Bitcoin News and Finance: What You Need to Know

According to the latest Coingecko crypto industry report, during the first quarter of 2023, bitcoin became the best-performing asset after it saw its U.S. dollar value go up from just under $17,000 observed on Dec. 31, 2022, to just over $28,000 by March 31, 2023. The report attributes the crypto asset’s resurgence to “increased volatility from the banking crisis” and to Binance’s decision to end part of its zero-fee incentive scheme for bitcoin trades. Bitcoin Beats Nasdaq Index and Gold After closing the past year trading below $17,000, bitcoin staged a comeback that saw it close the first quarter (Q1) of 2023 trading above $28,000. With this performance, bitcoin, which eventually went past the $30,000 level, has outperformed major asset classes including the Nasdaq index and gold, data from the latest Coingecko crypto industry report has shown. As shown in the report , bitcoin’s quarter-on-quarter (QoQ) growth of 72.4% makes it the best-performing asset during the period. The Na

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, would not answer a direct question in a congressional hearing about whether ether is a security. While the SEC chair insisted that the law is clear on crypto, Congressman Patrick McHenry argued that the SEC’s regulatory actions say “there’s a great deal of uncertainty.” Lawmaker Probes SEC Chair Gary Gensler on Whether Ether Is a Security The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on Tuesday before the House Financial Services Committee on the oversight of the SEC. During the hearing, the committee’s chairman, Congressman Patrick McHenry (R-NC), asked the SEC chief whether ether ( ETH ) is a commodity or a security. McHenry explained that back in 2018, Bill Hinman, who was the director of the SEC’s Division of Corporation Finance at the time, stated that ether was not a security. Last month, the chairman of the Commodity Futures Trading Commission (CFTC),

Taylor Swift, a pop icon and 12-time Grammy Award winner, reportedly turned down a $100 million sponsorship offer from the now-bankrupt cryptocurrency exchange FTX due to concerns about unregistered securities. A number of FTX celebrity endorsers are currently facing a class action lawsuit, including Shaquille O’Neal (Shaq), Tom Brady, and Larry David. How Taylor Swift Avoided Partnering With FTX Taylor Swift, a famous singer-songwriter who has won 12 Grammy Awards from 46 nominations, reportedly did due diligence on now-bankrupt cryptocurrency exchange FTX and turned down a sponsorship proposal from former FTX CEO Sam Bankman-Fried. FTX filed for Chapter 11 bankruptcy in November of last year. Adam Moskowitz, one of the attorneys leading a $5 million class-action lawsuit against 16 celebrity endorsers of FTX revealed during an episode of the Block’s Scoop podcast that Swift took the step of consulting with her lawyer when approached by SBF, in contrast to other celebrities who in

After the New York Times (NYT) published an editorial about bitcoin mining, claiming the industry is harmful to the environment, an organization called Stop the Presses took issue with the Times’ paper usage. Stop the Presses launched a social media campaign against the NYT’s newspaper production. The organization’s website, nytimesup.org, alleges that the company “kills approximately 59 million trees per year.” Activists Blast New York Times Over Physical Newspaper Print Production On April 10, 2023, the New York Times faced criticism for publishing a one-sided “hit piece” on bitcoin mining. Crypto proponents claimed that Times reporter Gabriel Dance did not use factual information. Since then, the focus has shifted to the environmental impact of the American news outlet, founded in 1851, due to its newspaper production. A group called Stop the Presses launched a social media campaign and website exposing the news business’s current printing practices. The accusation is that t

After announcing the production of bitcoin application-specific integrated circuits (ASICs), Intel, the world’s largest semiconductor chip manufacturer by revenue, appears to be abandoning its blockchain chip production. On Tuesday, a spokesperson for the chip manufacturer explained that Intel has “end-of-lifed the Intel Blockscale 1000 Series ASIC.” Intel Spokesperson Discloses Company Has End-of-Lifed the Blockscale 1000 Series ASIC In February 2022, the California-based technology company Intel made headlines when it announced its plan to create “energy-efficient accelerators,” or ASIC technology, to contribute to the development of blockchain technologies. Later that month, at the 2022 International Solid-State Circuits Conference (ISSCC), the company unveiled the Bonanza Mine BMZ1 . At that time, Tom’s Hardware author Paul Alcorn stated that Intel was also developing a second iteration of the Bonanza Mine ASIC, known as the BMZ2. Moreover, in March 2022, it was reported tha

