Bitcoin News and Finance: What You Need to Know

A new cryptocurrency bill project was introduced by the executive power to the Parliament of Uruguay. The bill seeks to clarify how crypto assets will be regulated in the country, giving the Central Bank of Uruguay competence over cryptocurrency assets, modifying its organic charter, and introducing the Superintendence of Financial Services as the organization to oversee virtual asset service providers. Uruguayan Executive Power Proposes Crypto Bill The executive power in Uruguay has presented a bill project to the parliament of the country with the objective of clarifying how cryptocurrency asset-related activities will be regulated. This, if approved, will be the first bill to address the gray area in which cryptocurrency exchanges and virtual asset service providers operate in the country. The proposed bill modifies the organic charter of the Central Bank of Uruguay and introduces the Superintendence of Financial Services, an organization part of the central bank, as the main o...

Investment management firm State Street says that institutional clients are not deterred from investing in crypto assets despite price declines. “There is a belief that the asset class is here to stay,” a State Street executive said. State Street on Institutional Demand for Crypto State Street, a leading investment management firm, sees unwaning institutional demand for cryptocurrency despite market sell-offs, the Sydney Morning Herald reported Monday. Irfan Ahmad, State Street Digital’s product lead for the Asia-Pacific region, said the banking giant’s institutional clients are still keen on crypto and its underlying technology. He was quoted as saying: During the course of the June, July period where things were really hotting up in terms of activity, we saw institutional clients not necessarily double down, but they weren’t really deterred from placing strategic bets on the asset class itself. “The takeaway from that is, I think, there is a belief that the asset class is her...

Jeremy Grantham, the co-founder of the Boston-based asset management firm Grantham, Mayo, & van Otterloo (GMO) believes Standard and Poor’s 500 (S&P 500) could drop another 26% during the next 12 months, according to statements the veteran investor made last week. The GMO co-founder detailed his bearish sentiment by mentioning he’s shorting junk bonds and the Nasdaq Composite as well. GMO Co-Founder Says ‘Deterioration in Fundamentals’ Is Shocking — ‘Central Banks Will Be Spooked, They’ll Do What They Can, Maybe’ The investor and GMO co-founder Jeremy Grantham’s stock market outlook is gloomy, and last Wednesday he told the Reuters Global Markets Forum that things could be far worse than the subprime mortgage fiasco 15 years ago. “This is a more dangerous looking moment in global economics than even the madness of the housing bubble of 2007,” Grantham opined during the Reuters event. Grantham is a well known investor and entrepreneur on Wall Street, as he started one of th...

Leading automotive company Ford has filed 19 trademark applications related to possible metaverse activities. In the documents, the company hints at the potential launch of Ford-branded NFTs (non-fungible tokens) on its own marketplace, and also refers to the offering of virtual models of its cars, including Mustang, Mustang Mach-E, and the Bronco. Ford Hints at Metaverse Move Ford, one of the biggest U.S.-based automotive brands by sales, has introduced several trademark applications to the U.S. Patent and Trademark Office (USPTO), preparing for a potential push into the metaverse. The company is seeking to protect its activities in the therein, including the offering of Ford-branded NFTs on an NFT marketplace of its own. These NFTs might contain text, audio, or video related to the brand. Part of these applications seeks to protect the digital representation of some of Ford’s most popular models, including the 150 Lightning, Lincoln, Ford, Lightning, Bronco, Explorer, Raptor, Mus...

PRESS RELEASE. In the face of financial regulators’ overall negative attitude toward digital assets, P2P marketplaces have become the platforms of choice across Africa. As the world leader in P2P cryptocurrency exchange, Kenya has drawn much attention from many P2P exchange service providers. Bitpapa is one of them, and it has recently entered the Kenyan crypto market. As a global P2P marketplace operating worldwide, Bitpapa has been offering cryptocurrency trading services since 2018, only a matter of time before it entered the highly lucrative Kenyan cryptocurrency market. Thanks to Bitpapa , now users can trade their Bitcoin (Ethereum, TON, Monero and USDT ) for the Kenyan shilling in a safe and secure P2P environment via a website, mobile app or a Telegram bot (unique among crypto trading platforms). There is the ease of convenience for users via a simple registration with an email address. No ID verification is required or confirmation with a phone number. Users can start...

