Bitcoin News and Finance: What You Need to Know

The price of bitcoin soared past the $55K handle on Wednesday for the first time in four months giving proponents hope the crypto bull run has been re-ignited. Speculators are predicting a bitcoin exchange-traded fund (ETF) will be approved soon and some believe bitcoin will outperform other crypto assets this month. ETF Analyst Eric Balchunas Discusses Bitcoin Exchange Traded Fund Approval Odds While 13 digital currencies outperformed bitcoin ( BTC ) this past week, BTC has been a top performer gathering 34.2% over the last seven days. On Wednesday, statistics indicate that BTC gained more than 7% in value and tapped a daily high of $55,800. One of the reasons behind bitcoin’s price spike is the rumor that an exchange-traded fund (ETF) may get the green light from the U.S. Securities and Exchange Commission (SEC). Bloomberg ETF analyst Eric Balchunas discussed his opinion of the possibility on October 2 and shared a screenshot of the odds. Balchunas also mentioned SEC chairman G

Since the beginning of the COVID-19 pandemic and after an initial dip, the stock market has performed exceptionally well for such an economically uncertain time. The SPDR S&P 500 electronically traded fund (ETF), which provides a good indicator of the stock market’s overall performance, has increased in value by 32% year-over-year (YoY) and 39% since the beginning of January 2020. While these returns are impressive, the performance of Bitcoin has surpassed expectations and greatly exceeded the performance of the S&P 500. Bitcoin’s value has drastically increased by 554% since the beginning of 2020 and by 352% YoY. As Figure 1 highlights, these are far beyond those of the stock market and most any other asset class. Bitcoin’s price during this time rose from $7,175 and $10,382, respectively, to $46,898. For the past 4 years, Cash2Bitcoin has helped new investors across the United States gain access to this asset by providing physical locations where Bitcoin can be purchased,

Nigerians are hopeful the planned central bank digital currency (CBDC), also known as the e-naira, is going to enhance cross-border payments and make it “easier for the naira to be widely used and accepted.” E-Naira Launch a Boon for Cryptos In fact, according to a VOA report , some Nigerian blockchain experts like Janet Kaatyo believe the e-naira launch will work in favor of cryptocurrencies. Prior to the Central Bank of Nigeria (CBN)’s February directive , cryptocurrency usage and trading in Nigeria had surged due in part to pandemic-related movement restrictions. However, this growing popularity as well as the depreciation of the naira eventually forced the CBN to act. Soon after ordering banks to squeeze out crypto players, the CBN began promoting the e-naira which it claimed would “ease monetary transactions and improve the long-term value of Nigeria’s currency.” CBDC Role in Fighting Corruption While the CBN has yet to announce the new launch date for the e-naira, some Nige

Zimbabwean crypto and economic experts have suggested Finance Minister Mthuli Ncube’s positive comments about cryptocurrencies do not necessarily mean monetary authorities are about to remove restrictions that were imposed in 2018. The Case for Blockchain Instead, the experts claim the remarks show that the government is only interested in aspects of blockchain technology that are beneficial to it. They insist, however, that because the Zimbabwean government — just like its peers in Africa — will not countenance ceding monetary control to anyone, it will not lift restrictions on cryptocurrency trading. The experts’ comments, which were published by Aljazeera, follow Ncube’s tweet in September which extolled cryptocurrencies. As previously reported by Bitcoin.com News, Ncube suggested in the tweet that cryptocurrencies could “lower charges for diaspora remittances.” The minister’s pro-crypto remarks are reiterated by Clive Mphambela, chief director of communications for the Minist

The Ukrainian president has sent the recently adopted law “On Virtual Assets” back to the Verkhovna Rada, the country’s legislature. The head of state has come up with his own suggestions and opposed the establishment of a new regulatory body that would require additional financing. Setting Up New Crypto Market Regulator Will Be Expensive, Zelensky Warns Ukrainian parliament adopted the long-awaited law “On Virtual Assets” in early September when lawmakers approved the bill on second and final reading. The legislation, designed to regulate crypto-related activities in the country, passed its first reading last December, after which it was revised and presented again in the Rada in June of this year. In order to enforce the new legislation, authorities in Kyiv need to make amendments to the Tax Code and get the president to sign the virtual assets law. However, Volodymyr Zelensky has decided to return it to Ukrainian deputies and request certain changes. Besides introducing key l

