Bitcoin News and Finance: What You Need to Know

Over the past 30 days, bitcoin miners discovered 4,324 block rewards during the month of June, with approximately 37 mining pools dedicating hashrate to the blockchain. The blockchain achieved two milestones in June, as the network reached an all-time high in hashrate on June 11, and three days later, on June 14, the mining difficulty also reached a new peak. While Miners Accrued 27,025 Fresh Bitcoin in June, Mining Difficulty Tapped an All-Time High Bitcoin miners, over the past 2,016 blocks, have recorded an average hashrate of approximately 359 exahash per second (EH/s). On Saturday, July 1, 2023, the current hashrate is roughly 335.71 EH/s, with 37 mining pools dedicating hashpower to the Bitcoin chain. Foundry USA is the top mining pool on Saturday, and it also held the top position during the previous month. Statistics indicate that throughout June, mining pools discovered 4,324 block rewards, with Foundry finding 1,404 of them. Foundry’s metrics in June indicate that the po...

The central bank of Argentina has officially included the Chinese yuan as a recognized currency for making deposits in bank accounts. “Opening yuan accounts could attract more people and enterprises to exchange Argentinian peso to yuan, as more or less a ‘safe haven’ currency, instead of exchanging all of their local currency to U.S. dollars,” an economist explained. Banks in Argentina Now Authorized to Open Yuan Accounts Argentina’s central bank announced Thursday that it is now allowing Chinese yuan in bank accounts. The announcement states (translated by Google): The Central Bank of the Argentine Republic has incorporated the renminbi yuan as an accepted currency for deposit-taking in savings banks and checking accounts. Financial entities will thus be enabled to open bank accounts denominated in renminbi yuan. The decision by Argentina’s central bank to incorporate the Chinese yuan aligns with the country’s struggle against a dwindling supply of U.S. dollars. The move also c...

The U.S. Securities and Exchange Commission (SEC)’s former head of internet enforcement has defended SEC Chairman Gary Gensler’s approach to regulating the crypto industry. “It’s time to attack the facts and law on SEC positions and quit the personal attacks on the SEC Chair or the SEC staff,” he stressed. “It’s an anemic and flawed pivot that does not work in a courtroom and is a transparent and bush-league attempt to rally the mob.” Stark Defends SEC Chair Gensler Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has defended SEC Chairman Gary Gensler, calling on the crypto community to quit personal attacks on him. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Gensler has said several times that all crypto tokens, besides bitcoin ( BTC ), are securities. His stance has raised conc...

After climbing by over 20% on Friday, litecoin extended gains to start the weekend, surging to its highest point in over a year. The move comes as momentum surrounding the token’s listing on EDX markets continues to grow. Dogecoin also recorded a strong start to the day. Litecoin ( LTC ) Litecoin ( LTC ) was once again a big mover in cryptocurrency markets, as the token rallied to a multi-month high. Following a low of $91.73 during Friday’s session, LTC /USD raced to an intraday high of $111.76 earlier today. As a result of the rally, litecoin peaked at its strongest point since April 7 last year, when price reached a top at $116.00. After breaking out of a ceiling at 61.00 on the relative strength index (RSI), LTC bulls took the index past yet another ceiling. This time at the 68.00 level, with price strength peaking at 73.91 to start the weekend, which is its highest point since January. Litecoin has since gone on to retreat from today’s high, and as of writing, is trading ...

Ethereum entered the month of July in the green, as price traded at a two-month high to start the weekend. Markets moved to rebound on Saturday, after better than expected consumer sentiment data in the United Stated spooked traders. Bitcoin also rebounded, after falling below $30,000 on Friday. Bitcoin After falling below the $30,000 level during Friday’s session, bitcoin ( BTC ) rebounded on Saturday, however sentiment was still somewhat bearish. Following a high of $31,093.98 on Friday, BTC /USD dropped to an intraday low at $29,600.28 as the session progressed. However, the price is now trading at $30,444.75, as bulls moved to buy the dip, pushing BTC higher to start the weekend. As per the chart, the rebound came as the relative strength index (RSI) found a floor at the 63.00 mark. The index is now tracking at 65.64, and seems to be heading for a resistance point around the 70.00 level. A collision with this target will likely result in bitcoin once again moving above $31...

