Bitcoin News and Finance: What You Need to Know

The U.S. dollar will be stronger if it’s not a central bank digital currency (CBDC), according to candidate for Republican presidential nomination Vivek Ramaswamy. He is convinced that a digitized greenback and other digital fiats represent a threat to democracy in the United States. CBDC Is the ‘Latest Trojan Horse of the Great Reset,’ Opponent Ramaswamy Says Vivek Ramaswamy, one of the runners in the 2024 Republican Party presidential primaries, has criticized the U.S. government for considering a digital version of the dollar. “It’s telling that Janet Yellen is pushing for the U.S. to adopt CBDCs, begging Americans to keep up with the Jinpings,” he tweeted on Wednesday. Ramaswamy believes that “CBDCs are just the latest Trojan horse of the Great Reset and are a clear path to a social credit system that will permanently embed ESG into our currency itself.” In his view, “the dollar will be *stronger* if we protect it from digitization.” In a video posted on X, formerly Twitte

Digital Currency Group (DCG) has filed a motion to dismiss the lawsuit brought against them by Gemini Trust Company, LLC. The motion, filed in the Southern District of New York, argues that Gemini’s allegations of fraudulent misrepresentations related to the Gemini Earn program are without merit and inadequately substantiated. DCG’s legal team asserts that the lawsuit lacks actionable evidence and calls for the court to dismiss the complaint. Digital Currency Group Seeks Dismissal of Gemini Lawsuit, Citing Lack of Evidence and Inadequate Allegations In the preliminary statement of the motion , DCG outlines Gemini’s claims related to the Gemini Earn program, formerly operated by Gemini in coordination with Genesis Global Capital, LLC (Genesis). DCG argues that Gemini’s allegations , aimed at holding DCG and Barry Silbert responsible for Genesis’s actions, are unfounded. DCG’s motion further points out that Gemini’s allegations fail to adequately allege fraud by the defendants. The a

Galaxy Digital CEO Mike Novogratz is optimistic that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within four to six months. The executive cited his contacts at Blackrock, the world’s largest asset manager, and investment management firm Invesco. Both companies have filed to launch a bitcoin ETF with the SEC. Novogratz Discusses Spot Bitcoin ETF Approval, Says Ripple Ruling Is ‘a Big Deal’ The CEO of Galaxy Digital Holdings, Mike Novogratz, revealed during his company’s Q2 earnings call on Tuesday that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within four to six months. Commenting on the likelihood of the SEC greenlighting spot bitcoin ETF filings by Blackrock and Invesco, Novogratz shared: Both our contacts, from the Invesco side and from the Blackrock side, get you to think that this is a question of when, not if, that the outside window is probably six m

The U.S. Securities and Exchange Commission (SEC) is not appealing District Judge Analisa Torres’ ruling that XRP is not a security, a lawyer has explained. The securities regulator is appealing “programmatic and individual sales issues,” he clarified, adding that “If the SEC wins the appeal on sales, then Ripple couldn’t use exchanges to facilitate sales.” SEC Not Disputing Whether XRP Is a Security The U.S. Securities and Exchange Commission (SEC) has informed District Judge Analisa Torres that it intends to appeal her ruling in the Ripple case. However, the securities regulator is not appealing the non-security status of XRP , Jeremy Hogan, partner at law firm Hogan & Hogan, explained on Twitter Wednesday. “The SEC continues making questionable decisions, requesting an interlocutory appeal ,” Hogan tweeted, emphasizing: Note that it is NOT appealing whether XRP itself is a security — just its losses on the programmatic and individual sales issues. In another tweet, h

