Bitcoin News and Finance: What You Need to Know

The senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has been long on bitcoin for a while now and he said last month that bitcoin has a “bullish ace up its sleeve.” This week the strategist’s analysis notes that bitcoin prices will likely revert toward the $60K handle in contrast to the $20K support range. ETF Analyst: ‘China Doesn’t Reject Bitcoin, Bitcoin Rejects China’ On July 23, Bloomberg’s senior exchange-traded fund (ETF) analyst Eric Balchunas shared a screenshot of Mike McGlone’s written statement concerning current bitcoin markets. After tapping a high of $35,960 on July 4, the leading crypto asset tumbled to a low of $29,300 per unit 19 days later. On July 24, bitcoin (BTC) managed to climb back toward the $34K region as there’s been a slight trend reversal during the last 48 hours. “Our crypto analyst Mike McGlone says bitcoin [is] more likely to hit $60k than $20k based on historical price patterns,” Balchunas tweeted on Friday. “[McGlone] also...

The largest decentralized exchange (dex) platform, in terms of trade volume, Uniswap has revealed the dex has removed a number of tokens from the platform interface. The community assumes the tokens could be deemed securities by global regulators. Uniswap users can still swap these tokens via accessing specific smart contracts themselves, as the company behind the platform, Uniswap Labs, simply removed the tokens from the main interface. Uniswap Removes Tokens From Main Interface, Users Discuss Alternative Solutions On July 23, the startup Uniswap Labs announced that the development team was removing roughly 129 tokens from the main interface. It’s been noted by onlookers, that a number of tokens removed could be considered securities by global regulators and some of them were synthetic equities tokens. Uniswap has introduced token censorship on the main UI You can see a list of 129 hidden tokens here https://t.co/G9yjycH2F7 — banteg (@bantg) July 23, 2021 The restriction o...

While some Salvadorans situated near Playa El Zonte beach like the new bitcoin tender law implemented by Nayib Bukele’s regime, a number of other citizens dislike the law. This week, regional reports show citizens from El Salvador have taken to the streets to protest the bitcoin tender law. Salvadoran Protestors Say Bitcoin Is ‘Too Volatile’ and Like ‘Playing the Lottery’ One might think from some of the fluffy reports stemming from a number of cryptocurrency magazines that all is swell in El Salvador in regard to the new bitcoin law. However, during the first week of July, a survey conducted by Disruptiva polled 1,233 people residing in El Salvador and a majority of Salvadorans said they were skeptical of bitcoin as a currency. Following the implementation of the new bitcoin tender law, leaked reports claimed Nayib Bukele’s government cohorts were planning to launch a stablecoin. Now a regional report from the news outlet El Mundo shows a number of Salvadorans have taken to th...

Crypto mining hardware manufacturer Bitmain has partnered with Enegix to host Antminer S19 Pro devices in one of the world’s largest data centers. The facility located in Kazakhstan is designed to accommodate more than 50,000 mining rigs. Bitmain to Work With Mining Facility Operator Enegix Leading mining equipment producer Bitmain has announced a partnership with Enegix. As part of the agreement, the ASIC giant will host Antminer S19 Pro miners in a 180MW facility operated by Enegix in Kazakhstan, which is one of the largest in the world. Enegix focuses its business efforts on designing, building, and operating data centers since 2017, a press release published by Bitmain details. The one in question was commissioned in late 2020 and is the company’s third such facility. Its total capacity exceeds 50,000 current-generation mining rigs. Commenting on the new project, Bitmain Mining Division Vice President Du Shisheng noted that his company is pleased to have a solid strategic par...

A leading convenience and fuel retailer, Circle K, is deploying bitcoin ATMs in its stores across the U.S. and Canada. More than 700 machines operated by Bitcoin Depot have already been installed. “As one of the world’s leading convenience and fuel retailers, Circle K is the first major retail chain to deploy bitcoin ATMs within its stores.” Circle K Stores Install Bitcoin ATMs The world’s largest bitcoin ATM operator, Bitcoin Depot, announced Thursday “an exclusive international partnership with Circle K that spans across both the U.S. and Canada with over 700 bitcoin ATMs in 30 states already installed.” The company wrote: As one of the world’s leading convenience and fuel retailers, Circle K is the first major retail chain to deploy bitcoin ATMs within its stores. Circle K is a global brand of Alimentation Couche-Tard, a leader in convenience and fuel retail, with more than 14,200 stores operating in 26 countries and territories. According to the company, it is the largest in...