Jay Clayton, former chair of the U.S. Securities and Exchange Commission (SEC), has revealed his stance on the recently implemented enforcement strategy of U.S. regulators. In an interview on CNBC, Clayton stated that the SEC’s strategy of bringing myriad cases to court against U.S. corporations was problematic “at a 30,000-foot level.” Jay Clayton Criticizes SEC’s Case Volume Strategy Jay Clayton, former chair of the U.S. Securities and Exchange Commission (SEC), voiced his concerns with the new “ethos” of U.S. regulators, which involves bringing many cases to court, even those they think won’t succeed. In a recent interview on CNBC, Clayton referred to this enforcement strategy as a “fundamental shift” from how Americans view the role of the government. About this new strategic approach, Clayton stated: I don’t want to be in a place where I know the government is going to bring cases they think they are going to lose; imagine you are the person that is subject to that case. ...

Veteran trader Peter Brandt has urged the U.S. Federal Reserve to stay hawkish and increase interest rates another 100 basis points to protect the nation’s wealth. He stressed that there is nothing more destructive to wealth than inflation, emphasizing that the Fed “must keep their feet to the floorboard to prevent a re-occurrence of inflationary pressures.” Peter Brandt’s Advice for the Federal Reserve Veteran trader Peter Brandt has urged the Federal Reserve to remain hawkish and increase interest rates by another 100 basis points. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar. “The U.S. Fed was negligent for not aggressively raising rates in early 2021,” he tweeted Thursday. “Traders knew this, but the Ph.D.s had their heads up their butts.” He added: “But now, I congratulate the Fed as...

Federal Reserve Chair Jerome Powell has reaffirmed the Fed’s hawkish stance. Noting that the latest economic data indicates that the Fed’s policy “may not be restrictive enough” and “has not been restrictive for long enough,” Powell stated that the central bank could raise interest rates “at consecutive meetings.” Fed Chairman Powell on Rate Hikes Federal Reserve Chair Jerome Powell reaffirmed the Fed’s hawkish stance on Wednesday during a central banker panel hosted by the European Central Bank in Sintra, Portugal. With the next Federal Open Market Committee (FOMC) meeting slated for July 25-26, Powell emphasized that the Fed is not done curbing inflation and hinted at the possibility of consecutive interest rate hikes. The Federal Reserve paused raising interest rates in June after 10 consecutive rate hikes. “If you look at the data over the last quarter, what you see is stronger than expected growth, a tighter than expected labor market, and higher than expected inflation,” Pow...

Lawmakers in Slovakia have adopted legislation that will reduce the tax burden for cryptocurrency holders in the country. Income derived from long-term investments in digital assets will also be relieved from healthcare taxes, the parliamentarians decided. Investors in Slovakia to Pay 7% Tax on Income From Crypto Held More Than a Year Members of the National Council of Slovakia, the country’s unicameral legislature, have approved an amendment that will reduce the taxation of cryptocurrencies, local media reported . Income from crypto assets sold more than a year after their purchase will be taxed at 7%. Thus, the tax rate for long-term crypto holdings will be lower than the regular income tax rates. Slovaks pay personal income tax according to a progressive scale and the rate can be either 19% or 25%, for income exceeding a certain threshold. The legislative proposal was submitted by the liberal Freedom and Solidarity party, the Democrats and the conservative Ordinary People and ...

According to the Commodity Futures Trading Commission (CFTC), Michael Ackerman, the operator of an alleged fraudulent digital asset trading scheme, has been issued with an injunction order which bars him from trading in any CFTC-regulated markets or registering with the CFTC. The injunction also requires Ackerman to pay $27 million in restitution to defrauded victims and a civil monetary penalty of $27 million. Only $10 Million Was Used to Trade Digital Commodity Assets The Commodity Futures Trading Commission (CFTC) announced on June 28 that a default judgment granting a permanent injunction has been issued against Michael Ackerman, the operator of a fraudulent digital asset trading scheme. According to the commission, the injunction granted by Naomi Reice Buchwald, a judge with a U.S. District Court, bars Ackerman from trading on regulated markets and registering with the CFTC. The statement also revealed that Ackerman, who was sentenced to five years of probation with a year of...

