Bitcoin News and Finance: What You Need to Know

Iran’s President Ebrahim Raisi has pushed for de-dollarization, stating that any attempt to “shape a fair international system” requires the removal of the U.S. dollar. “What forms the basis of the Western domination system has been the dominance of the dollar,” the Iranian leader stressed. Iranian President Calls for De-Dollarization at SCO Summit Iran’s President Ebrahim Raisi emphasized the need to de-dollarize in his remarks at the 23rd virtual summit of the Shanghai Cooperation Organisation (SCO) Council of Heads of State on Tuesday. Iran became a new permanent member of the SCO at the summit, which was hosted by India and chaired by Indian Prime Minister Narendra Modi. The summit was also attended by China’s President Xi Jinping, Russia’s President Vladimir Putin, Kazakhstan’s President Kassym-Jomart Tokayev, Kyrgyzstan’s President Sadyr Japarov, Pakistan’s Prime Minister Shehbaz Sharif, Tajikistan’s President Emomali Rahmon, and Uzbekistan’s President Shavkat Mirziyoyev. Du...

Bolivia’s President Luis Alberto Arce Catacora (Lucho Arce) has urged members and associated states of the Mercosur trade bloc to de-dollarize and establish stronger strategic alliances with international organizations, including the BRICS group. “We are experiencing a crucial moment of transition towards a multipolar world that guarantees a balance of powers and respects the principle of non-interference,” he emphasized. Bolivia Calls for De-Dollarization at Mercosur Summit Bolivia’s President Luis Alberto Arce Catacora (Lucho Arce) called for de-dollarization and increased strategic alliances with international organizations, including the BRICS economic bloc at the 62nd Summit of Heads of State of Mercosur and Associated States in Puerto Iguazú, Argentina. The Southern Common Market, also known as Mercosur, is a South American trade bloc whose full members are Argentina, Brazil, Paraguay, and Uruguay. Venezuela joined as a full member in 2012 but was suspended indefinitely in la...

According to a July 4, 2023 press release from the Danish Financial Supervisory Authority, Denmark’s Saxo Bank has been instructed to liquidate its holdings of cryptocurrency assets. The financial regulator maintains that Saxo Bank’s portfolio of crypto assets falls “outside the legal business area of ​​financial institutions” and is in violation of the country’s Financial Business Act. Danish Financial Regulator Insists ‘Unregulated Trading in Crypto-Assets Can Create Distrust in the Financial System’ The Danish financial regulatory authority, tasked with overseeing financial markets in Denmark, has directed Saxo Bank to liquidate its crypto asset portfolio. Saxo Bank , an investment bank established in 1992, specializes in online trading and investment. In 2017, Saxo Bank incorporated crypto assets into its services, enabling trading of digital currencies like BTC , LTC , and ETH . The bank also offers customers access to crypto exchange-traded products (ETPs), allowing investor...

Throughout the past week, the Bitcoin blockchain has successfully confirmed over 187,000 unconfirmed transactions, as shown by recent statistics. This has not only reduced a significant portion of the congestion but also led to a decrease in onchain fees within the same period. Bitcoin Fees and Unconfirmed Transactions Slide Lower Although Bitcoin’s backlog of transactions remains above 145,000, data indicates that miners have managed to clear more than half of the congestion during this week. Archived information from mempool.space reveals that on June 27, 2023, a total of 332,508 pending transactions awaited confirmation. Additionally, a high-priority onchain fee would cost users $1.29 per transaction, with 194 blocks needed to be mined to clear 100% of the backlog. With today’s backlog consisting of 145,240 transfers still pending, only 94 blocks must be mined to alleviate congestion. As of July 5, 2023, data demonstrates that a high-priority transaction fee is now $0.77 per...

PRESS RELEASE. In a world stifled by bureaucracy and conformity, anonymous Bitcoin ATM operator Shitcoins.club stands as a beacon of rebellion and disruptive technology. Their CEO, a visionary with a penchant for challenging norms, declared, “We’re here to break the mould and disrupt the status quo, one irreverent name at a time”. The company’s very existence is a testament to the fact that the blockchain revolution was ignited by a desire to defy the established order, not to capitulate to the corporate facade. Nothing proves this better than the carpet designs that have been laid down at over 200 of the company’s locations. Anonymous Bitcoin ATMs in an Age of Data Exploitation As the digital age ushers in an era of relentless data collection, storage, and sale, Shitcoins.club boldly champions the cause of privacy. With no account registration, no apps, no phone verification, no bank account integration and no marketing permissions required , this crypto ATM operator is a breath...

According to Cameron Winklevoss, the co-founder of the crypto exchange Gemini, a lawsuit will be filed on July 7 against Barry Silbert and the Digital Currency Group if the latter two fail to accept creditors’ “best and final offer.” Winklevoss also vowed to work with the Genesis Special Committee “to advance a non-consensual plan that adheres to a strict timeline and provides for immediate distributions to creditors and Earn Users.” ‘Indefinite Forbearance’ Cameron Winklevoss, the co-founder of the crypto exchange Gemini, has warned Digital Currency Group (DCG) founder Barry Silbert that a lawsuit will be filed against him and his company on July 7 if refuses to accept creditors’ best and final offer.” In an open letter shared via Twitter, Winklevoss, who accuses Silbert of dragging the process to resolve DCG’s failure to make creditors whole, said a demand will also be made for the Genesis Special Committee (GSC) to file a turnover motion on or before July 7. Such a step will put ...

