Bitcoin News and Finance: What You Need to Know

The Indian government has introduced new cryptocurrency disclosure rules. Companies dealing in cryptocurrencies will have to disclose their crypto holdings, among other disclosures, as part of their financial statements beginning April 1. New Crypto Disclosure Requirements The Indian Ministry of Corporate Affairs (MCA) issued a notification last week mandating companies to disclose crypto trading and investments during the financial year. These disclosures will be required starting on April 1, which is when India’s financial year 2021-22 begins. Every company which “has traded or invested in cryptocurrency or virtual currency during the financial year” must disclose “profit or loss on transactions involving cryptocurrency or virtual currency,” “amount of currency held as at the reporting date,” and “deposits or advances from any person for the purpose of trading or investing in cryptocurrency or virtual currency.” Crypto companies in India welcome the new requirements by the gover...

Galaxy Digital CEO Mike Novogratz has predicted that as much as a trillion dollars could flow into bitcoin over the next year as wealthy baby boomers get into cryptocurrency. With the example of Morgan Stanley, he says that more banks will start offering bitcoin exposure to their customers. $1 Trillion Could Flow Into Bitcoin Michael Novogratz, a longtime bitcoin bull and founder of Galaxy Digital, talked about the future outlook for bitcoin last week in an interview at Reuters Digital Assets Week. He explained that as cryptocurrencies become more mainstream, wealthy baby boomers will be the next generation to get into cryptocurrencies, elaborating: It could be as much as a trillion dollars comes over the next year from that giant group of wealth. Following the announcement by Morgan Stanley to offer access to bitcoin funds to its wealthy clients, Novogratz predicted that other major banks and trading platforms will follow suit. This will likely spark the rush from wealthy baby...

The Federal Reserve is actively working on a central bank digital currency and some prototypes are near completion. The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) plan to unveil two prototypes of a digital dollar as early as July. Digital Dollar Prototypes Coming Soon Federal Reserve Chairman Jerome Powell said last week as part of an event held by the Bank for International Settlements (BIS) on central bank digital innovation that the U.S. central bank is actively exploring the launch of a digital dollar. The U.S. Federal Reserve has been actively working on a central bank digital currency (CBDC). At least two prototypes of a digital dollar are near completion, developed by officials at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT). They plan to unveil their research as soon as July, said James Cunha, who leads the project for the Boston Fed. He told Bloomberg: The Boston Fed and MIT hope to unveil...

Over the last seven days the project filecoin, a cryptocurrency, and blockchain-based cooperative digital storage network climbed 61% in value and 493% during the last three months. Regional reports from China also show that the computer hardware giant based in Shenzhen, Xinyuan Technology Co., has invested $89 million into the filecoin mining ecosystem. Filecoin Market Cap Swells, Computer Hardware Giant Xinyuan Technology Invests in FIL Miners Filecoin , the decentralized storage project designed by Protocol Labs and built on top of the Interplanetary File System (IPFS), has seen quite the demand during the last 90 days. During the last week, the crypto asset has spiked 61%, while a number of other cryptocurrencies have been down. At the time of publication, Filecoin is trading for $127 per unit and has a $7.54 billion market valuation. 30-day price statistics show filecoin (FIL) is also up over 270% as well. The Filecoin project aims to make it so people can control their own d...

Since well before the Covid-19 outbreak was found in America, the U.S. Federal Reserve invoked a number of monetary easing policies. Then throughout 2020, the central bank created a quarter of all the USD ever issued in less than 12 months to help the economy during the outbreak. Despite Fed Chair Jerome Powell and other central bankers showing little concern for inflation, a recent survey shows that 77% of Americans are worried about surging inflation in the months to come. Survey Shows Younger Generations Are Worried About Inflation Hurting Their Purchasing Power During the first week of March, Federal Reserve Chair Jerome Powell did an interview at the Wall Street Journal Jobs Summit and he explained he wasn’t worried about inflation. Further, other members of the central bank have shown little worry about rising inflation as well, even though the Fed created massive amounts of USD last year and into 2021. Atlanta Fed President, Raphael Bostic, recently said that determining...