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The South African crypto platform, Revix, said on June 28 that customers can now only access just over three-quarters (76%) of their crypto assets. Revix said the move to block customers’ access to 24% of their crypto assets was made after one of its primary service providers Haru Invest suspended deposits and withdrawals. Impact of Haru Invest’s Abrupt Suspension of Deposits and Withdrawals Revix, the South African crypto investment platform, said on June 28 that it has rendered “24% of crypto asset balances held on the Revix platform as of Tuesday, 13th June, at 02:00 GMT+2 as reserved.” The decision means Revix customers can only withdraw 76% of their crypto assets which are stored on the platform. In a statement explaining the rationale behind the move, Revix said the unexpected suspension of deposits and withdrawals by one of its primary service providers Haru Invest prompted the decision to reserve 24% of customers’ crypto assets. The statement revealed that “Haru is part of...

Mastercard has introduced its Multi-Token Network (MTN), an app store powered by blockchain technologies for building regulated financial applications. “MTN represents one of Mastercard’s most ambitious projects in the digital asset space to date,” said the payment giant’s head of crypto and blockchain. “Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future.” Mastercard Unveils Multi-Token Network Raj Dhamodharan, Mastercard’s head of crypto and blockchain, announced in a blog post on Wednesday: Today, we are taking the next step on our journey with the introduction of Mastercard Multi-Token Network, a tailor-made solution for the industry. “Our vision for MTN is to provide a set of foundational capabilities designed to make transactions within the digital asset and blockchain ecosystems secure, scalable, and interoperable — ultimately enabling more efficient payment and commerce applications,” he explained. The ...

The U.S. state of North Carolina has advanced a bill to study holding cryptocurrencies, particularly bitcoin, in the state treasury. The bill appropriates $50,000 from the state’s general fund to study three areas, including “The process of acquiring, securely storing, insuring, and liquidating … virtual currency, such as bitcoin, that may be held on behalf of the state.” North Carolina Explores Holding Bitcoin The U.S. state of North Carolina has advanced House Bill 721 (HB721) titled “State Precious Metals Depository Study.” The bill appropriates $50,000 from the state’s general fund, which is made up of tax revenues, excluding transportation, to the state treasurer to conduct a study that examines three key areas. The first area involves: The process of acquiring, securely storing, insuring, and liquidating … virtual currency, such as bitcoin, that may be held on behalf of the state. The second area is the “expected impact of allocating a portion of the general fund” to “virt...

Change The Code, a Greenpeace-backed initiative that seeks to change Bitcoin’s consensus algorithm, has blasted Wall Street companies for the support they are showing to Bitcoin-related activities. On social media, it has called out companies like Fidelity, Blackrock, JPMorgan, and Goldman Sachs, stating their actions propping up climate-destroying technologies are “unacceptable.” Change the Code Rails Against Wall Street Incumbents Change The Code, a campaign that seeks to change Bitcoin’s consensus algorithm to “fix” its energy consumption, has called out Wall Street companies for their support of Bitcoin activities. The initiative, backed by Greenpeace and EWG, has criticized the recent push of financial incumbents toward Bitcoin-related investments. Change The Code explained that Fidelity, Blackrock, Vanguard, JPMorgan, Goldman Sachs, and Citi held shares in 24 mining companies valued at over $1.35 billion, accusing Wall Street of “going all in on Bitcoin” and directly suppor...

