Bitcoin News and Finance: What You Need to Know

While the crypto economy is worth more than $2.35 trillion, there’s a variety of new cryptocurrencies that have claimed top ten positions, in terms of market capitalization, in recent times. Two years ago, the top ten crypto assets by market cap looked a lot different than today, and things have also changed a great deal in the past 12 months. The Top Ten Crypto Assets in August 2019 Since the crypto asset’s inception, bitcoin ( BTC ) has held the largest market valuation out of all the coins in existence and no other digital currency has ever taken the top position. We know the crypto economy is valued at more than $2.3 trillion, and out of the 10,000+ cryptocurrencies, dominance levels are changing. Top ten shifts are happening, and the top ten crypto-asset positions in terms of valuation have changed a great deal last year and the year before. At the end of August 2019, bitcoin ( BTC ) held the top position but only had a market valuation of around $181 billion. Today, BTC has

Crypto assets have seen significant gains over the last month and one such digital currency, solana (SOL) has propelled itself into the top ten rankings and recently flipped the crypto asset dogecoin’s market cap position. As of Friday, solana currently holds the seventh-largest market valuation out of all the coins in existence with a market cap of around $41 billion. Solana Skyrockets More Than 300% in 30 Days In mid-August, Bitcoin.com News reported on solana (SOL) capturing fresh all-time highs and since then the crypto asset has gained a lot more value. At that time, solana had just made it into the top ten crypto market capitalizations and today it has risen to the seventh-largest crypto market worldwide. Our report noted that SOL was trading for $74 per unit and today SOL is swapping for $141 per coin, up 90.54% since the market report published on August 17. SOL has gathered double-digit gains in 24 hours, jumping over 20%. In the last week SOL has gained a whopping 85.3%.

According to a recent report, the U.S. Securities and Exchange Commission (SEC) has allegedly started probing the startup that operates the decentralized exchange (dex) Uniswap. The dex platform Uniswap is the largest dex in terms of trade volume with over $10 billion in crypto tokens swapped in the last seven days. Sources from the report also said SEC enforcement is investigating crypto lending applications as well. Unnamed Sources Familiar With Matter Say SEC Is Investigating Defi Exchange Uniswap A recently published report from the Wall Street Journal’s (WSJ) Dave Michaels and Alexander Osipovich claims unnamed sources told the outlet that SEC enforcement attorneys are probing the dex Uniswap Labs. The report shows that the SEC has not commented on the matter but a Uniswap Labs spokesperson said: [Uniswap is] committed to complying with the laws and regulations governing our industry and to providing information to regulators that will assist them with any inquiry. The unk

Evan Luthra is a prolific angel investor having been in crypto since 2014 and early discoverer in Eaze.com (Fastest growing on-demand Tech company in 2016) and Wheelys Cafe (over 1000+ coffee shops in 40 countries), more recently investing in the seed round of Hashgraph.com (The billion dollar Crypto Currency), Admix.in (Biggest Gaming AD Publisher), JoshTalks, FTcash and more. The leading entrepreneur inspired many when he exited his first company and simultaneously took over the TedX stage at the age of 17. Evan is a successful keynote speaker with hundreds of speeches around the world for organizations like United Nations, Nielsen, Google, Blockchain Life, and many more. Evan also has over 2 Million followers on Instagram (Instagram.com/evanluthra ) where he shares daily tips about investing in crypto markets. There will be powerful synergies between Evan’s portfolio companies, industry network and the Soldex.ai ecosystem .   About Soldex.ai Soldex.ai is one of the fi

The central banks of Australia, Singapore, Malaysia, and the Republic of South Africa have set out to test the use of state-issued digital currencies in cross-border payments. The trial, led by the Bank for International Settlements, aims to establish whether they can simplify transactions and make them cheaper. Reserve Bank of Australia Teams Up With Counterparts in Asia-Pacific, Africa on CBDC Project While a number of nations are still testing their central bank digital currencies ( CBDCs ) in domestic applications, some are preparing to conduct international experiments. The Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank have joined forces to carry out cross-border trials. The cooperation aims to develop shared platforms for cross-border transactions using different CBDCs, the institutions said in a statement quoted by Reuters. The scheme is led by the Bank for International Settlements (BIS) Innovation

