Bitcoin News and Finance: What You Need to Know

According to Chris Watkins, the co-founder and CEO of the non-fungible token (NFT) marketplace Digital Arms, many of the Web3 games developed in the last bull cycle were not only seemingly rushed but “lacked the essential element of fun,” hence they ultimately failed. Watkins also argued that the few games which did gain traction “relied on the allure of making money” which is not a sustainable model. Web3 Gaming Not a Passing Fad However, in his written answers sent to Bitcoin.com News, the Digital Arms CEO insisted that the industry’s focus has shifted back to making games with experiences and benefits which cannot be matched by traditional gaming. This shift in turn means Web3 gaming “is really just getting started” and may not be a passing fad as claimed by some critics, Watkins added. Concerning his platform’s reported collaboration with the firearms industry, the CEO disclosed that this was made possible by the fact that some of Digital Arms’ founding members, including himse...

Blackrock, the world’s largest asset manager, has filed to register a bitcoin trust that some believe is actually a spot bitcoin exchange-traded fund (ETF) in disguise. Blackrock is seeking to launch a bitcoin product despite the U.S. Securities and Exchange Commission’s (SEC) efforts to crack down on unregistered crypto platforms and securities tokens. The asset management firm has also chosen Coinbase, the Nasdaq-listed crypto exchange that was recently charged by the SEC for securities law violations, to serve as custodian for its bitcoin trust. Blackrock Files to Launch a Bitcoin Trust The world’s largest asset manager, Blackrock, filed for the registration of Ishares Bitcoin Trust (the Trust) with the U.S. Securities and Exchange Commission (SEC) on Thursday despite the regulator’s ongoing regulatory crackdown on the cryptocurrency sector. According to Blackrock’s filing: The assets of the Trust consist primarily of bitcoin held by a custodian on behalf of the Trust. The Tru...

Bittrex US, the now-defunct cryptocurrency exchange in the United States, has recently introduced a plan that permits American customers to withdraw crypto and fiat from the platform, provided they satisfy the required regulatory criteria. This withdrawal arrangement was approved on Tuesday by the U.S. bankruptcy court located in Delaware. Cryptocurrency Exchange Bittrex US Enables Customer Withdrawals On May 8, 2023, Bittrex US filed for Chapter 11 bankruptcy protection, citing liabilities ranging from $500 million to $1 billion and having over 100,000 creditors. Before the bankruptcy filing, the U.S. Securities and Exchange Commission (SEC) had sued Bittrex for running an unregistered exchange, broker, and clearing agency, and for listing unregistered crypto securities. Bittrex sent emails to its U.S. customers this week, following approval from the U.S. bankruptcy court to enable withdrawals. However, there is a caveat: users must update their know-your-customer (KYC) informatio...

Makerdao’s DAI stablecoin is now the third-largest stablecoin by market capitalization, surpassing Binance USD (BUSD), which has officially declined to $4.304 billion. DAI’s market valuation on Friday, June 16, 2023, is approximately $4.394 billion, but the number of circulating DAI has decreased by 5.7% since last month. Stablecoin Rankings Shuffle: DAI Ascends to Third-Largest Stablecoin Position In May 2022, terra usd (UST), now known as terra usd classic (USTC), decoupled from its $1 parity, causing its value to plummet by over 98%. As a result, BUSD emerged as the third-largest stablecoin asset. Additionally, the stablecoin token issued by Paxos held a position among the top ten largest crypto assets by market valuation for several months, until February 13, 2023, when the New York Department of Financial Services (NYDFS) instructed the company to halt the minting of BUSD. Since then, a substantial amount of BUSD has been redeemed, with data indicating that approximately 11...

A judge in the United States considered on Thursday whether the cryptocurrencies created by Terraform Labs were securities. The failed blockchain firm and its founder, Do Kwon, have asked the court to dismiss a case filed by the U.S. Securities and Exchange Commission (SEC) alleging that they defrauded investors whom they sold unregistered securities. Judge Reviews Status of the Digital Assets Sold by Terraform in SEC’s Fraud Case A judge in New York has considered whether the digital coins issued by Terraform Labs were securities during a hearing in the SEC’s case against the crypto company and its South Korean co-founder and CEO Kwon Do-Hyung, better known as Do Kwon. Earlier this year, the U.S. securities regulator charged the crypto entrepreneur and his company with defrauding investors and selling billions of dollars’ worth of digital assets that the commission deems unregistered securities. The value of the cryptocurrencies in question, stablecoin terrausd and the token luna...

