Bitcoin News and Finance: What You Need to Know

U.S. government agencies are urgently working together on a joint regulatory framework for cryptocurrencies, Federal Reserve Vice Chair of Supervision Randal Quarles has confirmed. “We along with the OCC and the FDIC are engaged right now in what we are calling a sprint in seeking to pull together views on” crypto regulation. US Agencies Collaborating on Joint Regulatory Framework for Cryptocurrencies Federal Reserve Vice Chair of Supervision Randal Quarles talked about regulators’ efforts on cryptocurrency supervision on Tuesday, Reuters reported . Answering a question from a member of the Senate banking committee about cryptocurrency and its illicit use, Quarles referenced work done by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) on this topic. He confirmed that U.S. financial regulatory agencies are working together on addressing issues related to cryptocurrency, stating: We, along with the OCC and the FDIC, are engag

Scalability is one of the problems facing public blockchains like Bitcoin and Ethereum. This is because their architecture is not sufficient to handle the increased number of users. Ethereum, in particular, has been plagued with slow confirmation times and high transaction fees leading many to search for alternatives. ABEYCHAIN 2.0 seeks to be an alternative to popular public blockchains as a platform where anyone can build solutions and launch projects. The blockchain platform is built on a highly scalable architecture and is set to become the home of web 3.0 applications. How does ABEYCHAIN 2.0 work To help understand how ABEYCHAIN 2.0 works, it is important to note that most public blockchains use one consensus protocol. ABEYCHAIN 2.0 uses a hybrid of Delegated Proof-of-stake and Proof-of-Work to achieve census on its blockchain. You may already know that proof of work packages transactions into blocks that are solved by miners using computing power. In contrast, proof of stake

Following the infamous Wallstreetbets story a few months ago, the company Gamestop is doing much better than it did a year ago. Now a new website called nft.gamestop.com indicates that the firm is dipping its feet into blockchain technology via non-fungible tokens built with Ethereum. ‘Power to the Players’ The publicly listed company Gamestop (Nasdaq: GME) has seemingly launched a new website dedicated to non-fungible tokens (NFTs). The public isn’t fully aware of what the web portal means because Gamestop has not officially announced the project. However, on April 8, 2021, Gamestop revealed it was hiring a security analyst but was looking for someone experienced with blockchain, cryptocurrency, and NFTs. Following the offer, it was suspected that Gamestop would be leveraging blockchain technology in some fashion. The website was discovered by a number of Ethereum community members and the news went viral on Twitter. The website dubbed nft.gamestop.com is very retro-looking and s

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria” just a few months after the central bank ordered banks to stop serving the crypto industry. While acknowledging his country’s position as one of the leading crypto markets in the world, Emefiele however insists his organization is still conducting its investigation and will “make our data available.” Governor Says Many Nigerians Have Embraced Cryptos Meanwhile, a report quotes the governor expressing his displeasure at the fact that many Nigerians have embraced cryptocurrencies. He said: We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best. Don’t get me wrong, some may be legitimate but most are illegitimate. As several reports have shown, the CBN’s February 6 directive to banks appears to have failed in its objective. Nigerian interest in cryptocurrencies an

Shenzhen-based Bit Mining is planning to construct and operate a 100 MW crypto-mining data center in Kazakhstan. The project will be implemented in partnership with two local companies that will also provide the enterprise with an array of services. The total amount of the investment will exceed $9 million. Kazakhstan to Host New 100 MW Crypto Mining Facility Bit Mining announced this week it has entered into a binding investment term sheet with a Kazakhstani entity. The two companies will cooperate on the construction of a new crypto mining facility in the Central Asian republic. The Chinese firm will have an 80% equity interest in the new Kazakhstan Mining Data Center, with the remaining 20% held by its local partner. The bitcoin farm will launch with a power capacity of 20 MW and when fully operational it’s expected to reach a total capacity of 100 MW. Bit Mining said it’s going to invest 60 million Chinese yuan (around $9.33 million) into the joint project. The Chinese compan

The use of mobile banking across the world has exploded, and the pandemic has provided an added impetus to implement more efficient and effective banking solutions for consumers and businesses alike.  While providing a user-friendly mobile banking application should be seen as table stakes for every bank, developing an application that delivers an efficient transfer … Continued The post BankDhofar Launches Mobile Banking Payments from Oman to India with RippleNet appeared first on Ripple. http://dlvr.it/S0R4jb

