Bitcoin News and Finance: What You Need to Know

On Wednesday, the programmable liquidity platform Balancer Protocol announced the project has partnered with the Wallstreetbets defi project Wsbdapp. The announcement details that the two projects will collaborate in order to launch Wsbdapp’s exchange-traded portfolios (ETPs) on Balancer V2. Balancer Protocol and Wallstreetbets’ Defi Project Partner to Launch Exchange-Traded Portfolios Last week, Bitcoin.com News reported on the newly launched Wsbdapp decentralized finance (defi) platform hosted on the website wsbdapp.com . The application’s creators claim to be the leaders behind the Wallstreetbets community alongside backing from Jaime Rogozinski, according to a video the team shared on Twitter. On Wednesday, the team behind the Balancer Protocol revealed the project will be collaborating with the Wsbdapp creators. Balancer Protocol is a liquidity provider and decentralized exchange (dex) platform that leverages the Ethereum blockchain. According to Wednesday’s data, Balancer P...

PRESS RELEASE. TimeCoinProtocol is a decentralized sharing economy protocol which aims to optimize world resource usage. Various applications can be built and run on the TimeCoinProtocol including third party applications. The project puts a strong focus on the Gig Economy and Creator Economy. The project has issued an original crypto currency called TimeCoin(TMCN) which is already listed on BitFrorex, BiKi, and BitMart and is planning to be listed on Binance DEX in November and other major exchanges as well. The project has raised over 7 Million USD from equity and crypto investors. There is a limited number of tokens available for special token sales ending at the end of October. The project is currently focusing on Gig Economy applications such as TimeTicket, GameTomodachi, eSportStars, and VTuber Production, NeoRad. TimeCoin will be used on various applications on the platform. TimeTicket is a well-established skill-sharing platform with more than 560,000 users in Japan and ...

One of South Africa’s biggest cryptocurrency exchanges, Luno, has confirmed that it has started restricting withdrawals by clients. The exchange insists the limits are meant to “act as a deterrent for illicit actors moving large amounts of funds within the crypto ecosystem.” Transfers From Luno to Binance Blocked However, despite this acknowledgement, Luno has so far refused to explain how the exchange sets the so-called “dynamic risk-based limits.” According to a report, the limits — which are separate from the send limits that appear on Luno’s website — were discovered by one of the exchange’s clients. The discovery became apparent to the client when their attempt to transfer crypto assets from a Luno account to a Binance wallet failed. When approached for answers, Luno explained to the client(s) that the limits had been imposed in order to “protect our customers and in an effort to comply with best practices in anti-financial crime and anti-fraud.” Furthermore, the exchange tol...

A former federal prosecutor says that the U.S. Securities and Exchange Commission (SEC) “will stop at nothing to control the entire crypto space.” The SEC has now threatened to sue the Nasdaq-listed crypto exchange Coinbase. The regulator is already in an ongoing lawsuit with Ripple Labs and its executives. SEC Going After Entire Crypto Space, Says Former Federal Prosecutor James K. Filan, a former federal prosecutor who served for nine years in the United States Attorney’s Office for the District of Connecticut, commented on the warning issued by the U.S. Securities and Exchange Commission (SEC) regarding Coinbase’s Lend program Wednesday. Filan is an attorney specializing in securities litigation and government investigations. He is also a prominent voice in the Ripple community. Filan tweeted: The SEC will stop at nothing to control the entire crypto space. This isn’t just about Ripple. Coinbase accuses the SEC of using ‘intimidation tactics behind closed doors’ to stop the c...

In a report filed with the U.S. Securities and Exchange Commission (SEC), the fund managers for the Miller Opportunity Trust, Bill Miller’s hedge fund, state that “bitcoin has significant upside potential as a form of digital gold.” The report details that despite its volatility, bitcoin’s “risk-reward is attractive.” Hedge Fund Manager Sees Bitcoin’s ‘Significant Upside Potential’ Miller Value Funds’ semi-annual report for the Miller Opportunity Trust, filed with the U.S. Securities and Exchange Commission (SEC) last week, states: We believe bitcoin has significant upside potential as a form of ‘digital gold.’ The Miller Opportunity Trust hedge fund has $2.72 billion in assets under management (AUM) as of July 31. Its portfolio managers are Bill Miller and Samantha McLemore. “We have been observers of bitcoin for a long time and during the quarter, the fund received approval to invest in Grayscale Bitcoin Trust (GBTC), which is an open-ended grantor trust fully invested in bit...