Ripple CEO Brad Garlinghouse has criticized the role that the U.S. Securities and Exchange Commission (SEC) decided to assume against the cryptocurrency industry. After the release of the Hinman docs, which explain the internal discussions of the institution before the now famous Hinman speech, Garlinghouse stated that the SEC “weaponized the lack of regulatory clarity,” throwing an entire industry into chaos. Ripple CEO Brad Garlinghouse Accuses SEC of Overreach Ripple CEO Brad Garlinghouse has reacted to the recent release of a set of documents that show the internal debates of the U.S. Securities and Exchange Commission (SEC) previous to a 2018 speech from its Director of the Division of Corporation Finance William Hinman. Commonly referred to as the Hinman docs, these show the internal differences and the confusion the agency had to deal with in qualifying some tokens and cryptocurrencies as securities. According to Ripple CLO Stuart Alderoty, Hinman ignored some of the offer...

The emergence of cutting-edge artificial intelligence capabilities has ignited the imagination of business strategists worldwide, urging them to envision the future operations of their respective industries in this era of AI. Simultaneously, the advent of Web3 is transforming our very interaction with the internet, which serves as the foundation of the contemporary global economy. Consequently, it is indisputable that the amalgamation of AI and Web3 will reshape business practices across all sectors, including the realm of cryptocurrencies, and give rise to unprecedented models that were previously inconceivable. The Dawn of Intelligent Blockchains, dApps, Protocols and More CoinEx, the preeminent cryptocurrency exchange boasting a user base of over 5 million worldwide, has recently released an article on the Medium platform , delving into the remarkable possibilities that arise from the fusion of artificial intelligence (AI) and web3. This insightful piece aims to shed light on the...

Egypt has filed an application to join the BRICS bloc, Russia’s ambassador to the Arab nation confirmed. The government in Cairo is interested in using alternative currencies in foreign trade, either national fiats or a new common currency, the diplomat unveiled. Egypt Takes Step to Join BRICS Club, Russia Backs Bid Egypt has applied to become a member of the BRICS bloc of nations, according to the Russian Ambassador to Cairo, Georgy Borisenko. In an interview with the Tass news agency, the diplomat explained: Egypt has submitted its application to join the BRICS group because one of the endeavors that BRICS is currently pursuing is to shift trade to alternative currencies, be it national currencies or a new common currency. Egypt is very much interested in that. Borisenko also pointed out that Egypt is willing to boost trade and economic cooperation with the Russian Federation. He revealed that new payment mechanisms are currently being developed to facilitate international tra...

According to an emergency cease-and-desist order from the Texas State Securities Board, the cryptocurrency firm Abra is “insolvent or nearly insolvent.” The filing alleges that a group of state securities regulators has been investigating Abra, and the working group interviewed William Barhydt, the company’s founder, in March 2023. Texas State Regulators Issue Cease-and-Desist Order, Citing Insolvency Claims Against Crypto Firm Abra The Texas State Securities Board (TSSB) has issued an emergency cease-and-desist order against the company Abra and its network of subsidiaries. The notice alleges that Abra and its affiliate companies are “collectively insolvent or nearly insolvent.” The order also named Plutus Financial, Plutus Lending, Abra Boost, and the firm’s founder, William John “Bill” Barhydt. The TSSB allegations suggest that in 2022, Barhydt restructured the firm into multiple entities and “sold investments in Abra Earn, a digital asset depository account, to unaccredited an...

Amid the regulatory crackdown in the United States, the bankrupt crypto lender Celsius has announced that all of its customers’ “altcoins” will be converted to bitcoin ( BTC ) and ethereum ( ETH ). Over $215 million worth of coins such as CEL, ADA , LINK, LTC , and others will be sold beginning on July 1, 2023. Celsius Plans to Convert 15 Different Tokens to Bitcoin and Ethereum In mid-February 2023, Celsius announced it would be acquired by Novawulf Digital Management to execute the reorganization plan. The firm filed its plan on June 15, and as per the latest revisions, customers who possess “altcoins” will have their balances converted to BTC and ETH on July 1. The only accounts exempted from this conversion are the “custody and withhold accounts.” “Celsius will be selling all altcoins from all customers (except custody and withhold accounts) starting July 1st and will be converting them into bitcoin and ethereum,” the official Twitter account wrote . The coins included in t...

