Bitcoin News and Finance: What You Need to Know

In a freshly unveiled blog piece, Arthur Hayes, the former CEO of crypto derivatives platform Bitmex, posits that bitcoin is the prime currency for artificial intelligence (AI). Hayes maintains that moving forward, BTC will be the favored currency for AIs since they “must use a system that is available at all times, digital, and completely automated.” Arthur Hayes Envisions AI and Bitcoin Forming an Alliance, Predicts Price Soaring to $760,000 The ex-chief executive of Bitmex has shared several essays on his cryptohayes substack.com blog, and on July 6, 2023, he delved into bitcoin and artificial intelligence (AI). Hayes envisions bitcoin playing a crucial role in AIs’ future as he contends in his latest essay that the dominant crypto asset will serve as “food of AI.” Hayes proposes that AI and robotics mainly focus on eradicating mundane tasks, freeing more individuals to chase their dreams and produce art and culture. He anticipates this leading to a resurgence of innovation and...

Bitcoin’s market performance in the first half of 2023, surging by 80% against the U.S. dollar, has enthusiasts eagerly speculating about its year-end price. Techopedia and Changelly have released price prediction reports with varying estimates, suggesting that bitcoin’s value could range from $25,175 to $40,836 per unit by the close of the year. Techopedia vs. Changelly: Clash of Bitcoin Price Predictions for 2023’s Year End Throughout the years, countless market observers have taken on the challenge of forecasting the price of bitcoin (BTC) , yielding a mix of wildly inaccurate predictions and astutely accurate projections. In late January 2023, a panel consisting of 56 experts in the crypto and fintech fields, as conducted by product comparison website finder.com, confidently stated that BTC would reach its peak at $29,095 by the end of 2023. It’s worth noting that BTC has already surpassed this anticipated peak, surging beyond the $31K threshold as of July 6. In a recent su...

Solana was one of Friday’s biggest gainers, as the cryptocurrency rose by over 11% during today’s session. The move came as markets reacted to June’s nonfarm payrolls report, which came in at 209,000, below expectations of 229,000. On the other hand, cardano ended a three-day losing streak. Solana (SOL) Solana (SOL) rallied for a second straight session on Friday, as the token rose above a ceiling at $20.00 SOL/USD hit an intraday peak at $21.22 earlier in today’s session, which came in response to the latest U.S. nonfarm payrolls report. As a result of the surge, solana hit its strongest point since June 5, when the price peaked at $22.06 Looking at the chart, the move came as the relative strength index (RSI) broke out of a resistance level of 65.00. At the time of writing, price strength is now tracking at 68.30, which is its highest level since April 14. The next visible point of resistance appears to be at the 70.00 level, and in the event it reaches this point, it is like...

Users of the cross-chain protocol Multichain were on July 6 informed of an abnormal transfer of lockup assets on the Multichain MPC address to an unknown address. While the Multichain team has urged users to stop using the cross-chain protocol, Binance CEO Changpeng Zhao (CZ) told his followers that the incident does not affect Binance users or the exchange itself. Users Told Revoke All ‘Contract Approvals Related to Multichain’ Just over a month after the disappearance of the Multichain CEO known only as Zhaojun sent shockwaves through the crypto community, users of the cross-chain protocol were on July 6 informed of an abnormal transfer of “lockup assets to an unknown address.” According to a statement shared via the cross-chain protocol’s verified Twitter handle, the Multichain “team is not sure what happened and is currently investigating.” As reported by Bitcoin.com News on June 3, Zhaojun’s unavailability saw the router technology problems experienced by the cross-chain prot...

Bitcoin dropped below the $30,000 level on Friday, ahead of the upcoming nonfarm payrolls (NFP) report in the United States. Today’s report comes as private sector jobs rose by 497,000 in the last report, double the expected number. Friday’s NFP is projected to come in at 225,000. Ethereum hit a one-week low today. Bitcoin Bitcoin ( BTC ) dropped to a one-week low on Friday, ahead of the upcoming nonfarm payrolls report in the United States. Payrolls are expected to come in at 225,000 for June, less than the 339,000 jobs added the month prior. Many believe a strong number will almost certainly guarantee that the Federal Reserve will hike rates later this month. Bitcoin chart by TradingView BTC /USD dropped to a low at $29,777.28 earlier in the session, which is its lowest point since last Friday, when price fell to $29,417. Today’s sell-off came as the 14-day relative strength index (RSI) plunged to a floor at the 55.00 mark. In addition to this, the 10-day (red) moving ave...

Bitwage, a cryptocurrency payroll company, has announced it will remove USDC-based payments for U.S. residents. In an email sent to U.S.-based customers, Bitwage explains removing the second-largest stablecoin by market cap from its platform is related to a “more strict regulatory climate” in the U.S. regarding crypto. Bitwage Drops USDC Payments in the U.S. Crypto payroll solutions company Bitwage has announced that it will drop USDC from its supported currencies for U.S. residents. In an email sent to customers affected by the measure, Bitwage informed that the company would be disabling this kind of payment due to a “more strict regulatory climate” in the country. The email, sent to customers on July 5, advises customers using USDC as a means of payment to remove it from Bitwage’s platform. The company explained that if not withdrawn by July 13, affected customers would have all their wallets and bank accounts reset on the platform, forcing them to set up their payment data aga...

