Bitcoin News and Finance: What You Need to Know

While cryptocurrency markets have seen poor performances during the first two quarters of 2022, a recently published fundraising report authored by Messari researchers notes that $30.3 billion was raised by crypto projects and startups during the first half of 2022. The $30.3 billion raised across 1,199 fundraising rounds surpasses all the funding blockchain startups and projects obtained last year. H1 Crypto Ecosystem Funding Report Shows Capital Continues to Flow Despite Crypto Winter A significant sum of money has been injected into specific blockchain projects and startups within the crypto industry, according to the “H1 2022 Fundraising Report” published by Messari and Dove Metrics, a subsidiary of Messari Holding Inc. According to the report , centralized finance (cefi) outpaced decentralized finance (defi), as cefi captured more than $10.2 billion in H1. Defi managed to gather $1.8 billion, while Web3 and non-fungible token (NFT) projects and related companies raised $8.6 b...

Binance CEO Changpeng Zhao (CZ) has warned that his company could “disable Wazirx wallets on a tech level,” advising anyone with funds on the Indian crypto exchange to transfer them to Binance. The warning followed numerous tweets by CZ and Wazirx’s founder regarding whether Binance acquired Wazirx. Binance’s Warning: Transfer Your Funds The conflict between global crypto exchange Binance and Indian crypto exchange Wazirx has deepened. Binance CEO Changpeng Zhao (CZ) tweeted Friday, advising anyone with funds on Wazirx to transfer them to Binance. He warned: “We could disable Wazirx wallets on a tech level.” The dispute between Binance and Wazirx began when India’s Directorate of Enforcement (ED) froze the bank assets of Wazirx as part of its money laundering investigation. Following the ED’s announcement, Binance’s CEO quickly denied that his company had acquired Wazirx — almost three years after the two exchanges announced the acquisition. While Zhao claimed that the acquisit...

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he has bought the dip during the recent cryptocurrency market sell-off. He added: “Now crypto itself desperately needs policy. It needs regulation.” Kevin O’Leary Buys the Dip, Comments on Bitcoin Price Kevin O’Leary shared his crypto market outlook and investment strategy during this bear market in an interview with Stansberry Research, published Thursday. “I see bitcoin sort of testing $20,000 all the time, getting a lot of resistance,” he said when asked about the state of the cryptocurrency, adding that BTC seems to be holding between $20K and $23K. “Still very profitable for bitcoin miners that are currently mining at about $7,000 per coin at scale,” he opined. “There has been a knee-jerk reaction against bitcoin miners lately because of ESG [environmental, social, and corporate governance] concerns but they’re also self-correcting by getting into nuclear and hydropower, which you know is plentiful in some countries like...

Tesla CEO Elon Musk has accused Twitter of fraud in his countersuit against the social media company. Twitter filed a lawsuit against the billionaire to force him to go through with the $44 billion deal to buy the platform. “The Musk parties bring their counterclaims for breach of contract and rescission on the basis of Twitter’s fraud.” Elon Musk’s Legal Battle With Twitter Intensifies Tesla and Spacex CEO Elon Musk has filed a counter-lawsuit against Twitter after the social media giant sued him for terminating the $44 billion deal to buy the platform. Musk’s countersuit, filed Thursday and published Friday, states: This action arises out of Twitter’s misrepresentations to the Musk parties regarding the condition of the company and the ‘key metrics’ Twitter uses to evaluate the number of users on its platform. “Twitter was miscounting the number of false and spam accounts on its platform, as part of its scheme to mislead investors about the company’s prospects by focusing on...

Russian IT specialist Alexander Vinnik, accused of owning and running the infamous crypto exchange BTC-e, has been handed over to the U.S. This week, Greek authorities proceeded with the extradition, after his return from France, despite Vinnik’s defense protesting the move and calling the case a “judicial, diplomatic and humanitarian scandal.” Vinnik Appears in San Francisco Federal Court to Face Money Laundering Charges The presumed co-founder and operator of the notorious crypto exchange BTC-e , Alexander Vinnik, was extradited from Greece to the United States on Thursday. The Russian national is facing charges in the Northern District of California and has already appeared in federal court in San Francisco, the U.S. Department of Justice announced Friday. Assistant Attorney General Kenneth A. Polite, Jr. of the department’s Criminal Division, was quoted as stating: After more than five years of litigation, Russian national Alexander Vinnik was extradited to the United States y...

