Bitcoin News and Finance: What You Need to Know

During the course of the week, the cryptocurrency community has been focused on China and the country’s Financial Stability Board detailing that it aims to crack down on the bitcoin mining sector. Following the statements from Chinese officials and a few crypto businesses abandoning services in the region, executives from some of China’s largest bitcoin mining companies have openly discussed the situation. Btc.top’s CEO: ‘If China Takes Regulatory Actions Against Crypto Mining, Then Major Chinese Manufacturers Will Sell Abroad The million-dollar question right now is whether or not the Chinese government will continue to crack down on the crypto industry. It all started when Reuters published a report on May 18, that said: “China bans financial, payment institutions from cryptocurrency business.” Essentially the news publication said that “three financial industry associations” from China told financial institutions and payment processors “not to offer any crypto-related services.”

PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of GHX, being available to trade on the 27th May 2021 at 10:00AM UTC. GHX (GamerCoin) was created by the GamerHash team, as an incentive for the miners within the app and as a reward for carrying out the tasks on the Play&Earn module. GHX will start trading with BTC as a pair . What is GamerHash? GamerHash is an ecosystem where gamers can use their computing power to earn Bitcoin. That is the basic functionality of the platform, created in 2017, that has brought together over half a million gamers to this day. One of the moot points behind the recent GHX token growth is the already working platform supporting over 600,000 registered users. The big number of users (mostly gamers) corresponds with the ease of crypto mining on the platform – you can earn BTC while playing games or watching Netflix. At the same time, you receive GamerCoin as a 20% bonus on top of the BTC you mine. Lower-end PC owners with

Payments giant Paypal will soon allow its users to transfer cryptocurrencies away from its platform to third-party wallets, the company’s head of cryptocurrency reportedly revealed. Paypal has been seeing tremendous growth in its crypto business. Paypal to Support Crypto Transfers to Third-Party Wallets Jose Fernandez da Ponte, Paypal’s head of cryptocurrency, said during the Consensus 2021 conference Wednesday that his company will soon start allowing cryptocurrency withdrawals to third-party wallets. He explained: We want to make it as open as possible and we want to give choice to our consumers … They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they have bought with us and take it to the destination of their choice. The change will allow Paypal users to transfer their cryptocurrencies away from the platform to third-party wallets. Currently, Paypal’s terms and conditions for its crypto service state that “Yo

Chia, a cryptocurrency project created in 2018 that uses storage for its consensus, is eyeing a public offering this year, according to statements from its COO, Gene Hoffman. The company just received an influx of investments that are pointing it to become the next ‘green bitcoin substitute,’ due to its relatively low energy consumption compared to other proof-of-work (PoW) alternatives. Chia Aims to Launch an IPO This Year Chia, a cryptocurrency that was founded two years ago but launched its mainnet recently, is striving to launch an initial public offering (IPO) as soon as this year, as statements from the company backing it show. Chia Network Inc, which was founded by the Bittorrent creator, Bram Cohen, just recently received a funding round of more than $60 million, which gave the cryptocurrency a valuation of $500 million. The companies which led the funding round were Richmond Global Ventures and the known Andreessen Horowitz, but other companies were also involved. Breyer

Recent announcements and actions by Elon Musk surrounding bitcoin mining sustainability raise questions about the reasoning and motivations of Tesla’s Technoking. Is it possible that Musk is playing a calculated marketing game to introduce a Tesla mining solution? The World of Bitcoin Mining According to Musk Once upon a time, for 49 days, the world was able to purchase Teslas with bitcoin. Then, on May 12, Elon Musk posted the now-infamous tweet saying that Tesla “suspends” vehicle purchasing using bitcoin due to the increasing use of fossil fuels for bitcoin mining and transactions. It was a curious announcement. Was Musk not aware of the bitcoin mining footprint in March when announcing that Tesla would begin accepting bitcoin ? Or when he bought $1.5 billion worth of the cryptocurrency? Another question that must be addressed – how many Teslas were actually purchased with bitcoin during those glorious 49 days? No data is available from Tesla on this, but one can speculate th

Chinese traders still exert a major influence in the cryptocurrency market, even with all the distinct issues they must now face to operate. This is the opinion of several experts in the field that have weighed in on how the recent prohibitions and ban proposals from China are really affecting how Chinese bagholders that conduct their business in Asian and worldwide exchanges. Chinese Traders Still Big in the Market Chinese traders still have a big influence on how crypto markets move even with all of the difficulties they have to operate, according to different experts with knowledge about how Asian markets work. Even sidestepping all of the government regulations, these traders are still managing to do business, taking advantage of gray markets and other services that let them exchange the local currency for crypto. News of China i nvoking strict warnings toward cryptocurrency trading and initial coin offerings (ICOs) are not new: China has warned against these activities since

