Bitcoin News and Finance: What You Need to Know

Russian President Vladimir Putin has railed against using the dollar as a political weapon in a meeting with the New Development Bank’s president, Dilma Rousseff. Putin stated that this weaponization and the recent developments in global finance complicated the institution’s growth to help third-world countries facing difficult conditions. Russian President Vladimir Putin Talks Dollar Weaponization in Recent Meeting Russian President Vladimir Putin referred to the weaponization of the dollar and its effects on the global economy in a recent meeting with Dilma Rousseff, president of the New Development Bank (NDB) — also known as the BRICS bank — during the second Russia-Africa Summit held in Saint Petersburg. Putin explained this weaponization complicated Rousseff’s task of growing and developing the NDB’s role in the current international arena. Talking to Rousseff, Putin stated : I am confident that … you will make every effort to develop this institution. In the current conditi...

Minnesota has become one of the few U.S. states to permit crypto donations to political campaign committees. However, according to the state’s new rules, crypto donations must be converted to U.S. dollars within five days. In the event of price changes within the five-day grace period, these must be shown separately in campaign finance reports. Converting Crypto Donations to Dollars The U.S. state of Minnesota has become one of the first states in the country to okay crypto donations to political campaign committees. Under the state’s new rules, which took effect in July 2023, recipients of crypto donations are nevertheless required to convert these to U.S. dollars within five days. According to a report by Axios, the crypto contributions must be valued at the digital assets’ respective prices when the donations were made. In the event of the prices changing within the five-day grace period, such changes must be shown separately in campaign finance reports. Minnesota’s decision t...

U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act that establishes a regulatory framework for the crypto market. “Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate,” a lawmaker explained. FIT for the 21st Century Act Advances U.S. lawmakers have advanced the Financial Innovation and Technology (FIT) for the 21st Century Act ( H.R. 4763 ). On Wednesday, the House Financial Services Committee passed the bill, followed by the House Committee on Agriculture approving it on Thursday. The FIT for the 21st Century Act establishes a digital asset framework to provide regulatory certainty to the crypto market. Reps. French Hill (R-AR), chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion; Glenn “GT” Thompson (R-PA), chairman of the House Committee on Agriculture; and Dusty Johnson (R-SD), chairman of the Subcommittee on Commodity Mar...

The long-standing legal feud between FTX Trading and Genesis Global Holdco is taking a turn towards resolution. The two parties have reached an initial agreement, in principle, following bankruptcy protection disputes that have made industry headlines. An official letter to the bankruptcy judge representing their cases has affirmed the intent of the firms to put their settlement into motion. FTX, Genesis Engage in Crypto Bankruptcy Settlement The saga, rooted in the insolvency of FTX Trading, began when the company claimed that Genesis, a crypto lending platform, owed them a sum of nearly $2 billion . This claim could have considerably slowed down Genesis’ court procedures. Now, with the letter to the presiding judge dated July 27, 2023, the path to settlement seems more tangible, promising to bring an end to the bankruptcy bickering. The missive to the court represents a significant step in resolving the issue between the disputing parties. FTX Trading Ltd., and its associated deb...

PRESS RELEASE. ATPBot, the renowned leader in quantitative trading strategy development, proudly introduces its revolutionary auto trading bot to the cryptocurrency market. This cutting-edge bot boasts a user-friendly interface and a proven set of features, designed to cater to both novice and seasoned traders alike. ATPBot leverages the power of artificial intelligence to create and implement winning quantitative trading strategies. Supported by rigorously tested and proven methods, the bot offers meticulous backtest data, instilling investors with confidence in their trading endeavors. The auto trading bot simplifies the complex trading landscape into just three steps: Connect, Select, Run! By connecting to a crypto exchange API, users can effortlessly choose a strategy and set the investment amount. With a single click of the “Run” button, the AI bot takes over, tirelessly working 24/7. ATPBot’s brilliance lies in its constant strategy adjustments, fueled by extensive histori...

