Bitcoin News and Finance: What You Need to Know

The central bank of Ukraine has adjusted the fixed exchange rate of the national currency in U.S. dollars and introduced stricter limits on hryvnia transactions for citizens. The measures are likely to turn more Ukrainians to cryptocurrencies, according to a representative of the local crypto sector. War-Time Hryvnia Limits Expected to Increase Interest in Cryptocurrency The National Bank of Ukraine ( NBU ) has introduced new rules in response to the changing fundamentals of the country’s economy during an ongoing military conflict with Russia. The monetary authority devalued the Ukrainian hryvnia against the strong U.S. dollars by 25% on Thursday and set new limits on banking operations with the national fiat. According to the updated regulations for private individuals, enforced on July 21, banks can sell non-cash foreign currency to their customers only if the amounts are deposited for a period of at least three months, without an option to terminate the contract. The 50,000-...

The founder and CEO of the leading exchange FTX, Sam Bankman-Fried has offered to give early liquidity to Voyager Digital’s customers, according to an announcement FTX published on July 22. Furthermore, Bankman-Fried discussed the crypto industry with CNBC in an exclusive interview, and noted that he was willing to deploy “hundreds of millions beyond what we have thus far” to help digital currency companies affected by the crypto market downturn. FTX Plans to ‘Provide Early Liquidity to Customers of Voyager’ Not too long ago on June 28, Sam Bankman-Fried told Forbes author Steven Ehrlich that some crypto firms were “secretly insolvent” and he warned more insolvencies were coming. The FTX CEO’s words came true, as more companies with financial issues followed the problems customers were having with Celsius freezing withdrawals . Celsius eventually filed for bankruptcy protection alongside Three Arrows Capital , and Voyager Digital . happy to do what we can to get liquidity to Voy...

Finland has sold 1,889 bitcoins seized in narcotic cases for 46.5 million euros ($47.4 million). The country’s finance minister previously said that the bitcoin sale proceeds will go to Ukraine for humanitarian aid and reconstruction as its war with Russia continues. Finland Sells Bitcoin Seized From Narcotic Offenses Finnish Customs (aka Tulli), the customs service of the government of Finland, announced Thursday that it has sold “legally forfeited” bitcoins. “During the summer, Finnish Customs has realized its cryptocurrencies that had been legally forfeited to the state,” the announcement details, elaborating: The realization concerned 1,889.1 bitcoins. The state gained about 46.5 million euros in total in proceeds from their sale. The customs service explained that the bitcoins were seized “in connection with investigations into offenses related to narcotics and doping substances.” The coins “were sold by the two cryptocurrency brokers selected by Customs through competiti...

Nasdaq-listed crypto exchange Coinbase has disputed the allegation by the U.S. Securities and Exchange Commission (SEC) that nine of the crypto assets traded on its platform are securities. The company’s chief legal officer stressed: “Coinbase does not list securities. End of story.” Coinbase Insists It Does Not List Crypto Asset Securities The U.S. Securities and Exchange Commission (SEC) alleged that cryptocurrency exchange Coinbase listed nine crypto asset securities in a complaint filed Thursday. The securities regulator charged a former Coinbase employee with “violating the antifraud provisions of the securities laws” related to insider trading. The SEC stated in its complaint that crypto tokens AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM are unregistered securities. However, Coinbase immediately disputed the SEC’s allegation that some coins traded on its platform are crypto securities. The exchange’s chief legal officer, Paul Grewal, stressed in a blog post Thursday: ...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned of the “biggest bond crash since 1788.” He stressed that the “real problem” is in the bond market, which is “40 times larger” than the stock market. He is waiting for the price of bitcoin to fall further to buy some. Robert Kiyosaki Warns Bond Market Is Crashing The author of Rich Dad Poor Dad, Robert Kiyosaki, has made several fresh predictions about the stock and bond markets. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The famous author tweeted Friday: U.S. bond market crashes. Biggest bond crash since 1788 … Bond markets bigger than stock market. I am buying more gold, silver now, and waiting for bitcoin to go lower. He also stressed that China’s real estate market is crashing,...