Bitcoin-friendly mobile top-up platform Bitrefill announced support for eSIM purchases with a number of cryptocurrencies. The service will allow travelers to have access to fast internet in different countries around the world after buying prepaid data plans using their digital coins. You Can Now Buy eSIM Cards From Bitrefill Using Your Crypto Wallet Bitrefill, a popular website for buying gift cards and mobile top-ups with cryptocurrency, has introduced support for eSIM purchases. The new feature will allow crypto users to have instant mobile internet connection without the need to change SIM cards when they travel, the company highlighted in a blog post on Tuesday, stating: In our quest to continually innovate and make the lives of our customers easier to live on crypto, you can now enjoy seamless global connectivity, no matter where you are, without the hassle of physical SIM cards. An eSIM is a digital SIM card that allows you to activate a cellular plan from a carrier with

Bitcoin miners saw a slight increase in mining difficulty on August 9, 2023, at block height 802,368, as the difficulty rose 0.12% from 52.32 trillion to 52.39 trillion. Over the last 2,016 blocks, miners recorded an average hashrate of about 376.5 exahash per second (EH/s). Miners Experience a Slight Increase in Bitcoin Mining Difficulty Bitcoin’s mining difficulty became a bit more challenging on August 9, at block height 802,368. At that time, the network’s mining difficulty rose 0.12% after a 2.94% decrease two weeks earlier at block height 800,352 . The network’s difficulty is now 52.39 trillion , requiring miners to perform a great amount of computational work to find a valid hash. The higher the difficulty, the more computational power and energy is needed to mine new blocks successfully. Since the first change at block height 2,016, Bitcoin’s mining difficulty has changed 397 times. Currently, on Aug. 9, 2023, the network’s hashrate is at 380.33 EH/s. The leading mining p

Binance has become a fully licensed cryptocurrency exchange in El Salvador, having obtained two licenses: a Bitcoin Services Provider license (BSP) and a Digital Assets Services Provider license (DASP). According to the company, Binance now has approvals and registrations in 18 markets worldwide. Binance Now Fully Licensed in El Salvador Cryptocurrency exchange Binance announced Tuesday that it has obtained two crypto licenses in El Salvador. Binance stated: It has become the first fully licensed crypto exchange in El Salvador after being granted both Bitcoin Services Provider license (BSP) … and the first non-provisional Digital Assets Services Provider license (DASP). The BSP license was granted by the Salvadoran Central Reserve Bank (Banco Central de Reserva), and the DASP license was granted by the National Commission of Digital Assets (Comisión Nacional de Activos Digitales), Binance detailed. With the latest licenses in El Salvador, Binance claimed that it “has approvals

Swiss investment banking giant UBS expects the U.S. dollar’s reign to live on. “We firmly believe we will be living in a U.S. dollar-centric world for years to come,” the bank’s executive said, adding that there will be some room for competitors. UBS on US Dollar’s Dominance Switzerland-headquartered investment bank UBS has argued that the U.S. dollar will retain its dominance for years to come. Alejo Czerwonko, Managing Director and Chief Investment Officer Emerging Markets Americas at UBS Global Wealth Management, said on Monday that despite the recent Fitch Ratings’ downgrade : We firmly believe we will be living in a U.S. dollar-centric world for years to come. He provided three reasons to support his argument. Firstly, “global currency regimes are sticky,” the UBS chief investment officer stated. Noting that the U.S. dollar dominates financial markets and international trade, he explained: “Changes in the world’s dominant currency have historically taken a long time to mate

The U.S. Securities and Exchange Commission (SEC) has sent a letter to District Judge Analisa Torres seeking permission to file an interlocutory appeal in the SEC v. Ripple case over XRP . In addition, the securities regulator’s motion will “seek to stay the district court proceedings.” SEC Seeks to Appeal Ruling in Ripple- XRP Case The U.S. Securities and Exchange Commission (SEC) sent a letter to District Judge Analisa Torres on Wednesday seeking permission to file an interlocutory appeal to her judgment in the SEC v. Ripple case over XRP . An appeal is described as interlocutory when it is made before all claims are resolved to all parties. The letter states: Specifically, the SEC seeks to certify the court’s holding that Defendants’ ‘Programmatic’ offers and sales to XRP buyers over crypto asset trading platforms and Ripple’s ‘Other Distributions’ in exchange for labor and services did not involve the offer or sale of securities under SEC v. W.J. Howey Co., 328 U.S. 293 (