A new study conducted in May 2023 sought to uncover insights, perspectives, and outlooks on meme coins from crypto investors around the world. The online survey of 1,503 participants aimed to gauge meme coins’ potential in the cryptocurrency market. It revealed several findings about investor sentiments, behaviors, and perceptions surrounding these unique digital assets. Meme Coins: Gamble or Investment? The study by chainplay.gg titled “State of Meme Coin” revealed a divide between investors who have purchased meme coins (63.9%) and those avoiding them (36.1%). Of the investors purchasing meme coins, a majority (69%) do it for fun. Yet, 79% still perceive them as long-term investments with the potential for profit, even though 70% suspect most meme coins are fraudulent. Additionally, 73% equate investing in meme coins to mere gambling. The primary concerns about meme coins, according to nearly 64% of the study’s respondents, are scams and rug pulls. Over half (55.13%) also expres...

The world’s largest exchange for digital assets, Binance, has withdrawn its application for a German crypto custody license. The trading platform made it clear it’s not giving up on plans to eventually obtain authorization from the Federal Republic but wants its submission to better reflect the changing market and regulatory conditions. Crypto Exchange Binance to Reconsider Attempt at Getting German Regulatory Approval Binance, the leading cryptocurrency exchange by daily trading volume, has pulled out its application for a crypto license in Germany, Reuters reported, noting that the exchange is obviously rethinking its expansion plans in the current difficult regulatory environment. The move comes after about a month ago the German financial news magazine Finance Forward revealed , citing sources, that Germany’s Federal Financial Supervisory Authority ( Bafin ) had informed Binance it would not be licensed as a crypto custodian in the country. “Binance confirms it has proactively...

When asked whether he’d rather be called a “bitcoin evangelist,” or “Bitcoin Jesus” at the recent Webx seminar in Tokyo, Roger Ver responds: “I prefer to be called Roger.” The enthusiastic and outspoken figure in crypto, scattering sats around the world with unapologetic frankness about government, the bitcoin block size wars, and conflations of legality with morality, Roger Ver has been somewhat quiet in recent months. That notwithstanding, the early bitcoin investor had much to say about the state of crypto in Tokyo this week, talking payments, altcoins, FTX, and the role of literal outlaws in changing the world for the better. ‘I Am Not Satoshi Nakamoto’ Taking the stage at the Tokyo International Forum on Tuesday, pioneering Bitcoin investor Roger Ver reassured journalist Kazumoto Ohno that he is indeed, not Bitcoin creator Satoshi Nakamoto. However, according to Ver, the Bank of Japan did contact him early on, around 2012 — having heard he was promoting bitcoin in Japan — aski...

Economy Minister Marcelo Montenegro acknowledged that the Bolivian Central Bank is harnessing the Chinese yuan in its commercial settlements. The switch to using the Chinese currency has to do with the dollar scarcity that the country is facing, having to approve a law to sell part of its gold reserves for U.S. dollars. Bolivian Central Bank Settling International Transactions Using the Chinese Yuan The Bolivian Central Bank is carrying out settlements using the Chinese yuan in some of its international transactions. In a recent press conference, Economy Minister Marcelo Montenegro stated that the bank was already transacting using yuan, even without having Chinese banks in Bolivia. However, Montenegro also explained that having a branch of a Chinese bank in the country would accelerate the adoption process of the currency in such transactions. He stated : It is clear that sometimes it is not necessary to have a bank to carry out operations, but obviously having a Chinese bank or...

Palau, an insular nation in the Philippines Sea, has partnered with Ripple, announcing a limited pilot for its own U.S. dollar-pegged stablecoin issued using XRP technology. According to Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance, the test started about three weeks ago to validate the design of the stablecoin system. Palau and Ripple Announce Test Pilot of U.S. Dollar-Pegged Stablecoin Palau, a country comprising more than 300 individual islands, is testing a U.S. dollar-pegged stablecoin on top of the Ripple network. Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance, stated that the pilot started in March and that the project has been distributing Palau’s Stablecoin (PSC) for three weeks. Hunter Anson was the first to make a purchase using PSC, dubbed the “kluk,” purchasing a Micronesian breakfast at a collaborating vendor on July 13. He explained that PSC was “a prototype digitization of the U.S. dolla...

Economist Peter Schiff has warned that the Federal Reserve is wrong about its recession outlook, advising everyone to get out of the U.S. dollar. He stressed that the U.S. currency is being destroyed, emphasizing that it is losing purchasing power. “Rather than fighting inflation, the Fed fueled the fire,” Schiff claimed. Peter Schiff Warns U.S. Dollar Is Being Destroyed Economist and gold bug Peter Schiff issued multiple warnings on Wednesday following the Federal Reserve’s announcement of a 25 basis point interest rate hike. Responding to Fed Chair Jerome Powell’s statement that the Fed is no longer forecasting a recession for the U.S. economy, Schiff said on Fox Business Wednesday: The Fed is wrong on its recession outlook. We’re going to have a recession. In fact, it’s going to be a severe one … Inflation is going to get worse, not better. “The real rate of inflation, regardless of how the government wants to misreport it … is higher than five percent,” the economist ins...

