Bitcoin News and Finance: What You Need to Know

A new study suggests bitcoin mining could actually help drive the transition to renewable energy sources. Researchers Juan Ignacio Ibañez and Alexander Freier make the case that Bitcoin miners’ demand for cheap electricity provides incentives for increased renewable energy production. However, for mining to play this decarbonizing role, the industry needs to adapt. Researchers Reveal Bitcoin Mining Could be a Potential Catalyst for Renewable Energy Growth The energy-intensive proof-of-work (PoW) process that underpins Bitcoin has faced criticism for high electricity use and carbon emissions. However, Ibañez and Freier’s research analysis indicates the network’s thirst for inexpensive energy may attract miners to renewable sources like solar and wind. This additional revenue stream could aid renewables’ profitability and incentivize capacity expansion. “There are reasons to view Bitcoin for decarbonization in a positive light: not only does it need minimal policy support to deploy,...

While X, the platform formerly known as Twitter, has made a turn to share some of its earnings with its users, the lack of a genuinely universal payment method – like crypto – means users of countries such as Russia and Venezuela are excluded from getting these benefits, disrupting Elon Musk’s intentions of incubating a global content ecosystem. Elon Musk’s X Seeks to Open an ‘Entire Financial World’ While the acquisition and transition of X, the platform formerly known as Twitter, to the hands of Elon Musk, tech visionary, and eccentric millionaire, has not been without its hiccups , it’s undeniable that Musk’s vision has changed the direction of the company – for good or otherwise, depending who you ask to. The legacy Twitter, commandeered by Jack Dorsey, felt like more of a traditional Nasdaq-listed company with processes carried out by company employees, and users were separated from it. Musk has tried to scrap this notion, having a more close-to-the-user approach and introduci...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: The Argentine peso reaches historic lows, Tether’s USDT accounts for more than 80% of the transactions in the Brazilian market, and Binance gets fully licensed in El Salvador. Argentine Peso Sinks Before Elections The Argentine peso sank to historic lows this week, reaching an exchange rate of 605 pesos per U.S. dollar. Economic analysts linked this accelerated devaluation with the uncertainty surrounding the general ballotage held on Sunday, where Argentines elected their candidates for the next elections. Mateo Reschini, a research analyst for Inviu, explained that big capitals preferred to secure their investments in foreign currency to protect from possible fluctuations caused by the outcome of the ballotage. Reschini stated : The market takes note of the relevance of the date of the upcoming elections and decides to be covered against possib...

In recent times, gold and silver have faced a downtrend, with gold losing over 2% of its value in the past month and silver tumbling more than 5% against the U.S. dollar. Even amid gold’s rather uninspiring performance this last month, David Neuhauser, the founder of the investment company Livermore Partners, forecasts that gold’s worth could rise to $2,500 by the close of 2024. From Slump to Surge: Some Expect Gold to Bounce Back Approximately three years ago, in August 2020, gold soared to an unprecedented peak, hitting $2,074 per ounce, while silver simultaneously reached a high of around $28 per ounce on August 6 of the same year. Since then, however, the luster has faded from these precious metals, and prices have slid downward. As of August 12, 2023, gold’s current trading price stands at $1,913 per ounce , with silver trailing at $22.67 per ounce . Earlier in the month, on August 1, the World Gold Council (WGC) published the latest Gold Demand Trends report , shedding ligh...

Hovering just above the $29,000 mark, bitcoin’s value remained relatively stable while an interesting event occurred on Saturday afternoon: a dormant cache of 195.79 bitcoins, untouched for over seven years, was transferred for the first time since 2016. This action was followed by another sequence of events; when a batch of slumbering bitcoins from 2014 was spent, marking their first movement in nearly a decade. Over $11 Million in Dormant Bitcoins Spring to Life Fast forward to August 12, 2023, when an impressive sum of 391.305 BTC , valued at $11.4 million, stirred from its long hibernation. The term “sleeping bitcoins” denotes a category of bitcoins lying inactive in an address, unspent and unmoved for extended periods. These quiescent bitcoins, often the subject of intrigue and conjecture among cryptocurrency enthusiasts, earn their “asleep” label due to their lack of active trading or usage. A significant shift in these dormant assets could conceivably send ripples through th...