A federal jury has convicted the founder of “My Big Coin” in a fraudulent scheme that swindled $6 million from cryptocurrency investors. The defendant made several false claims, including that the coins were backed by gold and that the company had a partnership with Mastercard. My Big Coin’s Founder Convicted The U.S. Department of Justice (DOJ) announced Thursday that the founder of My Big Coin Pay Inc. (aka My Big Coin), Randall Crater, has been convicted in a cryptocurrency fraud scheme. The 51-year-old from East Hampton, New York, defrauded investors of over $6 million, the DOJ alleged. Crater has been “convicted of four counts of wire fraud, three counts of unlawful monetary transactions, and one count of operating an unlicensed money transmitting business,” the Justice Department detailed. Eric Shen, the inspector in charge of the U.S. Postal Inspection Service’s Criminal Investigations Group who worked on the case, commented: The defendant preyed on victims with what appe...

Telefonica, one of the largest communication companies in Spain, has decided to invest in Gamium, strengthening its metaverse push. The company will allocate a non-disclosed amount of funds to this metaverse initiative through Wayra, its innovation-based incubator arm. The company is also collaborating with Meta in the creation of a metaverse innovation hub for startups. Telefonica To Invest In Spanish Metaverse Gamium Metaverse initiatives have become popular for companies and VCs to invest in during this market downturn. Telefonica, one of the biggest communication companies in Spain, has announced it will fortify its metaverse investment by supporting Gamium, a Spanish virtual world initiative. This Barcelona-based company has raised a million euros with the sales of land on its platform in just ten days, and it is advertised as the first decentralized metaverse. The investment, whose numbers were not disclosed, will be made through Wayra, an open innovation platform of Telefon...

U.S. authorities have withdrawn their request to extradite the alleged operator of crypto exchange BTC-e Alexander Vinnik from France, his French lawyer informed Russian media. Vinnik’s defense suspects, however, that the move is intended to actually speed up his extradition through Greece. Lawyer Says Washington Wants Vinnik to Remain in Prison The United States withdrew a request submitted in 2020 to extradite Alexander Vinnik from France, according to Frederic Belot, who is defending him in French courts. The Russian IT specialist has served a five-year prison term in the country where he was sentenced for money laundering. Vinnik’s international defense team has been trying to secure his release but France is more likely to send him back to Greece, where he was arrested in the summer of 2017 on a warrant from American prosecutors who accuse him of laundering at least $4 billion through the infamous cryptocurrency exchange BTC-e . This week, Belot told RBC Crypto that the Fre...

Elon Musk, CEO of Tesla and Spacex, said that remote work was no longer acceptable for Tesla workers in May. According to Qatalog and GitLab, remote workers spend extra time weekly trying to prove they are online and working to their employers. But metaverse environments, a futuristic approach to remote work solutions, also raise concerns for workers about the ability their bosses have to monitor their actions. Elon Musk’s Dislike for Remote Work, ‘Digital Presenteeism’ Seen as Problem Elon Musk, CEO of Tesla and Spacex, is not a fan of remote work. In a leaked memo directed to workers of Tesla, Musk stated that remote work wasn’t acceptable anymore, telling them they had to spend 40+ hours in the facilities of the company weekly or they will be fired. Musk even criticized other companies that allow remote work, saying they had not shipped an amazing product for “a while.” New data indicates that Musk’s concerns are not unfounded. According to a study completed by Qatalog and Git...

The central bank of Indonesia is working to issue a wholesale digital rupiah. The new currency is meant to be the only legal tender for digital transactions in the country while the regulator also wants to ensure that it will be exchangeable across borders. Digital Rupiah Concept Expected by Year End Indonesia’s monetary authority is advancing with a project to issue a digital version of the national fiat for wholesale transactions. It plans to release the conceptual design of the future digital rupiah by the end of 2022, Governor Perry Warjiyo revealed in a briefing on Thursday. Quoted by Bloomberg, he elaborated: The principle of digital rupiah will be the same as paper money which is to be the only legal currency for digital transactions in Indonesia. Bank Indonesia has been studying the possible launch of its central bank digital currency ( CBDC ) since last year. Its main intention is to get ahead of the global adoption of cryptocurrency as a payment method, the report note...

