Bitcoin News and Finance: What You Need to Know

Tesla and Spacex CEO Elon Musk says dogecoin is “fundamentally better than anything else” he has seen while he criticizes bitcoin. He also discussed the identity of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, and the official currency of Mars. Elon Musk Discusses Crypto, Dogecoin, Bitcoin, Mars’ Currency, and Who Satoshi Nakamoto Is Elon Musk shared his thoughts on cryptocurrency, dogecoin, bitcoin, and the identity of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, in an interview with Lex Fridman, published Tuesday. Musk, who has long been a supporter of the meme cryptocurrency dogecoin (DOGE), revealed: Part of the reason why I think there is some merit to dogecoin, even though it was obviously created as a joke, is that it actually does have a much higher transaction volume capability than bitcoin. “The cost of doing a transaction, the dogecoin fees are very low,” the Tesla executive added. In contrast, he said: “Right now, if you want to do a Bitcoin transaction...

Nasdaq-listed Microstrategy has bought more bitcoin for its corporate treasury. The latest purchase for 1,914 coins has raised the company’s total cryptocurrency holdings to 124,391 bitcoins. CEO Michael Saylor recently said that he expects the price of the cryptocurrency to eventually reach $6 million. Microstrategy Has Purchased More Bitcoin The pro-bitcoin Nasdaq-listed company Microstrategy has purchased 1,914 more BTC . With the latest purchase, the company now holds 124,391 bitcoins. Microstrategy CEO Michael Saylor announced Thursday via Twitter: Microstrategy has purchased an additional 1,914 bitcoins for ~$94.2 million in cash at an average price of ~$49,229 per bitcoin. “As of 12/29/21 we hodl ~124,391 bitcoins acquired for ~$3.75 billion at an average price of ~$30,159 per bitcoin,” he detailed. The price of BTC fell slightly Thursday. At the time of writing, it is hovering at about $47,398 after losing 1.4% over the last 24 hours. At the current price, Microstrateg...

This week the stablecoin giant tether reached a market capitalization of roughly $78.2 billion according to data. Over the last 30 days, tether’s market valuation grew by 5.6% and the stablecoin now represents 46% of the $168.3 billion stablecoin economy. Tether Market Cap is Less Than $2 Billion Away From Reaching $80 Billion On December 30, 2021, there’s roughly 78.2 billion tether ( USDT ) in circulation, according to coingecko.com’s top stablecoin by market capitalization statistics . According to Tether Limited’s transparency report published to the tether.to web portal, there’s $78.5 billion assets under management. Metrics indicate that tether represents 3.35% of the $2.33 trillion crypto economy today and 46% of the $168.3 billion stablecoin economy. Tether has seen massive growth during its lifetime. For instance, on September 13, 2015, tether’s market capitalization was $451,600 and the jump to $78.2 billion is a whopping 17,327,227% increase in just over six years. The...

Authorities in Pakistan have reportedly moved to seize hundreds of bank accounts and cards belonging to cryptocurrency traders. According to local media, they have been allegedly used to make transactions worth close to $300,000 through digital asset exchanges, including major platforms. Pakistan Government Blocks Cards Used to Buy Cryptocurrency, Media Reveals Bank accounts in the names of 1,064 individuals have been frozen by Pakistan’s Federal Investigation Agency ( FIA ). The law enforcement authority acted on request from the Cyber Crime Reporting Center (CCRC) in Islamabad, the Pakistan Observer informed readers on Wednesday. Officials claim the accounts have been utilized to process transactions worth a total of 51 million Pakistani rupees (around $288,000) made by persons to and from a number of crypto exchanges, among which are well-known platforms such as Binance, Coinbase, and Coinmama. The agency has also blocked their credit cards used to buy and sell digital coins, t...

2021 has been a bullish year for crypto assets. While prices have risen a great deal, the top ten and top twenty rankings in terms of market capitalization have also changed significantly. A great number of coins have either been pushed down or have entered the crypto economy’s top positions in terms of overall market valuation. 2021’s Top Crypto Asset Positions Change Drastically On December 27, 2020, a historical snapshot of the crypto prices that day shows that bitcoin ( BTC ) and ethereum ( ETH ) both led the pack as far as the top two crypto asset market valuations are concerned. This is still true today as both BTC and ETH are the top two market leaders. However, on December 27, 2020, bitcoin’s value was $26,272 per unit and BTC had a market cap of $488 billion. Additionally, ethereum was changing hands for $682 per unit on that same day, and had a market cap of around $77.8 billion. Fast forward to December 26, 2021 statistics, and BTC was trading for $50,809 per unit an...

