Bitcoin News and Finance: What You Need to Know

Complying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms like Localbitcoins, Blockchain.com, and Crypto.com have started to restrict or terminate services for Russian accounts. The moves follow the adoption of new European penalties in response to Moscow’s military escalation in Ukraine. Major Crypto Platforms Conform to EU Measures, Restrict Services for Russian Users Over Ukraine War About a week after the European Union introduced another set of measures aimed at hurting Russia’s economy and finances, including its access to the crypto market, a number of service providers in the industry have taken steps to comply with the new requirements. In April, the bloc banned only high-value services, those for digital assets exceeding €10,000 in value ($11,000 at the time). Last Thursday, Brussels prohibited the provision of all crypto-related services to Russian residents and entities, regardless of the amount. Localbitcoins, the peer-to-peer excha...

A U.S. senator has called on the Securities and Exchange Commission (SEC) to issue crypto regulations now “through a transparent notice-and-comment regulatory process.” He stressed that “some digital assets are securities, others may be commodities, and others may subject to a completely different regulatory regime.” US Senator Calls for ‘Transparent Notice-and-Comment Regulatory Process’ to Regulating Crypto Assets U.S. Senator John Hickenlooper (D-CO) has sent a letter to the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, regarding crypto regulations. In his letter dated Oct. 13, the senator told Gensler, “Clear rules promote an environment where investors are protected,” adding: I write to urge the SEC to issue regulations for digital asset securities through a transparent notice-and-comment regulatory process. He stressed: “Currently, digital asset markets do not have a coordinated regulatory framework. This creates uneven enforcement, and deprives ...

Experts from an economic institute in China have circulated the idea of creating a blockchain-powered digital currency that could lower Asia’s reliance on the greenback. The initiative comes against the backdrop of an expanding digital yuan pilot, and after recent trials of cross-border payments with state-issued digital currencies in the region. China Suggests Minting Asia-Wide Digital Yuan Underpinned by Distributed Ledger Technology Chinese government researchers have proposed the introduction of a new digital currency in Asia in order to reduce the region’s dependence on the U.S. fiat money. The common coin would also help safeguard financial stability while enhancing regional monetary cooperation, they say, quoted by the South China Morning Post this week. According to Song Shuang, Liu Dongmin, and Zhou Xuezhi from the Institute of World Economics and Politics under the Chinese Academy of Social Sciences, the digital token would be pegged to a basket of 13 currencies, includin...

Quant rose to its highest point since the start of the year on Saturday, as prices climbed for a third straight session. In addition to this, tron was also higher, as the token attempted to break out of a key resistance point. Overall, cryptocurrency markets were down 1.95% as of writing. Quant (QNT) Quant (QNT) was one of the notable movers to start the weekend, as the token surged to a ten-month high. Following a low of $162.00 on Friday, QNT/USD surged to an intraday peak of $184.98 earlier in today’s session. This move saw the token climb to its highest point since January 8, and comes following three days of gains. As of writing, the 14-day relative strength index (RSI) is now deep in overbought territory, and is tracking at 80.19. This is marginally above a ceiling of 79.00, and this could mean that bears could be looming, looking for any slips, before reentering. Should bullish momentum remain high, we could see traders target an exit around the $190 level. Tron ( TRX )...

Bearish sentiment returned to cryptocurrency markets on Saturday, as bitcoin was once again in the red. The world’s largest token moved lower to start the weekend, following yesterday’s surge towards $20,000. Ethereum was also down today, falling below $1,300 in the process. Bitcoin Bitcoin ( BTC ) was in the red to start the weekend, as bearish sentiment returned to cryptocurrency markets. BTC was higher on Friday, as market uncertainty eased, following the latest U.S. inflation report, however it seems as though this turbulence has returned this weekend. As a result, BTC /USD fell to an intraday low of $19,076.63 earlier in the day, less than a 24 hours after hitting a peak of $19,821.40. Looking at the chart, the drop in price has pushed the 10-day (red) moving average (MA) close to an imminent downward crossover with its 25-day (blue) counterpart. In addition to this, the 14-day relative strength index (RSI) is now back below the 50.00 mark, after failing to move past its c...

This week researchers from the Bank of Canada published the central bank’s Financial System Review which highlights five key statistics tethered to Canadian bitcoin owners. According to the Bank of Canada’s metrics, 13% of Canadians own the leading crypto asset bitcoin, and “most Canadians are aware of bitcoin.” Bank of Canada’s Financial System Review Highlights Bitcoin Ownership Among Canadians On October 12, 2022, the Bank of Canada published the financial institution’s Financial System Review , which highlights some key points tied to the crypto asset ecosystem. A blog post specifically discussing the crypto asset industry and markets, in general, written by Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh, and Marcel Voia explains that “large price corrections are the most common incident reported by crypto asset owners.” Furthermore, the five researchers added that “bitcoin ownership among Canadians increased sharply in 2021.” “The share of Canadians owning bitc...

