Bitcoin News and Finance: What You Need to Know

Investment banking and asset management firm JMP Securities says that “The crypto economy is entering the mainstream,” emphasizing that crypto “adoption and early use cases have established ‘escape velocity.” However, the firm’s analysts noted that “the industry is still in its formative stage.” ‘The Crypto Economy Is Entering the Mainstream’ JMP Securities recently published a research note that discusses cryptocurrency adoption. Noting that “The crypto economy is entering the mainstream,” the analysts wrote: The crypto market has come a long way in its short existence, and we believe both adoption and early use cases have established ‘escape velocity,’ whereby binary arguments about its fate are all but off the table at this point. The analysts further explained that “The industry is far from perfect today, scams do exist, regulation is undeveloped, and the industry needs more education given technical aspects of the space that make adoption and usage not always intuitive.” N...

U.S. Senator Cynthia Lummis said, “Thank God for bitcoin,” during her speech to the Senate about raising the U.S. debt limit. “Bitcoin is not issued by a government, so it is not beholding to the debts that are run up by governments,” she explained. US Senator to Congress: ‘Thank God for Bitcoin’ Senator Cynthia Lummis praised bitcoin during her speech on the Senate floor last week about raising the U.S. debt limit. The senator has been a bitcoin hodler since 2013 and has repeatedly stated that bitcoin is a great store of value . Lummis pointed out that while lawmakers were intensely discussing raising the debt limit, “almost no one is talking about the debt” itself. “We are getting closer to $30 trillion. Certainly, if the spending that is being entertained by the majority party and the Biden administration passes, it will be over $30 trillion,” she warned. The senator from Wyoming explained: Countries have historically tended to decline once the debt surpassed their gross dom...

The owner of the NBA team Dallas Mavericks, Mark Cuban, has said “no” to investing in bitcoin-based exchange-traded funds (ETFs), one of which could start trading next week in the U.S. The Shark Tank star does not see a reason for him to invest in a bitcoin ETF, emphasizing that he can buy the cryptocurrency directly. Mark Cuban Says No to Bitcoin ETF The Shark Tank star and owner of the NBA team Dallas Mavericks, Mark Cuban, has shared his thoughts on the heavily hyped bitcoin exchange-traded funds (ETFs). While the U.S. Securities and Exchange Commission (SEC) has yet to approve a bitcoin ETF, the first bitcoin futures ETF could begin trading in the country as early as next week. However, Cuban is not planning to invest in a bitcoin ETF or a bitcoin futures ETF when one starts trading on an American exchange. Responding to a question in an interview with CNBC, published Friday, whether he plans to invest in any bitcoin-based ETF, the shark tank star bluntly replied: No. I can ...

Cornell University’s professor of economics and former head of the IMF’s China division, Eswar Prasad, has warned that “Cryptocurrencies may contribute to monetary and financial instability.” He added that the risk is amplified if the industry is unregulated and lacks investor protection. Economist Sees Crypto Posing Risks to Financial Stability Eswar Prasad, the Nandlal P. Tolani Senior Professor of Trade Policy and professor of economics at the Charles H. Dyson School of Applied Economics and Management at Cornell University, shared his view on cryptocurrency in an interview with CNBC, published Wednesday. Prasad is also a senior fellow at the Brookings Institution, where he holds the New Century Chair in International Economics, and a research associate at the National Bureau of Economic Research. He was previously chief of the Financial Studies Division in the research department of the International Monetary Fund (IMF) and head of the IMF’s China division. He said: Cryptocu...