On December 29, two addresses from 2011 containing 500 bitcoin each transferred 1,000 coins for the first time in 10.5 years. Furthermore, another wallet from 2011 woke up on Wednesday, moving 40 bitcoin for the first time in over a decade. 1,040 Bitcoin from 2011 Move for the First Time in 10.5 Years On Wednesday, an address created on July 10, 2011, at 11:22 p.m. (UTC) with 500 bitcoin ( BTC ) transferred the BTC for the first time in 10.5 years. Another wallet, created on the same day in 2011, dispersed another 500 BTC worth more than $23 million at the time of transfer. Furthermore, a wallet from August 12, 2011, containing 40 BTC worth $1.8 million transferred coins for the first time in over a decade. At the time of transfer, BTC was trading for $47,500 per unit, and the aggregate 1,040 BTC from 2011 spent on Wednesday was worth over $49 million. One can assume the 1,000 BTC stemmed from the same owner as the bitcoin wallets were both created on July 10, 2011. It’s p...

Authorities in Iran have decided to permit power generation plants using renewable sources to sell electricity to licensed cryptocurrency miners. The move comes after the government asked mining companies to suspend activities in order to avoid winter blackouts. Crypto Miners in Iran to Mint Digital Coins Using Renewable Energy Regulated companies mining cryptocurrency in Iran will gain access to green energy, local media reported. The Ministry of Energy in Tehran has adopted new rules allowing plants generating electricity from renewable sources to supply coin minting enterprises that operate within the law. “Legal miners can enter into agreements with renewable power plants at negotiable terms and rates,” Mohammad Khodadadi, who heads the Tavanir department responsible for the mining industry, told the ISNA news agency. He also emphasized that the energy ministry will play a role in establishing the exact tariffs. Tavanir, the Iran Power Generation, Distribution and Transmissio...

The number of cryptocurrency ATMs around the world has grown exponentially in 2021, with over 20,000 new installations made since last December. That’s more than the total of all crypto teller machines put into operation in the previous seven years. Close to 34,000 Crypto ATMs Available Globally ATM locations offering users options to buy and exchange cryptocurrencies with fiat money are increasing at an unprecedented pace. Data compiled by Coin ATM Radar shows that their number towards the end of 2021 is nearing 34,000. In a year that saw crypto market all-time highs , over 20,000 new devices have popped up globally. According to the installations growth chart updated by the tracking website, bitcoin ATMs were fewer than 13,000 in December 2020 — that’s all ATM locations registered since October 2013 — while 12 months later they exceed 33,900. Crypto teller machines can be found in almost any corner of the planet but their spread is still quite concentrated. Around 30,000 of all...

A new type of airdrop has been very popular during the last quarter of 2021 as quickly assembled decentralized autonomous organizations (DAOs) have been distributing lots of value to existing crypto users. Just recently, Opendao gave Opensea users an airdrop and many people accrued thousands of dollars in SOS tokens. Now, another project called Gas DAO is airdropping tokens to any wallet that’s paid more than $1,559 in ether gas fees before December 26. Gas DAO Airdrops Tokens to Users That Spent $1,559 in Ether Fees Before the Snapshot A lot of projects this year have created airdrops as a way to create a governance system, and people who have used these protocols at least once are usually rewarded with these airdropped governance tokens. In recent times, Bitcoin.com News reported on Shapeshift dissolving into a DAO, and the project airdropped FOX tokens to Shapeshift users. During the first week of November, our newsdesk also covered the Ethereum Name Service (ENS) airdrop when ...

At the end of May, crypto advocates discovered a website created by the video game retailer Gamestop. The web portal disclosed that Gamestop was entering the world of blockchain tech and non-fungible token (NFT) assets. Gamestop’s NFT web portal has recently been updated and is requesting creators to sign up for the platform. Gamestop NFT Website Hints at Upcoming Marketplace Launch Gamestop (Nasdaq: GME ) has had an interesting year, to say the least. It all started at the start of the year in January, when the Reddit forum r/wallstreetbets sparked a Gamestop shares trading war with Wall Street hedge funds. At the time, Goldman Sachs executive David Kostin said “if the short squeeze continues, the entire market could crash.” After the Wallstreetbets fiasco fizzled out of the limelight, Gamestop has managed to remain relevant after facing bankruptcy, and shares traded for $19.26 per unit on December 30, 2020. Today, those same GME shares are swapping for $146.46 per unit, up 655.73...

While the crypto economy shed billions in value this week, 18 different digital assets have accrued double-digit gains during the last week. At the same time, the top two leading crypto assets by market capitalization, bitcoin and ethereum, have lost between 2.8% to 6.2% in value in seven days. 18 Crypto Assets See Values Increase by Double-Digits Bitcoin (BTC) and ethereum (ETH) have lost a bit of value according to weekly statistics, and a number of alternative digital assets have done a whole lot better. Today, the crypto economy is worth $2.36 trillion and it is down 2.9% during the last day. BTC has shed 2.8% in value during the last seven days, and ETH has lost 6.2% since last week. However, 18 crypto tokens have accrued double-digit gains against the U.S. dollar this past week. For instance, Sushiswap’s decentralized exchange (dex) token sushi (SUSHI) has gained 67% during the last seven days. Near (NEAR) jumped 57.8%, fantom (FTM) climbed 49.6%, and oasis network (ROSE)...

