Bitcoin News and Finance: What You Need to Know

The U.S. Securities and Exchange Commission (SEC) has accepted the application for a bitcoin exchange-traded fund (ETF) filed by asset manager Blackrock. The move indicates the regulator is preparing to seriously consider a bitcoin ETF and could eventually set the stage for wider adoption of crypto assets and products. SEC Adds Blackrock’s Bitcoin ETF Application to Docket, Seeks Public Comments The U.S. securities regulator has officially accepted Blackrock’s application for a spot bitcoin ETF . Once it’s published in the Federal Register, the SEC will open a 21-day window for submission of public comments on the proposal and they will be posted on its website. The application’s addition to the SEC’s docket on Thursday marks the beginning of a long review process that will be closely followed by the crypto community and industry. Blackrock is the world’s largest asset management firm and the SEC process for its bitcoin ETF sends a signal about the future of crypto-based investmen...

Worldcoin, a startup that aims to build the “world’s largest identity and financial network as a public utility,” has reached two million sign-ups. The company, which uses its biometric World ID system to differentiate human beings, stated it has more than doubled the number of sign-ups since January when it reported having passed its first million. Worldcoin Passes 2 Million Sign-Ups The Worldcoin project, a startup building an identity database of users as a public utility, has reached two million sign-ups using its World ID protocol. The company — which is backed by Openai co-founder Sam Altman — reported that these sign-ups came via people registering from cities such as Barcelona, Berlin, Buenos Aires, New York, Seoul, and Tokyo, as part of the “ world tour ” announced in May. Overall, Worldcoin is registering more than 40,000 sign-ups each week. The World ID protocol requires using special hardware devices for users to register to prove their “uniqueness and humanness in a ...

Larry Fink, the CEO of the world’s largest asset manager, Blackrock, says crypto is so international that it will transcend any one currency. Regarding Blackrock’s bitcoin exchange-traded fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC), the executive stressed: “We are working with our regulators because, as in any new market, if Blackrock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected.” Blackrock CEO Larry Fink Highlights Crypto’s ‘Differentiating Value’ Larry Fink, the CEO and chairman of Blackrock, the world’s largest asset manager, discussed cryptocurrency in an interview with CNBC on Friday. Blackrock filed to launch a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) on June 15. While the SEC has rejected all bitcoin ETF applications so far, many are hopeful that the securities regulator will approve Blackrock’s filing. “Over the last five years, more and more global...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that the ruling on the SEC v. Ripple case “resides on shaky ground” and will likely be reversed. “The Ripple decision grants to the institutional investor full SEC protection … However, the retail investor is not granted any SEC protection at all. This seems backwards to say the least,” he stressed. SEC v Ripple Ruling ‘Troubling on Multiple Fronts’ Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his analysis of the SEC v. Ripple ruling concerning XRP on Linkedin Friday. 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 Ripple decision is troubling on multiple fronts,” he stressed, adding: IMHO, the decision resides on shaky ground, is likely (and ripe) for appeal, will likely ...

Central bank digital currency (CBDC) is a “massive threat” to liberty, Republican Governor of Florida Ron DeSantis is convinced. During an interview with former Fox News host Tucker Carlson, DeSantis vowed to send CBDC “to the ash heap of history” if he is elected President of the United States. DeSantis Tells Carlson CBDC is ‘Not Happening’ in America With Him as President Presidential hopeful Ron DeSantis reaffirmed his stance against the introduction of a central bank-issued digital currency such as a digital version of the U.S. dollar. Speaking with conservative political commentator Tucker Carlson on Friday, the candidate for the White House stated: If I am the president, on Day 1, we will nix central bank digital currency. Done, dead, not happening in this country. DeSantis pointed out that the U.S. Federal Reserve has been talking about CBDC and warned that the Fed may try to take unilateral steps in that direction. He doubted that the U.S. Congress would pass a bill all...