Following the latest report from Cambridge University that shows a large percentage of the Bitcoin network’s hashrate resides in the United States, the CEO of Twitter and Square, Jack Dorsey, has announced that Square is considering building a “bitcoin mining system based on custom silicon.” Square Considers Building a Mining System On the same day the CFTC fined Tether Limited and Bitfinex, and the filings that give the impression that the U.S. Securities and Exchange Commission (SEC) approved the Proshares Trust bitcoin futures ETF, Twitter CEO Jack Dorsey said Square is possibly jumping into the bitcoin mining industry. Dorsey has been a bitcoin proponent for years and he recently explained that Square is in the midst of building a bitcoin hardware wallet in order to “make bitcoin custody more mainstream.” In recent times Dorsey has also said that bitcoin will be a big part of Twitter’s future. He shared a URL link to a book called “Anatomy of the State” by the economist Mu...

As the end of 2021 nears, Ross Ulbricht remains in prison as he continues to serve his draconian double-life prison sentence for creating a website called the Silk Road. Ever since he was arrested, there’s been an ongoing effort to free Ulbricht, as a great majority of individuals and a large swathe of eminent organizations believe his sentence was unjust and the Silk Road court case was a complete miscarriage of justice. Ross Ulbricht’s Change.org Clemency Petition Nears 500K Signatures, Georgetown Law Professor: ‘Sentence Was Grossly Excessive’ Over the last 12 months Ulbricht has been updating the public regularly about his well-being, and this past summer he spoke publicly for the first time since 2013. Today, Ulbricht’s clemency petition is closing in on half of a million signatures and the effort is only 51,014 signatures away from reaching the 500K signature goal. Ross Ulbricht is still serving his double-life prison sentence for creating the Silk Road website and his famil...

Zimbabwe’s increasingly pro-crypto finance minister, Mthuli Ncube, recently told his colleagues in government that it is now impossible to run away from cryptocurrencies. Ncube said this after revealing that some 30% of the country’s youth are now invested in cryptocurrencies. Zimbabwe Ready to Make Concessions on Cryptos According to a report by the Herald, Ncube also hinted that his ministry is now willing to make certain concessions on cryptocurrencies. However, unlike his recent comments in which he simply extolled cryptocurrencies, Ncube insists that these must not be treated as currencies. He explained: But our view is that we do not want it to be a currency. Want this to be an investment class. So through the Victoria Falls Stock Exchange platform, we will try to create crypto-based products there, which are ring-fenced within the offshore zone. By referencing the Victoria Falls Stock Exchange (VFSE) as the ideal platform for cryptocurrency transactions, Ncube is echoin...

During the last few years, prepaid cards that offer cryptocurrency rewards have grown popular and a number of digital asset payment cards offer these types of rewards. This means instead of accruing frequent flyer miles or points, consumers get rewarded in crypto assets every time they make a purchase with the card. A recent study with 1,011 Americans shows that 14% of U.S.-based credit card users want cryptocurrency rewards from their credit cards. Percentage of U.S. Residents Prefer Crypto Asset Card Rewards It’s been a number of years since the introduction of the first prepaid digital currency payment cards that can be loaded with crypto assets in order to make purchases. There’s now a slew of different crypto-infused cards, as some of them leverage the Mastercard payment network and others utilize Visa’s payment infrastructure. After the intro of a few different kinds of crypto cards, companies started to add cryptocurrency rewards to card users for every purchase. For instanc...

A bitcoin mining operation in Tennessee is being sued by neighbors due to the high level of noise the facility produces. The lawsuit, which was filed in August, asks mining operator Red Dog to shut down operations and pay personal damages fees, as well as compensate owners for decreased property values. The lawsuit could set a precedent for other cases now that Bitcoin mining companies are seeking to migrate to new zones previously ignored. Bitcoin Mining Operation Faces Noise Complaint Red Dog Technologies, the owner of a Bitcoin mining operation located in the U.S. state of Tennessee, is being sued by a member of a neighboring community due to the amount of noise the operation produces. According to reports from local media, the complaint states that the noise coming from the mine creates a situation that “unreasonably interferes” with the “use and enjoyment” of the plaintiff’s property. Worries about the mine disturbing citizens and the legality of the operation have already be...