The Federal Reserve has established a new supervisory program to increase oversight of crypto activities by the banks it regulates. The U.S. central bank also released additional guidelines for banks to follow before engaging in the issuance, possession, or transactions involving U.S. dollar stablecoins. Fed Steps up Crypto Oversight The Federal Reserve announced the establishment of the Novel Activities Supervision Program on Tuesday to increase oversight of novel activities by the financial institutions under its supervision. The Fed explained: The program will focus on novel activities related to crypto-assets, distributed ledger technology (DLT), and complex, technology-driven partnerships with nonbanks to deliver financial services to customers. Moreover, the central bank stressed that the program “will be risk-focused and complement existing supervisory processes.” On Tuesday, the Federal Reserve Board also released guidelines mandating banks to adhere to certain requir

Officials in law enforcement from Lethbridge, situated in the province of Alberta, Canada, have unveiled that the Lethbridge Police Service (LPS) is now utilizing Chainalysis blockchain forensics software. According to local reports, LPS has acquired the capacity to trace cryptocurrency transactions, enabling them to ascertain the locations where the funds have been deposited. Lethbridge Police Service Embraces Blockchain Surveillance Technology Police in Lethbridge, Canada have told the press that investigators at the station utilize Chainalysis’ Reactor blockchain surveillance software. The Lethbridge Herald discussed the situation with sergeant Kevin Talbot of the Lethbridge Police Service (LPS) Economic Crimes Unit. Talbot has been trained in blockchain analysis, which is considered a significant advancement for a smaller force like the LPS, the report said. The report notes that technology allows the LPS to trace transactions, identify suspects, and determine where funds have

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that artificial intelligence (AI) technology will be at the center of future financial crises. The securities regulator has put out a specific proposal to address some of the issues that could be embedded in AI models. SEC Chair Gensler on AI and Financial Crises The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, outlined some of his biggest concerns regarding artificial intelligence (AI) in an interview with Dealbook’s Ephrat Livni on Monday. The rise of generative AI tools like Chatgpt indicates that the technology is poised to transform business and society. The SEC chairman said: This technology will be the center of future crises, future financial crises … It has to do with this powerful set of economics around scale and networks. Gensler expressed concern that certain AI models may prioritize the interests of companies over those of investors, leading to potential

South Africa, the host of the BRICS summit this year, has published a list of 23 countries that have applied to become members of the economic bloc. Moreover, South African President Cyril Ramaphosa has invited 67 leaders and 20 representatives of major organizations to the BRICS summit. French President Emmanuel Macron, however, is not invited. 23 Countries Apply to Join BRICS South Africa’s Minister of International Relations and Cooperation, Naledi Pandor, revealed at a briefing on the upcoming BRICS summit on Monday that 23 countries have officially applied to join the economic bloc. The BRICS summit will take place on Aug. 22-24 in Johannesburg. South Africa is hosting the BRICS summit this year. South Africa’s President Cyril Ramaphosa, China’s President Xi Jinping, Brazil’s President Luiz Lula da Silva, and Indian Prime Minister Narendra Modi are expected to attend. However, Russian President Vladimir Putin will not attend in person . According to the South African official

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has warned of severe consequences of a nuclear war between the U.S. and Russia. In one estimate, more than five billion people could die from a war between the two nations, including around 99% of those in the U.S., Europe, Russia, and China. RFK Jr on Potential US-Russia Nuclear War U.S. presidential candidate Robert F. Kennedy Jr. has raised concerns about the severe consequences of a nuclear war between the U.S. and Russia in a series of tweets. RFK Jr. is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. The presidential hopeful wrote on Sunday: How would a nuclear war between the U.S. and Russia affect you? He also shared a video that outlines what the aftermath of a full-scale nuclear war between Russia and the U.S. could look like based on non-classified data. The video referenced a research paper published in August last year, which estimate

