Bitcoin News and Finance: What You Need to Know

Jack Dorsey, co-founder of Twitter and current CEO of Square Inc., is contributing $1 million to support the launch of a pilot program for guaranteed basic income in his hometown of St. Louis, Missouri. According to the city, applicants will be selected on a first come, first serve basis “for $500 monthly payments for 18 months.” Jack Dorsey Supports St. Louis’ Guaranteed Basic Income Pilot Twitter’s co-founder and the current CEO of Square Inc., Jack Dorsey, is contributing $1 million to jumpstart St. Louis’ Guaranteed Basic Income (STL GBI) Pilot Program, which aims to combat poverty in the city. The city of St. Louis announced the launch of the program on Tuesday, noting that participants will receive $500 a month for 18 months. The announcement details that in December last year, St. Louis Mayor Tishaura Jones signed Board Bill Number 116 (BB116), sponsored by Alderwoman Shameem Clark Hubbard, to establish the first guaranteed basic income program in the U.S. state of Missouri...

Banking giant JPMorgan Chase has debuted its blockchain-based collateral settlement system. Blackrock became the first client to use JPMorgan’s Tokenized Collateral Network (TCN). The world’s largest asset manager used the system to convert shares in one of its money market funds into digital tokens, which it then used as collateral in an over-the-counter derivatives trade with Barclays Plc. JPMorgan Debuts Tokenized Collateral Network JPMorgan Chase & Co. has completed its first blockchain-based collateral settlement for clients, Bloomberg reported Wednesday. Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, revealed in an interview that Blackrock, the world’s largest asset manager, utilized JPMorgan’s Tokenized Collateral Network (TCN) to convert shares from one of its money market funds into digital tokens. These digital tokens were subsequently used as collateral in an over-the-counter derivatives trade with Barclays Plc. “Blackrock and Barclays are now live on TCN, a...

Seven U.S. senators have called on the Treasury Department and the Internal Revenue Service (IRS) to “implement the proposed crypto broker reporting rule as rapidly as possible.” The lawmakers stressed: “We are alarmed by the self-inflicted two-year delay for the rule’s implementation.” Senators Want Crypto Tax Reporting Rule Implemented Swiftly Senators Elizabeth Warren, Angus King, Richard Blumenthal, Gary Peters, Bernie Sanders, Sheldon Whitehouse, and Brian Schatz sent a letter to Treasury Secretary Janet Yellen and Internal Revenue Service (IRS) Commissioner Daniel Werfel on Oct. 10 concerning cryptocurrency taxation. “We write regarding the Treasury Department and Internal Revenue Service’s (IRS) recently proposed rule concerning tax reporting requirements for crypto brokers,” the letter begins. “We are alarmed by the self-inflicted two-year delay for the rule’s implementation, which would contravene the requirements of the bipartisan Infrastructure Investment and Jobs Act, ...

Coinbase’s chief legal officer has called on U.S. Congress to pass sensible crypto legislation following reports that Hamas has amassed millions in cryptocurrency amid the escalating Middle East conflict. “We need this industry flourishing in nations committed to the rule of law, not driven to places where human rights and public safety mean much less,” the executive stressed. ‘We Need Sensible Crypto Legislation Passed’ The chief legal officer of cryptocurrency exchange Coinbase (Nasdaq: COIN), Paul Grewal, has called on U.S. Congress to swiftly pass sensible crypto legislation as the conflict in the Middle East escalates. In a post on social media platform X on Wednesday, Grewal opined: “What’s happened in and to Israel is evil. No funds should EVER be used to support Hamas or any other organization responsible [for the war] — whether those funds are in the form of fiat currency, gold, crypto, or whatever.” In a follow-up post on X, the Coinbase executive emphasized: That’s al...

Grocery chain Trader Joe’s filed a lawsuit this month against the decentralized exchange (dex) platform Trader Joe for trademark infringement. The suit, filed in federal court in Los Angeles, alleges that Trader Joe illegally copied the Trader Joe’s brand name and seeks to bar the exchange from using the name. Supermarket Trader Joe’s Says Dex Platform Causes Reputational Damage and Brand Erosion Trader Joe’s, the national chain of grocery stores known for its private label products, sued Trader Joe in federal court for illegally using its trademark. The lawsuit alleges that the dex platform , which launched in 2021, infringes on Trader Joe’s brand name. The grocery retailer outlined several instances of alleged illegal use, including Trader Joe naming their exchange “after the supermarket” without permission and using the exact “Trader Joe’s” trademark on their website and social media. Trader Joe’s sent multiple cease-and-desist letters demanding the exchange stop using the name,...

Bitcoin fell below the $27,000 level on Thursday, ahead of the upcoming inflation report in the United States. Consumer prices are expected to have risen by 3.6% in September, down 0.1% from the month prior. Ethereum plunged to a multi-week low. Bitcoin Bitcoin ( BTC ) fell for a fifth consecutive day, as markets prepared for the release of last month’s U.S. consumer price index (CPI) BTC /USD dropped to a low of $26,561.10 earlier in the day, which comes less than 24 hours after trading at a high of $27,258.45. Thursday’s sell-off has seen the world’s largest cryptocurrency remain near its lowest point since the end of September. Looking at the chart, the move pushed the relative strength index (RSI) to a support point at the 44.00 level. Price strength has since marginally rebounded, and at the time of writing, is tracking at 45.28. This floor may serve as a buffer ahead of the inflation report, which could then trigger an increase in volatility. Ethereum Ethereum...

In a disclosure on Wednesday, bitcoin mining entity Cleanspark has reserved 4.4 exahash per second (EH/s) of Bitmain’s latest S21 Antminers. The mining company, recognized on the public market, detailed that the consignment is valued at approximately $61.6 million, translating to $14 for each terahash per second (TH/s). Cleanspark Amplifies Mining Capabilities, Snags 4.4 EH/s of Bitmain’s S21 Antminers Cleanspark (Nasdaq: CLSK ), a U.S.-based bitcoin mining firm, divulged its procurement of 4.4 EH/s of the fresh S21 miners from mining equipment titan Bitmain. Though the specifics were not openly shared, the dispatch indicates that the Bitmain S21 Antminers boast an efficiency quotient of 17.5 joules per terahash (J/TH), suggesting the purchase likely involved the air-cooled S21 models . These air-cooled S21 models yield 200 TH/s each, necessitating 22,000 units for the company to hit the 4.4 EH/s mark. The apparatuses hold a cumulative worth of $61.6 million, as per Cleanspark. ...