Bitcoin News and Finance: What You Need to Know

On Saturday, Ethereum transaction fees tapped a low not seen since November 2020 as the average network fee dropped to 0.0016 ether or $1.67 per transfer. Average fees on Saturday have been as low as 32 gwei or $0.69 per transfer as Ethereum gas fees have been steadily dropping since May 11, 2022. Ethereum Fees Drop to the Lowest Range Since November 2020 Ethereum’s average gas fees tapped a low on July 2, 2022, not seen in 19 months or November 12, 2020. Essentially, the gas or network fee is a quantity of ethereum ( ETH ) that is required to push a transaction on the blockchain network. Like the Bitcoin ( BTC ) network, ETH gas fees compensate the network’s mining participants in order to reward them for verifying transfers. In the early days, ETH transfers were negligible and from August 2015 to July 2016 , the average gas fee was less than a U.S. penny per ETH transfer. Between July 2016 to May 2017, Ethereum network fees were between $0.01 to $0.10 a transfer. Nowa...

Meta Platforms, formerly Facebook, has announced the end of its crypto project Novi. Users are advised to withdraw funds as soon as possible. The announcement followed the introduction of a digital wallet for the metaverse, announced by Meta CEO Mark Zuckerberg. Crypto Project Novi Ending Facebook owner Meta Platforms Inc. (Nasdaq: META) announced Friday that its crypto project pilot Novi “is ending soon.” According to its website: Novi will no longer be available for use after September 1. In Friday’s announcement, Meta explained that starting July 21, users will no longer be able to add money to their Novi accounts. In addition, starting Sept. 1, both the Novi app and Novi on Whatsapp will no longer be available and users will not be able to log into their Novi accounts. The company has advised users to withdraw their Novi balances before Sept. 1. Any remaining funds after that date will be transferred to the bank accounts or debit cards listed on their Novi accounts. From ...

The Nasdaq-listed cryptocurrency exchange Coinbase has insisted that it does not sell “proprietary customer data” after reports surfaced that its Tracer product is providing “historical geo tracking data” to the U.S. Immigrations and Customs Enforcement (ICE). Coinbase Responds to Reports of It Selling Customer Data to U.S. Government Cryptocurrency exchange Coinbase came under fire last week when reports surfaced accusing the Nasdaq-listed company of selling customer data to the U.S. government. Coinbase Tracer, the analytics arm of the cryptocurrency exchange, has signed a contract with U.S. Immigrations and Customs Enforcement (ICE) that would allow the government agency access to a variety of data, including “historical geo tracking data,” according to a contract obtained by watchdog group Tech Inquiry. However, Coinbase clarified on Twitter Thursday: “We want to make this incredibly clear: Coinbase does not sell proprietary customer data.” “Our Coinbase Tracer tools are de...

Representatives of key European Union (EU) institutions and member states reached an agreement on the Markets in Crypto Assets regulatory proposal. The progress in the negotiations over the comprehensive legal framework for the Union’s crypto space comes after earlier this week European officials agreed to adopt a set of anti-money laundering rules for cryptocurrency transactions. EU Parliament, Council, Commission Agree to Tame ‘Wild West’ Crypto Market Negotiators representing the major institutional bodies of the European Union agreed to implement the landmark Markets in Crypto Assets ( MiCA ) legislation across the 27-strong bloc. It will introduce licensing for crypto companies and safeguards for their customers. The agreement follows a consensus on anti-money laundering regulations for cryptocurrencies. Behind the deal are the European Parliament, Commission, and Council, the three participants in the EU’s complex legislative process. To become law, MiCA will now need the ap...

Cosmos rose for a fourth consecutive session to start the weekend, as prices edged closer to a resistance point. While cosmos ( ATOM ) extended gains, tezos ( XTZ ) rebounded following a streak of recent losing sessions, with bulls seemingly buying this weeks’ dip. Cosmos ( ATOM ) Cosmos ( ATOM ) extended its recent bullish run on Saturday, as prices have now risen for four consecutive sessions. The token rose to an intraday peak of $8.33 to start the weekend, as prices have so far increased by over 12% in today’s session. This latest move saw ATOM /USD move closer to its resistance level of $8.90, which seems to be the last remaining hurdle in the way of the $10 level. As of writing this, prices have fallen from earlier highs, with ATOM now trading at $8.12, which is still 11.75% higher than Friday’s low at $7.29. Looking at this chart, today’s gains began to ease as the 14-day RSI indicator hit a ceiling at 51, and is currently tracking at 49. Following a four day win streak...