A think tank analyst says the U.S. dollar’s dominance may be coming to an end as countries position themselves for a new international system. “As the reliance on U.S. dollars diminishes, central banks will begin dumping their dollar reserves. This will result in hyperinflation, a spike in interest rates to compensate for the loss of purchasing power, and falling asset prices, further accelerating U.S. decline,” he described. Analyst Says ‘Dollar Dominance May Be Coming to an End’ Lowy Institute, an independent international policy think tank, published an opinion piece titled “De-dollarization: shifting power between the US and BRICS” on Aug. 3. The article is authored by Michael Roach, a management consultant and researcher for the institute. “Will a new global reserve currency threaten the greenback’s supremacy? The short answer is yes,” Roach began. The analyst predicted: The dollar dominance may be coming to an end. He detailed that when Saudi Arabia and Russia signed a mi

A team of Kenyan police officers is reported to have raided the premises used by Worldcoin and seized devices storing users’ data. The raid came just days after the Kenyan government announced the suspension of Worldcoin’s activities in the country. Officers Armed With Search Warrant The Kenyan police recently raided a building housing cryptocurrency and biometric ID project Worldcoin, and reportedly took away devices used for storing data. According to a local report , the law enforcement agents were not only armed with a search warrant but had the backing of so-called multi-agency officials. The raid on Worldcoin’s Kenyan offices came barely a week after the government suspended the cryptocurrency project on grounds that it posed a threat to public safety. Before that, Kenya’s data regulating agency had sounded the alarm over Worldcoin’s activities in the East African country. However, following the move by the Kenyan government, Tools for Humanity (TFH)’s Alex Blania said in

Bitcoin rebounded on Tuesday, following the news that Paypal was launching a USD stablecoin on the ethereum blockchain. The company hopes the move will bridge the gap between fiat and cryptocurrencies for all of its stakeholders. Ethereum was marginally higher today. Bitcoin Bitcoin ( BTC ) was back in the green on Tuesday, as the cryptocurrency made marginal gains during today’s session. The move came as Paypal announced its USD stablecoin, which will be hosted on the ethereum blockchain. Following the news, CEO Dan Schulman said: “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through Paypal USD.” BTC /USD rose to a peak of $29,402.65 on the news, following a low of $28,724.14 the day prior. Today’s peak sees bitcoin trade at its highest point since last Wednesday, when it was last above $30,000. Tuesday’s rally has also

Representative Patrick McHenry, chairman of the House Financial Services Committee, weighed in positively on the launch of PYUSD, a dollar-pegged stablecoin issued by Paypal, a U.S.-based payments company. McHenry stated that if properly regulated, stablecoins “hold promise as a pillar of our 21st-century payments system,” calling on Congress to put clear rules on the sector by enacting stablecoin-specific regulation. Representative McHenry States Stablecoins Might Become ‘Pillar’ of Current Payment Systems U.S. Representative Patrick McHenry issued a statement on Monday, weighing in on the significance of the recent U.S. dollar-pegged stablecoin launched by payments behemoth Paypal. McHenry, chairman of the House Financial Services Committee, viewed this development positively, stating that Paypal’s announcement was “a clear signal that stablecoins—if issued under a clear regulatory framework—hold promise as a pillar of our 21st-century payments system.” Paypal announced the lau

Palauan senator Mark Rudimch has called for an audit of Palau’s stablecoin pilot program, launched by the country’s ministry of finance in partnership with Ripple in July. In a letter sent to the public auditor Satrunino Tewid, Rudimch reported the Palauan senate had concerns regarding the “constitutionality, security, accountability, statutory authority, and oversight of the program.” Palau’s Ripple-Backed Stablecoin Pilot Faces Senate Opposition Palau’s Ripple-backed stablecoin program, launched and announced in July, faces opposition from the Palauan senate. According to local reports, Senator Mark Rudimch, chairman of the Senate Resources, Commerce, Trade and Development Committee, has requested Public Auditor Satrunino Tewid audit the program, voicing various concerns regarding the ongoing test. In a letter sent to Tewid, Rudimch stated : The Senate has some concerns regarding the constitutionality, security, accountability, statutory authority, and oversight of the program.

