Bitcoin News and Finance: What You Need to Know

Commonwealth Bank of Australia plans to restrict payments to crypto trading platforms, citing the threat of scams. The measure would deal another blow to digital asset exchanges operating in the country where it has been getting harder to deposit funds for cryptocurrency operations. Crypto Traders in Australia to Face Another Restriction on Fiat Deposits Australia’s largest lender intends to impose a monthly limit of 10,000 Australian dollars ($6,663) on payments made to crypto exchanges. In a statement quoted by Bloomberg, Commonwealth Bank of Australia (CBA) detailed that some of the transfers will be held for 24 hours or declined. Scams around the world are “masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges,” said General Manager of Group Fraud Management Services at CBA, James Roberts, providing reasons for the upcoming move. Australians have lost at least 3 billion Aussie dollars to scams in 2022, the report notes, which repr...

Major Chinese state-owned banks have lowered interest rates on U.S. dollar deposits. However, they reportedly dismissed claims that the moves were influenced by the Chinese government, stating that the rate cuts were market-driven. Chinese Banks Reduce Dollar Deposit Rates Major Chinese state-owned banks reportedly cut the maximum interest rates they offer on U.S. dollar deposits this week. They explained that the moves were market-driven, dismissing recent reports by some news outlets that their decisions were influenced by the Chinese government. Reuters, for example, reported Tuesday that “In a rare attempt to bolster China’s yuan, a self-regulatory body overseen by the country’s central bank has told major state-owned banks to lower dollar deposit interest rates.” The publication cited four people with direct knowledge of the matter. According to a Wednesday report by the Global Times, “some bank insiders” described the reductions in dollar deposit rates as a self-regulatory ...

Several lawmakers have slammed the U.S. Securities and Exchange Commission (SEC) for regulating the crypto industry by enforcement. One lawmaker says the regulator’s latest action against crypto exchange Coinbase “demonstrates a complete contempt for Congress which is in the process of developing a framework.” Another lawmaker stated that if the regulatory framework were in place, “the SEC wouldn’t have to take the actions that they’ve taken.” Lawmakers Slam SEC and Chair Gary Gensler The U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler have been heavily criticized for regulating the crypto industry by enforcement after the regulatory agency took action against two leading cryptocurrency exchanges this week. The Nasdaq-listed crypto exchange Coinbase faced a lawsuit from the SEC on Tuesday, while and its CEO, Changpeng Zhao (CZ), were hit with 13 charges by the securities regulator a day earlier. The SEC labeled 12 crypto tokens as securities in the Binance l...

U.S. Securities and Exchange Commission Chair Gary Gensler discussed crypto exchanges and digital currencies at the Piper Sandler Global Exchange & Fintech Conference. He insisted that there is “nothing about the crypto securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws.” Gensler reasserted his belief that “the vast majority of crypto tokens meet the investment contract test.” Gensler Dismisses Claim of Exchanges and Crypto Token Issuers Lacking Fair Notice — ‘Don’t Believe It’ Gary Gensler , the current chair of the U.S. Securities and Exchange Commission (SEC), discussed digital currencies at the Piper Sandler Global Exchange & Fintech Conference in New York. Gensler pointed out that some promoters of crypto asset securities claim that their token’s utility exempts it from being classified as an investment contract. However, the SEC chair rejects this argument and insists that “crypto security issuers n...

PRESS RELEASE. The highly anticipated $GORA token launch day Initial DEX Offering (IDO) for Goracle has finally arrived. This milestone marks a significant step forward in our journey to revolutionize the ecosystem through blockchain technology with our oracle innovative solution. At the core of our project lies a commitment to provide reliable and trustworthy data to the burgeoning decentralized ecosystem. Through our innovative oracle technology, we bridge the gap between blockchain networks and real-world data sources, empowering dApps to access and leverage accurate information securely. Our $GORA toke serves as a key component, facilitating seamless data exchange and incentivizing participants within our ecosystem. About Goracle Goracle is a decentralized blockchain oracle originally built on the Algorand blockchain. We empower developers and enterprises to create cutting-edge and reliable decentralized applications by bridging the divide between traditional systems and block...

On June 7, 2023, Bitget, a Seychelles-based platform for crypto derivatives and copy trading, announced the launch of Martingale AI, an AI-infused trading tool. The new feature enables novice crypto traders to utilize strategies developed by AI. Bitget’s Martingale AI: A New AI-Centric Tool for Crypto Traders Artificial intelligence (AI) has been a significant topic this year. On Wednesday, crypto exchange Bitget announced the launch of a new AI-centric tool to assist traders. The Marting AI strategy aims to provide novice crypto traders with a convenient and advanced investment strategy enabled by AI. The strategy utilizes historical market patterns and comprehensive information on market behavior and can be leveraged in both bear and bull market situations. On Wednesday, Gracy Chen, the managing director of Bitget, stated that the company plans to integrate more AI into its products to empower users. “The launch of Martingale AI represents Bitget’s commitment to empowering user...