Bitcoin rebounded on Thursday, as markets reacted to the news that Microstrategy bought an additional $374 million worth of the cryptocurrency. Michael Saylor’s firm now has 152,333 bitcoin, worth roughly $4.52 billion. Ethereum moved closer to $1,900 on the news. Bitcoin Bitcoin ( BTC ) edged higher in today’s session, after it was confirmed that Michael Saylor’s Microstrategy purchased 12,333 BTC . Following the news, BTC /USD hit a high of $30,740.79, which comes after the price bottomed out at $29,921.82 the day prior. Today’s rally has seen BTC briefly break out of a resistance level at the $30,700 mark, however bulls are struggling to sustain this. At the the time of writing, bitcoin is trading at $30,678.73, with the relative strength index (RSI) nearing a ceiling of its own at 68.00. Price strength is now at 67.02, with earlier bulls seemingly opting to secure some gains as the aforementioned resistance looms. In the event this zone is breached, there is a good chance...

While non-fungible tokens (NFTs) are generally believed to represent the link between an owner and an asset, without platforms acting as “digital notaries” there can be no effective way of stopping scammers from minting and selling plagiarized works, Shaban Shaame, the co-founder of Wakweli protocol has argued. Tokenizing Real-World Assets According to Shaame , the ease with which anyone (including scammers) is able to generate a certificate of authenticity for an NFT only further highlights the importance of having such an authenticating entity. In addition to using tools such as digital notaries, the co-founder of Wakweli — a Layer-1 protocol that issues certificates of authenticity for NFTs & real-world assets — said NFT users must learn to do their own research. NFT traders should always triple-check transactions they sign or the projects they join, Shaame added. Also, in his written answers to questions sent from Bitcoin.com News, the co-founder also offered his thoughts o...

PRESS RELEASE. Mind Network , an innovative platform leading the way in data security and privacy within the Web3 ecosystem, is delighted to announce the successful completion of its initial funding round, raising $2.5 million. Binance Labs, Comma3 Ventures, SevenX Ventures, HashKey Capital, Big Brain Holdings, Arweave SCP Ventures, Mandala Capital, and other notable investors participated in the funding round. Mind Network has emerged as a frontrunner in the Web3 arena, providing users with end-to-end encryption and granting them full control over their personal data, financial transactions, and user interactions. By incorporating the principles of Zero Trust Security, Zero Knowledge Proof, and proprietary Adaptive Fully Homomorphic Encryption techniques, the platform ensures robust protection and access control within the decentralized ecosystem. “We are extremely pleased to receive the support and confidence of such esteemed investors,” stated Mason, representing Mind Network ...

Cryptocurrency exchange Binance has reconsidered a decision to delist some privacy tokens in several European markets. The leading coin trading platform will continue to offer trading in these digital assets after revising their classification to comply with EU regulations. Binance to Continue Support for Certain Privacy Coins Despite Earlier Intentions to Remove Them The world’s largest crypto exchange by trading volume, Binance, has decided to reverse a plan to delist privacy-oriented cryptocurrencies in several EU jurisdictions. The move comes after the company received feedback from some of the projects and traders. Last month, Binance informed customers it intends to remove 12 privacy coins in France, Spain, Italy, and Poland. Those set to be delisted on June 26 were dash ( DASH ), verge (XVG), beam (BEAM), monero ( XMR ), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB). At the time, the exchange cited lo...

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has promised to ensure that “your right to use and hold bitcoin is inviolable” if he is elected U.S. president. “Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic,” said the presidential hopeful. Robert F. Kennedy Jr.’s Bitcoin Promise U.S. Presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has made a promise regarding bitcoin if he is elected president of the United States. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. RFK Jr. tweeted Tuesday: As president, I will make sure that your right to use and hold bitcoin is inviolable. “Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government ins...

Binance’s attempt to prevent the U.S. Securities and Exchange Commission (SEC) from making public statements alleging that the crypto exchange mishandled U.S. customers’ assets has been denied by the judge overseeing its enforcement case. A former SEC head of internet enforcement warned that the motion may “prompt the criminal authorities to expedite whatever action, if any, they plan on taking with respect to Binance.” Judge Denies Binance’s Motion Against SEC Binance’s motion against the U.S. Securities and Exchange Commission (SEC) was denied by Judge Amy Berman Jackson on Monday. The motion was filed as part of the case in which the SEC charged Binance , CEO Changpeng Zhao (CZ), and Binance US with securities law violations. The cryptocurrency exchange filed a motion asking Judge Jackson to prevent the securities regulator from making public statements alleging that Binance and Zhao mishandled the assets of U.S.-based customers. The cryptocurrency exchange argued that the SEC h...