Bitcoin moved closer to its long-term support level of $18,800 to start the weekend, as prices of cryptocurrencies were once again lower. While bitcoin has now fallen for seven straight sessions, ethereum also saw similar declines, and as of writing is down 2.40% from yesterday’s high. Bitcoin The world’s largest cryptocurrency by market capitalization bitcoin (BTC) was once again in the red on Saturday, as prices edged closer to a key support level. Following a high of $19,590.12 on Friday, BTC /USD rallied to an intraday low of $19,027.08 to start the weekend. This move sees bitcoin hover slightly above its recent support point at $18,800, which was hit earlier in the week. Despite three recent moves below this level, breakouts have been mainly false, however bears could be set to attempt a more sustained drop in upcoming days. Should we see a move below this point, the $17,500 mark will likely be the price target for those shorting the token. In order to get there, relativ...

As July begins and markets remain bearish, there’s still no shortage of dynamic developments in the crypto space. In this week’s Bitcoin.com News Week in Review, ‘sleeping bitcoins’ from 2010 make moves, Rich Dad Poor Dad author Robert Kiyosaki says he is waiting for bitcoin to test $1,100, Russia denies debt default allegations, and Mark Zuckerberg discusses the opportunities of the metaverse. String of 200 ‘Sleeping Bitcoins’ From 2010 Worth $4.27 Million Awakens A large number of so-called ‘sleeping bitcoins’ have awoken from slumber as four block rewards were spent at block height 742,183. The old coins spent last week were block rewards mined on September 15, 16, 26, and October 29, 2010. During that time frame, bitcoin miners received 50 BTC for every block found in contrast to the 6.25 BTC per block reward miners get today. Read More Rich Dad Poor Dad’s Robert Kiyosaki Says He’s Waiting for Bitcoin to Test $1,100 to Buy More The famous author of the best-selling book R...

Indira Kempis, senator of the Mexican Congress, has proposed a bill that would make bitcoin legal tender in the country. The bill bases its action on the hardships that Mexican citizens are facing went trying to access financial products and education. However, the Central Bank of Mexico has been against the introduction of bitcoin into the financial system of the country. Bill Proposes to Make Bitcoin Legal Tender in Mexico Mexico is another of the countries in Latam that is taking a look at what bitcoin might bring when introduced to its economy. This week, Senator Indira Kempis introduced a bill that would amend the current monetary law of Mexico to introduce bitcoin as legal tender in the country. The bill, which seeks to mimic the action of El Salvador, the first country in the world to adopt bitcoin as legal tender, mentions that this might help to change the financial literacy of many citizens. The document puts the basis of its proposal on the fact that Mexico is one of th...

The latest data from Cryptocompare shows that assets under management (AUM) of crypto investment products reached record lows during the month of June. The data also shows 21 Shares Short Bitcoin ETP as the only digital investment product that registered a positive 30-day return (30.8%) as of June 23. Three Arrows Capital Insolvency Factor The AUM of crypto investment products dropped to record lows in the month of June 2022, the latest data from Cryptocompare has shown. According to the regulated benchmark administrator and digital asset data firm, this drop in the AUM was primarily caused by the uncertainties surrounding the future of crypto lending companies like Three Arrows Capital. As the data shows, crypto exchange-traded funds (ETFs) had the most significant drop, a 52.0% decline to $1.31 billion in AUM. On the other hand, trust products which account for 80.3% of the market fell by 35.8% finishing the month at $17.3 billion. Exchange-traded commodities (ETCs) and exchang...

The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency. CFTC Takes Action Against MTI The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added: This action is CFTC’s largest fraud scheme case involving bitcoin. The derivatives watchdog has filed a civil enforcement action, charging Cornelius Johannes Steynberg and Mirror Trading International Proprietary Ltd. (MTI) with “fraud and registration violations.” From approximately May 18, 2018, through March 20 last year, “Steynberg, individually and as the controlling person of MTI, engaged in an international fraudulent multilevel marketing scheme … to solicit bitcoin from members of the public for participation in a commodity pool operated by MTI,” ...

