Bitcoin News and Finance: What You Need to Know

The coronavirus pandemic has significantly hit several entertainment routines of the people worldwide, and South Korea is not an exception. PC gaming rooms had to shut down in the country, but their owners found a way to make profits during the lockdown by participating in crypto mining. A PC Bang Owner Made Over $3,000 Worth of Ethereum in Two Weeks According to Chosun , operators of the “PC bangs,” a common term used for the PC gaming rooms in South Korea, leverages their computers to take advantage of the pandemic-driven restrictions. In fact, owners don’t have certainties on whether or not they can re-open their businesses, and that’s why crypto mining is now an alternative to deal with right now. Some PC bang owners in Seoul are mining ether ( ETH ) by relying on highly-equipped computers with top-notch graphic cards. A 34-years-old man named Kim stated that the number of customers reduced significantly due to the pandemic, and his PC bang couldn’t be sustainable with such a ...

Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income. Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market According to a Bloomberg report , the Securities and Exchange Commission (SEC) of Thailand is likely preparing the ground to require investors to show their income or assets before opening accounts. Ruenvadee Suwanmongkol, the secretary general of the country’s financial watchdog, pointed out that anyone who isn’t allowed to trade cryptocurrencies via their accounts can invest through licensed managers. She added: It’s a big concern as most crypto investors on domestic exchanges are very young, such as students and teenagers. We realize those people love innovations and technology, but investments in these assets have enormous risk. Moreover, the general secretary sai...

The start of the week saw digital currency markets drop significantly in value, as billions of dollars were shaved off the entire crypto economy’s capitalization. A weekly report from Luno and Arcane Research shows February 23 captured the third-largest bitcoin daily trade volume in crypto history, as spot market volume saw $18 billion change hands. Moreover, crypto derivatives are surging as bitcoin futures open interest commandeered $19.1 billion on Tuesday. Volatile Bitcoin Price Fluctuations Sees Intraday Swings Close to 20% for Two Days In a Row After bitcoin ( BTC ) touched an all-time price high on Sunday, hitting $58,354 per unit, bitcoin’s value slipped below the $50k handle touching bottom at $44,846 per coin. The loss between these two price ranges saw over 23% shaved off BTC ’s market valuation. While heavy losses were seen across the board throughout the entire crypto-economy , a report from Luno and Arcane Research shows that Tuesday’s trade volume was the third-lar...

Bank of Korea Governor Lee Ju-yeol has said that crypto assets like bitcoin have no intrinsic value – put simply, a measure of what an asset is actually worth. ● Speaking in the National Assembly on Feb. 23, Lee forecast that bitcoin ( BTC ) will see increased price swings going forward, the local news agency Yonhap reported . ● “It is very difficult to predict the price, but its price will be extremely volatile,” said the bank chief in response to a question from a lawmaker who wanted to know whether bitcoin’s recent bull run, where its price reached a record high above $58,000, was temporary. ● Lee also spoke about the possible reasons supporting bitcoin’s recent rally. He believes that rising corporate interest in BTC , as well as concerns over looming excessive inflation due to too much fiat money printing by world governments, has given the crypto a leg up. ● “These assets saw a steep rise in the shortest period of time. I would say institutional investors’ assessment of usin...

A Manhattan federal judge has dismissed a securities fraud class action against Bancor after ruling that the plaintiff’s allegations were not enough to give the court jurisdiction. According to a report, the dismissal of the case against represents the first such ruling “in a suite of similar cases filed by crypto investors represented by Selendy & Gay and Roche Cyrulnik.” US Courts Have no Jurisdiction In their motion against Bancor, which has offices in Switzerland and Israel, the plaintiffs led by Timothy Holsworth, had argued that the protocol’s “BNT token is a security and thus falls under U.S Securities law.” In addition, the plaintiffs also alleged that Bancor had “made numerous false statements and omissions that led reasonable investors to conclude that the BNT tokens were not securities.” However, in their defense, Bancor countered by arguing that a U.S. trial would be “inappropriate due to the company’s international and geographical nature.” According to a report ,...

