Bitcoin News and Finance: What You Need to Know

On July 7, 2023, a Clive, Iowa resident fell victim to a scammer posing as a Polk County sheriff’s deputy, who coerced the individual into depositing $6,600 into a bitcoin automated teller machine (ATM). The Clive Police Department insists that the scammers utilized cryptocurrencies due to the challenges in tracking these assets. Scammer Poses as Polk County Deputy, Defrauds Iowa Resident of $6,600 in Bitcoin ATM Scheme The Clive Police Department has notified the public that an individual was defrauded of $6,600 after being persuaded to deposit the funds into a bitcoin ATM. The account was shared on Facebook, and the police stated that the person affected would not be identified for “security reasons.” As per the statement, the victim received a call from an individual who falsely identified themselves as a Polk County Sheriff’s Deputy. The impersonator informed the woman about an arrest warrant and persuaded her to “send $6,600 through a Bitcoin ATM to resolve the matter.” Foll...

An Iranian official has stated that Iran stands to benefit from a gold-backed common BRICS currency. The official further asserted that such a BRICS currency would erode the U.S. dollar’s dominance and result in increased wealth for Iranians holding gold. “A tremendous change is taking place in the international economy,” the official stressed. Iran Will Benefit From Gold-Backed BRICS Currency, Official Says Rasoul Mousavi, Assistant Foreign Minister and Director General of the South Asia Department of the Iran’s Ministry of Foreign Affairs, stated Sunday that a common BRICS currency backed by gold will benefit Iran and weaken the U.S. dollar, Press TV reported. The BRICS comprises Brazil, Russia, India, China, and South Africa. The Iranian official’s remarks followed a report last week by Russian news outlet RT claiming that Russia has confirmed the creation of a gold-backed common currency within the BRICS framework. According to RT, this announcement is expected to be officiall...

U.S. Treasury Secretary Janet Yellen has stated that she does not see the U.S. dollar’s dominance being threatened by any development, including the proposed BRICS currency. Yellen stressed that all the data of which she is aware shows that the dollar is overwhelmingly used in international transactions, emphasizing: “I don’t think that there is an alternative that could possibly displace that for the foreseeable future.” Janet Yellen on BRICS Currency, Challenges to US Dollar Dominance U.S. Treasury Secretary Janet Yellen addressed concerns regarding the dominance of the U.S. dollar and the potential challenges by a proposed BRICS currency during a press conference at the U.S. embassy in Beijing on Sunday. The press conference took place at the conclusion of her four-day visit to China. While there has been no official announcement by the BRICS, speculation about a new BRICS currency has been rife after Russian news outlet RT reported that Russia has confirmed that the BRICS bloc...

According to data recorded on July 9, 2023, Bitcoin’s next difficulty adjustment is estimated to rise between 4.74% and 7.7%, erasing the 3.26% reduction that occurred on June 28. Moreover, the total network hashrate achieved a 24-hour all-time high on July 8, reaching 538 exahash per second (EH/s) at block height 797,733. Record-Breaking Bitcoin Difficulty Increase Imminent, Total Hashrate Taps a 24-Hour Record at 538 EH/s Statistics recorded on July 9, 2023, indicate that the next Bitcoin mining difficulty adjustment is scheduled for July 12, 2023. In the previous difficulty change, Bitcoin’s mining difficulty experienced a 3.26% reduction, lowering the total to 50.65 trillion. Estimates suggest that the difficulty is expected to increase by 4.74% to 7.7% due to block intervals being consistently shorter than the ten-minute average. Currently, the average block time on July 9 ranges from 8 minutes and 2 seconds to 9 minutes and 18 seconds per block. Additionally, the total hash...

After the Covid-19 pandemic, many people believe the implementation of extensive stimulus measures and quantitative easing (QE) policies resulted in an overwhelming surge of inflation that has burdened millions across the globe. While certain individuals attribute this economic turmoil to the actions of central banks, Andrew Bailey, the governor of the Bank of England, firmly asserts that it is the retailers who are guilty of overpricing goods and services, consequently causing distress among countless families in the United Kingdom. Bank of England Boss Andrew Bailey Pulls out the ‘Greedflation’ Accusation From the Bureaucratic Tool Box Although central banks have often been accused of bearing the brunt of responsibility for the economy’s volatile boom and bust cycles, their leaders refuse to shoulder the blame alone. European Central Bank (ECB) president Christine Lagarde, for instance, attributes Europe’s relentless inflation to the impact of climate change . Meanwhile, in an int...

“The real competition is not other chains, it’s the rapidly expanding centralized world that is imposing itself on us as we speak.” So says Ethereum co-founder Vitalik Buterin addressing the current volatile regulatory realities in crypto. In other news, venture capitalist Tim Draper adjusted the timeframe of his $250K bitcoin price prediction, and a former SEC official asks the crypto community to stop the “personal attacks” against the U.S. Securities and Exchange Commission and its chair, Gary Gensler. This and more in the latest Bitcoin.com News Week in Review. Ethereum Co-Founder Vitalik Buterin on SEC Crypto Enforcement Actions: ‘The Real Competition Is the Centralized World’ Vitalik Buterin, a co-founder of Ethereum, the second largest cryptocurrency project by market cap, took a stance on the recent actions that the U.S. Securities and Exchange Commission (SEC) has taken in the field of enforcement against crypto. Buterin mentioned how projects like Solana were included in ...