Non-fungible tokens (NFTs) have been extremely popular in recent times as a great number of collections have been dropped and billions of dollars worth of NFTs have been exchanged. Just recently, a collection of NFTs stemming from the Smartbch protocol called “Poolside Puffers” was introduced to the Bitcoin Cash community. The entire collection of 2,100 Puffers sold out in less than three days and all proceeds are being donated to an orphanage in Vietnam. Meet Poolside Puffers — 2,100 Unique Generative Art Collectibles Built With Smartbch The Smartbch protocol has been gathering traction as people are minting a myriad of tokens, leveraging decentralized exchange (dex) platforms like Misty Lake ( lake.mistswap.fi ) and Benswap , as well as discussing new Smartbch ideas across a variety of forums. While blockchain NFT collections like Cryptopunks, Bored Ape Yacht Club, and others have been all the rage lately, a Smartbch-minted NFT collection sold out in three days this week. The NFT

Leading yield farming platform DeFi Yield Protocol (DYP) has collaborated with KyberDMM to boost DYP token liquidity on Avalanche blockchain. As part of the partnership, $300,000 worth of DYP and KNC tokens have been made available as liquidity mining rewards. A major milestone for DYP The collaboration between DYP and KyberDMM represents a major milestone for the DYP as it continues to make inroads within the DeFi ecosystem. The two protocols have agreed to run joint liquidity mining campaigns to increase the number and liquidity of key token pools and incentivize liquidity providers with attractive yields. KyberDMM is an innovative and capital-efficient DEX protocol that enhances liquidity with amplified pools and optimizes returns for liquidity providers with dynamic fees. As a result, DYP holders can maximize the use of their capital on KyberDMM DEX and access amplified liquidity pools and dynamic fees within a secure platform. Liquidity providers can add any amount of liquidi

On October 5, the youth fashion and retail brand Pacsun announced the company is now accepting cryptocurrencies via Bitpay’s payment services. Pacsun says the company has a youthful audience that is “very tech-oriented” and the firm has seen an “increasing desire towards cryptocurrency.” Pacific Sunwear of California Goes Crypto The American retail clothing brand, Pacific Sunwear of California, LLC, otherwise known as Pacsun, is now supporting crypto-asset acceptance. Founded in 1982, Pacsun has roughly 400 stores in all 50 states and in Puerto Rico. The company has partnered with the crypto payments firm Bitpay and disclosed it will accept 11 different crypto assets including bitcoin ( BTC ), bitcoin cash ( BCH ), ethereum ( ETH ), wrapped bitcoin (WBTC), dogecoin (DOGE), and litecoin ( LTC ). Five different stablecoins pegged to the U.S. dollar will also be accepted by Pacsun. “With digital sales doubling since last year, we understand the continued importance of creating an exc

The U.S. has launched the National Cryptocurrency Enforcement Team, an initiative of the Department of Justice (DOJ), to tackle and prosecute “criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering.” U.S. Deputy Attorney General Lisa Monaco said, “The point is to protect consumers.” DOJ’s New Crypto Enforcement Initiative U.S. Deputy Attorney General Lisa Monaco announced the creation of a National Cryptocurrency Enforcement Team (NCET) during a virtual speech at the Aspen Cyber Summit Wednesday. The aim of the initiative is “ to tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors,” the Department of Justice subsequently detailed. “The team will also assist in tracing and recovery of assets lost to fraud and extortion, includ

The CEO of the world’s largest movie exhibition company, AMC Entertainment, has announced “huge news” for dogecoin fans. While his company works on accepting cryptocurrencies, he said that customers can now “buy AMC Theatres digital gift cards … with dogecoin and other cryptocurrency.” AMC Accepts Cryptocurrencies for Gift Cards After announcing that AMC will “figure out how to” accept dogecoin by year-end alongside four other cryptocurrencies, CEO Adam Aron tweeted Tuesday that he had “huge news” for dogecoin fans. AMC Entertainment Holdings is the largest movie exhibition company in the U.S., Europe, and the world. As of March 31, AMC owned or operated approximately 950 theaters and 10,500 screens globally. The executive wrote: “Huge news dogecoin fans! As we work to accept online crypto payments, now you can buy AMC Theatres digital gift cards (up to $200 per day) with dogecoin and other cryptocurrency using a Bitpay Wallet. Accepted on our website, mobile app, and in theatres

