Bitcoin News and Finance: What You Need to Know

The upcoming consensus change that Ethereum, the second largest cryptocurrency by market cap, is planning to execute in September has worried many users about the possibility of censorship happening at a protocol level. This means that, even by interacting directly with smart contracts, blacklisted addresses would not be able to transact or operate in the base layer . Incoming Merge Event Triggers Worries in Crypto Circles The Merge , Ethereum’s migration from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus algorithm has raised concerns about the future of the chain when it comes to censorship. After the addresses of the smart contracts of Tornado Cash , a privacy-centered mixing protocol, were sanctioned and blacklisted by the U.S. Treasury’s Office of Foreign Assets Control, the privacy and censorship-resistant character of Ethereum has been in the spotlight. Gabriel Shapiro, the general counselor at Delphi Digital, believes that big validators of Ethereum will try to

Bluebenx, a Brazilian crypto company that recently stopped customer withdrawals, has changed its story regarding the causes which took it to take that measure. While the exchange issued an email statement informing customers it had been the victim of a vicious hack, now the company states the liquidity problems were the consequence of a listing scam. Bluebenx Switches Versions Regarding Liquidity Issues Brazilian crypto investment company Bluebenx changed the version on the recent liquidity issues it is facing, having stopped the withdrawals for some customers last week. The first explanation of this resolution included allegations of the exchange being the victim of an “ extremely aggressive hack ,” with the operations halt being part of the security protocol to handle the aftermath of the event. However, now it has backpedaled on this explanation, offering a very different take on the issue. Bluebenx explained that the incident was the consequence of a listing scam, in which the

On Sunday, August 21, 2022, the floor value of the Cryptopunks non-fungible token (NFT) collection briefly surpassed the Bored Ape Yacht Club (BAYC) NFT collection’s floor value. While it’s not by a huge amount, at the time, Cryptopunks floor was ​​66.45 ether, while BAYC’s least expensive NFT was 64.99 ETH . Cryptopunks Reclaims the Throne It Held Last Year by Flipping BAYC’s Floor Value Non-fungible token (NFT) sales are not doing so well this week as sales are down 18.75% lower than the week prior’s sale volume, according to cryptoslam.io statistics. Bored Ape Yacht Club (BAYC) holds the top sales this week with $15,087,189 million in sales, up 61.47% higher than last week. 👀 pic.twitter.com/NOprcn7Vja — Nick Tomaino (@NTmoney) August 20, 2022 While Cryptopunks is the sixth largest collection in terms of this week’s NFT sales with $4,517,133 in sales this week, sales are down 52.38% lower than the week prior. Despite the lower number of sales this past week, Cryptopunks

On August 20, 2022, Ethereum Classic’s hashrate reached an all-time high at block height 15,776,674 as it tapped 38.37 terahash per second (TH/s). The crypto asset has seen its hashrate surge since Wednesday, August 17, jumping 39.22% higher from 27.56 TH/s to the all-time high (ATH). Ethereum Classic’s Hashpower Skyrockets to 38.37 Terahash Roughly six years after ethereum classic (ETC) miners mined the first ETC block at block height 1,920,000, ETC ’s hashrate tapped an ATH on August 20, 2022. ETC ’s hashrate reached 38.37 TH/s at block height 15,776,674. The hashrate has been added to the ETC chain as Ethereum ( ETH ) approaches The Merge upgrade on or around September 15, 2022 . Four days ago, on August 17, ETC hashrate was 27.56 TH/s and its jumped 39.22% higher since that day. ETC ’s largest mining pool is Ethermine as it commands 8.05 TH/s, which is followed by Poolin’s 8.02 TH/s. Ethermine’s and Poolin’s combined hashrate of around 16 TH/s is more than 40% of

Gold bug and economist Peter Schiff has warned that the seeming ease in inflation for the United States economy is nothing to get too excited about, as Shark Tank star billionaire Mark Cuban is facing a class action lawsuit for allegedly promoting a “massive Ponzi scheme.” In other news, JPMorgan CEO Jamie Dimon thinks “something worse” than a recession could be coming, and popular play-to-earn (P2E) blockchain game Axie Infinity hits $4B in sales and announces the removal of SLP rewards from classic mode. This is the Bitcoin.com News Week in Review. Peter Schiff Warns US Faces a ‘Massive Financial Crisis,’ Economist Expects Much Larger Problems Than 2008 ‘When the Defaults Start’ The economist and gold bug Peter Schiff usually has a lot to say, and this past week Schiff explained during an interview that he believes the U.S. will face a financial crisis worse than 2008’s ‘Great Recession.’ Schiff explains that the U.S. has a lot more debt than it did back then, and insists America