Konami, one of the most influential Japanese game development and publishing companies, has announced it will be introducing Web3 and metaverse technologies into its games. The company opened 13 different job openings for three departments that will be responsible for developing the new projects to spearhead Konami’s latest business strategy. Konami to Enter Metaverse and Web3 Arena Konami, one of the biggest AAA game developers and publishers in Japan, is showing interest in jumping on the metaverse and Web3 entertainment bandwagon. The company recently published a series of job openings for the production of experiences that include this type of technology in its next games. The company is recruiting via 13 different job openings in the areas of infrastructure development, production and operations, and support. These new openings will help to “provide new experiences such as Web3 and Metaverse,” according to Konami’s news release. While there have been no statements about the I...

The deadly conflict that started with Russia’s assault on Ukraine has increased crypto-related activity in both countries, according to Chainalysis. Fiat inflation and sanctions pressure led to several spikes in transaction volumes this year, the blockchain forensics firm has found, while Eastern Europe as a whole sustained its role in the global crypto ecosystem. Russians and Ukrainians Turn to Crypto Amid Consequences of Escalating Military Clash The Russian invasion of Ukraine and ensuing military conflict that’s currently escalating have affected all aspects of life in the two nations, and cryptocurrency is no exception, Chainalysis said in an excerpt from its upcoming 2022 Geography of Cryptocurrency Report. Citizens of both countries have felt the war’s economic impact and experienced high inflation. Shortly after the hostilities began in late February, Russian and Ukrainian cryptocurrency transfers saw an increase. In the following weeks and months trends diverged, and while...

Turkey’s gold imports of just over 39,000 kilograms in September 2022 are more than 16 times the quantity that was brought into the country in September 2021. The surge in Turkey’s gold imports is reportedly being spurred by the rise in demand for the precious metal by individuals and entities using it in foreign currency transactions. ‘Gold Instead of Turkish Lira’ According to data from Borsa Istanbul’s Precious Metals and Diamond Markets, the quantity of gold imported into inflation-stricken Turkey in September 2022 was over 1,700% more than the quantity brought into the country during the same period last year. The country’s September haul of 39,000 kilograms (kg) takes the total quantity of the precious metal imported by Turks in 2022 to 140,126 kg. As noted in a report published by the Hurriyet Daily News, Turkey’s January 2010 import figure of 44,210 kg remains the country’s largest. Explaining why Turkey is seeing a surge in the quantity of gold brought into the country,...

Ethereum was trading higher on Friday, as market volatility eased, following the latest U.S. inflation report. Core inflation rose 0.6%, with consumer prices up to 8.2%, higher than the expected 8.1%. Despite this, traders seem to have breathed a sigh of relief, as the uncertainty surrounding the report has now passed. Bitcoin moved closer to $20,000 on the news. Bitcoin Bitcoin ( BTC ) moved towards the $20,000 level on Friday, as uncertainty in crypto markets eased, following the latest U.S. inflation report. Despite consumer prices rising by more than expected, markets reacted positively, as speculation surrounding the report has faded. As a result of the report, BTC /USD rose to an intraday high of $19,835.17, less than 24-hours after trading at a low of $18,642.11. This rally has seen momentum shift once again, with several indicators now leaning more towards bullish territory. The 14-day relative strength index (RSI) is now back above the 50.00 mark, and is tracking at 51....

Uniswap Labs, the firm behind the Uniswap decentralized exchange protocol, announced on Thursday that it raised $165 million in a Series B funding round. According to one report, the capital raise, which sees Uniswap Labs’ valuation rise to $1.66 billion, is the largest by any crypto firm in 2022. Uniswap Completes $165M Capital Raise, Decentralized Exchange Reveals NFT Launch Uniswap Labs, the creator of the decentralized exchange (dex) Uniswap protocol, recently said it had raised $165 million via a Series B funding round. The funding round was led by Polychain Capital with the participation of the firm’s long-time investors like Andreessen Horowitz (a16z), Paradigm, SV Angel, and Variant. In a recent blog post authored by Hayden Adams, the developer and founder at Uniswap Labs, said that the new funding will be used to support the firm’s expansion plans. In addition to “bringing the powerful simplicity and security,” Uniswap Labs plans to launch non-fungible tokens (NFTs) and t...