The U.S. Internal Revenue Service (IRS) has modified the crypto question asked on the main U.S. tax form. Reducing the scope of the question, the IRS now focuses on taxable cryptocurrency transactions. New Crypto Question on Tax Form 1040 The IRS published a draft Form 1040 for the tax year 2021 Thursday. Form 1040 is the main tax form used for filing individual income tax returns in the U.S. The draft form shows that the tax agency has modified the crypto question slightly. The crypto question now reads: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” Previously, the question read: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” Draft IRS Form 1040 for the year 2021. For the year 2021, the IRS has removed the word “send” and replaced “acquire” with “disposed of.” IRS Form 1040 for the year 2020. S...

Amazon’s Payments Acceptance & Experience team is hiring a digital currency and blockchain expert to develop the company’s digital currency and blockchain strategy and product roadmap, including a launch strategy. “We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” the company’s spokesperson said. Amazon Developing Crypto Strategy Amazon has posted a job opening for a “Digital Currency and Blockchain Product Lead.” The job posting explains that “The Amazon Payment Acceptance & Experience Team is responsible for how Amazon’s customers pay on Amazon’s sites and through Amazon’s services around the globe,” elaborating: The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s digital currency and blockchain strategy and product roadmap. The company further described: “You will leverage your domain expertise in blockchain, distributed ledger, central b...

A major high street bank in the U.K., Natwest, has blocked payments to crypto exchange Binance. Natwest’s decision came after two other major British banks — Barclays and Santander — made a similar move to block fund transfers to Binance. The banks acted in response to a warning on the cryptocurrency exchange by the U.K.’s Financial Conduct Authority (FCA). Natwest Blocking Fund Transfers to Binance British bank Natwest (NWG.L) has reportedly become the latest financial institution in the U.K. to block payments to cryptocurrency exchange Binance. According to its 2020 annual report, Natwest Group is the largest business and commercial bank in the U.K., with 19 million customers across the U.K. and Ireland. A Natwest spokesperson explained that the bank has seen a high level of cryptocurrency investment scams targeting customers across retail and business banking, particularly through social media websites. “To protect our customers from the criminals exploiting these platforms, w...

A St. Lawrence county town located in New York near the Canadian border, Massena, is another region in the state that is having issues with bitcoin miners. According to recent reports from the local WWNY-TV news desk and Reuters, the Massena town supervisor is drafting new regulations for bitcoin mining operations. Officials From Town of Massena Don’t Like the Look of Bitcoin Miners Operating Alongside Route 42 The town of Massena, with a population of around 13K, has attracted bitcoin miners according to a report from Reuters. The New York town’s officials have taken issue with bitcoin miners and the authorities plan to impose a 90-day moratorium on any new bitcoin miners looking to tap into the town’s energy sources. According to Massena Town Supervisor Steve O’Shaughnessy, the town doesn’t want Massena’s roadsides to be filled with shipping containers that house mining rigs. “We don’t want it littered with these trailers that are pumping out bitcoin,” O’Shaughnessy told WWNY-...

The government of Abkhazia is negotiating with Russia to solve a problem that led to a ban on cryptocurrency mining. The partially recognized republic in the South Caucasus is now planning to legalize the industry and source sufficient power supplies from its energy-rich northern neighbor. Abkhazia Wants to Create Conditions for Cryptocurrency Mining The autonomous Republic of Abkhazia in northwestern Georgia is holding talks with the Russian Federation on the supply of electricity to satisfy its needs. Those of the energy-hungry crypto mining sector are also covered by the negotiations, Forklog reported. Despite a temporary mining ban introduced in 2018, the activity allegedly took the country to the brink of an energy crisis last year, forcing regulators to extend the restrictions to March 2022. Fines and criminal liability were introduced for illegal use of electrical power to mint digital currencies and a number of mining operations were shut down . Officials in Sokhumi are ...