Hackers working for North Korea have continued to attack companies in the crypto space this year, according to independent sanctions monitors. Their findings, which reveal that Pyongyang proceeds with the development of its nuclear and weapons programs, will be included in a U.N. report which is to be released in the coming weeks. North Korea Still Trying to Steal Cryptocurrency, Sanctions Experts Say North Korea continued to produce nuclear fissile material and develop nuclear weapons in 2023, a new report prepared for a U.N. Security Council committee unveils. The document, which is yet to be officially published, has been seen by Reuters. Its authors, independent sanctions monitors who report to the U.N. twice a year, have also established that the Democratic People’s Republic of Korea ( DPRK ) continued to evade sanctions put in place to cut off funding for its nuclear and ballistic missile programs. North Korea has been previously accused of conducing cyberattacks to source f...

The world’s leading cryptocurrency exchange, Binance, has selected Liquid as an identity verification partner for its Japanese platform. The services of the Tokyo-headquartered biometrics firm will allow Binance Japan to ensure its know-your-customer (KYC) procedures comply with Japan’s strict regulations. Liquid to Provide Binance Japan With AI-Based KYC Solution Binance, the largest crypto exchange in terms of trading volume and users , will employ Japanese company Liquid for identity verification of customers on its new domestic platform in Japan. As a first step in this partnership, Liquid said it will provide Binance with its eKYC service. “Liquid eKYC offers top-in-class facial authentication through its unique AI-based image processing capability, enabling smooth identity verification in accordance with the respective legal and security framework in each country,” explained the firm which specializes in image and big data analysis related to biometrics. Binance’s General Ma...

The Zimbabwean central bank recently said it is close to rolling out gold-backed digital tokens “for transactional purposes.” According to the bank’s governor, the gold-backed digital tokens have already proven to be an effective monetary policy instrument. Central bank governor John Mangudya also said the results of a consumer survey had shown that residents had limited knowledge about an envisaged central bank digital currency (CBDC). An ‘Effective Monetary Policy Instrument’ The Reserve Bank of Zimbabwe (RBZ) has said it is now “at an advanced stage in preparations for the rolling out of GBDT [gold-backed digital tokens] for transactional purposes.” The bank said the rollout would see the gold tokens complement the U.S. dollar “in domestic transactions as retailers will be offered a safer, more convenient, and value-preserving medium of exchange.” In a recently released mid-term monetary policy statement, RBZ governor John Mangudya revealed that the central bank will soon kickst...

France’s financial market regulator said it’s adjusting the rules for crypto companies in line with Europe’s new regulatory framework. The changes, which will enter into force next year, seek to enhance registration requirements for businesses offering certain services for digital assets like custody and trading. AMF Revamps Crypto Regulations to Enforce Stricter Registration Rules for DASPs Autorité des Marchés Financiers ( AMF ), the French financial regulator, announced Thursday it’s amending its regulations and policies regarding digital asset service providers (DASPs) to implement “enhanced” registration for some of these entities. The new requirements for crypto companies were introduced with a law known by the French abbreviation DDADUE, allowing the government in Paris to transpose European Union directives, which was adopted earlier this year. The DDADUE law clarified some provisions relating to the EU’s new Markets in Crypto Assets (MiCA) legislation . It introduced an “...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that “crypto regulatory onslaught will never end.” He claimed that cryptocurrency trading platforms, like Binance and Coinbase, are simply playing “a short game of regulatory arbitrage, all carried out in an effort to make as much fiat as possible before their inevitable demise.” Former SEC Official’s Warning of Ongoing Crypto Regulatory Sweep Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark warned in a lengthy tweet on Saturday that “the SEC’s crypto-regulatory onslaught will never end (ever).” 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. Referring to the recent regulatory action taken by the SEC against cryptocurrency exchange Bittrex , he pointed out that the charges against Bittrex mirr...

Economist Peter Schiff says investors are in for “two huge surprises.” Noting that the Federal Reserve has already lost its fight against inflation, he explained that by the time the U.S. economy officially enters a recession, inflation will be too high for the Fed to “stimulate” with interest rate cuts. Peter Schiff Sounds Alarm on U.S. Economy Economist and gold bug Peter Schiff issued multiple warnings about the U.S. economy in a series of tweets this week. He wrote on Wednesday: Investors are in for two huge surprises. The first is that future inflation rates will be much higher than they think. The second is that the Fed won’t be willing or able to do what it takes to fight it. Following the U.S. Bureau of Labor Statistics report, released Thursday, that the consumer price index (CPI) rose 3.2% from a year ago in July, Schiff tweeted: “Don’t believe the financial media’s spin that July’s 3.2% YoY CPI rise, with YoY core at 4.7%, means the Fed is winning its war against infl...