Republicans of the House Financial Services Committee have criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, stating he is using Rule 3b-16 amendments to impose his views on cryptocurrency assets. In a letter sent to the SEC, republicans push back against the new proposed definition of “exchange” and its implications. Financial Services Committee Republicans Push Back Against SEC’s Proposed Ruleset Republicans of the House Financial Services Committee are pushing back against the proposed amendments to Rule 3b-16 presented by the U.S. Securities and Exchange Commission (SEC) that expands the definition of “exchange.” The group, comprising Chair Patrick McHenry and 28 other representatives, sent a letter on June 13 criticizing the implications of the approval of the rule, and its effects on the cryptocurrency market and its operators. According to these representatives, passing this rule would imply that software protocols and even developers of decentra...

Bitcoin fell below the $25,000 level for the first time since March, as the Federal Reserve opted to keep rates unchanged. However, to the surprise of many, the Fed also forecasted two further hikes in this current cycle. Ethereum reacted negatively to the news, dropping below $1,700. Bitcoin Bitcoin plunged to a multi-month low on Thursday, as markets continued to react to the U.S. Federal Reserve’s decision not to increase interest rates. Chair Powell did forecast two further hikes, with core inflation still higher than the bank would like. He stated: “I think if you look at the core PCE inflation overall, look at it over the last six months, you’re just not seeing a lot of progress.” BTC /USD dropped to an intraday low of $24,820.20 on the news, which comes following a high of $26,040.66 on Wednesday. As a result of the drop, bitcoin slipped to its weakest point since March 16, when price was at a bottom of $24,200. Today’s decline came as the 14-day relative strength ...

A Hong Kong lawmaker has invited global cryptocurrency exchanges, including the Nasdaq-listed Coinbase, to register in Hong Kong to provide crypto services. “Please feel free to approach me and I am happy to provide any assistance,” the lawmaker noted. Hong Kong Welcomes Crypto Exchanges Hong Kong legislator Johnny Ng has invited global cryptocurrency exchanges to apply for a license to operate in Hong Kong, following a recent crackdown by the U.S. Securities and Exchange Commission (SEC) on unregistered crypto exchanges and securities tokens. Noting that there has recently been a lot of news about cryptocurrency exchanges, the lawmaker tweeted Saturday: I hereby offer an invitation to welcome all global virtual asset trading operators including Coinbase to come to HK for application of official trading platforms and further development plans. “Please feel free to approach me and I am happy to provide any assistance,” the lawmaker added. Hong Kong recently revamped its regulat...

Due to the unique traits it presents, Latin America has been a thriving region for cryptocurrency, as the technology aims to complement or even substitute traditional finance components that cannot be used in certain countries in the area. Marked by the vast differences between its countries, grouping Brazil — one of the first economies of the world — and countries like Venezuela and Argentina, which face enormous economic challenges, Latam is home to two crypto use cases. The first presents its speculative side, while the second, grassroots-focused use case seeks to substitute payment channels in sanctioned countries, serving as a hedge against devaluation and inflation. Bitcoin mining is also an emergent activity on the continent, with companies seeking to take advantage of the cheap power tariffs and ideal climates that countries like Paraguay and Argentina offer to incoming mining companies. The region is home to El Salvador, the first country to adopt bitcoin as legal tender, ...

On June 13, 2023, several individuals discovered a significant transfer of Ethereum ( ETH ) that had remained dormant for a few years. While the observers believed the funds were being deposited into Coinbase, they shared this information on social media to highlight the unusual occurrence. However, despite the speculation, it was soon clarified that the transfer was simply an internal Coinbase transfer from a cold wallet. Blockchains Never Lie: The Truth Behind the Ethereum Transfer Hype Amidst the volatility and unpredictability in the cryptocurrency community, numerous observers closely monitor onchain transactions using tools such as the Whale Watch alert system and other monitoring systems. On June 13, 2023, a Twitter account known as “Napgener” posted a summary regarding the movement of approximately 1.5 million ETH that had been accumulated in 2016 and recently transferred. The tweet read, “This guy accumulated 1.5 million ETH in August 2016 … Just sent 450K to [Coinbase]....

