Bitcoin News and Finance: What You Need to Know

The securities regulator and the central banking institution of Hong Kong have updated the region’s crypto policy in response to enquiries from the industry. In a circular on the virtual asset-related activities of intermediaries, the authorities introduced additional measures to protect retail investors, restricting their access to what they describe as “complex products.” Hong Kong Updates Regulations for Virtual Asset Service Providers in Light of Market Developments Hong Kong’s initial approach to regulating crypto assets, adopted five years ago, boiled down to limiting various activities in the market to professional investors only. Since then, however, the range of investment products offering exposure to virtual assets has expanded significantly and, for example, regulators allowed crypto trading platforms to serve retail investors. In the light of market developments and in response to an increasing number of enquiries from industry players who want to further expand retail...

Antoine Riard, a Lightning Network (LN) developer, recently disclosed a major vulnerability affecting Bitcoin’s scaling layer. This vulnerability, which was addressed with a series of mitigations, involves a “new transaction-relay jamming attack” that can affect shared funds in channels. Riard abandoned LN-related work after testing the feasibility of these attacks in the open. Lightning Network Major Vulnerability Detected Antoine Riard, security researcher and developer of the Lightning Network (LN), Bitcoin’s L2 scaling solution, has recently revealed a new major vulnerability affecting funds available in channels. The vulnerability involves what Riard calls “ replacement cycling attacks ,” which manipulate the state of Hash Time Lock Contracts (HTLC), a fundamental part of the inner workings of the LN. The researcher introduced mitigations to this kind of attack on October 16, clarifying that he was not sure if these actions would stop malicious actors from taking advantage of...

Over the span of ten months, since mid-December 2022, the cryptocurrency known as wrapped bitcoin (WBTC) experienced a reduction of nearly 23,000 coins from its circulation. Today, WBTC has 79,839 distinct wallet holders. Notably, a hefty 73.76% of these tokens are concentrated within the top 100 holders. Aave and Compound Emerge as Leading Holders of Wrapped Bitcoin As of October 22, 2023, there are 79,839 individual wallets holding WBTC, a token pegged 1:1 with bitcoin ( BTC ). The circulating WBTC tokens number 163,006, valuing the project at $4.88 billion. From December 17, 2022, there’s been a 12.31% reduction in WBTC’s circulating supply, declining from 185,909 WBTC to the current 163,006 WBTC . The inception of the Wrapped Bitcoin project is credited to a collaboration between Bitgo, Kyber Network, and Ren (previously known as Republic Protocol). It made its debut on the Ethereum blockchain in late January 2019. Minting and redemption processes are facilitated through cust...

Anthony Scaramucci, founder of Skybridge Capital, believes that if the U.S. Securities and Exchange Commission (SEC) approves Blackrock’s spot bitcoin exchange-traded fund, the value of bitcoin could surge significantly. Scaramucci also discussed Sam Bankman-Fried, the former head of FTX, and Gary Gensler, the current chair of the SEC. Scaramucci Shares His Bold Bitcoin Prediction, Discusses SEC Chair Gensler and Former FTX Chief Bankman-Fried Scaramucci , who is optimistic about bitcoin, recently spoke with Altcoin Daily about various crypto-related topics. The American financier touched on Blackrock’s Bitcoin ETF, mentioning he was its first external investor. He also addressed the situation with Sam Bankman-Fried , the former FTX chief who owned a 30% stake in Skybridge Capital. Scaramucci said he’s negotiating with the bankruptcy estate and has no plans to testify in Bankman-Fried’s trial. The Skybridge leader stated he spent approximately four hours with the Department of Jus...

Bank of America CEO Brian Moynihan expects the U.S. economy to slow down in the middle of next year. The executive also noted that according to his bank’s research, the Federal Reserve will start cutting interest rates in the middle of next year to the latter half of next year. Bank of America Boss Brian Moynihan on U.S. Economy The chairman and CEO of Bank of America, Brian Moynihan, shared insights on the U.S. economy and the potential Federal Reserve interest rate cuts during an interview with Fox Business on Wednesday. Moynihan detailed that according to Bank of America’s research team: The economy slows down in the middle of ’24 to about a half-a-percent annualized growth for the second and third quarter, and then works its way back out. And the Fed will start cutting rates, they believe, in the middle of next year to the latter half of next year. “So that’s the basic thing, what would be called a soft landing,” he added. The Bank of America chief then cautioned that there ...

