Bitcoin News and Finance: What You Need to Know

While bitcoin prices have risen in value during the last two weeks, bitcoin dominance levels have slipped to lows not seen since the June 6 low of 41%, and the dip to 39.97% on May 16, 2021. Depending on the crypto market price aggregator leveraged, bitcoin’s dominance has been between 39.99% to 41.52%. Meanwhile, as bitcoin’s dominance has dropped significantly, crypto-asset markets like ethereum, cardano, binance coin, and tether have seen market dominance, in terms of overall valuation, steadily increase among the 10,000+ coins in existence today. As Bitcoin Slides to the 40% Range, Ethereum Climbs to 20% of the Crypto Economy It is well known that between the first time bitcoin ( BTC ) prices were calculated by market capitalization, and all the way up until February 2017, BTC had more than an 80% market dominance among all the other coins, for a majority of the time. There was an instance in 2014, where BTC dropped to 77.9% in December and again in March 2016 to 76.42%. Afte

Unknown scammers have organized a fake bitcoin giveaway through a Russian government website they hacked. The news of the attack comes after a recent report revealed that damages from crypto-related fraud in Russia have reached $30 million in value in the first half of this year. Regional Government Website in Russia Hacked by Scammers The main website of the local administration in the Russian city of Ryazan, around 200 km southeast of Moscow, has been targeted by hackers twice in a single day, Rzn.info reported quoted by the crypto news outlet Forklog. The unidentified attackers published an ad offering cryptocurrency to those who download a special application. The scammers initially promised to send 0.025 ВТС to every visitor who installed the app. They later changed the offer to a prize of $1,000 in bitcoin for each of five randomly chosen participants in what was advertised as the “Ryazani online lottery.” Both ads have already disappeared from the mayoral site but the local

Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.” Binance Not Associated With Binance Group Instead, Binance suggests in its September 3 Twitter thread that the FSCA might have erred when it issued the warning. The thread explained: Binance Group’ is not a Binance.com entity, please be mindful of scammers pretending to be associated with Binance.com. As reported by Bitcoin.com News, the FSCA did ask South Africans to be “cautious and vigilant when dealing with Binance Group” because the crypto platform is not authorized per South African laws. The FSCA also alleges that Binance — which it says is situated in Seychelles — maintains a Telegram chat group that “

On September 3, the decentralized exchange (dex) aggregation platform 1inch announced the project has partnered with the animated series “Take My Muffin.” The multimedia animated series aims to be co-created by the crypto community and created by a professional animation studio. 1inch Network Sponsors ‘Take My Muffin’ Animated NFT Series A new animated non-fungible token (NFT) series called “ Take My Muffin “ has announced a general partnership with the dex aggregator 1inch. Anton Bukov, the 1inch Network co-founder, says that the two teams are pleased to collaborate and stressed: “a partnership of this kind comes as no surprise.” The firm behind the 1inch Network will be sponsoring the NFT animated series. “’Take My Muffin’ was financed by the crypto-community from the very beginning, it’s actually the very first crypto-funded animated series, while the 1inch Network is one of the most promising and successful projects in the crypto space,” Bukov said in a statement. An explan

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the

Ethereum co-founder Vitalik Buterin has some suggestions of what he personally would like to see happening with Dogecoin and the meme cryptocurrency’s cooperation with Ethereum. Vitalik Buterin on Dogecoin’s Development and Its Ethereum Collaboration Ethereum co-founder Vitalik Buterin shared his thoughts on the potential cooperation between Dogecoin and Ethereum Wednesday as part of a Twitter experiment he is conducting where only the 268 people he followed can ask him questions. Three Arrows Capital CEO Zhu Su asked: “What are some promising ideas for Ethereum / Doge cooperation? What was it about Doge that got you interested in the project?” Su recently said that he is “ very bullish ” on dogecoin and that the meme cryptocurrency has “no risk of it having any regulatory issues ever.” Referencing Proof-of-Stake (PoS) and Proof-of-Work (PoW), Buterin replied to Su: Personally, I hope that doge can switch to PoS soon, perhaps using Ethereum code. I also hope they don’t cancel th

