Bitcoin News and Finance: What You Need to Know

Ripple’s chief executive has shared his views on possible outcomes of the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over the sale of xrp, which the regulator claims to be an unregistered securities offering. Ripple’s CEO Discusses Implications of SEC Winning the Lawsuit Ripple CEO Brad Garlinghouse discussed the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over XRP earlier this month in an interview with Axios at the Collision 2022 event. The SEC sued Ripple Labs, Garlinghouse, and co-founder Chris Larsen in December 2020, alleging that the XRP sale was an unregistered securities offering. Ripple disagreed with the SEC and has since been fighting a legal battle with the securities regulator. During the interview, Garlinghouse was asked what would happen if he does not get a ruling in his favor and XRP is deemed a security. The Ripple executive quickly emphasized that in that situation, XRP would only be considered a securit

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, believes that the U.S. Securities and Exchange Commission (SEC) neither has the resources nor the IQ points needed to correctly investigate crypto listings on Coinbase. Michael Burry on SEC Investigating Crypto Listings on Coinbase Famous investor and founder of investment firm Scion Asset Management, Michael Burry, briefly commented on the U.S. Securities and Exchange Commission (SEC) investigating crypto exchange Coinbase Tuesday. He is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. Commenting on a Bloomberg article titled “Coinbase Faces SEC Probe on Crypto Listings,” Burry tweeted: Pretty sure the SEC does not have the resources or the IQ points to do this correctly.

PRESS RELEASE. Pocket Network , a decentralized Web3 infrastructure provider that services blockchain data requests for applications and developers, is implementing key protocol changes after its community DAO voters rallied to boost network efficiency and bring costs down. As of late June, the Pocket DAO has passed two proposals with significant impacts on the incentive structure for nodes participating in Pocket Network’s protocol. Pocket’s protocol is serving approximately 1 billion RPC requests every day , and is on course towards a goal of supporting 100 blockchains before year-end. At the same time, as Pocket Network has seen explosive growth in the number of active nodes on the network (all the way up to almost 50,000 nodes in May of this year), infrastructure costs of the protocol have risen as well. Thanks to some of the highest levels of engagement out of any past proposals in the Pocket DAO, voters and commenters took on this economic challenge on two separate fronts: b

Russia could be a large player in the crypto mining space, experts in the field have established in research naming the most attractive regions for coin minting operations in the country. The capital Moscow is among the popular mining destinations alongside the places offering the cheapest power. Cost of Electricity, Logistics Determine Russian Miners’ Choice of Location for Crypto Farms Russia has everything necessary to become a leader in the crypto mining industry, including low-cost electricity, surplus generating capacity, and well-developed energy infrastructure in many of its regions. That’s one of the conclusions in a study conducted by Intelion Data Systems, an importer of mining equipment, quoted by RBC Crypto. The company’s researchers say that interest in setting up new data centers for digital currency extraction has increased across the vast country. The primary task for businesses is to choose the right location for their facilities, crucial for the effectiveness of

PRESS RELEASE. XRPayNet has been making major progress in the DeFi space this year. Their recent launch of a versatile mobile application has allowed users to trade with freedom. The app tautes the flexibility to trade with 90,000 trading pairs available for use. This vast expansion of technology and availability has been a widely positive first impression from its customers. XRPayNet makes major strides towards the goal of converting crypto payments made to businesses that use existing processing systems to give the business their payment back in their conventional currency. With another new exchange listing in the pipeline this week on Bitmart and their flashy new crypto cards coming out later this year that will allow consumers to spend any crypto in stores globally, XRPayNet is redefining the future of financial transactions. They are making the Crypto to Fiat payment process seamless and furthering global adoption as less than fifty thousand businesses accept crypto out of 250

