Bitcoin News and Finance: What You Need to Know

The emergence of cutting-edge artificial intelligence capabilities has ignited the imagination of business strategists worldwide, urging them to envision the future operations of their respective industries in this era of AI. Simultaneously, the advent of Web3 is transforming our very interaction with the internet, which serves as the foundation of the contemporary global economy. Consequently, it is indisputable that the amalgamation of AI and Web3 will reshape business practices across all sectors, including the realm of cryptocurrencies, and give rise to unprecedented models that were previously inconceivable. The Dawn of Intelligent Blockchains, dApps, Protocols and More CoinEx, the preeminent cryptocurrency exchange boasting a user base of over 5 million worldwide, has recently released an article on the Medium platform , delving into the remarkable possibilities that arise from the fusion of artificial intelligence (AI) and web3. This insightful piece aims to shed light on the...

Egypt has filed an application to join the BRICS bloc, Russia’s ambassador to the Arab nation confirmed. The government in Cairo is interested in using alternative currencies in foreign trade, either national fiats or a new common currency, the diplomat unveiled. Egypt Takes Step to Join BRICS Club, Russia Backs Bid Egypt has applied to become a member of the BRICS bloc of nations, according to the Russian Ambassador to Cairo, Georgy Borisenko. In an interview with the Tass news agency, the diplomat explained: Egypt has submitted its application to join the BRICS group because one of the endeavors that BRICS is currently pursuing is to shift trade to alternative currencies, be it national currencies or a new common currency. Egypt is very much interested in that. Borisenko also pointed out that Egypt is willing to boost trade and economic cooperation with the Russian Federation. He revealed that new payment mechanisms are currently being developed to facilitate international tra...

According to an emergency cease-and-desist order from the Texas State Securities Board, the cryptocurrency firm Abra is “insolvent or nearly insolvent.” The filing alleges that a group of state securities regulators has been investigating Abra, and the working group interviewed William Barhydt, the company’s founder, in March 2023. Texas State Regulators Issue Cease-and-Desist Order, Citing Insolvency Claims Against Crypto Firm Abra The Texas State Securities Board (TSSB) has issued an emergency cease-and-desist order against the company Abra and its network of subsidiaries. The notice alleges that Abra and its affiliate companies are “collectively insolvent or nearly insolvent.” The order also named Plutus Financial, Plutus Lending, Abra Boost, and the firm’s founder, William John “Bill” Barhydt. The TSSB allegations suggest that in 2022, Barhydt restructured the firm into multiple entities and “sold investments in Abra Earn, a digital asset depository account, to unaccredited an...

Amid the regulatory crackdown in the United States, the bankrupt crypto lender Celsius has announced that all of its customers’ “altcoins” will be converted to bitcoin ( BTC ) and ethereum ( ETH ). Over $215 million worth of coins such as CEL, ADA , LINK, LTC , and others will be sold beginning on July 1, 2023. Celsius Plans to Convert 15 Different Tokens to Bitcoin and Ethereum In mid-February 2023, Celsius announced it would be acquired by Novawulf Digital Management to execute the reorganization plan. The firm filed its plan on June 15, and as per the latest revisions, customers who possess “altcoins” will have their balances converted to BTC and ETH on July 1. The only accounts exempted from this conversion are the “custody and withhold accounts.” “Celsius will be selling all altcoins from all customers (except custody and withhold accounts) starting July 1st and will be converting them into bitcoin and ethereum,” the official Twitter account wrote . The coins included in t...

Republicans of the House Financial Services Committee have criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, stating he is using Rule 3b-16 amendments to impose his views on cryptocurrency assets. In a letter sent to the SEC, republicans push back against the new proposed definition of “exchange” and its implications. Financial Services Committee Republicans Push Back Against SEC’s Proposed Ruleset Republicans of the House Financial Services Committee are pushing back against the proposed amendments to Rule 3b-16 presented by the U.S. Securities and Exchange Commission (SEC) that expands the definition of “exchange.” The group, comprising Chair Patrick McHenry and 28 other representatives, sent a letter on June 13 criticizing the implications of the approval of the rule, and its effects on the cryptocurrency market and its operators. According to these representatives, passing this rule would imply that software protocols and even developers of decentra...

Bitcoin fell below the $25,000 level for the first time since March, as the Federal Reserve opted to keep rates unchanged. However, to the surprise of many, the Fed also forecasted two further hikes in this current cycle. Ethereum reacted negatively to the news, dropping below $1,700. Bitcoin Bitcoin plunged to a multi-month low on Thursday, as markets continued to react to the U.S. Federal Reserve’s decision not to increase interest rates. Chair Powell did forecast two further hikes, with core inflation still higher than the bank would like. He stated: “I think if you look at the core PCE inflation overall, look at it over the last six months, you’re just not seeing a lot of progress.” BTC /USD dropped to an intraday low of $24,820.20 on the news, which comes following a high of $26,040.66 on Wednesday. As a result of the drop, bitcoin slipped to its weakest point since March 16, when price was at a bottom of $24,200. Today’s decline came as the 14-day relative strength ...

A Hong Kong lawmaker has invited global cryptocurrency exchanges, including the Nasdaq-listed Coinbase, to register in Hong Kong to provide crypto services. “Please feel free to approach me and I am happy to provide any assistance,” the lawmaker noted. Hong Kong Welcomes Crypto Exchanges Hong Kong legislator Johnny Ng has invited global cryptocurrency exchanges to apply for a license to operate in Hong Kong, following a recent crackdown by the U.S. Securities and Exchange Commission (SEC) on unregistered crypto exchanges and securities tokens. Noting that there has recently been a lot of news about cryptocurrency exchanges, the lawmaker tweeted Saturday: I hereby offer an invitation to welcome all global virtual asset trading operators including Coinbase to come to HK for application of official trading platforms and further development plans. “Please feel free to approach me and I am happy to provide any assistance,” the lawmaker added. Hong Kong recently revamped its regulat...