While Ordinal inscriptions continue to rise, nearing the 15 million range, a new token standard was revealed on July 3 called BRC69. According to the creators of the concept, it can reduce the costs of inscriptions for Ordinal collections by over 90%. The launchpad Luminex, which announced the BRC69 token standard, insists that the “brilliance of BRC69 lies in its simplicity.” BRC69 Token Standard Aims to Enhance Efficiency of Ordinal Inscriptions on Bitcoin There have been several new concepts created on top of the Bitcoin blockchain via Ordinal inscription technology, and things have progressed further with the advent of recursive inscriptions . On Monday, the crypto startup Luminex , a firm that helps projects initiate launchpads, revealed the BRC69 token standard on Twitter. “Today, we’re excited to introduce BRC69, a revolutionary standard for creating Recursive Ordinals collections with ease,” Luminex stated. “This standard will be instrumental in launching Recursive collect...

The U.S. Securities and Exchange Commission’s (SEC) former head of internet enforcement has called the creation of a central bank digital currency (CBDC) “the most absurd financial idea in the history of monetary policy.” He warned that a central bank digital currency not only creates “a multitude of unnecessary risks relating to global financial systemic stability,” but it also “opens up a Pandora’s box of global financial privacy problems, conflicts, and cybersecurity concerns.” Stark Slams CBDC Creation Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark criticized cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs) in a lengthy tweet on Tuesday. 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. The longterm crypto skeptic wrote: The creation of a CBDC is perhap...

A recent court filing from the now-insolvent Voyager Digital Holdings and its creditor committee revealed that legal expenses amounting to $16.5 million have accumulated from July 22, 2022, through May 18, 2023. The records indicate that between March and May 2023, roughly $5.17 million in legal fees were billed to the estate. Lawyers and Restructuring Officers Are Profiting From the Slew of Crypto Bankruptcy Cases Lawyers for Voyager’s creditor committee unveiled the legal costs concerning the company’s ongoing bankruptcy proceedings, which began in July 2022, on July 3, 2023. According to the filing, the third interim fee period (March-May 2023) has a compensation request of $5.17 million. The document states that this is the final provisional fee application invoiced by the law firm McDermott Will & Emery LLP. Furthermore, the filing asserts that the court granted the interim compensation order on August 4, 2022. The attorneys explain that Voyager’s Chapter 11 case was “the...

During the initial half of 2023, Coinbase shares experienced a significant surge, rocketing over 30% this week as Nasdaq and Cboe refiled spot bitcoin exchange-traded fund (ETF) applications on behalf of numerous fund managers. The revisions highlighted that, upon ETF approval, Coinbase has been asked to serve as a surveillance-sharing agreement (SSA) collaborator. Coinbase Stock Rockets Over 30% as ETF Managers Choose It as Surveillance-Sharing Partner Coinbase (Nasdaq: COIN ) observed a 30.82% increase in its shares throughout the past week, and six-month data reveals that COIN has jumped 131% against the U.S. dollar. Despite this substantial growth, the firm’s shares remain down 79% from their all-time peak. On September 30, 2021, COIN’s value was $319 per share; currently, it stands at $79.93. This recent upswing likely stems from multiple ETF managers applying for a spot bitcoin ETF and designating Coinbase as their funds’ SSA associate. Nasdaq and Cboe performed this action...

Bitcoin moved back above the $31,000 level on July 4th, as U.S. traders celebrated the Independence Day holiday. As a result of the rally, the cryptocurrency remained near a one-year high in today’s session. Ethereum consolidated after Monday’s gains. Bitcoin Bitcoin ( BTC ) moved closer to a fresh one-year high on Tuesday, as U.S. markets closed in celebration of the July 4th holiday. Following a low of $30,586.51 to start the week, BTC /USD raced to an intraday peak of $31,375.61 earlier in the session. The move saw bitcoin edge closer to last Friday’s high at $31,443, which was its strongest point since June last year. Earlier momentum has since faded, as the relative strength index (RSI) collided with a resistance level at 70.00. The index is now tracking at 68.43 and appears to be heading for a support point at the 66.00 mark. Should it reach this point, there is a strong possibility that bitcoin will be trading around the $30,500 level. Ethereum After moving towards $2,...

According to Thailand’s securities regulator, digital asset service providers will be required to warn prospective investors of the risks that come with trading or investing in cryptocurrencies. The guidelines also state that starting on Aug. 30, 2023, digital asset business operators will be barred from “providing services or supporting deposit-taking [and] lending services.” The Crypto Risk Warning Thailand’s Securities and Exchange Commission has announced new guidelines that require digital asset service providers to warn of “potential risks associated with trading cryptocurrencies.” According to the securities regulator, all regulated digital asset platforms are to supposed to start displaying this warning on July 31. In its July 3 statement , the securities regulator added that the message must not only be visible but must ensure prospective investors fully understand the risks involved. “Cryptocurrencies are high-risk. Please study and understand the risks of cryptocurrenci...

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...