Rich Dad Poor Dad author Robert Kiyosaki has reiterated his warning about the impending demise of the U.S. dollar as the BRICS summit approaches. The famous author anticipates the launch of a new currency by the economic bloc and the de-dollarization efforts of around 41 nations seeking to join the BRICS group. Robert Kiyosaki on BRICS Currency, De-Dollarization, and End of US Dollar The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his warning about the end of 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 that on Aug. 22, about 41 nations will meet in South Africa to de-dollarize the world. He expects the BRICS nations (Brazil, Russia, India, China, and South Africa) to launch a new currency called “bric,” noting tha...

According to a statement published by the South Korean Financial Services Commission (FSC), the entity’s Korea Financial Intelligence Unit held a meeting with virtual asset service providers (VASPs) in order to strengthen regulatory compliance. The top five South Korean cryptocurrency exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax have created compliance systems to monitor illegal activity. South Korean VASPs Urged to Bolster Regulatory Compliance Standards In an aggressive stand against proliferating unlawful activities in the digital currency market, South Korean authorities announced their commitment to bolstering the compliance efforts of virtual asset service providers, while adequate legislation is debated. The FSC’s Korea Financial Intelligence Unit, a government agency with the express mandate of combating financial crimes, convened a meeting to discuss strengthening compliance with virtual asset service providers (VASPs). The head of the intelligence unit,...

Bitcoin edged closer to the $30,000 level on Thursday, as markets reacted to the Federal Reserve’s decision to hike interest rates. The Fed increased rates by 25 basis points, and have hinted that they could make an additional move in September. Ethereum neared the $1,900 level today. Bitcoin Bitcoin ( BTC ) remained in the green on Thursday, as markets reacted to the latest Federal Reserve interest rate decision. After deciding on a 0.25% hike, Fed Chair Jerome Powell stated that “It is certainly possible that we would raise funds again at the September meeting if the data warranted.” BTC /USD surged to an intraday high of $29,675.55 on Wednesday, following an earlier low of $29,162.46. The move began after the relative strength index (RSI) bounced from a floor at 42.00. It is now hovering around a ceiling at 47.00. The exact reading is at 46.65, which has prompted some earlier bulls to abandon previous positions, and secure profits instead. Traders are likely waiting for the ...

Cryptocurrency exchange Binance will start offering full services in Japan next month, founder Changpeng Zhao (CZ) announced. The leading trading venue for digital assets reenters the Japanese market with a domestic exchange after announcing earlier it was discontinuing services through its global platform. Binance Returns to Japan, Praises Its Web3 Regulatory Framework The world’s largest crypto exchange by daily trading volume, Binance, will provide full services on its new platform in Japan starting from August, its founder and CEO Changpeng Zhao revealed in a virtual address to the participants in the Webx conference in Tokyo on Tuesday. CZ: Japan is a flagship leader for Web3 regulatory environments. Earlier today, @cz_binance virtually addressed the WebX conference in Japan, recognising the country’s clear approach towards the industry. pic.twitter.com/TeLRUaH5Hy — Binance (@binance) July 25, 2023 The crypto giant bought the Japan-regulated Sakura Exchange Bitcoin (SE...

Momint, a Web3 marketplace app, has said South African residents can now use cryptocurrency to purchase shopping vouchers which are accepted by over 10,000 retailers. The Momint app can also be used to send cross-border remittances at a fraction of the fees charged by regular money transfer companies. Vouchers Accepted by Popular Businesses Momint, a Web3 marketplace, has launched a blockchain wallet which allows South African residents to purchase a shopping voucher with cryptocurrency, a report has said. Holders of the voucher can make payments at over 10,000 retail outlets across the African country. According to a Mybroadband report , South Africa’s retail giants such as Checkers, Woolworths, Engen, and Takealot are some of the outlets that accept the Momint vouchers. The report added that the voucher is also accepted at some 5,000 international retailers. In comments following the announcement, Momint CEO Ahren Posthumus also revealed that South Africans outside the formal e...