The price of bitcoin jumped over 8% during the last 24 hours after a number of documents stemming from the U.S. Securities and Exchange Commission’s (SEC) web portal indicated that the Proshares Trust exchange-traded fund (ETF) could be listed as soon as next week. Proshares filed a post-effective amended prospectus on Friday that shows the firm’s intention to launch on Monday, October 18 on NYSE Arca. Bitcoin’s Price Spikes as Strong Signals Suggest Bitcoin Futures ETF Could Launch Next Week The crypto community watched the price of bitcoin (BTC) jump awfully close to the crypto asset’s all-time high on Friday afternoon. During the late afternoon trading sessions, BTC tapped a daily high of $62,945 per unit at around 5:30 p.m. (EST). The reason for this increase is likely due to a number of documents filed with the Securities and Exchange Commission (SEC) seeming to strongly indicate a bitcoin ETF is launching soon. The first signal was from James Seyffart, an analyst at Bloombe...

A South African regulator, the Financial Sector Conduct Authority (FSCA), says it welcomes Binance’s decision to stop offering some of its services to South Africans. Productive Consultations In a statement , the FSCA suggested that the move by the cryptocurrency exchange came after it held “productive consultations” with the regulator. As previously reported by Bitcoin.com News, Binance announced it was terminating some of its services in South Africa in order to comply with regulations. In its initial warning that prompted Binance to act, the FSCA alleged that the crypto exchange had contravened certain financial sector laws including the Financial Markets Act (FMA) as well as the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act). Therefore, as part of the corrective actions that were demanded by the FSCA, Binance informed South African residents on October 8 that they will not be able to open new accounts for trading derivatives. At the same time, the exchange ...

Authorities in Estonia are working on new legislation expected to stiffen the rules for the country’s cryptocurrency sector. The Baltic nation’s regulator for the industry is considering whether to revoke previously issued crypto licenses and restart authorization from scratch. Licensed Crypto Companies Register Millions in Turnover, Estonia Gets Little With only around 1.3 million people, Estonia is one of the least populated member states of the European Union and the Eurozone. However, the small nation has become a magnet for a large number of crypto companies attracted by the friendly regulatory regime it established a few years ago. These firms process transactions for more than 20 billion euros, equal to over 40% of the cross-border transfers in the local banking sector, according to an interview with Matis Mäeker who heads the Estonian Financial Intelligence Unit ( FIU ). Only one in 10 companies has a bank account in the country. The Estonia-licensed crypto businesses ...

Accusing the U.S. of undermining the dollar through money printing and sanctions policy, President Vladimir Putin has admitted that cryptocurrency can be utilized for settlements in the future, although it’s too early to do that in oil trade. While noting that it lacks backing, the Russian leader assumed crypto could be used to store value one day, too. U.S. Cutting the Branch It’s Sitting on, Putin Says U.S. dollar-denominated settlements are declining and countries are scaling down their dollar reserves, Russian President Vladimir Putin said in an interview with CNBC this week. Speaking after his participation in the 20th annual Russian Energy Forum in Moscow on Wednesday, Putin criticized Washington’s monetary and international policies stating that “the United States is cutting the branch it is sitting on.” The dollar’s status as an international reserve currency is a major competitive advantage, the Russian head of state noted but warned that U.S. authorities are undermining ...

Ertha’s metaverse, built on Binance smart chain, has just concluded a seed funding round. The project has garnered interest from the venture capitals and ended with an oversubscribed seed round which was considered an excellent achievement for the projects’ fundamentals. Ertha has collected funding from 4 venture capitalists. Investors who backed the project seed funding round: Mars4 Terranova X21 Momentum 6 NFTs have been gaining a lot of attention over the current year and have attracted investments from both individuals and institutions. A Little About Ertha Ertha is a game that will encompass a real-world simulation where people will be getting jobs, creating states, building industries, waging wars, and much more. Check Erthas’ whitepaper to learn more about the concept and core mechanics of the game. ERTHA is an economical, social MMO with a world consisting of 350,000 HEX land plots, which are for sale as an NFT. Owning a HEX plot means you will earn fees for eve...