During the last few months, the non-fungible token (NFT) scene has exploded with lots of celebrities jumping on the bandwagon, high grossing auctions, and even some controversy on the side. A lot of people don’t realize how old NFT collectibles are, as years ago developers and artists created NFTs like Nilicoins (artcoins), Rare Pepe trading cards, and Curio cards as well. Since the NFT boom has straddled new heights, these old NFTs are in demand again and being sold at auctions. Color Coins and Nilicoins The NFT ecosystem has grown exponentially and it seems everybody is getting in on the trend. Digital artists selling NFTs have made millions at auction and a great deal of celebrities and socialites are minting NFTs now as well. The NFT space is very popular, but the concept is nothing new, as color coin technology has existed on the Bitcoin ( BTC ) network and other chains for years. Color coin tech was first mentioned by Yoni Assia in a post called “ bitcoin 2.X (aka Colored B...

Bitcoin prices surpassing the $60,000 milestone undoubtedly woke up a massive wave of joy across the crypto community. However, such an accomplishment didn’t bring happiness to a married couple, who split up after a dispute on whether to sell bitcoins at that price level or not. Wife Left the House to Stay With Her Sisters According to a post on Reddit , a user named “Parking_Meater” gave his particular testimony on how the bitcoin ( BTC ) bull-run ended up hurting his marriage. His wife left the house as he didn’t agree to sell the BTC when prices posted the new all-time high at that time. In fact, Parking_Meater was caught by his wife adding more money to his bitcoin position. He detailed how the marital situation worsened in a matter of minutes: She just left to go stay at her sisters. She is super mad that I didn’t sell at 60k and looks at the price often scolding me. I keep telling her we don’t need the money and have the cash. We live nice. However today she caught me buyi...

Herman Neglyad, the deputy of the Russian anti-money laundering body, Rosfinmonitoring, has said his organization will monitor cryptocurrency transactions that involve the conversion from crypto to fiat. Neglyad made this revelation during a recent meeting of the State Duma Committee on financial markets. Banks Already Cooperating According to a Russian news site , Regnum, the anti-money laundering body is already getting cooperation from banks. “Banks have already begun to pay attention to exchange operations, that is, when they see that an operation has come after the exchange of virtual assets for hard currency, they have already begun to evaluate them and actually inform us about these operations,” said Neglyad. Also, the Rosfinmonitoring official adds that his organization, alongside the country’s central bank will introduce “a separate code, distinguishing a separate group of such suspicious transactions, that is, to further orient traditional financial institutions to this ...

Oaktree Capital’s Howard Marks has warmed up to bitcoin. He admitted that he had a knee-jerk reaction to the cryptocurrency and dismissed it too soon. Since then, the price of bitcoin has risen tenfold as demand for the cryptocurrency soars among retail and institutional investors. Howard Marks Changes Stance on Bitcoin Howard Marks, co-founder and co-chairman of Oaktree Capital Management, talked about bitcoin during an interview with CNBC last week. As institutional investors become increasingly interested in bitcoin and major companies have announced their investments in the cryptocurrency, Marks said: “I’m opening my mind on bitcoin. I was ‘knee-jerk’ skeptical.” He clarified: While bitcoin doesn’t have an intrinsic value, the same can be said of the dollar and many, many other things that have value like paintings and diamonds. I’ve been more sensitized to the supply-demand case. The Oaktree Capital founder similarly told The Korea Economic Daily on March 15 that back in 2...

The Bridgewater Associates co-founder and chief investment officer, Ray Dalio, says that there is a good probability that the government will outlaw bitcoin in the same way gold was outlawed in the U.S. in the 1930s. Ray Dalio Thinks Governments Can Outlaw Bitcoin Ray Dalio shared his view on whether the government could outlaw bitcoin in an interview with Yahoo Finance Wednesday. He is the co-founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund firm. His clients include endowments, governments, foundations, pensions, and sovereign wealth funds. Dalio believes that bitcoin may suffer a similar fate as gold did in the U.S. during the 1930s. “Like back in the ’30s in the war years … cash and bonds were such bad investments relative to other things, there was the movement to those other things still, and then the government outlawed them … They outlawed gold,” he recalled, elaborating: That’s why also outlawing bitcoin is a good probability....