Fabio Araujo, Director of the Central Bank of Brazil, has praised the properties of Bitcoin, saying it is a financial innovation using new technologies. To Araujo, Bitcoin was the catalyst for what is today known as Web3. At an event, Araujo also commented about the status of the development of the digital real, stating that his organization hopes to add smart functions to the currency. Central Bank of Brazil Praises Bitcoin as Pioneer of Web3 Tech More and more central banks around the world are dealing with the issue of cryptocurrencies and how to innovate to keep up with these technologies. Fabio Araujo, director of the Central Bank of Brazil, praised Bitcoin as a financial innovation that gave rise to the Web3 movement and talked about how the digital real, the central bank digital currency (CBDC) that is still under research, might have programmable features. In an event promoted by the Sao Paolo Business School, Araujo stated : We started to accelerate this in 2009, with th...

According to the latest data from the Turkish Statistical Institute, the country’s annual inflation rate for the month of July was 79.6%, the highest in 24 years. Rising transportation costs, food and non-alcoholic beverages were some of the product categories that contributed to the overall rate increase. Transportation Costs Rose the Most Turkey’s consumer inflation rate in July surged to 79.60% — the highest in 24 years — while the monthly rate stood at 2.37%, the latest data from the Turkish Statistical Institute (TSI) has shown. According to the data, transportation costs, which rose by 119.1%, were one of the four main product groups whose prices rose faster than the consumer price index (CPI). The three other product groups whose inflation rate rose faster than 79.6% are food and non-alcoholic beverages which went up by 94.65%, furnishings and household equipment (88.35%), and alcoholic beverages and tobacco (82.66%). However, according to the TSI, while the transportation...

A parliamentary group in the United Kingdom, the Crypto and Digital Assets All Party Parliamentary Group (APPG), recently said it had launched an inquiry that will examine the country’s present approach to crypto and digital asset regulation. In addition to gathering information via evidence sessions, the APPG said it is also open to views from players in the sector. Making the UK the ‘Global Home of Crypto Investment’ A United Kingdom (U.K.) parliamentary committee known as the Crypto and Digital Assets All Party Parliamentary Group (APPG), recently said it had launched an inquiry into the country’s crypto and digital assets sector. The inquiry will focus on the country’s current approach to the regulation of crypto and digital assets. It will also examine the U.K. government’s plans to make the country a “global home of crypto investment.” In a statement, the parliamentary group said it will hold several evidence sessions over the coming months. Besides gathering evidence via pu...

A major Indian cryptocurrency exchange, Wazirx, has had its bank assets of more than $8 million frozen by the Directorate of Enforcement (ED). The exchange was supposedly acquired by Binance in 2019. However, Binance CEO Changpeng Zhao (CZ) now claims that the acquisition was “never completed.” Wazirx, however, maintains that it was acquired by Binance. ED’s Action Against Wazirx India’s Directorate of Enforcement (ED) issued a press release Friday concerning Wazirx, a major crypto exchange in India. ED is a law enforcement and economic intelligence agency of the government of India. The announcement details: Directorate of Enforcement (ED) has conducted searches on one of the directors of M/s Zanmai Lab Pvt Ltd, which owns the popular cryptocurrency exchange Wazirx and has issued a freezing order to freeze their bank balances to the tune of INR 64.67 crore. ED stated that this action is part of its money laundering investigation against non-bank financial companies (NBFC) and ...

After touching a new all-time low of N710 per dollar in late July, a new report says the Nigerian currency has rebounded by as much as 10%. After initially blaming speculators, the Central Bank of Nigeria has said importers who fail to remit forex earnings may be contributing to the naira’s depreciation. Naira Depreciation Less than two weeks after it tumbled to a new all-time low, the Nigerian currency recovered against the U.S. dollar on the parallel market and went to close trading at N640 per dollar on August 3. This rebound represents a recovery of approximately 10% from the currency’s late July low of over N710 for every dollar. According to a Businessday report, the increased supply of dollars, as well as the cooling demand for the greenback, had contributed to the naira’s rebound. However, before the currency’s recovery, the naira’s rapid depreciation had prompted the country’s lawmakers to seek answers from Central Bank of Nigeria (CBN) governor Godwin Emefiele. During h...