The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional e-payment platforms will make the digital yuan more convenient for consumers. China’s Central Bank Insists on Expanding Digital Yuan Environment The monetary policy regulator of China has called for improving the integration between the digital yuan (e-CNY) system and traditional tools for electronic payments. The People’s Bank of China (PBOC) says this will increase convenience for users of its central bank digital currency (CBDC). To achieve that, additional efforts should be made to expand the scenarios and environment for the use of the digital yuan, PBOC Deputy Governor Fan Yifei emphasized in a statement during a recent forum on digital finance held in Beijing. Quoted by the government-run China.org.cn news portal, Fan elaborated that regulations and standards in areas such as ...

Dario Nieto, a lawmaker in the city of Buenos Aires, has introduced a bill that would use blockchain systems to make social aid payments in order to bring clarity to these activities. Nieto has complained about the different intermediaries that use these social campaigns to make money and how introducing blockchain might eliminate these activities. Social Aid Blockchain Law Introduced in Buenos Aires Many systems are using blockchain due to the traceability that this tech might bring to any implementation. Senator Dario Nieto, a lawmaker for the city of Buenos Aires, is proposing to use blockchain as a fundamental part of a system to manage social aid payments. For this, he introduced a bill that would bring many of the activities derived from these programs to an end. In his view, payments coming from social aid programs are used regularly by different intermediaries to make money or to force recipients to participate in political activities. On this, Nieto stated : The manageme...

Russia’s leading technology company, Rostec, is working on a project to integrate digital assets into cross-border trade. The state-owned corporation says the market is interested in cryptocurrency payments which can reduce sanctions pressure on Russian exporters and importers. Rostec Eyes Russky Island for Trials of Digital Currency Payments The largest Russian industrial and technology conglomerate, Rostec, us preparing to launch a project dedicated to integrating cryptocurrencies into cross-border transactions. The main task will be to limit the negative effects of sanctions on the activities of Russian importers and exporters that are experiencing mounting pressure. The Russian economy, especially foreign trade operations, was hit hard by financial restrictions imposed by the West over Moscow’s military intervention in Ukraine. Proposals to legalize the use of digital financial assets in deals with partners, including cryptocurrencies , stablecoins and the upcoming digital rub...

Europe is suffering and struggling to contain an energy crisis according to various reports that say the eurozone might have to deal with a cold winter that could lead to energy rationing and blackouts. A recent survey published by the General Confederation of Greek Workers (GSEE) shows seven out of ten Greeks purchase less food in order to pay for energy costs and fuel. Moreover, Hungary’s prime minister Viktor Orban explained in a social media post on Saturday that “Europe has run out of energy.” EU Deals With Ongoing Energy Crisis — Hungary’s Premier Blames ‘Fundamentalist Greens and the Bureaucrats’ for Europe’s Issues Rising energy costs have propelled Europe into an economic tailwind and most of the problems stem from the Ukraine-Russia war. Russia has choked off energy supplies to the economic and political union that consists of 27 member countries. Just recently, members of the European Union and G7 finance ministers pledged to enforce price caps on electricity and crude o...

Rap star Jay-Z, otherwise known as Shawn Carter, and Block CEO Jack Dorsey, recently airdropped bitcoin to members of the Bitcoin Academy in Brooklyn. Jay-Z’s mother, Gloria Carter explained in a statement that a myriad of residents from Brooklyn’s Bedford-Stuyvesant participated, and more than 350 people attended the crypto classes. Hundreds of Brooklyn Residents Attend Bitcoin Academy — Some Attendees Enrolled in a Grant for $1,000 in Bitcoin During the first week of June, Bitcoin.com News reported on Jack Dorsey and Jay-Z teaming up to launch the Bitcoin Academy in Brooklyn for residents of Marcy House. A report from Business Insider details that the academy’s classes saw hundreds of people. “Marcy residents showed up,” Jay-Z’s mother, Gloria Carter told the publication. “The over 350 people who attended The Bitcoin Academy classes let us know that this education is important to them—and that it matters,” she added. The report further discussed the project with a Marcy House ...