Russia’s capital Moscow and 10 other cities will host pilot tests for the digital ruble, Bank of Russia Deputy Governor Olga Skorobogatova announced. Over a dozen Russian banks are going to take part in the trials with real transactions and users scheduled to commence in mid-August. Russia Prepares to Pilot Operations With New Digital Ruble Financial authorities and institutions in the Russian Federation are gearing up to start testing the country’s central bank digital currency ( CBDC ) in actual transactions between real users . The trials are set to begin on Aug. 15. Around 600 people and 30 companies will participate in the initial stage of the pilot, First Deputy Chair of the Central Bank of Russia, Olga Skorobogatova, unveiled at a press conference, quoted by the crypto news outlet Bits.media. After verifying all operations conducted by the first group, the number of participants will be increased, she added. The tests will be carried out in 11 Russian cities, including Mosc...

Brian Brooks and Charles Calomiris, former officials at the U.S. Office of the Comptroller of the Currency (OCC), have stated stablecoins can be tools that might help the U.S. dollar maintain its status as a reserve currency. In a recent article, Brooks and Calomiris call for regulations to allow stablecoin issuers to have the clarity needed for the assets to thrive. Stablecoins Might Help the U.S. Dollar Maintain Its Reserve Currency Status Brian Brooks, former U.S. Comptroller of the Currency, and Charles Calomiris, former chief economist of the Office of the Comptroller of the Currency (OCC), have issued an op-ed article explaining how stablecoins could contribute to maintaining the status of the dollar as a reserve currency. Brooks and Calomiris detail that stablecoins can be significant tools in the fight against worldwide de-dollarization, serving as catalysts for the demand for dollars for citizens in developing countries, even when their governments do not support dollariz...

Microstrategy’s stock (Nasdaq: MSTR) has risen 206% after the company adopted bitcoin as its primary treasury reserve asset. The business intelligence firm now holds 152,800 bitcoins, acquired for a total cost of $4.53 billion, and it has plans to buy even more. Microstrategy’s Stock Outperforms Bitcoin, S&P500, Nasdaq, Gold, Silver The stock of business intelligence firm Microstrategy (Nasdaq: MSTR) has risen 206% since the company adopted its bitcoin strategy, Executive Chairman Michael Saylor stated on Twitter Friday. He tweeted: Three years ago today Microstrategy announced that it had adopted bitcoin as its Primary Treasury Reserve Asset, purchasing 21,454 BTC for $250 million, or ~$11,653 per bitcoin. Microstrategy adopted its bitcoin strategy on Aug. 10, 2020. In comparison, during the same time period, bitcoin has experienced a 145% increase, while the S&P 500 has risen 33% and the Nasdaq 25%, according to a chart Saylor shared on Twitter. Meanwhile, gold has se...

Cryptocurrency exchange Bittrex has agreed to settle charges with the U.S. Securities and Exchange Commission (SEC). Bittrex and Bittrex Global agreed to pay $24 million. The SEC’s director of enforcement alleged that for years, Bittrex worked with token issuers to “scrub” their online statements “to evade the federal securities laws.” Bittrex Settles With SEC The U.S. Securities and Exchange Commission (SEC) announced Thursday that crypto trading platform Bittrex Inc., its co-founder and former CEO William Shihara, and Bittrex’s foreign entity Bittrex Global GmbH have reached a settlement with the regulator. The SEC charged Bittrex entities and Shihara in April. Specifically, the SEC explained that Bittrex and Shihara “agreed to settle charges that they operated an unregistered national securities exchange, broker, and clearing agency.” Meanwhile, Bittrex Global “agreed to settle charges that it failed to register as a national securities exchange.” The securities watchdog stat...

The accession of new members will allow BRICS to push the West to accept changes in international relations, an expert from UAE has been quoted as stating. That’s valid in particular for cross-border trade and de-dollarization, said Mohamed El Yattioui, professor at the American University in the Emirates. BRICS Bloc to Benefit From Inducting New Members Like UAE and Saudi Arabia, Academic Says “The role of BRICS has been increasing during the last years and in the last decade,” Mohamed Badine El Yattioui, doctor of political science and assistant professor of international affairs and strategy in the College of Security and Global Studies at the American University in UAE, told Russia’s Tass news agency. The academic emphasized that “for the United Arab Emirates, it’s important to become part of the BRICS group,” which currently consists of Brazil, Russia, India, China, and South Africa. He believes that the expansion will allow the bloc to put pressure on the West to recognize ch...