Cryptocurrency investors are perceived to be more attractive, smarter, and wealthier than non-investors, the latest survey by Cryptovantage has found. Just over three-quarters of respondents said they are likely to go on a date with someone if their dating app profile mentions crypto. However, some 69% of crypto investors surveyed admitted that they had a relationship end because they invested in a cryptocurrency. Crypto Investors Perceived More Favorably Than Non-Investors A new survey seeking to determine if investing in cryptocurrency makes one attractive has found that crypto investors are “seen as more attractive, smarter, and wealthier than non-investors.” According to the survey findings in which 1,002 Americans were interviewed, 50% of the female respondents perceive crypto investors to be more attractive than non-investors. About 46% of the respondents perceive crypto investors to be more desirable while 42% think they are smarter. Some 34% perceive crypto investors to be

The University of Tokyo will offer a series of engineering courses using metaverse tech. The courses, which are projected to start being offered later this year, will introduce students to the subjects of engineering and will combine this knowledge with the skills to handle metaverse-based worlds, to manage the digital transformation that work and educational environments are undergoing. University of Tokyo to Introduce Metaverse-Based Courses Later This Year Educational institutions are starting to recognize the power of metaverse platforms as tools to leverage in educational and instructional processes. The University of Tokyo, one of the most prestigious higher education institutions in Japan, has recently announced a plan for imparting metaverse-based engineering courses. While these courses in the metaverse won’t confer degrees, they will be set up by the engineering faculty of the university and will have two goals. The first is to introduce high school students to the possi

About 53% of South Africans have little to no knowledge about cryptocurrency, while only 14% thought or felt they had a better understanding of the subject, a report has said. Nearly half of the respondents said they would only invest in cryptocurrency if or when their respective banks are involved. South Africans Weigh In on Crypto Knowledge According to the findings of Merchant’s consumer survey study, just over half of South Africans (53%) have little to zero knowledge about cryptocurrency. The study also found that out of the surveyed South Africans, only 14% believed they had a strong hold on the subject of cryptocurrencies. Some 23% of the respondents said they were “neutral.” As per a report by IOL, young people aged between 18 and 24 were likely to be more knowledgeable about cryptocurrencies than those aged 25 and above. The results of this study appear to back the findings of an earlier research study which said only 11.3% of South Africans are cryptocurrency owners or

The Sumitomo Mitsui Banking Corporation (SMBC), the second largest of the three biggest banks in Japan, has announced it is planning to expand into digital asset businesses, including non-fungible tokens (NFTs) and Web3 platforms. The company will partner with Hashport, a group that offers tokenization and listing services in Japan, to launch a token business lab to experiment with these new technologies. Second Biggest Japanese Bank to Introduce Token and NFT Services Many traditional banking companies around the world are now considering entering the crypto and digital assets business. SMBC, the Sumitomo Mitsui Banking Corporation, an institution with more than 463 branches and a presence all over the world, has announced it is going to enter the cryptocurrency asset business, taking NFT services and Web3 as its main priority in the field. To achieve this goal, SMBC has partnered with Hashport, a company that specializes in offering tokenization solutions and listing services. T

Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has warned that the U.S. Securities and Exchange Commission (SEC) will come up with rules for token registration that will be “the nightmare that’s waiting for the crypto industry.” Mark Cuban Foresees SEC Coming Up With ‘Nightmare’ Crypto Regulation Billionaire Mark Cuban, the Shark Tank star who owns the NBA team Dallas Mavericks, warned in a tweet Saturday about how the SEC will regulate crypto tokens. His warning was in response to a tweet by U.S. Senator Pat Toomey (R-PA) who slammed the securities watchdog over its enforcement action against a former Coinbase employee where nine crypto tokens were identified as securities. Coinbase quickly disputed the allegation that it listed crypto securities. Toomey noted that the enforcement action “is the perfect example of the SEC having a clear opinion on how and why certain tokens classify as securities. Yet, the SEC failed to disclose their view before la

A new bipartisan bill has been introduced in the Senate that would simplify the use of cryptocurrency for everyday purchases by creating tax exemption for personal crypto transactions under $50 as well as when the capital gains are less than $50. New ‘Virtual Currency Tax Fairness Act’ A new bipartisan bill , known as the “Virtual Currency Tax Fairness Act,” was introduced in Congress Tuesday by Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ). According to the announcement by the U.S. Senate Committee on Banking, Housing, and Urban Affairs, the bill aims to “simplify the use of digital assets for everyday purchases” by creating “tax exemption for small personal transactions.” Senator Toomey commented, “While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way.” He added: The Virtual Currency Tax Fairness Act will allow Americans to use cryptocurrencies more easily as an everyday method of paym