The author of Rich Dad Poor Dad, Robert Kiyosaki, expects the price of bitcoin to keep rising. “I’m betting on it,” he said. Kiyosaki also shared that he bought 60 bitcoin when the price of the cryptocurrency was at $6,000 per coin. Robert Kiyosaki Expects Bitcoin’s Price to Keep Going Up The author of Rich Dad Poor Dad, Robert Kiyosaki, has expressed his confidence that the price of bitcoin will keep going up. 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: Bitcoin up over 100% in a year. Will bitcoin keep going up? I’m betting on it. At the time of writing, bitcoin is trading at $30,264.50, up 82% year-to-date. However, the largest cryptocurrency is down 26% from the previous year but up 224% over the past five years. The famous author added: “W

PRESS RELEASE. Volt Inu announced on Twitter on April 18, 2023, that it would launch VoltiEco within the following 3 weeks. VoltiEco, an AI-powered ecosystem, will collect existing and upcoming crypto protocol airdrops to sustain the Volt Inu ecosystem by rewarding holders and ensuring project development. A new product developed by Volt Inu Volt Inu has recently announced that it would launch VoltiEco, a decentralized and autonomous protocol that aims to engage with multiple network, protocol, or blockchain airdrops. Through VoltiEco, Volt Inu aims to sustain the company’s ecosystem, as VoltiEco can easily become a major revenue stream for Volt Inu. VoltiEco leverages blockchain technology, automated algorithms, and AI (Artificial Intelligence) to optimize and automate users’ entry into various crypto airdrops. The project is focused on automation and decentralization and aims to maximize the financial value creation for the Volt Inu ecosystem while also working to minimize ri

On April 18, former U.S. president Donald Trump announced a second series of his digital Trump card collection, following the “great success” of his initial non-fungible token (NFT) trading cards. Despite selling out rapidly, Trump stated on Truth Social that he maintained the initial card prices for the new collection. Trump Unveils Series 2 NFT Collection With Mar-a-Lago Dining Opportunity Trump is back with a new NFT collection featuring 47,000 digital cards minted on Polygon. His first NFT collection, launched in mid-December 2022, sold out within hours. The cards’ value performed well on secondary markets and also surged following Trump’s indictment by a Manhattan grand jury. On March 30, 2023, Trump was indicted with 34 felony counts of allegedly falsifying business records related to ostensible payments to adult film star Stormy Daniels. Trump pleaded not guilty and his legal team has requested a spring 2024 trial. On Truth Social , Trump unveiled his second NFT colle

Zambia is set to complete real-life crypto usage simulations by the end of June, Felix Mutati, the country’s science and technology minister has said. The Zambian minister said his country is seeking a balance between innovation and consumer protection. Zambia Needs to Build Digital Infrastructure Before It Introduces Crypto According to the Zambian minister of science and technology, Felix Mutati, his country is set to complete tests which simulate real-life cryptocurrency usage by the end of June. However, Mutati also argued that Zambia must focus on building a digital infrastructure including digital identities before introducing cryptocurrencies. The latest remarks by Mutati came nearly two months after he first revealed that Zambia was testing technology to regulate cryptocurrencies. As reported by Bitcoin.com News in February, Mutati also lauded cryptocurrency, which he describes as a technology that encapsulates a future that Zambia desires. Nevertheless, despite being th