U.S. Congressman Brad Sherman has urged the U.S. Securities and Exchange Commission (SEC) to go after major cryptocurrency exchanges that traded xrp, which the regulator deems a security. “It’s easier to go after the small fish than the big fish, but the big fish operating major exchanges did many, many tens of thousands of transactions with xrp,” said the lawmaker. US Lawmaker Urges SEC to Focus on Major Crypto Exchanges Congressman Brad Sherman (D-CA), chairman of the House Financial Services Subcommittee on Investor Protection, held a hearing Wednesday to examine the efforts by the U.S. Securities and Exchange Commission (SEC) to address emerging risks and to protect investors. During the hearing, Sherman, who is a senior member of the Foreign Affairs Committee, questioned SEC Director of Enforcement Gurbir Grewal regarding XRP and tether. The congressman told Grewal: “You’ve gone after XRP because XRP is a security. But you haven’t gone after all the major crypto exchanges ...

A panel of crypto industry experts has predicted that solana will be worth $166 by 2025 and $512 by 2030. “SOL is one of the leading contenders in the smart contract blockchain space. They are likely to be one of the chief beneficiaries if the Ethereum upgrades fail to deliver lower transaction fees,” one of the experts said. Solana’s Price Prediction Price comparison portal Finder updated its solana (SOL) price predictions Tuesday. Finder “measures expert predictions of the future SOL price” using weekly and quarterly surveys. “Our larger quarterly survey, last conducted in July 2022, asks a panel of 54 industry experts for their thoughts on how Solana will perform over the next decade,” the company wrote. Finder detailed: Our panel thinks solana (SOL) will be worth $45 by the end of 2022 before rising to $166 by 2025. In addition, the panel expects the price of SOL to increase to $512 by 2030. Compared to previous predictions, the panel is significantly more bearish in July,...

Social media users have slammed China’s reported use of military tanks to intimidate bank customers protesting against the freezing of their savings. Some users claimed the deployment of military tanks exposes the country’s underlying economic problems. Crypto proponents see the issue as a vindication of their long-standing argument. Savings Now Investment Products Some social media users have derided Chinese authorities’ reported decision to deploy tanks around the central bank’s offices in Henan where bank customers have been protesting against the freezing of their savings. The deployment of tanks follows reports the central bank in Henan Province told the protesting clients that their savings were now investment products. This meant affected bank clients could not withdraw their savings. In some of the videos , which have since gone viral on Twitter, military tanks are seen rolling in and around the area said to be the Bank of China’s offices. The deployment of the tanks comes ...

Xiaomi, one of the biggest mobile phone and tech companies in the world, has introduced a patent that implements blockchain technology for the creation of its own virtual characters. The patent, introduced in China, mentions that the creation of these characters will be randomized thanks to the introduction of a gene sequence, responsible for determining the looks of the character. Xiaomi Introduces Blockchain in Character Generation Patent More and more industries are including blockchain as part of their new products due to its decentralized and immutable traits. Xiaomi, a Chinese company known for its mobile phones and gadgets, has revealed a patent filing that includes blockchain in the process of the generation of its virtual characters. The patent, titled “Virtual Character Processing Method, Device and Storage Medium,” which was introduced in January 2022, was just recently disclosed by the company. In the patent, the company established that their own virtual characters wi...

On July 21, 2022, at 2:14 p.m. (ET) at block height 745,920, Bitcoin’s mining difficulty dropped by 5.01% outpacing the last two epoch changes. The latest downward shift makes it 5% easier to find blocks than it was during the past two weeks, and roughly 8.77% easier since June 22. It’s Now 11.39% Easier to Find a Bitcoin Block Since the Difficulty’s All-Time High on May 10 Bitcoin miners caught a break this week as the difficulty adjustment algorithm (DAA) adjusted downward for the third week in a row. The network’s difficulty is essentially measured by how difficult it is to find the correct hash for every minted block subsidy. The difficulty epoch is assessed every 2,016 blocks, and if the time it takes to mine those blocks is too fast, difficulty increases, and if it’s too slow, the difficulty decreases. The last difficulty increase took place on June 8, 2022, at block height 739,872, as it rose 1.29% higher than the two weeks prior. During the four weeks before the most recen...