On Tuesday, a newly published report details that the cryptocurrency exchange Kraken is under federal investigation for allegedly violating U.S. sanctions, according to five people familiar with the matter. The unknown sources explained that the inquiry into Kraken started in 2019, and it’s accused of allowing users from sanctioned countries like Iran access to the digital currency trading platform. Treasury’s Office of Foreign Assets Control Is Allegedly Investigating Kraken The San Francisco-based crypto exchange Kraken is allegedly under investigation by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), according to a report published by the New York Times (NYT) on July 26, 2022. Kraken founded in July 2011 by Jesse Powell is one of the oldest digital currency exchanges in the world. The NYT report cites “five people affiliated with the company or with knowledge of the inquiry.” Furthermore, the report also says the anonymous sources did not want to be n

Quik.com is offering NFT domains as a gateway pass for users to establish their very existence on the web of tomorrow and the metaverse. A wide range of top-level domains, including .metaverse, .web3, .vr, and many others, are available on this NFT domain marketplace , Quik.com, enabling users to unleash their creative side on the web of the future. Mint your first Metaverse NFT Domain . Mint your first Web3 Domain . As the industry is rapidly expanding and also expanding ways of obtaining the most traditional aspects of the web and operationalizing the way the internet of today is working, which will also create a virtual expansion of the material world. These domains are primarily the gateway for users to access the technological advancements along with the evolving Quik ecosystem, which is sure to introduce many future uses and perks for the owners of Quik.com. Quik.com also provides a P2P NFT domains marketplace where users may communicate, exchange, trade, and purchase dom

A new report is predicting that the total value of the NFT market will reach $200 billion in 2030. The report, issued by Grand View Research, a multinational market insights company, found that the rising demand for this kind of instrument — due to its growing number of applications — will fuel growth of the market. NFT Market to Reach $200 Billion, Fueled by Growing Demand Non-fungible tokens (NFTs) are becoming more popular due to their wide array of applications in different industries. A recent report issued by Grand View Research, a market insights company, predicts that the NFT market will reach a value of $200 billion in 2030, fueled in part by the growing demand behind them due to their applications. The report, which calculates today’s NFT market value at a little more than $15 billion, examined the movement and the evolution of the NFT market between 2018 and 2020. The document predicts the market will grow at a compound annual growth rate of 33.9% from 2022 to 2030, wit

Sam Bankman-Fried, CEO of FTX, believes that the future of crypto is bright in Latam. In a recent interview, Bankman-Fried recognized the rising adoption and demand that cryptocurrencies are experiencing in Latam, stating that use is expected to grow for remittances and payments in the future. Sam Bankman-Fried Talks Crypto in Latam Latam is one of the areas globally that has become a cryptocurrency adoption hotbed due to its particular traits and circumstances, and the crypto industry is starting to notice. Sam Bankman-Fried, CEO of FTX and one of the richest men in crypto, has recognized the influence crypto has in the region, and he believes this will keep growing in the future. In an interview with Bloomberglinea, Bankman-Fried declared the region will experience a rise in crypto adoption rates for different purposes. Bankman-Fried stated : I think that the volume is going to increase over time and that we are going to see more and more adoption for remittances in Latam and t

The Federal Bureau of Investigation (FBI) has warned crypto investors about a scam using an investment strategy called liquidity mining. “This scam has been responsible for over $70 million in combined victim losses,” said the law enforcement agency. FBI Warns of Crypto Liquidity Mining Scam The Federal Bureau of Investigation (FBI) issued an investor alert Thursday warning crypto owners of a scam targeting them. The law enforcement agency announced: The FBI is issuing this public service announcement to warn American citizens about a cryptocurrency scam using an investment strategy called Liquidity Mining in which scammers exploit owners of cryptocurrency, typically tether ( USDT ) and/or ethereum ( ETH ). “Liquidity mining is an investment strategy used to earn passive income with cryptocurrency,” the FBI explained. “In legitimate liquidity mining operations, investors stake their cryptocurrency in a liquidity pool to provide traders with the liquidity necessary to conduct tra