Nigeria’s securities regulator, the Nigerian Securities and Exchange Commission (SEC) has set up a fintech division “to study crypto investments.” This was revealed by Lamido Yuguda, the director-general of the SEC during an interview. Protecting Crypto Investors In the interview , Yuguda explains that the study’s findings will help inform the SEC of the best ways to regulate cryptocurrency should the Central Bank of Nigeria (CBN)’s February 6 directive be lifted. However, the director-general did not provide a time frame for issuing regulations or state when he expects the CBN directive to be lifted. Meanwhile, in the same interview, Yuguda explains why his organization is eager to come up with crypto regulations. He explained: We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain. As previously reported by Bitcoin.com News, Nigeria continues to be an ideal hunting ground for crypto scamm

According to a recent report, the National Football League (NFL) advised teams that they could not, at least for now, sell non-fungible tokens (NFTs) and sponsorships to digital currency companies. Advertisements for specific crypto assets were mentioned alongside initial coin offerings (ICOs), according to various club sources who remained anonymous. Anonymous Club Sources Disclose the NFL’s New Policy On Friday, The Athletic reported that sources familiar with the matter detail that the NFL is barring teams from participating in certain crypto ventures. The NFL’s alleged ban follows a great number of blockchain, NFT, and cryptocurrency endorsements from a number of star athletes and teams. For instance, Tom Brady has shown his support for bitcoin with laser eyes , but he’s also started his own NFT company called Autograph . Brady and his Brazilian supermodel wife Gisele Bündchen also signed a long-term partnership with FTX. But the seven-time Super Bowl champion is not the on

At the beginning of 2021, a trend ignited by the creators of the Reddit forum r/wallstreetbets caused the whole world to focus on retail traders in the stock market purchasing so-called dead stocks like AMC, GME, and others. The hype behind the Wallstreetbets group has fizzled in the last few months, but a group that claims to represent the Wallstreetbets community has started a decentralized finance (defi) project called wsbdapp.com. The Wallstreetbets application provides traders with the ability to swap synthetic stocks backed by blockchain tech. Wallstreetbets and Defi: ‘Synthetic Stonks’ A small team that claims to be associated with the creator of Reddit forum r/wallstreetbets has started a defi platform, or decentralized application (dapp). The platform is called wsbdapp.com and the protocol allows users to swap tokens similar to popular decentralized exchange (dex) apps today. The tokens are blockchain-based tokens that represent stocks listed on the stock market and they

Global investment bank JPMorgan says cryptocurrency markets are “looking frothy” as retail investors spill over from the stock market into cryptocurrencies and non-fungible tokens (NFTs). Crypto Markets Look Frothy, According to JPMorgan JPMorgan published a note Wednesday on the stock market and cryptocurrencies. It explains that retail investors bought stocks at a record pace over the summer with an estimated net flow into the U.S. stock market of $13 billion in August after reaching a record high of almost $16 billion in July. The JPMorgan analysts asserted that the stock-buying frenzy spilled over into altcoins and non-fungible tokens (NFTs) in August, and the surge in NFTs and decentralized finance (defi) activity has boosted the price of certain cryptocurrencies, such as ethereum, solana, and cardano. They wrote: Cryptocurrency markets [are] looking frothy again. As Bitcoin.com News reported , the crypto market gained approximately 83% in value over the last three months

India is reportedly working on a new way to regulate cryptocurrencies. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” according to a report. How India Will Regulate Cryptocurrencies India is reportedly planning to regulate cryptocurrencies as commodities based on use cases. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” The Economic Times reported Friday, citing three people aware of the development. The publication detailed: Cryptocurrencies will be treated as an asset/commodity for all purposes, including taxation and as per use case — payments, investment or utility. “Crypto assets can be either categorized on the basis of the technology they use or they can be defined on their end-use. So, before talking about how the regulations shoul