One of Zimbabwe’s biggest financial institutions, CBZ Holdings says it is looking at ways it could “leverage cryptocurrencies and other emerging digital innovations.” According to the financial institution’s chairperson, Marc Holtzman, CBZ “is open-minded about new innovations, as these could open up new opportunities going forward.” Innovations Opening up New Markets Speaking in an interview with a local publication, Holtzman also acknowledges that innovations such as “cryptocurrencies, or rather blockchain more broadly, fintechs, bigtechs and techfins” are all serving “specific gaps.” Revealing his organization’s stance on such innovations, the chairman said: Our view is that these innovations have the potential to strengthen the way we do business, the way we serve our customers, as well as open up new market opportunities. Holtzman adds that such opportunities “can be pursued through collaboration and cooperation with the same fintechs.” Consequently, the chairperson says C

Known for his reluctant stance on decentralized money, the Governor of Bank of England (BOA), Andrew Bailey, has recently taken his anti-crypto rhetoric up a notch. Speaking at a meeting with lawmakers in London, Bailey stated that cryptocurrencies are “dangerous.” Andrew Bailey Remains Sceptical About Cryptos “Crypto-assets,” as the central bank’s official labels bitcoin and the rest, present a danger to the public, Bailey told the British Parliament’s Treasury Committee. The Governor’s statement on Monday reiterates his long-standing concern about decentralized digital currencies, Reuters noted in a report . Addressing the committee members, the head of Bank of England said: I’m sceptical about crypto-assets, frankly, because they’re dangerous and there’s a huge enthusiasm out there. Andrew Bailey’s latest criticism comes after previous statements revealing his negative attitude towards cryptocurrencies. The governor has in the past warned ordinary Brits they should not invest

Galaxy Digital CEO Mike Novogratz doubts the future of dogecoin. The billionaire investor said that “It likely doesn’t have long-term legs because no institution is buying it and at some point, retail will lose interest.” Novogratz Says Dogecoin ‘Doesn’t Have Long-Term Legs’ Michael Novogratz, CEO of Galaxy Digital Holdings Ltd., recently discussed with Goldman Sachs the potential for cryptocurrencies, including dogecoin, and their ability to transform the financial system and beyond. His comments are published in a Goldman Sachs report entitled “Crypto: A New Asset Class?” which was published on May 21. Novogratz was asked: “What do you make about the rise of dogecoin and other meme coins?” The CEO replied: Dogecoin is a very speculative asset, much more so than bitcoin. It likely doesn’t have long-term legs because no institution is buying it and at some point, retail will lose interest. The Galaxy Digital executive explained that “dogecoin started as a joke and grew for two

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has predicted that a flood of institutional money will flow into bitcoin once miners have addressed the renewable energy and environmental, social, and governance (ESG) issues. He said the flood will begin when bitcoin meets the ESG standards which will allow institutional investors to get into the asset class. O’Leary Predicts Soaring Institutional Demand for Bitcoin After Miners Solve ESG Issues Kevin O’Leary has reiterated his concerns about bitcoin’s sustainability and the importance of the cryptocurrency meeting institutions’ ESG standards during a webcast at the Consensus 2021 convention Monday. ESG refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business: environmental, social, and corporate governance. The Shark Tank star emphasized that institutional investors are still interested in bitcoin despite the recent sell-off. Currently, less than 1% of insti

Investment bank Goldman Sachs says institutional investors and asset managers are driven to bitcoin by “fear of missing out” (FOMO). Goldman now considers bitcoin a new asset class. Nonetheless, institutional investors are facing several strong barriers to entry into the crypto market. Asset Managers, Institutions Facing Crypto FOMO Goldman Sachs said Monday that the fear of missing out (FOMO) on potential gains from cryptocurrencies among investors has pushed crypto prices higher over the past year. Mathew McDermott, Goldman Sachs’ global head of digital assets, said in a note to clients: There’s no doubt that ‘fear of missing out’ (FOMO) is playing a role given how much bitcoin and other crypto assets have appreciated and how many interested parties of all flavors have jumped into this space. While liquidity has increased in the crypto market recently, the analyst said “it’s still difficult for institutions to gain access to the market, which remains quite fragmented.” He con

Since well before the onset of Covid-19, the U.S. Federal Reserve had initiated monetary easing policies and from then on, the M1 Money Stock supply skyrocketed to levels never-before-seen in history. This weekend reports disclosed that the Fed has started to taper quantitative easing (QE) when it removed $351 billion from the market last week. This Tuesday the Fed revealed it completed a reverse repo operation for $432.9 billion. On May 22, Bitcoin.com News reported on the Federal Reserve initiating overnight reverse repos (RRP) to the tune of $351 billion. Tuesday’s recently reported reverse repo shows a 23.07% increase. RRP facility operations are the opposite of QE, as the Federal Reserve removes M1 from the system by selling Treasuries back to the market. The most recent overnight operations seem to be only Treasuries, as no purchases of mortgage-backed securities (MBS) have been mentioned. The Federal Reserve followed the $351 billion RRP operation with $369 billion on