Custodia Bank, the financial institution that aims to bridge digital assets with the U.S. dollar payment system, is now live. Last month, Custodia started serving external business customers in select U.S. states, offering U.S. dollar deposits and government money market fund services, with bitcoin custody pending launch. The launch comes after overcoming regulatory pressures and challenges with the Federal Reserve Board. Custodia Bank Debuts Services Many crypto and narrow banking proponents have awaited the arrival of Custodia Bank , a financial institution that is tech-forward and customer-centric. “We’re grateful to our partners, who appreciate our approach of complying with banking laws and regulations; to Wyoming for its enabling laws; to our team and investors; and to the law-abiding digital asset industry,” said CEO Caitlin Long. Custodia says the bank’s regional bank-style risk management program, along with its dedication to following regulations, sets it apart from compe...

The Nigerian currency continued its slide versus the greenback when it fell to a new all-time low of NGN950 per dollar. Folashodun Shonubi, the acting governor of the Central Bank of Nigeria, insists that the naira is currently undervalued. The International Monetary Fund (IMF) has said Nigeria’s “loose” fiscal and monetary policies are to blame for the naira’s woes. Nigeria May Abandon New Exchange Rate Policy Nigeria’s rapidly depreciating currency recently breached the 900 per dollar mark for the first time after its parallel market exchange rate versus the greenback reportedly fell to a new low of NGN950:USD1 on Aug 9. The currency’s latest plunge came just days after the Economic Intelligence Unit warned that Nigerian authorities may consider abandoning the floating exchange rate regime adopted in mid-June. According to a report from The Cable, the ongoing shortages of the greenback on both the formal and informal markets have fueled the naira’s latest slide versus major cur...

In the course of the previous week, the value of worldcoin (WLD) against the U.S. dollar has plummeted by 24.6%, while a broader view of the past fortnight reveals a decline of 21.4%. Simultaneously, five days ago when the contract recorded 408,721 unique addresses in possession of WLD, the figure modestly rose by 14.61% or roughly 59,745 wallets. Worldcoin Users Claim 15.82 Million WLD, Unique Addresses Rise 14% in Five Days, Market Value Struggles Worldcoin’s activity is still on an upward trajectory, with 2.2 million individuals having registered to scan their irises. To date, the data reveals that 15,825,757 WLD have been successfully claimed by users. As the rate of these claims accelerates, a two-week market analysis confirms a loss of 21.4% against the greenback and a decline of 24.6% over the last seven days. Worldcoin’s price achieved an all-time high 18 days ago, but since that pinnacle, it has tumbled 48.18% from the $3.30 high that was marked on July 24, 2023. Trading...

Fisher Yu, the co-founder and chief technology officer (CTO) at the bitcoin staking protocol Babylon Chain, has argued that when staking bitcoin, stakers “do not need to trust or give their bitcoins to any third parties.” According to Yu, such an attribute helps to “eliminate the need for bridges and lenders” when staking bitcoins. Bitcoin Network’s Inherent Properties and the Security of PoS Chains The CTO told Bitcoin.com News that proof-of-stake (PoS) blockchains and app chains can also potentially benefit from the robust bitcoin-grade security that a bitcoin staking protocol brings. As explained in Babylon Chain’s whitepaper, bitcoin staking means holders of the top crypto asset can “trustlessly stake their bitcoins without bridging them to the PoS chain but yet provides the chain with full slashable security guarantees.” Concerning the so-called blockchain trilemma (a network’s inability to simultaneously excel in security, scalability, and decentralization), Yu insisted that...

The Bank of Russia has announced that all 13 banks intending to participate in the digital ruble pilot have already completed their preparations to join the upcoming test. Olga Skorobogatova, first deputy governor of the Bank of Russia, stated that customers of these banks will be able to apply to join the pilot “after some time.” Bank of Russia Digital Ruble Test Will Include 13 Banks The Bank of Russia is completing preparations for the upcoming digital ruble pilot test that will start on August 15. The bank recently announced that all banks that expressed their desire to be part of this test have already confirmed their participation in the pilot, making technical arrangements specifically directed for this test. According to the Russian state news agency Tass, the first deputy governor of the Bank of Russia, Olga Skorobogatova, stated : 13 banks completed all the preparatory activities as regards technical preparations and development of their own mobile apps and ready to sta...