Bitcoin News and Finance: What You Need to Know

Warren Davidson, the Republican congressman who first introduced the legislation in mid-April, has filed the SEC Stabilization Act to remove Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC). Davidson insists the act aims to safeguard U.S. capital markets “from a tyrannical chairman.” Legislation Filed to Remove SEC Chair Gensler in Effort to Safeguard U.S. Capital Markets Several Republican lawmakers have openly criticized SEC chairman Gary Gensler for his performance in leading the federal securities regulatory division. Among them is congressman Warren Davidson (R-OH), who recently announced his intention to introduce legislation to remove Gensler from his position. Less than two months later, Davidson filed the SEC Stabilization Act and shared the news on Twitter on June 12th. “U.S. capital markets must be protected from a tyrannical chairman, including the current one,” Davidson said in a statement. “That’s why I’m introducing legislation t...

After several weeks of consecutive gains, sales of non-fungible tokens (NFTs) have slumped 20.44% this week compared to the previous week. According to seven-day statistics, NFT sales totaled $152.96 million last week, with $84 million in sales originating from the Ethereum blockchain. This Week’s NFT Sales Follow Crypto Market’s Nosedive Sales of non-fungible tokens (NFTs) have nosedived more than 20% over the past seven days compared to the previous week. The decline follows several consecutive weeks of gains, during which Bitcoin ( BTC )-based NFTs gained significant prominence. In the last seven days, NFT sales totaled $152.96 million, and the number of NFT buyers decreased by 63.59%. Ethereum-based NFT sales accounted for $84 million, representing 54.91% of the market share among 21 different blockchains. Ethereum-based NFT sales, however, have dropped 34% compared to the previous week. Bitcoin-centric NFTs still hold the second position in terms of sales, with $29.41 in reco...

The Central Bank of Nigeria governor, Godwin Emefiele, was suspended by Nigerian President Bola Ahmed Tinubu on June 9 and was subsequently arrested by a domestic security agency. Several reports have linked Emefiele’s suspension to the central bank’s controversial naira demonetization exercise. Emefiele’s Presidential Aspirations The Nigerian central bank governor, Godwin Emefiele, was on June 9 suspended by the West African nation’s new president Bola Ahmed Tinubu. The suspension is expected to pave the way for further investigations into Emefiele’s conduct throughout his tenure as head of the Central Bank of Nigeria (CBN). JUST IN: The Department of State Services (DSS) have confirmed that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons. pic.twitter.com/tJJtcEduzZ — Eons Intelligence (@eonsintelligenc) June 10, 2023 Immediately after his suspension, several local media reports said Emefiel...

Bitcoin started the week trading marginally below the $26,000 level, ahead of a key week of economic events. The headline being the upcoming U.S. Federal Reserve meeting. Ethereum remains below $1,800 ahead of this week’s rate decision. Bitcoin Bitcoin ( BTC ) continued to trade around the $26,000 level on Monday, as markets remain volatile following recent fundamental occurrences. BTC /USD rose to a peak of $26,203 earlier in today’s session, following Sunday’s low at $25,675. Monday’s peak sees bitcoin bulls attempt to break a resistance level of $26,300, however market sentiment remains largely bearish. Bitcoin chart by TradingView The relative strength index (RSI) is also tracking close to a level of resistance, with a current reading at 42.16. This is marginally below an upcoming ceiling at 46.00, and slightly above a support point near the 41.00 region. Additionally, the 10-day (red) moving average has maintained its downward course, further expanding bearish sent...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Volcano Energy rises in El Salvador, Venezuelan bitcoin miners flee amidst nationwide mining ban, and Argentina deepens usage of the Chinese yuan to pay imports. Volcano Energy Green Mining Project Rises out of Stealth in El Salvador Volcano Energy, a bitcoin mining project, announced the construction of a 241MW renewable power generation facility in El Salvador. The operation, which will get most of its energy using photovoltaic (solar) cells, will power what it calls “one of the world’s largest bitcoin mining farms,” with a mining processing capacity of 1.3 EH/s in its first stage. The cost of the whole development is estimated to reach $1 billion, with the first phase of $250 million being financed by “Bitcoin industry leaders.” Tether is among the companies participating in the project as part of its recently announced mining and renewable ener...

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Former Securities and Exchange Commission (SEC) official John Reed Stark said on Sunday via Twitter that he believes the U.S. Department of Justice (DOJ) has filed or will file a criminal indictment related to Binance. Stark, who draws from his experience in the SEC Enforcement Division, pointed to various indicators suggesting potential criminal charges in his recent statement. DOJ Likely to Charge Binance Following SEC and CFTC Actions, Says Former SEC Official According to John Reed Stark, the former head of internet enforcement at the SEC, the DOJ has either already filed or will file a criminal indictment against Binance, the world’s largest crypto exchange. Stark’s opinion comes after the SEC sued Binance on June 5, 2023, for violating securities laws. The former SEC official emphasized that the Commodity Futures Trading Commission’s lawsuit against Binance, along with the SEC’s latest complaint, “read more like criminal indictments” than typical regulatory actions. Stark ...