PRESS RELEASE. Realm, a new NFT microverse platform, has closed its first investment round at $2.25M led by Alphabit with strategic investments from NGC, Genesis Block Ventures, LD Capital, Moonrock, and SL2 amongst other funds. Realm aims to challenge the current NFT platforms by offering creators and players a personalised metaverse aptly dubbed a “microverse”. Each microverse, known as a realm, will come with an original genetically coded blockchain avatar. The NFT platform integrates OpenSea’s vast NFT marketplace, and has partnered with Reef Chain to harness the power of Substrate and the Polkadot framework to ensure cross-chain compatibility. “We’ve been working on how the metaverse will blur the lines between digital and virtual realities for six months. We’re excited to have some world class investors on board who align with our vision of making everybody the master of their own realm,” said Matthew Larby, Realm CEO and Founder. “Alphabit has made a seed stage investment in

After bitcoin prices dipped to a low of $30,066 per unit last week, lots of people have been focused on the panic sellers. Meanwhile, when bitcoin prices plunged, the number of bitcoin addresses in accumulation tapped an all-time high at 545,115 addresses. Number of Bitcoin Accumulation Addresses Hit New Highs Bitcoin ( BTC ) prices slid from a $64,895 per unit high to a low of $30,066 per bitcoin in 30 days losing more than 53% in value. When the price plunge took place data from Glassnode’s bitcoin “accumulation addresses” spiked . The number of bitcoin addresses in accumulation shows fundamental strength signals and gives investors a perspective of long-term holders. Glassnode’s data reflects addresses with little to no incoming transactions, as opposed to addresses that are more active. Nine months ago, Glassnode reported on accumulation addresses reaching the 500k mark. “There are over 500,000 Bitcoin ‘accumulation addresses’ holding a total of 2.6 million BTC (~14%). Accu

On Monday, the crypto asset fund manager One River filed a unique bitcoin exchange-traded fund (ETF) registration with the U.S. Securities and Exchange Commission (SEC). According to the Form S-1 filed, One River wants to list a carbon-neutral bitcoin ETF on the New York Stock Exchange (NYSE). One River’s Bitcoin ETF Aims to Provide a Fund That Offsets Carbon Emissions Associated With Bitcoin Mining Carbon-neutral bitcoin mining has been a topical conversation these days within the cryptocurrency community. One River is taking bitcoin funds to a different level by registering for a carbon-neutral bitcoin ETF with its partner the carbon credit platform MOSS . The CEO of MOSS Luis Felipe Adaime detailed in April that the “MOSS Carbon Neutral Custody allows any institutional or corporate investor a means to offset the carbon emissions associated with crypto assets.” On May 24, 2021, One River filed a Form S-1 registration with the SEC in order to disclose the company’s prospectus sum

Investment banks JPMorgan and Goldman Sachs have initiated coverage of the Coinbase Global stock. JPMorgan gives Coinbase an overweight rating with a 60% upside potential while Goldman Sachs begins with a buy rating. JPMorgan, Goldman Sachs Now Covering Coinbase Stock A couple of major investment banks initiated coverage of the Coinbase Global stock (NASDAQ: COIN) this week. At the time of writing the price of COIN Is $233.99. JPMorgan initiated coverage of Coinbase on Tuesday with an overweight rating largely due to the company’s key position in the growing cryptocurrency space, analyst Kenneth Worthington explained. The firm sets the target price for Coinbase at $371, a 59% increase from the current level. The analyst detailed: We see the cryptomarkets as durable and growing, and expect Coinbase has the opportunity to influence and benefit from this market growth as it innovates. Another investment bank, Goldman Sachs, initiated coverage of the Coinbase Global stock on Monday

After Tesla’s Elon Musk and Microstrategy CEO Micheal Saylor revealed the revelation of a newly created “Bitcoin Mining Council,” the news became a viral subject. While some crypto supporters like the idea, others have been skeptical of a couple of billionaires having closed-door meetings with North American bitcoin miners. Bitcoin Mining Council Brings Back Memories of Notorious Hong Kong and New York Agreements On Monday, Elon Musk told his Twitter followers that he recently spoke with North American bitcoin miners, as he said they are “committed” to working toward using renewable energy sources. Following Musk’s statement, Microstrategy’s CEO Micheal Saylor said he hosted the meeting between Musk and the “leading bitcoin miners in North America.” Saylor further revealed some of the mining participants that have joined the “Bitcoin Mining Council.” Hi I'm new to bitcoin And I'm here to fix it – @michael_saylor – @elonmusk We've been here and got the t-shirt fe