The South African Reserve Bank (SARB) says it has commenced a feasibility study for a general-purpose retail central bank digital currency (CBDC). The study, which the SARB expects to conclude in 2022, will focus on the issuance of a domestic CBDC that can be used by consumers in South Africa for general retail purposes. Study to Focus on Retail CBDC In a statement released on May 25, 2021, the central bank says the feasibility study will include practical experimentation across different emerging technology platforms. The study will take into account a variety of factors, including policy, regulatory, security, and risk management implications. Still, the statement clarifies that this latest study will be distinct from the previous one. The statement explains: It should be noted that while the CBDC feasibility study is different from Project Khokha, which focuses on the settlement of high-value transactions between commercial banks and other stakeholders at the wholesale level,

TechX Technologies is a publicly traded company headquartered in Vancouver, Canada. TechX is listed on the Canadian Securities Exchange (TECX), Frankfurt Exchange (C0B1), and the OTC (TECXF). TechX Acquires Mobilum for $16 Million TechX Technologies Inc. (CSE: TECX) (OTCMKTS: TECFX) (FRA: C0B1) is a public company making waves with its mergers and acquisitions initiatives. The company acquired 100% of the assets of Cryptobuddy and has rebranded it to Alt Signals , a crypto trading signals platform through its subsidiary at an all-stock deal valued at C$5 million. Shortly after this acquisition, TechX Technologies signed a definitive agreement to acquire a 100% interest in XPort Digital Ltd, a fiat-to-crypto on-ramp platform for users to purchase cryptocurrency without setting up an account. The company acquired XPort through a stock deal valued at C$5 million. On May 26th, the company announced its acquisition of Mobilum OU, a fintech company that provides fiat infrastructur

A new law draft approved just today by the Finance Commission of the Spanish Congress would make Spain-based custody services report the ownership of the cryptocurrencies under management. The law, which was stuck in Congress for some time, aims to close a gap in the legislation that allowed some users to bypass the requirements and avoid paying taxes in the process. Spain Based Custody Services Would Have to Report Ownership of Assets Third-Party custodial services based in Spain would have to report the holdings of its customers, as well as all the operations made with them, according to a new law draft approved on Wednesday by the Finance Commission of the Spanish Congress. The law, titled “Prevention and fight against tax fraud,” would make mandatory the report of any cryptocurrency funds in these institutions, and also includes individuals or institutions related to initial coin offerings in the mix. Until now, these institutions didn’t have to report any of their activities

Famed American entrepreneur and investor Mark Cuban has divulged a strategic investment in Polygon, highlighting his own use and embrace of the protocol’s multi-chain approach to Ethereum. Investment Accompanies Release of the Polygon SDK As major names line up behind Ethereum, notably Goldman Sachs, which presented a thesis highlighting the network’s potential to overtake Bitcoin in terms of crypto dominance, Mark Cuban is among the latest high-profile figures to throw his support behind the network via an investment in Polygon . Polygon, formerly known as Matic, aims to help tackle the scaling constraints that have plagued Ethereum by delivering the interoperability needed to construct and connect Ethereum-compatible chains. The layer 2 scaling solution pioneered by the company will effectively benefit from Ethereum’s core features while building upon the network’s existing capacity. For projects like decentralized finance (defi) that want to avoid the throughput bottlenecks an

The chief investment officer of Guggenheim, Scott Minerd, has predicted more sell-off for bitcoin. He also warned that it will take a while for the cryptocurrency to return to its previous highs. However, in the long term, Minerd has predicted that bitcoin’s price could rise to $600K. Bitcoin Sell-Off to Continue, Minerd Says The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, has made another bearish prediction for bitcoin’s price in the short term. Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has about $270 billion in total assets under management across fixed income, equity, and alternative strategies. He told CNBC on Tuesday that bitcoin has not hit its bottom just yet, emphasizing: You can afford to be patient here. There’s more to go. He explained that bitcoin had gone “exponential” and it will take some time for the cryptocurrency to

The president of the Federal Reserve Bank of St. Louis, James Bullard, says that most cryptocurrencies are “worthless.” He noted that if “cryptocurrency can facilitate transactions that are difficult to make in conventional currencies, then they will have a purpose and might circulate alongside the nation-backed currencies.” Fed’s Bullard Says Most Cryptocurrencies Are Worthless Jim Bullard, President of the Federal Reserve Bank of St. Louis, talked about inflation risks and what lies ahead for Fed policy in an interview with Yahoo Finance on Monday. He also talked about cryptocurrency, given the high volatility in crypto prices observed over the past weeks. He was asked, “What are your views on cryptocurrency, its use case right now, and … how closely have you been watching a lot of the volatility in crypto markets?” Bullard replied: “I have a slide deck on this that’s called ‘non-uniform currency and exchange rate chaos’ and a couple of things that are in there. One is that curr

