Bitcoin News and Finance: What You Need to Know

The U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for failing to disclose that crypto mining significantly boosted its revenue. The company agreed to a cease-and-desist order and to pay a $5.5 million penalty. Nvidia Failed to Disclose That Crypto Mining Was a Significant Element of Its Material Revenue Growth The U.S. Securities and Exchange Commission (SEC) announced settled charges against technology company Nvidia Corporation Friday “for inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.” The securities watchdog explained that during consecutive quarters in Nvidia’s fiscal year 2018: The company failed to disclose that cryptomining was a significant element of its material revenue growth from the sale of its graphics processing units (GPUs) designed and marketed for gaming. As demand for and interest in cryptocurrency rose in 2017, Nvidia customers increasingly used gaming GPUs for crypto mining, the SEC n

Google is establishing a Web3 team within its cloud unit, noting that “it is a market that is already demonstrating tremendous potential.” A Google executive explained: “We’re providing technologies for companies to use and take advantage of the distributed nature of Web3 in their current businesses and enterprises.” Google Creating Web3 Team Within Cloud Unit Google’s cloud unit is creating a team to build services for developers who are composing their own Web3 software and running blockchain applications, CNBC reported Friday. Amit Zavery, a vice president and head of the Google Cloud, informed employees in an email on Friday that the aim of the initiative is to make the Google Cloud platform the first choice for developers in the field. He wrote: While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and crypto related technologies. The new Web3 t

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued its first-ever sanctions on a crypto mixer. The mixing service was used by Lazarus Group to process illicit proceeds from the $620 million crypto heist of the online game Axie Infinity, said the Treasury Department. Treasury Department Sanctions Crypto Mixer The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Friday that it has sanctioned crypto mixer Blender.io (Blender). According to the OFAC, this mixing service is used by the Democratic People’s Republic of Korea (DPRK) “to support its malicious cyber activities and money-laundering of stolen virtual currency.” The announcement explains that on March 23, Lazarus Group, a DPRK state-sponsored cyber hacking group, carried out the largest cryptocurrency heist to date, worth almost $620 million, of a blockchain project linked to the online game Axie Infinity. The OFAC added: Blender was used in processing o

A U.S. senator has introduced a bill to prohibit the Labor Department from issuing a regulation or guidance that limits the type of investments investors can choose in their retirement plans, including cryptocurrency. “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” the lawmaker stressed. Financial Freedom Act The issue of what investments Americans can put in their retirement accounts has become a hot topic in Washington. In March, the Department of Labor issued guidance warning employers and investment firms against allowing cryptocurrency investments in retirement plans. Responding to the Labor Department’s crypto warning, U.S. Senator Tommy Tuberville (R-AL) introduced the Financial Freedom Act Thursday. The lawmaker described the bill as “legislation to prohibit the U.S. Department of Labor (DOL) from issuing a regulation or guidance that limits the type of investments that self-directed 401(k) account investors can choose through

The last five weeks has been brutal for digital currencies as more than 21% has been shaved off the crypto economy’s fiat value since March 27. While all the crypto assets combined shed roughly 0.8% in the last 24 hours, bitcoin has lost 9.4% since last week and seven day statistics show ethereum has dropped 8.1% against the U.S. dollar. Since the crypto economy’s significant losses, the stablecoin UST has managed to take the top ten market capitalization among 13,439 crypto assets. 3 Stablecoins Hold Top 10 Positions, Terrausd Enters the 10th Spot Today, three stablecoins now command a position in the top ten largest cryptocurrency market capitalizations. While tether ( USDT ) and usd coin (USDC) have been in the top ten for quite some time, Terra’s UST is now holding the top ten spot since the crypto economy’s market conditions turned red. Another fundamental that pushed UST higher is the fact that the algorithmic stablecoin’s market valuation expanded by 12.3% over the last 30 da

Bitcoin fell to its lowest level in over two months, as Friday’s non-farm payrolls report showed an addition of 428,000. It was expected that last month’s payrolls would show an increase of 391,000 jobs — lower than March’s figure of 431,000. ETH also fell on the news, hitting a six-week low. Bitcoin Bitcoin fell by nearly 10% in today’s session, as traders continue to react to recent action by the Federal Reserve to hike interest rates. Today’s drop, which sees prices of BTC /USD hit an intraday low of $35,714.30, also comes as markets were preparing for the latest non-farm payrolls report. Friday’s drop sees bitcoin slip for a second consecutive session, with prices now trading at their lowest level since February 24. Despite slipping to a more than two-month low, there could be more declines ahead, as prices appear to be moving toward a floor of $34,050. Looking at the chart, this latest fall in prices has pushed the RSI towards a one-month low of 35.50, which is a point tha

