Bitcoin News and Finance: What You Need to Know

German investment platform Trade Republic and digital asset exchange Crypto.com have registered as crypto service providers in Italy. Since February, the financial authorities in Rome maintain a registry for all cryptocurrency platforms permanently operating in the country. More Companies Register as Providers of Crypto Services in Italy Germany-based investment platform Trade Republic and Singapore-headquartered digital currency exchange Crypto.com announced their registrations as crypto operators in Italy on Tuesday, Reuters reported. The news comes after other major crypto platforms like Binance, the world’s largest exchange by trading volume, and leading U.S. trading platform Coinbase did the same, earlier. The special registry for crypto service providers working in the Italian market was established by the Ministry of Economy and the brokerage regulator Organismo degli Agenti e dei Mediatori (OAM) in February of this year. It lists all cryptocurrency operators with a presence...

The African continent may not be the biggest crypto/blockchain market yet but the growing adoption of the technology illustrates that this will likely be a key market in the future. For instance, instead of being seen or used as a tool for speculative trading, crypto is proving to be a more convenient and cheaper way of sending remittances. In countries whose economies have been devastated by inflation, cryptocurrencies are an alternative way of storing value. As more people on the continent understand these attributes of cryptocurrencies and the underlying technology, their demand for digital assets also increases. As policymakers from other jurisdictions work on finding ways to stop or slow the adoption of this fintech, it becomes imperative that the African crypto story gets told more frequently. Bitcoin.com News has been one of the media platforms to regularly cover stories, events and individuals making a difference in Africa crypto’s space. Now, in addition to regular Africa...

The U.S. Department of Justice (DOJ) has seized $500K in ransom payments and cryptocurrency from a state-sponsored North Korean group. “We are returning the stolen funds to the victims,” Deputy Attorney General Lisa O. Monaco said, adding that the seized funds include ransoms paid by health care providers in Kansas and Colorado. DOJ Seizes Crypto From North Korean State-Backed Group The U.S. Department of Justice (DOJ) announced Tuesday that it has seized and forfeited approximately $500K from North Korean ransomware actors and their conspirators. The department added that it has filed a complaint “in the District of Kansas to forfeit cryptocurrency paid as ransom to North Korean hackers or otherwise used to launder such ransom payments.” The DOJ stated: In May 2022, the FBI filed a sealed seizure warrant for the funds worth approximately half a million dollars. The seized funds include ransoms paid by health care providers in Kansas and Colorado. Deputy Attorney General Lisa O...

Grayscale Investments has explained that there may be another 250 days of the current bearish crypto market, citing patterns in previous cycles. In addition, “Bitcoin is 222 days off the all-time high, which means we may see another 5-6 months of downward or sideways price movement,” the world’s largest digital asset manager detailed. Grayscale’s Crypto Market Outlook Grayscale Investments, the world’s largest digital asset manager, published a report titled “Bear Markets in Perspective” this week. The firm explained: “The length, time to peak and trough, and recovery time to previous all-time highs in each market cycle may suggest that the current market may resemble previous cycles, which have resulted in the crypto industry continuing to innovate and push new highs.” The report details: Crypto market cycles, on average, last ~4 years or approximately 1,275 days. While most bitcoiners are familiar with market cycles based on bitcoin’s halving cycle, Grayscale has defined an...

Tesla has converted approximately 75% of its bitcoin into fiat currency. The cryptocurrency sales left the electric car company holding digital assets worth $218 million. “We are certainly open to increasing our bitcoin holdings in the future,” Tesla CEO Elon Musk said, adding: “W e have not sold any of our dogecoin.” Tesla Sold About 75% of Its Bitcoin Holdings Elon Musk’s electric car company, Tesla, released its Q2 earnings report Wednesday. The company wrote: As of the end of Q2, we have converted approximately 75% of our bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet. Tesla’s Q2 balance sheet shows net digital assets of $218 million, down from $1.26 billion in the previous quarter. The company also said its Q2 year-on-year operating income was impacted by bitcoin impairment. The electric car company’s statement of cash flows shows proceeds from digital asset sales of $936 million. The only other time Tesla’s cash flow state...

Simone Mazzuca is the creator of EURST – the first representative euro stablecoin, 100% asset backed with US Dollars and live audited. EURST is providing one of the most secure and reliable stablecoin structures on the euro market to serve as a bridge to the digital economy. Mr. Simone Mazzuca is the Director and Founder of the Wallex group and the creator of EURST . He recently joined the Bitcoin.com News Podcast to talk about the current state of stablecoins including such topics as regulations, integration with the banking systems, CBDCs and institutional use cases: Wallex is a group of financial institutions founded in 2020 working on bridging the gap between traditional finance and the crypto spaces. Wallex is the full ecosystem of assets and digital assets, including AML, Compliance, neobanking, custody, trustee, payments, trading, alternative and decentralized investment, tokenization, wealth management, White label solutions and customer experience support services. Simo...

The Federal Bureau of Investigation (FBI) has issued a warning about fake cryptocurrency apps defrauding investors. “The FBI has identified 244 victims and estimates the approximate loss associated with this activity to be $42.7 million,” said the U.S. law enforcement agency. FBI’s Crypto App Warning The cyber division of the Federal Bureau of Investigation (FBI) issued a notice Monday warning investors and financial institutions about fraudulent cryptocurrency applications. The notice states: The FBI is warning financial institutions and investors about cyber criminals creating fraudulent cryptocurrency investment applications (apps) to defraud cryptocurrency investors. The FBI explained that it has observed cybercriminals contacting U.S. investors, claiming to offer legitimate crypto investment services. The criminals then convinced investors to download fraudulent mobile apps. The notice continues: The FBI has identified 244 victims and estimates the approximate loss assoc...

On July 19, the digital asset company Bitgo announced it has partnered with the Near Foundation and will be “the first qualified custodian to support the protocol and its assets, including its native token.” The collaboration will give institutions holding near protocol (NEAR) tokens the ability to store and stake the coins via Bitgo’s platform. Bitgo Partners With the Near Foundation The digital asset financial services firm Bitgo has inked a partnership deal with the Near Foundation , the non-profit foundation headquartered in Switzerland that’s responsible for the development and core governance for the Near protocol. The Near protocol is an open-source, carbon neutral, public proof-of-stake (PoS) blockchain that uses the Nightshade consensus mechanism. The Palo Alto, California-based company Bitgo says that through the new partnership, “institutions holding [near protocol] tokens will now be able to custody and stake these tokens via hot wallets and qualified custody wallets ...

Gemini, the cryptocurrency exchange owned by the Winklevoss twins, is laying off more staff. According to reports, the company is axing 7% of its current workforce, as it engages in significant cost-cutting policies. This is the second wave of layoffs at Gemini, after the company laid off 10% of its staff less than two months ago. Gemini Lays Off More Staff Gemini, a regulated, U.S.-based cryptocurrency exchange founded by the Winklevoss twins , is reducing the size of its workforce, according to sources. While the exchange did not make an internal announcement for this round of layoffs, it is estimated that it laid off 7% of its current workforce, with 68 employees leaving the company. However, the extent of the layoff plan could be even bigger, with leaked documents pointing out that the company might fire more of its staff to reach a workforce number of 800 employees, implying that 150 more employees could be laid off to reach this goal. The company had 950 employees at the mome...