Bitcoin News and Finance: What You Need to Know

Ten members of the U.S. House of Representatives have called on House Speaker Nancy Pelosi to address the problem with the crypto provision in the infrastructure law. They explained that the current definition of a broker in the law “would increase uncertainty in the cryptocurrency industry, pick winners and losers … all while eroding our country’s competitive edge against other countries in the digital asset marketplace.” 10 Lawmakers Urge House Speaker Pelosi to Address the Crypto Provision in Infrastructure Law Ten members of the U.S. House of Representatives have jointly sent a letter to House Speaker Nancy Pelosi about the crypto provision in the $1 trillion bipartisan infrastructure bill which President Joe Biden signed into law this week. The letter was signed by Representatives Darren Soto, Ro Khanna, Stacey Plaskett, Eric Swalwell, Tim Ryan, Susan Wild, Marc Veasey, Jake Auchincloss, Al Lawson, and Charlie Crist. “We write to express our concerns with the digital asset pr

During the last 90 days, Bitcoin’s hashrate has been climbing higher and has been slowly nearing the all-time high (ATH) the network captured six months ago in May. The accelerated hashrate has caused the network difficulty to rise, as Bitcoin’s mining difficulty has adjusted upward nine times in a row to date and it’s closing in on the network difficulty ATH recorded six months ago. Bitcoin’s Mining Difficulty Approaches Lifetime High Bitcoin’s mining difficulty is approaching the all-time high recorded on May 13, 2021. The network’s difficulty is basically a mechanism Satoshi Nakamoto added to maintain a steady rate of close to ten-minute blocks. Furthermore, the difficulty also makes the entire system stronger security-wise, as a 51% attack becomes a lot more expensive and far more difficult to achieve. When the hashrate changes, every two weeks, the network takes the change into account, and when the hashrate increases the difficulty to mine bitcoin ( BTC ) also rises. When the

Russian parliamentarians have cautioned against risks associated with the introduction of a digital ruble. Among them are the likely increase of competition pressure on banks and new challenges that may arise in the field of information security. Financial Market Committee Sees Threats in Digital Ruble Project Russia’s digital fiat, currently under development, brings certain risks that lawmakers want the central bank to carefully examine. The implementation of the digital ruble may pose a challenge for the country’s financial sector, members of the important Financial Market Committee at the State Duma, the lower house of parliament, have noted after deliberations on the project. The conclusion comes in response to the “Main Directions of Monetary Policy Until 2024” presented by the Central Bank of Russia ( CBR ), crypto news outlet Forklog reported this week. The document covers the prospects for the launch of a national digital currency among other aspects of Moscow’s governmen

Gemini, the regulated cryptocurrency exchange founded by the Winklevoss Twins, has raised $400 million in its most recent growth equity funding round. This financial round gave it a valuation of $7.1 billion, being one of the most valuable exchanges in the crypto world. The financial round, led by Morgan Creek, also had the participation of key leaders in the venture capital sector. Gemini has been investing heavily in alternative metaverse proposals. Gemini Hits $7.1 Billion Valuation Gemini, the cryptocurrency exchange created by the Winklevoss twins, the two Facebook dissidents, has raised $400 million in its latest growth equity funding round. The round was led by Morgan Creek, which put up $75 million, with Sachin Jaitly (a general partner at Morgan Creek) becoming the third member of Gemini’s board of directors, apart from Cameron and Tyler Winklevoss. Other important backers in the round included 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Ban

Quentin Tarantino, the acclaimed film director, is being sued by Miramax, a Hollywood film producer and distributing company, due to the auction of a series of NFTs related to “Pulp Fiction,” one of the director’s most popular films. The conflict lies in the interpretation that Miramax makes from the initial contract between the parts, arguing that the sale of NFTs does not constitute a publication of any part of the script. Miramax Sues Quentin Tarantino Miramax, the Hollywood movie company, sued Quentin Tarantino, the acclaimed film director, for the upcoming auction of a series of Pulp Fiction-themed NFT’s. Tarantino announced it would auction a series of never before seen items of the film in the form of NFTs, including the famous “royale with cheese” handwritten screenplay scene. The auction would utilize a blockchain called the Secret Network, which would allow the content of these NFTs to be secret until the sale of the item. Miramax affirms that while Tarantino has the rig

The U.K.’s advertising authority has launched an investigation into advertisements for the cryptocurrency floki inu (FLOKI). The ads, titled “Missed Doge? Get Floki,” have appeared on London buses and the underground. The team behind the floki inu ad campaign says the advertisements are “legally cleared,” and the advertising authority’s action is “an attack against cryptocurrency and against the people’s freedom of choice — a clear attempt at censorship.” UK’s Advertising Authority Investigating Ads for Floki Inu Cryptocurrency The Advertising Standards Authority (ASA), the U.K.’s regulator of advertising, is investigating advertisements placed on public transport in London for the cryptocurrency floki inu (FLOKI). Floki inu is the cryptocurrency named after Tesla CEO Elon Musk’s shiba inu dog. Musk has been called the Dogefather for his support of the meme cryptocurrency dogecoin (DOGE). He tweeted on June 25, “My shiba inu will be named Floki.” The Tesla boss followed up with a t

