Bitcoin News and Finance: What You Need to Know

Opennode, a bitcoin payment infrastructure firm, recently said it will run trials of its bitcoin processing and payout solution through the Central Bank of Bahrain’s regulatory sandbox. According to Dalal Buhejji, an executive director with the Bahrain Economic Development Board, the central bank’s sandbox helps to ensure that fintechs will continue to innovate and adhere to best regulatory practices. Helping Grow Bahrain’s Economy A bitcoin payment infrastructure company, Opennode, has said it intends to “test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain (CBB) regulatory sandbox.” In a statement, the company said the infrastructure which it plans to provide will help Bahrain “grow its economy and will showcase why Bitcoin is synonymous with better business.” Through the CBB’s regulatory sandbox, Opennode is authorized to carry out tests of its crypto payment solution within Bahrain’s territory. Commenting on the central bank’s decision to autho...

Since the transition from proof-of-work (PoW) to proof-of-stake (PoS), ethereum cannot be mined and miners are now dedicating hashrate to different PoW chains. Since ethereum can no longer be mined, the most profitable PoW consensus algorithms are Kadena, Scrypt, and Cuckatoo32. Five days ago, before The Merge, the consensus algorithm Ethash was the most profitable, as the top miner raked in $79.53 per day in profits. Today’s top mining rig, with Ethereum out of the picture, accrues roughly $69.41 per day mining kadena. Today’s Top 7 Mineable PoW Algorithms Include Kadena, Scrypt, Cuckatoo32, Blake2B-Sia, X11, Equihash, and SHA256 According to the latest data from asicminervalue.com, the PoW consensus algorithm is no longer the most profitable consensus scheme to mine since the Paris upgrade triggered Ethereum’s Merge. Since September 15, Kadena has become the most profitable consensus algorithm this year. Bitmain’s application-specific integrated circuit (ASIC) mining rig, the Ant...

Terra classic rose by as much as 20% in today’s session, which comes following a recent bearish streak. Today’s rally follows Thursday’s drop to a key support point, with bulls using this as an ideal area to reenter. Xrp was also higher, as it moved closer to a long-term resistance level. Terra Classic (LUNC) Terra classic (LUNC) was one of the most notable gainers on Saturday, as the token rose by nearly 20% to start the weekend. Following a low of $0.0002671 on Friday, LUNC/USD rose to an intraday peak of $0.000328 earlier today. The move came as the token hit a floor of $0.000248 on Thursday, with bulls using this as an ideal point to reenter the market. As of writing, it appears that these bulls are now targeting a resistance level of $0.000380 as a potential exit zone. If this were to happen, first the 14-day relative strength index (RSI) would need to climb past a ceiling of its own at the 55.00 mark. Currently the index is tracking at 53.41, which is its highest point si...

Ethereum continued to fall on Saturday, as the token’s post-Merge sell-off intensified to start the weekend. Prices of the world’s second largest cryptocurrency fell to their lowest level since July, as bearish sentiment in the market remained high. Bitcoin was also lower today, once again trading below $20,000. Bitcoin Bitcoin ( BTC ) was once again trading below $20,000, as bearish sentiment in the token remained to start the weekend. BTC /USD slipped to an intraday low of $19,400.08 earlier in the day, which is a level that has historically been a price floor. Following the collision with this support point, bulls reentered the market, attempting, and being briefly successful, in taking prices to a high of $20,021.74. As a result of the high level of volatility, prices have since moved away from those highs, with BTC currently trading at $19,854.17 as of writing. Looking at the chart, the 14-day relative strength index (RSI) continues to track near a floor of 41.10. Some do...

According to a recently leaked recording stemming from the bankrupt crypto lender Celsius, the business is attempting to revive the company after falling into a financial burden. Following the leak, a Southern District of New York bankruptcy judge appointed a third-party examiner to review the company’s finances. Celsius is also attempting to sell a stash of stablecoins worth $23 million, according to a court filing submitted on Thursday. Celsius Looks to Revival Plan, Examiner Appointed to Scan Financials, Firm Wants Access to Stablecoin Liquidity The ongoing Celsius bankruptcy continues and a recently leaked all-hands meeting recording indicates that the firm wants to attempt a revival plan. However, it seems the Committee of Unsecured Creditors (UCC) tied to the Celsius bankruptcy doesn’t seem to support the idea. In the leaked audio it is said that Celsius wants to craft a new business plan and pay off its debts via the company’s newly revised vertical efforts and products. In...

