Bitcoin News and Finance: What You Need to Know

U.K.-based digital bank Revolut has been authorized by Cyprus to provide cryptocurrency services to millions of customers on the Old Continent. The fintech firm says the regulatory approval will allow it to establish a European crypto hub in the island nation. Revolut to Expand Crypto Services for Europeans From Cyprus A leader in the neobank sector, Revolut, has received approval from the Cyprus Securities and Exchange Commission ( CySEC ) to operate with cryptocurrencies and other digital assets. The company plans to establish a cryptocurrency hub on the island that will allow it to offer additional services to its 17 million European customers under the EU’s upcoming regulations. CySEC’s approval comes after Revolut obtained similar authorizations in other markets, such as Spain and Singapore, the Cyprus Mail noted in a report. These licenses will enable the London-headquartered fintech to expand its sales in a number of jurisdictions. The platform will continue to serve its Bri

Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue sitting at $1.6 billion, 65% lower than where it was through the end of July last year. “Those numbers suggest that fewer people than ever are falling for cryptocurrency scams,” the blockchain data analytics firm wrote. Data Shows Illicit Crypto Volumes Are Down Blockchain data analytics firm Chainalysis published its mid-year crypto crime update titled “Illicit Activity Falls With Rest of Market, With Some Notable Exceptions” on Tuesday. The firm wrote that overall: Illicit volumes are down just 15% year over year, compared to 36% for legitimate volumes. Specifically, “Total scam revenue for 2022 currently sits at $1.6 billion, 65% lower than where it was through the end of July in 2021, and this decline appears linked to declining prices across different currencies,” Chainalysis noted. Furthermore, “the cumulative number of individual transfers to scams so far in 2022 is the lowest

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says it’s time to open his closed mind after listening to economist Harry Dent. He is now buying 2-year U.S. Treasury bonds despite repeatedly saying he does not invest in anything printed by the Federal Reserve or Wall Street. Robert Kiyosaki Influenced by Harry Dent, Buys Treasury Bonds The author of Rich Dad Poor Dad, Robert Kiyosaki, is opening his “closed mind” and buying 2-year U.S. Treasury bonds after listening to economic forecaster Harry Dent. 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. Kiyosaki tweeted Tuesday: Opening my closed mind. I don’t invest in things Fed or Wall Street print. Time to open my mind. After listening to Harry Dent, I am buying U.S. Treasury 2-year bonds. His

On Wednesday the Ethereum Foundation clarified that The Merge will not reduce onchain fees as the highly anticipated transition from proof-of-work (PoW) to proof-of-stake (PoW) is now 29 days away. Amid The Merge update from the Ethereum Foundation, during the last month, Ethereum network costs have printed some of the lowest onchain fees since 2020. Ethereum Foundation Clarifies ‘Gas Fees Are a Product of Network Demand’ — The Merge Does Not Significantly Change Any Parameters That Directly Influence Network Capacity or Throughput The Ethereum Foundation wants the public to be aware that while The Merge will transition from PoW to PoS, assumptions that fees will drop are false. The statement was added to the foundation’s definition and summary of The Merge hosted on ethereum.org . The page has been updated on a few occasions and the last update occurred on August 16, 2022. Ethereum developers are expected to convene for a meeting on August 18, 2022 . “Gas fees are a product of ne

The Nasdaq-listed firm Eqonex is closing its cryptocurrency exchange business. The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting down its exchange. Eqonex Closing Crypto Exchange Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday. The announcement states: The company will proactively exit the crowded crypto exchange space by closing the exchange. The Eqonex exchange will close for trading on Aug. 22 at 8 a.m. (UCT) and for withdrawals on Sept. 14 at 8 a.m. (UCT). All withdrawal fees will be waived, the announcement notes. Eqonex explained that intense market competition, low margins, and the significant technological load required to ensure optimal performance “has made running a profitable exchange increasingly challenging, especially in the current environment where crypto exchange volumes have fallen.” The Nasda

