Bitcoin News and Finance: What You Need to Know

The Indian government is reportedly looking to form a new “panel of experts” to focus on ways to regulate the cryptocurrency industry in the country. “There is a view within the government that the recommendations made by Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban,” local media reported. Indian Government Re-Examining Crypto Bill The Indian government is considering forming a new “panel of experts to study the possibility of regulating cryptocurrency in India,” The Economic Times reported Wednesday, citing three sources privy of the discussions. The committee could be exploring the use of blockchain technology and suggesting ways to regulate cryptos as digital assets instead of a currency. It may also study ways to operationalize the digital rupee to be created by the central bank, the Reserve Bank of India (RBI). An official familiar with the matter told the publication: There is a view within the government that the recommendatio...

A new bill obliging candidates running for election in Russia to declare their spending on digital assets has hit the floor of the State Duma. According to the draft, Russian politicians will be required to disclose details about every crypto purchase they and their families make, if the total exceeds a certain amount. Candidates to Provide Details About Their Cryptocurrency Dealings The Russian State Duma, the lower house of parliament, has adopted on first reading a draft law that will incorporate the disclosure of cryptocurrency purchases into Russia’s electoral legislation. Candidates running for government positions will have to reveal the amounts they have invested to acquire digital financial assets, a term encompassing digital currencies. The bill , which has been proposed by the government, introduces necessary amendments following the adoption of the Law “On Digital Financial Assets and Digital Currency,” business news agency Prime reported. It will oblige election runn...

While crypto markets, in general, have been dropping significantly in value, the decentralized finance (defi) economy has shaved more than $21 billion during the last week. Statistics show that the total-value locked (TVL) in defi touched $87 billion on May 11, and since then the aggregate total has slid to $66 billion in value. Weekly Stats Show Defi’s Total-Value Locked Metric Loses $21 Billion, TVL Drops 24% Decentralized finance (defi) has been a very popular subject in 2021, as the economy’s TVL has accrued billions of dollars in just a few short months. Last week, the TVL in the defi economy according to defipulse.com data had shown the defi economy came awfully close to reaching $100 billion when it tapped $87 billion last Tuesday. Eight days later, the TVL in defi has shed more than 24% dropping to $66.6 billion on May 19. For example, crypto-assets leveraged in the defi economy like ethereum ( ETH ), binance coin ( BNB ), and the slew of ERC20 assets in existence, have a...

The vice president of the European Central Bank (ECB), Luis de Guindos, has warned that crypto assets are “not a real investment” and are “subject to a lot of volatility.” His comments followed massive sell-offs across a broad range of cryptocurrencies. ECB VP Says Crypto Is Not a Real Investment European Central Bank Vice President Luis de Guindos has warned about cryptocurrency investing in an interview with Bloomberg Wednesday. Referring to cryptocurrency, he said, “This is an asset with very weak fundamentals and that is going to be subject to a lot of volatility,” adding: When you have difficulties to find out what are the real fundamentals of an investment, then what you’re doing is not a real investment. His comment came amid sell-offs in a wide range of cryptocurrencies. Bitcoin’s price briefly fell below $30K on some exchanges, such as Bitfinex. However, the price has recovered slightly and is hovering around the $38K level currently. In its Financial Stability ...

The Coronavirus pandemic has driven people to take advantage of new business lines to deal with the economic crisis, and cryptocurrency is once again a headliner. Internet cafe owners in China are using their facilities to set up crypto mining farms after temporarily shutting down in 2020. Owners Are Earning Around $6,200 Monthly According to Sina , quoting a recently published report, almost 13,000 internet-fueled cafes that operate 24 hours a day, are depending on their high-end computers to mine digital assets, as their PCs were originally conditioned for gamers. Some of them claim to earn over 40,000 yuan ($6,200) worth in virtual currencies on a monthly basis. The report states that some owners are even using 200 computers to run mining operations. Wang Xi, a Chinese internet cafe proprietary, commented that the attendance in his business is still “not high.” “Working days are less than 50%, and mining is done when computers are idle,” he added. The cafe-based mining farm o...