Coincoinx, a cryptocurrency exchange, will reportedly launch a service that will allow users to skip trading crypto for fiat to make payments in Venezuela. The service, which is called Coinpago, will allow users to make payments in every store and retailer in the country that accepts Pagomovil, a banking service that allows seamless fiat transfers between banks in the country. Coincoinx to Ease Crypto Payments in Venezuela While cryptocurrency is slowly going mainstream, becoming more popular in many locations around the world, there are still many retailers and service providers that are not accepting cryptocurrency as a means of payment. However, services that combine traditional bank-based payments and crypto are growing, and bringing functionality to crypto users. Coincoinx, a cryptocurrency exchange in Venezuela, has announced the launch of a service that will combine crypto and fiat for traditional payments. The service, called Coinpago, aims to allow customers of the exchang...

After the downfall of the two most popular crypto assets on the Terra blockchain, the digital currencies terrausd (UST) and luna classic (LUNC) increased a great deal in value against the U.S. dollar in recent times. During the last seven days, LUNC has risen 96.3% and the once-stable coin UST has increased 472.4% this week. Luna Classic and the Once-Stable Coin UST Rise Significantly Against the US Dollar It’s pretty well known in the world of digital currencies that some crypto assets never die. That seems to be the case with the two notorious crypto assets luna classic (LUNC) and terrausd (UST), a former stablecoin that is sometimes referred to as terraclassicusd (USTC). LUNC took the name luna classic because Terra’s new token is now referred to as LUNA. UST was once stable and held the $1 parity from October 2020 up until May 9, 2022. When UST depegged it dropped below a U.S. penny, and tapped a low of $0.006 per unit on June 18, 2022. However, since the $0.006 per unit low, ...

PRESS RELEASE. Crypto investment platform Midas Investments has reported that it has created an infrastructure that is designed with built-in, automated tools and strategies that don’t require investors to master the nature of trade within the volatile decentralized finance market. Traditional CeFi refers to centralized finance mechanisms such as crypto lending and borrowing, which have been used to generate moderate passive yields for investors from as far back as 2016. Contrary to DeFi, CeFi is different in that security measures are strict and investor activity is closely regulated by measures like KYC/AML. Human involvement is also vital, being pertinent to network processes, as established on original platforms like Crypto.com. CeDeFi bridges the gap between the centralized and decentralized finance worlds. Midas Investments reports that it is built upon a similar model as CeFi platforms like Nexo and combines it with algo and DeFi strategies together to offer hybrid yields st...

The Argentinian Tax Agency, the AFIP, has ramped up the seizures of digital wallets of taxpayers in the country. The institution managed to seize more than 1,200 digital wallets of taxpayers that had debts and didn’t have a bank account, or other properties available to be collected by the courts. While the organization has yet to order crypto-related seizures, this could be possible in the future. Argentinian Tax Agency Seizes More Than 1,200 Digital Wallets Tax regulators around the world are becoming more and more aware of the different ways in which taxpayers can hide their funds to avoid paying taxes. The Argentinian tax agency, the AFIP, has been busy taking control of the digital wallets of debtors to the institution. These digital wallets are custodial services provided by fintech companies to third parties, that in some ways are not directly related to banks. The basis for the seizures was established in February when the AFIP included these in the list of seizable assets....

Deutsche Bank has predicted that the price of bitcoin will increase nearly 40% from the current level to $28K by the end of the year. The bank’s analysts also warned that “the crypto free fall could continue.” Deutsche Bank’s Bitcoin Price Prediction Deutsche Bank has reportedly predicted that the price of bitcoin will rise to $28,000 by year-end, Bloomberg reported Wednesday, citing an analysis by the bank’s senior economist and market strategist Marion Laboure and research analyst Galina Pozdnyakova. Based on their analysis, bitcoin’s price will rally 38% from the current price of $20,329 given how closely BTC has been trading with U.S. stocks. They noted that cryptocurrencies have been correlated to benchmarks like the tech-heavy Nasdaq 100 and the S&P 500 since November. The S&P 500 is down 21% since the beginning of the year. The Deutsche Bank strategists expect the index to recover to January levels by the end of the year. Laboure and Pozdnyakova liken bitcoin to d...

Cryptocurrency exchange Coinbase has revealed its plan to expand in several European markets. The company is reportedly in the process of registering a crypto exchange in Spain, France, Italy, and the Netherlands. Coinbase Expanding in Europe Coinbase Global Inc. (Nasdaq: COIN) is reportedly planning to expand operations in Europe, Bloomberg reported Wednesday, citing an interview with Nana Murugesan, Coinbase’s vice president of International and Business Development. Noting that Coinbase is focused on growing its presence in Europe, the executive revealed that the exchange is in the process of applying for a license in various European markets including Italy, Spain, France, and the Netherlands. The Nasdaq-listed company is currently registered in the U.K., Ireland, and Germany, Murugesan confirmed, noting that Coinbase also recently hired its first employee in Switzerland. “In all these markets our intention is to have retail and institutional products,” the executive emphasiz...