People in Turkey have been seeking refuge in stablecoins as their national fiat continues to depreciate against the greenback. The Turkish lira saw a record drop in its exchange rate with the U.S. dollar when the country’s central bank halted intervention after the recent presidential vote. Turkish Investors Seek Safe Haven in Stablecoin Tether Despite Global Crackdown on Crypto Demand for tether (USDT) in Turkey has been high since early May despite an ongoing crackdown on crypto assets around the world, Bloomberg noted. While the prices of major cryptocurrencies are falling, the Turkish lira has fared even worse, the report points out. The national fiat dropped 11% against the dollar during the past week after the central bank pulled back from intervention following the reelection of Turkey’s long-time President Recep Tayyip Erdogan . Turkish state banks resumed support on Wednesday after the currency’s biggest slide in over a year. With the lira having lost 80% of its value si...

At 1:19 p.m. Eastern Time on Sunday, June 11, 2023, Microstrategy, a publicly-listed company, had 140,000 bitcoin ( BTC ) on its balance sheet. Despite this impressive figure, a data analyst at blockchaincenter.net compiled metrics that reveal the company’s investment has decreased in value by 14%. The data also indicates that if Microstrategy had invested in ethereum ( ETH ) instead of BTC , the company’s portfolio would have increased by 54%. Blockchaincenter.net’s ‘There Is No Second Best’ Data Set Microstrategy, a company that offers business intelligence, mobile software, and cloud-based services, currently holds the largest amount of bitcoin ( BTC ) among publicly listed firms. In April, the company acquired an additional 1,045 BTC , bringing its total stash to an even 140,000. However, recent statistics reveal that the value of Microstrategy’s bitcoin portfolio has decreased by 14% as of Sunday. This means that the company’s cache, which was purchased for $4.206 billion, i...

Jim Rickards, an economist and the author of “Currency Wars,” has predicted the unveiling of a new BRICS currency, stating that it “could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency.” Emphasizing that “The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave,” he noted that “The BRICS+ present a realistic effort to de-dollarize global payments and eventually global reserves.” Jim Rickards on BRICS Currency Challenging U.S. Dollar Dominance Economist and “Currency Wars” author Jim Rickards shared his predictions about a proposed BRICS currency in an opinion piece published by the Daily Reckoning earlier this week. The leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are expected to discuss the proposed common currency at their next leaders’ summit in August. “On Aug. 22, about 2½ months from today,...

Seismic shifts have been occurring in crypto this past week, with the United States Securities and Exchange Commission (SEC) leaning remarkably further into what some call its “regulation by enforcement” approach, as the entity is now suing both Binance and Coinbase for securities laws violations. In other news, crypto firm Robinhood has decided to delist multiple popular crypto assets in the wake of the SEC’s latest barrage of red tape. This and more just below, in the latest Bitcoin.com News Week in Review. Binance Faces Legal Action by SEC for Violating US Securities Laws The U.S. Securities and Exchange Commission (SEC) took legal action against Binance, the largest cryptocurrency exchange globally, for violating U.S. securities laws. Gary Gensler, the chairman of the SEC, revealed that Binance is facing thirteen charges related to these violations. Read More Coinbase CEO Responds to SEC Lawsuit Accusing Crypto Exchange of Securities Law Violations Coinbase CEO Brian Armstr...

Amid the recent crackdown on two of the world’s largest crypto exchanges, cryptocurrency enthusiasts have been buzzing with discussions on various theories and investment strategies. While some have opted to sell their holdings in the face of uncertainty, others have taken a different approach. Rather than focusing on short-term gains, some crypto proponents are playing the long game, undeterred by regulatory pressure and steadfast in their decision to hold onto their investments. Theories, Guidance, and Principles — Crypto Market Sentiment Grows Chaotic Across Reddit The United States is currently witnessing a major crackdown on crypto firms and digital assets, following the Securities and Exchange Commission’s (SEC) lawsuit against Binance and Coinbase . As a result, there are numerous theories circulating about the so-called ‘ Operation Chokepoint 2.0 ‘, with crypto advocates attempting to explain why the crypto market is experiencing a downturn. A recent post on the Reddit for...

Economist Peter Schiff says the U.S. banking system is insolvent. He stressed that the Federal Reserve destroyed the U.S. banking system, citing near-zero interest rates at banks while “the Fed funds rate is 5.25% and the real inflation rate is much higher.” Schiff previously warned that the U.S. banking system is on the verge of a “much bigger collapse than 2008.” Peter Schiff on U.S. Banking Crisis Gold bug and economist Peter Schiff is back with more warnings about the U.S. economy. He tweeted Friday that the Federal Reserve destroyed the U.S. banking system, emphasizing that it is insolvent and would collapse without government help. Schiff wrote: Bank of America pays just .05% interest on savings accounts and nothing on checking accounts. But the Fed funds rate is 5.25% and the real inflation rate is much higher. The Fed destroyed the U.S. banking system. It’s insolvent and would collapse without government backstops. This was not the first time that the economist sounded t...