Exactly one month ago today, bitcoin was trading below $20,000 per unit as crypto markets continued to react to growing levels of inflation and central bank policy. However, a month later, the world’s leading crypto token has moved above $23,000, despite consumer prices rising to multi-decade highs. So with this in mind, where could bitcoin potentially be heading in the next few weeks? Current Market Status July saw bitcoin (BTC) mostly consolidate between a floor of $18,900, and a ceiling of $23,600, as volatility in crypto markets was higher in anticipation of the Fed’s potential 75 basis point (bps) hike. Since then, the Federal Reserve has hiked in back-to-back sessions, increasing interest rates by 0.75% in July and August. This came as inflation in the United States moved to its highest level in over four decades, and with growing concerns over a pending global recession. Despite this, bitcoin has quietly moved higher, as the uncertainty which is and was plaguing the mar...

Major Portuguese banks have started closing or refusing to open accounts for cryptocurrency platforms such as exchanges, according to media reports. The move threatens to tarnish the country’s image as one of Europe’s most crypto-friendly destinations, a haven for bitcoin enthusiasts. Portuguese Crypto Firms Hit by Bank Account Closures Portugal, a leading European crypto hub, is risking the loss of its attractiveness for crypto businesses and talent working in the industry as some of its largest banks are now closing accounts of companies operating with digital currencies. Last week, the nation’s biggest listed bank, Banco Comercial Portugues, and another major institution, Banco Santander, shut down all the accounts of Lisbon-based Criptoloja, Bloomberg reported, quoting the exchange’s co-founder and CEO Pedro Borges. The development follows the decision of two smaller banks to close the platform’s accounts. No official explanation was provided in either of these cases, the cryp...

Top cryptocurrency exchange , LBank, gave its various communities across the world a July to remember. With a lineup of activities, the trading platform kept it interesting, interactional and most importantly, educational for its users. In addition, the exchange supported several philanthropic projects that helped the less fortunate in different regions. While the month was jam-packed with activities, LBank Labs, LBank’s investment division, was hard at work, identifying new businesses to incubate. It also hosted an end-of-the-month “Fintech Meetup,” bringing all budding experts to discuss crypto regulation and the next-generation innovative financial solutions. Without exception, this month’s globalisation and inclusion campaigns of the top exchange were felt in India, Turkey, Pakistan, Indonesia, Nigeria, Kenya, Tunisia, and many other regions. A Four-city India Event Presented by LBank: The LBank Show                 The LBank Sho...

U.S. senators have introduced the “Digital Commodities Consumer Protection Act of 2022” to empower the Commodity Futures Trading Commission (CFTC) “with exclusive jurisdiction over the digital commodities spot market.” Digital Commodities Consumer Protection Act U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-AR), Cory Booker (D-NJ), and John Thune (R-SD) introduced Wednesday the “Digital Commodities Consumer Protection Act of 2022.” The bipartisan bill aims to give the Commodity Futures Trading Commission (CFTC) “new tools and authorities to regulate digital commodities,” according to the announcement of the bill by the U.S. Senate Committee on Agriculture, Nutrition, and Forestry. Senator Stabenow commented: One in five Americans have used or traded digital assets — but these markets lack the transparency and accountability that they expect from our financial system. Too often, this puts Americans’ hard-earned money at risk. “That’s why we are closing regulatory gaps a...

Skybridge Capital’s founder says bitcoin’s fair market value is about $40,000 based on adoption, wallet size, use cases, and growth of wallets. The asset management firm also estimated ethereum’s fair market value at around $2,800. Skybridge Capital on the Fair Values of Bitcoin and Ethereum Anthony Scaramucci, founder and managing partner at global asset management firm Skybridge Capital, shared his firm’s predictions on the fair market values of bitcoin ( BTC ) and ether ( ETH ) in an interview with Marketwatch, published Tuesday. He believes that the worst of the crypto bear market has passed and bitcoin has already bottomed. His comments followed bankruptcy filings by a number of crypto firms, including Celsius Network and Voyager Digital . “We believe that the leverage has been blown out of the system,” Scaramucci said. While recognizing that BTC could still slide, he emphasized: “I don’t think it’s going below the low that was reached for this cycle, which would be at arou...