Economist Peter Schiff has warned of an inflationary depression, noting that inflation will stay higher for longer, leading to a more severe and prolonged recession. He predicted that the rapidly increasing national debt and federal budget deficits should lead to a collapse in demand for U.S. dollars. “Once the dollar starts falling, Treasury yields will rise faster,” the economist said. Peter Schiff on Inflation, Recession, Depression Economist and gold bug Peter Schiff issued warnings about the U.S. economy and the U.S. dollar again this week in a series of posts on social media platform X. “The financial and economic crisis that’s already begun is long overdue and its ultimate arrival has been obvious for years. Yet as it unfolds, the media, government, academia, and the Fed will claim it was impossible to foresee. There’ll be no shortage of private sector scapegoats,” Schiff wrote. “Remember the reason that interest rates will stay higher for longer is that inflation will also...

Rich Dad Poor Dad author Robert Kiyosaki expects the price of bitcoin to reach $135,000. He also foresees substantial growth in the price of gold, reaching $3,700 in the near future. In contrast, the renowned author has warned that savers of U.S. dollars, which he calls “fake money,” will be in trouble. Robert Kiyosaki’s Price Predictions for Bitcoin, Gold, Silver The author of Rich Dad Poor Dad, Robert Kiyosaki, shared his expectations on the future prices of gold, silver, and bitcoin in a post on social media platform X on Friday. 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. “Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop gold $3,700,” Kiyosaki wrote, adding that he expects the price of silver to increase fr...

Ensuring low-value digital euro transactions are not traced is one of the recommendations made by two data protection agencies in the EU. The independent bodies have presented their joint opinion on the proposed regulation for the upcoming digital version of Europe’s common fiat currency. Independent EU Regulators Insist on Embedding Data Protection in the Design of the Digital Euro The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) have made several recommendations on how to ensure high-level protection for the personal data and privacy of users of the future digital euro. The stated aim of the eurozone’s central bank digital currency (CBDC) is to provide Europeans with an alternative means to make online and offline payments, complementing cash. The authorities welcomed the idea that users will have a choice and that the proposal for an EU regulation on the establishment of the digital euro addresses many data protection aspects. Howeve...

Roblox, a metaverse gaming company, has recently announced the end of its remote work policies, calling all but a few workers to work from its headquarters in San Mateo, California. Roblox founder and CEO David Baszucki stated that the metaverse and digital workspaces were still not as “engaging, collaborative, and productive as physical spaces.” Roblox Recalls Its Workers to Headquarters, Ends Remote Work Policies Roblox, a gaming and metaverse company, has recently recalled its workers, requesting they work from its headquarters. The company, which had turned into a remote workforce in March 2020 amid the coronavirus pandemic, has required all but a few of its workers to be present in office on a three-day schedule (Tues.-Thurs.) or take a severance package. David Baszucki, founder and CEO of Roblox, said these new policies will begin being applied by July 2024, when all employees called for relocation will start in-office work. Roblox is giving remote employees until January 16...

U.S. cryptocurrency exchange Coinbase has selected Ireland as the main regulatory hub for its operations across the European Union. The company hopes to obtain a license in Ireland that will allow it to provide services in EU member states under the pan-European Markets in Crypto Assets (MiCA) law. Coinbase Bets on EU Growth Amid Regulatory Uncertainty and Pressure in US America’s leading crypto exchange, Coinbase, announced it has chosen Ireland as its “MiCA hub” in the European Union. The trading platform said the decision is part of the realization of the second phase of its “Go Broad, Go Deep” strategy for international expansion . Coinbase currently holds an e-money institution license and a virtual asset service provider (VASP) registration in Ireland as well as licenses and registrations in other EU countries. It has also applied for a MiCA license with the Central Bank of Ireland. When it’s granted, the latter will permit the exchange to offer its services across the Unio...

Anthropic has acquired the views of a group of American citizens on the fundamental principles that should govern artificial intelligence (AI). The gathered opinions have formed the basis of a “constitution for AI” as part of an attempt to explore how democratic processes can influence the technology’s development. Anthropic Prepares Constitution for AI Using Public Input AI startup Anthropic, the creator of the Claude chatbot , has secured the help of around 1,000 Americans to draft a constitution for an AI system. The initiative is a joint effort with the Collective Intelligence Project ( CIP ), a non-profit organization that seeks to “direct technological development towards the collective good.” Claude currently relies on a constitution curated by Anthropic employees using Constitutional AI (CAI), a method developed by the company to make general-purpose large language models (LLMs) abide by high-level normative principles. Anthropic’s constitution has been inspired by document...