India’s central bank, the Reserve Bank of India (RBI), says a basic central bank digital currency (CBDC) model must be adopted initially and tested comprehensively to minimize the impact on the country’s monetary policy and banking system. The Indian apex bank sees several benefits in launching a digital rupee, including “a potential to enhance the efficiency of cross-border payments.” RBI Outlines Benefits of Issuing Digital Currency and How to Launch a CBDC With Minimal Impact The Reserve Bank of India (RBI) released its “Report on Trend and Progress of Banking in India 2020-21” Tuesday. The 248-page report has a section on central bank digital currency. “In its basic form, a central bank digital currency (CBDC) provides a safe, robust, and convenient alternative to physical cash,” the Indian central bank described, adding that “Depending on various design choices, it can also assume the complex form of a financial instrument.” The RBI continued: In comparison with existing for...

Electricity shortages have been dogging Kazakhstan’s booming crypto mining industry this year. A media report reveals that some miners, including some of those that moved in amid China’s crackdown on the sector, are now looking to relocate to destinations with a more stable energy supply like the United States. Miners Shut Down Crypto Farms Due to Kazakhstan’s Issues With Power Generation Kazakhstan has become a crypto mining hotspot since China launched a government offensive against bitcoin miners in May. The Central Asian nation maintains capped electricity rates and is a major producer of fossil fuels. However, its neglected infrastructure and insufficient generation capacities have failed to meet the rapidly rising demand for electricity needed to power the energy-hungry coin minting facilities. Authorities have blamed the growing deficit — consumption surged by 7% in the first three quarters of the year — on the mushrooming mining data centers , and lawmakers have proposed ...

Rising cryptocurrency use in Africa over the past few years has not only shown that digital currencies are now a vital means of moving funds across borders and between people, but that cryptocurrencies are also an important means of accessing global markets for the financially excluded. Cryptocurrency Now a Necessity Despite ongoing efforts by regulators to curtail the use or trade of cryptocurrencies, the number of users of such digital assets continues to grow. As some studies have repeatedly shown, cryptocurrencies like bitcoin — which are seen or used as an alternative store of value — have become a necessity. Barring their volatility, cryptocurrencies offer users or holders a measure of control over their wealth, something they cannot do with fiat currencies. Indeed, in countries ravaged by inflation or those with unstable currencies, cryptocurrencies offer an escape route that was not available to them prior to the 2008 global financial crisis . As recent reports from Turke...

S&P Global, an intelligence and data company, suggests that crypto and decentralized finance trends will continue to gather steam in 2022. In its latest report, the company examines the current state of the market and notes that, while there are still serious problems that could hinder adoption, the sector will keep growing by complementing traditional finance in the coming year. S&P Global Believes Crypto Will Continue to Grow in 2022 A new report prepared by S&P Global, an intelligence gathering and data company, predicts that the cryptocurrency and the decentralized finance sectors will keep growing in 2022. The report , titled Global Credit Outlook 2022, declares that while crypto institutional investments are still concentrated in a few companies, this could lead to other institutions following suit. The report states: Three companies–Block.one, MicroStrategy, and Tesla–hold almost 84% of corporate investments in bitcoin. Yet, growing interest from institutional i...

With three days left until the end of 2021, the Ethereum network and its native token ether have had a phenomenal year as ether has increased more than 450% in value in 12 months. 145 days ago, on August 5, the Ethereum network implemented the London hard fork and since that day, 1,283,226 ether worth close to $5 billion has been burned. Burning $5 Billion in Ether in 4 Months Around four months ago, Ethereum implemented the London upgrade which added a number of new rule-sets to the chain. The most transformative included EIP-1559 , an Ethereum rule-set improvement that created a new fee rate scheme allowing the network to burn a portion of ether. “The algorithm results in the base fee per gas increasing when blocks are above the gas target, and decreasing when blocks are below the gas target. The base fee per gas is burned,” EIP-1559’s description notes. As of today, December 28, 2021, 1.28 million ether has been destroyed by the burn process, which equates to close to $5 billio...

