Bitcoin News and Finance: What You Need to Know

Despite the market conditions that prevailed in much of 2022, decentralized finance (defi) still demonstrated its greater scaling potential than that of the traditional financial industry, a new report has said. Even though the total value locked dropped from the peak of $180 billion in Dec. 2021, to just over $50 billion by end of Oct. 2022, certain sectors of the defi market still “show a very optimistic trend.” Decline in Total Value Locked According to Hashkey Capital’s end-of-year report, decentralized finance (defi) has the “potential to be many times more scalable than the traditional financial industry.” In addition to the scaling potential, defi protocols are resilient and are likely to emerge from black swan events such as the Terra luna/UST collapse unscathed, the report suggested. However, in the report titled Defi Ecosystem Landscape Report, Hashkey Capital — an end-to-end digital asset financial services group — acknowledged that unfavorable market conditions that l

U.S. Congressman Warren Davidson has touted the self-custody of cryptocurrencies as the antidote to crypto exchange FTX’s fraud. He is pushing for his bill called “Keep Your Coins Act,” which aims to “protect self-custody from misguided attempts to restrict it.” U.S. Lawmaker Pushes for Self-Custody Congressman Warren Davidson (R-Ohio) has touted crypto self-custody following the collapse of cryptocurrency exchange FTX. He tweeted Wednesday: Self-custody is the antidote to FTX’s fraud and my Keep Your Coins Act would protect self-custody from misguided attempts to restrict it. “Anyone attacking self-custody is telling you they oppose individual freedom,” the lawmaker added. Responding to a question on Twitter about why new laws are needed if people can already self custody today, the congressman replied: Current and previous Treasury secretaries have discussed banning what they call ‘self-hosted wallets’ — self-custody. Senator Elizabeth Warren and numerous other members of C

On Dec. 21, 2022, U.S. attorney Damian Williams announced that the Southern District of New York (SDNY) Department of Justice (DOJ) filed charges against Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang. Williams declared that both Ellison and Wang have been cooperating with law enforcement officials. The U.S. Securities and Exchange Commission (SEC) also charged Wang and Ellison the same day, and the Commodity Futures Trading Commission (CFTC) followed suit with charges. “Caroline Ellison and Gary Wang acknowledge liability,” the CFTC said in a statement on Wednesday. Wang and Ellison Are Cooperating With Law Enforcement U.S. attorney Damian Williams and the SDNY Department of Justice (DOJ) announced that the government has filed fraud charges against FTX co-founder Zixiao (Gary) Wang and Alameda Research CEO Caroline Ellison. “Both [Ellison and Wang] have pleaded guilty to [the] charges,” Williams told the press. “And they are both cooperating with the [SDNY].

Guggenheim Partners CIO Scott Minerd believes there is going to be a crypto washout similar to the internet bubble. “There’s another shoe to drop,” he warned. Nonetheless, the executive is confident that the crypto industry will move forward despite the collapse of crypto exchange FTX. Guggenheim’s Scott Minerd Shares Crypto Outlook Guggenheim Partners Global Chief Investment Officer (CIO) Scott Minerd shared in an interview with Bloomberg last week his thoughts on the future of cryptocurrency following the implosion of crypto exchange in FTX. He was asked if he has confidence that bitcoin and crypto can move forward given the FTX fallout, subsequent contagion, and recent crypto market sell-offs. Minerd replied: “I do.” The CIO then proceeded to detail: “A year ago we were talking about crypto, and there were approximately 19,000 coins, to which my comment was, ‘this is mostly crap.'” He warned: There is going to be a washout. “Just like the internet bubble, we will have s

Coinbase has announced it has secured regulatory approval as a virtual asset service provider (VASP) in Ireland, according to a company blog post published on Dec. 21. According to the company, Coinbase has been approved by Ireland’s central bank which means the company can “provide products and services to individuals and institutions in Europe and internationally, from Ireland.” Coinbase Approved to Be a Regulated VASP by the Central Bank of Ireland On Dec. 21, 2022, Coinbase (Nasdaq: Coin ) informed the public that it has been granted regulatory approval by the Central Bank of Ireland, a member of the European System of Central Banks. The news follows Singapore’s central bank giving Coinbase “ in-principle approval ” last October so the trading platform can operate as a VASP and provide products and services in the island state. Ireland’s central bank has approved Coinbase’s VASP registration as well, and the trading platform can continue to provide digital asset products and s

According to a new study, out of the estimated 55.3 million cryptocurrency holders that are spread among 33 African countries, three countries — Nigeria, South Africa, and Kenya — account for approximately 36.14 million or nearly two-thirds of this total. In contrast, the study found that Seychelles, which is home to several cryptocurrency exchanges, has approximately 1,000 cryptocurrency holders. Nigeria Dominates The findings of the latest study undertaken by the Moroccan think tank Policy Center for the New South (PCNS), suggest that Nigeria has by far the largest number of cryptocurrency holders (40.5%) among the 33 African countries that were surveyed. The study findings also show South Africa as the next highest-ranked African country with an estimated 7.71 million cryptocurrency holders. Kenya’s estimated 6 million crypto holders mean it is the third highest-ranked African country. In addition to having the highest number of crypto holders among the surveyed states, the thr

The alleged operator of crypto exchange BTC-e, Alexander Vinnik, has asked to be released on bail due to the delay in court proceedings. In early August, the Russian IT specialist was extradited to the United States to face charges of money laundering through the now-defunct coin trading platform. Vinnik’s Defense Appeals for His Release on Bail After Months in U.S. Custody Crypto entrepreneur Alexander Vinnik has applied for release on bail because of the delay of his trial, according to Russian media. He has been in U.S. custody for over three months but the documents required by the court have not been provided by the respective American authorities, his lawyers have pointed out. According to information published in the Northern District of California’s federal court documents database on Friday, Vinnik’s defense team is asking for all documents pertaining to the trial to be presented within 60 days. Alexander Vinnik believes he should be released on bail or allowed to exercis