Bitcoin News and Finance: What You Need to Know

Canaan Inc., the crypto mining rig manufacturer based in Beijing, has announced the company plans to mine cryptocurrencies in Kazakhstan. The company says that the firm’s next-generation Avalonminer mining rigs are already deployed in the world’s largest landlocked country. Canaan Joins the Bitcoin Mining Fray The publicly-listed company Canaan (Nasdaq: CAN) has revealed the firm is entering the fray of bitcoin mining with its own self-operated mining business. Canaan is one of the oldest bitcoin mining hardware manufacturers in the world as it was founded by Nangeng Zhang in 2013. In the company’s earliest years it created FPGA miners dedicated to Bitcoin’s SHA256 consensus algorithm. Fast forward to today and the company is one of the top application-specific integrated circuit (ASIC) makers , up there with Bitmain, Microbt, and Ebang. A recent wired.co.uk report highlights statements from Didar Bekbauov, founder of the Kazakhstan-based Xive, when he said last April that Chi...

The non-fungible token (NFT) marketplace Rarible has revealed the company has raised $14.2 million in a Series A funding round. Rarible details the funds will be leveraged to take NFTs to the mainstream and announced integration with the consumer-centric blockchain called Flow. Rarible Raises $14.2M in Series A Funding Round On Wednesday, the NFT marketplace Rarible, a protocol for creating, selling, and collecting non-fungible, blockchain-based collectibles, revealed the organization raised more than $14 million. The Series A funding round was led by Venrock, Coinfund, and 01 Advisors and the project also revealed it will soon be launching an NFT market on the blockchain Flow. Brainchild of the creators of Cryptokitties, the Flow project has seen well-known brands like the UFC, Dr. Suess, Ubisoft, Samsung, Warner Music Group, and the National Basketball Association (NBA) mint NFTs using its tech. Since its launch in 2020, the Rarible marketplace has seen $150 million worth of NFT...

South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. Following a prolonged investigation, the government has reportedly seized cryptocurrency worth millions of dollars. Tax Agents Target Wealthy Tax Evaders in Greater Seoul Area More than 53 billion Korean won ($47 million) in crypto assets have been confiscated from 12,000 people who allegedly tried to hide money from the government. The funds were in bitcoin ( BTC ), ethereum ( ETH ) and other cryptocurrencies, Reuters reported quoting the government of Gyeonggi Province surrounding the capital Seoul. A number wealthy Koreans have found themselves among the targeted tax evaders. They have been accused of using local crypto exchanges to conceal the assets as the trading platforms did not require account holders to provide their resident registration numbers. Authorities were able to track them down using their phone numbers. One of the tax...

The Bank of International Settlements (BIS) says that it is now clear that cryptocurrencies are not money but speculative assets, emphasizing that in many cases they are used “to facilitate money laundering, ransomware attacks, and other financial crimes.” BIS Criticizes Cryptocurrencies, Bitcoin The Bank of International Settlements published its annual economic report Wednesday, discussing cryptocurrencies, particularly bitcoin, as well as central bank digital currencies (CBDCs). The BIS explained that “Several recent developments have placed a number of potential innovations involving digital currencies high on agenda” of central banks. “The first of these is the growing attention received by bitcoin and other cryptocurrencies,” the report details. “The second is the debate on stablecoins, and the third is the entry of large technology firms (big techs) into payment services and financial services more generally.” The BIS continued: By now, it is clear that cryptocurrencies a...

Bitcoin ATM provider Chainbytes is setting up a bitcoin ATM manufacturing hub in El Salvador. The move follows the country passing a bill making bitcoin legal tender. The company plans to make El Salvador “the manufacturing hub of bitcoin ATMs for all of the Americas.” Bitcoin ATMs Coming to El Salvador U.S.-headquartered Chainbytes LLC, a bitcoin ATM provider, announced Tuesday that it is launching operations in El Salvador, the country which recently passed a bill making bitcoin legal tender . Chainbytes revealed that it plans “to make El Salvador the manufacturing hub of bitcoin ATMs for all of the Americas.” The hub will service the company’s “operations in the LATAM, US, and Canadian regions with the global supply chain distribution.” The company has been servicing bitcoin ATM operators and enterprises looking to get into the bitcoin ATM business since 2012. Eric Grill, the CEO of Chainbytes, tweeted on June 21, “Excited to bring Chainbytes bitcoin ATMs” to El Salvador. On...

