Bitcoin News and Finance: What You Need to Know

Two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total. However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday after the bitcoin sat idle for more than a decade. Despite the fact that bitcoin’s value is much lower today than a month ago, the mystery whale spent 1,000 bitcoin worth $35 million on Wednesday morning (EST) from 2010 at block height 686,865. The 2010 Mystery Whale Is Back, 1,000 Ten-Year-Old Bitcoins Move Last year and into 2021, Bitcoin.com News has been investigating a mystery whale that spends strings of 2010 block rewards in the same pattern every time the entity transfers coins. The strings are precisely 20 decade-old block rewards that contain 50 bitcoin ( BTC ) each and are also spent in one block. The last time the old-school whale from Satoshi’s era moved

Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China has gained a lot of ground in its push to develop and implement a central bank digital currency ( CBDC ). And while officials in Beijing have indicated that the e-CNY is a domestic project at this stage, cross-border trials have been launched in the special administrative region of Hong Kong. After initial small-scale experiments with digital yuan wallets, the latest testing round will check how Hong Kong residents can load the e-CNY wallets using the city’s faster payment network, Reuters reported. The system is currently processing domestic payments ordered through mobile devices. The new trials were announced during a press conference o

One of Africa’s oldest museums, the Uganda National Museum (UNM), is set to create digital representations of the unique artifacts that are on display at this facility. Working in concert with software development firm Murcom, Uganda’s biggest museum is expected to display and auction the digitally represented items on Binance’s non-fungible token (NFT) marketplace. Uganda National Museum Artifacts to Be Made NFTs According to Murcom’s post on Medium, the “blockchain-based digital representations of the various items under the Museum’s custody” will be created using the software firm’s MUDA NFT platform. On June 24, Binance NFT will launch and both UNM and MUDA will be participants in the crypto exchange’s “100 Creators’ Campaign.” In the meantime, discussing the reasons prompting the Ugandan museum to join the NFT movement, Murcom Director Suleiman Murunga starts by explaining the token creation and authentication process. Next, he summarizes Murcom’s working relationship with th

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans to make instant cross-border payments using the Eurozone’s common fiat currency, the euro, as well as bitcoin ( BTC ). The startup, which launched its service in the U.K. earlier this year, promises to process these transactions at a low cost. It announced its upcoming European expansion on social media before the weekend. Europe, see you next week✌️ #europelaunch #euro #bitcoin pic.twitter.com/r4zjafonJn — Bottlepay ⚡ (@bottlepay) June 4, 2021 The app can be downloaded via a link sent to mobile devices. Starting Tuesday, European residents will be able to top it up with euros to buy bitcoin or make payments

The crypto trading platform Coinseed is shutting down operations according to a written statement from the company’s CEO Delgerdalai Davaasambuu. A court order secured by New York Attorney General Letitia James told Coinseed to halt all of its operations. Following the announcement of the shutdown, Coinseed’s CEO said he created an ERC20 token called “FLJ” that’s dedicated to Attorney James “and her cronies.” New York Attorney General Letitia James Obtains Court Order, Agency Claims 170 Complaints Filed Coinseed is calling it quits after the firm was served with a court order to continue “a mandated pause” on operations. Bitcoin.com News reported during the first week of May when James announced that the attorney general took “legal action” against Coinseed. The platform was also instructed by the U.S. government to “immediately halt” all operations. The court order obtained by the New York Attorney General (NYAG) and the press release that followed, said that the shutdown is mea

The bill to make bitcoin legal tender in El Salvador has been approved by a supermajority in the Salvadoran Congress. “The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the bill describes. Bill to Make Bitcoin Legal Tender Approved by Congress in El Salvador The bill to make bitcoin legal tender has passed Congress in El Salvador. President Nayib Bukele announced via Twitter early Wednesday morning: “The Bitcoin Law has been approved by a supermajority in the Salvadoran Congress. 62 out of 84 votes. History.” The bill was sent to Congress late Tuesday night; it contains 16 articles. Article 1 states: The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out.