Authorities in Georgia are now holding discussions with industry representatives to finalize a bill designed to regulate coin trading, among other crypto-related activities. The legislation will be presented to the Georgian society this fall at the latest, a top central bank official announced. Central Bank of Georgia Talks Crypto Regulation With Market Players The National Bank of Georgia (NBG) is fine-tuning a draft law tailored to establish a legal framework for certain operations with cryptocurrencies with the help of interested parties from the sector. Public and business officials are currently holding talks on the new legislation, the bank’s Vice Governor Papuna Lezhava revealed, quoted by Sputnik Georgia. He stated: We are working on a bill regulating cryptocurrency, and now it is at the stage of consideration with market participants. The final document will be made public either in the summer or in the fall. The law will regulate several crypto-related areas at once, t

New Zealand-based venture capital firm Global From Day 1 (GD1) recently said it had launched a $5 million Web3 and crypto-focused venture capital fund to back local startups. The fund will invest in pre-seed to Series A companies across decentralized finance (defi), decentralized autonomous organizations (DAOs), non-fungible tokens (NFTs), and Web3. GD1’s Web3 and Crypto Strategy In a boost for New Zealand-based startups and local investors, GD1 has launched a $5 million Web3 and crypto-focused venture capital fund. The fund, known as GD1 Crypto Fund 1, will be led by cryptocurrency and Web3 expert Nawaz Ahmed as a general partner. Remarking on what the incoming general partner is expected to bring, Vignesh Kumar, the co-managing partner at GD1, said in a press release : One of our goals at GD1 has always been to diversify into new focus areas and continuously expand our knowledge base by onboarding individuals with diverse and interesting experiences and so we’re thrilled to have

The International Money Fund (IMF) has added its voice to institutions and parties criticizing the Central African Republic (CAR)’s decision to adopt bitcoin. The IMF insists the adoption poses legal economic challenges not only to the country but to the region as well. CAR’s Bitcoin Adoption Has Financial and Legal Issues The IMF has reportedly said the CAR’s recent decision to adopt bitcoin poses a number of challenges for the country and the region. The comments by the global lender mark the first time it has publicly reacted to CAR’s decision to make bitcoin legal tender. As has been reported by Bitcoin.com News, the IMF was and is still critical of a similar decision that was made by El Salvador in 2021. Following the initial announcement, the global lender warned the adoption of bitcoin would pose several macroeconomic, financial, and legal issues. In January 2022, the IMF urged El Salvador to drop the bitcoin law, but this was rejected by the latter. Reacting to the CAR’s

Cryptocurrency exchange Binance has received regulatory approval from the French financial regulator to operate as a registered digital asset service provider. “Binance will significantly scale our operations in France to make crypto and our services more accessible to all,” the exchange said. Binance Becomes a Fully Regulated Crypto Exchange in France Crypto exchange Binance announced Wednesday that it received approval from the French financial regulator, the Autorité des marchés financiers (AMF), to operate as a registered digital asset service provider (DASP). The exchange wrote: Binance is now a fully regulated digital asset service provider in France. The French arm of Binance is now listed as a registered digital asset service provider on the AMF website. Specifically, the exchange is permitted to provide exchange and custody services for digital assets. Binance explained that this is its first DASP in Europe. “As the first major global crypto exchange to register in Fr

On May 5, 2022, at block height 735,000, the bitcoin mining pool Poolin mined the 105,000th block reward since the last halving. The mined block also represents the halfway point to the next halving that is estimated to take place on or around April 27, 2024. Block 735,000 follows the network issuing over 19 million bitcoin and the hashrate reaching an all-time high three days ago on May 2. Block 735,000: Halfway to the Next Halving The Bitcoin network is getting closer to the next halving which is estimated to happen on or around April 27, 2024 , or 723 days from now. At block height 735,000, the 105,000th block was mined and there’s now 105,000 left to go until the next halving. At the time of writing, data shows that there’s 104,928 block subsidy rewards left to mine. Presently, bitcoin miners get 6.25 BTC for a block reward and the fees associated with the confirmed transactions. Poolin earned the 6.25 BTC and 0.16215354 BTC worth of network fees associated with the block re

California Governor Gavin Newsom has signed an executive order on crypto and blockchain to create a comprehensive and harmonized framework for Web3 technology to thrive. “California is a global hub of innovation, and we’re setting up the state for success with this emerging technology,” said the governor. California’s Governor Issues Executive Order on Blockchain and Crypto The governor of the U.S. state of California, Gavin Newsom, signed an executive order Wednesday to “create a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies,” according to a notice published by the office of the governor. The notice states: California becomes the first state in the nation to begin creating a comprehensive and harmonized framework for responsible web3 technology to thrive. Under Governor Newsom’s executive order, the state will also “assess how to deploy blockchain technology for state and publi