The very low power rates in Venezuela have created a powerful incentive to mine Bitcoin for a lucky few that have the capital (and dare) to purchase miners and infrastructure in the country. The rise of digital currencies has created a new industry that uses cheap energy and turns it into precious Bitcoin. In other regional news, Axie Infinity, a play-to-earn game, has created opportunities for the less fortunate ones. The country is going digital because of the possibilities these new tools offer. Cheap Power Creates Mining Opportunities in Venezuela The cheap cost of electricity is creating opportunities to leverage this resource and turn it into bitcoin, a more scarce and valuable resource. This is what many investors have been doing in the country. Theodoro Toukoumidis, CEO of Doctorminer, a services-oriented Bitcoin mining company, has more than 80 ASICS working non-stop. According to him, all those machines put together cost less than $10 in power monthly. However, each of t

Fabio Araujo, a representative of the Central Bank of Brazil, talked about the possible development of a Digital Real at a public hearing before the Committee on Science, Technology, Innovation, Communication and Information Technology of the Brazilian Senate. Araujo clarified that the Digital Real is still at the debate stage, and they are determining the demand for such an instrument. Central Bank of Brazil Still Debating Digital Real The Central Bank of Brazil is still studying the creation of a Digital Real, according to statements given by Fabio Araujo, a representative of the institution. Araujo stated at a recent public hearing with the Senate Committee on Science, Technology, Innovation, Communication, and Information Technology that the bank is still debating the need society might have for a central bank digital currency ( CBDC ). Araujo declared: Our goal is to clarify what demands society presents to Real Digital. After that, we will soon move on to the testing phase

The professional basketball team owned by the billionaire Mark Cuban, the Dallas Mavericks, announced “Mavs Cryptomania,” which gives Dallasmavs.shop customers a $25 e-gift card if they pay with cryptocurrencies like bitcoin, ethereum, bitcoin cash, and dogecoin. The Mav’s owner has been a big proponent of crypto assets and the Mav’s was the first NBA team to accept dogecoin for tickets and merchandise. Dallasmavs.shop Customers Paying With Crypto Will Get a Gift Card Reward Mark Cuban , Shark Tank star and the owner of the NBA basketball team the Dallas Mavericks is a big believer in crypto assets. More specifically, Cuban and Tesla’s Elon Musk think dogecoin (DOGE) is the ”strongest” cryptocurrency for payments . Cuban told his Twitter followers that the Mav’s were hodling DOGE after sales, and he even told the popular Talk show host Ellen Degeneres to get into dogecoin. When speaking about hodling dogecoin, Cuban said: FYI, the Mavs sales in dogecoin have increased 550pct ove

BlockBank will be enabling its users to earn interest on the stablecoin USD Coin (USDC), with rates up to 60x the US national average of a traditional savings account. Best of all, your USDC is guaranteed by BlockBank, giving you complete certainty whilst you earn interest. With the BlockBank application V2 update arriving in Q3 this year, you will be able to view your live portfolio and receive monthly payouts, all with no deposit and withdrawal fees or limits. Generating a passive income by obtaining the best interest rate is on everyone’s mind nowadays. In fact over the years, interest rates in traditional banking have decreased close to zero, making it hard for you to earn a passive income on your assets. The US national average for a traditional savings account hovers around 0.07% per year, with high-yield savings accounts at around 1%, still nothing to rave about. BlockBank’s high-yield alternative to traditional savings accounts offers competitive APY on your USDC, a stable

Cryptocurrency exchange Binance’s U.S. arm could be going public in three years, Binance CEO Changpeng Zhao has revealed. He said that his exchange “is just going to do what Coinbase did.” Coinbase Global went public on Nasdaq via direct listing. Binance Plans to IPO in the US Within 3 Years Binance’s founder and CEO, Changpeng Zhao, said in an interview with The Information Wednesday that his company’s U.S. arm could have an initial public offering (IPO) in the next three years. He described: Binance.us is just going to do what Coinbase did. Cryptocurrency exchange Coinbase went public on Nasdaq in April via a direct listing. The exchange recently said that it wants to be the “ Amazon ” of crypto and list all legal cryptocurrencies. Binance.us is also set to close on a large private fundraising round in the next two months, Zhao told the publication, adding that his company generated $800 million to $1 billion in profit last year. Binance has recently been heavily sc