The Foresight Ventures founding and partnership team includes veterans of some of the top financial and technology firms dedicated to sourcing and supporting the next generation of disruptive innovations across Web3. They believe the future is multi-chain and thus the chains that find product market fit will all need partners to help expand their ecosystems. They hope to become that partner, investing early and supporting their ecosystems by holding and providing resources for growth. Tony Cheng, general partner from Foresight Ventures , recently joined the Bitcoin.com News Podcast to talk about the market: Tony graduated from Nankai University with a BSc in Applied Mathematics, then went on to the University of Oxford for post-graduate studies resulting in a MSc in Financial Economics. After graduation Tony worked as a management consultant at Oliver Wyman in HK, mainly covering financial services and Fintech clients in the APAC region. After doing many consulting projects for F...

One of the Onecoin co-founders, Ruja Ignatova, otherwise known as the ‘Cryptoqueen,’ has been added to the Federal Bureau of Investigation’s (FBI) Ten Most Wanted Fugitives list on Thursday. In addition to adding the Cryptoqueen to the most wanted list, the FBI is offering a reward of up to $100K for tips that lead to the 42-year-old woman’s arrest. Onecoin’s Cryptoqueen Is Now on the FBI’s Top 10 Most Wanted List Ruja Ignatova is well known for her involvement with the Onecoin Ponzi scheme , and it is estimated that the scam allegedly defrauded people out of $4 billion. The pyramid scheme promoted Onecoin as a blockchain project with a native cryptocurrency but there was no blockchain and no real crypto asset behind the scam. However, Onecoin’s management, recruits, and Ignatova promoted the project as if it was a “bitcoin killer.” From late 2014 to March 2016, Ignatova pitched Onecoin sales and recruited members on a regular basis. During the end of the scheme’s functional state,...

On Tuesday, the Canada-based investment firm Cypherpunk Holdings Inc. announced that the company has sold all of its bitcoin and ethereum due to the “risk of further significant drawdowns.” The company has transitioned its treasury to cash after selling 214.72 bitcoin and 205.82 ethereum as Cypherpunk Holdings continues “to see systemic risks propagating” across the crypto economy. Cypherpunk Holdings Sells All of the Bitcoin and Ethereum on Its Balance Sheet Crypto winter has done a lot of damage since the bull run’s price highs, as more than $2 trillion has left the digital currency economy since the first week of November 2021. Today, the crypto economy is worth roughly $945 billion and bitcoin (BTC) is coasting along just above the $20K per unit range. BTC is down more than 70% from the all-time high ($69K) on November 10, 2021, and ethereum (ETH) has lost more than 77% since the ATH ($4,878) recorded on the same day. On June 28, 2022, or eight months later, the publicly li...

Taiwan’s central bank is yet to conclude work on its central bank digital currency (CBDC) and according to the bank’s governor, the institution may need two more years to finish its work, a report has said. Some of the bank’s next tasks include winning the public’s support, ensuring the system is stable, and building the currency’s legal framework. Simulating Use of the CBDC Some two years after work on Taiwan’s central bank digital currency (CBDC) commenced, the governor of the country’s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task. Yang, who spoke at a digital currencies forum, also disclosed the central bank had been simulating the use of the CBDC in what a Reuters report called a closed-loop environment. However, the same report said the central bank now faces three key tasks. These include communicating and ultimately winning the public’s s...

E-commerce giant Ebay has filed two trademark applications covering a wide range of products and services relating to the metaverse and non-fungible tokens (NFTs). Ebay’s NFT, Metaverse Trademark Applications Ebay Inc. (Nasdaq: EBAY) filed two trademark applications with the United States Patent and Trademark Office (USPTO) last week covering a wide range of products and services relating to non-fungible tokens (NFTs) and the metaverse. A USPTO-licensed trademark attorney, Mike Kondoudis, tweeted Tuesday: “Ebay Inc. is coming to the metaverse.” He explained that the filings indicate the e-commerce giant’s plans for virtual good marketplaces, online retail stores with actual and virtual goods, NFTs, NFT exchanges, and NFT trading. The applications’ serial numbers are 97473696 and 97473620. One day before Ebay filed the two trademark applications, the company announced that it has acquired NFT marketplace Knownorigin. According to Ebay, the two companies signed and closed the deal...