Bitcoin mining operations continue to truck on through the crypto winter as a number of miners have revealed expansion plans during the last week. Following the acquisition of 10,000 ASIC Antminers, Cleanspark revealed it acquired a turnkey bitcoin mining facility from Mawson Infrastructure. Reports note that Arsenal Digital Holdings acquired an underground data center outside Houston and some people suspect it’s Westland Oil’s infamous fallout bunker. Additionally, the CEO and founder of Terawulf revealed the company’s Lake Mariner data center is up and running with 1 exahash per second (EH/s) of SHA256 hashrate. Arsenal Digital Holdings Reportedly Acquires the Infamous Westland Oil Bunker Outside of Houston On Friday, it was reported that Arsenal Digital Holdings (OTCMKTS: ADHI ) acquired a “50-acre operational data center campus comprised of a four-story office building.” The facility is said to have a “two-story subterranean campus,” with an additional 100,000 square feet of sp...

Macro markets and geopolitics dominated the news this week, with Russia cutting off Europe’s gas supply, hedge funds betting against Italian debt, and the International Monetary Fund’s bailout for Zambia helping the kwacha overtake the ruble as the world’s best-performing currency. Also in this week’s news, Ethereum co-founder Vitalik Buterin discusses the crypto economy crash and Bitcoin’s long-term security. Russia Shuts Off Europe’s Main Gas Pipeline Until the West’s Sanctions Are Lifted, Iran Tempts EU With Similar Deal Russia has seemingly drawn a line in the sand and will not turn on Europe’s main gas pipeline until the “collective West” lifts the financial sanctions against the country. The move follows the Nord Stream 1 pipeline allegedly shutting down for “maintenance,” but reports from Interfax that followed five days later indicate Moscow will not be turning the gas back on until demands are met. Read More IMF Bailout Approval Helps Zambian Kwacha Take the Russian Rub...

After raising $1.65 million via a pre-seed extension, Bitmama, a Nigeria-based blockchain startup, has now closed its pre-seed funding round at $2 million, a report has said. Leading the funding round were two Africa-focused venture capital firms: Unicorn Growth Capital and Launch Africa. New Funding to Help Bitmama Scale Up Crypto Use Cases in Africa A Nigeria-based blockchain startup, Bitmama, recently closed its pre-seed funding round at $2 million after it added $1.65 million to the $350,000 that was raised in October last year. According to a Techcrunch report , the funding round was led by two Africa-focused venture capital (VC) firms, namely, Unicorn Growth Capital and Launch Africa. Also participating in the fundraise were existing and new investors such as Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures. Angel investors that participated in the round include Rene R...

DBS, the largest bank in Southeast Asia, says it is “the first bank in Singapore to make a foray into the metaverse.” A DBS executive explained that “The metaverse presents exciting opportunities to redefine how we live, work and engage with each other.” DBS Entering the Metaverse Southeast Asia’s largest bank, DBS, announced Friday a partnership with The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain. The aim of the partnership is “to create DBS Better World, an interactive metaverse experience showcasing the importance of building a better, more sustainable world, and inviting others to come alongside,” the announcement describes, adding: The partnership makes DBS the first Singapore company to seal a partnership with The Sandbox and the first bank in Singapore to make a foray into the metaverse. “Under the partnership, DBS will acquire a 3×3 plot of LAND — a unit of virtual real estate in The Sandbox me...

The U.S. Securities and Exchange Commission (SEC) is setting up a dedicated office to review crypto-related filings. The securities regulator stressed the need to “provide greater and more specialized support” for crypto assets. SEC’s Dedicated Crypto Office The U.S. Securities and Exchange Commission (SEC) announced Friday its plan to establish two new offices to review filings. One is an “Office of Crypto Assets” and the other is an “Office of Industrial Applications and Services,” the regulator said, adding that it expects both to be set up later this fall. The two new offices will join the agency’s seven existing offices that “provide focused review of issuer filings,” the SEC detailed, noting that these offices are grouped by industry expertise and will be under the agency’s Division of Corporation Finance’s Disclosure Review Program (DRP). “The Office of Crypto Assets will continue the work currently performed across the DRP to review filings involving crypto assets,” the se...

The CEO of Devere Group, a financial advisory and asset management firm, has shared multiple reasons why he is buying the bitcoin dip. “Despite the recent turbulence, I believe that the trajectory of bitcoin and other major cryptos is upwards,” he said. Nigel Green Explains Why He Is Buying More Bitcoin The CEO of financial advisory and asset management firm Devere Group, Nigel Green, has confirmed that he is buying the bitcoin dip. In a blog post published this week, the executive outlined various reasons why he is buying more bitcoin amid the crypto market sell-off. “The continuing strength of the U.S. dollar, which is down to policy tightening by the Federal Reserve, is being felt by bitcoin and all other risk assets, as we have seen in the recent drop in global stock markets,” he began, adding: But like many serious crypto investors, I’m buying the dip. I’m embracing this short-term volatility for longer-term gains. Green proceeded to share why he is buying more BTC . “One ...