Russia has no reason to recognize bitcoin, President Putin’s press secretary has noted after El Salvador became the first country to adopt the digital coin as legal tender. In a statement to the press, Dmitry Peskov revealed he is convinced that such a move would not bring any benefits to the Russian Federation. Kremlin Not Open to Bitcoin Adoption in Russia The government in Moscow sees no reason to recognize bitcoin at this point, according to Dmitry Peskov, press secretary of Russian President Vladimir Putin. Describing it as a quasi-currency, the Kremlin representative insisted that equating bitcoin to official monetary instruments wouldn’t do anything but harm Russia’s financial and economic system. Speaking to reporters, Peskov emphasized: Clearly, Russia is not ready for such steps. The statement, quoted by RIA Novosti news agency on Tuesday, came as the Republic of El Salvador became the world’s first country to recognize bitcoin ( BTC ) as legal tender for payments in ...

PRESS RELEASE. Since early August, CoinFLEX has seen a tremendous increase in trading activity, climbing to a staggering high of $3 billion USD daily trading volume with Open Interest over $200 million dollars. The increase in trading volumes and market liquidity are indications of CoinFLEX’s rapid adoption. CoinFLEX’s repo volume has also seen a significant increase, with total trading volumes surpassing $120 billion. The repo market is vital to the CoinFLEX ecosystem as its profits fuel flexUSD’s competitive APRs. On CoinFLEX and other futures exchanges, futures markets have a lot of trading activity, creating “basis.” Basis is the price differential between spot trades and futures contracts. flexUSD is deployed through the repo market to take advantage of the price difference. For this reason, although flexUSD offers variable market-based interest rates, current users are experiencing high APRs . When there’s a dislocation between the spot and futures price, a trading bot w...

On the day El Salvador implemented the bitcoin tender law, the official government wallet called the Chivo wallet had some initial issues for five hours on Tuesday. Residents could not leverage the application and had issues accessing the app on Apple’s App Store and Google Play. The situation seems to be resolved now as Salvadoran president Nayib Bukele explained on Twitter that the Chivo wallet’s “maintenance” was complete. Chivo Wallet Down Five Hours for ‘Maintenance,’ Bukele Says ‘Take It Slow,’ Google Play Servers Were ‘Saturated’ El Salvador now has the U.S. dollar and bitcoin ( BTC ) as the nation-state’s legal tender following the implementation of the Bitcoin law on Tuesday, September 7, 2021. In addition to creating the law, Salvadoran president Nayib Bukele and his government have been buying BTC in mass quantities and have also developed crypto infrastructure for the nation’s citizens. For instance, the Salvadoran government launched the Chivo wallet which allows user...

Decentralized finance (defi) has set a trend during the latter half of 2020 and into this year, as statistics show $168 billion is locked in defi across various blockchains. The Bitcoin Cash network now has the Smartbch protocol and in recent times, a decentralized exchange (dex) platform has joined the defi fray. The newly launched Smartbch dex platform benswap.cash gives users the ability to earn via liquidity pools, and swap tokens in a noncustodial fashion. Bitcoin Cash Supporters Flock to Benswap.cash for 1,000% APY and Decentralized Trading Five months ago, the BCH community anticipated the benefits of a project that combines the forces of Bitcoin Cash ( BCH ) with the Ethereum ( ETH ) network. The project is called Smartbch , a smart chain that maximizes the throughput of EVM and Web3 on a sidechain of Bitcoin Cash. Smartbch has matured quite a bit since Bitcoin.com News reported on the project successfully launching three nodes. Now BCH community members have been leve...