Curtis Sliwa, a candidate for New York City (NYC) mayor, said that he will make his city “the most cryptocurrency-friendly city” in the U.S. if he is elected. He joins a growing list of mayors and mayoral candidates in growing cryptocurrency adoption. Mayoral Candidate Plans to Turn NYC Into the Most Crypto-Friendly City NYC mayoral candidate Curtis Sliwa has shared his vision to make New York City the most cryptocurrency-friendly place in the U.S. Sliwa, a radio talk show host, is the founder and chief executive officer of the Guardian Angels, a nonprofit organization of unarmed crime prevention. He tweeted Wednesday: “As NYC Mayor, I will make NYC the most cryptocurrency-friendly city in the nation. Property taxes, fines & fees will be payable in crypto. We will open more crypto ATMs & incentivize businesses to accept crypto. We must modernize our economy & make it accessible for all!” Sliwa is not the only mayoral candidate for NYC who wants to see the city becomin

The founder of Cardano and co-founder of Ethereum, Charles Hoskinson, says that he expects cryptocurrencies to “play a larger role” in Afghanistan amid war with the Taliban forces. Charles Hoskinson Sees Cryptocurrencies Playing Larger Role in Afghanistan Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, explained in an interview with CNBC Tuesday that cryptocurrencies are likely to play a larger role in Afghanistan, citing a rising need for more privacy. The Cardano founder believes that there will be ongoing civil war in the country and “already the remnants of the northern alliance have been formed, and they’re going to need resources.” He noted that “Unlike the last time, in the 90’s when this happened, now cryptocurrencies are there,” elaborating: It is my belief that cryptocurrencies are going to play a larger role in Afghanistan this time around, in the war for and against the Taliban forces. The Pentagon said Monday that the U.S. finished its withdra

The $2 billion crypto fraud scheme Bitconnect and its founder have been charged in the U.S. In a parallel enforcement action, a Bitconnect director and top promoter has pleaded guilty to criminal charges in the U.S. “The Bitconnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally,” said the U.S. Department of Justice (DOJ). US Authorities Take Action Against Bitconnect and Its Founder U.S. authorities continue to take action against the fraudulent crypto trading scheme Bitconnect and its executives this week. “The Bitconnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally,” the DOJ described. The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it has filed an action against Bitconnect, its founder Satish Kumbhani, its top U.S. promoter Glenn Arcaro, and his affiliated company Future Money Ltd. The SEC noted that Kumbhani, age 35, is an Indian citizen who resided in Surat, India, but whose curr

Of all funds sent to illicit cryptocurrency addresses from Eastern Europe, scams attract the greatest amount, according to a new report. In the past year alone, crypto addresses based in the region have sent the fraudulent schemes a staggering $815 million in crypto. Eastern Europe Leads by Volume of Illicit Crypto Transactions Among the world’s regions with a total crypto transaction volume of at least $400 million, Eastern Europe is the only one where illicit activity exceeds 0.5% of the total value sent and received, Chainalysis notes in a preview of its 2021 Geography of Cryptocurrency report. In a blog post published Wednesday, the blockchain forensics company revealed: Between June 2020 and July 2021, Eastern Europe-based addresses sent $815 million to scams, second only to Western Europe. Crypto addresses in East European countries have the second-highest rate of exposure to illicit addresses, with Africa topping the chart and Latin America ranking third, the excerpt det

PRESS RELEASE. Vasyl Virastyuk, the strongest man on the planet in 2004 and 2007, tokenized his autograph through the innovative NFT project PHILOGRAPHY . The strongman was the first to start a partnership with PHILOGRAPHY.BIZ. He provided his original autograph to produce a limited edition of collectible NFT autographs and sell them. This is the project’s first NFT token, which will increase its collectible value and investment value in the long run. Vasyl Virastyuk is the owner of the 2004 and 2007 World’s Strongest Man titles and the multiple world champion in strongman competitions. According to reputable online media, the athlete is among the top 10 strongest men in the world in mankind’s history. Vasyl Virastyuk has set a number of world records. Among them: Movement of 5 streetcars weighing 101.5 tons. Movement of 10 cars with a total weight of 16.5 tons over a distance of 18.5 meters. Movement of 7 cars with a total weight of 11 tons over a distance of 25 meters. Vasy