According to Nikolay Denisenko, the co-founder and CTO of the financial and earning application Brighty App, the digital version of the pound sterling can be a bridge that enables “easy conversions between different types of crypto, stablecoins, and digital currencies.” Furthermore, the digital pound — also known as britcoin — can potentially “make payments faster, more secure, and less expensive.” The Digital Pound’s Benefits Versus Its Vulnerabilities Nikolay Denisenko, a Revolut alumnus, nevertheless warned that britcoin just like any other central bank digital currency (CBDC) may be susceptible to cyberattacks. He also highlighted the public’s concerns over the digital pound project’s rumoured cost of $1.31 billion versus the benefits which the CBDC is expected to bring. Meanwhile, when asked about the probability of the U.S. Securities and Exchange Commission (SEC) approving asset management giant Blackrock’s Bitcoin exchange-traded funds (ETF), Denisenko highlighted Blackrock...

Europe’s first bitcoin exchange-traded fund (ETF) is set to launch in July after a 12-month delay caused by the crypto winter. The fund has been authorized in Guernsey, a more flexible jurisdiction, which will ostensibly help to avoid some of the regulatory challenges associated with the European Union. Europe to Have Its First Bitcoin ETF Listed After Year-Long Delay The first bitcoin exchange-traded fund in Europe is expected to be publicly listed by the end of this month, a full year after its initially planned launch, the Financial Times reported on Thursday. The ETF was first announced by Jacobi Asset Management in July 2022. The asset manager wanted to list it on the Euronext exchange last year but decided that “the time wasn’t right” after a string of negative events in the crypto space like the crash of the terra-luna project and the bankruptcy of cryptocurrency exchange FTX . The issuer now says “demand has shifted since last summer” and the ETF is “on track.” All exchang...

The International Monetary Fund (IMF) has not seen any specific proposal on a common BRICS currency. However, the IMF acknowledges the presence of “slow-moving trends” indicating shifts in the currency composition of reserves and trade. The Fund’s statement followed reports that the BRICS economic bloc is planning to launch a gold-backed currency. IMF on BRICS Currency The International Monetary Fund (IMF) was asked during a press conference on Thursday about its position on the proposed BRICS currency following media reports that the BRICS nations are launching a gold-backed currency that will be formally announced at the economic bloc’s upcoming leaders’ summit in August. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. Julie Kozack, director of IMF’s Communications Department, replied: “With respect to the way countries, or the currencies in which countries conduct trade, we view that as a decision of the participants involved in the individual transa...

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has explained that President Joe Biden is “preparing for a ground war with Russia” by signing an ex ecutive order to mobilize reserve forces to augment Operation Atlantic Resolve. Multiple people have accused Biden of starting World War III. Biden Preparing for Ground War With Russia, Says Kennedy Jr. U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has slammed President Joe Biden over his executive order to mobilize select reserve forces in order to augment Operation Atlantic Resolve. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. Operation Atlantic Resolve was launched in 2014 following Russia’s invasion of the Crimean Peninsula. Kennedy tweeted Friday: President Biden just called up 3,000 reservists to augment U.S. troops in Europe as part of ‘Operation Atlantic Resolve.’ I want people to understand what this troop mobiliza...

Rich Dad Poor Dad author Robert Kiyosaki has warned that a giant crash is coming, emphasizing that the end of fiat money, including the U.S. dollar, is near. Noting that the USD “will die,” he urged investors to buy gold, silver, and bitcoin. His warnings came as the BRICS economic bloc is discussing creating a common currency that could be backed by gold. Robert Kiyosaki’s Giant Crash Warnings The author of Rich Dad Poor Dad, Robert Kiyosaki, has issued more warnings about the U.S. economy and the U.S. dollar. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Wednesday: Giant crash coming. Fake money, aka fiat currency, to die. BRICS meeting in S. Africa [on] August 22 to put nail in coffin of fiat…fake money. Get into real gold, silver & bitcoin asap. Tak...

A Zimbabwean economist has said authorities should consider paying a portion of government employees’ salaries with gold coins. The economist said partially paying government workers with gold coins can “help curtail the black market dominance” in the country’s currency market. Dollar Shortages and Rising Inflation A Zimbabwean economist, George Nhepera, has urged authorities in the Southern African nation to consider paying a portion of government workers’ salaries with gold coins. According to the economist, paying part of the workers’ salaries with gold coins can “help curtail the black market dominance” in the country’s currency market. Nhepera’s call for measures to cushion government workers with gold coins follows the local currency’s sharp depreciation in June. The currency’s plunge on the parallel market is reported to have sparked a wave of steep price hikes which eroded the purchasing power of salaries denominated in local currency. While workers have in some cases dema...

