Bitcoin News and Finance: What You Need to Know

Bank of England’s analysts say crypto assets could have important roles within the metaverse. “Widespread adoption of crypto in the metaverse … would require compliance with robust consumer protection and financial stability regulatory frameworks,” they added. Bank of England’s Analysts on the Metaverse, Crypto, and Regulation Bank of England’s economist Owen Lock and policy analyst Teresa Cascino published a blog post titled “Cryptoassets, the metaverse and systemic risk” Tuesday. “Cryptoassets could have important roles within the metaverse,” they began, cautioning: If an open and decentralized metaverse grows, existing risks from cryptoassets may scale to have systemic financial stability consequences. “Widespread adoption of crypto in the metaverse, or any other setting would require compliance with robust consumer protection and financial stability regulatory frameworks,” they stressed. Lock and Cascino explained that “The open metaverse will require a means with which to...

PRESS RELEASE. ReadON ( readon.me ), a company that aims to provide users with a brand-new content consumption experience by utilizing blockchain, completed its seed investment round of $2M led by SevenX Ventures. Other investors included HashKey Capital, Foresight Ventures, Sky9 Capital, ArkStream Capital, Puzzle Ventures, CyberConnect, M23 Fund, Smrti Lab and individual investors. The seed funding will be used to develop a ReadON mobile application and a decentralized recommendation system. Neo Y., Cofounder and CEO of ReadON, is a serial entrepreneur who founded a games and applications company that made over 500K DAU, $10 million in revenue in 2020. Neo previously worked as the Director of Product at Qutoutiao (NASDAQ: QTT) , responsible for designing the best Play2Earn product in China with 30M daily active users. Troy H., Co-founder and CTO of ReadON, was formerly the senior technology manager at ByteDance. Prior to that, Troy was a senior tech lead at Pinterest (NYSE: PI...

On August 9, a firm that uses landfill methane to fuel bitcoin miners, Vespene Energy, announced the company has raised $4.3 million in a funding round led by Polychain Capital. Vespene aims to use the funds for its pilot in California by using landfill methane to mine bitcoin and “mitigate a major source of greenhouse gas emissions.” Vespene Energy Raises $4.3M in Funding Round Led by Polychain Capital, Firm Aims to Give Landfill Owners the Ability to Monetize Landfill Methane Vespene Energy announced that the company has raised $4.3 million from a financing round led by Polychain Capital. According to the company’s website , the startup converts landfill methane into bitcoin value with no grid connections or pipeline buildout. Vespene essentially installs onsite data centers powered by micro-turbines, getting energy from municipal landfills’ methane. It gives landfill owners the ability to monetize their landfill methane, “reducing routine flaring and maintenance costs,” Vespe...

President Joe Biden stated Wednesday that the U.S. economy had zero percent inflation in July following the latest CPI report. “Biden is claiming that we saw zero percent inflation last month. But there’s a zero percent chance that’s the case. Inflation in July was 8.5%, which is still a 40-year high,” said a lawmaker. Biden’s Zero Inflation Comment and Responses On Wednesday, President Joe Biden publicly stated that the U.S. economy had 0% inflation in July after the latest consumer price index (CPI) report was released. “Before I begin today, I want to say a word about the news that came out today relative to the economy,” Biden began. “Actually, I just want to say a number: zero.” The president added: Today, we received news that our economy had zero percent inflation in the month of July. Zero percent. The White House press secretary, Karine Jean-Pierre, similarly stated on Twitter: “We just received news that our economy had 0% inflation in July. While the price of some t...

Coinbase CEO Brian Armstrong says “the more regulation there is for crypto, the better it is for Coinbase.” He revealed an inquiry from the U.S. Securities and Exchange Commission (SEC), noting: “We do not yet know if this inquiry will become a formal investigation.” Coinbase’s CEO on Crypto Regulation The CEO of Coinbase Global (Nasdaq: COIN), Brian Armstrong, discussed his company’s performance and cryptocurrency regulation during Coinbase’s Q2 earnings call Tuesday. Coinbase’s revenue declined almost 64% in the second quarter. The company reported a $1.1 billion net loss, compared with $1.59 billion in net income in the same quarter last year. “Q2 was a test of durability for crypto companies and a complex quarter overall,” Coinbase said in its latest letter to shareholders. Regarding cryptocurrency regulation, Armstrong detailed: “We’ve been pleased to see the progress recently both in the U.S. and in countries around the world toward more clear legislation for crypto. In the ...

When non-fungible token (NFT) collectibles became popular, the fractionalized NFT market grew past the $200 million range seven months ago in December 2021. Since then, the fractionalized NFT market has lost more than 76% in value, dropping to an overall market capitalization of around $50 million. Fractional NFT Market Value Slides From $212 Million to $50 Million The fractionalized NFT market followed alongside the sizable growth the entire NFT industry saw last year. At its height in December 2021, the overall fractionalized NFT market valuation was approximately $212.6 million , according to metrics recorded by dappradar.com. Today, the value has evaporated by 76.41% , as the current fractionalized NFT market capitalization is roughly $50,401,068. Over seven months ago on Sunday, December 12, 2021, the largest fractionalized NFT project market valuation belonged to the Doge NFT (DOG) with a $130.14 million market cap. Today, the Doge fractionalized NFT project is still the top...