The BRICS Bank’s vice president and chief financial officer has shed light on the economic bloc’s aspiration to develop a common BRICS currency. His remarks followed recent reports suggesting that Russia has confirmed the BRICS’ plan to introduce a gold-backed common currency, with an official announcement expected to be made during the forthcoming BRICS leaders’ summit. ‘Gold-Backed BRICS Currency’ Gains Attention The subject of a common BRICS currency has gained significant attention as the BRICS leaders’ summit approaches and an increasing number of countries pursue de-dollarization. The BRICS comprises Brazil, Russia, India, China, and South Africa. Their leaders’ summit will take place in South Africa from Aug. 22 to 24. On Tuesday, RT reported that the BRICS is set to introduce a new trading currency backed by gold which will be discussed at the August leaders’ summit. The news outlet cited a tweet by the Russian Embassy in Kenya made on Monday, stating: “The BRICS countries...

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned that “the worst is yet to come” for the U.S. economy. “The U.S. is going to suffer” as the value of the dollar erodes further, he predicted, emphasizing that inflation and the debt problems are going to get worse. Jim Rogers Says ‘the Worst Is yet to Come’ Veteran investor Jim Rogers issued several warnings about the U.S. economy on Sputnik’s New Rules podcast, published last week. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management. “The worst is yet to come,” the renowned investor warned. “It always comes later after normal fluctuations and corrections.” Rogers explained: “We have printed a lot of money, we have borrowed and spent a lot of money, which is wonderful for the short term, but eventually we have to pay the price.” He cautioned: Inflation is going to get worse. The debt problems are going to get worse, a...

According to a report published on Friday, Robert F. Kennedy Jr., a Democratic presidential candidate, holds between $100,000 and $250,000 in bitcoin ( BTC ). The holdings contradict his statements at the Bitcoin 2023 conference in May, where Kennedy claimed he was not an investor. Kennedy’s campaign manager maintains that the BTC acquisition occurred subsequent to the candidate’s remarks in May. Robert Kennedy Jr’s Bitcoin Fortune Revealed Financial records uncovered by CNBC reveal that Robert F. Kennedy Jr. , a Democratic candidate running against U.S. president Joe Biden , possesses bitcoin valued between $100,000 and $250,000, equivalent to 3.31 to 8.27 BTC . Kennedy, the son of former senator Robert F. Kennedy and nephew of former president John F. Kennedy, allegedly contradicted his earlier remarks at the Bitcoin 2023 conference in Miami, as stated in the CNBC report. At the time, Kennedy stated, “I am not an investor and I am not here to give investment advice,” while also...

In the last half-year, there has been a remarkable surge in the value of crypto assets such as bitcoin and ethereum. BTC has skyrocketed by 77%, while ETH has experienced an impressive 44% leap. On the other hand, the leading privacy-focused cryptocurrency, monero ( XMR ), has displayed a rather unimpressive performance during the initial six months of 2023, with a modest increase of 7.6% in H1. Nonetheless, following the resolution of the aftermath caused by the collapse of the Terra ecosystem, XMR ’s worth has remained relatively stable since July 2022. Resilient Privacy Coin Monero Defies Crypto Market Volatility for 12 Months Monero (XMR) remains the top privacy token among numerous crypto tokens claiming to offer anonymity, with a current market capitalization of $3 billion. The second-leading privacy-centric coin, dash (DASH) , holds a significantly lower market valuation of $380 million. Over the past six months, DASH has experienced a 29% decline in value against the U.S...

Solana extended recent gains on Saturday, as the token rose for a third straight session to start the weekend. Today’s move came following a breakout of a key price level, despite the global crypto market cap consolidating. Avalanche also rallied, climbing by as much as 10%. Solana (SOL) Solana (SOL) was a notable gainer in the crypto market for a third straight day, with today’s move taking price to an eight-week high. Following a low of $20.19 on Friday, SOL/USD jumped to an intraday peak of $22.40 to start the weekend. As a result of the surge, solana raced past a ceiling of $22.00, hitting its highest point since May 6 in the process. From the chart, the move occurred as the relative strength index (RSI) jumped beyond a ceiling at the 69.00 mark. At the time of writing, the index is tracking at 70.70, with the next visible point of resistance at 75.00. Should the index reach this point, there is a good chance that SOL will climb to $23.00. Avalanche (AVAX) Another notable...

Bitcoin was hovering near the $30,000 level to start the weekend, as markets continued to digest the latest U.S. nonfarm payrolls report. Payrolls came in at 209,000, less than the 225,000 expected, putting slight doubt in a potential July rate hike. Ethereum continued to trade below $1,900 on Saturday. Bitcoin Bitcoin ( BTC ) started the weekend consolidating around the $30,000 level, following the latest U.S. nonfarm payrolls report. BTC /USD dropped to an intraday low of $30,094.87, a day after trading at a one-year high above $31,000. The price has marginally increased following today’s earlier row, and is now trading at $30,240.85. Overall, it appears that a failed breakout of a ceiling at 58.00 on the relative strength index (RSI) was the catalyst of this drop. Price strength is now tracking at the 57.63 level, with a support point at 55.00 a possible target for traders. Should it reach this point, it is highly likely that BTC will move below $30,000. Ethereum Ethereum...

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...