Bitcoin News and Finance: What You Need to Know

Brian Brooks and Charles Calomiris, former officials at the U.S. Office of the Comptroller of the Currency (OCC), have stated stablecoins can be tools that might help the U.S. dollar maintain its status as a reserve currency. In a recent article, Brooks and Calomiris call for regulations to allow stablecoin issuers to have the clarity needed for the assets to thrive. Stablecoins Might Help the U.S. Dollar Maintain Its Reserve Currency Status Brian Brooks, former U.S. Comptroller of the Currency, and Charles Calomiris, former chief economist of the Office of the Comptroller of the Currency (OCC), have issued an op-ed article explaining how stablecoins could contribute to maintaining the status of the dollar as a reserve currency. Brooks and Calomiris detail that stablecoins can be significant tools in the fight against worldwide de-dollarization, serving as catalysts for the demand for dollars for citizens in developing countries, even when their governments do not support dollariz...

Microstrategy’s stock (Nasdaq: MSTR) has risen 206% after the company adopted bitcoin as its primary treasury reserve asset. The business intelligence firm now holds 152,800 bitcoins, acquired for a total cost of $4.53 billion, and it has plans to buy even more. Microstrategy’s Stock Outperforms Bitcoin, S&P500, Nasdaq, Gold, Silver The stock of business intelligence firm Microstrategy (Nasdaq: MSTR) has risen 206% since the company adopted its bitcoin strategy, Executive Chairman Michael Saylor stated on Twitter Friday. He tweeted: Three years ago today Microstrategy announced that it had adopted bitcoin as its Primary Treasury Reserve Asset, purchasing 21,454 BTC for $250 million, or ~$11,653 per bitcoin. Microstrategy adopted its bitcoin strategy on Aug. 10, 2020. In comparison, during the same time period, bitcoin has experienced a 145% increase, while the S&P 500 has risen 33% and the Nasdaq 25%, according to a chart Saylor shared on Twitter. Meanwhile, gold has se...

Cryptocurrency exchange Bittrex has agreed to settle charges with the U.S. Securities and Exchange Commission (SEC). Bittrex and Bittrex Global agreed to pay $24 million. The SEC’s director of enforcement alleged that for years, Bittrex worked with token issuers to “scrub” their online statements “to evade the federal securities laws.” Bittrex Settles With SEC The U.S. Securities and Exchange Commission (SEC) announced Thursday that crypto trading platform Bittrex Inc., its co-founder and former CEO William Shihara, and Bittrex’s foreign entity Bittrex Global GmbH have reached a settlement with the regulator. The SEC charged Bittrex entities and Shihara in April. Specifically, the SEC explained that Bittrex and Shihara “agreed to settle charges that they operated an unregistered national securities exchange, broker, and clearing agency.” Meanwhile, Bittrex Global “agreed to settle charges that it failed to register as a national securities exchange.” The securities watchdog stat...

The accession of new members will allow BRICS to push the West to accept changes in international relations, an expert from UAE has been quoted as stating. That’s valid in particular for cross-border trade and de-dollarization, said Mohamed El Yattioui, professor at the American University in the Emirates. BRICS Bloc to Benefit From Inducting New Members Like UAE and Saudi Arabia, Academic Says “The role of BRICS has been increasing during the last years and in the last decade,” Mohamed Badine El Yattioui, doctor of political science and assistant professor of international affairs and strategy in the College of Security and Global Studies at the American University in UAE, told Russia’s Tass news agency. The academic emphasized that “for the United Arab Emirates, it’s important to become part of the BRICS group,” which currently consists of Brazil, Russia, India, China, and South Africa. He believes that the expansion will allow the bloc to put pressure on the West to recognize ch...