The Ontario Securities Commission (OSC) published documentation on Tuesday that claims the Seychelles-based crypto exchange, Poloniex has failed to contact the OSC in order to start compliance discussions. Poloniex meets the OSC’s jurisdiction because the trading platform operates trading accounts for Ontario residents, the OSC’s breach and conduct report notes. OSC Says Poloniex Failed to Communicate With the Ontario Regulator According to Ontario’s top financial regulator, the Ontario Securities Commission (OSC) sent out communications to crypto-asset trading platforms that offer digital currency services to citizens of Ontario. On March 29, the letter said “they must bring their operations into compliance with Ontario securities law or face potential regulatory action.” The notice also told the exchanges that the firms needed to contact the OSC by April 19, 2021 “to start compliance discussions.” However, the OSC’s latest report highlights that the Seychelles-based crypto exch

PRESS RELEASE. Legendary boxer and sports icon, Floyd Mayweather Jr.’s first ever NFT collection is officially available on Rarible . The drop includes digital collectibles celebrating the legacy of Floyd Mayweather Jr.’s life and career, including animations, physical artwork, and access to Mayweather Jr.’s both virtual and in-person meet and greets. Select NFTs are also associated with physical prints in addition to being logged forever on the blockchain. The final 1/1 limited edition auction piece can include private boxing lessons and dinner with Floyd Mayweather Jr. in addition to a custom diamond ring. Don’t miss out on the legacy collection. The Prelude Drop: Date: May 26, 2021 # Pieces: 1 Quantity: 50 Marketplace: https://rarible.com/floydnft   The Legacy Drop Date: June 1, 2021 # Pieces: 4 Quantity: Both Fixed & 1/1 Auction Marketplace: https://rarible.com/floydnft   For more information about the upcoming Mayweather NFT drop, please visit https

Beijing’s recent crackdown on the cryptocurrency industry has found its way into Inner Mongolia according to a recent report. Inner Mongolian officials plan to introduce harsh penalties to bitcoin mining operations using the region’s grid without permission from authorities. New Rules Aim to ‘Punish Bitcoin Miners’ A regional report published by South China Morning Post’s contributor Coco Feng explains that Inner Mongolia’s top economic planner has revealed new rules against operating bitcoin mining facilities in the region. The new draft rules are available for public review until June 1 and it recently follows Inner Mongolian authorities asking residents to report illegal bitcoin data centers to the government. Beijing wants mainland China and even the Mongolic autonomous region of the People’s Republic of China to be carbon neutral by 2060. Feng details that the authorities in Inner Mongolia plan to target “industrial parks, data centres, telecoms companies, internet firms, a

An analyst from the biotech consulting group Biotechvalley Insights believes after bitcoin lost 53% from the crypto asset’s all-time high, “the party is clearly over.” The biotech consulting group analyst thinks crypto investors will witness a slow “grind down the slope of hope with a periodic dead cat bounce” and expects prices to drop to $15,000 in the next few weeks. Analyst Says to Drop Bitcoin and Never Look Back According to an analyst from Biotechvalley Insights, crypto investors should sell bitcoin and “do not look back.” The analyst said that he had warned investors in a previous article, before bitcoin ( BTC ) collapsed from a high of $64,895 to $30,066 losing more than 50% in value. The biotech consulting group investor stresses that people “should consider liquidating anything related to bitcoin or short it.” “[The] recent collapse proves that Bitcoin isn’t a safe haven, store of value, or a hedge against inflation/market correction, but a speculative token that can go

The Biden administration is reportedly looking to increase oversight of the crypto market with the aim to protect investors and prevent illicit transactions. White House officials, lawmakers, and central bankers have had several meetings on cryptocurrency regulation amid recent price swings of crypto assets. Biden Administration Discussing Crypto Regulation The Biden administration, lawmakers, and central bankers have held numerous meetings amid recent volatility in the crypto market, the Washington Post reported Tuesday. White House officials were briefed by the Treasury Department about the risks posed by cryptocurrencies earlier this month, the publication cited two people familiar with the matter. Federal regulators, including the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), were also involved. Officials of the Biden administration are studying potential “gaps” in oversight related to the cryptocurrency market, such as w

The British Advertising Standards Authority (ASA) has banned a bitcoin ad campaign put up across the London Underground network and on London buses by cryptocurrency exchange Luno. The UK advertising regulator says the ads are misleading and irresponsible. ‘Time to Buy Bitcoin’ Ads Banned in the UK A bitcoin advertising campaign put up across London Underground and on buses has been banned by the U.K. Advertising Standards Authority (ASA). The ads contained an image of a bitcoin with the words “If you’re seeing bitcoin on a bus, it’s time to buy” or “If you’re seeing bitcoin on the Underground, it’s time to buy.” They were put up in February. The ASA said it received four complaints. Three complainants “believed the ad failed to illustrate the risk of the investment” and “challenged whether it was misleading.” One complainant “challenged whether the ad took advantage of consumers’ inexperience or credulity,” the regulator detailed. “We considered that consumers would interpret the