Tesla and Spacex CEO Elon Musk has secured $7.139 billion in new financing commitments to fund his acquisition of Twitter, including from several pro-crypto companies. Cryptocurrency exchange Binance, for example, has committed to invest $500 million in the social media platform alongside Musk. Crypto-Friendly Companies Join Elon Musk to Buy Twitter Tesla CEO Elon Musk has secured funding from 18 companies to purchase Twitter Inc., his filing with the U.S. Securities and Exchange Commission (SEC) on Thursday shows. The SEC filing explains that Musk received equity commitment letters from these investors on May 4 “providing for an aggregate of approximately $7.139 billion in new financing commitments” in connection with his proposed acquisition of Twitter. Some pro-crypto companies are on the list of investors, including Sequoia Capital Fund which committed $800 million, crypto exchange Binance which committed $500 million, AH Capital Management (aka Andreessen Horowitz, a16z) whi

High-end fashion house Gucci will begin accepting cryptocurrencies at some of its stores this month, including bitcoin, ether, dogecoin, and shiba inu. The company plans for all of its directly operated stores in North America to accept crypto by this summer. Gucci to Start Accepting Crypto Payments Italian high-end luxury fashion house Gucci will start accepting cryptocurrency payments in five stores later this month, Vogue Business reported Wednesday. The five stores are located in New York City (Wooster Street), Los Angeles (Rodeo Drive), Miami (Design District), Atlanta (Phipps Plaza), and Las Vegas (The Shops at Crystals). Gucci will accept bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, dogecoin, shiba inu, and five stablecoins pegged to the U.S. dollar, the publication conveyed. These coins are the ones supported by popular crypto payment service provider Bitpay, which also supports GUSD, USDC, USDP, DAI, and BUSD stablecoins. Marco Bizzarri, the president and

The Dubai virtual assets regulator, the Virtual Assets Regulatory Authority (VARA), has established its metaverse headquarters in The Sandbox virtual world. By establishing a presence in the metaverse, the regulator said it hopes to make itself accessible to all stakeholders. World’s ‘Virtual Assets Capital’ Dubai’s digital assets regulator, the Virtual Assets Regulatory Authority (VARA), has established its metaverse headquarters (HQ) in the virtual world of The Sandbox, a statement from the regulator has said. The regulator said its objective for setting up the metaverse HQ is to ensure VARA “is accessible to its industry in their environment.” VARA is also expected to help facilitate engagement between virtual asset service providers (VASPs), industry influencers, and global regulators. According to the statement, by making this move, the Dubai regulator is signaling a willingness to make the Emirate “the world’s Virtual Assets Capital.” Maintaining Dubai’s Lead In remarks fo

Brubank, one of the first Argentinian digital banks approved by the central bank of the country, is getting into the cryptocurrency business. The company announced it is now allowing customers to make cryptocurrency investments via its platform, giving them the ability to purchase crypto assets in its app. This is reportedly the second financial institution that is providing these services in the country. Brubank Introduces Cryptocurrency Services Private Banks in Argentina are starting to see the value of offering cryptocurrency services to their customers amidst a crypto boom in the country. Brubank, an all-digital financial institution licensed by the country’s central bank, has reported it is now offering cryptocurrency purchase services in its app. The bank announced this new functionality on social media when answering an inquiry from a customer about the new options on the platform. Brubank stated : Yes, we already have crypto! It is a functionality that is being progress

Bankoff, a platform offering virtual cards that could be topped up with cryptocurrency, has told customers its cards are no longer supported by payment systems Visa and Stripe. They allowed Russians to pay abroad after major processors restricted their services in the country. Visa and Stripe Halt Support for Bankoff Cards Payment processors Visa and Stripe have halted services for cards issued by Bankoff, the online banking platform informed clients on Tuesday, May 3. In a notice, a copy of which was posted on social media, the company explained that the suspension was due to the increased number of active users and transactions from Russia. “It means our cards are no longer supported for any offline and online payments,” the Bankoff team elaborated. The neobank also revealed that its funds in a U.S. account had been frozen, assuring customers it’s currently working to restore access to the money. Representatives of Bankoff have confirmed the development to Forklog. The crypto