On Friday, October 15, 2021, the U.S. Commodity Futures Trading Commission (CFTC) announced that it had ordered the company Tether Holdings Limited and Ifinex Inc., the parent company of Bitfinex, to pay fines totaling $42.5 million. The CFTC accuses Tether of “making untrue or misleading statements and omissions of material fact in connection with the U.S. dollar tether token ( USDT ) stablecoin.” CFTC Issues Two Fines to Tether and Bitfinex, CFTC Expects ‘Honesty and Transparency in the Developing Digital Assets Marketplace’ The stablecoin issuer Tether and Ifinex have been charged by the U.S. Commodity Futures Trading Commission (CFTC) and the two firms have been ordered to pay $42.5 million . Tether is accused of “making untrue or misleading statements and omissions” in regards to the stablecoin the firm issues. The U.S. regulator also claims that the crypto exchange Bitfinex “engaged in illegal, off-exchange retail commodity transactions in digital assets with U.S persons on t...

The price of bitcoin has continued to push toward higher prices as the leading crypto asset has tapped a high of $61,749 per unit on Friday. The crypto asset came awfully close (around 5.3% away) from tapping the all-time price high reached six months ago on April 14. Bitcoin’s Bull Market Rampage Continues Bitcoin ( BTC ) has done phenomenally well during the last two weeks as October has been a good month for the leading crypto asset. On October 15, 2021, BTC tapped a high of $61,430 per unit. The crypto asset is very close to reaching its all-time high of $64,804 per unit captured six months ago. BTC ’s market valuation this Friday is coasting along at $1.15 trillion and bitcoin is currently the eighth-most valuable asset worldwide. BTC market dominance has increased to 44.57% while ethereum ( ETH ) dominance stands at 17.6%. Forget USD, #Bitcoin = 31 ounces of Gold .. and rising🚀 pic.twitter.com/wTs9IcpvLb — PlanB (@100trillionUSD) October 15, 2021 Metrics show out ...

On Thursday, the crypto asset aggregation portal Coingecko published the firm’s 2021 third-quarter report which shows a number of different findings. According to the study, for the most part, the crypto economy recovered from the market downturn in May as the top 30 market caps grew by 31% in Q3. The report shows that altcoins continue to decouple (specifically those from alternative chains) and the leading stablecoin tether has been losing its share “as the preferred stablecoin.” 2021 Q3 Cryptocurrency Report Observes the Crypto Landscape and Bitcoin’s Third-Quarter Market Performance This week Coingecko’s analysts and founders’ Bobby Ong and TM Lee published the firm’s 2021 Q3 Cryptocurrency Report which observes the crypto economy’s third quarter. The study delves into a myriad of subjects including decentralized finance (defi), non-fungible token (NFT) assets, and Q3 crypto market performances. In the founder’s note section of the report, Ong and Lee explain that “NFTs are red...

The price of bitcoin had crossed the $60K zone at 1:30 a.m. (EST) early Friday morning. The leading crypto asset’s latest price jump has made it so bitcoin’s overall market valuation of $1.119 trillion has surpassed Facebook’s market capitalization. The digital asset is also nearing the entire net worth of all the silver in the world as bitcoin is 17.3% away from surpassing the precious metal’s overall capitalization. Bitcoin Surpasses Facebook’s Overall Worth, Needs to Gain More Than 17.33% to Exceed Silver Bitcoin is currently the eighth-most valuable asset in the world just above the market valuation of the corporate entity Facebook’s market cap. Today, statistics from the website companiesmarketcap.com indicate that BTC ’s market cap is $1.119 trillion and Facebook’s market valuation is $926.27 billion. It’s not the first time bitcoin ( BTC ) surpassed the social media company’s entire value, as Bitcoin.com News reported that BTC grew larger than Facebook during the first week...