Spending with China’s state-issued digital currency has surpassed 100 billion yuan, close to $14 billion, by the end of August, the country’s monetary authority revealed. More than 5 million merchants now accept the digital yuan in 15 Chinese regions as Beijing continues to expand the pilot areas. People’s Bank of China Reports 360 Million Digital Currency Payments Transactions with China’s central bank digital currency ( CBDC ) exceeded 100 billion yuan in value ($13.9 billion) as of Aug. 31, 2022, rising from almost 88 billion yuan by the end of 2021, the People’s Bank of China (PBOC) announced on Wednesday. The spending involved 360 million transactions, according to a Reuters report quoting the monetary policy regulator. The data has been released as financial authorities in the world’s most populous nation proceed with the digital yuan (e-CNY) roll-out and constantly increase the coverage of its trials. The CBDC has been introduced in 15 provinces and municipalities, with 5.6...

According to Nigerian Vice President Yemi Osinbajo, his country is well-positioned to become a global leader in the digital economy. However, for that to happen, Nigeria must choose the right approach and spend more time developing digital skills. Nigeria Better Equipped Than 3 Decades Ago The Nigerian vice president, Yemi Osinbajo, recently claimed that his country has enough human capital to see it become a world leader in the digital economy. The vice president, however, said for this to become a reality, Nigeria must choose the right approach and policies. According to a News Ghana report , Osinbajo made the remarks while addressing delegates that attended the Nigeria Digital Economy Summit (NDES) which was held in Abuja. In the same speech, the Nigerian leader also explained why his country is better now than it was more than three decades ago, when the first iteration of the internet came into existence. “A whole new world is unfolding before our very eyes, unlike Web 1 and...

According to the crypto mining operation Pow.re Holdings Limited, the firm announced that it has begun construction of two new mining facilities in Asunción, Paraguay. The new data centers will manage 12 megawatts (MW) of hydroelectric power, and the firm has also acquired 3,600 Microbt Whatsminer mining rigs that produce roughly 396 petahash per second (PH/s) of hashrate. Pow.re Holdings Limited Commences Mining Facility Construction in Paraguay On October 13, Pow.re revealed that the company has commenced the construction of two new bitcoin mining facilities in Paraguay. The first site is expected to be fully operational by the end of 2022’s fourth quarter and the second should be readied by Q1 2023. The company says that the expansion will add a lot more hashpower to the firm’s operations and it hopes to achieve 0.5 exahash per second (EH/s) by Q2 2023. Just recently, Pow.re was in the news after it was revealed that Quebec’s Mohawk Council of Kahnawake was seeking power for cry...

Bitcoin was trading below $19,000 on Thursday, as markets reacted to the latest Federal Open Market Committee (FOMC) minutes. In the minutes, the Federal Reserve hinted at upcoming hikes, while also acknowledging a level of surprise at the rate at which inflation has risen. Ethereum moved below $1,300 in today’s session. Bitcoin Bitcoin ( BTC ) was back in the red on Thursday, as markets reacted to the latest Federal Open Market Committee (FOMC) minutes. September’s minutes showed that the U.S. Federal Reserve was relatively surprised at the rate at which inflation has risen, whilst also signaling the prospect of upcoming rate hikes. As a result of the report, BTC /USD fell to an intraday low of $18,642.11, after a brief rally in yesterday’s session. Today’s sell-off takes the token to its lowest point since September 28, and close to a support of $18,600 in the process. Looking at the chart, the 14-day relative strength index (RSI) has also broken out of its floor at 41.00, whi...

Cryptocurrency miners in Kazakhstan are to be required to convert up to three quarters of their income on locally registered exchanges, according to a new bill that’s advancing in the nation’s legislature. Lawmakers also want to make sure crypto companies pay their taxes and fees. Parliament of Kazakhstan Votes on Bill Regulating Activities of Crypto Miners and Exchanges A draft law designed to create a regulatory framework for both the production and circulation of digital assets in Kazakhstan has been approved on first reading in the Mazhilis. The bill and other supporting documents were prepared and submitted recently to the lower house of parliament on request of the country’s president, Kassym-Jomart Tokayev. One of the main purposes of the legislation is to establish rules for the operation of a new type of financial institution for Kazakhstan — licensed cryptocurrency exchanges. In order to support these trading platforms, the government plans to oblige crypto miners to exc...