According to data recorded on December 28, there’s approximately 434,265.43 bitcoin-pegged or wrapped bitcoin tokens worth more than $21.3 billion across several blockchains. Ten different bitcoin-pegged projects exist today and the project Wrapped Bitcoin dominates 59.66% of all the tokenized bitcoin in circulation. Close to a Half Million Tokenized Bitcoin Circulates on Several Blockchains, Wrapped Bitcoin Dominates by 59% Toward the end of 2018, when tokenization really started heating up in the crypto space, a number of different projects launched bitcoin-pegged token protocols. On January 30, 2018, Bitcoin.com News reported on the Wrapped Bitcoin (WBTC) project launching on Ethereum. By the end of July 2019, WBTC eclipsed the Lightning Network (LN) in terms of total value locked. Today, WBTC is the largest bitcoin ( BTC )-pegged token project with 259,090 BTC in circulation on the Ethereum network. Statistics indicate that there are seven BTC-pegged projects on Ethereum an...

The Central Bank of Russia (CBR) plans to obtain information from commercial banks pertaining to some money transfers between private individuals, including clients trading cryptocurrency. The measure is likely to affect online crypto exchangers which the regulator accuses of conducting illegal operations. Central Bank to Check Transactions Between Russians Exchanging Crypto As part of efforts to clamp down on certain transactions it considers illegal, the Bank of Russia is going to seek additional data from financial institutions processing transfers between individuals. The move concerns a number of platforms using accounts registered in the name of dummy persons such as online bookmakers and websites providing crypto trading services, local media revealed. The Russian business news portal RBC reported Monday that the regulator had sent banks a new reporting form for transactions. According to the initial report, the CBR intends to request information on money transfers between R...

PRESS RELEASE. NFTs have exploded in terms of popularity and usage in 2021, and for good reason. Artists and content creators alike have been able to profit immensely from NFTs, and many traders have also been able to benefit from buying, selling and trading these non-fungible tokens. However, one project in particular is looking to change the way we look at NFTs, and that is Vincent Peter’s ‘Inheritance Art’, provided by Inheritance AI. What is the issue with the current generation of NFTs? NFTs are one-of-a-kind digital assets which may be used to demonstrate ownership of various goods or experiences. Since their conception, NFTs have come a long way, but there is still considerable space for development. However, one feature that many people find particularly vexing is the present market’s lack of subtlety and elegance. Instead of developing wholly new forms of art, a vast majority of NFTs are generated by modern animators who study market trends and attempt to mimic them. This...

Hackers recently took control of a group of HP-branded servers and used them to remotely mine a cryptocurrency called raptoreum, according to reports. This resulted in the compromised cluster of HP machines becoming the biggest contributor to the total mining pool of the cryptocurrency, allowing attackers to rake in $110,000 worth. The coins are said to have been mined between December 9 and December 17. HP Servers Suffer Cryptojacking Attack A group of HP servers operating for an undisclosed company was attacked by hackers that managed to take control of the hardware and repurpose it to mine cryptocurrency. The crypto chosen by the hackers was called raptoreum, a coin in the top 1,000 by market cap that takes advantage of an algorithm called Ghostrider, blending PoW (proof-of-work) and PoS (proof-of-stake) consensus mechanisms. The server cluster started mining raptoreum on December 9, and at the time, it provided more hash power than all other parties combined on the Raptoreum b...

A man allegedly behind a cryptocurrency investment scam has been arrested in Bangkok, Thailand. He lured people into investing in his fraudulent crypto scheme by promising high returns, telling investors they could earn a 400% return by investing in just 200 days. Alleged Crypto Scammer Arrested in Bangkok A 50-year-old man who allegedly scammed Thai and foreign cryptocurrency investors was arrested on Saturday in Bangkok, Thailand. He tried to flee with over 500 million baht ($15 million), the Bangkok Post reported . Major General Montri Thetkhan, commander of the Crime Suppression Division (CSD), said Mana Jumuang, along with his Thai and Vietnamese accomplices, allegedly colluded to swindle investors in 2018 and 2019. He detailed that Jumuang claimed to be a cryptocurrency guru, duping investors into investing in Onecoin by promising high returns. The CSD chief noted that the suspect told investors they could invest and earn a 400% return in just 200 days. In addition, he and ...

The pensioners of the state-owned oil company of Venezuela, PDVSA, have started receiving a Christmas bonus in petros (PTR), the first national cryptocurrency launched back in 2018. The petro, which is backed by Venezuelan oil and other resources, can be traded in local exchanges for these pensioners to access fiat currency, as the reach of the currency as a means of exchange is still limited according to local reports. Venezuelan Pensioners To Get 2 Petros This Christmas A group of Venezuelan pensioners stemming from the PDVSA, the state-owned oil company, will receive a bonus paid in petro (PTR), Venezuela’s national cryptocurrency launched back in 2018. The pensioners will receive this bonus as a Christmas gift via the Motherland platform, where they will be able to manage the two Petro (worth approximately $120) that started being deposited on December 23. The pensioners destined to get this bonus will receive an alert via the platform so they can move their two PTR out of it....