Web3 platform Infinite Arcade launches batch 3 Gamer NFTs sale. The Gamer (avatar) NFTs act as access keys to unlock play & earn on the platform. The games are free-to-play, each set. The first 2 batches of the Genesis Gamer NFTs were sold out very quickly. Now the last stage of NFTs sale starts and it will be held for those players only who are Whitelisted. Infinite Arcade has launched a month ago. It makes it possible for developers and creators to connect with players in a marketplace in order to create a common economy. Infinite Arcade is like an arcade in the metaverse. Users can own part of the ecosystem and gain from its growth, as well as be rewarded for their time spent in the game and contribution to the community. By now players are enjoying 15 live P2E games. About 200 games will be launched in the near future on this exclusive metaverse Web3 platform. Players can earn TIC, the utility token of the Infinite Arcade. To get access to the platform one should use the Game

Several U.S. lawmakers and a commissioner with the U.S. Securities and Exchange Commission (SEC) have voiced concerns about the securities regulator expanding its crypto enforcement unit. “The SEC is a regulatory agency with an enforcement division, not an enforcement agency.” Lawmakers Oppose SEC’s Crypto Enforcement Focus A number of lawmakers and a commissioner with the U.S. Securities and Exchange Commission (SEC) slammed the securities watchdog Tuesday for focusing on crypto enforcement. This followed the SEC’s announcement that the agency nearly doubled the size of its crypto enforcement unit. SEC commissioner Hester Peirce, also known in the crypto community as “crypto mom” for her pro-crypto stance, commented on Twitter: The SEC is a regulatory agency with an enforcement division, not an enforcement agency. Why are we leading with enforcement in crypto? Congressman Patrick McHenry (R-N.C.) tweeted stating that SEC Chair Gary Gensler’s regulation by enforcement “is stif

Joe Rogan, the host of The Joe Rogan Experience, likens bitcoin to the early internet. Noting that now the cryptocurrency is “a viable form of currency” that “You can actually buy things with,” he said, “the government is freaking out.” Joe Rogan, Bitcoin, and the Government Famous podcaster Joe Rogan, the host of The Joe Rogan Experience, talked about bitcoin on his show, posted Tuesday. The show features an interview with UFC light heavyweight fighter Khalil Rountree Jr. The Joe Rogan Experience is one of the world’s most popular podcasts with a back catalog of more than 1,800 episodes — each receiving millions of views regularly. In February, The New York Times reported that Spotify paid over $200 million for Rogan’s podcast, which is now exclusively available on the platform. “I think about bitcoin the same way I think about the early internet,” Rogan told Rountree. Noting that the government “didn’t see it coming,” he said: Now it’s a viable form of currency. You can actual

Billionaire hedge fund manager Paul Tudor Jones expects crypto to have a bright future as the Fed hikes interest rates to fight inflation. The famed investor emphasized, “It’s hard not to want to be long crypto.” Famed Hedge Fund Manager Paul Tudor Jones on Bitcoin, Crypto Billionaire investor and renowned hedge fund manager Paul Tudor Jones talked about bitcoin in an interview with CNBC Tuesday. Jones is the founder of asset management firm Tudor Investment Corp. “I see this generational divide and it’s a digital divide,” the billionaire said. “If you look at the smartest and brightest minds that are coming out of colleges today, so many of them are going into crypto, so many of them are going into the internet 3.0,” he noted, adding: It’s hard not to want to be long crypto because of the intellectual capital, just the sheer amount of intellectual capital that’s going into that space. “Clearly, if you think about the ultimate dream of crypto, it’s a borderless internet where a

Decentralized Finance (DeFi) represents the financial, blockchain-based world of tomorrow. Future generations will leave the traditional financial system behind and use dApps, tokens, and other digital innovations for economic purposes. However, DeFi is still in its infant stage, leaving room for scams, money laundering, and other criminal activities. Without secure solutions and educational services, DeFi could become more of a risky venture than an enriching opportunity for individuals and businesses. Here is where STACKD Finance steps in, to help develop DeFi into a safer, more transparent, and sustainable economic environment. Read on to discover its vision, utilities, and services! What is STACKD Finance? STACKD Finance is a project seeking to take the DeFi industry to a new level. Its cryptocurrency ecosystem aims to provide an ultimate standard of trust and security by offering various services to tokens and individuals and by helping to bridge fiat and DeFi. This way, ST

