Bitcoin News and Finance: What You Need to Know

A cryptocurrency investor has reportedly sued South Korean crypto exchange Upbit after the trading platform delayed processing his luna coin transfer prior to its crash. The Korean crypto exchange is investigating the details of the lawsuit. Upbit Sued by Crypto Investor Dunamu Inc., the company that operates the South Korean cryptocurrency exchange Upbit, has been sued by a crypto investor, a man in his 50s, Korea Joongang Daily reported Monday. The investor alleged that Upbit delayed processing his coin transfer off the exchange prior to the coin crashing, resulting in a monetary loss of 156 million won ($112,477). Upbit is one of the largest crypto exchanges in South Korea. The lawsuit filed with the Seoul Central District Court last week explains that the investor attempted to transfer 1,310 luna coins (LUNA) on March 24 from his Upbit crypto wallet to a wallet he owns at Binance in order to exchange the coins for Vietnamese dong. On that date, the price of LUNA, now called lu...

A federal judge in California has ruled that Apple Inc. is shielded from the “Toast Plus” class action lawsuit where a fake crypto wallet app was available in the Apple App Store. A customer sued the tech giant after downloading the fraudulent app and lost some crypto. Apple Not Liable for Loss After Customer Downloaded Fake Crypto App Judge Phyllis J. Hamilton of the U.S. District Court for the Northern District of California has ruled that Apple Inc. is not liable in a class action lawsuit where a fraudulent cryptocurrency wallet app was available for download on the company’s app store, Bloomberg reported Tuesday. Plaintiff Hadona Diep, a crypto investor, accused Apple of hosting a fraudulent mobile application that mimics Toast Plus, a legit XRP wallet app. The fake app had a similar name and logo to its legitimate counterpart. She filed a class action lawsuit against the Tech giant in Maryland federal court in September last year; the case was transferred to the Northern Dis...

Mizuho Securities’ head of global macro strategies has warned that an IMF bailout may be in the U.K.’s future. Moreover, a former chancellor of the exchequer cautioned that Britain is entering a long and severe recession, emphasizing that it’s “the worst since 1990 and it may be the worst since before that.” Strategist Discusses Possibility of IMF Bailout for the UK Peter Chatwell, head of global macro strategies at Mizuho Securities, shared his outlook for the U.K. economy in an interview on Bloomberg Television Monday. He explained that Britain’s new prime minister, Liz Truss , has promised fiscal policy that the British government cannot afford. He also does not expect the Bank of England to be able to get inflation anywhere near its 2% mandate anytime soon. “I’m thinking of two potential crises that this reminds me of,” the Mizuho strategist said. Noting that one of them is the European Exchange Rate Mechanism in 1992, he opined: And then I’m thinking about the possibility ...

The bitcoin mining company Cleanspark revealed on Wednesday that the company has signed a purchase agreement for 10,000 new Bitmain Antminer S19j Pro mining rigs for $28 million. Cleanspark expects the machines to be delivered to the company’s facilities by the end of October or early November 2022. Cleanspark Inks Deal with Cryptech Solutions — Purchases 10,000 New Antminers Bitcoin miner Cleanspark (Nasdaq: CLSK ) has announced it has inked a deal with Cryptech Solutions in order to acquire 10,000 Bitmain Antminer S19j Pro bitcoin mining rigs. The news follows Cleanspark exceeding 3 exahash per second (EH/s) and a record daily production high of 13.25 BTC . At the time, Cleanspark’s executive chairman Matt Schultz remarked that the company was prepared for the crypto winter. In the press release sent to Bitcoin.com News, Cleanspark said the 10,000 new Bitmain-brand bitcoin miners should be delivered to the firm’s mining campuses in roughly two months. The publicly-listed bitcoin...