Spellfire , a legendary card-based NFT game powered by Ethereum and incorporating some unique features, has successfully completed its seed funding round. Terranova, x21 and Autonomy Capital have led 360,000 USD investment into the project, with more investors eyeing spellfire’s incoming private round. Spellfire has some unique features which make it stand out among its peers in the industry. NFTs acquired are digital and physical, making it the first NFT based game that allows owners to touch their NFTs. Special NFTs have an “Augmented Reality” feature allowing the owners to interact with their NFTs using gestures. NFTs will be upgradable. Players can create their own NFTs with unique characteristics. Spellfire includes a P2E mechanic which allows owners to generate revenue from their NFTs and from playing the game, with 200,000,000 tokens being distributed through in-game rewards: Tournaments, Special collections, Achievements, and 90 percent of NFT generated profits goin

The 78th United States secretary of the treasury, Janet Yellen, is very concerned about tax evasion, according to statements she made during an interview with CNBC’s “Squawk Box” that aired on October 5. Yellen claims there’s an “enormous tax gap” and she insists financial information concerning where income derives from can get “hidden.” Janet Yellen Says ‘Collection of Information Is Routine’ The U.S. secretary of the treasury wants lawmakers to push Biden’s “American Families Plan Tax Compliance Agenda” in order to solve the issue. The proposed legislation, if passed, would require banks to report all inflows and outflows of at least $600 to the IRS. In mid-September, Bitcoin.com News reported on Janet Yellen and IRS commissioner Charles Rettig asking lawmakers to pass the “American Families Plan Tax Compliance Agenda.” The proposed legislation aims to get all financial institutions to report deposits and withdrawals of $600 or more to the American tax agency, regardless of tax

American politicians have been clamoring about the U.S. facing a significant debt crisis and the debt ceiling putting the country at risk of default. Joe Biden spoke about the debt ceiling and told Republicans to “just get out of the way” when it comes to the decision. Meanwhile, a number of U.S. bureaucrats are floating the idea of minting a $1 trillion platinum coin in order to magically bolster the treasury with cash. Trillion-Dollar Coin Concept Strongly Considered by US Politicians, Former US Mint Director Says Platinum Coin Can Be Minted in Mere Hours Simply creating new fiat out of thin air these days is an extremely popular trend, and it seems that many politicians worldwide have not considered the history of economies that have been destroyed by excessive monetary expansion. In the U.S., public officials have been discussing the country’s debt ceiling and whether or not America will default on what it owes. Speaking at a White House news conference, U.S. president Joe Bid

SEC Chairman Gary Gensler says that the SEC has no plan to ban cryptocurrencies as China has done. He noted that it would be up to Congress to make such a decision. Recently, Federal Reserve Chairman Jerome Powell similarly said that the Fed had no intention to ban or limit the use of cryptocurrencies. SEC Won’t Ban Cryptocurrencies The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, answered a question about whether there is a plan to ban cryptocurrency during a hearing before the U.S. House Committee on Financial Services Tuesday. The four-hour virtual hearing titled “Oversight of the U.S. Securities and Exchange Commission: Wall Street’s Cop Is Finally Back on the Beat” was hosted by Committee Chairwoman Maxine Waters and Ranking Member Patrick McHenry. During the meeting, Rep. Ted Budd from North Carolina asked Gensler if he had any plans to ban cryptocurrencies. The congressman began by stating: “China has been on a warpath against cryptocurrencie

A coordinated strike involving Europol, Interpol, and the U.S. Federal Bureau of Investigation (FBI) has led to the arrest of two “prolific” ransomware operators allegedly responsible for ransom demands of up to 70 million euros. In addition, $1.3 million in cryptocurrencies were seized. Ransomware Operators Arrested, Crypto Seized The International Criminal Police Organization (Interpol) announced Monday: Two prolific ransomware operators suspected of carrying out a string of attacks, demanding ransoms of up to EUR 70 million [$81 million], have been arrested in Ukraine. The arrests followed “a coordinated strike between the French National Gendarmerie (Gendarmerie Nationale), the Ukrainian National Police (Національна поліція України) and the United States Federal Bureau of Investigation (FBI), with the coordination of Europol and Interpol,” the European Union Agency for Law Enforcement Cooperation (Europol) explained. The arrests took place on Sept. 28. The authorities condu