According to reports on social media, a number of users have complained that FTX has blocked a transaction that was associated with the Aztec Network’s zkmoney privacy technology. Following the accusations, FTX CEO Sam Bankman-Fried explained that transactions are monitored for AML compliance but it “does not mean any accounts were frozen.” Journalist Wu Blockchain Says an FTX User’s Account Was Frozen After the User Transacted With the Aztec Network’s Privacy Enhancing ZK-Rollups On August 18, the China-based journalist, Colin Wu ‘Blockchain,’ published a tweet that said a user who transacted with Aztec Network’s zkmoney tech , had their account frozen. Aztec Network is a privacy and scaling network, and similar to Optimism and Arbitrum it uses ZK-rollups, but Aztec Network’s zkmoney tech is privacy enhancing. Aztec’s technology uses a zk-SNARK scheme called “ Plonk ,” a general-purpose zero-knowledge proof mechanism. So while the average Ethereum network fee is 0.0014 ether or $2

Russia’s largest market for equities, bonds, and derivatives, the Moscow Exchange, intends to launch a product based on digital financial assets by the end of the year, an executive has revealed. The trading platform is already working with a partner to organize the placement of digital tokens. Russia’s Top Exchange to Facilitate Trading of Financial Instruments Based on Digital Assets Releasing a product based on digital financial assets (DFAs) is in the plans for 2022, a high-ranking representative of the Moscow Exchange ( MOEX ) has indicated in a recent interview. The announcement comes after a turbulent period for Russia’s leading stock market when it had to deal with market volatility, sanctions pressure, and cyberattacks earlier this year. Alongside ‘digital rights,’ DFAs is currently the main legal term in Russian law that applies to various digital assets, including cryptocurrencies according to some statements by Russian officials, but primarily those that have a specific

U.S. authorities have warned about the rising popularity of a crypto scam known as “pig butchering.” The Federal Bureau of Investigation (FBI) explained: “The fraud is named for the way scammers feed their victims with promises of romance and riches before cutting them off and taking all their money.” ‘Pig Butchering’ Crypto Scam on the Rise U.S. authorities have been warning about a type of cryptocurrency scam called “pig butchering” that has been growing in popularity at an alarming rate. Lakewood Police Public Information Officer John Romero detailed: The term pig butchering basically comes from a farmer fattening up the pig before they slaughter it. And in this case, it’s the suspect who was fattening up their victim. The police officer explained that the pig butchering scam usually starts on social media or dating sites like Linkedin and Tinder, where the scammer finds and convinces the victim to hand over some funds. The scammer then puts the money into a crypto account w

The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to five companies, including crypto exchange FTX US. CEO Sam Bankman-Fried explained that FTX does not have FDIC insurance, stating: “We never meant otherwise, and apologize if anyone misinterpreted it … to be clear FTX US isn’t FDIC insured.” FDIC Orders 5 Firms to Cease and Desist The Federal Deposit Insurance Corporation (FDIC) issued crypto-related cease and desist orders to five companies Friday. The agency regulates and insures the deposits of FDIC-insured community banks and other financial institutions. The letters demand that the five companies and their officers “cease and desist from making false and misleading statements about FDIC deposit insurance.” They must also “take immediate corrective action to address these false or misleading statements.” The five companies are FTX US, Cryptonews.com, Cryptosec.info, Smartasset.com, and FDICCrypto.com. The FDIC detailed: Each of these compa

