Bitcoin News and Finance: What You Need to Know

According to Bank of America analysts, the Nigerian currency is currently undervalued and will likely end the year trading at around NGN680 per dollar. The analysts assert that higher oil revenues and a liberalized import regime will likely see Nigeria record current account surpluses in the medium term. Freely Floating Naira Just under a month after Nigerian monetary authorities abandoned the fixed exchange rate regime, analysts at Bank of America recently now argue that the local currency — the naira — is presently undervalued. However, according to analysts, the naira, which is hovering above NGN700 per US dollar, will likely end the year trading at around NGN680 per U.S. dollar. The latest forecast by Bank of America analysts came more than nine months after an economist with the financial institution predicted a 20% devaluation of the naira which would translate to an exchange rate of NGN520:USD1. However, as reported by Bitcoin.com News in mid-June, the Central Bank of Ni...

After the four firms that filed for spot bitcoin exchange-traded funds (ETFs) resubmitted their applications with the U.S. Securities and Exchange Commission (SEC), the asset manager Blackrock followed suit with an amended application. Similar to Cboe’s refiling of registrations from Fidelity, Vaneck, Invesco, and Wisdomtree, Nasdaq amended the Blackrock spot bitcoin ETF filing, by incorporating Coinbase as a surveillance-sharing agreement (SSA) partner. Nasdaq Amends Blackrock Spot Bitcoin ETF Application Alongside Industry Competitors Last week, a report from The Wall Street Journal revealed that individuals with knowledge of the situation said the Securities and Exchange Commission (SEC) expressed dissatisfaction with the numerous spot bitcoin ETF filings submitted in the past two weeks. The leading U.S. options exchange, Cboe, informed the WSJ that it intended to revise its filings. Subsequently, Cboe updated the spot bitcoin ETF filings for Wisdomtree, Vaneck, Invesco, and F...

During the past fortnight, the crypto asset litecoin ( LTC ) has surged over 40% against the U.S. dollar after the crypto exchange EDX announced the listing of LTC alongside three other prominent digital currencies. Additionally, Litecoin is on the verge of a reward halving, with only 30 days remaining until its block reward subsidy decreases from 12.5 LTC to 6.25 LTC . Litecoin Climbs Over 40% in 2 Weeks — Network Hashrate Taps an All-Time High Thirteen days ago, the crypto exchange EDX, with backing from Charles Schwab, Citadel Securities, and Fidelity Digital Assets, revealed its plans to list four different cryptocurrencies: BTC , ETH , BCH , and LTC . Since the exchange’s launch, both BCH and LTC have experienced significant price increases over the past fortnight, outshining many other digital assets. In the span of 30 days, LTC has risen by 13.7%, and in the last two weeks alone, it has surged over 40% against the U.S. dollar. Year-to-date, LTC has gained 119.7%, prope...

Ethereum moved closer to $2,000 on Monday, as markets prepared for a short, but busy week of U.S. economic data. This is due to the fourth of July Independence Day celebrations, which will see some markets in the United States closed. Once reopened, the FOMC minutes, and non-farm payrolls report will be some of the key fundamentals released. Bitcoin largely consolidated today. Bitcoin Bitcoin ( BTC ) was once again in consolidation, as the world’s largest cryptocurrency remained below a key resistance level for a third straight day. BTC /USD moved to a peak at $30,789.11 earlier in the day, less than 24-hours after nearing a drop below $30,000. Despite the marginal gain, BTC remained below a key level of resistance at the $30,800 for the third straight session. Bitcoin chart by TradingView One of the reasons for this was due to the 14-day relative strength index (RSI) hovering below a ceiling of its own at 69.00. The index is now tracking at 66.64, which is near a point whe...

PRESS RELEASE. LBank, the world-leading cryptocurrency exchange, is soon to launch the world’s first unlimited cryptocurrency credit card, aiming to break down the barriers of cryptocurrency payments. The card, available in both virtual and physical forms, allows users to make any consumer payments directly with cryptocurrency through LBank’s credit, and also supports local cash withdrawals. LBank’s nearly 9 million users are expected to begin using this card in Q3 2023, and the exchange’s VIP users will be granted the exclusive right to early access. The credit card will connect to LBank users’ digital assets and can be used on various payment platforms like Google Pay. Upon acquiring the card, the app allows detailed viewing of each recharge and consumption record, enabling users to stay on top of their financial status at all times. By using this card, LBank users can consume their assets within the exchange or withdraw assets in the form of fiat currency. The card does not have...

On Friday, June 30, Okx announced an expansion of its existing partnership with recent Champions League winners, Manchester City Football Club. The partnership entails Okx, which previously sponsored the club’s training kit, becoming the sleeve sponsor for both the men’s and women’s teams. Haider Rafique, the company’s CMO, expressed hopes that the deal will enhance visibility and generate interest in the broader blockchain industry. In recent years, a host of crypto companies have partnered with sports brands on similar ventures. Notable mentions include Crypto.com teaming up with the Ultimate Fighting Championship (UFC), and also Binance who partnered with football teams like FC Shakhtar, Lazio from Italy, and Porto from Portugal. What Will Okx Get From the Partnership? For Okx, chief marketing officer Hiader Rafique hopes that the deal will help rally the company’s workforce, as well as the wider blockchain community. Speaking on Friday at the launch event, Rafique stated tha...