The governor of the central bank of the Philippines has shared his policy on cryptocurrency regulation. “I don’t want it banned,” he said, advising investors not to invest money they cannot afford to lose in crypto. Philippine Central Bank Governor on Crypto Regulation Felipe Medalla, the governor of the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, shared his policy on cryptocurrency in an interview with Forkast, published Friday. Medalla was asked: “What’s your take on cryptocurrency?” He replied: I don’t want it banned, but I don’t want to call it cryptocurrency. The central bank governor explained that in his opinion cryptocurrency “has really very little use for actual payments, especially when the price is so volatile.” Emphasizing that currency cannot be very volatile, he suggested calling it “crypto assets.” Medalla then slammed bitcoin’s environmental impact, stating that the crypto is “bad for the environment because the amount of electricity that t

Tesla has revealed that it is still holding bitcoin worth $222 million in market value after selling 75% of its crypto holdings. The company recorded realized gains of $64 million on its recent bitcoin conversion into fiat currency. Tesla Realizes Gains of $64 Million From Bitcoin Sale Tesla Inc. filed its second-quarter report with the U.S. Securities and Exchange Commission (SEC) Monday. The company explained that it converted about 75% of its bitcoin holdings into fiat currency, as Bitcoin.com News reported last week. The BTC conversion added $936 million of cash to the electric car company’s balance sheet. Tesla informed the SEC that in the second quarter: We recorded $170 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us. Tesla originally purchased $1.5 billion of bitcoin in Q1 2021. In the same quarter, the company sold BTC worth $272 million. T

The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants the BCAS to establish a common legal framework for regulating cryptocurrencies as well. Digital Currency to Modernize Payment Structure In a move seemingly aimed at countering the Central African Republic (CAR)’s recent decision to embrace bitcoin, the head of the BCAS, Herve Ndoba, has reportedly urged the institution’s board to introduce a common digital currency for its six member states. The envisioned digital currency will ostensibly help modernize the region’s payment structure and promote financial inclusion. According to a Bloomberg report , Ndoba’s call came just days after the BCAS concluded that the CAR’s law adopting bitcoin is “incompatible with the agreements and conventions governing the Central Afri

Bastyon is a social platform that combines elements of Youtube, Twitter and Torrent; it is closing in on half a million users and growing fast. Bastyon is built on the premise that social media should be Web 3.0, decentralized with an open-source code, distributed node infrastructure and no corporate entity to control it, like the Bitcoin model. In Bastyon the users enjoy the content and moderate that content based on transparent rules, while bloggers and node operators earn Pocketcoin (PKOIN). Daniel Satchkov is the inventor of Bastyon . He recently rejoined the Bitcoin.com News Podcast to talk about topics such as protecting online privacy, censorship resistance and how to build for survivability in times of crisis, internet outages and cyber warfare. Daniel worked and published in the fields of quantitative finance and machine learning. In 2015 he was a winner of the prestigious Peter L. Bernstein award for the article in the Institutional Investor Journals. Daniel’s mission i

The real estate market in the metaverse is projected to pass $5 billion by 2026. This is the prediction of the latest metaverse report by Technavio, a global market research firm. The report states that the rise will be fueled by the growth of the metaverse into a mixed reality environment, where people can take advantage of these spaces. Metaverse Real Estate Market to Grow Exponentially As the metaverse becomes a more living, tangible breathing world, more and more people will be interested in becoming part of its social ecosystem. The real estate market in the metaverse is affected by this popularity. A recent study produced by Technavio, a global market research firm, predicts exponential growth in the value of this market. The report, which also studies other factors related to this new market, estimates that the value of virtual real estate will grow by $5.36 billion by 2026. This expansion will be fueled by two factors. First, the metaverse will gradually move towards a mor

