Bitcoin News and Finance: What You Need to Know

BlockBank will be enabling its users to earn interest on the stablecoin USD Coin (USDC), with rates up to 60x the US national average of a traditional savings account. Best of all, your USDC is guaranteed by BlockBank, giving you complete certainty whilst you earn interest. With the BlockBank application V2 update arriving in Q3 this year, you will be able to view your live portfolio and receive monthly payouts, all with no deposit and withdrawal fees or limits. Generating a passive income by obtaining the best interest rate is on everyone’s mind nowadays. In fact over the years, interest rates in traditional banking have decreased close to zero, making it hard for you to earn a passive income on your assets. The US national average for a traditional savings account hovers around 0.07% per year, with high-yield savings accounts at around 1%, still nothing to rave about. BlockBank’s high-yield alternative to traditional savings accounts offers competitive APY on your USDC, a stable...

Cryptocurrency exchange Binance’s U.S. arm could be going public in three years, Binance CEO Changpeng Zhao has revealed. He said that his exchange “is just going to do what Coinbase did.” Coinbase Global went public on Nasdaq via direct listing. Binance Plans to IPO in the US Within 3 Years Binance’s founder and CEO, Changpeng Zhao, said in an interview with The Information Wednesday that his company’s U.S. arm could have an initial public offering (IPO) in the next three years. He described: Binance.us is just going to do what Coinbase did. Cryptocurrency exchange Coinbase went public on Nasdaq in April via a direct listing. The exchange recently said that it wants to be the “ Amazon ” of crypto and list all legal cryptocurrencies. Binance.us is also set to close on a large private fundraising round in the next two months, Zhao told the publication, adding that his company generated $800 million to $1 billion in profit last year. Binance has recently been heavily sc...

Curtis Sliwa, a candidate for New York City (NYC) mayor, said that he will make his city “the most cryptocurrency-friendly city” in the U.S. if he is elected. He joins a growing list of mayors and mayoral candidates in growing cryptocurrency adoption. Mayoral Candidate Plans to Turn NYC Into the Most Crypto-Friendly City NYC mayoral candidate Curtis Sliwa has shared his vision to make New York City the most cryptocurrency-friendly place in the U.S. Sliwa, a radio talk show host, is the founder and chief executive officer of the Guardian Angels, a nonprofit organization of unarmed crime prevention. He tweeted Wednesday: “As NYC Mayor, I will make NYC the most cryptocurrency-friendly city in the nation. Property taxes, fines & fees will be payable in crypto. We will open more crypto ATMs & incentivize businesses to accept crypto. We must modernize our economy & make it accessible for all!” Sliwa is not the only mayoral candidate for NYC who wants to see the city becomin...

The founder of Cardano and co-founder of Ethereum, Charles Hoskinson, says that he expects cryptocurrencies to “play a larger role” in Afghanistan amid war with the Taliban forces. Charles Hoskinson Sees Cryptocurrencies Playing Larger Role in Afghanistan Charles Hoskinson, the founder of Cardano and co-founder of Ethereum, explained in an interview with CNBC Tuesday that cryptocurrencies are likely to play a larger role in Afghanistan, citing a rising need for more privacy. The Cardano founder believes that there will be ongoing civil war in the country and “already the remnants of the northern alliance have been formed, and they’re going to need resources.” He noted that “Unlike the last time, in the 90’s when this happened, now cryptocurrencies are there,” elaborating: It is my belief that cryptocurrencies are going to play a larger role in Afghanistan this time around, in the war for and against the Taliban forces. The Pentagon said Monday that the U.S. finished its withdra...

The $2 billion crypto fraud scheme Bitconnect and its founder have been charged in the U.S. In a parallel enforcement action, a Bitconnect director and top promoter has pleaded guilty to criminal charges in the U.S. “The Bitconnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally,” said the U.S. Department of Justice (DOJ). US Authorities Take Action Against Bitconnect and Its Founder U.S. authorities continue to take action against the fraudulent crypto trading scheme Bitconnect and its executives this week. “The Bitconnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally,” the DOJ described. The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it has filed an action against Bitconnect, its founder Satish Kumbhani, its top U.S. promoter Glenn Arcaro, and his affiliated company Future Money Ltd. The SEC noted that Kumbhani, age 35, is an Indian citizen who resided in Surat, India, but whose curr...

