Bitcoin News and Finance: What You Need to Know

Argentines are flocking to purchase stablecoins to protect their savings as the peso loses value. Local cryptocurrency sources reported an increase of up to 500% in the crypto volumes moved, mostly in stablecoins like USDT , to shield incomes against the raging devaluation registered after the victory of the libertarian candidate Javier Milei in the primary elections. Argentines Fly to Safety by Acquiring Dollar-Pegged Stablecoins Argentines have turned to purchasing cryptocurrency amidst a raging devaluation that has tanked the peso to record low levels. According to local reports , several cryptocurrency exchanges have registered a rise in their trade volumes of up to 500%, as users seek to take cover mostly in dollar-pegged stablecoins after the victory of libertarian Javier Milei in the preliminary elections. Milei has plans to dollarize the country. Stablecoins, in this case, give Argentines the advantage of having high availability compared to physical dollars, offering mor...

Market expert Peter Grandich is urging the masses to keep a close eye on the BRICS bloc of burgeoning countries, hinting that specific partnerships might usher in “dramatic” ramifications. In just five days, the much-awaited BRICS Summit will convene, and Grandich believes the strategic economic plays of the organization could very well “rival the industrial revolution.” Peter Grandich Predicts Game-Changing BRICS Alliances and Challenges for the U.S. Dollar In under a week, the heads of the BRICS nations – Brazil, Russia, India, China, and South Africa – are gearing up for their upcoming summit from August 22-24 in Johannesburg, South Africa. During a recent video interview with Kitco News’ lead anchor and editor-in-chief, Michelle Makori, market analyst Peter Grandich delved deep into the BRICS dynamics. He emphasized that a potential alliance between China and oil-abundant Saudi Arabia might set the stage for “dramatic” shifts. Grandich believes that the magnitude of impendi...

U.S.-based asset manager Valkyrie is requesting regulatory approval from the U.S. Securities and Exchange Commission (SEC) for an ether futures exchange-traded fund (ETF). The move follows the acceptance by the SEC of Valkyrie’s application for a spot bitcoin ETF last month. Asset Manager Valkyrie Seeks Regulatory Nod for Ether Futures ETF Tennessee-headquartered asset management firm Valkyrie is applying for authorization for an “Ethereum Strategy ETF” that will invest in ether futures and other collateral assets, Reuters reported quoting documents filed with the U.S. securities regulator. The submission comes amid increased interest from well-established players in the sector in launching crypto-based ETFs, which has become a cause for optimism in the crypto space after a difficult year for the whole digital assets industry. U.S. regulators allowed ETFs tracking the price of bitcoin ( BTC ) futures in 2021 and the first bitcoin futures-based exchange-traded fund began trading ...

District Judge Analisa Torres has granted the request by the U.S. Securities and Exchange Commission (SEC) seeking to file an interlocutory appeal in the Ripple case over XRP . Judge Torres’ approval came one day after Ripple Labs filed its objection to the SEC’s request. Judge Approves SEC’s Request in Ripple- XRP Case The U.S. Securities and Exchange Commission’s request seeking to file an interlocutory appeal in the Ripple case over XRP has been granted by District Judge Analisa Torres despite Ripple’s objection to the regulator’s request. In a court order filed on Aug. 17, Judge Torres stated that the court had reviewed the SEC’s and the defendants’ letters, adding: The SEC’s request to file a motion for leave to file an interlocutory appeal is granted. The judge further ordered the SEC to file its motion by Aug. 18 and the defendants (Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen) to file their opposition papers by Sept. 1. The SEC must then file its r...

Bitcoin’s value briefly slipped below the $26K threshold at 5:50 p.m. Eastern Time on Thursday before swiftly rebounding past the $26,000 benchmark. Concurrently, the expansive crypto landscape experienced an 8% tumble against the U.S. dollar, teetering dangerously close to dropping below the $1 trillion threshold. Moreover, a staggering $1 billion in derivatives positions were met with liquidations within the crypto market. Bitcoin Wavers and $1B in Crypto Derivatives Trades Liquidated As we approach the weekend, the crypto sector grapples with a pronounced slide, depreciating 8% against the dollar in the last 24 hours. As of 7:22 p.m. Eastern Time on Thursday, the global trade volume over the preceding day sits at roughly $69.60 billion. Notably, $37.62 billion of this sum represents stablecoin trading, signaling a considerable shift of traders either pivoting to stablecoin pairs or gravitating towards the dollar-anchored token ecosystem. Bitcoin ( BTC ), the crypto vanguard, has...

