Bitcoin News and Finance: What You Need to Know

The U.S. Securities and Exchange Commission (SEC) reportedly wants Ripple to pay a $770 million penalty for violating securities laws. Crypto lawyer John Deaton explained that the securities regulator is “pissed and embarrassed” after it lost several legal battles against the crypto firm. SEC Wants $770M From Ripple Crypto lawyer John Deaton detailed on social media platform X Wednesday that the U.S. Securities and Exchange Commission (SEC) is demanding a $770 million penalty from Ripple for violating securities laws. The SEC is pursuing this penalty after losing several legal battles against Ripple. Last week, the regulator dropped charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. Earlier this month, District Judge Analisa Torres rejected the agency’s bid to appeal her ruling regarding XRP . Deaton opined: The SEC is pissed and embarrassed and wants $770M worth of flesh. “What people need to understand is that the penalty phase is like a second case r

Billionaire Elon Musk has revealed that he is turning his social media platform X, formerly Twitter, into an all-encompassing financial platform. “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform,” he claimed, emphasizing: “You won’t need a bank account.” Elon Musk’s Plan for X Elon Musk, CEO of Tesla and Spacex and owner of social media platform X (formerly Twitter), revealed to X employees in an all-hands call on Thursday that he is transforming X into a financial hub for users, The Verge reported, citing an audio recording of the meeting it had obtained. Noting that he expects financial and payment features to launch on X by the end of 2024, Musk claimed that people will be surprised with “just how powerful it is.” The billionaire described: When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just

Economist Peter Schiff has warned that the U.S. dollar will tank, taking the U.S. economy and the American standard of living down with it. Noting that everyone who owns U.S. dollars could “get destroyed,” he cautioned: “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance.” Peter Schiff on Treasuries Crashing, US Dollar Tanking Economist and gold bug Peter Schiff warned about the state of the U.S. economy and the collapse of the U.S. dollar again this week. “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance,” he wrote on social media platform X Wednesday. The economist stressed: The dollar will tank, taking the U.S. economy and the American standard of living down with it. “U.S. Treasuries are now the ultimate risk asset, as l

Mark Cuban, a Shark Tank investor and the owner of the NBA team Dallas Mavericks, has shared what he thinks crypto is really about. “Crypto is still waiting for its Instagram moment,” the billionaire said, noting that “What crypto is missing is that one application that grandma really wants to use.” Mark Cuban Shares What Crypto Needs to Go Mainstream Billionaire Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, answered a number of questions from users on social media platform X during an episode of Wired’s “Tech Support,” broadcast on Wednesday. Some questions were about cryptocurrency and non-fungible tokens (NFTs). Replying to a question about whether he thinks crypto is dead, Cuban promptly said: “No. Hell no.” However, the billionaire added: But I do think crypto has some problems. Number one, most people, when they think crypto, they think speculation. That’s not what crypto’s really about. “Number two, crypto is really about creating new appl

Two U.S. lawmakers have asked the U.S. Department of Justice (DOJ) to consider criminal charges against Binance and Tether, alleging that the two crypto platforms were used to fund Hamas. “We urge the Department of Justice to carefully evaluate the extent to which Binance and Tether are providing material support and resources to support terrorism through violations of applicable sanctions laws and the Bank Secrecy Act,” the lawmakers stressed. Lawmakers Concerned About Binance and Tether The office of U.S. Senator Cynthia Lummis (R-WY) announced Thursday that the senator from Wyoming and U.S. Representative French Hill (R-AR) have sent a letter to U.S. Attorney General Merrick Garland urging the Department of Justice (DOJ) “to swiftly investigate Binance and Tether.” They alleged that the two cryptocurrency platforms have been used to fund Hamas and “have a history of allowing illegal activity to occur.” Lummis is a member of the Senate Banking Committee while Hill is the chair of

A new law that gives law enforcement agencies greater powers to seize, freeze, and recover crypto assets has entered into force in the U.K. The law introduces provisions for police to “seize crypto assets more easily and convert them into money before a forfeiture hearing has taken place,” the British government explained, adding: “In exceptional circumstances, there will also be a power to destroy seized cryptocurrency.” Economic Crime and Corporate Transparency Act 2023 The U.K. government announced Thursday that the Economic Crime and Corporate Transparency Act 2023, which aims to “fight fraud, counter corruption, and bolster legitimate business,” has received Royal Assent. After being introduced to Parliament in September 2022, the bill underwent a year of debate and amendments before receiving Royal Assent and becoming law. The Economic Crime and Corporate Transparency Act introduces powers that will allow British authorities to “proactively target organized criminals and othe

The U.S. Securities and Exchange Commission (SEC) is currently considering between eight and 10 bitcoin exchange-traded fund (ETF) applications, according to SEC Chairman Gary Gensler. He insisted that “the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.” SEC Chair Gary Gensler on Spot Bitcoin ETFs U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said Thursday that the regulator has eight to 10 spot bitcoin exchange-traded fund (ETF) applications under review. The SEC has not yet approved a spot bitcoin ETF, even though the agency has greenlighted several ETFs linked to bitcoin futures contracts. Regarding bitcoin ETF decisions, the SEC chairman stated: They’ll come potentially to the five-member commission. I’m not going to prejudge them but I don’t have anything on timing. They all have various different filing dates. Gensler did not specify the eight to 10 spot bitcoin ETF applications t

JPMorgan announced that it is registering transactions for $1 billion daily using its own currency, jpm coin. JPMorgan Global Head of Payments Takis Georgakopoulos added that while these movements are denominated in U.S. dollars mostly, the institution is seeking to expand on that in the future. JPMorgan’s JPM Coin Sees $1 Billion in Movements Daily JPMorgan has reported that jpm coin, the cryptocurrency created by the financial giant, is being used to settle $1 billion daily. According to statements from JPMorgan’s Global Head of Payments Takis Georgakopoulos, the bank plans to expand on jpm coin’s usage in the future, widening adoption. In an recent interview with Bloomberg, Georgakopoulos stated : JPM Coin gets transacted on a daily basis mostly in US dollars, but we again intend to continue to expand that. Jpm coin allows making transactions denominated in dollars and recently in euros using the Qorum blockchain, a distributed ledger created by the bank in 2016 and sold to

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