PRESS RELEASE. Hathor Network ($HTR, live on KuCoin) has just released exciting news: The detailed 2021 Roadmap . Community projects are a priority and growing, especially with Hathor CEO Yan Martins having recently emphasized the relevance of Asian business development, with strong focus on Southeast Asia, China and Japan. Hathor has proven to be a very supportive platform, having brought forward announcements about kickstarting a grants program for developing use cases. Currently, focus has been on HathorSWAP and other tokens that get easily built on HTR wallet platform, also incentivizing users to HODL. Moving forward to Q2, testnet and implementation of Nano Contracts are becoming a reality, which is perhaps the most highly anticipated feature amongst the HTR user base. As Hathor states “This will be prototypes season!”; new features and several product launches will truly unleash the potential for easy tokenization capabilities and cross-chain settlements becoming faster, safe...

On Sunday, February 21, the price of bitcoin touched a new all-time high (ATH) at $58,354 and at the time, inflow into exchanges spiked as well. According to data from the onchain analysis firm, Santiment, stats indicate that exchange inflow jumped 11x on Sunday and data also shows one whale address was responsible for the second-largest bitcoin transaction in 2021. Second-Largest Bitcoin Transaction and 11x the Exchange Flow Shakes the Crypto Market Bitcoin prices jumping to new heights has sparked a lot of crypto market movement in recent months and even ancient UTXOs waking up after sleeping for over a decade. The last few days have been brutal as BTC prices slid around 20% after reaching the $58,354 ATH recorded on Sunday. Of course, market observers and onchain analysts saw things from a different perspective and the company Santiment tweeted about all the action on Tuesday. This whale address (which could be tied to the Gemini exchange) dumped 2,700 BTC on an exchange dur...

Square has bought more bitcoin, adding $170 million worth of the cryptocurrency to its balance sheet. The company now holds 5% of its cash reserves in bitcoin. Its Cash App was used by more than three million customers to purchase or sell the cryptocurrency last year. $170 Million Bitcoin Purchase Square Inc. (NYSE: SQ) announced Tuesday its fourth quarter and full year 2020 results. The company also announced that it has purchased $170 million worth of bitcoin “as part of its ongoing commitment to the cryptocurrency.” This is the company’s second bitcoin purchase; the first was for $50 million made in October last year. According to the announcement: It has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020. “Square believes that cryptocurrenc...

Federal Reserve Chairman Jerome Powell has provided an update on the progress of a digital dollar. He confirmed that it is a “very high priority project” for the Fed, and agrees with U.S. Treasury Secretary Janet Yellen on the benefits of issuing a digital dollar. The Fed Is Looking Carefully at a Digital Dollar Fed Chair Jerome Powell testified on Capitol Hill before the Senate Banking Committee Tuesday, the first of two days of congressional testimony. He is speaking before the House Financial Services Committee on Wednesday. Senator Bill Hagerty asked him about a digital dollar, referring to U.S. Treasury Secretary Janet Yellen’s remarks on the subject made on Monday. She said : “I think it [the digital dollar] could result in faster, safer, and cheaper payments, which I think are important goals.” Powell began by confirming, “We are looking carefully, very carefully at the question of whether we should issue a digital dollar.” He pointed out that other central banks around the...

Microstrategy has purchased an additional $1.026 billion worth of bitcoin, raising the total number of bitcoins it has accumulated to about 90,531. Its CEO explained that his company remains focused on its two corporate strategies of growing its enterprise analytics software business and “acquiring and holding bitcoin.” More Than $2 Billion Worth of Bitcoin Now in Microstrategy’s Treasury Reserves Microstrategy Inc. announced Wednesday that “it had purchased an additional approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses.” The announcement continues: As of February 24, 2021, the company holds an aggregate of approximately 90,531 bitcoins, which were acquired at an aggregate purchase price of approximately $2.171 billion and an average purchase price of approximately $23,985 per bitcoin, inclusive of fees and expenses. The company used the proceeds from its $1.05 billion ...

PRESS RELEASE. February 24, 2021 – xSigma, a decentralized exchange for stablecoin swaps, has announced details of its launch program. The DEX, which supports liquid swaps between stablecoin pairs, will go live on February 24, having passed a third-party security audit. Blockchain security company Hacken audited the xSigma smart contracts and found no critical errors in the code, green-lighting the Ethereum-based exchange to launch as scheduled. A second security audit is underway to give the xSigma community additional confidence in the code powering the AMM. Backed by a NASDAQ-listed company, and developed by an experienced team that includes former Google engineers, xSigma has secured the support of several high profile backers. These include NBA star Dwight Howard, who has committed to participating in the xSigma launch as an early liquidity provider (LP). LPs will earn double rewards for the first fortnight to incentivize adoption and ensure a liquid environment for executing...