Israeli police have arrested eight suspects in connection with a cryptocurrency fraud scheme after raiding their homes and seizing evidence. One of the suspects is Moshe Hogeg, a well-known owner of the premier soccer team Beitar Jerusalem Football Club. 8 People Arrested in Crypto Fraud Scheme in Israel Israeli police arrested eight suspects Thursday allegedly stealing tens of millions of shekels in a cryptocurrency fraud scheme. The arrests were made after officers from the police’s Lahav 433 anti-corruption unit raided the suspects’ homes and offices. They gathered evidence and seized items related to the investigation. The investigation lasted several months and unearthed suspected money laundering and tax offenses, the police detailed. One of the suspects is Moshe Hogeg, an owner of Beitar Jerusalem Football Club, an Israeli professional soccer club that plays in the Israeli Premier League. The police explained that the suspects operated a cryptocurrency fraud scheme “in a s

The price of bitcoin has dipped below the $60K zone, a number of people have been talking about the third-largest bitcoin address called “1P5ZED” which has accumulated thousands of bitcoin during the last few days. Nobody knows who the owner of the wallet is but it holds more than 111,359 bitcoin, as it’s been steadily accruing bitcoin since the wallet’s first transaction on February 5, 2019. While some assume the address is a mega bitcoin whale, onchain data indicates that the wallet could be tied to an exchange. A Myriad of Tales Tied to the Third Largest Bitcoin Wallet Speculate the Address Is a Whale That ‘Bought the Dip’ Bitcoin’s fiat value has been volatile and it’s one of those times where everyone is looking for answers to why BTC has slid in value. For instance, on November 10, bitcoin ( BTC ) slid from a $69K all-time high (ATH) and five days later, it was coasting along in the mid-$65K to $66K per unit range. Since the crypto asset’s ATH, bitcoin is down 16% in value a

The annual Sports Illustrated (SI) Awards have just revealed the line-up for the firm’s 2021 awards show that will broadcast live from the Seminole Hard Rock Hotel and Casino in Hollywood, Florida. This year, fans will be able to win a whole bitcoin from FTX as the crypto exchange has partnered with the SI Awards ultimate sports sweepstakes. This Year’s Sports Illustrated Awards Features a Bitcoin Sweepstakes The American sports magazine owned by Authentic Brands Group, Sports Illustrated, has been a very popular magazine since its inception in 1954. Since the day SI was created, for 67 years the company has presented the Sportsman of the Year award annually. This year, the SI Awards will be hosted at the Seminole Hard Rock Hotel and Casino in Florida on Tuesday, December 7 at 8:00 p.m. (EST). The 2021 SI Awards will also feature a sweepstakes with rewards provided by the crypto exchange FTX. Fans will have the opportunity to win a single bitcoin ( BTC ), tickets to the award show

PRESS RELEASE. LTNM – another cryptocurrency that takes us to the next level! LTNM is an insured, asset-backed currency based on the Bitcoin blockchain. Monsoon Blockchain Corporation developed it on behalf of the LTNM Foundation. LTNM is a greener, faster and safer version of great Satoshi Nakamoto’s work. Now you can trade it on FMFW.io exchange! Due to the essential aspect of Bitcoin’s high energy consumption, LTNM uses the proof-of-stake (PoS) algorithm to increase the network’s TPS speed and, above all, reduce the energy loss. LTNM uses MPoS – Mutualized Proof of Stake to strengthen network security by targeting costly barriers for an attacker to verify the block and recover all charges using mining. This makes it harder for anyone to perform DoS (Delegated Proof of Stake) attacks on the network. Additionally, LTNM has its chain that supports PoS at the difficulty of guaranteeing that blocks are distributed uniformly across the network. The problem depends on the size of the

On December 2nd at Art Basel Miami, the very first Ross Ulbricht non-fungible token (NFT) collection will be showcased at the event and auctioned via Superrare. The proceeds from the auction will support Ross Ulbricht’s freedom efforts and a donor-advised fund called Art4giving, which helps support people who have incarcerated family members. 10 NFTs Featuring Ross Ulbricht’s Personal Work Non-fungible token (NFT) assets have become a big deal this year and turned into a billion-dollar industry in what seems like overnight. This week Ross Ulbricht , the founder of the now-defunct Silk Road marketplace, introduced his first NFT collection after spending nine years behind bars for a non-violent offense. Ulbricht was a first-time offender and a great majority of individuals believe his case was a “miscarriage of justice.” His double life sentence without parole, plus 40 years, for creating a website has been deemed draconian as well. Ulbricht is still fighting for his freedom and a pe