Warren Buffett-backed Nubank, one of the world’s largest digital banking platforms, is now offering cryptocurrency trading to all of its 54 million customers. Nubank also holds bitcoin on its balance sheet. Nubank’s Crypto Service Now Available to All Customers Nubank, one of the world’s largest digital banking platforms, now offers cryptocurrency trading to all clients, according to its blog post, updated Monday. The bank serves around 54 million customers across Brazil, Mexico, and Colombia. “Nubank Cripto is the solution to buy and sell cryptocurrencies directly through the Nu app,” the bank wrote, adding: The option to buy cryptocurrencies through Nubank is now available to all our customers. Update your app. “To help you enter this universe more safely, we decided to offer, first, the largest cryptocurrencies on the market: bitcoin and ether,” the bank added. Nubank further clarified: For this launch, Nubank has a partnership with Paxos, an exchange specializing in cryp...

Microstrategy has purchased more bitcoin amid a heavy market sell-off. The announcement followed a clarification by the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, stating that bitcoin is a commodity. Microstrategy Buys the Dip The Nasdaq-listed software company Microstrategy has bought the bitcoin dip again. In a Wednesday filing with the U.S. Securities and Exchange Commission (SEC), the company declared that during the period between May 3 and June 28, it “acquired approximately 480 bitcoins for approximately $10.0 million in cash, at an average price of approximately $20,817 per bitcoin, inclusive of fees and expenses.” The filing adds: As of June 28, 2022, Microstrategy, together with its subsidiaries, held an aggregate of approximately 129,699 bitcoins. Overall, the company’s BTC “were acquired at an aggregate purchase price of approximately $3.98 billion and an average purchase price of approximately $30,664 per bitcoin, inclusive of fee...

Authorities in Uzbekistan have drafted and put forward for public consultations a set of rules for crypto miners operating in the country. Companies that want to mint digital currencies will have to register with the government and use renewable energy. Uzbekistan Discusses Draft Regulations for Crypto Mining Sector Entities involved in cryptocurrency mining will need to register and renew their certificate every year, according to a draft decree by the director of Uzbekistan’s National Agency for Perspective Projects. NAPP is the country’s main crypto watchdog, which is directly subordinated to the administration of President Shavkat Mirziyoyev. The document was recently published for public consultations that will continue until July 9 and have already attracted a number of suggestions. It introduces key definitions pertaining to the industrial activity of digital currency extraction, including for the terms crypto mining, miner, and mining equipment. The decree states that cr...

The chairman of China’s Blockchain Service Network (BSN) Development Alliance Shan Zhiguang, and his colleague, insisted in a recently published op-ed that virtual currency is “undoubtedly the largest Ponzi scheme in human history.” However, they have said the “value of blockchain technology should not be ignored because of virtual currency.” Opinion Piece Claims 90% of 100 Richest People Have Bad-Mouthed Virtual Currency The chairman of the Chinese Blockchain Service Network (BSN) Development Alliance, Shan Zhiguang, and executive director He Yifan, have said virtual currency is “undoubtedly the largest Ponzi scheme in human history.” They also claimed that this Ponzi scheme has since morphed into one that is “no longer just about cash.” In a recent opinion piece published by the People Daily Online newspaper, the BSN chairman and his colleague begin their attack on virtual currency and bitcoin by pointing to the fact it has been “bad-mouthed” by at least 90% of the 100 richest p...

PRESS RELEASE. With crypto markets down around 50% in the past month and over 70% from their highs in late 2021, many crypto investors are searching for answers after their profits from the last few years have evaporated into the ether. Following the incredible bull market, crypto investors enjoyed over 2020 and 2021; you may now find yourself nursing losses rather than gains ahead of the upcoming tax season. Crypto tax platform Koinly shares 5 little-known tax hacks you need to know after the crypto crash. 1. Pay less tax by holding Want to avoid paying tax on crypto? While you can’t dodge your tax obligations entirely – there are quite a few ways you can optimize your tax position. But here’s the catch, you’ll need to do it before the end of the financial year to pay less tax overall. You’ve probably heard it before, but the easiest way to pay less crypto tax is to simply HODL. In many jurisdictions, holding your crypto investment (or other assets like shares) for longer than...