Indian billionaire Rakesh Jhunjhunwala, sometimes referred to as the Warren Buffett of India, says that the government should ban bitcoin. Calling the cryptocurrency “speculation of the highest order,” the billionaire investor stated that he will never buy bitcoin. Billionaire Rakesh Jhunjhunwala Thinks Indian Government Should Ban Bitcoin Rakesh Jhunjhunwala believes that the Indian government should step in and ban bitcoin, CNBC reported Tuesday. Jhunjhunwala, who currently manages his own investment portfolio as a partner at asset management firm Rare Enterprises, is sometimes known as the “Warren Buffett of India” and the “King of Bull Market.” Jhunjhunwala was quoted as saying: I think regulators should step in and ban bitcoin. And they should focus on the digital rupee. The Indian government is planning to introduce a cryptocurrency bill in the current parliament session. The bill provides a regulatory framework for the digital rupee to be issued by the central bank, the ...

While the public prepares for the upcoming Coinbase public offering, the mining firm Northern Data AG is reportedly planning to go public as well. Sources say that the mining business is in talks with Credit Suisse Group to launch an initial public offering (IPO) in the United States. Report: Sources Say Northern Data AG IPO for $500 Million Is in the Works Recent reports say that Northern Data AG, the mining operation that mines bitcoin ( BTC ), is planning to IPO in the near future. Bloomberg reveals that “sources familiar with the matter” have told the publication that Northern Data AG is “working with Credit Suisse Group AG.” Northern Data claims to be one of the largest mining operations worldwide and on November 18, 2019, the German company teamed up with Whinstone US, Inc., a Louisiana-based firm. At that time, Northern Data detailed that the merger agreement with its U.S. competitor Whinstone would position the firm as a “leading global player” in the bitcoin mining indu...

Bitfinex and Tether have been banned from operating in New York and must pay a fine of $18.5 million as part of a settlement with the New York Attorney General’s (NYAG’s) office over a case dating back to 2019 . In a statement on Tuesday, NY Attorney General Letitia James accused the two entities of hiding severe losses from investors. “Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said James. She continued: “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.” Per the statement, an NY Attorney General’s investigation found that the companies made false statements about the backing of tether, with Bitfinex using Tether’s funds to clandestinely cover an $850 mi...

A decentralized finance (defi) protocol announced that it officially acquired an initial coin offering (ICO) listing platform. Jigstack, who bought icorating.com, will migrate all the platform’s assets to its Lemonade’s solution. Jigstack’ Direct Email Database on Icorating.com According to the announcement , the defi protocol, which acts as a decentralized autonomous organization (DAO), bought the website to boost its multi-chain token launch solution Lemonade. Robert Weir, Jigstack’s COO, told news.Bitcoin.com that icorating.com acquisition is a “commercial trifecta for Lemonade” as they own “commercially relevant data, a database of over 30,000 active crypto investors.” In fact, they seek to boost exposure for projects launching through Lemonade. In Lemonade, anyone can create a token sale in a matter of minutes, including adjusting the token lock sequences, vesting periods, and overall token distribution logistics, added Weir. For projects launching on Lemonade, Jigstack COO ...

The popular trading card company Topps has just launched the “2021 Garbage Pail Kids Food Fight” series today, and the trading card packs are being sold at Target and Walmart stores. Not only will the Garbage Pail Kids (GPK) series provide people with collectible cardboard trading cards, Topps has also inserted blockchain-based rare code cards, which can be redeemed for exclusive GPK non-fungible token (NFT) collectibles on the Wax blockchain. Blockchain and GPK Since the eighties, the Garbage Pail Kids (GPK) has been a popular trading card series created by the company Topps . The firm Topps was founded in 1938 and has created collectible cards for a myriad of sports and hobbies for decades. Topps also owns Bazooka bubblegum, Ring Pop, Push Pop, and Baby Bottle Pop candies. The Garbage Pail Kids launched in 1985 and were distributed by the trading card company Topps. GPK artwork was originally designed by the artists’ John Pound, Tom Bunk, Joe Simko, and Layron DeJarnette. In 202...