A lawyer representing investors defrauded by the notorious crypto scam Onecoin has urged authorities in Bulgaria to act on the case, claiming that the “world’s largest pyramid scheme” is still operating from the country. In a petition with the Bulgarian Constitutional Ombudsman, Jonathan Levy accuses officials in Sofia of failing to provide justice to the victims while seemingly protecting “the most notorious criminal organization.” Lawyer Slams Bulgarian Authorities for ‘Misfeasance’ in Onecoin Case In the petition , Dr. Levy points out that Onecoin has been recognized as a criminal enterprise by a number of countries including the United States, Argentina, and Germany, and classified as a pyramid scheme by law enforcement agencies such as the FBI. At the same time, the €20 billion cryptocurrency scam allegedly maintains several offices in the Bulgarian capital, uses a number of corporate identities, continues its operations unabated, and has even held a recruitment event this pas

U.S. Senator Ted Cruz has introduced a bill to repeal the $1 trillion infrastructure package’s crypto provision, which he said is a “devastating attack” on the crypto industry. “I urge my colleagues in the Senate to repeal this harmful language that will create regulatory uncertainty and in turn an unnecessary barrier to innovation,” he said. Senator Cruz Pushes for Infrastructure Bill’s Crypto Provision to Be Repealed U.S. Senator Ted Cruz said Tuesday that he has introduced “legislation to repeal infrastructure bill’s ‘devastating attack’ on emerging cryptocurrency industry.” President Joe Biden signed the $1 trillion infrastructure bill into law early this week. Senator Cruz explained that his bill “would repeal an overly broad and poorly-crafted provision from the infrastructure package that creates new reporting requirements for many participants within the blockchain industry.” He emphasized: This provision will stifle innovation in the industry, endanger the privacy of man

India is reportedly considering allowing only preapproved cryptocurrencies to be listed and traded on exchanges. In addition, the government aims to both introduce and pass a cryptocurrency law by year-end. Indian Crypto Regulation and Preapproved Cryptocurrencies India is considering allowing only cryptocurrencies that have been “preapproved by the government” to be listed and traded on exchanges, Reuters reported Thursday, citing two sources familiar with the discussions. The approval process is intentionally cumbersome to deter investors from holding cryptocurrencies, the sources said, adding that the government is unlikely to go through with its earlier plan to ban cryptocurrencies. The publication quoted one of the sources as saying: Only when a coin has been approved by the government can it be traded, else holding or trading it in may attract a penalty. In addition, several Indian news outlets reported that the government could introduce a cryptocurrency bill during the

PRESS RELEASE. Liquid Craft – is bringing a new concept to the NFT space by using collectible handcrafted bottles of Liquor to add value to their digital art pieces. Their first series Dragons and Bourbon is launching for pre-sale on Nov 20th at 12 PM PST with the public sale going live on Nov 23rd at 12 PM PST. Liquid Craft is aiming to bring innovation to two markets simultaneously with this release as well as their upcoming NFT marketplace. The NFTs are all backed by collectible bottles of liquor and with each series they release, they aim to deliver something unique in the form of fine wines, spirits, craft beers, and various other Liqueurs, from a range of international crafters. The Dragons and Bourbon NFT Series – The First Release The first release from Liquid Craft is titled Dragons and Bourbon and is a series of 1500 NFTs, released in two tiers – one tier of 750 NFTs on the Binance Smart Chain and the other tier of 750 on Ethereum. Each of the 1500 NFTs is backed by a

A South African startup, NFTfi, is reported to have recently raised $5 million which the company intends to use for boosting its business of collateralizing non-fungible tokens (NFTs). Cryptocurrency Loan Marketplace According to a Techcrunch report , NFTfi’s $5 million capital raise was led by U.S. actor Ashton Kutcher’s Sound Ventures. The other investors that participated in the funding round include Maven 11, Scalar Capital, and Kleiner Perkins. The company, which was founded by Stephen Young in February 2020, already acts as a marketplace where users can get a cryptocurrency loan on their NFTs and offer loans to borrowers against their NFTs. By collateralizing their tokens, NFT holders will be able to unlock liquidity without selling, the report explained. Since facilitating its first loan in May 2020, NFTfi claims to have seen more than 1,500 such transactions take place on its platform. Pricing Dynamics The report quotes Young explaining how the lending and borrowing proc