Shortly after Bitmain announced its intention to launch a new bitcoin mining rig at the 2023 World Digital Mining Summit (WDMS) in Hong Kong this September, Canaan, another mining machine giant, hinted at introducing a “groundbreaking” product poised to elevate the BTC mining sphere. Canaan’s Big Reveal: Setting the Stage for a New Era in BTC Mining? Canaan, the publicly-traded bitcoin mining rig producer, is gearing up to celebrate its decade-long journey. This Thursday, they disclosed plans for an event in Singapore on September 12, 2023, aptly named “Avalon Bitcoin & Crypto Day.” The event promises to be a hotspot for bitcoin mining bigwigs, with Canaan emphasizing a rich tapestry of “insight exchange, collaborative learning, and networking avenues.” Meanwhile, Canaan remains tight-lipped about the specifics of its upcoming innovation, leaving people guessing whether it’s a fresh Avalon model. However, their teaser does promise the audience will “witness the debut of a gr...

BRICS plans to discuss trade in national currencies at its summit but de-dollarization is not on the agenda, South Africa’s BRICS Sherpa stated. The talks in Johannesburg next week will also focus on the expansion of the bloc of emerging economies and the diplomat doesn’t see this as a challenge to any other organization. De-Dollarization Not on BRICS Summit’s Agenda, According to South African Representative Increasing trade in local currencies will be a subject of the talks between the member states of BRICS (Brazil, Russia, India, China, and South Africa) at their meeting in Johannesburg on Aug. 22–24, South Africa’s top diplomat in charge of relations with the organization, Anil Sooklal, told Bloomberg. While the bloc will consider the establishment of a common payments system and is likely to form a technical committee to explore the issuing of a joint currency, it does not intend to discuss replacing the U.S. dollar as the world’s de facto global currency, he also said, and ...

Crypto security firm and hardware wallet manufacturer, Ledger, announced its integration of Paypal payments for U.S. customers. This will allow Ledger Live users to buy bitcoin ( BTC ), ethereum ( ETH ), bitcoin cash ( BCH ), and litecoin ( LTC ) within the app using Paypal. Ledger Enables Paypal Payments for US Customers to Streamline Crypto Purchases Within App On Wednesday, Ledger revealed Ledger Live users can now purchase BTC , ETH , BCH , and LTC using Paypal. The company believes this offers a “convenient, simple and secure way” to buy digital currencies through its companion application. Users can select Paypal as their payment method in the app’s “buy” section. However, this is available only to users who have previously used Paypal to buy crypto assets. Ledger Live users new to Paypal for crypto “will be required to create a Paypal account or undergo a KYC verification,” according to Ledger. The company directed users to its Help Center for guidance on using Paypal for ...

U.S. lawmakers are probing the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) regarding the “shady approval” of Prometheum “as the first and only special purpose broker-dealer for digital assets.” They raised concerns about the timing and circumstances surrounding the approval, noting that Prometheum has no customers, operational history, and track record. In addition, the lawmakers stressed that the company has ties to the Chinese government. SEC, FINRA Probed Over ‘Shady Approval’ of Prometheum The U.S. House Financial Services Committee announced Tuesday that the committee’s chairman, Patrick McHenry (R-NC), has led Republican committee members in probing the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) regarding the “shady approval” of Prometheum. Referencing the letters dated Aug. 9 that the lawmakers sent to SEC Chair Gary Gensler and FINRA President and CEO Robert Cook, the...

Rich Dad Poor Dad author Robert Kiyosaki has shared his predictions regarding the prices of gold, silver, and bitcoin if the world economy crashes. Emphasizing that the national debt is “too high,” he cautioned that holders of the U.S. dollar will be in trouble. Robert Kiyosaki’s Gold, Silver, Bitcoin Predictions The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his predictions about the price of gold, silver, and bitcoin. 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. In a tweet Monday, Kiyosaki explained that while he expects the price of bitcoin to reach $100K in the near term, he believes that it could soar to $1 million while gold will rise to $75K and silver will trade at $60K if the world economy crashes. Noting that he has been saying for years that gold and...