Former President Donald Trump has warned that the U.S. economy is facing “a much bigger problem than recession.” Noting that “We’ll have a depression,” he stressed: “We have to get this country going, or we’re going to have a serious problem.” Donald Trump on Economic Recession and Depression Former President Donald Trump warned Friday in a speech during a “Save America” rally in Arizona that the U.S. could enter an economic depression due to the fiscal policies of President Joe Biden. His remark was in support of Republican Arizona gubernatorial candidate Kari Lake. Trump warned that the U.S. economy could enter a depression similar to the Great Depression of 1929. Recent data showed that inflation in the U.S. rose 8.6% in May from a year prior, the highest rate in four decades. “Real wages are collapsing and we’re on the verge of a devastating, and this is devastating. It’s called stagflation look it up. It’s not good,” Trump stressed. “What I’m concerned about, they keep talki

The U.S. Securities and Exchange Commission (SEC) has been heavily criticized for its approach to regulating the crypto sector. The criticism followed the securities regulator’s action against a former Coinbase employee in an insider trading case, in which the SEC named nine crypto tokens listed on Coinbase as securities. SEC Slammed for Regulation by Enforcement The U.S. Securities and Exchange Commission (SEC) has been heavily criticized for taking an enforcement approach to regulating the crypto sector after the regulator charged a former Coinbase employee in an insider trading case. In its complaint, the SEC stated that nine crypto tokens listed on Coinbase are securities, a finding immediately disputed by the Nasdaq-listed crypto exchange. Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham released a statement about the case Thursday. She wrote: The case SEC v. Wahi is a striking example of ‘regulation by enforcement.’ “The SEC complaint alleges t

Three months ago, there were 441,546 wrapped or synthetic bitcoins on the Ethereum and Binance Smart Chain worth $17.45 billion using exchange rates on April 24, 2022. Since then, that number has dropped by 53,582 synthetic bitcoins and today the number of wrapped or bonded bitcoins is approximately 387,964 worth $8.81 billion in value. Number of Wrapped or Synthetic Bitcoins Held on Ethereum Declines In the last few years the use of wrapped, bonded or synthetic bitcoins has increased a great deal and earlier this year there were close to half a million synthetic bitcoins held on the Binance Smart Chain (BSC) and Ethereum ( ETH ) blockchains. A great majority of these types of tokens stem from the Wrapped Bitcoin (WBTC) project as the ERC20’s market cap is the 18th largest among 13,373 crypto assets. At press time, WBTC has a circulating supply of around 236,882 wrapped bitcoins with a valuation of around $5.38 billion today. However, WBTC’s circulating supply has decreased a grea

The central bank of Ukraine has adjusted the fixed exchange rate of the national currency in U.S. dollars and introduced stricter limits on hryvnia transactions for citizens. The measures are likely to turn more Ukrainians to cryptocurrencies, according to a representative of the local crypto sector. War-Time Hryvnia Limits Expected to Increase Interest in Cryptocurrency The National Bank of Ukraine ( NBU ) has introduced new rules in response to the changing fundamentals of the country’s economy during an ongoing military conflict with Russia. The monetary authority devalued the Ukrainian hryvnia against the strong U.S. dollars by 25% on Thursday and set new limits on banking operations with the national fiat. According to the updated regulations for private individuals, enforced on July 21, banks can sell non-cash foreign currency to their customers only if the amounts are deposited for a period of at least three months, without an option to terminate the contract. The 50,000-

The founder and CEO of the leading exchange FTX, Sam Bankman-Fried has offered to give early liquidity to Voyager Digital’s customers, according to an announcement FTX published on July 22. Furthermore, Bankman-Fried discussed the crypto industry with CNBC in an exclusive interview, and noted that he was willing to deploy “hundreds of millions beyond what we have thus far” to help digital currency companies affected by the crypto market downturn. FTX Plans to ‘Provide Early Liquidity to Customers of Voyager’ Not too long ago on June 28, Sam Bankman-Fried told Forbes author Steven Ehrlich that some crypto firms were “secretly insolvent” and he warned more insolvencies were coming. The FTX CEO’s words came true, as more companies with financial issues followed the problems customers were having with Celsius freezing withdrawals . Celsius eventually filed for bankruptcy protection alongside Three Arrows Capital , and Voyager Digital . happy to do what we can to get liquidity to Voy