The White House has now released what it called its “first-ever” comprehensive framework for the responsible development of digital assets just over six months after U.S. President Joe Biden signed an executive order on the same matter. However, one crypto industry leader has lamented the lack of clarity and understanding of the technology in the White House’s fact sheet. Reinforcing United States Leadership in the Global Financial System Just over six months after U.S President Joe Biden signed an Executive Order (EO) outlining the government’s multi-pronged approach toward digital assets, the White House, on September 16, unveiled what it termed the “first-ever comprehensive framework for digital asset development.” Explaining the Biden administration’s decision to release the framework, the White House said while digital currencies may have the potential to “reinforce the U.S. leadership in the global financial system,” they still pose risks to investors and consumers as eviden...

The Thai Securities and Exchange Commission (SEC) has proposed banning businesses from engaging in crypto staking and lending activities. The regulator is seeking public comments on the proposal, noting that the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.” Thailand Seeks Public Comments on 2 Crypto Regulatory Proposals The Thai Securities and Exchange Commission (SEC) announced Thursday that it is seeking public comments on two proposals relating to the regulation of crypto assets. The comment period for both proposals ends on Oct. 17. The first is a proposal to prohibit businesses from crypto staking and lending activities. The securities watchdog said the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.” The regulator detailed that under this proposal, businesses cannot accept “deposits of digital assets from the customers and lend, invest, stake or employ such digi...

The U.S. Department of the Treasury has answered some questions on regulatory compliance relating to Tornado Cash, a recently sanctioned crypto mixer. The answers include how to withdraw crypto or complete transactions initiated using Tornado Cash prior to its sanction and how to deal with “dusting” transactions. Treasury Department Publishes Tornado Cash FAQs The U.S. Department of the Treasury answered some frequently asked questions Tuesday about the sanctioned cryptocurrency mixing service Tornado Cash. On Aug. 8, the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Ethereum-based mixer and prohibited U.S. persons from “engaging in any transaction with Tornado Cash or its blocked property or interests in property.” One of the questions concerns how to complete transactions involving Tornado Cash that were initiated prior to the sanction. In order to complete the transactions or withdraw cryptocurrency without violating U.S. sanctions regulations, the Treasur...

A Chinese intermediate court based in Beijing recently upheld a lower court’s ruling which determined that cryptocurrency is a virtual property protected by the law. The court clarified that regulations issued by the Bank of China and others only prohibit the circulation of virtual currency. ‘Financing Behaviour Prohibited by the Law’ An intermediate court in China recently upheld a lower court’s ruling that designated litecoin a virtual property protected by the country’s laws, a report has said. The court clarified that the country’s relevant administrative regulations only prohibit the circulation of virtual currency or its use as a currency. The Beijing-based court’s ruling followed an appeal by Chinese resident Ding Hao who wanted it to quash the lower court’s ruling in a case in which he is accused of failing to return 33,000 litecoin ( LTC ) as per an agreement with Zhai Wenjie. According to a document released by the court , on December 5, 2014, Hao received 50,000 LTC fr...

PRESS RELEASE. B.Duck, a global character IP, is entering Web3 with its first metaverse partnership with GigaSpace, working alongside MADworld to establish a Web3 blueprint for brands and IPs in the metaverse. Created by the Hong Kong-listed company Semk Holdings International Limited (2250 HK), B.Duck joins the initiative “Project Spaceport” by acquiring land NFTs in the GigaSpace and will build experiences to bring joy, positivity, and fun to its 10+ million fans around the world. Brought into the digital world by the NFT platform MADworld, B.Duck has already launched a 3D NFT collection. NFT owners can soon travel through GigaSpace and spread positivity to every corner of the virtual space. Project Spaceport & Web3 Project Spaceport will be a cultural space district. Brands can create their own virtual space when the metaverse launches. B.Duck has permanently cemented its web3 presence on the “Map of the Galaxy” at GigaSpace. MADworld, an NFT platform backed by Animoca br...