During a Twitter Spaces event on Wednesday, Robert F. Kennedy Jr., a Democratic U.S. presidential contender, revealed that he acquired 14 bitcoin for his children. This announcement comes on the heels of financial documents filed on June 30, 2023, which indicated his ownership of the leading cryptocurrency. Bitcoin Supporter Robert Kennedy Jr Purchases 14 Bitcoin for His Kids On July 26, 2023, Robert F. Kennedy Jr. joined Scott Melker, also known as the Wolf of All Streets, in a Twitter Spaces gathering. An avid bitcoin (BTC) supporter, Kennedy recently revealed a proposal to back the U.S. dollar with bitcoin while speaking at a Heal-the-Divide event if elected president. Kennedy confirmed his bitcoin ownership during Wednesday’s Twitter Spaces discussion with Melker, following reports that surfaced in early July about his cryptocurrency holdings. “Right after the Bitcoin Conference, I decided to put my money where my mouth is and bought two bitcoin for each of my seven childre...

A lawyer has outlined four potential next steps that the U.S. Securities and Exchange Commission (SEC) could take following the ruling on the Ripple case regarding XRP . “I expect the SEC to file a request for interlocutory appeal within the next 2 weeks,” he opined, asserting that it would be in the best interests of Ripple and the XRP community for the SEC to start the appeal process now. 4 Options SEC Could Take Next in Ripple Case Lawyer James Murphy outlined in a series of tweets on Tuesday four options the U.S. Securities and Exchange Commission (SEC) could take in the Ripple case following the ruling by District Judge Analisa Torres regarding XRP . The SEC has indicated that it will appeal the court decision. “There’s a lot of debate about what the SEC will do next in the Ripple case. I believe there are at least 4 options under consideration,” he began, stating that the first option is for the SEC to file a “request for interlocutory appeal .” The lawyer, whose practice...

The White House has affirmed that U.S. policy does not ask partners to choose between the U.S. and other countries, including the BRICS nations. “The U.S. does not want to limit countries’ partnership with other countries,” said Press Secretary Karine Jean-Pierre. More than 40 countries have expressed interest in joining the BRICS group, and around 70 leaders have been invited to the economic bloc’s summit in August. White House on US Partners’ Interest in Joining BRICS While House Press Secretary Karine Jean-Pierre was asked in a press briefing on Monday about U.S. partners seeking membership in the BRICS economic bloc. The BRICS group comprises Brazil, Russia, India, China, and South Africa. “Algeria and Egypt, which are two partners of the U.S. … have applied to join BRICS … and represents kind of a non-alignment force that stands against, kind of, Western hegemony. So how do you feel about this development? Do you welcome this?” she was asked. Noting that countries should “spe...

According to a press release published July 25, 2023, Auradine, a new competitor in the blockchain infrastructure sector, is entering the application-specific integrated circuit (ASIC) bitcoin mining industry with a line of bitcoin mining rigs known as the Teraflux series. Auradine’s new machines boast hashrates between 185 terahash per second (TH/s) and 270 TH/s. Auradine Introduces Teraflux Bitcoin Miners Auradine , a firm launched in 2022, recently emerged from stealth mode, revealing it raised $81 million in a Series A funding round in mid-May 2023. Celesta Capital and Mayfield led the funding round, with other participants including Marathon Digital Holdings, Cota Capital, DCVC and Stanford University. On Tuesday, the company announced a new line of miners, the Teraflux line, which are application-specific integrated circuit mining rigs designed and manufactured in the United States. Additionally, Auradine’s announcement on Monday revealed that the machines use a 4-nanometer...

In a recent article, Vladimir Putin, President of the Russian Federation, outlined his thoughts about the emergence of a new multipolar world order. Putin explained this new configuration will allow different regions, including Africa, the Middle East, and Latam, to assume their roles in a new “more just and democratic” world order. Russian President Vladimir Putin Predicts Emergence of New ‘More Just and Democratic’ World Order Vladimir Putin, President of the Russian Federation, has described the emergence of a new multipolar world order that will allow regions like Africa, the Middle East, and Latam to develop their true potential. In a recent article titled “Russia and Africa: Joining Efforts for Peace, Progress and a Successful Future,” Putin referred to the rise of these new “centers of economic and political power and influence,” which demand acknowledgment. Putin stated : We are sure that a new multipolar world order, the contours of which can already be seen, will be mo...