Clients of BBVA Switzerland will be able to buy, store, and trade crypto assets with a digital account that comes with a cryptocurrency wallet. The new banking product will be available across the European Union as well as in a number of markets in South America. BBVA Switzerland Account Facilitates Cryptocurrency Investments The Swiss subsidiary of Spain’s banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced the launch of a “100% digital investment account.” With the offering, the bank is trying to meet the needs of a new type of tech-savvy clients who want to invest “in more innovative, sustainable sectors and even in crypto-assets.” The ‘New Gen’ account, BBVA Switzerland explained, offers access to a catalog of companies and funds. They are organized into 11 themes including climate change, and by disruptive technologies like robotics, 3D printing, and autonomous vehicles. “The catalog also seeks to emulate the portfolios of major investors such as Cathie Wood or

South Korean crypto exchange Bithumb said it will deny access to foreigners unable to verify their identities via mobile phone. The decision comes as the trading platform moves to comply with the country’s updated regulations coming into force later this month. Korean Exchange Bithumb Prepares to Register Under New Rules Foreign nationals who do not pass mobile phone identity verification will not be able to use services provided by Bithumb, one of South Korea’s four largest cryptocurrency exchanges. The platform made the announcement this week as it prepares to follow new, stricter rules for the Korean crypto sector by Sept. 24. The country’s revised Special Funds Act took effect on March 25 and will be enforced after a six-month grace period. It requires domestic crypto exchanges to register with the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC). They also have to cooperate with local banks on the implementation of the real-name accounts system.

Most European citizens reject the idea of a cryptocurrency regulation regime imposed by the European Union (EU) on its member states, according to a recent survey. Most surveyed citizens lean towards independent cryptocurrency regulation in each country, compared to 25% that approve an EU-imposed regulation. However, most of the citizens polled acknowledged they still don’t know much about cryptocurrencies in the first place. Europeans Reject EU Crypto Laws, Favor Local Proposals European citizens are against the establishment of EU-imposed cryptocurrency-related laws, according to a recent survey ordered by Euronews. The poll, that was carried out by Redfield & Wilton Strategies, a global consulting firm, polled more than 31,000 citizens in 12 states of the European block: Germany, Estonia, France, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Portugal, and Spain. The survey found that most Europeans support locally issued laws instead of a set of rules

A law project introduced in June in the National Congress of Brazil has jumped into the spotlight recently because it establishes a fixed period for the executive to start regulating cryptocurrency transactions. If approved, the proposal will establish the payment of taxes for cryptocurrency-based transactions. The project is being reviewed by the Chamber of Deputies and will have to be analyzed conclusively by the Finance and Taxation Committee. Cryptocurrency Transactions to Be Regulated in Brazil A law project proposal, Bill 2140/21, that was introduced to the Chamber of Deputies of Brazil in June, is now in the spotlight because it establishes a fixed period for the regulation of cryptocurrency transactions for the executive branch of the government. If approved, it would give a time limit of 180 days to devise all the necessary structures to regulate cryptocurrency transactions in an effective way. The project was presented by the deputy Alexandre Frota , part of the Partido d

Inter Milan, Italy’s reigning soccer champion, has signed a partnership agreement with blockchain company Zytara Labs. The collaboration aims to provide users of the club’s mobile app with access to crypto products and allow Inter to create digital collectibles for fans around the world. Italy’s Inter Finds Sleeve Sponsor in the Crypto Industry The €85 million ($100 million) multi-year product partnership agreement has been sealed with support from the Digitalbits Foundation, FC Internazionale Milano and Zytara Labs announced Thursday. The collaboration will facilitate Inter’s plan to open up to an audience that is increasingly digital, global, and that represents different age groups, the entities explained in a press release. As part of the deal, Zytara will become the “official global digital banking partner” of Inter while digitalbits (XDB) will be the club’s “official global cryptocurrency.” The fintech firm will work to develop the Inter mobile app and integrate its digital