A Saudi Arabia-based chemical manufacturer has said its recently launched blockchain pilot is expected to uncover the possibilities of the technology “in supporting end-to-end digital traceability of circular feedstock in customer products.” The benefits expected to accrue from using blockchain include reduced costs and time as well as improved data integration. End-to-End Digital Traceability A Saudi Arabian chemicals manufacturer, Saudi Basic Industries Corporation (SABIC), recently said it had launched a blockchain pilot project in conjunction with the technology firm Finboot. According to the chemicals producer, the objective of the pilot is to “investigate the possibilities of blockchain technology in supporting end-to-end digital traceability of circular feedstock [raw materials] in customer products.” In a press statement, SABIC said the current process of tracing the journey of feedstock is made difficult by the complex petrochemical value chain. Therefore, through the pilo...

The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading. SCB Postpones Acquisition of Thai Crypto Exchange Bitkub The parent company of Siam Commercial Bank, SCB X, has delayed a 17.85-billion-baht ($487 million) bid to acquire 51% of the largest crypto exchange in Thailand, Bitkub. The bank, which is the kingdom’s oldest lender, postponed the deal indefinitely as Thai regulations continue to inhibit growth of crypto trading, Nikkei Asia reported, quoting the financial group. “We have made it clear in our statement to the Stock Exchange of Thailand (SET) that the deal is still undergoing due diligence,” an unnamed senior official at the SCB X has been quoted as stating. “We don’t know when the deal will be sealed,” he added. Earlier in July, the company notified the SET that the ma...

Crypto exchange Coinbase has confirmed that the company “had no financing exposure” to bankrupt firms, including Celsius Network, Voyager Digital, and Three Arrows Capital (3AC). “The issues here were foreseeable and actually credit-specific, not crypto-specific in nature,” Coinbase stressed. Coinbase: ‘We Have Not Engaged in These Types of Risky Lending Practices’ The Nasdaq-listed cryptocurrency exchange Coinbase clarified its approach to cryptocurrency financing in a blog post on Wednesday. The post is authored by Brett Tejpaul, head of Coinbase Institutional, Matt Boyd, head of Prime Finance, and Caroline Tarnok, head of Credit and Market Risk. “Solvency concerns surrounding entities like Celsius, Three Arrows Capital (3AC), Voyager, and other similar counterparties were a reflection of insufficient risk controls, and reports of additional struggling firms are fast becoming stories of bankruptcy, restructuring, and failure,” the Coinbase executives detailed, adding: Notably, ...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that the current inflation may lead to a “Greater Depression.” He added that real estate is crashing and foreclosures are up 700% from last year. Robert Kiyosaki’s Depression Warnings The author of Rich Dad Poor Dad, Robert Kiyosaki, voiced fresh concerns about the U.S. economy Wednesday. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. He tweeted: “Warning: Inflation may lead to Greater Depression.” The famous author added that real estate is crashing, foreclosures are up 700% from last year, and layoffs are starting. This was not the first time Kiyosaki has warned about an upcoming Great Depression. “Every 90 years, there is a giant stock market crash followed by depression. 90 years a...

A lucky player wins a 3 bitcoin jackpot on a newly released live casino game at Bitcoin.com’s crypto casino. Over 15 Players Make More on Casino Games Than They Would on The Market A Rewarding Month for Casino Players The month of July has turned out to be extremely lucky for those 15 players who decided to play at Bitcoin.com Games instead of holding or making leverage trades on BTC or BCH pairs. Even if we don’t include those who were only barely net positive on their gaming sessions, more than 50 players managed to at least 2x their deposits this month so far. With 10 more days remaining, who knows, many more players could be set for big fortunes landing in their laps. And that’s what an average month looks like for our crypto casino. Players cashing out big winnings that would arguably be beyond what an average trader could make in a whole year. There are many games that have shared jackpots across many casino endpoints, so it’s entirely possible that these pots get bigger ...

According to Visual Capitalist, Ghana is now placed second on its list of countries with the highest default risk in 2022. Only four countries, namely, Ukraine 10,856 basis points (bps), Argentina (4,470), El Salvador (3,376), and Ethiopia (3,035) have a credit default swap spread that is higher than Ghana’s at 2,071 bps. El Salvador Has Highest Default Risk After seeing inflation surge to over 29% in June, Ghana, West Africa’s second-largest economy, is now ranked as one of the countries most likely to default this year, Visual Capitalist’s latest sovereign debt vulnerability rankings have shown. According to the data, Ghana is now placed second, just behind the Central American state and the first country to make bitcoin legal tender, El Salvador. As shown by data from Visual Capitalist — an online publisher focused on technology and the global economy, among others — Ghana’s five-year credit default swap spread (CDSS) of 2,071 basis points (bps) is one of the highest globally. ...

