Bitcoin News and Finance: What You Need to Know

Recently, the top three bitcoin mining rig manufacturers unveiled a group of next-generation products with efficiency ratings of less than 20 joules per terahash (J/T) and powerful hashrates. In total, Bitmain, Canaan, and Microbt released seven new devices. The following provides a look at the machines’ current profitability using prevailing BTC exchange rates. A Look at the Current Estimated Profits of the Latest Bitcoin Mining Machines Three of the world’s largest bitcoin mining machine producers have recently released new products, and these machines will likely benefit BTC ’s total hashrate. Bitcoin’s price is hovering above the $34,000 range, and the current hash price in terms of a terahash per second on a daily basis equates to $0.0736 . This means that under current market conditions, all seven miners announced by Microbt, Bitmain, and Canaan are profitable if a miner is paying $0.07 per kilowatt-hour (kWh). Of course, that doesn’t include the upfront cost to purchase any...

Britain’s Financial Conduct Authority (FCA) has issued hundreds of alerts regarding companies “illegally promoting crypto assets to U.K. consumers.” The regulator also highlighted several “common issues” with crypto promotions it has identified since it imposed stricter marketing rules earlier this month. U.K.’s Financial Watchdog Vows to Remove ‘Illegal’ Crypto Marketing Content Businesses that wish to promote crypto assets in the U.K. are now required by law to register with the FCA and obtain authorization or use the services of a firm authorized to approve marketing materials. The obligation, part of new rules introduced in June, was enforced on Oct. 8. Since then, the financial regulator has been supervising crypto companies for their compliance with the new regime that was supposed to provide consumers with sufficient information to understand what they are investing in and be properly warned about the relevant risks. On Wednesday, the FCA said it had identified three commo...

Bitcoin ( BTC ), the leading crypto asset by market cap, has captured considerable attention within the realm of digital currencies, demonstrating robustness and a pronounced market dominance. As it currently stands, its value hovers slightly beneath the $34,000 mark. The latest bitcoin price prediction report from finder.com sheds light on anticipated future developments, as construed by industry specialists. 31 Fintech and Crypto Experts Forecast Bitcoin’s Future Prices The report , entitled “Bitcoin to Hit $87,000 by 2025,” offers an in-depth exploration of bitcoin’s potential price trajectories, synthesizing perspectives from 31 experts and panelists within the sector. Within the context of the report, panelists deliberate on the prospect of a spot bitcoin exchange-traded fund (ETF) receiving approval. A substantial 47% of these experts express the belief that such an endorsement could catapult bitcoin to unprecedented highs. Furthermore, approximately 60% of participants antic...

Amid the recent gains in the crypto economy, the total value locked, or TVL, in decentralized finance, or defi protocols, has risen above the $40 billion threshold. This is after remaining below that level since mid-August. The top 100 defi coins by market capitalization are just below the $50 billion mark. Defi Market Bounces Back as TVL Hits $41.42 Billion Since October 23, the TVL in defi has surpassed $40 billion. As of Thursday, it stands at $41.42 billion, according to defillama.com. All ten of the leading defi protocols by TVL have experienced double-digit gains in the past week. Summer Finance and Aave are at the forefront with gains exceeding 20% during this time. Other significant gainers include Rocket Pool and Lido Finance. The TVL in defi was last around this level on August 15, 2023. Over a 30-day period, nine of the top ten defi protocols by TVL size posted gains. Uniswap, however, recorded a monthly loss of 15.94%. The leading gainers for the month were Aave and J...

Tesla CEO Elon Musk and U.S. presidential candidate Vivek Ramaswamy have cautioned about the increasing risk of World War III erupting. “I think we are sleepwalking our way into World War III,” Musk said. Ramaswamy warned: “If we enter a major conflict, anything resembling World War III against a Russia-China alliance with potentially Iran and/or North Korea included on the other side, the United States as we know it will cease to exist.” Elon Musk, Vivek Ramaswamy Discuss World War III Risk Tesla and Spacex CEO Elon Musk and U.S. presidential candidate Vivek Ramaswamy discussed their perspectives on the growing risk of World War III Monday during a discussion on social media platform X. The discussion, titled “Where is Israel-Hamas war headed? Could this lead to WW3?,” was hosted by venture capitalist David Sacks, with Ramaswamy as the co-host. In addition to Musk and Ramaswamy, the event featured several other speakers, attracting an audience of over 915,000 listeners. Musk said ...