Of all funds sent to illicit cryptocurrency addresses from Eastern Europe, scams attract the greatest amount, according to a new report. In the past year alone, crypto addresses based in the region have sent the fraudulent schemes a staggering $815 million in crypto. Eastern Europe Leads by Volume of Illicit Crypto Transactions Among the world’s regions with a total crypto transaction volume of at least $400 million, Eastern Europe is the only one where illicit activity exceeds 0.5% of the total value sent and received, Chainalysis notes in a preview of its 2021 Geography of Cryptocurrency report. In a blog post published Wednesday, the blockchain forensics company revealed: Between June 2020 and July 2021, Eastern Europe-based addresses sent $815 million to scams, second only to Western Europe. Crypto addresses in East European countries have the second-highest rate of exposure to illicit addresses, with Africa topping the chart and Latin America ranking third, the excerpt det...

PRESS RELEASE. Vasyl Virastyuk, the strongest man on the planet in 2004 and 2007, tokenized his autograph through the innovative NFT project PHILOGRAPHY . The strongman was the first to start a partnership with PHILOGRAPHY.BIZ. He provided his original autograph to produce a limited edition of collectible NFT autographs and sell them. This is the project’s first NFT token, which will increase its collectible value and investment value in the long run. Vasyl Virastyuk is the owner of the 2004 and 2007 World’s Strongest Man titles and the multiple world champion in strongman competitions. According to reputable online media, the athlete is among the top 10 strongest men in the world in mankind’s history. Vasyl Virastyuk has set a number of world records. Among them: Movement of 5 streetcars weighing 101.5 tons. Movement of 10 cars with a total weight of 16.5 tons over a distance of 18.5 meters. Movement of 7 cars with a total weight of 11 tons over a distance of 25 meters. Vasy...

A Zimbabwean artist, Greatjoy Ndlovu, joined the growing list of African artists pivoting to the non-fungible tokens (NFT) market after his digital artwork was sold for 0.7 ethereum. The sale, which took place on the Async Art NFT marketplace, is Ndlovu’s first foray into the digital art space. NFTs an Opportunity for African Artists According to a report , Ndlovu’s digital art piece, which is called Burnt Out, depicts the challenges that were experienced by health care workers who were fighting to stop the spread of the Covid-19 pandemic. In addition, the report says Ndlovu is hopeful that his break into the NFT space will help “inspire many young creators to take a leap and test the market themselves.” According to the artist — who also serves as the Ambassador of SOS Children’s Village — NFTs represent an “alarmingly bright future” for African art makers. Artists Embrace NFTs Meanwhile, with this pivot to NFTs, Ndlovu joins Nyasha Warambwa and Indigo Saint, the first ar...

A recently published report that went viral across social media details how a former U.S. Marine, Stephen Lara, was pulled over by police and was suspected of being a drug trafficker. Police then searched Lara’s vehicle and subsequently took $87,000 in cash from a bag kept in Lara’s trunk. Lara, who also had a stack of automated teller machine (ATM) receipts that showed the funds were legitimate, said “I could not believe that I had just been literally robbed on the side of the road by people with badges and guns.” Policing for Profit — DEA and Nevada Police Leverage Controversial ‘Adoptive’ Forfeiture Scheme to Take Former Marine’s $87K in Cash Civil forfeiture has been a problem for a long time in the U.S., as law enforcement has been known to “police for profit” over the last decade. All law enforcement needs to have is the “preponderance of evidence” to seize funds from someone and then leverage the funds for their own use cases. Since the year 2000, it has been estimated that...

Over the last few weeks, Americans have read about the U.S. Internal Revenue Service (IRS) upping its tax enforcement to catch cryptocurrency users who have not paid taxes. According to one report, the IRS may get access to bank inflows and outflows via Joe Biden’s American Families Plan. On top of this, another story explains how an IRS agent posed as a bitcoin trader called “Mr. Coins” on the peer-to-peer (P2P) marketplace Localcryptos.com in a $180K sting operation. America’s Tax Agency Is Stepping Up Enforcement via Biden’s American Families Plan The IRS has been stepping up enforcement against tax evaders and has recently been specifically focused on cryptocurrency transfers. This past April, Forbes contributor Guinevere Moore published a report on how U.S. President Biden’s “American Families Plan” aims to increase IRS enforcement. Essentially, Moore details that America’s financial institutions have always had to report capital gains to the IRS, but under Biden’s plan banks a...