On Wednesday, the world’s largest family-owned banking institution, LGT Bank, announced that it has selected SEBA Bank in order to provide cryptocurrency custody and brokerage services to clients. LGT will start by offering investments in bitcoin and ethereum and the bank’s customers can incorporate the digital assets into their existing LGT Bank-managed portfolios. LGT Bank Adds Crypto Services by Partnering With the FINMA Licensed SEBA Bank The largest family-owned private banking and asset management firm LGT Group has revealed the parent company’s banking institution will now offer crypto investment opportunities. LGT Group is over 100 years old and the financial institution is owned by the princely House of Liechtenstein. On May 4, SEBA Bank , a FINMA licensed digital assets banking platform, revealed that LGT Bank has chosen SEBA as a cryptocurrency partner. LGT will leverage SEBA’s regulated crypto platform and custody services so the bank’s clientele can invest in crypto a

South Korean law enforcement recently announced the arrest of a serving military captain and an operator of a cryptocurrency exchange on charges of spying for a North Korean hacker. In return for the acts of espionage, the two South Korean individuals were allegedly paid bitcoins worth a total of $637,789. South Korea’s Joint Command and Control Targeted Two South Korean citizens, a businessman running a crypto asset management firm and a serving captain of the country’s army, were arrested on suspicion of passing military secrets to a North Korean hacker. In exchange for passing on the sensitive information, the individuals were allegedly paid in bitcoin worth $600,000 and $37,789, respectively. In an AFP report , South Korean law enforcement is quoted stating that the arrest was the first time a civilian and an active-duty military captain have been caught spying for North Korea. With respect to the captain, whose name has not been identified, the country’s authorities said the i

Minting of NFT domains with exclusive TLDs like .chain, .metaverse, .vr, .doge, .shib, .bored is now live on the Quik’s NFT domain marketplace ! Each of these TLDs has a domain minting limit ranging from 1k to 20k, and they work on a first-come, first-serve basis, so ensure that you don’t miss out on your favorite domain. There are no renewal fees, and it comes with a unique NFT artwork. You can use Quik NFT domains to create your digital identity and become a part of Web 3.0, the internet of tomorrow! Quik is a blockchain-based marketplace that allows users to mint, purchase, and sell NFT domains with minimum effort without any third parties. What are NFT Domains? At first glance, NFT domains look like traditional domain names. But, upon closer assessment, you will discover that blockchain-based domain names have different functionalities and are superior with added functions. Those running a website know the hassle of annual renewal of their domain names or risk losing it to th

The Ugandan central bank has warned licensed entities and the public against facilitating crypto-related transactions as well as the practice of converting cryptocurrency into mobile money and vice versa. The central bank warned it will not hesitate to act against entities found to be in breach of the country’s laws. No Entity Issued License to Trade Cryptos The central bank in Uganda recently issued a statement reminding the public that no business is licensed to offer or facilitate cryptocurrency-related services. The statement warned licensed entities to end the practice of converting crypto to mobile money and vice versa. According to a report in the Monitor, the warning — which came from Andrew Kawere, the director of payments at the Bank of Uganda (BOU) — comes less than three years after the country’s finance minister Matia Kasaija made similar remarks. In the report, Kawere is quoted reiterating the central bank’s position. He said: “Bank of Uganda has noted press reports

On May 2, 2022, a report stemming from the broadcast television and radio network the National Broadcasting Company (NBC), 100,000 Cubans are leveraging crypto assets. The report says increased crypto usage is due to the fact that Cubans cannot use certain payment vehicles due to the sanctions placed on Cuba by the United States. 100,000 Cubans Bypass Payment Bans via Crypto NBC has published a video report that indicates roughly 100,000 Cubans are using digital currencies like bitcoin. For instance, one particular Cuban cafe owner, Nelson Rodriguez, who accepts bitcoin and ethereum, was interviewed by the NBC news team. He explained that he “believes in the philosophy” behind crypto assets. While showing a number of antique cars still driven by Cubans today, the NBC reporter further says Cubans are embracing the future. 100,000 Cubans using crypto assets is largely due to the increased internet performance during the last three years, the report claims. Another Cuban entrepreneur

Reggie Fils-Aimé, the former president of Nintendo of America, has offered his take on blockchain and play to earn models when applied to the gaming industry. The executive declared that he was a big believer in blockchain technology, and that players investing their time in games should be able to monetize whatever items they had gained. Former Nintendo President Believes Blockchain Elements Can Be Used in Gaming While the opinion of blockchain and play-to-earn technologies is still negative among traditional gamers, some veterans of the gaming industry seem to be taking these elements in a more serious way. This is the case of Reggie Fils-Aimé, an executive that was President of Nintendo of America from 2006 to 2019 when he announced his retirement. Fils-Aimé was very clear about his opinion on the role that these new technologies could play in gaming, and in a recent panel at SXSW, he stated : I’m a believer in blockchain. I think blockchain as a technology is really compelli