As the traditional banking system experiences growing instability with the failures of Silicon Valley Bank, Signature Bank, Silvergate Bank, and Credit Suisse, more individuals are turning to decentralized finance (DeFi) as a secure and attractive alternative. Verse DEX , Bitcoin.com’s decentralized exchange, has been flourishing as a result, enjoying a rapid surge in Total Value Locked (TVL) and gaining recognition as a reliable refuge from traditional banking woes. In recent weeks, Verse DEX has witnessed TVL increase by nearly 300%, surpassing the $15 million mark. This impressive growth has propelled Bitcoin.com’s decentralized exchange into the 13th highest-ranked DEX on Ethereum and the 66th overall. To further strengthen its offerings, Bitcoin.com is now launching VERSE Staking, allowing anyone to earn rewards for depositing VERSE tokens on Verse DEX here . Dennis Jarvis, Bitcoin.com CEO, emphasizes the significance of Verse DEX in the pursuit of economic freedom: “At

While bitcoin’s effect on the environment has been discussed at length over the last two years, the latest trend of artificial intelligence (AI) software is now being criticized for its carbon footprint. According to several headlines and academic papers this year, AI consumes significant electricity and leverages copious amounts of water to cool data centers. Reports Insist AI and Chatgpt Consumes a Ton of Electricity and Water In recent times, environmentalists have aimed their targets at various technologies, and during the last 24 months, a great deal of focus has been directed at bitcoin mining . Now, the insatiable drive to reduce carbon footprints is aimed at the artificial intelligence (AI) trend that has taken the world by storm. There’s no doubt that AI has been extremely popular in 2023, with Openai’s Chatgpt program and others releasing innovative new software. However, several articles and scholarly papers claim that AI is consuming a massive amount of energy and has a

The police service of the Canadian city of Calgary is launching a Cryptocurrency Investigations Centre in partnership with blockchain analytics firm Chainalysis to help combat crypto crime. The center “will enable law enforcement to tackle crime that takes place using blockchain technology,” Chainalysis described. Canada’s Cryptocurrency Investigations Centre The police service of Calgary, the largest city in the western Canadian province of Alberta and the largest metro area within the three Prairie Provinces region, announced last week that it is creating a “Cryptocurrency Investigations Centre.” The announcement explains: The Calgary Police Service is entering into a unique partnership with Chainalysis, a global blockchain data platform, to help combat crypto-crime. “The creation and implementation of the Western Canada Cryptocurrency Investigations Centre will strengthen our ability to ensure the public safety of citizens, allow for proactive policing, enhance technical inve

Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), has issued her opinion on the recent attempts of the institution to change the definition of “exchange” under the Exchange Act Rule. According to Peirce, the institution is now expanding its reach to solve “problems that do not exist,” stifling innovation in the process. SEC Commissioner Hester Peirce Issues Dissenting Opinion U.S. SEC Commissioner Hester Peirce, also known in cryptocurrency circles as “crypto mom,” has written a letter blasting the recent decision of the Commission to amend the definition of “exchange” under the Exchange Act Rule. Peirce states that instead of bolstering innovation, this decision will render it “kaput,” bringing even more confusion to cryptocurrency circles in the U.S. Peirce argued that, compared with the 90’s SEC that acted in a different way, today’s SEC uses the rulemaking process as a threat. She commented : Today’s Commission tells entrepreneurs trying to d

According to a recent report, the cryptocurrency exchange Bittrex received a Wells notice from the U.S. Securities and Exchange Commission (SEC) in March, signaling a potential lawsuit. The SEC’s enforcement division sent the Wells notice prior to Bittrex deciding to wind down its operations in the United States. ‘Lack of Regulatory Clarity’ in the U.S. Adds Uncertainty for Cryptocurrency Exchanges On Sunday, April 16, 2023, the Wall Street Journal (WSJ) reported that the cryptocurrency exchange Bittrex was informed of a potential lawsuit and enforcement action in the form of a Wells notice. A Wells notice is essentially a letter from the U.S. SEC that informs an individual or company of the regulator’s intent to take enforcement action against them. The notice provides the recipient with a chance to respond and often does not result in litigation. At the start of April, Bittrex informed the public that it “made the difficult decision to wind down U.S. operations, effective April