The overall market capitalization of all 10,000+ digital assets has reached a September high of $2.33 trillion as it has risen over 5% on Thursday. The crypto economy hasn’t been at this U.S. dollar value since mid-May or approximately 108 days ago, as the value has increased 83.46% since the crypto economy’s low point on July 19 ($1.27 trillion). Crypto Economy Rises 83% in Value, But It Wasnt Due to Bitcoin A lot of money has entered the crypto economy since July 19, and the market capitalization of all the coins in existence today is worth $2.33 trillion. Up more than 5% over the last 24 hours, the crypto economy has not been this valuable in over three months. The last time the crypto economy was in the $2.33 trillion range was May 16, 2021, and prior to that date, it reached an all-time high (ATH) at $2.493 trillion. On July 19, the crypto economy dropped as low as $1.27 trillion and has since gained 83% in value. In fact, the entire crypto economy only needs to gain more t...

In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in tax returns. Distinction Between Income and Capital Gains Tax As shown on SARS’ crypto-asset tax webpage, “income received or accrued from crypto assets transactions can be taxed on revenue account under ‘gross income.'” Alternatively, the new guidance says such gains “may be regarded as capital in nature, as spelt out in the Eighth Schedule to the Act for taxation under the Capital Gains Tax (CGT) paradigm.” SARS also reveals that “taxpayers are also entitled to claim expenses associated with crypto assets accruals or receipts, provided such expenditure is incurred in the production of the taxpayer’s income and for purposes of trade.” Meanwhile, a tax consulting firm, Tax Consulting SA, told to Bit...

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

This past weekend at the Market America Worldwide Shop.com 2021 International Convention (MAIC2021), the president of the e-commerce firm, Steve Ashley, announced Shop.com sites from around the world will be accepting cryptocurrencies via Bitpay. This means that bitcoin, ethereum, bitcoin cash, and several other digital assets can be used to purchase products via Shop.com’s websites. Shop.com Now Accepts Digital Currencies via Bitpay Shop.com is accepting cryptocurrencies via Bitpay , the largest crypto payment service provider in the world. Steve Ashley the president and COO of Shop.com announced “the use of cryptocurrency as the next chapter in purchasing products on all Shop.com sites.” Ashley revealed the crypto support at the Market America Worldwide Shop.com 2021 International Convention (MAIC2021). “Today I’m announcing that Shop.com is going to be offering bitcoin, ethereum, and several other cryptocurrencies through Bitpay,” said Ashley. “We’re going to be offering this a...

An overwhelming majority of Russian investors view cryptocurrencies as a more attractive investment proposition than traditional fiat currencies or gold, a new survey has established. Even among those who have never traded digital assets, most already think of buying crypto in the near future. Crypto Is the Promising Opportunity for Russian Investors National currencies are losing attractiveness for investors in Russia, a poll by the country’ Association of Forex Dealers ( AFD ) has recently found. Only a little over 14% of the respondents said they would put money into fiat while a staggering majority of 76.9% would rather buy cryptocurrencies such as bitcoin. Less than 9% don’t see good perspectives in any currency and have chosen gold. Over 17% of the participants in the survey transact with digital currencies at least once a month and 35.1% trade crypto even more often than that. Another 24.7% can skip a month and less than a quarter, or 23.1%, have never performed crypto tran...

On August 31, 2021, Offchain Labs announced the official launch of Arbitrum One mainnet and further detailed that the company has raised $120 million in funding. The Series B financing led by Lightspeed Venture Partners gives the firm a $1.2 billion valuation. Arbitrum One Mainnet Is Now Live, Offchain Labs Raises $120 Million in Funding The highly anticipated Arbitrum One mainnet launch has been revealed by the firm Offchain Labs and the startup also detailed the company has raised $120 million in financing. Bitcoin.com News has written about the Arbitrum One Layer-2 scaling solution on a few occasions as the protocol leverages Optimistic rollups to help Ethereum scale. A number of popular decentralized finance (defi) projects are leveraging Arbitrum’s gateway in order to give users better fee rates and faster actions. Arbitrum’s technology is leveraged by defi projects like Aave, Balancer, Band Protocol, Coinbase Wallet, Chainlink, Curve, DAI stablecoins, Etherscan, Dodo, Met...

