warning follows an announcement by an organization known as The Abundance Community Coin (TACC) that plans to launch a crypto asset on May 14. According to a report, TACC claims that its token “has been created to help enrich people through the use of task coins.” However, in its press statement , the CBL dismisses suggestions that TACC’s crypto offering has its blessings. The central bank states: The CBL clarified that at no time has the Bank approved any license for the above-mentioned company to transact any financial business in Liberia, in accordance with Section 3 (1) of the New Financial Institutions Act of Liberia. The central bank adds that if TACC actu

South Korea’s monetary policy regulator, Bank of Korea, plans to obtain documents from financial institutions to track crypto transactions involving bank accounts. Cryptocurrency prices fluctuate independently from the real economy, the bank says, adding that market growth could pose a risk to the country’s financial system. South Korean Central Bank to Intensify Screening of Crypto-Related Bank Records The central bank of South Korea intends to exercise its powers to conduct monitoring of crypto transactions through real-name bank accounts, according to a paper sent to an opposition lawmaker in Seoul. In the correspondence with Choo Kyung-ho from the People Power Party, the regulator turns attention to Article 87 of the Bank of Korea Act and states: We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts. By law, the Bank of Korea (BOK) is authorized to

Ciphertrace, a blockchain analytics company, has announced that crypto-related crimes have moved to the realm of decentralized finance (defi) apps and protocols. Now, the impact these hacks and exploits represent is way bigger than the one classic hacks to centralized exchanges and other scams do, according to their latest “Cryptocurrency Crime and Anti-Money Laundering Report.” Ciphertrace: Crime Moves to Defi Ciphertrace, one of the biggest cryptocurrency crime and blockchain analytics companies, has found that most of the crypto-related crimes have now moved to decentralized finance (defi) protocols. The information, that comes from its latest “ Cryptocurrency Crime and Anti-Money Laundering Report ,” examines data from the first four months of the year and exposes an interesting picture of how crypto-related crimes have evolved compared to last year. The company found that, on the whole, the cryptocurrency sector has become a lot more secure, with only $432 million being stole

The most topical conversation in the world of cryptocurrencies right now is the effects of bitcoin mining on the global environment after Elon Musk heated up the conversation. Following the recent Tesla announcement, the cofounder of Siphox and Powx, Michael Dubrovsky, revealed the nonprofit Powx has recently submitted a Bitcoin Improvement Proposal (BIP) that aims to produce a “durable, low energy” Bitcoin Proof-of-Work (PoW) system. A Low Energy PoW Proposal Submitted to the Bitcoin Developer’s Mailing List This week Tesla’s Elon Musk ignited the conversation surrounding bitcoin mining and the effects on the global environment. Musk’s company also said that it was choosing not to accept bitcoin ( BTC ) for electric car purchases. Following the statements from Tesla, the fintech payments firm Square told the public it would not purchase bitcoin going forward and also cited environmental concerns. Then Musk tweeted that he truly cared about the crypto ecosystem and said: “To be

On Friday, the bitcoin mining operation Greenidge Generation has announced that starting June 1st, the firm will be “carbon neutral” for the rest of 2021 and beyond. Greenidge’s announcement follows the recent statements from Tesla and Square after the companies cited environmental concerns over bitcoin mining. New York-based Bitcoin Miner Aims to Be Carbon Neutral by June 1st and Beyond Ever since Tesla cited environmental concerns over bitcoin ( BTC ) mining and told the public it would not be accepting BTC for electric cars, the topic has spread widely across social media and crypto forums. After Tesla’s announcement, the fintech payments firm Square also told the public it would not make future bitcoin purchases. Now a mining operation based in Dresden, New York has announced that it plans to be “carbon neutral” after June 1, 2021. Greenidge Generation Holdings Inc. detailed on Friday that the company will offset all greenhouse gas emissions from BTC mining through a portf

The global oil market was shaken by news from the United States as a ransomware attack hit the largest oil infrastructure operation in the country. A recent report claims hackers asked Colonial Pipeline to pay for an undisclosed amount in ransom to unlock the firm’s system – a demand the company allegedly fulfilled. Darkside Gang Is Allegedly the Author of the Ransomware Attack According to Bloomberg , Colonial Pipeline paid almost $5 million worth in “difficult-to-trace” cryptocurrencies to hackers allegedly from Eastern Europe. The report contradicts initial claims from the oil firm that it didn’t intend to arrange the ransom payment. The media outlet also cites that the ransom was paid in “difficult-to-trace” virtual currency. However, CNN said on Wednesday that the group of cybercriminals known as Darkside demanded bitcoin ( BTC ). As of press time, CNN updated the original article, confirming Bloomberg’s information, and removing bitcoin’s mention, thus leaving on the air th

One of the ringleaders of the largest crypto Ponzi schemes, Onecoin’s Ruja Ignatova, otherwise known as the “Cryptoqueen,” allegedly owns 230,000 bitcoin worth over $11 billion today. Court documents filed by victims of the Onecoin scheme indicate that she received the bitcoins from a member of an Emirati royal family in Dubai. Onecoin’s Cryptoqueen May Have $11 Billion in Bitcoin Onecoin’s Ruja Ignatova is a mysterious woman who has been on the run for over three years now. Ignatova founded Onecoin in concert with Sebastian Greenwood and her brother, Konstantin Ignatov. The Onecoin Ponzi was a multi-level-marketing (MLM) venture that featured packages that were ostensibly tethered to a blockchain network. Ignatova and her cohorts told the public that Onecoin would be the most dominant crypto asset and eventually be a “bitcoin killer.” Due to its organizational structure and fraudulent claims, the crypto community immediately warned people about Onecoin’s operations. Onecoin’s

