Bitcoin News and Finance: What You Need to Know

FTX CEO Sam Bankman-Fried told his Twitter followers on Sunday that his crypto exchange has lowered its margin trading limit from 101x to 20x. Prior to the change, FTX supported 50x, 100x, and 101x leverage but Bankman-Fried said these high leverage positions represent “a tiny fraction of volume.” FTX CEO Announces Cutting Leverage Limits, 2x Leverage the Most Common FTX customers will have to adjust to changes as the crypto-asset exchange has dropped its max leverage rate from 101x to 20x this weekend. Of course, the formerly supported 50x, 100x, and 101x positions are considered high leverage. Bankman-Fried told his 233,000 Twitter followers the news on Sunday when he stressed that “an effective margin system is integral to an efficient economic system” and added that “there are limits to everything, though.” Bankman-Fried added : There’s been a bunch of discussion recently around high leverage (> 20x). Nearly every crypto derivatives exchange allows it, and nearly every on...

CNBC’s stock analyst and crypto investor Jim Cramer says he’s still bullish on his choice to invest in ethereum after removing bitcoin from his portfolio. Three days ago, Cramer tweeted that he’s “sticking with” his ethereum position “but not adding to it.” Jim Cramer: ‘Ether Is a Pied Piper Security’ A number of CNBC broadcast hosts are proponents of cryptocurrencies and Jim Cramer , the host of the “Mad Money” show is one of these individuals. At the end of June, Bitcoin.com News reported on how Cramer moved his bitcoin position into ethereum instead and he opined that ether was “more of a currency.” A few days ago, Cramer tweeted about sticking to his ETH position but also emphasized that he wasn’t adding to it. Cramer also discussed his fondness for ethereum ( ETH ) in a recent interview with the news outlet thestreet.com. Jim Cramer who was once a bitcoin bull has now turned his attention to ethereum. In fact, in late June Cramer said he wanted BTC to get “wrenched out” w...

A portfolio strategist for American financial services firm Morningstar says that cardano could become a mainstream cryptocurrency alongside bitcoin and ether, forming a “big three” of mainstream cryptocurrencies. Strategist Believes Cardano, Ether, Bitcoin Could Become Mainstream Cryptocurrencies Amy Arnott, a cryptocurrency-focused portfolio strategist at Morningstar, shared her views on crypto regulation, ether, and cardano in an interview with the Insider last week. Noting that since many cryptocurrencies are not cash-generating, Arnott said it is difficult to determine a suitable price for them. However, she explained that ether has an in-built price to an extent because it is used to power decentralized finance (defi) transactions and support non-fungible tokens (NFTs). The strategist elaborated: The fact that ether is used as a utility should provide some sort of price floor, but I’m not sure what that should be. A lot of people talk about a network effect where these curr...

Twitter CEO Jack Dorsey says that bitcoin will be a big part of the company’s future. “If the Internet has a native currency, a global currency, we are able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet,” he said. Bitcoin Set to Be a Big Part of Twitter Twitter announced its quarterly earnings Thursday that beat analysts’ forecasts. During the company’s Q2 earnings call, CEO Jack Dorsey said that bitcoin would be a “big part” of the company’s future. Dorsey said during the call: “There are three trends relevant to Twitter and you, our shareholders: AI, decentralization, and the Internet finally having access to a global native currency in bitcoin. All these will help us do our jobs better, and we intend to lead the way in each.” During the Q&A part of the call, Douglass Anmuth, an analyst with JPMorgan Chase & Co., asked Dorsey about how he sees bitcoin becoming more integrat...

A U.S. senator has launched an investigation into the rise of ransomware attacks as well as how cryptocurrencies facilitate cybercrimes. “The investigation will also look into current oversight efforts and regulations related to virtual currencies,” the senator explained. Investigation Into Crypto’s Use in Cybercrimes U.S. Senator Gary Peters announced last week a bipartisan “investigation into [the] rise of ransomware attacks and how cryptocurrencies facilitate cybercrimes.” Peters is the chairman of the Homeland Security and Governmental Affairs Committee. He has led several efforts to bolster the U.S. cybersecurity defenses. The announcement states that he “is conducting an investigation into the role cryptocurrencies continue to play in emboldening and incentivizing cybercriminals to commit ransomware attacks that pose an increasing threat to United States national security.” Senator Peters stated: The increased use of cryptocurrencies as the preferred method of payment in ...

The number of cryptocurrency ATMs has surpassed 24,000 globally. Out of 75 countries with crypto ATMs, the U.S. tops the list with the most locations. 24K+ Cryptocurrency ATMs Worldwide The number of cryptocurrency ATMs has exceeded 24,000 globally, according to the crypto ATM tracking website Coinatmradar . At the time of writing, the total number of crypto ATMs worldwide stands at 24,022 locations. The machines are located in 75 countries. The U.S. tops the list with 21,161 locations, followed by Canada with 1,698 locations and the U.K. with 174 locations. There are 42 cryptocurrency ATM manufacturers. Genesis Coin tops the list with 9,813 machines, followed by General Bytes with 5,720, Bitaccess with 2,766, and Coinsource with 1,684 machines. The largest crypto ATM operator out of 617 operators in total is Bitcoin Depot, which has 3,793 machines, followed by Coin Cloud with 2,629, and then Coinflip with 2,498 machines. Last week, a leading convenience and fuel retailer, Circ...