JPMorgan Chase CEO Jamie Dimon has identified nuclear proliferation as “the most serious thing facing mankind.” According to the United Nations, “the risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” Dimon also pointed out that “central banks 18 months ago were 100% dead wrong.” Jamie Dimon Discusses Greatest Threats to Global Economy The chairman and CEO of JPMorgan Chase, Jamie Dimon, discussed the greatest threats to the global economy and the state of the U.S. economy on Tuesday during a panel discussion at the Future Investment Initiative (FII) summit in Riyadh, Saudi Arabia. He underscored the seriousness of the proliferation of nuclear weapons, ranking it above climate change and other commonly cited threats. The panel also featured H.E. Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund and chairman of Aramco’s board of directors; Bridgewater Associates founder Ray Dalio; Blackrock CEO Larry Fin...

Binance has submitted a new motion to dismiss the lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) against it. The leading cryptocurrency exchange urges the court to reject the agency’s attempt to expand its territorial reach beyond the United States. Binance Accuses CFTC of Using U.S. Lawsuit as a ‘Trojan Horse’ to Gain Global Regulatory Reach The world’s largest digital assets exchange, Binance, has again tried to convince a U.S. court to dismiss the lawsuit in which America’s derivatives markets regulator alleged earlier this year that the crypto company had violated U.S. trading and derivatives rules. The CFTC sued Binance and its CEO Changpeng Zhao (CZ) in March, claiming that at least since July 2019, the exchange had offered and executed commodity derivatives transactions on behalf of U.S. persons. Binance sought to dismiss the complaint in July which the Commission disputed in September. In its latest filing , the crypto giant argues that the regulat...

On Wednesday, the bitcoin mining rig manufacturer Bitmain announced the introduction of a new air-cooled BTC miner, the T21 Antminer. The new device boasts a production capacity of up to 190 terahash per second (TH/s) and maintains an efficiency ratio of approximately 19 joules per terahash (J/T). Bitmain Debuts T21 Antminer After the recent unveiling of Microbt’s latest mining equipment , Bitmain, a competitor, has added the T21 Antminer to its extensive range of hashing devices. On October 25, Bitmain showcased the T21, capable of delivering 190 TH/s with an efficiency rating of 19 J/T. Additionally, the company introduced an optional bitcoin price fluctuation plan, ensuring customers receive compensation if BTC ’s prices fall below the strike on a reference day within a protected period. The bitcoin fluctuation protection plan offers various tiers, depending on the duration of the protected period, with Bitmain asserting that “compensation shall be paid immediately upon the...

Ripple has partnered with Uphold to improve its cross-border crypto payments infrastructure. Uphold will provide Ripple with “enhanced crypto liquidity capabilities.” Ripple offers services in over 55 countries, with payout capabilities in more than 70 markets, the company said, adding that it has processed $30 billion worth of volume and 20 million transactions. Ripple Partners With Uphold Ripple announced Tuesday that it has formed a new partnership with Uphold, a multi-asset digital currency platform that operates in over 184 countries, offering access to over 200 crypto and fiat currencies. According to the announcement: The partnership will see Uphold provide Ripple with enhanced crypto liquidity capabilities to underpin and enhance its cross-border payments infrastructure. Uphold CEO Simon McLoughlin explained that his company’s platform “features a fully automated, high-frequency trading stack” that is connected to 30 underlying trading venues. This allows Uphold to “offe...

Rich Dad Poor Dad author Robert Kiyosaki has revealed his investment strategy, emphasizing its divergence from the investment approach adopted by Berkshire Hathaway CEO Warren Buffett. “I am an average investor ‘accumulating’ the asset I want for the long term. I have been accumulating gold, silver, bitcoin, and real estate for years,” the famous author detailed. Robert Kiyosaki Differentiates His Investment Strategy From Warren Buffett’s The author of Rich Dad Poor Dad, Robert Kiyosaki, has outlined his investment strategy, underscoring its divergence from the approach adopted by investing legend Warren Buffett. 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 wrote on social media platform X Sunday: Rather than pretend to be Warren Buffett picking bottoms I am an a...

Another two executive departures, in the United Kingdom and France, have extended a string of managerial exits at Binance this year. They come as the leading cryptocurrency exchange faces continued regulatory pressure in a number of jurisdictions in Europe and beyond. Binance U.K., Bifinity Top Executive Quits Job Jonathan Farnell, who was at the helm of Binance’s operations in the U.K. and later served as a chief executive of the payments technology firm Bifinity, a subsidiary of the crypto behemoth, has left the company in late September, media reports unveiled this week. According to his Linkedin account, Farnell spent almost two and a half years at Binance. With his background in compliance, including senior positions at social trading company Etoro, he was engaged in Binance’s efforts to meet regulatory requirements in Britain. The news of his departure comes as the U.K.’s Financial Conduct Authority (FCA) is working to impose stricter rules for the advertising of crypto asse...