The United States District Court in Washington, D.C., at the request of the Securities and Exchange Commission (SEC), summoned Binance CEO Changpeng Zhao (CZ) on Wednesday. Binance CEO CZ Challenged by SEC Summons as Legal Battles Escalate On Wednesday, several social media accounts shared a summons intended for the CEO of Binance, Changpeng Zhao, also known as CZ. The document states that CZ must respond upon being served, and at that time, he will have 21 days to address the court. “If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint,” the court filing details. I was told this is just part of the SEC compliant process. Nothing new. Also told I won't have to appear in person. No need to FUD. pic.twitter.com/NYUlBCIirG — CZ Binance (@cz_binance) June 7, 2023 The summons necessitates a response and bears the signature of the court clerk. CZ was served at his residence in Malta, and he shared a tweet about th...

Robinhood is reviewing its crypto offerings after the U.S. Securities and Exchange Commission (SEC) went after major digital assets exchanges. In lawsuits against Binance and Coinbase, the regulator claims that a number of tokens listed by the trading platforms are unregistered securities. Robinhood Reviews Cryptocurrency Offerings Amid U.S. Crackdown on Leading Exchanges U.S.-based online broker Robinhood Markets is taking a look at its digital coin offerings following the SEC’s decision to crack down on Binance, the world’s largest crypto exchange, and Coinbase, the leading digital asset exchange in the United States. The financial services company is “actively reviewing” the regulator’s analysis “to determine what, if any, actions to take,” the firm’s Chief Legal Compliance and Corporate Affairs Officer Dan Gallagher said, quoted by Bloomberg. Gallagher, who is a former SEC commissioner, announced the move when he testified in Congress before the House Agriculture Committee in ...

Bitcoin rebounded from a near three-month low on Wednesday, as traders moved to buy the latest price dip. Yesterday’s decline came as the U.S. Securities and Exchange Commission sued both Binance and Coinbase. Ethereum moved closer to $1,900 in today’s session. Bitcoin Bitcoin ( BTC ) bounced back above the $27,000 level on Wednesday, as traders moved to buy the recent dip in price. Following a low of $25,434.87 on Tuesday, BTC /USD raced to an intraday high of $27,332.18 in today’s session. This move saw bitcoin climb away from its weakest point since March 17, when it was at a low of $24,946. Bitcoin chart by TradingView Overall, price has also risen back above a key support point at $26,300, with the relative strength index (RSI) hovering near a similar area. At the time of writing, price strength is tracking at 45.67, which is below a resistance level of 47.00. The 10-day (red) moving average also remains above its 25-day (blue) counterpart, which could be a positive s...

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A senior economist at financial services firm TD says the Chinese yuan, the euro, and digital currencies could erode the U.S. dollar’s dominance. “Several countries have shown frustration with the dominance of the dollar and are pursuing alternatives for conducting international trade and cross-border banking,” he said. Long-Term Trend Is Away From US Dollar, Says Economist Vikram Rai, a senior economist at financial services firm TD, discussed the global de-dollarization trend and currencies that have the potential to diminish the dominance of the U.S. dollar in a note published last week. He specifically mentioned the Chinese yuan, the euro, and central bank digital currencies (CBDCs) as noteworthy challengers. While stating that the U.S. dollar “remains the dominant and most-used currency,” the economist stressed that “the long-term trend is away from it.” He described: Several countries have shown frustration with the dominance of the dollar and are pursuing alternatives for co...

Russian Finance Minister Anton Siluanov has given his opinion on the perceived attack the Russian economy has been receiving from the U.S. dollar, and how the country has moved to keep trade going. Siluanov also remarked on the importance of developing settlements in national currencies. Russian Finance Minister Anton Siluanov: ‘The Dollar Has Challenged Russia’ Anton Siluanov, the Russian finance minister, has referred to Russia’s situation after having most of its means for dollar-based exchange blocked. Siluanov noted that Russia was forced to find alternatives to the dollar due to the economic sanctions enacted by the U.S. government, due to the country’s involvement in the Russia-Ukraine conflict. In an interview with CGTV, Siluanov stated : We are not challenging the dollar, the dollar has challenged Russia, so we are looking for reliable alternative settlement mechanisms between our exporters and importers so that it is convenient, reliable and beneficial for participants ...

PRESS RELEASE. June 6th, 2023: Unigrid, a pioneering force in the development of a decentralized and anonymous Internet, is excited to announce a significant milestone, a new strategic partnership, and an ambitious market positioning. Unigrid has recently secured a $25 million investment commitment from GEM Digital Limited. Additionally, Unigrid has partnered with WeSendit, the world’s first file transfer service specializing in anonymous data transfer and decentralized storage solutions. Unigrid is poised to become a formidable European alternative to dominant providers such as Amazon AWS and Google Cloud. Unigrid’s CTO, Adam Waldenberg, emphasizes the transformative power of blockchain technology in guaranteeing the permanence of information, thereby fundamentally reshaping the cloud industry. Businesses will be able to leverage Unigrid to deliver and store data at significantly lower costs compared to traditional cloud providers like Amazon AWS, resulting in substantial savings. U...