With a friendly attitude towards financial innovation, the Republic of Ireland has become a desired destination for fintech businesses that need unimpeded access to the common European market. Cryptocurrency companies have been opening offices in the EU member state with some well-known players now looking to hire local talent. Major Crypto Companies Set Up European Branches in Ireland, Fill New Positions California-based cryptocurrency exchange Kraken has chosen Ireland as its European base, the Irish daily Independent reported. The company, a major provider of digital asset trading services in the United States is now forming a team in Dublin to support its European operations, the newspaper revealed on Sunday. According to the publication, the crypto platform has around 2,000 employees globally. Three ads for open positions with Kraken have been published on Glassdoor in the past month or so – for software project manager, compliance risk officer, and senior site reliability en...

The Bank of Namibia (BON) is on course to complete its study into cryptocurrencies by April 2022, the central bank governor, Johannes Gawaxab recently confirmed. The governor however reiterated that cryptocurrencies are not legal tender as there is currently no provision for digital currency use in the country’s laws. Although Gawaxab did acknowledge that cryptocurrencies “are not a bad thing,” he still argues that attempts to approve the use of cryptocurrencies in Namibia will not be easy. In a video shared by the country’s state broadcaster, the governor explains why it’s almost impossible to formally introduce cryptocurrencies in that country. He explained: As Common Monetary Area [CMA] four countries, Lesotho, Swaziland, South Africa and Namibia, we need to collectively look at the cryptocurrencies. We cannot look at [this] just as one country because this going to impact the [entire] CMA currency pool. The Governor’s Crypto Warning Namibia, as a member of CMA, is ob...

A class-action lawsuit has been filed against cryptocurrency exchange Coinbase, its executives, and investors over the company’s direct listing on Nasdaq. “According to the complaint, the registration statement and prospectus used to effectuate the company’s offering were false and misleading,” the lawsuit alleges. Class Action Lawsuit Against Coinbase Scott+Scott Attorneys at Law LLP announced Friday that it has filed a securities class action lawsuit against Coinbase Global Inc. (NASDAQ: COIN), with Donald Ramsey as the lead plaintiff. The lawsuit also names several Coinbase directors and officers, including CEO Brian Armstrong, as defendants. Other defendants include venture capital firms and investors that benefited from Coinbase’s direct offering , including Marc Andreessen, Fred Ehrsam, Fred Wilson, AH Capital Management, Tiger Global Management, Union Square Ventures, and Viserion Investment. Coinbase is the largest cryptocurrency exchange in the U.S. According to its webs...

Eighty-one countries are now exploring central bank digital currencies (CBDCs), according to a new tracker. This number is 46 more countries than the number in May last year. In addition, five countries have fully launched their own digital currencies. 81 Central Banks Explore Launching Own Digital Currencies The Atlantic Council’s Geoeconomics Center unveiled a new central bank digital currency (CBDC) tracker featuring an interactive database last week. The Geoeconomics Center described itself as “a nonpartisan organization that galvanizes U.S. leadership and engagement in the world, in partnership with allies and partners, to shape solutions to global challenges,” its website states. The original version of the CBDC tracker, launched in April last year, has been used by the U.S. Federal Reserve and the Bank of International Settlements (BIS), the center claims, adding that according to the new tracker: 81 countries (representing over 90 percent of global GDP) are now explorin...

Young U.S. investors are more interested in bitcoin investments than they were three years ago, according to a poll stemming from the Gallup Investor Optimism Index. This year’s poll surveyed 1,037 participants and findings suggest 6% of American investors own bitcoin. American Bitcoin Investors Increase by 4% in 3 Years The American survey and analytics firm Gallup has published new findings from a recent survey the company did on bitcoin investing. The firm’s survey called the Gallup Investor Optimism Index explains there is “more momentum among investors younger than 50.” Gallup poll findings on June 2021 stemming from the Gallup Investor Optimism Index. In 2018, Gallup’s last report had shown that only 2% of investors own bitcoin but in 2021, that metric has increased to 6%. The American adults that participated said they owned roughly $10K in investments like equities and bonds. Further, Gallup’s researchers say that the number of owners increases for younger generations....

In mid-May, the popular and perhaps the largest torrent tracker on the internet, The Pirate Bay, mysteriously revealed a new cryptocurrency called piratetoken (TPB). The token has seen a 20% gain in 30 days and following the quiet launch, the torrent tracker’s website explained that the new piratetoken is a soft launch for a myriad of ideas. The Mischievous Torrent Tracking Website Launches a BSC Token via Pancakeswap It seems The Pirate Bay is utilizing the Binance Smart Chain (BSC) with a new token called piratetoken (TPB). The Pirate Bay is a web portal that hosts an online index of digital content in various formats. The site essentially allows users to post torrent files via the peer-to-peer file-sharing network Bittorrent. The web portal founded in 2003 by the Swedish think tank Piratbyrån, has been controversial as users share copyrighted entertainment media and software. Despite the founders getting arrested and all the troubles over the years, The Pirate Bay is the longes...

Banks in Ireland have welcomed an upcoming reform of the European Union’s anti-money laundering regulations that will affect the crypto space. The Irish banking industry organization voiced support for the changes aimed at disrupting illicit transactions at the union level while calling them “radical.” New AML Body to Weed Out Suspicious Transactions in the EU, Irish Banks Say Financial institutions in Ireland have expressed their positive attitude towards intentions to reform the anti-money laundering mechanisms of the European Union, the Irish daily Independent reported. According to the Banking & Payments Federation Ireland ( BPFI ), the new AML authority the EU plans to create will weed out suspicious cross-border transactions in the bloc. Quoted by the publication, Keith Gross, who heads financial crime and security at the BPFI, noted that the proposed changes include a “set of radical reforms that will greatly assist and bolster our members in their daily and ongoing wor...