Custodia Bank, the financial institution that aims to bridge digital assets with the U.S. dollar payment system, is now live. Last month, Custodia started serving external business customers in select U.S. states, offering U.S. dollar deposits and government money market fund services, with bitcoin custody pending launch. The launch comes after overcoming regulatory pressures and challenges with the Federal Reserve Board. Custodia Bank Debuts Services Many crypto and narrow banking proponents have awaited the arrival of Custodia Bank , a financial institution that is tech-forward and customer-centric. “We’re grateful to our partners, who appreciate our approach of complying with banking laws and regulations; to Wyoming for its enabling laws; to our team and investors; and to the law-abiding digital asset industry,” said CEO Caitlin Long. Custodia says the bank’s regional bank-style risk management program, along with its dedication to following regulations, sets it apart from compe...

The Nigerian currency continued its slide versus the greenback when it fell to a new all-time low of NGN950 per dollar. Folashodun Shonubi, the acting governor of the Central Bank of Nigeria, insists that the naira is currently undervalued. The International Monetary Fund (IMF) has said Nigeria’s “loose” fiscal and monetary policies are to blame for the naira’s woes. Nigeria May Abandon New Exchange Rate Policy Nigeria’s rapidly depreciating currency recently breached the 900 per dollar mark for the first time after its parallel market exchange rate versus the greenback reportedly fell to a new low of NGN950:USD1 on Aug 9. The currency’s latest plunge came just days after the Economic Intelligence Unit warned that Nigerian authorities may consider abandoning the floating exchange rate regime adopted in mid-June. According to a report from The Cable, the ongoing shortages of the greenback on both the formal and informal markets have fueled the naira’s latest slide versus major cur...

In the course of the previous week, the value of worldcoin (WLD) against the U.S. dollar has plummeted by 24.6%, while a broader view of the past fortnight reveals a decline of 21.4%. Simultaneously, five days ago when the contract recorded 408,721 unique addresses in possession of WLD, the figure modestly rose by 14.61% or roughly 59,745 wallets. Worldcoin Users Claim 15.82 Million WLD, Unique Addresses Rise 14% in Five Days, Market Value Struggles Worldcoin’s activity is still on an upward trajectory, with 2.2 million individuals having registered to scan their irises. To date, the data reveals that 15,825,757 WLD have been successfully claimed by users. As the rate of these claims accelerates, a two-week market analysis confirms a loss of 21.4% against the greenback and a decline of 24.6% over the last seven days. Worldcoin’s price achieved an all-time high 18 days ago, but since that pinnacle, it has tumbled 48.18% from the $3.30 high that was marked on July 24, 2023. Trading...

Fisher Yu, the co-founder and chief technology officer (CTO) at the bitcoin staking protocol Babylon Chain, has argued that when staking bitcoin, stakers “do not need to trust or give their bitcoins to any third parties.” According to Yu, such an attribute helps to “eliminate the need for bridges and lenders” when staking bitcoins. Bitcoin Network’s Inherent Properties and the Security of PoS Chains The CTO told Bitcoin.com News that proof-of-stake (PoS) blockchains and app chains can also potentially benefit from the robust bitcoin-grade security that a bitcoin staking protocol brings. As explained in Babylon Chain’s whitepaper, bitcoin staking means holders of the top crypto asset can “trustlessly stake their bitcoins without bridging them to the PoS chain but yet provides the chain with full slashable security guarantees.” Concerning the so-called blockchain trilemma (a network’s inability to simultaneously excel in security, scalability, and decentralization), Yu insisted that...

The Bank of Russia has announced that all 13 banks intending to participate in the digital ruble pilot have already completed their preparations to join the upcoming test. Olga Skorobogatova, first deputy governor of the Bank of Russia, stated that customers of these banks will be able to apply to join the pilot “after some time.” Bank of Russia Digital Ruble Test Will Include 13 Banks The Bank of Russia is completing preparations for the upcoming digital ruble pilot test that will start on August 15. The bank recently announced that all banks that expressed their desire to be part of this test have already confirmed their participation in the pilot, making technical arrangements specifically directed for this test. According to the Russian state news agency Tass, the first deputy governor of the Bank of Russia, Olga Skorobogatova, stated : 13 banks completed all the preparatory activities as regards technical preparations and development of their own mobile apps and ready to sta...