A Zimbabwean artist, Greatjoy Ndlovu, joined the growing list of African artists pivoting to the non-fungible tokens (NFT) market after his digital artwork was sold for 0.7 ethereum. The sale, which took place on the Async Art NFT marketplace, is Ndlovu’s first foray into the digital art space. NFTs an Opportunity for African Artists According to a report , Ndlovu’s digital art piece, which is called Burnt Out, depicts the challenges that were experienced by health care workers who were fighting to stop the spread of the Covid-19 pandemic. In addition, the report says Ndlovu is hopeful that his break into the NFT space will help “inspire many young creators to take a leap and test the market themselves.” According to the artist — who also serves as the Ambassador of SOS Children’s Village — NFTs represent an “alarmingly bright future” for African art makers. Artists Embrace NFTs Meanwhile, with this pivot to NFTs, Ndlovu joins Nyasha Warambwa and Indigo Saint, the first ar

A recently published report that went viral across social media details how a former U.S. Marine, Stephen Lara, was pulled over by police and was suspected of being a drug trafficker. Police then searched Lara’s vehicle and subsequently took $87,000 in cash from a bag kept in Lara’s trunk. Lara, who also had a stack of automated teller machine (ATM) receipts that showed the funds were legitimate, said “I could not believe that I had just been literally robbed on the side of the road by people with badges and guns.” Policing for Profit — DEA and Nevada Police Leverage Controversial ‘Adoptive’ Forfeiture Scheme to Take Former Marine’s $87K in Cash Civil forfeiture has been a problem for a long time in the U.S., as law enforcement has been known to “police for profit” over the last decade. All law enforcement needs to have is the “preponderance of evidence” to seize funds from someone and then leverage the funds for their own use cases. Since the year 2000, it has been estimated that

Over the last few weeks, Americans have read about the U.S. Internal Revenue Service (IRS) upping its tax enforcement to catch cryptocurrency users who have not paid taxes. According to one report, the IRS may get access to bank inflows and outflows via Joe Biden’s American Families Plan. On top of this, another story explains how an IRS agent posed as a bitcoin trader called “Mr. Coins” on the peer-to-peer (P2P) marketplace Localcryptos.com in a $180K sting operation. America’s Tax Agency Is Stepping Up Enforcement via Biden’s American Families Plan The IRS has been stepping up enforcement against tax evaders and has recently been specifically focused on cryptocurrency transfers. This past April, Forbes contributor Guinevere Moore published a report on how U.S. President Biden’s “American Families Plan” aims to increase IRS enforcement. Essentially, Moore details that America’s financial institutions have always had to report capital gains to the IRS, but under Biden’s plan banks a

The overall market capitalization of all 10,000+ digital assets has reached a September high of $2.33 trillion as it has risen over 5% on Thursday. The crypto economy hasn’t been at this U.S. dollar value since mid-May or approximately 108 days ago, as the value has increased 83.46% since the crypto economy’s low point on July 19 ($1.27 trillion). Crypto Economy Rises 83% in Value, But It Wasnt Due to Bitcoin A lot of money has entered the crypto economy since July 19, and the market capitalization of all the coins in existence today is worth $2.33 trillion. Up more than 5% over the last 24 hours, the crypto economy has not been this valuable in over three months. The last time the crypto economy was in the $2.33 trillion range was May 16, 2021, and prior to that date, it reached an all-time high (ATH) at $2.493 trillion. On July 19, the crypto economy dropped as low as $1.27 trillion and has since gained 83% in value. In fact, the entire crypto economy only needs to gain more t

In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in tax returns. Distinction Between Income and Capital Gains Tax As shown on SARS’ crypto-asset tax webpage, “income received or accrued from crypto assets transactions can be taxed on revenue account under ‘gross income.'” Alternatively, the new guidance says such gains “may be regarded as capital in nature, as spelt out in the Eighth Schedule to the Act for taxation under the Capital Gains Tax (CGT) paradigm.” SARS also reveals that “taxpayers are also entitled to claim expenses associated with crypto assets accruals or receipts, provided such expenditure is incurred in the production of the taxpayer’s income and for purposes of trade.” Meanwhile, a tax consulting firm, Tax Consulting SA, told to Bit