Crypto exchange Binance has been granted preliminary approval to offer trading and custody services for digital assets in Kazakhstan. The exchange is yet to complete the full application process but the development has already been hailed as a landmark achievement for the company in the Central Asian nation which only recently took steps to regulate coin trading. Binance Receives Regulatory Approval From Kazakhstan Authorities Kazakhstan’s Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center ( AIFC ), has issued a temporary license approval to the world’s leading cryptocurrency exchange, Binance, the company unveiled in a blog post published on Monday. The in-principle approval requires Binance to complete the application process to get the full license, which will allow it to run a digital asset trading facility and provide digital asset custody services on the AIFC’s platform, the announcement noted. The move co

The government of Colombia revealed it has plans to launch a digital currency. One of the purposes of this new currency would be to curb tax evasion and enhance the traceability of transactions made by citizens. The proposed measure would also be accompanied by restrictions on cash payments and transactions of over 10 million Colombian pesos ($2,400). Colombia to Launch Its Own Digital Currency Many countries are now looking to digitize part of their economies in order to better understand and control the flow of money in their economies. The government of Colombia is planning to launch its own digital currency in the near future, according to statements offered by Luis Carlos Reyes, head of the DIAN, the Colombian tax authority . Reyes told local news outlet Semana this would be one of the proposals of the newly inaugurated president Gustavo Petro in order to curb tax evasion, estimated to be between 6% and 8% of the GDP of Colombia. On this note, Reyes stated that the purpose of

Luxury resort chain Soneva has reportedly begun accepting cryptocurrency payments at its resorts in the Maldives and Thailand. “Accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world.” Soneva Accepts Cryptocurrency Payments Luxury resort chain Soneva has reportedly begun accepting payments in bitcoin and ethereum at its resorts. Soneva has three resorts in the Maldives (Soneva Fushi, Soneva Jani, and Soneva in Aqua). The company also has a resort in Thailand (Soneva Kiri). Bitcoin and ether can also be used to pay for Soneva Villa Ownership. In order to accept cryptocurrencies, Soneva has partnered with two companies: crypto payment solutions provider Triple A and payment platform provider Pomelo Pay. Triple A is licensed by the Singapore Monetary Authority (MAS). Soneva explained that bitcoin and ether payments are 100% non-refundable but credits can apply per its flexible cancella

Hedge fund manager Michael Burry’s Scion Asset Management dumped all but one of its stock holdings in the second quarter, according to the firm’s filing with the U.S. Securities and Exchange Commission (SEC). Burry, famed for forecasting the 2008 financial crisis, has predicted a stock market crash, warning that winter is coming. Michael Burry Sells All Stocks but One Michael Burry’s investment firm Scion Asset Management dumped all of its stock holdings except one in the second quarter, the company’s disclosure filing with the U.S. Securities and Exchange Commission (SEC) Monday shows. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. Scion sold off its long positions on 11 U.S. equities during the second quarter, including Google parent company A

According to a recent report published on Tuesday, the Israeli-American founder and CEO of Celsius Network, Alex Mashinsky, was in charge of the company’s trading strategy. The report, citing multiple people familiar with the matter, said Mashinsky sold millions of dollars’ worth of bitcoin in anticipation to buy bitcoin cheap. Except after the CEO allegedly placed this bet, bitcoin markets followed the opposite trend, and the leading crypto asset accumulated some gains. People Familiar With the Celsius Situation Say Mashinsky Was Trading on ‘Bad Information’ On Tuesday, the Financial Times (FT) reported on the embattled and bankrupt crypto lender Celsius and the company’s CEO. FT’s report citing people familiar with the situation explained that months before the company filed for bankruptcy protection, Mashinsky “took control of Celsius trading strategy.” Allegedly, the founder and CEO of Celsius made a number of bad bets with large sums of bitcoin ( BTC ) and other assets. “He

A United Nations trade body has recommended a set of policy actions to “curb the expansion of cryptocurrencies in developing countries.” The intergovernmental group stressed that if cryptocurrencies become a widespread means of payment, it could jeopardize the monetary sovereignty of countries. UN Trade Body’s Crypto Policy Recommendations The United Nations Conference on Trade and Development (UNCTAD) urged authorities in developing countries worldwide to take action to prevent the widespread use of cryptocurrencies last week. UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964. It is part of the U.N. Secretariat. The group reports to the U.N. General Assembly and the Economic and Social Council. UNCTAD has 195 member states and 204 projects in 70 countries, its website shows. “Global use of cryptocurrencies has increased exponentially during the Covid-19 pandemic, including in developing countries,” the group noted. “While thes