The list of regulators warning that Binance is illegally operating in their jurisdictions continues to grow. The authorities in Singapore and South Africa have become the latest to warn that the global cryptocurrency exchange may be in breach of their local laws. South Africa’s Financial Sector Conduct Authority Warns Against Binance The South African financial regulator issued a notice Friday about Binance, stating: The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Binance Group as they are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa. The notice describes Binance Group as “an international company situated in the Seychelles which has a telegram group that members of the South African public can join to gain access to their cryptocurrency exchange platform.” Furthermore, the regulator not

Japanese financial conglomerate SBI Holdings is reportedly launching a crypto fund that will invest in several cryptocurrencies. “I want people to hold it together with other assets and experience firsthand how useful it can be for diversifying portfolios,” said an executive of the company. SBI Holdings Launching Crypto Fund SBI Holdings Inc. has revealed its plan to launch a cryptocurrency fund by the end of November, Bloomberg reported Thursday, calling it the country’s first crypto fund. Tomoya Asakura, director of SBI Asset Management and president of SBI affiliate Morningstar Japan, explained that the fund will invest in a number of cryptocurrencies, including bitcoin, ethereum, XRP , bitcoin cash, and litecoin. He added that the fund is aimed at customers who understand the risks associated with cryptocurrencies, including their high volatility. In addition, there may be a minimum investment of about one million yen ($9,122) to three million yen. Asakura noted in a recent i

Data shows that non-fungible token (NFT) assets continue to break record sales week after week as statistics show over $1 billion in NFT sales took place during the last week of August. Meanwhile, this week’s data shows $821 million in NFT sales have been settled so far, dropping a hair since the week prior. Weekly Stats Show NFT Sales Are Still on Fire Non-fungible tokens (NFTs) have become extremely popular and a great number of NFTs are selling for hundreds of thousands or millions of dollars in crypto. Statistics from nonfungible.com ’s market history indicates that on August 29, 2021, seven-day sales broke an all-time high (ATH) at $1 billion in overall sales across all markets and NFT collections. Data from September 1, 2021, indicates sales are down from the ATH at $821 million this week. Statistics via nonfungible.com’s weekly data on September 3, 2021. Cryptopunks is the top collection selling during the last seven days according to dappradar.com weekly NFT sale statist

Reports from Zimbabwe suggest that an individual by the name of Martin Mhlanga, who is the mastermind behind the Cryptoshares bitcoin pyramid scheme, has disappeared along with over $6 million in investor funds. In addition to Mhlanga’s disappearance, the individuals thought to be managing Cryptoshares’ social media channels have similarly vanished. Unrealistic Cryptoshares Promises As one local report explains, Mhlanga had successfully used a series of unrealistic promises to lure many unsuspecting people into investing. For instance, the report explains that many of the victims had been lured into investing by claims that initial Cryptoshares investors were receiving a monthly membership payment of $2,000. Investors were also promised a payout that is double the amount of the initial investment. Believing that they too would be in line to receive the same monthly payment, some of Mhlanga’s victims are thought to have sold their properties just so they could raise the required mon

Bitcoin prices have improved a great deal in recent times and the network’s hashrate remains higher than it was 67 days ago when it tapped a low of 69 exahash on June 28. Today, statistics show Bitcoin’s hashrate has increased more than 92% since then and the network is due for another increased difficulty change in four days. Bitcoin’s Hashrate Improves a Great Deal in 2 Months Bitcoin has risen more than 7% in fiat value during the last seven days and has a market capitalization of over $950 billion on Friday. At press time, three month hashrate stats from coinwarz.com shows BTC ’s hashpower has increased a great deal since the end of June. At that time, bitcoin miners from China were facing a crackdown from the government and were forced to relocate to other countries. BTC ’s mining difficulty, however, started dropping well before the low drop to 69 exahash per second (EH/s). At the end of May, the difficulty slid by 15.97% and two weeks later another 5.3% decrease took place