Investment bank JPMorgan conducted a survey of thousands of investors from 1,500 institutions and found that 49% of them think that cryptocurrency is either “rat poison squared,” the term used by Berkshire Hathaway CEO Warren Buffett to describe bitcoin, or “a temporary fad.” 49% of Investors Told JPMorgan Cryptocurrency Is a Fad or ‘Rat Poison Squared’ JPMorgan released the results of a survey it conducted at the firm’s 24th Macro, Quantitative & Derivatives Conference Tuesday. The event took place on June 11; it was attended by some 3,000 investors from around 1,500 institutions. Marko Kolanovic and Dubravko Lakos-Bujas, two of JPMorgan’s top strategists, wrote: Investors’ view on cryptocurrency’s future is very divided. The survey results show that 42% of investors feel that cryptocurrency is here to stay and 9% even believe that it will become an important asset. However, 49% of investors agree with Berkshire Hathaway CEO Warren Buffett and said that cryptocurrency is “...

Galaxy Digital CEO Michael Novogratz says he is not nervous about bitcoin’s price falling, even when it falls below $30K. “The ecosystem is so much more mature. The amount of players that are moving in are so much more mature. Every single bank is working on their own crypto project,” he said. Novogratz Still Bullish About Bitcoin Mike Novogratz commented on the bitcoin market Tuesday in an interview with CNBC as the price of the cryptocurrency fell below $30K. Commenting on the falling BTC price, Novogratz said: If it’s really breached, $25,000 is the next big level of support … I’m less happy than I was at $60,000, but I’m not nervous. The Galaxy Digital CEO opined: “We had China really be much more forceful in their idea to ban cryptocurrency. That’s created a retail deleveraging. A lot of crypto happens in Asia, a lot of it is Chinese focused. So we’re seeing big liquidations, so it’s hard to call a bottom.” Novogratz believes that the Chinese government’s crackdown is a l...

PRESS RELEASE. New York, New York – June 23, 2021 – Sweet, the leading enterprise NFT solutions provider, announced the launch of an exciting new one-of-one auction with restaurant and gaming destination Dave & Buster’s. Beginning at 5PM EST today through June 30 at 5PM EST, everyday consumers and crypto enthusiasts alike will be able to bid on this uber-rare digital coin with all proceeds directly benefiting Make-A-Wish. The unique design of this digital collectible was inspired by the early days of Dave & Buster’s when all games were coin-operated. The auction is open to the public at daveandbustersnft.com This auction kick-starts a new initiative to integrate NFTs into the company’s marketing strategy. At the forefront of innovation, Dave & Buster’s is one of the first restaurant and entertainment venues to pioneer NFT / Digital Collectibles that can be claimed as prizes for tickets won in all Dave & Buster’s locations. The collectible series includes D&B Gam...

The Catalan justice department has reportedly confirmed that the antivirus tycoon John McAfee was found dead in prison in Barcelona. John McAfee, 75, was found dead in his prison cell in Barcelona, the Catalan justice department reportedly said, noting that everything points to death by suicide. Just hours before the death report, the Spanish high court issued a preliminary ruling in favor of McAfee’s extradition to the U.S. to face tax-related criminal charges. According to El Pais publication, the prison surveillance professionals, who found him dead in his cell, and the prison medical services intervened to perform resuscitation but they were unable to revive him. The Associated Press reported that a statement from the regional Catalan government confirmed that the jail’s medical team finally certified his death. However, the publication noted: The statement didn’t identify the U.S. tycoon by name, but said he was a 75-year-old U.S. citizen awaiting extradition to the count...

Australia’s Lloyds Auctions now accepts major cryptocurrencies for any of the items offered on its marketplace. Within hours of the announcement, the auction house managed to sell an expensive caravan (camper/trailer) to a bidder who was happy to pay the full price with digital coins. Australian Auction House Lloyds Auctions Accepts Crypto From Bidders Against a backdrop of volatile crypto markets in the past days and weeks, investors have been on the lookout for ways to cash out profits or transfer some of their wealth elsewhere. Lloyds Auctions, a leading auction house in Australia, has spotted an opportunity to attract some of these funds, offering bidders the chance to pay with cryptocurrencies such as bitcoin ( BTC ) and ethereum ( ETH ). Mere hours after opening the alternative payment option, Lloyds Auctions was able to sell a $75,000 custom-built caravan for crypto. “As a long-time patron of Lloyds I had no hesitation and couldn’t believe how simple it was for me to pay...

Following the naming rights deal for the NBA’s Miami Heat arena and the partnership with the esports giant TSM, FTX Trading Limited revealed a long term partnership with the professional baseball organization Major League Baseball (MLB). FTX Partners With Major League Baseball FTX Trading Limited and its parent company West Realm Shires Services Inc., has announced “a new long-term, global partnership,” according to mlb.com . The deal means that FTX will be the official cryptocurrency exchange brand for the professional baseball league. The long-term partnership is meant to increase FTX Trading Limited’s “brand awareness,” alongside helping the MLB innovate. The FTX.US logo will be featured on umpire uniforms at the MLB’s All-Star Game in July. The company has also formed an agreement with MLB Players Inc. and this gives the crypto exchange promotional-channel access and the rights to “players in content creation.” Sam Bankman-Fried, the CEO and founder of FTX said the company look...