Ertha is a new P2E game with an exciting backstory launching on Binance smart chain, unlike anything else. The game will encompass an accurate life simulation on a massive scale where players will be able to micromanage their companies and countries in a satisfying and rewarding way. The new metaverse will require players to consider their economic, infrastructure, and military development to advance and dominate other players. Ertha will encompass multiple features that make it detail-oriented, making player decisions dynamically impactful in the metaverse. The game is diverse between MMORPG and strategy genres and reminiscent of old-school games in its rich content. ERTHA is a token and an in-game currency. Players will be rewarded using this token which can be achieved using multiple revenue systems. 3 Features Never Before Seen in an NFT Game The world depicts actual planet earth and is divided into HEX plots, where players will decide to carve out their country in a real

Digital currencies backed by central banks are the most reliable form of digital money, according to IMF managing director Kristalina Georgieva. At the same time, to think of cryptocurrencies such as bitcoin as money is difficult, believes the chief executive of the international financial institution. IMF Chief Georgieva Marks Top Issues for Policymakers Exploring CBDCs Among the members of the International Monetary Fund (IMF), 110 countries are exploring central bank digital currencies ( CBDCs ), the fund’s chair and managing director Kristalina Georgieva revealed at an event hosted by Bocconi University in Italy. Speaking remotely to the audience, she noted that the key challenge for monetary authorities now is to guarantee the interoperability of these currencies. According to Georgieva, a major consideration is whether state-backed digital currencies can serve as a means of exchange trusted by the public, Reuters reported on Tuesday. Other questions policymakers need to answ

On Tuesday, cryptocurrency supporters on social media and forums discussed Blockstream’s Liquid sidechain product as block signing had been down for over 20 hours. While Blockstream had noted the sidechain was undergoing a hard fork upgrade planned for October 5, a number of crypto proponents still scorned the project for being hypocritical toward blockchains like Solana. Blockstream’s Liquid Suffers From Block Signing Issues During Dynamic Federations Upgrade Cryptocurrency proponent Udi Wertheimer razzed the crypto company Blockstream on Tuesday as the Liquid network’s block signing had been down and was initially expected to be for a total of 24 hours. On October 5, Wertheimer said : “Liquid has been down for 15 hours and still no one noticed, good morning.” “Good morning,” or “GM,” has been the latest catchphrase in the crypto community in recent times. Continuing, Wertheimer further mocked the company’s hardcore supporters and employees when he remarked : “‘You don’t need

The Central Bank of Uruguay has issued a statement describing a roadmap for the regulation of cryptocurrency assets in the near future. The institution stated it has established a group to examine the best way possible to regulate these assets, considering the realities of the crypto industry. Also, some modifications to current laws could be made to prepare for the upcoming regulation towards the end of the year. Central Bank of Uruguay Hints at Crypto Regulation The Central Bank of Uruguay has issued a statement about virtual assets where it roughly describes the roadmap the institution will follow in the process of regulating cryptocurrencies. The bank has already created a study group to examine how the crypto world functions, and taking this into account, it created a conceptual idea of how this market could soon be regulated. The institution also announced that during Q4 2021 it will be involved in talks with industry actors in the country with the objective of perfecting th

DeFi continues to show the world that the future of finance will forever change from its old and traditional form, developed by solving problems individuals and institutions face with mainstream banks. ADALend continues the string of innovations in DeFi under the guidance of its GM. Javed Khattak , A qualified actuary (FIA), an award winning C-suite executive, and a successful serial entrepreneur who was awarded CFO of the year in 2018 by Wealth & Finance magazine, listed in the the top 20 individuals behind ICOs in 2017, a track record of financial ingenuity and excellence. The Future of DeFi Leadership ADALend’s GM hails from a better-suited background to tackle the problems facing the DeFi ecosystems plagued by professionals who have more to do with programming and less to do with financing. Individuals who rely on DeFi projects to store and maintain their savings are increasing day by day. Someone who knows about actuarial science leading ADALend is a rare asset, with