Kucoin Labs, the investigative and investment arm of Kucoin, a cryptocurrency exchange, has launched a $100 million fund to incubate early metaverse related projects. These include blockchain gaming initiatives, NFT platforms, and decentralized platforms, among others. The support will also include direct involvement with the projects selected, including counseling about branding and marketing. Kucoin Invests in Metaverse Kucoin, one of the leading exchanges in Asia, has taken the first step to hop on the metaverse train. The investment and investigation arm of the exchange, Kucoin Labs, has launched a $100 million fund to invest in metaverse-based initiatives, including blockchain-based games, decentralized structures, NFT platforms, and other similar projects. The support of Kucoin won’t be limited to just economic incentives. These incubated projects will also get help in the form of counseling about branding, market management, exposure, and other important aspects of startin

Phil Spencer, executive vice president of gaming at Microsoft and the individual responsible for the Xbox program, has addressed the NFT gaming phenomenon trending recently. To Spencer, some of the platforms that leverage the use of NFTs feel more exploitive than entertaining. Some of the biggest developers and publishers in the gaming industry have already signaled their interest in introducing NFT elements to their games. Phil Spencer Not Immediately Supportive of NFTs Phil Spencer, responsible for the Xbox program at Microsoft and one of the most recognized executives in the world of gaming, has issued his opinion about NFTs and the inclusion of these elements in today’s gaming scene. Spencer stated that he thinks these first steps of exploration with these tools are including platforms that are more about speculation than about entertainment. On the subject, Spencer told Axios : What I’d say today on NFT, all up, is I think there’s a lot of speculation and experimentation that

There’s a new website the crypto community has been discussing called The NFT Bay, a web portal that operates in a similar fashion to The Pirate Bay (TPB), because the platform hosts a huge selection of NFTs stemming from various blockchain platforms for free. On Thursday, the web portal’s creator revealed a file called “The Billion Dollar Torrent,” which claims to hold all the NFTs from Ethereum and Solana. ‘The Massive NFT Heist:’ Pirate Bay Clone The NFT Bay Sparks Heated Discussions During the last year, non-fungible token (NFT) collectibles have seen massive popularity and billions of dollars have been spent on these digital items. Meanwhile, a great number of people in the crypto space think NFTs are worthless and people can simply right click the NFT image and own the artwork without paying. It’s been a heated discussion ever since NFTs were introduced. The debate became even more controversial in March when an NFT immutability debate ensued and crypto supporters highlighted

The U.S. city of Williston in North Dakota is installing a cryptocurrency ATM at its international airport. “This marks the first government-hosted cryptocurrency kiosk,” the city said. Williston also accepts cryptocurrencies for payments of utility bills. ‘The First Government-Hosted Cryptocurrency Kiosk’ The city of Williston in the U.S. state of North Dakota announced Wednesday a partnership with crypto ATM operator Coin Cloud to install a cryptocurrency ATM at its Williston Basin International Airport (XWA). The city wrote: This marks the first government-hosted cryptocurrency kiosk and the first Coin Cloud installation in an airport. “This is an ambitious step in introducing and engaging the public towards cryptocurrency while proactively playing a role in building the digital ecosystem,” commented the city’s finance director, Hercules Cummings. “Although we are a smaller rural community, we are making an impact. Taking this small step may pave the way for other government

One of the most successful baseball teams in Australia, the Perth Heat, is adopting the bitcoin standard. The team will pay players and staff in bitcoin, accept the cryptocurrency for payments, and hold bitcoin on its balance sheet. The Perth Heat Will Operate on Bitcoin Standard The Perth Heat, a major baseball team in the Australian Baseball League, announced Wednesday that it will “operate on bitcoin standard.” The team, which is one of the most successful in Australia, has partnered with bitcoin payments company Opennode to accept and send bitcoin payments powered by the Lightning Network. “In partnership with Opennode, the Perth Heat is setting bitcoin as the new standard for payments and payouts,” the team wrote. According to the announcement: Perth Heat will pay players in bitcoin, pay staff in bitcoin, accept bitcoin payments for sponsorships, merchandise, and ballpark concessions, [and] hodl bitcoin on the club’s balance sheet. Perth Heat CEO Steven Nelkovski commented

The government in Norway is considering ways to limit the environmental impact of cryptocurrency mining and may support Swedish proposals to that end, including a European ban on proof-of-work mining. The European Commission has revealed it is already working to promote a transition to “more sustainable” protocols. Extensive Use of Renewable Energy for Mining Is Hard to Justify, Norway Minister Says Authorities in Norway are mulling over potential policy measures to deal with the effects of crypto mining on the environment, the country’s minister responsible for local government and regional development has indicated. As part of the review, the Norwegian government intends to look into solutions recently put forward by Swedish regulators and work for common European rules. Speaking to Euronews Next, Minister Bjørn Arild Gram also stated: Although crypto mining and its underlying technology might represent some possible benefits in the long run, it is difficult to justify the exten