PRESS RELEASE. The highly anticipated new crypto friendly social platform, Carbon , has launched. Carbon has been in beta stage since March, undergoing thorough testing, improvements and added features and gaining over 12,000 beta testers. Offering an emphasis on free speech as well as great security and privacy, Carbon includes an end-to-end encrypted messenger, integrated crypto portfolio tracker, Twitter style social feed, Reddit style topics and much more. Influencers have begun to migrate to Carbon as their platform of choice and many are expected to follow. Carbon offers generous crypto rewards for the best content creators, as well as tipping, so it’s little wonder it looks set to become an attractive platform for monetising user influence. The Carbon team is based in Western Australia and highly experienced in designing and launching apps and games. Carbon co-founder Daniel Abela says “We really wanted to create a platform that brought the fun back into social media. We’v...

Iran’s Ministry of Industries, Mining and Trade has rejected claims blaming illegal cryptocurrency miners for the continuing electricity shortages in the country. The department believes the state-run utility company, Tavanir, has overestimated their role in the power deficit. Illegal Miners Burn Less Energy Than Tavanir Estimates, Ministry of Industries Says An official from the Iranian Ministry of Industries, Mining and Trade has denied claims by the Iran Power Generation, Distribution and Transmission Company ( Tavanir ) that illegal crypto miners are largely responsible for the ongoing power shortages in the Islamic Republic. Quoted by Way2pay and the English-language business daily Financial Tribune, the ministry’s Director of Investment and Planning Alireza Hadi stated: Figures announced by Tavanir seem to be highly exaggerated. The consumption of illegal miners is considerably lower than the 2,000 megawatts estimated by the utility. According to Hadi, this amount of elec...

A crypto survey of U.S. consumers, commissioned by regulated crypto platform Bakkt, shows that nearly half of all respondents said they invested in cryptocurrencies during the first half of the year. Nearly Half of US Consumers Invested in Crypto During the Past 6 Months, Study Shows A survey commissioned by regulated digital asset platform Bakkt shows that nearly half of surveyed consumers in the U.S. invested in cryptocurrencies in the past six months this year. Bakkt was launched in 2018 by Intercontinental Exchange, which operates over a dozen of the world’s most prominent exchanges including the New York Stock Exchange (NYSE). “Commissioned by Bakkt and conducted over an online survey tool, we polled more than 2,000 consumers across the U.S. and was fielded in July 2021 … Data have been weighted for age, race, sex, education, and geography using the Census Bureau’s American Community Survey to reflect the demographic composition of the United States,” the survey report explain...

A vocal critic of the upcoming bitcoin law in El Salvador, Mario Gomez, was briefly detained Wednesday. According to reports, he was arrested without a warrant. Critic of El Salvador’s Bitcoin Law Arrested An IT specialist and founder of Hackerspace San Salvador, Mario Gómez, was briefly detained Wednesday morning. His attorney said there was never an arrest warrant for him. Gomez has been a vocal critic of the upcoming bitcoin law in El Salvador. The National Civil Police of El Salvador (PNC) said they detained Gómez “while investigating financial fraud relating to an email phishing scam,” El Faro publication described. A press officer at the Attorney General’s Office told the publication: They tell me it’s a move by the National Civil Police. Our office has no information at this time. Gómez’s mother, who was with him when the arrest happened, explained that the police stopped their car, told her son to get out and go with them. She also said they seized his cell phone. The ...

In 2021, there’s no doubt that non-fungible token (NFT) collectibles have been extremely popular and NFTs have made billions in sales during the last year. For instance, in the last month Opensea saw $3.44 billion in NFT sales, Axie Infinity saw $838 million, and the pixelated NFTs Cryptopunks saw $653 million in sales. However, there are plenty of NFT skeptics who wonder why JPEGs are selling for millions in ether, and some have suspected auctions and sales could be bolstered by shill bidding or rigging. While NFT Market Values Swell, Skeptics Wonder Why JPEGs Sell for Millions You’ve probably seen all the NFTs in the news as rock JPEGs and pixelated images have been selling for more than most medium-sized homes. Non-fungible token (NFT) assets have made billions of dollars during the last 12 months and believers don’t expect the trend to end. For example, Autoglyph #463 sold for 460 ether or $1.582 million on August 31, and the Art Blocks NFT Fidenza #6 sold for 460 ether or $1.58...