German investment platform Trade Republic and digital asset exchange Crypto.com have registered as crypto service providers in Italy. Since February, the financial authorities in Rome maintain a registry for all cryptocurrency platforms permanently operating in the country. More Companies Register as Providers of Crypto Services in Italy Germany-based investment platform Trade Republic and Singapore-headquartered digital currency exchange Crypto.com announced their registrations as crypto operators in Italy on Tuesday, Reuters reported. The news comes after other major crypto platforms like Binance, the world’s largest exchange by trading volume, and leading U.S. trading platform Coinbase did the same, earlier. The special registry for crypto service providers working in the Italian market was established by the Ministry of Economy and the brokerage regulator Organismo degli Agenti e dei Mediatori (OAM) in February of this year. It lists all cryptocurrency operators with a presence...

The African continent may not be the biggest crypto/blockchain market yet but the growing adoption of the technology illustrates that this will likely be a key market in the future. For instance, instead of being seen or used as a tool for speculative trading, crypto is proving to be a more convenient and cheaper way of sending remittances. In countries whose economies have been devastated by inflation, cryptocurrencies are an alternative way of storing value. As more people on the continent understand these attributes of cryptocurrencies and the underlying technology, their demand for digital assets also increases. As policymakers from other jurisdictions work on finding ways to stop or slow the adoption of this fintech, it becomes imperative that the African crypto story gets told more frequently. Bitcoin.com News has been one of the media platforms to regularly cover stories, events and individuals making a difference in Africa crypto’s space. Now, in addition to regular Africa...

The U.S. Department of Justice (DOJ) has seized $500K in ransom payments and cryptocurrency from a state-sponsored North Korean group. “We are returning the stolen funds to the victims,” Deputy Attorney General Lisa O. Monaco said, adding that the seized funds include ransoms paid by health care providers in Kansas and Colorado. DOJ Seizes Crypto From North Korean State-Backed Group The U.S. Department of Justice (DOJ) announced Tuesday that it has seized and forfeited approximately $500K from North Korean ransomware actors and their conspirators. The department added that it has filed a complaint “in the District of Kansas to forfeit cryptocurrency paid as ransom to North Korean hackers or otherwise used to launder such ransom payments.” The DOJ stated: In May 2022, the FBI filed a sealed seizure warrant for the funds worth approximately half a million dollars. The seized funds include ransoms paid by health care providers in Kansas and Colorado. Deputy Attorney General Lisa O...

Grayscale Investments has explained that there may be another 250 days of the current bearish crypto market, citing patterns in previous cycles. In addition, “Bitcoin is 222 days off the all-time high, which means we may see another 5-6 months of downward or sideways price movement,” the world’s largest digital asset manager detailed. Grayscale’s Crypto Market Outlook Grayscale Investments, the world’s largest digital asset manager, published a report titled “Bear Markets in Perspective” this week. The firm explained: “The length, time to peak and trough, and recovery time to previous all-time highs in each market cycle may suggest that the current market may resemble previous cycles, which have resulted in the crypto industry continuing to innovate and push new highs.” The report details: Crypto market cycles, on average, last ~4 years or approximately 1,275 days. While most bitcoiners are familiar with market cycles based on bitcoin’s halving cycle, Grayscale has defined an...

Tesla has converted approximately 75% of its bitcoin into fiat currency. The cryptocurrency sales left the electric car company holding digital assets worth $218 million. “We are certainly open to increasing our bitcoin holdings in the future,” Tesla CEO Elon Musk said, adding: “W e have not sold any of our dogecoin.” Tesla Sold About 75% of Its Bitcoin Holdings Elon Musk’s electric car company, Tesla, released its Q2 earnings report Wednesday. The company wrote: As of the end of Q2, we have converted approximately 75% of our bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet. Tesla’s Q2 balance sheet shows net digital assets of $218 million, down from $1.26 billion in the previous quarter. The company also said its Q2 year-on-year operating income was impacted by bitcoin impairment. The electric car company’s statement of cash flows shows proceeds from digital asset sales of $936 million. The only other time Tesla’s cash flow state...