SBI Holdings, the largest online brokerage in Japan, is shutting down its crypto mining business in the Russian Federation. Amid mounting uncertainty over the future of such investments due to the ongoing conflict in Ukraine, as well as decreased mining profits, the financial firm said it plans to sell its equipment and withdraw. Japan’s SBI Broker to Complete Withdrawal From Russian Mining Industry Access to low-cost power and suitable climatic conditions made Russia an attractive destination for cryptocurrency miners when China cracked down on the industry in May of 2021. However, sanctions imposed over Moscow’s decision to attack Ukraine this year have hit bitcoin mining, among other Russian industries. One of the largest mining data-center operators with significant presence in Russia, Switzerland-based Bitriver, was targeted by the U.S. Treasury Department this spring. Then the U.S. company Compass Mining sought to liquidate $30 million in mining hardware installed in Siberia

Following three consecutive days of declines, shiba inu rebounded on Saturday, as the meme coin appears to have found a support point. Cosmos was also higher, in what has mostly been a bearish start to the weekend. As of writing, the global crypto market cap is down 1.31%. Shiba Inu (SHIB) Shiba inu (SHIB) was back in the green on Saturday, as the token rallied following three straight days of declines. The world’s twelfth-largest cryptocurrency rose to an intraday peak of $0.00001397 to start the weekend. This came less than a day after prices of the meme coin were at a low of $0.00001270, which was below a key support point. Looking at the chart, this price floor was the $0.00001290 mark, however bulls resisted any further declines, pushing SHIB/USD back into the $0.00001300 region. As of writing, the 14-day relative strength index (RSI) is tracking at 52.13, which is marginally above a floor of 51.44. Should the index continue to climb, and move towards a ceiling of 58, then

This week’s sell-off in cryptocurrency markets worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its descent in today’s session, as the price of the token dropped under the $1,700 level to start the weekend. Bitcoin Bitcoin ( BTC ) continued to reside in the red to start the weekend, as prices of the world’s largest cryptocurrency fell below $22,000. Saturday saw BTC /USD fall to an intraday low of $20,868.85, with the token edging closer to a key support level. This floor has been at the $20,800 point, which was last hit on July 16, when prices were trading below $20,500. As a result of these declines, the 14-day relative strength index (RSI) dropped to a low of 32.97, which is its lowest point since July 12. Bitcoin prices have since rebounded, and as of writing are back above $21,000. BTC is currently trading at $21,191.27. Taking a closer look at the chart, it can be seen that the 10-day (red) moving aver

The Central Bank of Colombia is studying the launch of a digital currency, according to statements made by its manager, Leonardo Villar. The organization is evaluating the launch of this instrument as a means of unifying the different digital wallets in the country, making them interoperable and easier to use for customers. Central Bank of Colombia Studies Digital Currency Issuance Many governments in the world are preparing to launch digital currencies in order to compete with cryptocurrencies and other assets. Leonardo Villar, manager of the Central Bank of Colombia, recently announced that the organization was studying the issuance of a digital currency. During a banking convention at Cartagena, Villar explained that the functions and the convenience of such currency were being reviewed by the bank. While the officer did not offer more details about the structure or nature of the announced currency, he did reveal that one of the experiences the bank is looking closely at, is on

Mercado Libre, a leading Latam-based e-tailer, has announced the launch of its own token, called “Mercadocoin,” for Brazilian customers. The token will be the main reward of a loyalty program on Mercado Libre’s platform and will be awarded to customers that purchase certain items linked with the token. The token will have an initial value of $0.10. Mercado Libre to Launch Mercadocoin Token to Power Loyalty Program Mercado Libre, a retailer and financial services unicorn in Latam, has announced the inclusion of cryptocurrency as a part of its royalty program. The company announced the launch of its own token, denominated mercadocoin, that will be used to power its rewards to users. The token, to be issued on top of Ethereum, will be given to users that purchase certain articles on Mercado Libre’s platform identified with the loyalty program. The program, which is already being implemented, will include Brazilian customers only, though the company aims to extend it to other countrie

The Indian police have launched an investigation into Bitconnect and booked its founder after a bitcoin investor reported being defrauded by the global crypto “Ponzi scheme.” According to U.S. authorities, the scheme reached a market capitalization of $3.4 billion at its peak. The founder and his co-conspirators allegedly obtained about $2.4 billion from investors. Bitconnect’s Founder Wanted by Indian Police The founder of Bitconnect, one of the most famous fraudulent cryptocurrency investment schemes, is wanted by the Indian police in the city of Pune, Maharashtra, after the U.S. indicted him for defrauding investors. The Pune Police launched a probe into the multi-crore crypto scheme and booked its founder, Satish Kumbhani, after a local lawyer lodged a first information report (FIR) on Tuesday. He also named six others involved in the scheme. The lawyer stated in the FIR that he was defrauded for close to 220 bitcoins. The Indian police are now searching for the accused but no