On Wednesday, June 14, 2023, at block height 794,304, the Bitcoin network recorded its third consecutive mining difficulty increase since May 18. The mining difficulty climbed by 2.18%, bringing the overall difficulty to another unprecedented high at 52.35 trillion. Bitcoin Mining Difficulty Hits All-Time High Amidst Price Dip Bitcoin’s mining difficulty experienced yet another surge on Wednesday morning at 7:27 a.m. (ET), rising by 2.18% and making it even more challenging for bitcoin miners to uncover blocks. Before this modification, the preceding 2,016 blocks had an average hashrate of roughly 374.5 exahash per second (EH/s). Currently, the hashrate is cruising at 329 EH/s; however, on June 11, 2023, the network notched another 24-hour all-time high of 516.61 EH/s at block height 793,868. The most recent spike in difficulty has also propelled it to a record-breaking high of 52.35 trillion. Over the last six weeks, miners have grappled with three consecutive increases and an ove...

PRESS RELEASE. During the Blockchain Pizza Festival held from May 22nd to May 31st, BitFuFu organized an exciting “Team Up, Mine More” event that attracted the attention and participation of many miners. This special event showcased BitFuFu’s commitment to delivering exceptional mining experiences and garnered significant attention from influential mining Key Opinion Leaders (KOLs) and media outlets. It exemplified BitFuFu’s professionalism in the cloud mining industry and garnered high praise from its users. BitFuFu’s “Team Up, Mine More” campaign during the Blockchain Pizza Festival resonated strongly with the mining community, fostering a spirit of collaboration and unity. Seasoned miners eagerly participated, leveraging their collective expertise and resources to maximize mining efficiency and profitability. The “Team up, Mining more” campaign captured the imagination of miners, creating a sense of community and collaboration. This unique approach not only deepened the sense of ...

Bitcoin fell below a key resistance level on Wednesday, as markets prepare for the upcoming U.S. Federal Reserve interest rate decision. It is expected that the Fed will keep interest rates unchanged at 5.25%. Ethereum remained below $1,800 in today’s session. Bitcoin Bitcoin traded below a key price ceiling in today’s session, as traders began to anticipate this afternoon’s U.S. Federal Reserve rate decision. BTC /USD dropped to a bottom at $25,728.37 earlier in the day, which comes less than a day after trading at a high of $26,376.35. Today’s low comes as BTC bulls were unable to sustain a breakout above the aforementioned resistance of $26,300. Bitcoin chart by TradingView Overall, the relative strength index (RSI) of 14 days is also hovering around a ceiling of its own at 43.00. At the time of writing, the index is tracking at 42.56, with BTC attempting to break into the $26,000 mark. Should bulls manage to move beyond the obstacle on the RSI, there is a strong chanc...

The founder of failed cryptocurrency exchange Thodex has denied all fraud-related allegations in a Turkish court. The crypto entrepreneur was handed over to Turkey by Albanian authorities earlier this year to face charges for his leading role in running the now defunct platform. Alleged Crypto Fraudster Faruk Ozer Claims He Was Framed in Thodex Case Faruk Fatih Ozer, founder and chief executive of the Turkish crypto exchange Thodex, has denied defrauding investors on the trading platform, local media reported. On June 12, he made his first court appearance in his home country after his extradition from Albania in April. Thodex collapsed in 2021 after attracting 400,000 users and Ozer fled Turkey with a reported $2 billion of investor money. He was wanted on an Interpol red notice until his arrest by Albanian law enforcement authorities on Aug. 30, 2022. During the hearing on Monday, part of a trial against 21 people charged in connection with the exchange, Ozer claimed that he w...

