Bitcoin News and Finance: What You Need to Know

BBVA, a private bank based in Spain, released an article that states Latam users are very interested in their crypto-powered solutions. The institution informed that close to 20% of the users of their New Gen accounts, which are available from Switzerland, are Colombians who are attracted by the crypto services offered by these accounts. Colombians Attracted by Crypto Services, According to BBVA Cryptocurrency solutions and their associated services are being embraced more and more by Latam users due to the characteristics of their economies. According to BBVA, a Spanish bank that offers services worldwide, Latam users are a big part of the customers attracted by the company’s crypto solutions. In an article, BBVA revealed that close to 20% of the users of its New Gen accounts, which allow customers to invest in cryptocurrencies directly from their bank accounts, are Colombians. This means that citizens of this country are especially attracted to this kind of account, which offers...

Tesla and Spacex CEO Elon Musk has challenged Twitter’s CEO to a public debate over the platform’s fake accounts and spam bots. A recent poll conducted by Musk showed that nearly 65% of respondents do not believe that less than 5% of Twitter daily users are fake or spam. Musk Challenges Twitter’s CEO to Public Debate Tesla CEO Elon Musk has challenged Twitter CEO Parag Agrawal to a public debate about fake and spam accounts on Twitter. “Let him prove to the public that Twitter has less than 5% fake or spam daily users,” Musk wrote Saturday. The percentage of spam and fake accounts on Twitter has been material in the Tesla CEO terminating his $44 billion bid to buy the social media platform. Twitter has sued Musk to force him to go through with the buyout deal. The Spacex boss subsequently filed a countersuit , accusing Twitter of fraud. Musk’s Twitter Poll on Fake/Spam Users Musk put up a 24-hour Twitter poll Saturday asking his 103 million followers if they think that less t...

Federal Reserve Governor Michelle Bowman says she supports ongoing 75 basis point interest rate hikes “until inflation is on a consistent path to significantly decline,” citing “a significant risk of high inflation into next year for necessities including food, housing, fuel, and vehicles.” The Fed governor a lso noted that crypto assets “could benefit from more regulatory clarity.” Fed’s Bowman on Rate Hikes, Inflation, Crypto Regulation Federal Reserve Governor Michelle W. Bowman discussed the U.S. economy and the Fed’s efforts to fight inflation in a speech Saturday at the 2022 CEO & Senior Management Summit sponsored by the Kansas Bankers Association. Referencing the Federal Open Market Committee (FOMC)’s decision to raise the federal funds rate by 75 basis points during its July meeting, she expressed her support for the increase and the FOMC’s view that “ongoing increases would be appropriate at coming meetings.” Emphasizing her support for “continued increases until inf...

PRESS RELEASE. INTERNET CITY, DUBAI, Aug. 8, 2022 – LBank Exchange, a global digital asset trading platform, will list Drive Crypto (DRIVECRYPTO) on August 9, 2022. For all users of LBank Exchange, the DRIVECRYPTO/ USDT trading pair will be officially available for trading at 23:00 (UTC+8) on August 9, 2022. As the first web3 mobility App developed using the Drive-to-Earn concept with GameFi/SocialFi elements, Drive Crypto (DRIVECRYPTO) enables users to earn cryptocurrencies while driving with unique and rare NFT cars. Its native token DRIVECRYPTO will be listed on LBank Exchange at 23:00 (UTC+8) on August 9, 2022, to further expand its global reach and help it achieve its vision. Introducing Drive Crypto Drive Crypto is the first web3 mobility App developed based on Drive-to-Earn concept gathering GameFi/SocialFi. It has been built around an essential daily task for most of the people: using a vehicle to move from one place to another. It’s the first crypto space project which...

The Brazilian voting authority (TSE), has publicly declared it is studying blockchain as a technology that might help the organization in its task of organizing ballots. Celio Castro Wermerlinger, coordinator of modernization of the institution, stated that this decentralized ledger tech was included in a research program called “Elections of the Future.” Brazilian TSE Is Researching Blockchain Tech Blockchain tech is being included in several solutions designed for various applications, including ballot and voting technologies. The Brazilian voting authority announced last month that they were researching blockchain tech and the different ways it might be included in ballots. Celio Castro Wermerlinger, who is the coordinator of modernization at the Brazilian voting authority, stated that end-to-end voting protocol, post-quantum cryptography, shared keys, and blockchain were part of the technologies being studied. This investigation is part of a program called “Elections of the Fu...

The central bank of Portugal is now reviewing 12 requests from businesses that want to provide crypto-related services in the country. The applications are pending decision amid recent reports that some commercial banks are closing accounts of already approved operators. Binance Among Cryptocurrency Platforms Seeking Authorization in Portugal Portugal’s monetary authority is currently evaluating requests submitted by 12 entities that intend to offer Portuguese clients services for virtual assets, Dinheiro Vivo unveiled. The crypto firms need a license from Banco de Portugal (BdP) to work in the country, still considered one of Europe’s most crypto-friendly jurisdictions. Final decisions on the applications are expected by the end of the year. That’s unless the regulator asks the companies to provide additional information, in which case the deadline could be moved to 2023, the Portugal News English-language portal reported, quoting the business news outlet. Among the applicants to...