The Nasdaq-listed crypto exchange Coinbase has secured regulatory approval to operate a Futures Commission Merchant (FCM) and offer customers access to crypto futures. “Coinbase will now be the first crypto-native leader to directly offer traditional spot crypto trading alongside regulated and leveraged crypto futures,” the exchange detailed. Coinbase Reaches ‘Critical Milestone’ Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Wednesday that it has reached “a critical milestone” by securing regulatory approval to offer crypto futures to eligible U.S. users. The announcement details: Coinbase Financial Markets Inc. has secured regulatory approval from the National Futures Association (NFA), a CFTC-designated self-regulatory organization, to operate a Futures Commission Merchant (FCM) and offer eligible U.S. customers access to crypto futures from our platforms. Coinbase filed an application with the NFA in September 2021 to register an FCM. The exchange stated Wednesday...

Crypto exchange FTX founder Sam Bankman-Fried (SBF) spent more than $100 million of customer funds on political donations, according to an amended indictment. On Monday, U.S. federal prosecutors also alleged that he used two FTX executives as “straw donors” to evade contribution limits. Sam Bankman-Fried Gave Money to Both Democrats and Republicans to Ensure FTX Continues to Grow The founder and CEO of bankrupt cryptocurrency exchange FTX , Sam Bankman-Fried, used money stolen from customers of the trading platform to make over $100 million in contributions for political campaigns ahead of the 2022 midterm elections in the U.S., prosecutors said. The government is also accusing SBF of directing two FTX executives to donate to candidates from both the Democratic and the Republican Party in order to evade contribution limits and conceal the origin of the funds, Reuters reported, quoting the indictment against him which also said: He leveraged this influence, in turn, to lobby Congr...

The Monetary Authority of Singapore (MAS) unveiled regulations aimed at ensuring the value stability of each stablecoin regulated in the city-state. Under the new rules, issuers that want their fiat-pegged tokens to be labeled as “MAS-regulated” will have to meet certain requirements. Singapore to Require Stablecoin Issuers to Maintain Minimum Base Capital and Liquid Assets Singapore’s central banking institution has finalized its new regulatory framework for stablecoins issued in the country. On Tuesday, the monetary authority said its features seek to ensure a high degree of value stability for the stablecoins it will regulate. MAS emphasized that feedback from the public consultation launched in October 2022 has been taken into account. “Stablecoins are digital payment tokens designed to maintain a constant value against one or more specified fiat currencies,” the regulator noted in a press release and elaborated: When well-regulated to preserve such value stability, stablecoi...

U.S. Congressman Warren Davidson has railed against central bank digital currencies (CBDC), stating that enacting a ban on these instruments is “essential” for the future of the fintech industry in America. Davidson explained that many people wrongly conflate cryptocurrencies with CBDC when these are two different concepts. Congressman Warren Davidson: ‘CBDC Is Evil’ Congressman Warren Davidson has warned about the dangers that issuing a central bank digital currency (CBDC) represents for the financial technology industry in America. Davidson vocally criticized the use of these tools, reaffirming his opposition to CBDC by stating on social media that: At least most agree that CBDC is evil – the financial equivalent of the Death Star. Don’t become an accomplice to anyone designing, building, testing, developing, or establishing CBDC. Davidson, part of the House Financial Services Committee, emphasized that many people wrongly conflated the concept of CBDC with Bitcoin and that b...

With the Bitcoin Cash network’s May 15 Cashtokens upgrade now three months behind us, bustling development in non-custodial wallets, marketplaces, non-fungible tokens (NFTs), games, and other applications continues unabated. Paytaca wallet CEO Joemar Taganna notes that “improvements in consensus building” and “new and powerful upgrades to the protocol” showcase several parties “working together to make the peer-to-peer cash revolution happen.” Little Green Monsters, Gurus, Cats, and Prediction Markets After the May 15, 2023 Bitcoin Cash upgrade , which effectively enables smart contracts onchain for BCH by utilizing unspent transaction outputs (UTXOs), much development has been ongoing on the network surrounding Cashtokens, a feature that has inspired the creation of numerous non-fungible tokens (NFTs) and marketplaces like tapswap.cash . NFT sales and trading activity are still modest compared to other networks, with marketplaces in their nascent stages, and decentralized exchan...