Binance fired back at the U.S. Securities and Exchange Commission’s temporary restraining order (TRO) request on Monday, assuring the court that “there is no risk” to customer assets. The exchange’s legal team dismissed the notion of an “emergency,” claiming that it is “manufactured by the SEC for its own purposes.” ‘Why Now?’—Binance Hits Back at SEC’s TRO Bid, Questions Timing and Urgency Approximately a week ago, the U.S. Securities and Exchange Commission (SEC) made a move to secure a court’s approval in order to freeze the assets of Binance US, the United States subsidiary of Binance. The SEC’s aim behind filing for a temporary restraining order was to safeguard customer assets, as stated in their request. However, Binance responded on June 12 by opposing the TRO request and asserting that there is no urgent situation and that customer assets are secure. According to Binance’s legal team, if the SEC had been aware of Binance’s regulatory violations and its open provision of ...

Coin Metrics researchers published a groundbreaking study on June 13, unveiling an innovative nonce analysis methodology for bitcoin mining. This research enables experts to dissect and identify the specific mining rigs responsible for contributing hashrate to the network, while also evaluating the energy consumption and effectiveness of these machines. Intriguingly, the data reveals that Bitmain has exerted its dominance over the industry for an extended period, with three primary Antminer models now commanding the majority of today’s hashrate. Groundbreaking Methodology Shows Researchers Can Dissect and Identify Miner Type, Energy Usage, E-Waste, and Efficiency Karim Helmy, a researcher at Coin Metrics, revealed a new mining study, titled “ The Signal & The Nonce ,” that takes a fresh approach to exploring the hashpower of the Bitcoin network. Introducing an innovative methodology, the study utilizes nonce patterns to unveil the market share held by each significant applicati...

Crypto exchange Binance US has urged a federal judge to reject a request by the U.S. securities regulator to freeze its assets. The company won’t be able to maintain the trading platform or pay employees and vendors, defense attorneys said in a court filing. ‘No Need for the Draconian Relief Sought by the SEC,’ Binance US Lawyers Say Binance US, the American subsidiary of the largest cryptocurrency exchange, Binance, has asked a federal judge to reject a request filed by the U.S. Securities and Exchange Commission ( SEC ) to freeze billions of dollars’ worth of assets under its management. Last week, the SEC sought court approval to freeze crypto assets on the platform for the duration of a legal fight against Binance.US, Binance Holdings Ltd. and Binance founder and CEO Changpeng Zhao, citing concerns over the safety of customer funds. “Operations would quickly grind to a halt,” attorneys representing Binance US said in a court filing on Monday, quoted by Bloomberg. The lawyers ...

Bitcoin rose above the $26,000 level on Tuesday, as markets prepared for the latest U.S. inflation figures. Consumer prices for May are expected to fall to 4.1% — double the Federal Reserve’s 2% target. Ethereum remained below $1,800. Bitcoin Ahead of the upcoming inflation report in the United States, bitcoin ( BTC ) moved back above the $26,000 level. Following a low of $25,686.04 to start the week, BTC /USD raced to a peak of $26,261.14 earlier today. The move saw bitcoin near a recent resistance level at $26,300, which is one of the last hurdles stopping bulls from moving towards $27,000. In order to get towards this level, a ceiling on the relative strength index (RSI) will also need to be broken. This is the 47.00 level on the indicator, and as of writing, price strength is currently tracking at 44.02. The 10-day (red) moving average will need to also shift course, and divert away from its current downward path. Ethereum Additionally, ethereum ( ETH ) moved marginally h...

A recent poll conducted by the Cato Institute and public opinion firm Yougov reveals that the majority of Americans are hesitant to adopt a central bank digital currency (CBDC). The findings indicate that support for a CBDC remains relatively low among survey respondents. U.S. CBDC Support Remains Low: Survey Highlights American Hesitation In late May 2023, the Cato Institute, a public policy research organization, and Yougov, a public opinion and data firm, unveiled a survey examining American attitudes toward the potential introduction of a CBDC. From February 27 to March 8, 2023, they polled 2,126 individuals, inquiring about their stance on a CBDC under various circumstances. For example, one question asked participants whether they would endorse or oppose a government-issued CBDC if it allowed the government to monitor all purchases. Just 13% expressed full support for this type of CBDC, while 68% were thoroughly opposed. Approximately 20% remained uncertain and expressed no...