Federal Reserve Governor Michelle Bowman says additional interest rate increases will likely be needed to get inflation on a path down to the Fed’s target. “I will also be watching for signs of slowing in consumer spending and signs that labor market conditions are loosening,” the Fed governor added. More Interest Rate Hikes Likely Needed, Says Fed Governor Federal Reserve Governor Michelle Bowman indicated in her remarks on Saturday at an event hosted by the Kansas Bankers Association in Colorado that the U.S. central bank may need to implement additional interest rate increases to completely restore price stability. She also affirmed her endorsement of the rate hike decision made at last month’s Federal Open Market Committee (FOMC) meeting. In July, Fed officials raised the federal funds rate to a range of 5.25% to 5.5%, the highest level in 22 years. Governor Bowman stated: Additional rate increases will likely be needed to get inflation on a path down to the FOMC’s 2% targe

Brazil’s President Luiz Inacio Lula da Silva has reaffirmed his call to shift away from the U.S. dollar in global trade. He also revealed his stance on the expansion of the BRICS economic bloc ahead of the group’s upcoming summit. “I have said publicly, why does Brazil need the dollar to trade with China?” he stressed. “We can do it in our own currency.” President of Brazil on De-Dollarization, BRICS Expansion Brazilian President Luiz Inacio Lula da Silva reiterated his call for the abandonment of the U.S. dollar in international trade during a press briefing with international journalists last week. Lula has long been a vocal critic of the U.S. dollar’s dominance in international trade and has called on nations to abandon the dollar in favor of national currencies. He maintains that countries should opt for their respective currencies rather than relying on the USD. Regarding de-dollarization and using national currencies in trade settlements, the Brazilian president stressed:

U.S. senators have pressed the Biden administration for measures to counter “serious national security threats” posed by North Korea’s dependence on cryptocurrency. According to the lawmakers, North Korea is using crypto “to evade harsh sanctions and support its ambitions to project geopolitical power through nuclear weapons and ballistic missiles.” US Lawmakers Concerned About ‘Serious National Security Threats’ Linked to North Korea, Crypto U.S. Senators Elizabeth Warren (D-MA), Tim Kaine (D-VA), and Chris Van Hollen (D-MD) have pressed the Biden administration for measures to counter crypto-related national security threats. In their letter , dated Aug. 3, to Brian E. Nelson, Treasury Department’s Under Secretary for Terrorism and Financial Intelligence, and Jake Sullivan, the White House’s National Security Advisor, the lawmakers wrote: “We write to express concern about the national security threat posed by North Korea’s reliance on digital assets to circumvent international s

Central banks ramped up gold purchases in June, according to statistics from the International Monetary Fund (IMF). In this period, central banks added 55 tonnes of gold to their reserves after three months of net selling, with China purchasing the most gold (21 tonnes). Central Banks Back to Purchasing Gold in June The world’s central banks reversed their three-month gold selling spree to make purchases during June. According to international financial statistics issued by the International Monetary Fund (IMF), net gold purchases during June reached 55 tonnes, with six central banks purchasing gold during this period. One of the largest purchasers of gold was the Central Bank of Turkey, which also resumed purchases after having been a net seller during recent months due to a ban on gold imports after an earthquake in February. Nonetheless, the Central Bank of Turkey added 11 tonnes to its official reserves, which reached 440 tons by the end of June. Krishan Gopaul, senior analys