This week the number of cryptocurrency automated teller machines (ATMs) operating worldwide has surpassed the 39,000 mark. Since January 2017 when the count was approaching 1K machines, the number of crypto ATMs has grown by 3,925% since then. Crypto ATM numbers saw exponential growth during the last 23 months since September 1, 2020, when there were less than 10K machines worldwide. There’s Now 39,011 Crypto ATMs Installed Across 77 Countries During the first week of August 2022, the number of digital currency dispersing automated teller machines (ATMs) operating globally crossed the 39K mark. In fact, across 77 countries, 614 crypto ATM operators have installed 39,011 cryptocurrency ATMs, according to metrics recorded by coinatmradar.com . On January 1, 2017, there were approximately 969 crypto ATMs across the globe and since that point, installations have grown by 3,925% . Geographical distribution statistics show that North America dominates with 95.1% of all the crypto ATMs w...

Three different bills have been introduced in the U.S. this year to empower the Commodity Futures Trading Commission (CFTC) to be the primary regulator of the crypto spot markets. Lawmakers Want CFTC to Be Primary Regulator of Crypto Spot Markets Three bills have been introduced in Congress so far this year to make the Commodity Futures Trading Commission (CFTC) the primary regulator for crypto spot markets. Noting that there has been a longtime debate as to whether the Securities and Exchange Commission (SEC) or the CFTC should be the primary regulator of the crypto spot markets, Kristin Smith, executive director of the Blockchain Association, told CNBC Thursday: We now have three different bills — the one this week, the Lummis Gillibrand bill, and also the House bill, the Digital Commodity Exchange Act — that all say the CFTC is the place to go. The “ Digital Commodities Consumer Protection Act of 2022 ” was introduced by U.S. Senators Debbie Stabenow (D-MI), John Boozman (R-...

Tesla CEO Elon Musk believes inflation has peaked and the U.S. economy will be in a recession for about 18 months. “We do get a fair bit of insight into where prices of things are going over time,” the billionaire explained, noting that “inflation is going to drop rapidly.” Elon Musk Explains Why He Thinks Inflation Has Peaked and Recession Will Last 18 Months Tesla and Spacex CEO Elon Musk shared his view on the U.S. economy, inflation, and recession during Tesla’s 2022 annual meeting of stockholders Thursday. Replying to a question about inflation, he explained: “We do get a fair bit of insight into where prices of things are going over time because when you’re making millions of cars, you have to purchase commodities many months in advance of when they’re needed … Because it’s a long supply chain with a tremendous amount of inertia, so we sort of have some insight into where prices are headed over time.” Musk detailed: “The interesting thing that we’re seeing now is that most o...

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned about cryptocurrency, stating that “if and when all our money is on our computer, it’s going to be government money.” Nonetheless, he noted that his wife invests in crypto. Jim Rogers’ Crypto Warning Famed investor Jim Rogers shared his view about cryptocurrency in an interview with Bloomberg, published last week. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management. “A lot of people I know are investing in crypto and having fun and making money. Many have already disappeared and have gone to zero,” he began, elaborating: My wife invests in crypto of all things, but I don’t invest in them because the bulls say they’re going to be money, and my answer to that is, if and when all our money is on our computer, it’s going to be government money. Rogers proceeded to explain that governments will not allow other currencie...

Nayib Bukele, the president of El Salvador, declared that the speedy recovery of tourism in the country had to do with three elements, including surfing, bitcoin, and overall crime reduction. El Salvador was one of the 15 countries that managed to take their tourism incomes to pre-pandemic numbers according to data from the World Tourism Organization. Nayib Bukele States International Tourism Growth Is Powered by Bitcoin in El Salvador Nayib Bukele, the president of El Salvador and promoter of the adoption of bitcoin ( BTC ) as legal tender in the country, shared his thoughts about the growth of the tourism income in the Salvadoran country. Bukele stated that this growth was the consequence of three key factors: bitcoin, the promotion of surf, and the reduction of crime. In a tweet, the president stated : Only a handful of countries have been able to recover its tourism to pre-pandemic levels. And that’s international tourism, so the reasons behind it are mostly bitcoin and surf...

Law enforcement in Kazakhstan detained members of a crime group suspected of forcing IT experts into operating underground facilities for cryptocurrency mining with threats and blackmail. The racketeers allegedly made up to half a million U.S. dollars a month from their business. Kazakhstan Busts Illegal Crypto Mining Organization, Detains Dozens Authorities in Kazakhstan have arrested a group of “criminally oriented individuals” and former convicts who pressured people savvy in information and crypto technology to run illegal installations for cryptocurrency production. Many of the apprehended 23 people had a background in debt-collecting and extortion, the country’s Interior Ministry said in a statement this week. The gang was making estimated profits in the range of $300,000 to 500,000 each month as a result of their unauthorized crypto mining activities, the department further revealed. During searches, police found a number of weapons, including pistols, ammunition and a Kala...

On August 4, Arbitrum One, the layer two (L2) Ethereum scaling solution, announced the protocol will implement a significant upgrade called Nitro in 25 days. The highly anticipated Nitro migration will take place on August 31, exactly one year after Offchain Labs, the Arbitrum project maintainers, launched the Arbitrum One mainnet. The Arbitrum team says that developers need to prepare contracts and users should get prepared for faster transactions and lower fees. Offchain Labs Reveals Migration Date for Arbitrum One’s Nitro Upgrade Two days ago, the official Arbitrum One Twitter page told its 275,200 social media followers that Arbitrum will be “migrating to Nitro on August 31st.” Arbitrum launched last year on August 31, as the L2 Ethereum scaling solution leverages optimistic transaction rollups that are transmitted via the Arbitrum One sidechain and Ethereum mainnet. The scaling makes ethereum ( ETH ) transactions faster and cheaper than transacting onchain via ETH ’s layer on...

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...