Several reports have revealed that Binance, which is recognized as the leading crypto exchange by trading volume, intends to discontinue its Visa crypto card on December 20, 2023. The enterprise emphasized that only a “small number of Binance users” would be affected by this development. Binance to Discontinue Visa Offering by Year’s End In 2023, crypto debit cards have been falling out of favor rapidly, triggered in part by a series of bankruptcies that ignited a crypto bear market. Back in March, Bitpay in the U.S. phased out its prepaid Mastercard program, although it assured users of a renewed card service on the horizon. However, this week, holders of the Binance Visa card were informed via email that the card would cease to be functional by the close of the year. The email communicated that the Binance Visa card would become non-operational post-December 20, 2023. The Binance Visa, which was available to users in Europe, was utilized by individuals across various countries ...

Renowned billionaire Jeffrey Gundlach, also known as the “Bond King,” has raised concerns over the potential risk to the U.S. dollar’s reserve currency status due to rising national debt. “The future of the U.S. dollar, and possibly out-of-control inflation, depends on getting the budget and spending under control,” Gundlach warned. Jeffrey Gundlach on Future of U.S. Dollar Jeffrey Gundlach, the CEO and chief investment officer of investment management firm Doubleline, has warned that the U.S. dollar’s reserve currency status may be at risk if the United States does not get its spending under control. Gundlach is nicknamed “the Bond King” after he appeared on the cover of Barron’s as “The New Bond King” in 2011. His net worth is currently $2.2 billion, according to Forbes. His firm oversees around $150 billion of assets under management (AUM). Gundlach said in an opinion piece: “Should the Federal Reserve continue to raise rates, which may happen, or should the national debt grow,...

On October 19, 2023, a dormant bitcoin address from 2012 sprang to life at block height 812,946, moving 200 BTC worth $5.74 million for the first time in nearly 11 years. This activity coincides with a recent surge of transfers from 2012 addresses, which began in early September. October Witnesses Several Connected 2012 ‘Sleeping Bitcoin’ Spends On Thursday, another 2012 dormant bitcoin address was activated, transferring 200 BTC valued at $5.74 million. The address “ 1DabG ” originated on November 1, 2012, when BTC was priced at $11.20 per unit , meaning the wallet’s initial value was $2,240. Btcparser.com first noticed the transaction, which garnered a low privacy rating from Blockchair’s privacy tool . The 2012 transaction received an 11 out of 100, flagging three vulnerabilities: matched addresses, co-spending, and round values. To date, seven 2012 transactions have been recorded in October. Last month saw a total of 19 transfers from 2012. The most recent 2012 transaction...

The U.S. Securities and Exchange Commission (SEC) has dropped all charges against Ripple’s executives, CEO Brad Garlinghouse and co-founder Chris Larsen. “The SEC made a serious mistake going after Brad & Chris personally — and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC,” said Ripple’s chief legal officer. SEC Lawsuit Against Ripple’s Executives Dismissed The U.S. Securities and Exchange Commission (SEC) has dropped its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. In a filing with the U.S. District Court for the Southern District of New York, the attorneys for the SEC, Ripple, Garlinghouse, and Larsen stated: It is now stipulated and agreed … that the claims alleged by Plaintiff Securities and Exchange Commission against Defendants Bradley Garlinghouse and Christian A. Larsen … are hereby dismissed in their entirety, with prejudice and without costs or fees to ei...

Federal Reserve Chair Jerome Powell stressed on Thursday the U.S. central bank remains committed to bringing down inflation and will maintain restrictive monetary policy until prices cool. Speaking at the Economic Club of New York, Powell hinted that further interest rate hikes may be appropriate if price pressures persist. Powell Signals for More Monetary Tightening as Fed Remains Focused on Inflation In his remarks , Jerome Powell said inflation is still too high despite recent moderation. While headline and core PCE inflation have come down from their peaks earlier this year, the Fed chair said it is too early to be confident inflation will stay near the Fed’s 2% target. “While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2 percent,” Powell explained at the luncheon. He further noted tightening financial conditions are putting downward pressure on inflation. But Powell warned persi...