September has been one of the busiest months at Binance this year. Last month the world’s largest crypto exchange by trading volume kicked off the inaugural Binance Blockchain Week Paris, a three-day event exploring the best of Web3. They also expanded their ever-growing suite of products, including introducing a more user-friendly way to earn crypto passive income. Concurrently, the team has continued to push product innovation — which is something that Binance views as a crucial driving force for industry growth. The team’s values have remained unchanged despite the negative market sentiment. They strive to continue building for Binance users and the larger digital asset space. Here’s a quick summary of the Binance ecosystem’s biggest updates this month: Launched a new marketplace for crypto gift cards. Launched Simple Earn, a one-stop platform for passive crypto income. Added a new Web3 content feed for Binance Pro users. Invested in six different Web3 projects through Bina...

Samsung, the consumer electronics giant, has announced the introduction of a blockchain-like security system for its smart devices. Named Knox Matrix, the objective of the system is to increase the security of a multi-device environment, with each smart device monitoring others and sharing access data to simplify login tasks. Samsung Blockchain-Powered Security System Blockchain technology is being harnessed for more and more uses each passing day, including security and trust-based applications. This time Samsung, the Korean consumer electronics and software company, has announced the implementation of a “private blockchain” system as a way of increasing the security of its smart devices. At the recent Samsung Developer Conference, the system, named Knox Matrix, was presented as a revamp of Samsung’s current security approach. While the company was thin on details and did not specify about the inner workings of the system, it did explain that it will interconnect the different sm...

According to a report, some Egyptian banks recently informed clients who plan to travel abroad that they can now only withdraw $2,000 or less. The banks have also lowered the amount of foreign exchange that clients can withdraw when abroad. Egypt’s ongoing shortage of foreign exchange has forced some merchants to start demanding payment in dollars. Pound Depreciation As pressure against the Egyptian pound mounts, banks in the country are reportedly imposing limits on the amount of foreign currency travelers can withdraw before departing, or when they are abroad, a report has said. While there has been no formal announcement about the new limits, banks are said to have sent notices advising clients of the changes. According to a Reuters report , one of these banks, HSBC, has informed its clients that the maximum amount of foreign currency they can withdraw for travel purposes is now $1,500. Before the changes, the bank’s clients could withdraw a maximum of $5,000. The report, which ...

A list of crypto exchanges, including global platforms, have not introduced new restrictions on Russian users after the EU’s most recent sanctions round, Russian crypto media reported. The latest European penalties target an array of crypto-related services to increase pressure on Russia amid an escalating conflict in Ukraine. Major Exchanges Continue to Work in Russia Following EU’s Ban on Crypto Services The European Union adopted a wide range of sanctions last week, aiming to hit Russia’s government, economy, and trade harder. Along with other measures, the eighth package of EU restrictions banned the provision of all crypto wallet, account, or custody services to Russian residents and entities. While some companies from the industry have quickly reacted and already suspended operations with Russian accounts, a number of crypto exchanges have not conformed to the European requirements yet, the crypto page of leading Russian business news portal RBC revealed in a report. Among...

Ripple CEO Brad Garlinghouse says he thinks “we’ll have an answer in the first half of next year” in the U.S. Securities and Exchange Commission (SEC) lawsuit over xrp. Maintaining that xrp is not a security, the executive stressed that the case “is about the whole industry” and “Everyone acknowledges how important this is.” Ripple’s CEO Expects Answer in First Half of Next Year Ripple CEO Brad Garlinghouse talked about the timeframe of the lawsuit by the U.S. Securities and Exchange Commission (SEC) over the sale of XRP during an event for DC Fintech Week, Bloomberg reported Tuesday. While acknowledging that it is difficult to predict the pace of court proceedings, Garlinghouse said: I think we’ll have an answer in the first half of next year. Whether that’s the first quarter or second quarter, we shall see. Garlinghouse further said Tuesday that Ripple would consider a settlement with the SEC if the regulator states that XRP is not a security. The executive stressed that th...

The Denver-based gas-to-bitcoin infrastructure company Crusoe Energy announced on Wednesday that it acquired the operating assets of Great American Mining (GAM). The acquisition gives Crusoe over 10 megawatts (MW) of mining capacity and 4,000 ASIC mining rigs. Digital Flare Mitigation Firm Crusoe Energy Acquires Great American Mining’s Assets, Acquisition Adds Approximately 9% to Company’s Capacity On October 12, 2022, the digital flare mitigation (DFM) company Crusoe Energy announced that it has acquired the assets of Great American Mining (GAM). Through the deal, not only does Crusoe get 10 MW of capacity and 4,000 ASIC mining devices, it also will benefit from “commercial relationships with several large-scale energy producers in the Bakken region of North Dakota and Montana.” Furthermore, it also has acquired a new facility in Ponchatoula, LA which will be used for Crusoe’s new research and development (R&D) center. The news follows Crusoe’s issues with the rival firm Alk...