Authorities in Kazakhstan have launched an investigation into a mining hotel business suspected of being a crypto pyramid as part of an ongoing crackdown on illegal activities linked to cryptocurrencies. The platform, called Bincloud, lured investors through popular messaging apps. Bincloud Operators Kept 16% of Investors’ Funds for Themselves Amid intensified efforts to fight crypto-related fraud, Kazakhstan’s Financial Monitoring Agency has initiated a pre-trial investigation into a crypto mining business allegedly working as a financial pyramid scheme. It’s led by the watchdog’s department in the West Kazakhstan region, the FMA announced, quoted by Russian crypto media. The people behind the Bincloud mining hotel were recruiting investors through the Whatsapp and Telegram messengers, convincing them to put money into the project offering mining equipment rental. As a reward, they were promised to get back 5 to 6% of the invested amount daily. The fraudsters withheld 16% of the ...

Thailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services,” said the Thai finance minister. Thai Central Bank Will Help Regulate Crypto Industry Thailand is reportedly planning to amend its law on digital assets to tighten the oversight of the crypto sector, particularly trading platforms. Thai Finance Minister Arkhom Termpittayapaisith explained that the planned amendments to the country’s crypto regulations will “bring the central bank to be part of it,” Bloomberg reported Tuesday. He added that the Thai Securities and Exchange Commission (SEC) has been asked to lead the regulatory overhaul. Under the current rules passed in 2018, the securities watchdog has the sole mandate to supervise the crypto ind...

Iran has placed its first official import order using cryptocurrency worth $10 million, according to a government official. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added. Iran Uses Crypto to Place Import Order Iran placed its first official import order for $10 million worth of goods in cryptocurrency this week. Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine and Trade and president of the country’s Trade Promotion Organization (TPO), announced via Twitter Tuesday (translated by Google): This week, the first official import order was successfully placed with cryptocurrency worth 10 million dollars. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” his tweet further reads. Iran has been contemplating allowing the use of cryptocurrencies to pay for imports for over a yea...

On Tuesday, the bitcoin mining company Cleanspark announced it acquired a plug-in-ready bitcoin mining facility that is scalable to 86 megawatts (MW) of capacity. Presently, the newly opened site in Washington, Georgia, has 36 megawatts, which is expected to give Cleanspark’s hashrate a 38% boost this quarter. Publicly-Listed Bitcoin Miner Cleanspark Expands Operations in Georgia After Cleanspark Inc. (Nasdaq: CLSK ) revealed last month that it acquired 1,061 bitcoin miners at a “discounted price,” the company announced it has acquired a new facility in Washington, the county seat of Wilkes County, Georgia. The new facility has the capacity to host up to 86 MW and Cleanspark purchased the facility for $16.2 million. The mining firm also bought 3,400 Antminer S19 mining rigs for $8.9 million. The Antminer rigs are currently in operation with 340 petahash per second (PH/s) of hashpower. “[Cleanspark] will fill the balance of the 36 MW with machines already paid for and on hand,” Tu...

At one point in every crypto enthusiast’s life he or she has envisioned buying their dream mansion, with Bitcoin. What was once a fantasy is now a reality with the listing of this exquisite, ultra modern, 2-story, 5-bedroom mansion in the heart of the Caribbean. A life of Paradise in a Caribbean Hidden Valley This unique luxury property is being sold through ArroyoLaRue Realty , and is nestled in the stunning “Hidden valley” of Guaynabo, Puerto Rico. Situated in the serene Valle Escondido Estates of Guaynabo . The Idyllic, luscious landscape offers a sense of privacy with beautiful natural resources right on its doorstep and the center of San Juan metro only a short drive away. With the sale of this listing the lucky buyer will acquire not just a stunning, unique property in a tropical location, but a lifestyle and tax benefits befitting that of one of the celebrities that live just a stone’s throw away. Let’s get into it! Opening the Door: A Look Inside the Dream Mansion The ...

Following the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) banning Tornado Cash and a number of associated Ethereum-based addresses, an anonymous Tornado Cash user has dusted a swathe of well known wallets tied to ENS domain names. Onchain data shows that a number of celebrities and organizations received 0.1 ether from the platform. Blockchain explorers indicate Linkin Park’s Steve Aoki, Youtuber Logan Paul, the Ukraine Crypto Donations address, comedian Jimmy Fallon, the sneaker company Puma, and rap star Snoop Dogg are among the recipients. Celebs and Well Known Organizations Receive 0.1 Ether From the Tornado Cash Platform Things got interesting following the recent United States government ban against the ethereum ( ETH ) mixer Tornado Cash after a number of well known organizations and celebrities received funds from the sanctioned platform. The organizations and celebrity addresses are public knowledge because many of them purchased Ethereum Name Service...

According to an igaming expert, Keane Ecclestone, crypto casinos are increasingly popular with bettors that value their privacy and security. While some perceive crypto casinos to be riskier than traditional online gambling platforms, Ecclestone believes bettors can play safely by choosing casinos that avail their licensing information. Bettors can also minimize risks by choosing crypto casinos that have several positive reviews, Ecclestone added. Crypto Casinos vs Traditional Online Gambling Sites Crypto casinos, just like many other services or innovative products that came to life courtesy of the growing use of cryptocurrencies, have seen the number of people using them grow. There are several reasons why bettors are flocking to online gambling sites and many of these reasons have to do with the shortcomings of traditional casinos. Despite having clear advantages, crypto casinos do have their shortcomings which potentially increase risks for users. The perception that online cry...

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...