Lately, the media has been captivated by the possibility of a grid collapse and the devastating economic consequences it would entail. Curiously, the internet is teeming with headlines suggesting the plausibility of such a collapse, whether caused by cyberattacks, physical assaults on infrastructure, equipment malfunctions, or even the notion of an electromagnetic pulse (EMP) incapacitating the most influential energy providers. Antiquated and Fragile Power Grids Putting U.S. and Global Economies on Edge In recent months, the media has honed in on the potential for a grid collapse. On June 27, 2023, Wired writers Maryn McKenna and Matt Simon elucidated in an editorial that although the power system may possess resilience, it is not impervious to vulnerabilities. The article delves into the implications of scorching heat waves and questions whether contemporary power stations can withstand the demands. The authors elaborate on the detrimental impact hurricanes and earthquakes can ha...

After briefly rising above $31,000, bitcoin consolidated on Wednesday, as bulls moved to secure recent gains. The uncertainty came as crypto custodian Prime Trust entered receivership, after being found to be illiquid by authorities. Ethereum also declined, once again falling below $1,900. Bitcoin Bitcoin ( BTC ) consolidated on Wednesday, as traders opted to secure profits following a recent bull run. BTC /USD broke out of a key resistance level at $30,800 on Tuesday, on its way to a peak at $31,006.79 late in yesterday’s session. However, take profit orders seemed to have been triggered, with bitcoin dropping to an intraday low of $30,169.78 today. Bitcoin chart by TradingView As mentioned yesterday, the relative strength index (RSI) was approaching a ceiling at 73.00, and it appears that bulls were unable to move beyond this point. The index is now tracking at the 66.45 mark, which comes after price strength was unable to stop at a support level at 68.00. Should this dow...

The Swiss National Bank (SNB) said it plans to issue a wholesale central bank digital currency as a pilot via SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. SNB chairman Thomas Jordan said while the Central Bank has not ruled out launching retail CBDCs, the bank is being “a little bit prudent at the moment.” ‘This Is Not Just an Experiment’ The Swiss central bank said on June 26 it intends to issue wholesale central bank digital currency on SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. According to Thomas Jordan, the chairman of the Swiss National Bank (SNB), the pilot CBDC project is expected to commence soon and will run for a limited period. However, the SNB chairman who spoke at the Point Zero Forum , revealed that the experiment would involve the use of a real money equivalent. “This is not just an experiment, it will be real money equ...

The Dubai Virtual Asset Regulatory Authority (VARA) recently announced the schedule of fees “covering the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications, and the submission of whitepapers for VARA review.” According to VARA, licensed entities seeking to completely withdraw from Dubai will be asked to pay a license withdrawal fee of $3,670. Whitepaper Submission and Review The Dubai digital asset regulator, Virtual Asset Regulatory Authority (VARA), recently unveiled a schedule of fees for “the issuance of no-objection certificates to proprietary traders, amendments or withdrawal of licence applications.” Also, in its June 21 announcement, the regulator stated will be accepting and reviewing whitepaper submissions. According to the announcement, proprietary traders in the country will be required to have a so-called no-objection certificate (NOC) before commencing any “proprietary trading in or from the Emirate of Dubai...

The International Monetary Fund’s (IMF) executive director for Russia says a growing number of countries are switching to trade in Chinese yuan, not only with China but also with third countries. He stressed that it is wrong for the U.S. dollar to be widely used globally given that the U.S. government uses the currency “for the purposes of national interests” and “the economic and financial obligations of one country.” IMF Director on De-Dollarization Gaining Momentum Worldwide The International Monetary Fund’s (IMF) executive director for Russia, Aleksei Mozhin, shared his thoughts on the global de-dollarization trend in an interview with RIA Novosti Monday. He explained that Washington’s policies and actions have compelled countries around the world to seek alternatives to the U.S. dollar, noting that more nations are ramping up the use of alternative currencies, particularly the Chinese yuan, in cross-border transactions. The IMF executive director described: We can see that I...