Venture capitalist Tim Draper has adjusted his projected timeframe for bitcoin’s price to reach $250,000. Maintaining an optimistic outlook, Draper still expects the world’s largest cryptocurrency to reach his predicted price target but acknowledged that it may take “a little longer.” Tim Draper’s $250K Bitcoin Price Forecast Venture capitalist Tim Draper has adjusted the projected timeframe for his bitcoin price prediction. He tweeted Friday that when the price of bitcoin was $4,000, he predicted that it would climb 60 times and reach $250,000 by now. However, BTC ended June below $31,000. “I guess we have to wait a little longer,” he wrote, adding that it may take two more years for his $250K prediction to come true. Draper previously predicted that the price of bitcoin would reach $250K by the end of 2022 . However, he acknowledged on Dec. 31, 2022, that his “$250k by 2022” forecast for bitcoin was “off by a bit.” Nonetheless, he insisted that the price of BTC will “certainly...

The market capitalization of the stablecoin economy on July 2, 2023, has fallen below the $129 billion mark to the current $128.21 billion, according to statistics. Just over $2 billion in stablecoins have been withdrawn from the stablecoin token economy since May 28. Stablecoin Economy Faces Contraction as Market Capitalization Dips Below $129 Billion The value of the crypto economy has risen over the past 30 days; however, the stablecoin economy experienced a loss of over $2 billion in June. According to data, on May 28 , the net value of the stablecoin economy was $130.28 billion, whereas it currently stands at $128.21 billion. This indicates that stablecoin redemptions amounted to $2.07 billion over the past 30 days. According to current statistics archived on July 2, three out of the top five stablecoins by market valuation experienced redemptions. Tether ( USDT ) and trueusd (TUSD) witnessed gains in the past 30 days, with USDT increasing by a mere 0.1%. In contrast, TUSD ...

Based on recent data, over ten million ethereum is now secured within liquid staking derivatives platforms, with a valuation close to $20 billion at current exchange rates. Two leading liquid staking decentralized finance (defi) protocols, Lido Finance, and Rocket Pool, experienced 30-day growth rates ranging from 7.57% to 9.69%. Ethereum’s Liquid Staking Derivatives Platforms Near $20 Billion Valuation with 10 Million Ether Locked As of July 2, 2023, more than ten million ethereum ( ETH ) is locked in liquid staking defi platforms. At the time of reporting, approximately 10.11 ETH is locked , with a value of $19.456 billion using today’s exchange rates. Lido, the top-ranking liquid staking derivatives protocol, claims a remarkable 74.51% market share as it holds roughly 7,530,330 ether as of Sunday morning at 8:00 a.m. Eastern Time, according to defillama.com . Over the past week, Lido’s total value locked (TVL) rose by 1.90%, while its monthly growth rate reached 7.57%. The defi ...

According to a recent court filing, the U.S. subsidiary of Bittrex has requested the dismissal of the case filed against the exchange by the U.S. Securities and Exchange Commission (SEC). Attorneys for Bittrex argue that the SEC cannot regulate cryptocurrency assets as securities without approval from Congress. SEC Lawsuit: Bittrex Seeks Dismissal, Citing Lack of Clarity in Token Securities Regulation In mid-April 2023, Bittrex’s U.S. crypto exchange faced a lawsuit from the Securities and Exchange Commission (SEC) for allegedly operating an unregistered exchange, broker, and clearing agency. SEC Chair Gary Gensler stated that the securities watchdog was “holding Bittrex accountable for its noncompliance.” Two weeks later, Bittrex’s U.S.-based exchange filed for Chapter 11 bankruptcy protection. In the most recent court filing , Bittrex’s legal team is seeking the dismissal of the SEC case against the company. The attorneys argue that the regulation of tokens as securities in the...

It’s been an action-packed week in the world of finance and crypto, and moving into July, there’s a lot to cover to get up to speed: compromised Chatgpt accounts being sold on darknet markets, Bitcoin Cash’s hashrate shooting upward with the BCH price, a North Korean analyst weighing in on threats to U.S. dollar dominance, and much more. This is the Bitcoin.com News Week in Review. North Korean Analyst Warns of Accelerating End to Dollar Dominance — Says BRICS Poses Challenge to US Hegemony A North Korean analyst has cautioned that the actions taken by the U.S. to restrict the usage of the dollar and the growing interest of countries to join the BRICS bloc are “accelerating” the decline of the USD as the world’s dominant currency. Read More Turkish Lira Plunges to Record Low a Day After Central Bank’s Interest Rate Policy U-Turn The Turkish lira fell to 25.74 per dollar just under a day after the central bank hiked interest rates for the first time since 2021. Although the rat...

Some 40% of South African survey participants are familiar with the concept of Web3 and a further 80% believe the technology backing cryptocurrencies can “transform or fully rebuild the financial system,” according to the findings of a Consensys survey. However, as much as 59% believe scams are among the main barriers stopping many from dabbling with cryptos. Just under half of the respondents (48%) named the crypto market’s volatility as one of the most significant barriers to entry. Respondents See Financial Trading as a Requisite Skill According to the findings of Consensys’ survey on crypto and Web3, about 40% of South Africans are “familiar with the concept of Web3.” Overall, the survey found that “there are high levels of awareness of all Web3 concepts” among interviewed South Africans. Metaverse is the term that most of the respondents are familiar with and this is followed by non-fungible tokens (NFTs) and Web3. However, when asked about the set of skills that one needs to...

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...