The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for operating illegally in the country. “For illegal business activities of unregistered entities, maximum of 5 years of imprisonment or up to KRW 50 million of fines can be imposed,” the regulator said. 16 Foreign Crypto Exchanges Flagged by South Korean Regulator South Korea’s top financial regulator, the Financial Services Commission (FSC), announced Thursday that the country’s financial intelligence unit (KoFIU) has notified investigative authorities about the illegal business activities of 16 unregistered virtual asset service providers (VASPs). The KoFIU is South Korea’s financial intelligence unit (FIU) and the lead agency in the Asian country for anti-money laundering and countering financing of terrorism (AML/CFT) matters. The 16 entities are Kucoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, Coinw, Coinex, AAX, Zoomex, Poloniex, BTCEX, BTCC, Digifinex, and Pion

The crypto community is patiently waiting for the highly anticipated Ethereum network upgrade from proof-of-work (PoW) to proof-of-stake (PoS) as The Merge is expected to happen 27 days from now. After Ethereum transitions from PoW to PoS, only two crypto assets in the top ten market cap rankings will be PoW tokens, which is a stark contrast to the top ten nine years ago. The PoS Age Begins: Proof-of-Work Crypto Assets Disappear From Top Ten Market Cap Standings This year, for the first time in crypto history, three stablecoins entered the top ten largest market cap positions. During the first week of May, Terra’s stablecoin UST made it into the top ten alongside USDT and USDC, but after UST’s depegging incident, the token fell from the top ten coin rankings. After UST’s implosion , the Binance Smart Chain-issued BUSD stablecoin joined the top coins by valuation and today, three stablecoins remain in the top ten. That wasn’t the case nine years ago, on August 18, 2013, as there

The latest data debrief issued by Kaiko, a provider of digital assets market data, has found that while there is retail movement in Latam regarding crypto assets, most liquidity is directed to “real world” use cases. Among these activities are remittances, stablecoin-based yield generating investment options, and also payments, with Bitso and Mercado Bitcoin being the leaders in volumes traded in the area. Latam Focuses on Crypto Differently, According to Kaiko Much has been said about the uses that Latam countries are giving to crypto assets, many mentioning these are a lifeline in the fight against inflation and devaluation. A new data report issued by Kaiko, a cryptocurrency asset market data provider, has found that a significant part of the volumes moved in the area correspond to real-world applications of crypto, rather than just in retail trading. Most of the volumes traded are concentrated in just two exchanges. Mexico-based Bitso, and Brazil-based Mercado Bitcoin. Bitso c

According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service providers. Instead, the regulator wants financial institutions to only consider “de-risking” when the “risk posed is too great to manage successfully.” A Threat to Financial Integrity South Africa’s main banking industry regulator, the Prudential Authority, has said some banks’ decisions to terminate relationships with crypto entities “may pose a threat to financial integrity in general.” In addition, the regulator suggested that avoiding cryptocurrency entities completely could potentially weaken banks’ risk management processes. According to a guidance note sent to financial institutions by Fundi Tshazibana, the CEO of Prudential Authority, the removal of crypto entities such as exchange

The central bank of the Philippines, the primary regulator of the country’s crypto sector, has warned investors about engaging with unregistered and foreign crypto service providers. They “may present additional challenges on enforcing legal recourse and consumer protection and redress mechanisms for local customers, among others,” the regulator said. The Philippine Central Bank’s Crypto Warnings The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), issued a public warning Tuesday regarding unregistered and foreign crypto service providers. In the Philippines, the central bank is the primary regulator of the crypto sector. The announcement states: The Bangko Sentral ng Pilipinas (Bangko Sentral) strongly urges the public not to deal with virtual asset service providers (VASPs) that are either unregistered or domiciled abroad. The central bank’s website shows that 19 VASPs have been registered as of June. Besides the risk from price volatility associated with