The Internal Revenue Service (IRS) has modified the crypto question asked on Form 1040, the tax form used by all U.S. taxpayers to file an annual income tax return. New Crypto Tax Question The Internal Revenue Service (IRS) published a draft of Form 1040 for the 2022 tax year last week. Form 1040 is the tax form used for filing individual income tax returns in the U.S. The crypto question on the front page of Form 1040 now reads: “At any time during 2022, did you: (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” The new question expands on its previous version on Form 1040 for the tax year 2021, which states: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” In March, the IRS published a notice stating: “All taxpayers filing Form 1040, Form 1040-SR, or Form 1040-NR must check one box...

Stock and cryptocurrency markets on Thursday saw volatility, after experiencing fluctuations during the tensions between China and Taiwan on Tuesday and Wednesday. Major indexes like the S&P 500, Dow Jones, and NYSE have shed a few percentages today, while the global cryptocurrency market capitalization lost 2.5% in 24 hours, dropping to just above the $1.1 trillion range. Precious metals, on the other hand, traded higher as U.S. president Joe Biden’s administration declared that the Monkeypox virus a public health emergency in the United States. China and Taiwan Tensions and Monkeypox Reports Cause Stock and Crypto Prices to Fluctuate, Precious Metal Markets Rise Catching ‘Safe-Haven Demand’ Stock and crypto traders faced some headwinds on August 4, the day after the American representative from California, Nancy Pelosi, visited Taiwan to discuss democracy with the Taiwanese president Tsai Ing-wen. Global markets saw some fluctuations before the U.S. diplomat visited Taipei a...

The National Power Administration of Paraguay has proposed to set a special mining fee for cryptocurrency mining operations in a decree project directed to the national economic team. Due to the immense losses the organization has faced, it has stopped supplying energy to some mining operations that were evading the payment of power bills, being illegally connected to the grid. National Power Administration to Change Power Billing Structure for Mining Operations in Paraguay The National Power Administration is proposing a new way of charging cryptocurrency companies for the electricity used in mining operations in Paraguay. The company has brought a new decree proposal to the national economic team that would collect the payments for these services in advance in U.S. dollars, and with an annual adjustment. This proposal would also create a new billing group for these activities. The head of the East Regional Management Division, Alfredo Argüello, stated that while inspecting diffe...

A new study has ranked Nigeria as the country most curious about cryptocurrency post the April crypto market crash. The same study findings show Kenya as the second-highest ranked African country. According to Bobby Ong, co-founder of Coingecko, the countries topping the list seem more interested in buying the dip and this highlights “their long-term outlook for cryptocurrencies.” Nigerian Solana Searches Third Highest Globally After the cryptocurrency market crashed in April, a new study found Nigeria as the number one ranked country among English-speaking countries that are most interested in cryptocurrency. According to the findings of a study undertaken by Coingecko, Nigeria’s score of 371 surpasses that of second-ranked United Arab Emirates (UAE) by 101, and that of third-placed Singapore by 110. Elaborating on Nigeria — whose central bank directed financial institutions to block crypto entities from the banking ecosystem — a report released by the crypto price tracker Coing...

Several solutions can potentially improve cross-border payments significantly and central bank digital currency (CBDC) could be the “holy grail,” according to the European Central Bank (ECB). In a new report, the eurozone’s monetary authority also claims stablecoins, among other options, are “problematic.” ‘Holy Grail’ of Cross-Border Payments in Reach Through CBDC, European Central Bank Insists Cross-border payments should be immediate, cheap, universal, and settled in a secure medium, the European Central Bank remarks in a recently published report . For the first time, the “holy grail” of such transactions is within reach, thanks to declining data transfer costs, the birth of innovative concepts, and global collaboration aiming to enhance these payments, the regulator says in the recently published paper. The review, co-authored by ECB’s Director-General for Market Infrastructure and Payments Ulrich Bindseil and economist George Pantelopoulos, explores various ways to achieve th...