Former U.S. President Donald Trump gave a more detailed account of his finances including proceeds from his non-fungible token (NFT) collection. The cryptocurrency balance of an Ethereum wallet has also been declared as part of $1 billion in income received from various sources. Donald Trump Details Income From NFTs, Speaking Fees, Hotel Sale The 45th President of the United States, Donald Trump, has provided more information about his financial state, detailing income earned from speaking fees, the sale of his Washington, D.C. hotel and digital collectibles, Bloomberg reported. In a revised disclosure, filed with the Office of Government Ethics, he reveals the exact sums for more than $1 billion in income received from these and other sources that he had previously declared only in broad terms to the Federal Election Commission. In the earlier disclosure submitted in April, Trump, now running for a second, non-consecutive term in the 2024 election, was allowed to indicate broad r...

Russia is discussing using national currencies in trade settlements with 10 Southeast Asian countries, members of the Association of Southeast Asian Nations (ASEAN), Russian Foreign Minister Sergey Lavrov has revealed. The move comes as more and more countries worldwide are seeking to de-dollarize. Russia and 10 Southeast Asian Nations Explore National Currency Usage in Trade Russian Foreign Minister Sergey Lavrov revealed his country’s efforts to settle trade with 10 Southeast Asian countries in national currencies in an interview with Indonesian national newspaper Kompas. The interview was published in English on Wednesday, with the aid of Microsoft Azure Open AI and Google Translation AI. ASEAN members comprise Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. Lavrov explained that Russia does not see the current international situation as a “new cold war.” He emphasized that the country is focused on the development of a multip...

A legal expert has warned that the district court ruling on XRP “rests on very shaky ground.” Expecting an appeal, he cautioned that Ripple’s victory “may be a short-lived victory,” claiming that the judge “got the law wrong.” Lawyer on Ruling of SEC v Ripple Case Lawyer Bryan Jacoutot shared his analysis of the ruling in the U.S. Securities and Exchange Commission (SEC) v. Ripple case on Twitter Thursday. Jacoutot is an attorney at Election Law Group and Taylor English Duma; his practice centers on general litigation and election law. He began: I’ve reviewed the district court ruling on XRP and it rests on very shaky ground. Expect an appeal. He explained that the court did rule that Ripple’s sale of XRP to institutional investors amounted to an unlawful security sale. Noting that Ripple received nearly a billion dollars from these XRP sales, the lawyer predicted that the crypto firm “will presumably be required to return/disgorge,” as well as pay penalties and fines. In ...

Bank of America has come under scrutiny after a Coinbase user claimed that the bank closed his account over Bitcoin transactions. Coinbase CEO Brian Armstrong quickly addressed the issue, asking other users if they have encountered the same problem with Bank of America. Coinbase’s CEO Raises Concerns Over Account Closures at Bank of America Bank of America (BOFA) came under scrutiny on Wednesday when Muneeb Ali, co-founder of Stacks, a Bitcoin layer for smart contracts, revealed on Twitter that the bank unexpectedly closed his bank account, which he had been using for 15 years, without giving a reason. He strongly suspects that the closure was due to him using the bank account for bitcoin transactions through Coinbase. “This is a war on bitcoin & crypto,” he tweeted. Coinbase CEO Brian Armstrong responded to the tweet, asking if other Bank of America customers have encountered similar issues. “If so, not ok,” the Coinbase boss tweeted. He subsequently conducted a Twitter poll ,...