The Nigerian presidency has denied reports that the country’s Vice President (VP), Yemi Osinbajo, was calling for the devaluation of the local currency when he recently questioned the naira’s official exchange rate. The Huge Arbitrage In fact, according to a report that quotes Laolu Akande, the VP’s assistant, Osinbajo is against “a willy-nilly devaluation of the naira.” Akande suggests that the media may have taken Osinbajo’s comments out of context. He explained: For context, the Vice President’s point was that currently, the Naira exchange rate benefits only those who can obtain the dollar at N410, some of whom simply turn round and sell to the parallel market at N570. As regularly reported by Bitcoin.com News, Nigeria’s official exchange rate has remained unchanged since the Central Bank of Nigeria (CBN) last devalued the naira in May 2021. On the other hand, the exchange rate on the black market has grown steadily, hence the existing arbitrage. Market-Reflective Exchang...

PRESS RELEASE. SAN FRANCISCO – October 15, 2021 – TRON, one of the largest blockchain-based operating systems in the world, is announcing an upcoming partnership with Sony Interactive Entertainment today. Tron will provide the gaming company with its blockchain and expertise to enable in-game purchases, trading of in-game items and facilitate fast, cross-border payments on top of the Tron infrastructure. Sony has been at the forefront of blockchain technology, starting as early as 2016 to experiment with the technology, and initiating further development of a blockchain-based system to manage digital rights in 2018. Blockchain makes it difficult to destroy or falsify data and has been well-adapted to manage data and rights. However, the technology bears huge potential for the gaming industry, as has been illustrated by the rapid growth of blockchain gaming, and play-to-earn business models. The major challenge when building blockchain-based gaming companies are faced with are pro...

ETC Group, an ETF issuer company, released a report last month about the evolution of Bitcoin Cash in the years after the hard fork that created it. While the company acknowledged the asset price is lagging compared to its older sibling, it praised the crypto on other aspects like development and actual usage. Bitcoin Cash has improved regarding these two metrics, likely helped by the inclusion in several important platforms such as Paypal. Bitcoin Cash Examined by ETC Group ETC Group, a financial services company based in London, has issued a report on Bitcoin Cash. The report, which touches on several important aspects of the cryptocurrency, establishes that Bitcoin Cash has experienced positive development when it comes to the actual usage of the currency. The report states: Bitcoin Cash has retained its laser focus on facilitating easy, fast, everyday transactions. And this is starting to pay off. Daily active addresses, a proxy for daily active users, have continued to gr...

Visa, one of the leading credit and payments companies, has announced the creation of a program that will allow artists to understand how they can use new technologies like NFTs. According to Visa, NFTs have the potential of evening out the field for artists, allowing them to close the gap between art and its potential consumers. The company will sponsor a group of artists, giving them counsel about the importance of these cryptographic technologies. Visa Wants Artists To Learn About NFTs Visa has announced it will launch a program to introduce artists to the world of NFTs. The company is partnering with former MLB player Micah Johnson, who is now a digital artist, in order to show the benefits that non-fungible token (NFT) technology can provide. Things like new markets for art creations and at the same time, close the gap between consumers and art providers. Micah, who is the creator of Aku, an NFT based character, leveraged NFTs as a way of giving life to a community around its...

Any digital currency issued by a central bank must support financial and monetary stability, finance leaders from G7 member states have insisted. State-issued coins should also ensure privacy, transparency, and data protection, the officials stated. The forum adopted 13 public policy principles for retail digital currencies and stressed that “CBDCs are not ‘cryptoassets.’” CBDCs Must ‘Do No Harm’ to Stability, G7 Finance Chiefs Say Recognizing the potential benefits of innovation in digital money and payments, finance officials from the Group of Seven ( G7 ) major economies addressed relevant public policy and regulatory issues at their latest meeting which also produced over a dozen guidelines for central bank digital currencies (CBDCs). In a released statement , the participants reaffirmed: Any CBDC should be grounded in our long-standing public commitments to transparency, the rule of law and sound economic governance. A sovereign digital currency designed to be used by house...