Crypto exchange Binance US has suspended withdrawals in U.S. dollars. Users who want to withdraw their USD funds must first convert them into stablecoins or other cryptocurrencies, which can then be withdrawn. Binance US Updates Dollar Withdrawal Policy Binance US, the U.S.-based cryptocurrency exchange affiliated with Binance, updated its terms of use on Tuesday. The Binance US trading platform is run by BAM Trading Services Inc., an affiliate of Binance. The U.S.-based crypto exchange explained that users can access their USD funds through BAM-issued stored value wallets denominated in U.S. dollars (BAM Fiat Wallets). Binance US emphasized: In the event you wish to withdraw U.S. dollar funds from your account, you may convert such U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn. In early June, Binance US suspended U.S. dollar deposits following a court order initiated by the U.S. Securities and Exchange Commission (SEC) to freeze ...

The European Securities and Markets Authority (ESMA) is preparing to implement the Markets in Crypto-Assets Regulation (MiCA). The regulator has issued several crypto warnings that investors and users of crypto services providers should be aware of, particularly before MiCA is fully implemented. The regulator cautioned: “Even with the implementation of MiCA, retail investors must be aware that there will be no such thing as a ‘safe’ crypto-asset.” ESMA Issues Crypto Warnings as It Prepares to Implement MiCA The European Securities and Markets Authority (ESMA) published a statement on Tuesday clarifying the timeline for the implementation of the Markets in Crypto-Assets Regulation (MiCA). ESMA also highlighted several risks associated with crypto assets, noting that MiCA won’t be fully implemented until December 2024. “The entry into force of MiCA is a fundamental development for the establishment of a single rulebook for the regulation and supervision of crypto-asset issuance, trad...

The European Central Bank (ECB) has decided to move its digital euro project to the next phase after two years of investigation. The “preparation phase” of the digital euro will involve “finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform and infrastructure.” Digital Euro Proceeds to ‘Preparation Phase’ The Governing Council of the European Central Bank (ECB) decided Wednesday “to move to the next phase of the digital euro project: the preparation phase,” the ECB announced. This decision followed the completion of the ECB’s central bank digital currency (CBDC) investigation phase which the Eurosystem launched in October 2021 “to explore possible design and distribution models for a digital euro,” the European Central Bank detailed. The ECB also published a report Wednesday detailing its findings from the investigation phase of the digital euro. The ECB detailed: The next phase of the digital euro project — the preparation phas...

Vitalik Buterin has dismissed reports that he recently sold his crypto holdings and claimed to have not “sold ether for personal gain since 2018.” Buterin suggested to his followers that the reports often mistake his transfer of digital assets to charitable organizations as sales of his digital assets. Transfers to Charitable Organizations Vitalik Buterin, the co-founder of the Ethereum blockchain, has dismissed suggestions that he recently liquidated part of his digital asset holdings. In a post on the decentralized social network Warpcast, Buterin told his followers to ignore reports which mistakenly conclude that his donations to charitable organizations are sales of crypto assets. The remarks by Buterin came just days after media reports claimed that Kanro, a charity affiliated with the Ethereum co-founder, had moved 15.43 million USDC coins to a multi-signature wallet. In fact, as indicated by data , Kanro made two transfers, one to Coinbase (500,000 USDC coins) and one to Ge...

Swiss online bank Dukascopy has introduced a new lending product that enables customers to borrow against their cryptocurrency. The solution allows users to receive 50% of the value of their digital assets in fiat currency while retaining their original crypto investments. Switzerland-Regulated Dukascopy Bank Launches Automated Crypto Lending Feature Geneva-headquartered Dukascopy Bank is now offering clients an option to borrow cash in U.S. dollars while keeping their investments in cryptocurrency. Under the bank’s new lending program, they can receive a loan for 50% of the value of their crypto assets in fiat equivalent. To take advantage of the feature, customers need to open a multi-currency bank account (MCA) and transfer the crypto they want to use. Then they can find the digital assets in the “Investments” section and select the “Crypto lending/borrowing” option. The bank said in a press release: In your MCA account, you will find 50% of your investment market value in fi...

The U.S. Securities and Exchange Commission (SEC) has published its examination priorities for 2024 which include crypto monitoring and examinations. The securities regulator disclosed: “Examinations of registrants will focus on the offer, sale, recommendation of, advice regarding, trading in, and other activities in crypto assets or related products.” Division of Examinations’ 2024 Priorities The U.S. Securities and Exchange Commission (SEC) announced Monday that its Division of Examinations has published the “2024 examination priorities to inform investors and registrants of the key risks, examination topics, and priorities that the division plans to focus on in the upcoming year.” The securities regulator described: “This year’s examinations will prioritize areas that pose emerging risks to investors or the markets in addition to core and perennial risk areas.” The SEC detailed: Given the continued volatility of, and activity around, the crypto asset markets, the division will...