Have you lost the passphrase for an hardware wallet and looking how to recover your coins? Here is how the KeychainX recovery experts have done just that for a client. This is a trusted service provider that specializes in recovering lost crypto wallets and they can even recover funds from broken hardware drives, phones or Trezor/Ledger wallets. Recovering a Trezor Wallet Passphrase A TREZOR hardware wallet is a security device that protects the user from key loggers and phishing e-mail, keeping the user’s Bitcoin and crypto safe. Various hacking groups could open the device by mitigating side-channel attacks; however, the method was only possible because ‘a passphrase was not used’. When making a transaction, the user only enters a PIN and therefore protects the private key of the Bitcoin. The only backup is a 12/24-word mnemonic that determines which addresses are stored on the device. Recently, a client asked the KeyChainX team to brute force their TREZOR wallet as the client

Ghana’s ongoing economic woes appeared to worsen in July after data from the country’s statistical agency, Ghana Statistical Service, suggested that the inflation rate is now nearly 31.7%. The nearly 2% increase in the country’s inflation rate comes at a time when the local currency is reported to have depreciated by as much as 30% since the start of the year. Economist Recommends Installation of Currency Board According to the latest data from Ghana Statistical Service (GSS), the West African nation’s year-on-year inflation rate for July rose to 31.7%. The latest inflation rate is nearly 2% higher than the 29.8% rate which was recorded in June, the data showed. Confirmation of Ghana’s latest official inflation, which is said to be the highest in 19 years, coincided with a report suggesting the country’s currency, the cedi, has now depreciated by more than 30% since the beginning of the year. The currency’s depreciation has since prompted Steve Hanke — the Johns Hopkins economics

“Durmientes,” a new movie that will be directed by Gibran Bazan, a Mexican filmmaker, aims to be funded fully by the sale of a series of non-fungible tokens (NFTs). The NFTs, which will be sold on Metaown, a Mexico-based NFT marketplace, and designed by artist Gabriel Colin, will feature 3D models that will be connected to the story of the film and will bring benefits to owners. Durmientes Will Try to Succeed Using an NFT-Based Financing Model Cryptocurrencies and non-fungible tokens (NFTs) are migrating to other industries that can also take advantage of their properties and technology. “Durmientes,” a new Mexican film project which will be directed by filmmaker Gibran Bazan, will produce a set of NFTs that will be sold in order to raise funding for the film. The financing team of the film will issue 1,500 NFTs that will feature some important object present in the film’s script. These will be done in 3D art, and will also bring important benefits for their owners, allowing them t

Galaxy Digital Holdings and the company’s CEO and founder Mike Novogratz announced the company has “exercised its right to terminate” a previously announced acquisition of Bitgo. According to Galaxy the termination of the deal was due to Bitgo’s “failure to deliver” audited financial statements for 2021. Galaxy Ends Deal With the Crypto Custodian Bitgo On Monday, Galaxy Digital Holdings (TSX: GLXY ) explained that the company has terminated a proposed $1.2 billion stock and cash deal that would allow the crypto firm to acquire the digital asset custody business and financial services provider Bitgo . Galaxy’s announcement details that the abandoned deal was due to Bitgo’s “failure to deliver” specific financial documents. “[Galaxy] exercised its right to terminate its previously announced acquisition agreement with Bitgo following Bitgo’s failure to deliver, by July 31, 2022, audited financial statements for 2021 that comply with the requirements of our agreement,” the crypto com

