Bitcoin News and Finance: What You Need to Know

The police service of the Canadian city of Calgary is launching a Cryptocurrency Investigations Centre in partnership with blockchain analytics firm Chainalysis to help combat crypto crime. The center “will enable law enforcement to tackle crime that takes place using blockchain technology,” Chainalysis described. Canada’s Cryptocurrency Investigations Centre The police service of Calgary, the largest city in the western Canadian province of Alberta and the largest metro area within the three Prairie Provinces region, announced last week that it is creating a “Cryptocurrency Investigations Centre.” The announcement explains: The Calgary Police Service is entering into a unique partnership with Chainalysis, a global blockchain data platform, to help combat crypto-crime. “The creation and implementation of the Western Canada Cryptocurrency Investigations Centre will strengthen our ability to ensure the public safety of citizens, allow for proactive policing, enhance technical inve...

Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), has issued her opinion on the recent attempts of the institution to change the definition of “exchange” under the Exchange Act Rule. According to Peirce, the institution is now expanding its reach to solve “problems that do not exist,” stifling innovation in the process. SEC Commissioner Hester Peirce Issues Dissenting Opinion U.S. SEC Commissioner Hester Peirce, also known in cryptocurrency circles as “crypto mom,” has written a letter blasting the recent decision of the Commission to amend the definition of “exchange” under the Exchange Act Rule. Peirce states that instead of bolstering innovation, this decision will render it “kaput,” bringing even more confusion to cryptocurrency circles in the U.S. Peirce argued that, compared with the 90’s SEC that acted in a different way, today’s SEC uses the rulemaking process as a threat. She commented : Today’s Commission tells entrepreneurs trying to d...

According to a recent report, the cryptocurrency exchange Bittrex received a Wells notice from the U.S. Securities and Exchange Commission (SEC) in March, signaling a potential lawsuit. The SEC’s enforcement division sent the Wells notice prior to Bittrex deciding to wind down its operations in the United States. ‘Lack of Regulatory Clarity’ in the U.S. Adds Uncertainty for Cryptocurrency Exchanges On Sunday, April 16, 2023, the Wall Street Journal (WSJ) reported that the cryptocurrency exchange Bittrex was informed of a potential lawsuit and enforcement action in the form of a Wells notice. A Wells notice is essentially a letter from the U.S. SEC that informs an individual or company of the regulator’s intent to take enforcement action against them. The notice provides the recipient with a chance to respond and often does not result in litigation. At the start of April, Bittrex informed the public that it “made the difficult decision to wind down U.S. operations, effective April ...

Bitcoin started the week trading below $30,000, as the U.S. dollar strengthened during Monday’s session. USD/JPY rose to a one-month high, with the greenback also gaining against the euro and British pound. Ethereum was also lower, falling below $2,100. Bitcoin Bitcoin ( BTC ) dropped below the $30,000 mark on Monday, as a strong U.S. dollar weakened cryptocurrency markets. BTC /USD fell to an intraday low of $29,816.72, which comes less than 24 hours after trading at a high of $30,555.54. Monday’s price slippage comes two days after bitcoin rose above $31,000 for the first time since June 7. Bitcoin chart by TradingView Ultimately, this recent bull run pushed BTC into overbought territory, with the relative strength index (RSI) hitting a ceiling of 71.00. At the time of writing, the index is tracking at 63.45, with a floor at the 59.00 mark potentially approaching. Should price strength continue to move towards this level, there is a good chance that BTC will move be...

According to Quaison Carter, the co-founder and CMO of the location-based NFT platform Lostworlds, non-fungible tokens (NFTs) are still not widely used due to what he called “user friction.” Carter, however, insists that the value of NFTs will persist for “as long as there are communities willing to use them.” The Role Played by PFP Communities Concerning the process of onboarding users, the Lostworlds co-founder suggested making this simpler and making sure the user does not spend time trying to understand how they can become NFT holders. When asked about the challenges associated with location-based NFTs such as location spoofing, Carter lamented how such practices harm the whole industry. He also briefly explained how his company is attempting to tackle the problem and thus help to maintain the “integrity of location-based interactions.” Also, in his written responses sent to Bitcoin.com News, Carter touched on why his firm chose Avalanche and the benefits of using that platfo...

U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions “judiciously,” as they can create a desire to find alternatives to the U.S. dollar. U.S. Treasury Secretary Yellen Talks Dangers of Dollar Weaponization Janet Yellen, Treasury Secretary of the United States, has referred to the possible effects that continued use of sanctions could exert on the hegemony of the U.S. dollar in international markets. In an interview reviewed by Reuters, Yelled acknowledged that such a danger does exist in the long term. On the issue, she stated : So, there is a risk when we use financial sanctions that are linked to the role of the dollar, that over time it could undermine the hegemony of the dollar, as you said. But this is an extremely important tool we try to use judiciously. Yellen recognizes that such sanctions push...

The government of China protested the enactment of sanctions on a series of national companies by the U.S., barring them from doing business with U.S.-based entities for allegedly collaborating with Russia. China’s Commerce Ministry criticized the move, saying it is a “typical form of long-arm jurisdiction,” which damages the rights and interests of these companies. China Opposes the Enactment of Sanctions on National Companies The government of China has expressed its disagreement with the recent enactment of a series of sanctions against a number of national companies for supposedly collaborating with Russia. The companies, which are mostly in the electronics business, were allegedly used as bridges, purchasing U.S. technology in order to deliver it to Russia, sidestepping the sanctions established by the Office of Foreign Assets Control (OFAC) on Russian entities. A statement from China’s Commerce Ministry accused the U.S. of overreaching with this move. The statement rejected t...