An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize cryptocurrencies from taxpayers, Bloomberg reported. This clarification was made at a virtual conference hosted by the American Bar Association’s tax section. He referenced the IRS notice published back in 2014 which states that “For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.” As with all other types of property, cryptocurrencies can be seized, the official reiterated. Wearing was quoted as saying: Bottom line: The IRS will seize that property and will attempt to follow its usual procedures to sell it and use it

Square, a fintech and digital payments company, has declared earlier today it doesn’t have plans to purchase more bitcoin in the near future. The company also referred to the carbon footprint of the Bitcoin network and how it is a real issue that needs to be tackled in the future. Square Doesn’t Plan to Purchase More Bitcoin Square, one of the most popular fintech payment processors in the industry, has declared it doesn’t plan to buy more bitcoin in the foreseeable future. The declarations were made by Square’s CFO Amrita Ahuja in an interview with Financial News. Ahuja stated: “We don’t have any plans at this point to make further purchases. There are no plans at this point to re-evaluate where we are from a treasury standpoint.” The company, which was one of the first ones to jump into the bitcoin bandwagon, is holding 5% of its cash holdings in Bitcoin. Square, whose CEO is big Bitcoin proponent Jack Dorsey, bought $50 million worth of bitcoin last October , and doubled dow

The price of bitcoin has seen better days, as the coin’s value hit $59,600 four days ago and then saw the exchange rate tumble to a low of $45,700 per unit on May 12. There have been talks of whales selling coins and data shows that there’s been some large wallet inflows. However, onchain data shows that the whales are either dispersing funds into multiple wallets or bitcoin is being distributed more evenly to smaller fish. Number of Bitcoin Whales With 1K Bitcoin or More Declines, Sharks, Dolphins, and Small Fish Increase While cryptocurrency markets approach the weekend, traders and speculators are wondering what will happen next with these volatile price changes. During the last 48 hours, bitcoin ( BTC ) and a myriad of other digital currencies have seen massive fluctuations in fiat value. As usual, cryptocurrency participants have been looking at the count of “bitcoin whales,” and have been assuming these large market players have been making massive waves. Most people consi

Investment bank Cowan, founded in 1918, is launching a cryptocurrency service in partnership with Standard Custody & Trust Co. to help institutional clients “seamlessly secure, access and leverage cryptocurrencies and digital assets in their portfolios.” Cowan’s CEO said: “The demand is clearly here. We’re going to be able to help a lot of our institutional clients get over the hump and start trading digital assets.” Cowan Diving Into Crypto Investment bank Cowen Inc. (NASDAQ: COWN) says Thursday that it will start providing “institutional grade” custody for cryptocurrencies through a partnership with Standard Custody & Trust Co. Founded in 1918, the company is headquartered in New York with offices worldwide. The goal of the partnership is to enable “Cowen’s institutional clients to seamlessly secure, access and leverage cryptocurrencies and digital assets in their portfolios,” according to Thursday’s announcement. Jeffrey Solomon, Cowen’s chief executive officer, said i

Coinbase will be listing dogecoin in the next six to eight weeks, the company’s CEO has revealed. Interest in the meme cryptocurrency has spiked, touted by Tesla CEO Elon Musk, who calls himself the Dogefather. Coinbase CEO Brian Armstrong said during the company’s earnings call Thursday that his exchange will list dogecoin in the next six to eight weeks. In the company’s first earnings report since its direct listing on Nasdaq in April, Coinbase reported earnings of $3.05 per share and revenue of $1.80 billion, which was up from $585 million in the previous quarter. The company’s net profit for the quarter was over $771 million. The CFO of Coinbase, Alesia Haas, answered the question of whether investors should take dogecoin seriously in an interview with Jim Cramer on CNBC’s Mad Money Thursday. “We leave that to the decision of our users,” she replied, elaborating: We want to offer all assets that meet our listing standards and we hope to be the place where you can come

India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions. RBI Asking Banks to Cut Ties With Customers Dealing With Cryptocurrencies The Indian central bank has informally urged lenders “to cut ties with cryptocurrency exchanges and traders,” Reuters reported Thursday, citing three unnamed sources. The news outlet quoted a senior bank executive as saying: The regulator has been unofficially asking us why are we dealing in such business when it is ultra speculative. A lot of money flows overseas via this trade which the RBI is not comfortable with as it may lead to money laundering. “ICICI Bank has already asked payment service companies that it works with to stop all crypto-related payment transactions,” three sources told the publication, noting that “other lenders are

Following a tweet from Elon Musk highlighting Tesla’s suspension of bitcoin payment acceptance due to sky-high energy needs, the industry quickly responded by highlighting the capable solutions that already address this drawback. Musk’s Comments Conveniently Ignore Reality of Blockchain Innovation Ever the commentator on all things crypto, Elon Musk took to Twitter on May 13th to explain that Tesla would suspend customer purchases of cars with bitcoin ( BTC ), pinning the decision on the network’s power consumption as the catalyst. Tesla & Bitcoin pic.twitter.com/YSswJmVZhP — Elon Musk (@elonmusk) May 12, 2021 Although he has been one of crypto’s biggest advocates over the last few months, Musk’s latest comments sent bitcoin prices into a tailspin, quickly sparking a steep selloff that has erased nearly 13% of its value over the last 24 hours at the time of writing. Yet, his comments overlook one of the most critical arguments for cryptocurrency’s actual usage: the verita