India’s finance minister has cautioned investors about cryptocurrency as the country’s Enforcement Directorate (ED) investigates a number of crypto exchanges and freezes the assets of some trading platforms. Indian Finance Minister Cautions About Crypto Indian Finance Minister Nirmala Sitharaman reportedly warned about cryptocurrency Saturday at an event organized by the BJP Economic Cell. She cautioned the public and entrepreneurs that cryptocurrency is not currency, stating : The government has already warned. I think all of us will have to share our thoughts and move with a bit of caution on this. On Thursday, News18 reported that the finance minister asked investors to exercise caution on crypto, emphasizing that a new law on cryptocurrency is coming soon. Her statements came as India’s Enforcement Directorate (ED) probes cryptocurrency exchanges in relation to its money-laundering investigations. The law enforcement agency has frozen the assets of at least two cryptocurre

JPMorgan CEO Jamie Dimon has shared his predictions for the U.S. economy, including a chance of “something worse” than a recession. “There are storm clouds,” the executive said, citing interest rates, QT, oil, Ukraine, war, and China. JPMorgan Chief Jamie Dimon’s Economic Forecasts JPMorgan’s chairman and chief executive officer, Jamie Dimon, reportedly shared his predictions about where the U.S. economy is headed during a client call last week, Yahoo Finance reported Saturday. While noting that the U.S. economy is strong, with consumers’ balance sheets and businesses in good shape, the executive emphasized that “you have to think differently” when forecasting. The JPMorgan chief described: “What is out there? There are storm clouds. Rates, QT, oil, Ukraine, war, China.” Dimon shared: “If I had to put odds: soft landing 10%. Harder landing, mild recession, 20%, 30%.” He added: Harder recession, 20%, 30%. And maybe something worse at 20% to 30%. “It is a bad mistake to say ‘her

After three years of dormancy, a massive ethereum whale that participated in the project’s first token sale, also known as the Genesis initial coin offering (ICO), spent 145,000 ether worth just over $276 million using today’s ethereum exchange rates. Mega Ethereum Whale Distributes 145,000 Ether to 9 Different Addresses On August 14, 2022, onchain data indicates that a whale who participated in the Ethereum Genesis ICO has moved 145,000 ETH to various addresses. The funds were worth $276 million using current ETH exchange rates. It was the first time the Genesis ICO participant spent coins since 2019, back when 5,000 ETH exited the whale’s wallet. At the time of writing, the address currently holds 0.‍1177 ETH worth $22,4 after it emptied the 145,000 ether. The transfers on Sunday were sent in multiple batches of 5,000 ETH , 10,000 ETH , and 20,000 ETH increments. The whale ended the transfers with a final 10,000 ETH transfer sent at 12:18 a.m. (UTC). The wallet owner also

Do you have a talent for picking winners? Do you follow athletes’ careers and know who is gonna be successful? So why not benefit from that?! Upcoming NFT Platform OWNIC empowers sports fans to earn from the real world performance of the stars they pick using dynamic NFTs. It introduces a number of revolutionary concepts to the space of collectible sports cards that will create new ways for fans to earn from fantasy sports leagues and metaverse gaming. OWNIC has also already proven its credibility with exclusive partnerships with top global athletes in the fields of soccer and MMA. The NFT platform will launch on August 22, 2022 with the Pre-Sale for the collection of the captain of the Italian national football team and Juventus F.C., Leonardo Bonucci. Own a Piece of Your Favorite Player’s Success in an Officially Licensed Dynamic NFT Sports Platform OWNIC is an upcoming platform for NFT (non-fungible token) sports collectibles where an athlete’s performance is reflected on a card

The city of Buenos Aires will deploy a number of Ethereum validator nodes in 2023. The statements were made by Diego Fernandez, secretary of Innovation and Digital Transformation of the city, who clarified this deployment will pursue exploratory and regulatory purposes and will help the city to develop regulations for cryptocurrencies. Buenos Aires to Deploy Ethereum Validator Nodes More and more cities are including cryptocurrency and blockchain projects as part of their development and growth plans. Buenos Aires will reportedly deploy validator nodes for the Ethereum chain in 2023. Diego Fernandez, secretary of Innovation and Digital Transformation of the city reported this at ETH Latam, an Ethereum-centric convention that is taking place in the city. Fernandez clarified the interest of the city in running these nodes had an exploratory purpose, and that they expected that running these nodes will allow them to have a deeper understanding of the Ethereum chain in order to regul