One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin” or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to Feature in-Game Fictional Cryptocurrency Grand Theft Auto 6, one of the biggest gaming franchises, will feature an in-game cryptocurrency for payments according to insiders. The game will allow the player to accept cryptocurrency payments from big shot contractors who want to remain anonymous. Industry insider Tom Henderson leaked the news on Twitter earlier this week. He stated: I heard recently that in GTA 6, some missions will reward you in bitcoin instead of cash for completing some missions. The stock market feature will return, with the addition of a broker for different cryptocurrencies. If GTA 6 incorporate

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for banking operators in the near future. Mike Novogratz Thinks Bitcoin Investors Are Waiting for a New Narrative Galaxy Digital’s CEO Mike Novogratz thinks Bitcoin is still in a phase of consolidation after the dump in prices experienced last month. According to the entrepreneur, possible investors are waiting for the next shift in the Bitcoin narrative. This new push would entice them to start pumping money into digital assets again. Novogratz explained in an interview with Yahoo Finance that he thinks institutional investors are to blame for the recent tank in prices. Institutional investors were able to accumulate Bitcoin cheap at $9K prices, and with the sudd

Six East African states are reportedly set to explore the possibility of using central bank digital currencies (CBDC) as an alternative to their shared payment system. The six countries, which are all members of the East Africa Community (EAC) trading bloc, are hoping this alternative will create a pathway that leads to the attainment of “a single currency for the region by 2024.” The Moribund EAPS The revelations of the EAC’s digital currency plan follow the bloc secretariat’s “consultancy call for a feasibility study” on the planned upgrade of the East African Payment System (EAPS). Since its launch in 2014, the EAPS has failed to function properly due to member states’ distrust of each other’s currency. Consequently, according to a report , the EAC says the selected “consultant will conduct an exploratory scoping of such developments.” The consultant is similarly expected to conduct an exploratory scoping for “emerging technologies and their adoption, including but not limited t

Tesla CEO Elon Musk said he “pretty much” agrees with Ethereum co-founder Vitalik Buterin about a collaboration between Dogecoin and Ethereum. Buterin said: “if we can have a secure Doge-to-Ethereum bridge. That would be amazing.” Vitalik Buterin Talks About Dogecoin and Ethereum Bridge, Elon Musk Agrees Ethereum co-founder Vitalik Buterin talked about a potential collaboration between Ethereum and Dogecoin in an interview with AI researcher Lex Fridman last week. Referring to the Tesla and Spacex CEO repeatedly tweeting about dogecoin, Fridman said, “There’s a power behind someone like Elon Musk pushing the development of a cryptocurrency.” He then asked Buterin, “is there a way to leverage that power and momentum to improve Ethereum?” Buterin said: If DOGE wants to somehow bridge to Ethereum, and then people can trade DOGE thousands of times a second inside of loopring, then that would be amazing. “I definitely don’t think Ethereum is opposed to dog coins,” the co-founder em

The Nasdaq-listed cryptocurrency exchange Coinbase has revealed record growth in its institutional business. “This year, interest from pension funds and hedge funds has skyrocketed, supported by the roll-out of crypto-ETPs as well as an increased understanding of the crypto economy,” said Coinbase. Coinbase Sees Interest From Institutional Investors Skyrocketing Cryptocurrency exchange Coinbase (Nasdaq: COIN) reportedly revealed Tuesday that between Dec. 31 last year and the end of the first quarter this year, its institutional holdings grew 170% from $45 billion to $122 billion. The company has over 8,000 institutional clients currently, including hedge funds, asset managers, pension funds, and endowments. Many institutional clients use Coinbase Custody, a crypto custody service with an insurance policy for institutional clients. The service, launched in 2018, supports over 90% of cryptocurrencies by market capitalization. Drew Robinson, Head of Hedge Fund Sales at Coinbase, says

On June 7, the United States Justice Department and the Federal Bureau of Investigation (FBI) announced the “recovery” of 63.70 bitcoin from the funds Colonial Pipeline sent to the hackers. The official story has a number of inconsistencies and federal investigators did not disclose how the FBI was able to confiscate the Darkside gang’s private key. Darkside Ransomware Gang Story Loaded With Discrepancies and a Vague Bitcoin Key Capture The cryptocurrency space has been discussing the recent law enforcement capture of 63.7 BTC or $2.3 million worth of bitcoin at the time of seizure. There have been issues with the way the story has unfolded and people are skeptical of the official story. Bitcoin.com News reported on Monday, how the Justice Department and Deputy Attorney General Lisa Monaco revealed the seizure story. Monaco detailed that federal authorities had “turned the tables on Darkside.” But from the very moment this story broke by a number of mainstream media outlets, ther

