Bitcoin News and Finance: What You Need to Know

Quantum Blockchain Technologies (QBT), a research firm hailing from the U.K., purports to have spearheaded a revolutionary leap in bitcoin mining tech. They’ve unveiled certain methods that reportedly enhance the chances of pinpointing a winning hash. One such strategy, dubbed “Method B,” asserts it elevates the likelihood by a remarkable 260% compared to traditional mining searches, simultaneously slashing energy use by 4.3%. QBT’s Innovation Claims to Find Hashes Faster The crypto sphere is abuzz over a freshly uncovered research firm, Quantum Blockchain Technologies (QBT). For over two years, they’ve been diving deep into BTC mining and the intricacies of the SHA256 algorithm. QBT boasts a breakthrough: using machine learning to predict blockchain movements, allowing for advanced block computations. Their claimed cutting-edge research taps into quantum computing, cryptographic enhancements, deep learning, AI, and the design of FPGA and ASIC, among other innovative methods. I...

The cybercrime fighting unit within the Philippines National Police has asked residents to be wary of rewards promised by play-to-earn (P2E) games because they can be used to steal crypto assets worth millions of dollars. The unit said players can reduce the chances of losing money to scammers by doing their own research before committing funds. Role Played by Custom-Made Gaming Apps The Philippines’ cybercrime fighting unit, the National Police Anti-Cybercrime Group (PNP ACG), has told residents to be wary of rewards offered by play-to-earn (P2E) games as such games are increasingly being used to steal crypto assets worth millions of dollars. In a warning published in the unit’s latest cyber security bulletin , the cybercrime unit said the theft of unsuspecting victims’ crypto assets is perpetrated via custom-created gaming apps. According to the unit, these gaming apps lure victims with promises of “huge financial rewards directly proportional to investments to potential targets....

Spacex reportedly wrote down the value of its bitcoin holdings by $373 million over the past two years and sold an undisclosed amount of the cryptocurrency. According to reports, Tesla, another company run by billionaire Elon Musk, has taken a similar approach with its bitcoin holdings. Spacex Writes Down $373M in Bitcoin Value On Thursday, the Wall Street Journal reported that Elon Musk’s Spacex has written down its bitcoin investments, citing documents it has seen. The news outlet wrote: Spacex wrote down the value of bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency. Tesla has taken a similar approach with its bitcoin holdings. Musk has posted about cryptocurrencies frequently over the years. This led to numerous headlines claiming that Spacex had liquidated its entire bitcoin holdings, sending the price of bitcoin tumbling. However, many people took to social media to point out that writing down investments is a standard accou...

Dubai will offer subsidized licenses for Web3 and artificial intelligence (AI) companies that want to enter the country. The Dubai International Financial Centre (DIFC) and its campus will subsidize 90% of the costs of these licenses to attract companies in this sector as part of its push to become a worldwide tech hub. Dubai to Offer Subsidies for Web3 and AI Companies The Dubai International Financial Centre (DIFC) announced the issuance of special commercial licenses for Web3 and artificial intelligence (AI) companies wanting to set up operations in the emirate. 90% of the cost of each license will be subsidized to help companies in their initial stages. The licenses offered will allow the companies to access physical offices and co-working spaces in the Innovation One building, according to a press release issued by the DIFC. The UAE Ministry of Economy details that the DIFC has more than 25,000 professionals working at more than 2,000 active registered companies, as one of t...

The buzz surrounding Bitcoin’s leap into the NFT world via Ordinals might be fleeting. A Dappradar study reveals that trading actions and sales figures for Bitcoin Ordinals have plummeted by a staggering 97% since their May 2023 zenith. This downturn mirrors a wider slowdown in the NFT sector. However, the slump in Bitcoin Ordinals is far more pronounced than in established networks such as Ethereum. Bitcoin NFTs Face Crossroads: Ordinal Sales Decline Highlights Market Volatility and the Quest for Tangible Utility After soaring to record levels this spring, the nascent market for Bitcoin-centric NFTs has hit a snag. By June and July, Bitcoin Ordinals reported a sharp drop in both sales and transactions, diving 97% and 98% from their May pinnacle. Dappradar’s analysis indicates that Ordinals trading dwindled from $452 million in May to a mere $3 million in early August. There’s also been a sharp downturn in active participants in the Bitcoin NFT arena. The number of unique active B...

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...