Six U.S. senators have demanded answers from Meta CEO Mark Zuckerberg about how his company is handling cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp. “We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers,” the lawmakers wrote. Senators Want Answers From Mark Zuckerberg and Meta Platforms U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders, and Cory A. Booker jointly sent a letter on Thursday to Mark Zuckerberg, chairman and CEO of Meta, about his company’s “efforts to combat cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp.” Citing “recent reports of scams on other social media platforms and apps,” including data from the Federal Trade Commission (FTC), the senators wrote: We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes signific...

Blockchain gaming publisher Animoca Brands announced the company has raised $110 million in a funding round led by Temasek, Boyu Capital, and GGV Capital. The company raised the funds by issuing convertible notes to a handful of institutional investors. Animoca Brands Raises $110 Million From Strategic Investors Animoca Brands has raised another $110 million this month after the company secured $100 million from Temasek and others, at the end of August. The latest capital raise, announced on September 8, explains that Temasek, Boyu Capital, and GGV Capital led the round, and Mirae Asset Management and True Global Ventures participated as well. The Hong Kong-based crypto gaming, NFT, and venture capital company Animoca Brands (AB) has managed to grow via a number of investment rounds amid the crypto winter. The company’s Japanese subsidiary, known as Animoca Brands KK (Animoca Brands Japan), raised $45 million from Japan’s largest bank MUFG, and Animoca Brands KK’s parent company...

Cardano was one of Saturday’s notable gainers, with the token surging to a three-week high. The sandbox was also in the green, rising to a multi-week peak, as sentiment in the cryptocurrency market remains mostly bullish. Overall, the global crypto market cap is up nearly 2% as of writing. Cardano ( ADA ) Cardano ( ADA ) climbed to a three-week high on Saturday, as the token rose for a fourth consecutive session. Following a low of $0.4894 on Friday, ADA /USD was able to reach a peak of $0.5235 to start the weekend. Saturday’s top is the highest point the token has traded at since August 18, and comes as prices climbed above a major resistance point. The ceiling of $0.5115 was broken earlier in the day, and comes as the 10-day (red) moving average crossed against its 25-day (blue) counterpart. Looking at the chart, another notable occurrence is that the relative strength index (RSI) of 14-days also moved beyond a ceiling, at 56.00. Now tracking close to 58.00, should the index ...

Ethereum rallied to a fresh three-week high to start Saturday’s session, however gains eased as the day progressed. The token continues to trade above $1,700, as market sentiment remains bullish. Bitcoin experienced a similar day, with the token slowly losing steam, after a failed breakout of a key resistance level. Bitcoin Bitcoin ( BTC ) continued to trade above $21,000 on Saturday, however yesterday’s bullish momentum had marginally faded. BTC /USD rose to a high of $21,613.86 earlier in today’s session, however prices then fell to an intraday low of $20,651.06. The decline came as the token was unable to sustain a breakout of its resistance point of $21,600, as bears fought against the move. Looking at the chart, the drop comes as the 14-day relative strength index (RSI) appeared to collide with a resistance level of its own at 55.40. As of writing, bitcoin is now trading at $21,356.34 as momentum slowly returns, however until the RSI moves past the aforementioned ceiling, w...

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...

Digital asset-backed securities provider the Etc Group has said it will list an exchange-traded product (ETP) based on an anticipated hard fork of the Ethereum blockchain on September 15. Current holders of Etc Group’s ethereum ETP (ZETH) will be issued with “units of the new security free of charge on a 1:1 unit basis.” Ethereum Hard Fork The Etc Group, a provider of institutional-grade digital asset-backed securities, has said it will list a new exchange-traded product (ETP) based on a hard fork of the Ethereum blockchain that is likely to occur after the so-called “Merge.” According to a statement issued by the securities provider, the ETP will be listed on the German exchange Xetra on September 16, a day after the forking event. As outlined in the securities provider’s statement , holders of Etc Group’s current ethereum ETP (ZETH) will be issued with “units of the new security free of charge on a 1:1 unit basis.” The statement explained that the new units will be “in addition t...