Varus, a retailer with over 100 supermarket stores across Ukraine, has partnered with the world’s leading digital asset exchange, Binance, to launch cryptocurrency payments. Customers will now be able to order groceries online and cover the bill through a Binance Pay wallet. Ukrainians to Shop Online From Varus Supermarket Using Crypto Binance, the largest cryptocurrency exchange by daily trading volume, and Ukraine’s supermarket chain Varus have announced a partnership that will allow Ukrainian shoppers to purchase food and other goods online with digital coins. Using the Binance and Varus apps, customers will be able to enjoy instant crypto payments and fast delivery in nine Ukrainian cities: the capital Kyiv, Dnipro, Kamianske, Kryvyi Rih, Zaporizhzhia, Brovary, Nikopol, Vyshhorod, and Pavlograd. To take advantage of the payment option, crypto owners will have to download and install the Binance app on their Android or iOS devices. Then, they can go to the Varus website, selec...

Square Enix, one of the biggest Japan-based gaming companies, has inked a partnership with Oasys, a Web3-oriented blockchain project. As part of this partnership, Square Enix will be part of the first 21 validators of the Oasys network, and will explore new possibilities regarding developing blockchain games using this decentralized tech, including user-generated contributions. Square Enix to Validate Oasys Blockchain Square Enix has been one of the few AAA gaming companies in Japan seeking to embrace blockchain elements as part of its business model. The company recently announced that it will go all the way, becoming part of the initial validator set of Oasys , a gaming-oriented blockchain advertised as a “high-speed, zero gas fee experience” for users. The Japanese gaming giant will be using the Oasys blockchain as a tool for the development of new blockchain games and the inclusion of user-generated content in virtual worlds. About this new partnership, Yosuke Saito, director ...

Interest in hardware wallets allowing cold storage of cryptocurrencies is decreasing among Russian users after this year’s surge that followed the invasion of Ukraine. The sale volumes for these devices have almost halved, according to a report quoting leading marketplaces. Russians’ Demand for Cold Storage Wallets Cools Down After Spike This Spring Retailers selling hardware cryptocurrency wallets in Russia are now overstocked, market participants have told the leading Russian business daily Kommersant. That’s after earlier this year these products saw an explosive demand after Moscow’s decision to militarily intervene in neighboring Ukraine. In the spring months, many Russians sought to acquire a cold storage device for their crypto assets, amid expanding sanctions over the Ukraine conflict and currency restrictions imposed by the Bank of Russia. Some Russian citizens relocating to other countries also took their savings with them in crypto. According to stats compiled by the Mo...

The Microstrategy executive Michael Saylor is a big believer in Bitcoin as his company has purchased close to 130,000 bitcoin during the last few years. Six days ago, the U.S. Office of Science and Technology Policy published a report that claims proof-of-work mining operations have been affecting climate change. The science and tech department believes the Biden administration needs to take action against the industry and create mining standards and regulations. Following the report, Saylor published a letter addressed to journalists, investors, and regulators concerning the “sheer volume of misinformation [and] propaganda circulating lately.” Microstrategy’s Executive Chairman Publishes a Blog Post That Discusses Bitcoin and the Environment Microstrategy’s Michael Saylor published a tweet that leads to a recent blog post he wrote concerning Bitcoin and the environment. “Given the sheer volume of misinformation [and] propaganda circulating lately, I thought it important to share t...

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The Central Bank of Argentina has issued a new set of rules for operators of digital wallets in the country. Customers of companies like Uala, a wallet popular in Argentina, will now be qualified as financial users, having new protections similar to those offered by banks and other financial institutions. Central Bank of Argentina Strengthens Digital Wallet Supervision The rise of digital money and crypto in Argentina is causing regulators to pay attention . The Central Bank of Argentina recently issued a set of rules to heighten the level of protection users of popular digital wallets in the country receive. Customers of Uala and other digital wallet providers will now have to be treated as financial users, having protections close to those offered to bank users. This means that these entities will have to name customer support representatives and solve common problems in less than ten days. Also, the digital wallet companies will have to adapt their terms of service and conditio...

The central bank and the finance ministry in Moscow have been asked by the head of the Russian government to agree on a vision for the development of the country’s digital asset market by Dec 1. Working with other regulators, they should also present a common position on the legislation needed to regulate it. Pressed by Sanctions, Russian Government Moves to Regulate Cryptocurrencies Russian Prime Minister Mikhail Mishustin has told the Ministry of Finance to prepare, together with the Bank of Russia, and submit concrete proposals for the future of the digital financial asset (DFA) market in the Russian Federation by the first day of December. The head of the Russian government issued the order after a meeting devoted to the nation’s financial system, RBC Crypto reported. The top official emphasized that in the current circumstances, DFAs can facilitate uninterrupted payments for imports of goods and Russian exports. The finance ministry and the central bank have been tasked to up...