Following El Salvador making bitcoin legal tender, privacy activist and whistleblower Edward Snowden says, “there is now pressure on competing nations to acquire bitcoin — even if only as a reserve asset.” He warned, “Latecomers may regret hesitating.” Edward Snowden Warns Countries That Hesitate Adopting Bitcoin May Regret Their Decisions Former computer intelligence consultant for the National Security Agency (NSA) and contractor for the Central Intelligence Agency (CIA), Edward Snowden, commented on El Salvador making bitcoin legal tender Tuesday. He tweeted: Today Bitcoin was formally recognized as legal tender in its first country. Beyond the headlines, there is now pressure on competing nations to acquire bitcoin — even if only as a reserve asset — as its design massively incentivizes early adoption. Latecomers may regret hesitating. El Salvador’s Bitcoin Law went into effect on Sept. 7 and BTC is now a national currency alongside the U.S. dollar. Nayib Bukele, the presid...

The U.S. Securities and Exchange Commission (SEC) has threatened to sue the Nasdaq-listed cryptocurrency exchange Coinbase over its lending product. The exchange says, “We don’t know why … We got no explanation from the SEC.” Coinbase Threatened by SEC Coinbase revealed Tuesday that it received a Wells notice from the SEC last Wednesday about its planned Lend program. A Wells notice is the official way a regulator tells a company it intends to sue the company in court. In a blog post titled “The SEC has told us it wants to sue us over Lend. We don’t know why,” Coinbase explained that it has been “proactively engaging with the SEC about Lend for nearly six months” so the notice came as a surprise. The company described that the Lend product will “allow eligible customers to earn interest on select assets on Coinbase, starting with 4% APY on USD coin (USDC).” The Nasdaq-listed crypto exchange detailed: The SEC told us they consider Lend to involve a security, but wouldn’t say why...

PRESS RELEASE. The Revive Project’s Unique ecosystem offers the crypto community a chance to be a part of and benefit from its unique investment platform and NFT marketplace. Zug, Switzerland — The Revive Project is a revolutionary platform that will allow the blockchain community to come together to invest in crypto and develop exciting NFT projects. Revive has created an unique ecosystem for NFT and crypto investments, governed by its native utility token, PULSE. The ecosystem uses a 10% transfer commission to benefit its community of users in a variety of different ways. Revive Project – Building an Ecosystem The Revive Project is developing right now 3 innovative platforms: Revive Wallet: Store & Vote The Revive Wallet will have an impressive level of application and functionality, specifically the ability to vote for upcoming Revive developments. The Revive Wallet and PULSE token will be specially combined so they can be integrated 100% in the Revive NFT Marketplac...

The chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has singled out the growth of cryptocurrencies as something that now poses “a far greater danger to the world economy.” Therefore, in order to deal with such dangers or threats, Bawa advocates for a “collective and collaborative approach by authorities around the world.” Economic Crimes Harm the Global Financial System According to a report by Vanguard, the EFCC chairman made these remarks while speaking at a symposium organized by the Centre for International Documentation on Organized and Economic Crime (CIDOEC). Meanwhile, at the same meeting which was organized to discuss the cost of economic crimes and who should foot this bill, Bawa is quoted explaining why countries must collaborate on this. He said: [Economic crimes] affect the vital structures of global economies, causing significant damage to the global financial system and depriving developing nations of the needed resources f...

Mauricio Moura, a current director of the Central Bank of Brazil, stated that anonymity won’t be a choice when making cryptocurrency transactions in the country. The representative stated that, sooner or later, all users would have their transactions identified by the government. These comments came at an event promoted by the Institute of Professionals for the Prevention of Money Laundering and Terrorism Financing. Central Bank of Brazil: ‘Anonymity Won’t Be an Option’ Mauricio Moura, director of citizenship relations and supervision of conduct for the Central Bank of Brazil, stated that the coming regulation could ban anonymity in cryptocurrency transactions made in the country. Moura stated that the central bank is currently devising ways to achieve this objective jointly with the Brazilian Securities Commission. He declared: I can’t say much. But the names of those involved in cryptocurrency operations will be known end-to-end. I can say that anonymity will not be an option. ...