Larry Fink, the CEO of the world’s largest asset manager, Blackrock, says bitcoin is an international asset and crypto can be used instead of gold to hedge against inflation, the onerous problems of any country, as well as currency devaluation. Blackrock, which has a near-perfect track record of getting exchange-traded funds (ETFs) approved by the U.S. Securities and Exchange Commission (SEC), said it is working closely with regulators to get its spot bitcoin trust ETF filing approved. Blackrock’s Larry Fink on Bitcoin, ETF Filing, and Crypto Democratization Larry Fink, the chairman and CEO of the world’s largest asset manager, Blackrock, discussed bitcoin, crypto investing, and his company’s spot bitcoin trust exchange-traded fund (ETF) filing in an interview with Fox Business on Wednesday. The world’s largest asset manager filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot bitcoin trust ETF on June 15. Since then, the price of bitcoin h...

In a newly published report by the American investment management firm Ark Invest, the leading cryptocurrency, bitcoin ( BTC ), has found support from “strong holders and improved institutional sentiment.” Ark detailed that during the month of June, the supply of bitcoin that has not been moved for at least a year reached an all-time high of 70% of the current circulating supply. Ark Invest Report Highlights Strong Bitcoin Holders and ‘Improved Institutional Sentiment’ Ark Invest, the investment firm that focuses on disruptive technologies, has published a report discussing bitcoin’s (BTC) recent momentum. The leading cryptocurrency has outpaced nearly every traditional asset during the first half of 2023, climbing more than 80% against the U.S. dollar. In the report, Ark Invest highlights the recent increase in institutional interest following the Blackrock spot bitcoin exchange-traded fund (ETF) filing . Ark’s researchers further explain that “the balance of bitcoin on [over-t...

Bitcoin rose to a fresh one-year high on Thursday, as markets reacted to the release of June’s FOMC minutes. The report on last month’s Federal Open Market Committee meeting showed that “almost all participants” are in favor of further hikes this year. Ethereum also rebounded following the minutes. Bitcoin Bitcoin ( BTC ) climbed higher on Thursday, as traders continued to react to the latest FOMC minutes report. The minutes revealed that “Almost all participants noted that in their economic projections that they judged that additional increases in the target federal funds rate during 2023 would be appropriate.” BTC /USD rose to an intraday peak at $31,460.05, which comes following a low at $30,225.61 earlier in today’s session. As a result of this high, BTC rose to its strongest point since last June, when the price was trading above $32,000. Bulls appear to be once again targeting this point, however will first need to break out of a ceiling at $31,500. So far they have been...

Paul Grewal, CLO of Coinbase, one of the largest U.S.-based cryptocurrency exchanges, has accused the U.S. Securities and Exchange Commission (SEC) of violating the law by assessing what constitutes an investment contract. Grewal’s reasoning comes from the Supreme Court of the United States’ (SCOTUS) decision thwarting President Biden’s student loan forgiveness program using the so-called “major questions doctrine.” Coinbase CLO Blasts SEC’s ‘Investment Contract’ Interpretation Paul Grewal, chief legal officer of Coinbase, has railed against the U.S. Securities and Exchange Commission’s (SEC) position regarding classifying some cryptocurrency assets as securities. According to Grewal, the SEC’s assessment of what constitutes an investment contract is wrong and transgresses current regulations. He stated : The SEC’s interpretation of ‘investment contract’ violates the law. Furthermore, Grewal affirms that the SEC’s actions go beyond violating thew law, given that it claims it ha...

PRESS RELEASE. Randolph & Main Capital Group (RMCG) has announced the launch of FraXion (FRXN). It is one of the first debt Security Tokens aimed at retail investors who wish to invest alongside institutional investors in the most sought-after real estate developments in the United States. The Tokens will have a 5-year life, earn an annualized cash yield of 10%, and a 5-year IRR of 150%. RMCG has aligned with diversified developers like Donahue Peebles , the largest minority real estate developer in the United States, and Royal Palm Companies , one of Florida’s premier real estate development firms, to invest the net proceeds of the FraXion Security Token Offering (STO). Demetrius Ford, RMCG’s Managing Director of Digital Assets, stated that “This is a very exciting time for RMCG and FraXion, but an even more exciting time for retail real estate investors who have traditionally been locked out of institutional-grade real estate investment opportunities due to high minimum inv...

The Namibian parliament recently passed a bill that aims to establish a regulatory regime for cryptocurrencies. According to the Namibian Finance Minister, safeguarding the interests of consumers and combating market abuse are some of the reasons why parliament has taken this step. Mitigating Money Laundering Risks The Namibian parliament is reported to have passed a bill aiming to legalize cryptocurrencies and establish a framework for regulating these types of assets. According to the country’s Finance Minister, Iipumbu Shiimi, the law is expected to help authorities safeguard the interests of consumers and to combat market abuse. In his remarks published by The Namibian, Shiimi also suggested that the law will enable authorities to deal with money laundering risks associated with digital assets. “The aim of the legislation was to create a regulatory framework to protect consumers, and the risk of money laundering is mitigated,” the Minister reportedly said. The legislative bo...

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...