The Bitcoin Pizza initiative, a new endeavor promoted by Bitcoin influencer Anthony “Pomp” Pompliano, that seeks to fund Bitcoin development while remembering Lazlo Hanyecz’s legendary pizza purchase, was launched yesterday. While being applauded by some, it also raised a lot of criticism from the cryptocurrency community due to its proposition. Bitcoin Pizza Initiative Launched Anthony “Pomp” Pompliano, the known cryptocurrency influencer, launched a new endeavor called Bitcoin Pizza. The business objective is to remember the now mythical purchase that Lazlo Hanyecz made 11 years ago, while helping the bitcoin developer community at the same time. The initiative includes bitcoin users, local businesses in 10 different U.S. cities, and custom packaging to create a new brand for this purpose. Today I am announcing Bitcoin Pizza – a new national pizza brand that is launching in 10 cities. The first pizzas will be delivered this Saturday, which is the 11 year anniversary of the ...

Unsurprisingly, the pandemic has driven many of us to rely on digital forms of payments over  cash. In fact, 25% of US consumers use less cash now than before March 2020. Additionally, government policies around the world are now pushing towards digital currency adoption to foment contactless payments. For example, China’s central bank branch is … Continued The post The Global Shift to Explore CBDCs appeared first on Ripple. http://dlvr.it/S00h6R

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, is excited to announce the listing of the Hathor Token (HTR) under the trading pair USDT/HTR on May 19 at 1:00 p.m. UTC. Hathor is a scalable and easy-to-use blockchain for digital assets. Hathor Network is a PoW-based novel distributed ledger architecture using both directed acyclic graph (DAG) and blockchain data structures. Built with scalability, usability, and decentralization in mind, their network uses the HTR token’s unique design to solve significant bottlenecks preventing the broad adoption of blockchain technology. The solution that Hathor proposes to address the problems of scalability and decentralization maintenance among distributed ledger networks includes a chain of mined blocks inside a DAG of transactions. The blockchain is designed for enhanced security when the number of transactions per second is small, whereas the DAG pr...

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Bitcoin and a slew of digital assets have seen massive drops in value during the last few days, while the top two leading crypto assets bitcoin and ethereum have been battling for market supremacy. This week, bitcoin’s towering dominance over the crypto economy has dropped to a three-year low tapping 41.9%, while ethereum’s market cap has captured 18.6% of the crypto economy. Now a recently published Benzinga poll shows survey participants believe ethereum will “crush” bitcoin’s 2021 year-end return. Over 80% of Traders Polled by Benzinga Believe Ethereum Will Outperform Bitcoin by the Year’s End Benzinga, a fintech media and data company headquartered in Detroit, Michigan has published a report called “Ethereum Predicted to Crush Bitcoin’s ROI in 2021.” The survey has obtained data from 100 cryptocurrency traders and investors and many believe ethereum will soon be the top crypto asset. 80.8% polled in Benzinga’s survey indicate that ETH will outperform BTC “through the end of ...

Cryptocurrency sell-off is not a systematic concern for the Fed and does not affect Fed’s policies, two Federal Reserve Bank presidents said Wednesday. “We are all quite aware that crypto can be very volatile,” said the president of the Federal Reserve Bank of St. Louis. Crypto Sell-off Does Not Change Fed Policy Two Federal Reserve Bank presidents have commented on the steep sell-off in cryptocurrencies Wednesday. St. Louis Federal Reserve President James Bullard, who firmly believes that cryptocurrency poses no threat to the U.S. dollar, said: By itself I don’t see that as a systemic concern at this point. We are all quite aware that crypto can be very volatile. Bullard said in February that whether “bitcoin price goes up or down” it “doesn’t really affect” the Fed policies. He added that the cryptocurrency is no threat to the USD because “investors want a safe haven. They want a stable store of value, and then they want to conduct their investments in that currency.” Anothe...