Wall Street’s major indexes closed the day in red on Tuesday, alongside cryptocurrencies, and precious metals like gold and silver taking some percentage losses. The leading crypto asset bitcoin dropped 5.87% under the $19K region, while the second largest crypto asset ethereum shed 8.7%. Gold’s nominal U.S. dollar value per troy ounce slipped by 0.50%, while silver dropped by 0.74% on September 6. Meanwhile, a recent rise in U.S. Treasury yields has been concerning and one analyst thinks the anomaly could spark an American debt crisis. Stocks Sink Lower, Crypto Economy Craters, Precious Metals Dip, Traders Await Fed’s Next Move Tuesday was a bloody day of trading for Wall Street traders, gold bugs, and crypto proponents as markets shed significant losses. Investors are starting to weigh in on the upcoming Federal Reserve rate hike, and benchmark U.S. Treasury yields leapt to the highest tier in two months. Nasdaq, NYSE, S&P 500, and the Dow Jones ended Tuesday lower than expect...

Bitcoin fell below $19,000 on Wednesday, as the token failed to break out of a key resistance level during yesterday’s session. As a result of today’s sell-off, prices are now at their lowest point since June. Ethereum also declined, as bullish sentiment surrounding The Merge faded. Bitcoin Bitcoin ( BTC ) fell to its lowest level since June earlier in today’s session, a day after the token failed to break out of a key resistance point. Following a peak of $20,155.27 on Tuesday, BTC /USD dropped to an intraday low of $18,644.47 on hump day. The move saw bitcoin fall to its lowest point since June 18, and came as prices declined as BTC neared its ceiling of $20,230. Looking at the chart, the drop saw BTC move from that ceiling, to eventually break out of a support level of $19,500. As of writing, the token is now trading close to a lower floor at $18,600, which is an area where bulls have so far attempted to uphold support. The relative strength index (RSI) is currently tracki...

Russia is cooperating with friendly countries on the potential employment of stablecoins in international payments, a top government official unveiled. The news comes after key institutions in Moscow agreed that the Russian Federation needs to legalize cross-border crypto payments in the face of sanctions. Russia Looking to Build Stablecoin Platforms to Facilitate Trade With Partners The Russian government is now working with several “friendly countries” on the establishment of clearing platforms for international settlements in stablecoins, Deputy Finance Minister Alexey Moiseev revealed, quoted by the Tass news agency. “We are currently working with a number of countries to create bilateral platforms in order not to use dollars and euros,” Moiseev said, explaining that Moscow offers to employ “mutually acceptable tokenized instruments” on these platforms. The high-ranking government official further elaborated that the “stablecoins can be pegged to some generally recognized inst...

The Ethereum Merge is shaping up to be the biggest event in the crypto space in over five years, and that could mean some significant impacts on your crypto portfolio. We know that sometime between September 10th and 20th, the Merge will take place, resulting in the Proof of Stake “Beacon Chain” merging with the current Proof of Work Ethereum chain. While speculation surrounds whether Ethereum will fork and what may happen to DeFi protocols, stablecoins, NFTs and more, essential questions remain around the potential tax implications that Ethereum holders could incur. So what’s happening, and what do you need to know? Crypto tax calculator Koinly is here to explain. What is the Ethereum Merge? The ultimate result of the Ethereum Merge will be the transition from Proof of Work (PoW) to Proof of Stake (PoS) as the consensus mechanism for the Ethereum blockchain. Ethereum developers have flagged this move for years, with work initially beginning as far back as 2016. The current es...

A lawyer representing Russian IT specialist Alexander Vinnik has urged the government in Moscow to discuss a potential exchange of prisoners with the United States, where he was recently extradited. The French legal expert is convinced only a return to his homeland could save Vinnik who has deteriorating health after solitary confinement in France and hunger strikes in Greece. Vinnik’s Lawyer Asks Russian Foreign Minister Lavrov to Start Negotiations With Washington One of the lawyers of Alexander Vinnik, alleged operator of BTC-e who has been accused of laundering over $4 billion through the now defunct cryptocurrency exchange, has urged Russian authorities to negotiate adding his client to a possible prisoner swap deal with Washington. Frederic Belot, a member of Vinnik’s defense team who represented him in French courts, has issued his call in a letter addressed to Russian Foreign Minister Sergei Lavrov, Reuters reported on Monday after seeing the correspondence. “Now the only ...