Chinese leader Xi Jinping and Russian President Vladimir Putin “will continue to advance the China-Russia comprehensive strategic partnership,” according to China’s Ministry of Foreign Affairs. The two leaders are set to participate in next week’s BRICS summit. Xi and Putin Advancing China-Russia Cooperation Chinese foreign ministry’s spokesperson Wang Wenbin said at a press conference Monday that Russian President Vladimir Putin and Chinese leader Xi Jinping are advancing the strategic partnership between China and Russia. Putin is scheduled to visit China in October. “The presidents of China and Russia have maintained strategic communication in various ways,” Wang explained. “Their discussions cover a rich and comprehensive range of topics. High-level exchanges have proceeded in an orderly manner with extensive exchange of views on bilateral cooperation and issues of mutual interest.” The Chinese official emphasized: The two sides will continue to advance the China-Russia compr...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has outlined potential changes in the U.S. and at the SEC that could have positive impacts on the crypto industry, including the approval of spot bitcoin exchange-traded funds (ETFs). The changes could include a Republican president being elected, SEC Chairman Gary Gensler resigning, and “crypto mom” Hester Peirce being appointed as the acting SEC Chair. Possible Changes at SEC That Could Benefit Crypto Industry Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark highlighted potential changes that could benefit the crypto industry, including the approval of spot bitcoin exchange-traded funds (ETFs), in a lengthy tweet on Sunday. 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. A number of companies in the U....

Bank of America has provided its analysis of Paypal’s U.S. dollar stablecoin and the Fednow payments system. The bank does not expect the widespread adoption of PYUSD to occur in the near future, noting that the introduction of Paypal’s stablecoin will not lead to “accelerated regulatory clarity.” Nonetheless, Bank of America believes that stablecoins have the potential to provide a more efficient payment solution. Bank of America on Paypal’s US Dollar Stablecoin Bank of America published a Global Digital Asset Strategy report last week covering its view on Paypal’s U.S. dollar stablecoin and the Fednow payments system. The report was written by Alkesh Shah, head of global crypto and digital assets strategy at Bank of America Global Research, and Andrew Moss, the bank’s global digital asset strategist. Paypal (Nasdaq: PYPL) is launching a U.S. dollar-denominated stablecoin, called Paypal USD (PYUSD), which will be available to U.S.-based Paypal customers. According to the payment...

U.S. federal prosecutors have unveiled court documents indicating that ex-FTX CEO Sam Bankman-Fried (SBF) is entangled in a web of allegations, with illegal political campaign financing being a significant charge. In light of these allegations against SBF, Ryan Salame, FTX Digital Markets’ former co-CEO, has expressed his intent to plead the Fifth if summoned, thus becoming “unavailable as a witness.” Former FTX Co-CEO Ryan Salame to Plead the Fifth Merely a week prior, insiders hinted at Ryan Salame , ex-co-CEO of FTX Digital Markets, navigating a plea agreement. These sources claimed that part of the deal might involve Salame parting with his private jet. Yet, with the re-arrest of SBF and new campaign financing allegations surfacing, Salame’s potential contribution to the case seems limited. The authorities have pushed for the inclusion of specific evidence during the trial, while sidelining other bits presented by SBF’s defense. The evidence in question encompasses SBF’s supp...

The Mbridge project, a central bank digital currency (CBDC) international payment system, is starting to worry observers. Such a system, when completed, could ostensibly allow the digital yuan to reach more countries in trade settlements, chipping away at the world dominance of the U.S. dollar and bypassing established sanctions systems. Mbridge Project Worries Observers The Mbridge project, a structure that would leverage central bank digital currencies (CBDCs) to move value in seconds, has American and European observers worried about the possible implications of its completion and implementation. While Mbridge is still in its construction and prototyping stages, Bloomberg reported it might have a minimum working product ready by year-end, according to four people with knowledge of the subject. The system, which is being built with the participation of the Bank of International Settlements (BIS), would allow the digital yuan to further its reach as a trade settlement currency a...

Goldman Sachs has predicted that the Federal Reserve will start cutting interest rates in the second quarter of next year. The global investment bank’s economists also expect the Fed officials to forego hiking rates at their upcoming meeting. “We are penciling in 25 basis points of cuts per quarter but are uncertain about the pace,” Goldman said. Goldman Sachs’ Interest Rate Cut Prediction Global investment bank Goldman Sachs has predicted that the Federal Reserve will start cutting interest rates in Q2 next year. Goldman economists, including Jan Hatzius and David Mericle, detailed in a note Sunday: The cuts in our forecast are driven by this desire to normalize the funds rate from a restrictive level once inflation is closer to target, not by a recession. “Normalization is not a particularly urgent motivation for cutting, and for that reason, we also see a significant risk that the FOMC will instead hold steady,” the economists described. They noted: We are penciling in 25 b...