PRESS RELEASE. 27th March 2021, Al Murar, Dubai – Diamondcon is one of the fastest rising Call of Duty league players in the world, and part of the Subliners eSports team . He is the first ever professional eSports player to introduce an NFT into the ever-growing community of FPS gaming. Having established a considerable following on Twitch and Twitter, his followers will soon be able to purchase an NFT of Diamondcon and claim bragging rights to that 200 IQ game clip. Coming soon 👀 pic.twitter.com/FpGXtQ24rw — NYSL Diamondcon (@Diamondcon_) March 19, 2021 NFTs: Hot off the Press Gamers spend loads of cash on skins, game passes and in-game purchases, yet they never owned any of them. NFTs will be the change that revolutionizes the gaming industry. Money spent in gaming will no longer be a bad investment. No one knew about NFTs a year ago, and now it’s the new craze. Remember when they said that streaming will never be a career? Look where the industry is now. The Diamond...

A popular Instagram personality has been charged in the U.S., accused of stealing bitcoins worth millions of dollars from his followers. He allegedly convinced the “victims to sell him their bitcoin at attractive, but inflated, values” but he never wired them the money for the coins sent to him. Instagram Influencer’s Bitcoin Scam The U.S. Department of Justice (DOJ) announced Wednesday that a popular Instagram personality known as “Jay Mazini” has been charged with wire fraud related to a bitcoin scam. The Justice Department wrote: A complaint was filed in federal court in Brooklyn yesterday charging Jegara Igbara, also known as ‘Jay Mazini,’ with wire fraud related to a scheme in which the defendant allegedly induced victims to send him bitcoin by falsely claiming to have sent wire transfers of cash in exchange for the bitcoin. The DOJ explained that “In reality, Igbara never sent the money, and stole at least $2.5 million worth of bitcoin from victims.” Acting U.S. Attorney ...

On Friday, the publicly listed firm Hut 8 announced the purchase of $30 million worth of Nvidia’s dedicated crypto mining GPUs called the Cryptocurrency Mining Processor (CMP). Nvidia CMPs mine the crypto asset ethereum and Hut 8 expects its aggregate operational power will be 1,600 gigahash. Hut 8 Purchases $30 Million Worth of Nvidia’s Dedicated GPU Miners On the heels of joining Foundry’s U.S. bitcoin mining pool, the firm Hut 8 Mining (TSX: HUT) revealed it has purchased $30 million worth of Nvidia CMPs. The Nvidia CMP HX product is described as a “dedicated GPU for professional mining.” Nvidia’s web portal also details that the miner supports mining on the Ethereum (ETH) network and claims to be optimized for high performance. Nvidia CMPs offer four different versions which include the 30HX, 40HX, 50HX, and 90HX. The top Nvidia CMP claims to obtain 86 MH/s while the low-end version does around 26 MH/s. Hut 8 details that with the purchase of the new Nvidia CMPs, the comp...

The price of bitcoin dropped around 8% during the last seven days, but prices started to improve during Friday’s mid-afternoon trading sessions. Today, bitcoin is swapping for prices between $54,400 to $54,800 per unit and commands a $1.02 trillion market valuation. The overall market capitalization of all 8,500+ coins in existence is around $1.59 trillion on Saturday morning. Bitcoin ( BTC ) prices have seen some improvements after the price slid from $57,207 to a low of $50,360 on Thursday. BTC is up today over 3%, but down 5% for the week on March 27, 2021. Bitcoin dominance among all the other coin valuations combined is around 59.3% while ethereum ( ETH ) captures 11%. Bitcoin is still up over 16% for the month, 109% during the last three months, and 763% against the USD for the year. The top trading pair with bitcoin ( BTC ) today is tether ( USDT ) which commands 55% of the crypto asset’s trades. This is followed by USD (16.85%), BUSD (5.92%), JPY (4.19%), EUR (3.84%), ...

The blockchain and crypto firm DMG Blockchain Solutions has revealed a partnership with the crypto asset mining business Argo Blockchain. The two firms have decided to launch a bitcoin mining pool that’s focused on leveraging clean energy resources. DMG Blockchain Solutions (TSX-V: DMGI) and Argo Blockchain Plc (LSE: ARB) have recently entered into a Memorandum of Understanding to establish Terra Pool. The new bitcoin mining pool aims to utilize clean energy resources and will combine both DMG’s and Argo’s hashrate that uses hydroelectric-power. In recent months, bitcoin ( BTC ) mining and all proof-of-work (PoW) mining, in general, has been criticized for how energy-intensive these networks can be. DMG’s and Argo’s Terra Pool plans to keep bitcoin mining climate-friendly by focusing on clean energy solutions. “DMG’s increased innovative strength and continued focus on eco-friendly bitcoin mining has the opportunity to drive transformations in how the bitcoin mining community ac...