A Nigerian bank has reportedly blocked bank accounts belonging to some 500 digital asset traders. The affected accounts are said to have received a portion of the more than $10 million that was stolen from Access Bank by hackers between May and June this year. A prominent Nigerian crypto enthusiast and educator has described the alleged freezing of crypto traders’ bank accounts as “a disgrace to Nigeria’s banking infrastructure.” Stolen Funds Used to Buy USDT According to reports on social media, Nigeria’s Access Bank is said to be blocking accounts belonging to some 500 USDT traders. The bank is believed to have taken this step after it obtained a court order which enabled it to put a lien on all the crypto traders’ bank accounts. The bank asserts that the affected traders’ accounts had received part of the funds which were stolen by hackers. As one social media user on X (formerly Twitter) explained , Access Bank is thought to have lost over $10.4 million or 8 billion naira betw...

Mexican billionaire Ricardo Salinas sees bitcoin as a way to protect against inflation tax because the cryptocurrency cannot be debased. “People’s savings are being taken from them without their permission, without their knowledge,” he stressed, adding that “everybody would benefit from understanding that the debasement of currency is a very useful trick in the fraudsters’ trick book to avoid raising taxes or debt.” Ricardo Salinas on Benefits of Bitcoin Ricardo Salinas, chairman of Grupo Salinas, discussed how bitcoin can affect an economy, particularly in Latin America, in an interview with Bitcoin Magazine, published Friday. “All over the world, not just in Mexico or Latin America, what we’re seeing is this increasing inflation tax, which means that the people’s savings are being taken from them without their permission, without their knowledge, and it’s very sad, especially for people who depend on this for their retirement,” he began, adding: So bitcoin is a way to protect a...

Billionaire Elon Musk, the CEO of Tesla and Spacex, has underscored the need for “comprehensive deregulation.” He made this call in response to several actions by the U.S. Securities and Exchange Commission (SEC) that he believes are severely constraining our civilization. This comes after his prediction of a “comprehensive overhaul” of the SEC with 100% probability. Elon Musk: Comprehensive Deregulation Needed Tesla and Spacex CEO Elon Musk has emphasized the need for “comprehensive deregulation.” This followed his prediction that the U.S. Securities and Exchange Commission (SEC) will undergo a “ comprehensive overhaul ” with 100% probability. In a recent post on his social media platform, X, the billionaire stated: “There needs comprehensive deregulation. Period.” Musk’s statement came as the SEC is overreaching in several areas, including crypto . Numerous U.S. lawmakers, regulators, businesses, and individuals have voiced concerns regarding the SEC’s actions. There is even a b...

This past weekend in Argentina, a vote for the country’s next president led to a runoff between Finance Minister Sergio Massa of the Unión por la Patria party and libertarian candidate Javier Milei of the La Libertad Avanza party. In the Sunday vote, Massa received 37% while Milei garnered 30%. Massa, Milei Eye Victory in Tight Runoff In 27 days, the two Argentine presidential candidates will compete in a runoff election for the nation’s top leadership position. This past Sunday, Sergio Massa, the sitting finance minister, secured 37% of the popular vote. His opponent, the self-described anarcho-capitalist and libertarian, Javier Milei , followed with 30%. Patricia Bullrich of the Juntos por el Cambio party, a former Argentine security minister, earned 24% of the votes. Both Massa and Milei are looking to attract Bullrich’s supporters and the undecided in the coming weeks. Observations indicate that Milei’s voter base, although robust initially, has not grown much since August. M...

The U.S. Securities and Exchange Commission (SEC) once again holds the reins when it comes to evaluating Grayscale’s spot bitcoin exchange-traded fund (ETF) application. On October 23, 2023, the U.S. Court of Appeals for the D.C. Circuit delivered a directive, compelling the SEC to take another look at the company’s prospectus. Now, the SEC stands at a crossroads: greenlight Grayscale’s proposal or pinpoint alternative reasons for rejection. Court Mandate Urges SEC to Reassess Grayscale’s Bitcoin ETF Application In late August, Grayscale secured a victory at the U.S. Court of Appeals for the D.C. Circuit in its spot bitcoin conversion suit against the SEC. Grayscale labeled the decision as a “monumental step” in its ongoing battle with the regulator. Not becoming complacent, the firm dispatched a letter in September, prodding the securities watchdog to accelerate the approval process. While the SEC could have contested the ruling, they let the opportunity slip by , and insiders c...

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...