In the aftermath of the U.S. Securities and Exchange Commission’s (SEC) enforcement actions against Coinbase and Binance, chairman Gary Gensler engaged in a conversation, maintaining that further digital currencies are unnecessary. “We already have digital currency. It’s called the U.S. dollar. It’s called the euro or it’s called the yen, they’re all digital right now,” Gensler emphasized during his guest spot on CNBC’s “Squawk on the Street” program. Gensler: ‘We Already Have Digital Currency, It’s Called the U.S. Dollar’ Following the legal filings involving Coinbase and Binance for failing to register as brokerages and selling unregistered securities, Gary Gensler, the current SEC chairman, shared his thoughts on CNBC’s Squawk Box on Tuesday. His sentiment indicated that numerous existing crypto assets are unwarranted. “Look, we don’t need more digital currency,” Gensler emphasized on CNBC’s “Squawk on the Street.” “We already have digital currency. It’s called the U.S. dollar...

Following the lawsuit filing by the U.S. Securities and Exchange Commission (SEC) against Binance, encompassing 13 allegations of “operating unregistered trading platforms” and “participating in multiple unregistered offers and sales of crypto asset securities,” Charles Hoskinson, co-founder of IOHK, provided his insight on the matter. Hoskinson commented that the complaint appears to be a component of a larger plan aiming to establish an “agenda based [central bank digital currency (CBDC)].” Binance Lawsuit Triggers Warning From IOHK’s Charles Hoskinson Charles Hoskinson , co-founder of IOHK (Input Output Hong Kong) and Ethereum, has weighed in on the recent lawsuit against Binance. IOHK is the development team that develops the Cardano ( ADA ) network, the world’s eighth-largest cryptocurrency project by market capitalization. On Monday, Hoskinson revealed that the complaint appears to be a component of a larger plan to establish increased control over the U.S. financial system. “...

Bitcoin plunged to its lowest point in over two months, as markets continue to react to the SEC versus Binance lawsuit. The Securities and Exchange Commission (SEC) is suing the crypto exchange for violation of U.S securities laws. Ethereum was also in the red, dropping below $1,800 in the process. Bitcoin Bitcoin ( BTC ) sank to a multi-month low on Tuesday, as markets reacted to the news that has been sued by the SEC . BTC /USD dropped to a bottom at $25,445.17 earlier in today’s session, a day after trading at a high of $26,810.22. This decline pushed bitcoin to its weakest point since March 17, when it was at a low of $24,946. Looking at the chart, the drop in price coincided with the 14-day relative strength index (RSI) falling below a floor at 38.00. At the time of writing, the index is tracking at 36.12, its weakest point since mid-March. Despite a recent upwards crossover of moving averages (MA), the 10-day trendline has now firmly shifted direction. Ethereum Additiona...

After the U.S. Securities and Exchange Commission (SEC) sued Binance, it has now filed a legal case against the San Francisco-based exchange, Coinbase. The SEC alleges that Coinbase breached multiple securities regulations and has been functioning as an unregistered broker since 2019. SEC Alleges Coinbase Operated an Unregistered Brokerage and Committed Multiple Securities Offenses The SEC is clamping down on another digital currency platform, this time targeting Coinbase for purportedly operating as an unregistered broker and infringing upon various securities laws. While Coinbase has examined specific crypto assets for compliance with the Howey test, the SEC claims that the company has listed several cryptocurrencies that fail the test or classify as investment contracts. Regarding the classification of individual assets as securities, the regulatory body contends that coins like ICP, AXS, CHZ, FLOW, DASH , VGX, FIL, NEXO, NEAR, ADA , SAND, SOL, and MATIC meet the criteria of bei...

According to Venket Naga, the CEO of Serenity Shield — a privacy-preserving decentralized application — many of today’s crypto holders understand the importance of not just protecting and preserving their assets but the ability “to pass them on in case of unexpected events.” In written answers to questions sent by Bitcoin.com News, Naga also argued that the much-desired mass adoption of cryptocurrencies cannot be achieved “without a robust estate planning solution.” ‘A Blockchain Problem Requires a Blockchain Solution’ Venket Naga, CEO of privacy-focused decentralized application Serenity Shield, believes that inheritance plans in crypto are important, but also acknowledges that having such a plan comes with risks which include the loss or theft of private keys. The CEO also agreed that in some cases, hardware devices used to store digital assets may become compromised and this could lead to permanent losses. However, Naga insisted that crypto holders can still overcome the risks a...