Wells Fargo will soon offer “a professionally managed solution” for cryptocurrency to clients. “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” said the president of Wells Fargo Investment Institute. Wells Fargo Getting Into Crypto Darrell Cronk, the president of Wells Fargo Investment Institute, a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, revealed his team’s crypto plans to the Insider in an interview published Wednesday. He said that his firm is in the final stages of adding an actively managed cryptocurrency investment strategy to its platform for qualified clients. The crypto research and due diligence effort are being led by Greg Maddox, head of Global Manager Research, a division of Wells Fargo Investment Institute. Emphasizing that the firm has been searching for “a professionally managed solution” for months, Cronk expects the stra...

Digital currency markets have shed billions in value over the past week and during the market carnage, bitcoin haters have come out in flocks. Moreover, according to numerous crypto skeptics, bitcoin has officially died 21 times this year and this week’s downturn is sure to provide another eulogy. Bitcoin Haters Step Out to Troll Crypto Proponents On April 14, 2021, the price of bitcoin ( BTC ) tapped an all-time price high at $64,895 per unit, and then slid to a low of $30,066 a touch over a month later on May 19. That’s a percentage loss of 53% down from the high. Tesla has 💎 🙌 — Elon Musk (@elonmusk) May 19, 2021 BTC has regained some of the losses it has taken on Wednesday morning, but is still down quite a bit from yesterday’s price highs. Market trauma like this causes numerous bitcoin haters to come out of the woodwork, as many feel the need to explain to the public that crypto is nothing more than speculative ‘tulip mania.’ On Wednesday, the bitcoin hater Nouriel ...

Sony, the electronics giant, has revealed a patent that would introduce bitcoin wagering in its consumer electronic products and consoles, like the Playstation system. Spectators of a game could wager about what will happen next in an e-sports competition, and odds would be calculated by a machine algorithm depending on rankings or previous match history. This could be tied to some movements Sony made earlier this year. Sony Files Patent for Bitcoin Wagering on Playstation Sony, the consumer electronics company, has revealed it filed a patent for gambling or wagering in e-sports competitions that would include bitcoin as a usable currency. The patent, which was filed back in 2019, would include a machine algorithm to calculate the odds of every bet based on the abilities of the players or in the previous match history. The filing mentions this system might be run in a slew of consumer electronic devices, mentioning Sony’s crown jewel, the PlayStation. But it also includes other s...

PRESS RELEASE. Sweet’s consumer-first enterprise NFT platform now allows brands to seamlessly offer NFTs through existing online store-fronts. New York, New York – Sweet , the leading enterprise NFT solutions provider, announced the integration of its NFT distribution platform into the Shopify marketplace, empowering brands, shop owners, and IP holders to sell NFTs through existing online store-fronts. The addition of Sweet into the Shopify platform enables global retail and entertainment brands to capitalize on the growing demand for NFTs while keeping consumers in their own branded checkout experience. According to Tom Mizzone, CEO and founder of Sweet : “To date, NFTs have been primarily sold through third-party crypto marketplaces, forcing brands to make the hard choice of directing consumers to an off-brand experience. Additionally, broader consumer bases want to buy and own NFTs but are confused by complex and intimidating blockchain wallet setup, and don’t know how to get ...

On Wednesday, cryptocurrency markets continue to drop lower in value, as the entire crypto-economy has plunged 17% below the $2 trillion mark and now rests at $1.801 trillion. Bitcoin, the leading cryptocurrency in terms of market capitalization, touched a high of $40,770 per unit at 4:48 a.m. (ET). A few hours after hitting that price range, the crypto asset tapped a low of $36,250 dropping over 11%. Cryptocurrency Markets Shed Billions, Crypto Economy Plunges Below $2 Trillion Bitcoin ( BTC ) has lost considerable value during the last few days, alongside a great number of other digital assets that have seen price drops as well. The entire crypto-economy has slid over 17% during the past 24 hours and rests under the $2 trillion range at $1.801 trillion. BTC /USD on May 19, 2021, via Bitstamp. BTC is currently exchanging hands for $37,544 per unit after tapping a low of $36,250 at around 7:30 a.m. (ET). Seven-day stats show BTC is down over 20% and 30-day records show BTC lo...