The goal of cryptocurrencies is to give financial freedom back to the individual. In order to fully realize this vision, the world of crypto must remove its major barriers to entry. One of the biggest challenges for those new to the space is sending and receiving payments. This intimidating process involves typing a long line of random letters and numbers into an address bar, hitting Send, and hoping that the address was entered correctly. If the user punches in the wrong address, their money’s gone forever. At least, that’s how it used to work. By replacing these long messy addresses with easily-readable names like brad.crypto , Unstoppable Domains is on a mission to help bring everyone into the world of crypto. With the help of Bitcoin.com, this mission is closer to becoming a reality. The Bitcoin.com wallet now supports the Ethereum blockchain and Unstoppable Domains, enabling millions of wallet users to send and receive their favorite cryptocurrencies like Bitcoin, Bitcoin C...

Most of the crypto community has been focused on the developments in China and more specifically, the crackdowns against bitcoin miners in Inner Mongolia, Xinjiang, Qinghai, Yunnan, and Sichuan. On Wednesday morning (EST), Bitcoin’s overall hashrate has continued to drop and is now below the 100 exahash per second (EH/s) region. During the last 24 hours, people acquainted with Chinese miners have been describing the latest hardships bitcoin miners are facing. Hashrate Migration Is ‘Destined to Be a Long Process’ Notices stemming from government officials in five Chinese provinces noted that bitcoin mining operations must cease immediately and this has caused a lot of anxiety among some bitcoiners in recent times. On Tuesday, June 22, Bitcoin.com News reported on the hashrate shifts and how mystery hashrate and stealth mining has started to increase following the crackdowns. Bitcoin.com News also explained last week how it is extremely difficult to pinpoint the exact quantity of ha...

U.S. Senator Cynthia Lummis said that she is “really excited” about the low price of bitcoin, and is planning to buy the dip. “As soon as it drops a little more I’m going to buy some more,” she said. The senator believes bitcoin is a great store of value. Pro-Bitcoin US Senator Cynthia Lummis Plans to Buy the Dip U.S. Senator Cynthia Lummis from Wyoming commented on the falling price of bitcoin on Tuesday in an interview with Fox Business. She was asked how she felt about bitcoin’s price falling to below $30K. The senator replied: I’m really excited about it because as soon as it drops a little more I’m going to buy some more. She then shared a story of another investment she made previously. “My favorite stock that I own is a company called United Rentals. I bought it and it dropped like a rock. I held onto it and … it has performed beautifully over the years for me. And I see bitcoin doing the same kind of thing because the fundamentals are good.” Senator Lummis was also aske...

Visa Inc. and Paypal have invested in Blockchain Capital’s new fund. The venture capital firm focuses exclusively on the crypto ecosystem and blockchain technology. Blockchain Capital Raises $300M for Its New Fund Blockchain Capital announced Tuesday that it has raised $300 million for its 5th venture capital fund (Fund V). Paypal and Visa were among the investors. Others include pension funds, major university endowments, and family offices from around the world, the company said, adding that select investors, including Paypal and Visa, will participate in its strategic partnership program. Blockchain Capital described itself as “the first venture capital firm founded to focus exclusively on blockchain technology and the crypto ecosystem.” The firm has invested in more than 110 companies, protocols, and crypto assets across the ecosystem since its inception in 2013. Its portfolio includes major crypto companies such as Coinbase, Kraken, Anchorage, and Opensea. In addition, it inc...

Upland has just hit a major milestone in their platform, and for the NFT landscape as a whole. Being one of the world’s fastest growing digital metaverses, Upland’s users have recently minted the millionth NFT property on the platform. Not long after being featured on CBS/Paramount Plus’ 60 Minutes+ , Upland, the property trading metaverse , has reached a record-breaking milestone by surpassing over one million NFT properties minted in just 18 months since its inception. Upland is one of the world’s fastest growing blockchain games, with an active community of tens of thousands of daily active players flipping properties and growing their net worths. The millionth property NFT was officially minted on June 15. Upland is an NFT metaverse mapped to real world addresses , where people around the world can buy, sell and trade virtual properties. The cities which are live in Upland include San Francisco, Brooklyn, Manhattan, Fresno, Oakland, Bakersfield, Staten Island, and most recent...