U.S. Rep. Ritchie Torres has called for an investigation into the special purpose broker-dealer (SPBD) license given by the U.S. Securities and Exchange Commission (SEC) to Prometheum, a cryptocurrency exchange platform. In two letters sent to U.S. Comptroller General Gene Dodaro and SEC Inspector General Deborah Jeffries, Torres calls for investigation of the “backroom deals” allegedly brokered between the SEC and Prometheum. U.S. Rep. Ritchie Torres Requests Investigation Into Prometheum’s License Ritchie Torres, a U.S. representative for New York, is requesting an official investigation on the licenses the U.S. Securities and Exchange Commission (SEC) gave to Prometheum, a digital assets trading platform that Torres states “does not trade digital assets.” On July 13, Torres sent two letters to U.S. Comptroller General Gene Dodaro and SEC Inspector General Deborah Jeffrey to request an independent review of the failure of the SEC to provide a workable path for crypto exchanges t...

Spot and futures trading volumes on centralized crypto exchanges (CEXs) have increased in June, a new report shows. At the same time, website traffic to major trading platforms for digital assets continued to decline, according to the study which also tracks its geographical distribution. Spot Volume on Leading Exchanges Jumped by Over 10% in a Month Spot trading volume on major centralized platforms for cryptocurrency exchange rose 10.4% in June over the previous month, according to data from Coingecko compiled by Chinese crypto journalist Colin Wu, also known by his Twitter handle ‘Wu Blockchain.’ The highest increases were registered by Bitmart (61%), Upbit (48%) and Bybit (35%). Those with the most negative rates were Crypto.com (-18%), Huobi (-17%) and Mexc (-11%), Wu detailed in a blogpost published earlier this week. The futures trading volumes on these exchanges climbed by a similar percentage last month (9.5%). The top three change rates were Bitmart (46%), Deribit (15%...

A recently published survey by Bankrate reveals that there is a 3-in-5 likelihood of a recession occurring in the United States within the next year. Bankrate’s survey of economists firmly indicates that the chances of a recession taking place in the U.S. are greater than the chances of it not happening. Bankrate Survey: 3-in-5 Chance of U.S. Recession in Next Year According to economists surveyed by Bankrate, the probability of a recession occurring in the U.S. is significant. The survey, published on July 12, 2023, reveals that Bankrate’s experts estimate a 59% chance of a recession taking place by July 2024. Bankrate states that the expert forecasts “suggest a downturn is more probable than not.” “Illustrating those odds even more, most respondents (78 percent) indicated that the percentage chance of a recession was greater than 1-in-2, while 28 percent said the odds were 70 percent or higher,” Bankrate’s Sarah Foster writes. Bankrate’s most recent poll is not the sole survey ...

Ripple Labs’ chief legal officer has broken down Thursday’s ruling on the U.S. Securities and Exchange Commission (SEC) v. Ripple case. Emphasizing that the landmark ruling is “a huge win” for the crypto firm, he stressed that “as a matter of law – XRP is not a security.” In addition, he noted that crypto sales on exchanges are also not securities. Ripple Lawyer on SEC v Ripple Case Ruling Ripple Labs’ chief legal officer, Stuart Alderoty, explained the ruling in the U.S. Securities and Exchange Commission (SEC) v. Ripple case in a series of tweets on Thursday. The lawyer wrote: A huge win today — as a matter of law — XRP is not a security. Also a matter of law — sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions — to developers, to charities, to employees are not securities. “The only thing the court found constitutes an investment contract is past direct XRP sales to institutional clients. There will be further court pro...

Two weeks ago, Bitcoin.com News used six artificial intelligence chatbots to predict the price of bitcoin ( BTC ) by the end of 2023. After the release of Anthropic’s Claude 2 in July, we conducted another experiment, tasking Claude with predicting the prices of the top 40 cryptocurrencies on Jan. 1, 2024. Along with providing a projected price list of 40 crypto assets, Claude also detailed the reasoning behind the forecasts. An AI Chatbot’s Comprehensive Crypto Predictions for 2024 The AI firm Anthropic recently unveiled its second iteration of Claude , rivaling the likes of Google’s Bard and Openai’s Chatgpt 4. Claude can handle substantial data, consuming nearly 75,000 words via Anthropic’s large language model. Therefore, our news desk put Claude to the test, supplying it with the top 40 cryptocurrency assets by market capitalization, along with the assets’ one-hour, 24-hour, and seven-day performance and daily volumes in a single prompt. Before supplying Claude with the inform...