Amazon is looking for a blockchain expert, according to a job posting published on the company’s employment portal. The firm wants someone who is “passionate about blockchain and decentralized networks” and someone who can build innovative “business use cases” across decentralized finance (defi). Online Marketplace Amazon Hopes to Hire a Head of Product to Lead Blockchain Innovation The world’s largest online marketplace Amazon is seemingly watching blockchain innovations and current defi platforms make waves in the world of finance. Since the firm’s inception, Amazon has disrupted the online world via technological innovation and now it wants someone to help with blockchain technology. The company posted a job listing this week that shows Amazon is looking for a “Head of Product” with a comprehensive blockchain and cryptocurrency background. The business already has a product called the “Amazon Managed Blockchain (AMB)” and a team behind the project as well. “Come join us to head

The U.S. Internal Revenue Service (IRS) says it needs congressional authority in order to obtain the information needed to regulate cryptocurrency. “We get challenged frequently and to have a clear dictate from Congress on the authority for us to collect that information is critical,” IRS Commissioner Charles Rettig said. IRS Says It Needs More Authority to Collect Crypto Data IRS Commissioner Charles Rettig said Tuesday during a Senate Finance Committee hearing that the IRS needs more authority to do its job in regulating cryptocurrency. He said: I think we need congressional authority. We get challenged frequently and to have a clear dictate from Congress on the authority for us to collect that information is critical. The commissioner noted that the cryptocurrency market is growing and its value is now approximately $2 trillion, with more than 8,600 exchanges worldwide. The Biden administration has proposed requiring businesses to report information on cryptocurrency transac

The chief investment officer of global investment firm Skybridge Capital says bitcoin still has more upside than gold. While expecting both gold and bitcoin to rally, he said his hedge fund is sticking to bitcoin. Asset Manager Skybridge Prefers Bitcoin to Gold Troy Gayeski, co-chief investment officer (CIO) and senior portfolio manager at Skybridge Capital, a $7.5 billion hedge fund, says gold is good but bitcoin is better, Bloomberg reported Sunday. He believes that both gold and bitcoin are likely to rally even as the Federal Reserve moves to taper asset purchases, elaborating: We’re going to stick to bitcoin and crypto because we just think there’s more upside. While acknowledging that bitcoin has more volatility than gold, the CIO noted: “you’re going to capture a little bit more juice than you will in gold from that same phenomenon.” The price of bitcoin soared to the $65,000 level in April before plunging. It currently stands at $32,512 based on data from Bitcoin.com Mar

British asset management firm Ruffer reportedly said its bitcoin investment has generated about $1.1 billion in profit. The firm says bitcoin has been “a wonderful store of value” and it is still optimistic about the cryptocurrency in the long term. Ruffer Profits $1.1 Billion From Bitcoin Investment London-based asset management firm Ruffer revealed that it made $1.1 billion in profit from its bitcoin investment in five months, The Sunday Times reported on June 6. The firm has about £22.4 billion ($32 billion) under management as of April 30. Hamish Baillie, an investment director at Ruffer, said the asset management firm initially invested about $600 million in bitcoin in November last year when the price of BTC was below $20,000. The director detailed: When the price doubled, we took some profits for our clients in December and early January. We actively managed the position and by the time we sold the last tranche in April, the total profit was slightly more than $1.1 billi

Deutsche Bank published a report Monday noting that the United States is facing “the very real specter of consumer-driven inflation.” The bank’s chief economist David Folkerts-Landau and others notably highlight the Federal Reserve’s monetary easing policy and recent tolerance toward higher inflation. Deutsche Report: ‘Transitory Inflation Could Feed Into ’70s Style Stagflation’ The price of commodities in the U.S. has surged according to a number of recently published studies over the last two months. Currently, commodity-price increases are moving in lockstep as products like oil tapped a two-year high , the price of lumber jumped 377% in a year’s time, electronics are 10% more expensive across the board, copper has risen to record highs , soybeans and corn prices have skyrocketed , and retail beef and pork is eliciting “ sticker shock .” On June 7, Germany’s lending giant Deutsche Bank published a report with a dire warning to the U.S. concerning inflation. The study features