Rich Dad Poor Dad author Robert Kiyosaki has warned that the real estate market is on the verge of a crash that will be worse than the 2008 financial crisis. Noting that it will be the greatest crash “ever,” he stressed that the 2023 crisis will make the Global Financial Crisis “look like nothing.” ’Greatest Real Estate Crash Ever’ Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, has issued another warning about the real estate market, stating that it is on the verge of the greatest crash “ever.” 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. The famous author believes that the 2023 crash will be worse than the 2008 Global Financial Crisis (GFC), and is advising investors to protect themselves by buying gold, silver, and bitcoin. He tweeted Wednesday: Grea...

On June 10, 2023, bitcoin is dominating with a market capitalization dominance of 47.5%, marking its highest level since this time last year, according to coinmarketcap.com. Meanwhile, ethereum’s dominance is holding steady at 20%, indicating that the recent dominance gains made by these two crypto assets have come at the expense of other digital currencies. Bitcoin Dominance Rises While Ethereum’s Dominance Remains Resilient; Many Other Crypto Competitors Have Not Been So Lucky As of Saturday, June 10, bitcoin (BTC) is still the undisputed leader with a market valuation of $496 billion, accounting for 47.5% of the entire crypto economy’s $1.04 trillion market capitalization. However, BTC has experienced a slight dip of 3.32% in the past day and 5.79% over the week against the U.S. dollar, according to current data. Interestingly, while BTC has weathered the storm relatively well, many other top crypto assets, particularly those in the top 20, have taken a much harder hit in ter...

Cardano fell by over 25% on Saturday, as traders continued to react to the token being delisted from the Robinhood platform. The global cryptocurrency market cap is currently down by nearly 6%, following these developments. Polygon, which was also delisted, dropped to a one-year low to start the weekend. Cardano ( ADA ) Cardano ( ADA ) dropped markedly on Saturday, as traders continued to react to the token being delisted from the Robinhood platform. Following a high of $0.3218 on Friday, ADA /USD slipped to a bottom at $0.2304 to start the weekend. Looking at the chart, the decline came as the relative strength index (RSI) plunged below a floor at the 30.00 mark, entering oversold territory. At the time of writing, the index is currently tracking at 17.75. ADA is currently trading at $0.2509, down 22% from yesterday’s peak. Polygon (MATIC) Additionally, polygon (MATIC) lost a significant amount of its value to start the weekend, nearing a one-year low in the process. MATIC/...

Bitcoin moved below the $26,000 level to start the weekend, as bearish pressure intensified following a week of turbulence. Sentiment in the market once again shifted, as traders liquidated their positions on the back of the U.S. Securities and Exchange Commission’s (SEC) crackdown on crypto. ETH dropped below $1,800. Bitcoin Bitcoin ( BTC ) started the weekend trading below $26,000, as traders continued to react to the fallout of the SEC’s cryptocurrency crackdown. The latest domino to fall came in the form of Robinhood, who moved to delist several altcoins from its platform, including solana and cardano. BTC /USD fell to an intraday low of $25,502 in the news, which comes a day after price peaked at $26,770. Looking at the chart, the latest downturn came as the 14-day relative strength index (RSI) fell towards a floor at 39.00 At the time of writing, the index is tracking marginally above this point at 40.06. In addition to this, the 10-day (red) moving average has extended ...

Majority state-owned lender Sberbank is preparing to allow Russian citizens to buy and sell digital assets. Private individuals will be provided access to its proprietary blockchain platform as early as this month, a top executive of the bank announced. Sberbank to Open Digital Assets Platform to Private Individuals Retail investors will be able to transact with digital financial assets (DFAs) on the distributed ledger platform built by Sberbank by the end of the current quarter, according to the Deputy Chairman of the bank’s Board, Anatoly Popov. “If we talk about individuals, then in the second quarter, in June, we believe this function will be open,” Popov said, quoted by the Tass news agency. They will have the opportunity to buy digital financial assets, sell them and exchange them for fiat, he detailed. DFAs are a relatively new financial instrument for Russia which was regulated with the law “On Digital Financial Assets” in 2021. Unlike decentralized cryptocurrencies, they ...

Binance US has informed its users that U.S. dollar deposits have been suspended and USD withdrawals will no longer be processed. The crypto exchange has asked customers to withdraw dollars by June 13 as it transitions into a crypto-only trading platform. The move followed a lawsuit against the crypto exchange and several other Binance entities by the U.S. Securities and Exchange Commission (SEC). Binance US Suspends Dollar Deposits, Withdrawals Binance US made an announcement Thursday regarding the suspension of U.S. dollar deposits and withdrawals following an “aggressive” enforcement action taken by the U.S. Securities and Exchange Commission (SEC). The securities watchdog filed charges against several entities on Monday, including Binance Holdings, which operates Binance.com; its U.S.-based affiliate BAM Trading Services, which operates Binance US; and Binance CEO Changpeng Zhao (CZ). The regulator followed up with an emergency action application the next day, seeking a tempora...