Foreign nationals should be able to buy Russia’s upcoming digital ruble through entry points providing anonymity, according to a high-ranking member of the Russian parliament. The idea circulated in Moscow aims to protect these investors from Western sanctions. State Duma Deputy Proposes Anonymous Digital Ruble Purchases to Avoid Sanctions Foreign investors should be provided with an option to anonymously acquire the Russian central bank digital currency ( CBDC ), in order to minimize the risk of falling under sanctions, the head of the State Duma Committee on Industry Vladimir Gutenev said in his Telegram channel on Tuesday. The Russian lawmaker also suggested that the digital ruble, currently under development and testing by the Central Bank of Russia and a group of commercial banks, should be backed by real assets. Quoted by the Interfax news agency, Gutenev elaborated: This is necessary: the domestic digital currency should be backed by real assets; a possibility for ‘anonymo...

The Ethereum blockchain officially migrated to the proof-of-stake (PoS) consensus mechanism as the anticipated “Merge” finally occurred around block height 15537391 on September 15. The protocol’s co-founder Vitalik Buterin has described The Merge as “a big moment for the Ethereum ecosystem.” ETH Merges on September 15 as Predicted After months of waiting and tension, The Merge — the Ethereum blockchain’s much-anticipated migration to a proof-of-stake (PoS) consensus mechanism — has happened. As some players in the space, including one of the protocol’s co-founders Vitalik Buterin had hoped, The Merge occurred on September 15 around block height 15537391 at around 2:42:42 a.m. ET. In his reaction following The Merge, Buterin tweeted : And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today. In terms of the network’s hashrate, data shows that it dropped from over 807 TH/s (terahas...

One of South Africa’s largest financial services groups, Old Mutual, has reportedly been appointed manager of the ZARP stablecoin project’s cash reserves. Founders of the stablecoin are hopeful that the appointment of one of the country’s oldest financial services companies will help bolster confidence in the digital currency. Enhancing Credibility of the Stablecoin The South African financial services giant Old Mutual has reportedly been designated the manager of the cash reserves of the local currency-backed stablecoin — the zarp. By appointing Old Mutual, one of the oldest wealth management companies in South Africa, issuers of the stablecoin hope to enhance confidence in the digital currency project, a report has said. According to a Mybroadband report , the stablecoin that Simon Dingle and Kenny Inngs founded in 2021 has been South Africa’s only bank-approved and audited stablecoin. Old Mutual’s coming on board is expected to enhance the credibility of the cryptocurrency, the ...

Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to take over the social media platform. “Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement,” the social media giant said. Shareholders Want Elon Musk to Take Over Twitter Twitter Inc. (NYSE: TWTR) announced Tuesday that its stockholders have approved the previously announced $44 billion agreement for Tesla CEO Elon Musk to acquire the social media platform. “Based on a preliminary tabulation of the stockholder vote,” the announcement reads: Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement. “The shareholder approval satisfies the final condition precedent to the closing of the merger under the merger agreement (other than those conditions that by their nature are to be satisfied at closing),” Twitter explained, elaborating: Twitter stands ready and willing to complete the merger w...

According to statements made by the digital asset custody business and financial services provider Bitgo, the firm has filed a lawsuit against the crypto company Galaxy Digital and is seeking damages for more than $100 million. Bitgo says Galaxy’s “improper repudiation and intentional breach of its merger agreement” caused the lawsuit. Bitgo Seeks Damages From Galaxy Digital for Terminated Merger Agreement On August 16, 2022, Bitcoin.com News reported on billionaire investor Mike Novogratz’s Galaxy Digital terminating the company’s proposed acquisition deal for the crypto asset financial services provider Bitgo. Galaxy originally had intentions in May 2021 to purchase Bitgo for a $1.2 billion stock and cash deal. However, Galaxy said that the termination was due to Bitgo’s “failure to deliver” specific financial documents. More specifically, “audited financial statements for 2021” as Galaxy alleges that Bitgo did not turn this information in on a specific date. Immediately after ...