Bitcoin started the week trading below $30,000, as the U.S. dollar strengthened during Monday’s session. USD/JPY rose to a one-month high, with the greenback also gaining against the euro and British pound. Ethereum was also lower, falling below $2,100. Bitcoin Bitcoin ( BTC ) dropped below the $30,000 mark on Monday, as a strong U.S. dollar weakened cryptocurrency markets. BTC /USD fell to an intraday low of $29,816.72, which comes less than 24 hours after trading at a high of $30,555.54. Monday’s price slippage comes two days after bitcoin rose above $31,000 for the first time since June 7. Bitcoin chart by TradingView Ultimately, this recent bull run pushed BTC into overbought territory, with the relative strength index (RSI) hitting a ceiling of 71.00. At the time of writing, the index is tracking at 63.45, with a floor at the 59.00 mark potentially approaching. Should price strength continue to move towards this level, there is a good chance that BTC will move be

According to Quaison Carter, the co-founder and CMO of the location-based NFT platform Lostworlds, non-fungible tokens (NFTs) are still not widely used due to what he called “user friction.” Carter, however, insists that the value of NFTs will persist for “as long as there are communities willing to use them.” The Role Played by PFP Communities Concerning the process of onboarding users, the Lostworlds co-founder suggested making this simpler and making sure the user does not spend time trying to understand how they can become NFT holders. When asked about the challenges associated with location-based NFTs such as location spoofing, Carter lamented how such practices harm the whole industry. He also briefly explained how his company is attempting to tackle the problem and thus help to maintain the “integrity of location-based interactions.” Also, in his written responses sent to Bitcoin.com News, Carter touched on why his firm chose Avalanche and the benefits of using that platfo

U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions “judiciously,” as they can create a desire to find alternatives to the U.S. dollar. U.S. Treasury Secretary Yellen Talks Dangers of Dollar Weaponization Janet Yellen, Treasury Secretary of the United States, has referred to the possible effects that continued use of sanctions could exert on the hegemony of the U.S. dollar in international markets. In an interview reviewed by Reuters, Yelled acknowledged that such a danger does exist in the long term. On the issue, she stated : So, there is a risk when we use financial sanctions that are linked to the role of the dollar, that over time it could undermine the hegemony of the dollar, as you said. But this is an extremely important tool we try to use judiciously. Yellen recognizes that such sanctions push

The government of China protested the enactment of sanctions on a series of national companies by the U.S., barring them from doing business with U.S.-based entities for allegedly collaborating with Russia. China’s Commerce Ministry criticized the move, saying it is a “typical form of long-arm jurisdiction,” which damages the rights and interests of these companies. China Opposes the Enactment of Sanctions on National Companies The government of China has expressed its disagreement with the recent enactment of a series of sanctions against a number of national companies for supposedly collaborating with Russia. The companies, which are mostly in the electronics business, were allegedly used as bridges, purchasing U.S. technology in order to deliver it to Russia, sidestepping the sanctions established by the Office of Foreign Assets Control (OFAC) on Russian entities. A statement from China’s Commerce Ministry accused the U.S. of overreaching with this move. The statement rejected t

Brazil’s President Luiz Inacio Lula da Silva’s chief adviser on foreign policy, Celso Amorim, says China and Brazil “are coming closer together” and they could play important roles in building a less centralized world with no hegemony. Commenting on de-dollarization, he stressed: “I think it’s very important that we are free from the dominance of one single currency because sometimes it is used politically.” Brazil, China ‘Coming Closer Together’ Brazilian President Luiz Inacio Lula da Silva’s senior foreign policy adviser, Celso Amorim, discussed de-dollarization on Friday in an interview with the Chinese government-owned Global Times. Amorim previously served as Brazil’s Minister of Foreign Affairs, Minister of Defence, and ambassador to the United Kingdom. He was appointed as Chief Advisor to the president of Brazil by Lula in January. Amorim explained the importance of Lula’s visit to China where the Brazilian president met with Chinese President Xi Jinping. It was the first vi