Bitcoin News and Finance: What You Need to Know

Amidst the global wave of new retail investment, France’s Autorité des Marchés Financiers (AMF) has observed a significant uptick in the number of individuals holding crypto assets. A study conducted by the AMF, supported by the Technical Support Instrument of the EU, reveals that as of 2023, 9% of French adults own crypto assets. Young French Investors Favor Crypto Over Stock Market, AMF Study Shows The AMF survey , which included over a thousand new retail investors in France, shows that 24% of French adults have investments in various financial instruments. Among these, a notable proportion has invested in cryptocurrencies. While traditional investments continue to dominate portfolios, the inclination towards crypto assets, especially among the youth, highlights a generational shift in investment preferences and the progressive adoption of digital finance solutions in the country. The profile of these new investors is younger and more diverse than ever before, with an average a...

Binance CEO Changpeng Zhao (CZ) has shared a story of how executives of a Binance client were abducted and forced to empty their crypto wallets. CZ detailed how the cryptocurrency exchange was able to track the transactions and freeze over 94% of the stolen funds. CZ Shares Story of How Binance Freezes Stolen Funds Binance CEO Changpeng Zhao (CZ) shared a story of how the crypto exchange froze stolen funds on social media platform X Friday. Noting that the event was real, he explained that executives of a client were abducted while on a business trip in Montenegro. Emphasizing that they were forced to empty their crypto wallets, CZ said the executives suffered a total loss of about $12.5 million. Zhao detailed that Binance investigated the on-chain activities of the crypto transactions and reached out to its partners to freeze the wallet with stolen funds. He revealed that all the funds were taken in tether ( USDT ) and transferred to a Tron wallet. According to CZ, Binance managed...

Global investment bank JPMorgan has warned investors that U.S. crypto regulations are unlikely to ease, even though the Securities and Exchange Commission (SEC) has lost several recent court cases against crypto firms. “It is far from clear that the regulatory tightening of the crypto industry will lessen significantly going forward given how unregulated this industry is,” said JPMorgan’s analysts. JPMorgan Sees Continued Crypto Regulatory Tightening JPMorgan’s analysts explained in a note last week that cryptocurrency regulations in the U.S. are unlikely to ease even after the U.S. Securities and Exchange Commission (SEC) lost several legal battles against crypto firms. Citing optimism in the crypto space regarding the approval of spot bitcoin exchange-traded funds (ETFs) by the SEC, the JPMorgan analysts cautioned that a spot bitcoin ETF approval does not signal a complete regulatory shift toward the crypto industry. Citing two legal cases where the courts ruled against the secur...

Local reports suggest that Bithumb, a prominent crypto exchange in South Korea, is contemplating a public listing in 2025. Insider information indicates that Bithumb is considering a debut on Kosdaq and might transition to the Korea Exchange (KOSPI) platform in the future. Bithumb Targets Kosdaq Listing; Chooses Samsung Securities as Its Fund Manager According to Edaily , a South Korean news outlet, Bithumb could pursue an initial public offering (IPO) by 2025. Yoo Kyung Lim, a journalist, noted that the exchange’s potential IPO strategy is seen as an ambitious effort to surpass Upbit’s market supremacy. Upbit currently holds an 85% share of South Korea’s cryptocurrency trading market. The briefing highlights Lee Jung-hoon’s comeback as the major stakeholder on Bithumb’s board, with a focus on fortifying the firm’s governance. Sources close to the situation reveal that Bithumb has appointed Samsung Securities as its fund manager, with IPO preparations already underway. The exchan...

U.S. Senator Cynthia Lummis has defended crypto against claims that the asset class is heavily used in illicit finance. Emphasizing that “Crypto is not the problem, bad actors that exist in every industry are,” the lawmaker pointed out that crypto accounts for less than 1% of all illicit finance activity. In addition, she has urged Congress to create a regulatory framework to allow crypto firms to operate in the U.S. instead of driving them to “unregulated foreign markets.” Lawmaker Says ‘Crypto Is Not the Problem’ U.S. Senator Cynthia Lummis (R-WY) defended crypto in response to an article on Forbes about how misinformation on Hamas and crypto fooled nearly 20% of Congress. “Crypto accounts for < 1% of all illicit finance activity and would be even less if we created a regulatory structure to allow the crypto industry to operate in America instead of unregulated foreign markets,” the senator from Wyoming wrote on social media platform X Friday. She stressed: Crypto is not th...

Ripple’s CEO says the U.S. government is still hostile toward crypto despite the cryptocurrency firm’s victory against the U.S. Securities and Exchange Commission (SEC). “Until that changes, the banks in the United States are not going to engage meaningfully,” he warned, adding: “I don’t think the window has passed for the U.S. to be a leader. But I think every day that goes by, these other markets, they want the entrepreneurs there, they want growth.” U.S. Government’s Crypto Stance Ripple CEO Brad Garlinghouse discussed the U.S. government’s crypto stance at the DC Fintech Week conference on Wednesday. Ripple recently won several legal battles against the U.S. Securities and Exchange Commission (SEC). Emphasizing that certain U.S. banks are still cautious about embracing cryptocurrencies even after Ripple’s legal victory against the SEC, Garlinghouse said : They’re like, ‘Look, even though you won the case, the United States government is still hostile towards crypto, the OCC ...

Robert Kiyosaki, the author of best selling book Rich Dad Poor Dad, has revealed why he keeps buying gold, silver, and bitcoin. “Our leaders want more war and poverty,” he stressed, noting that the three investment types provide “lifelong financial security and freedom.” He recently made several bullish predictions about the price of bitcoin, ranging from $135,000 to $1 million. Robert Kiyosaki Shares Why He Keeps Investing in Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, has disclosed the reason behind his ongoing investments in 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. Kiyosaki shared on social media platform X Thursday that his consistent purchases of gold, silver, and bitcoin are driven by the belief that U.S. leaders want “more ...

Economist Peter Schiff has warned that a complete separation of the Chinese and U.S. economies would be “a disaster for America, but a boon for China.” He explained: “Americans would be stuck with fewer goods and higher prices, while the Chinese would be rewarded with more goods and lower prices.” Peter Schiff on U.S.-China Decoupling Economist and gold bug Peter Schiff shared his thoughts on the U.S. economy and the dire consequences of the U.S. decoupling from China in several posts on social media platform X Friday. Commenting on the remarks by Treasury Secretary Janet Yellen stating that a “full separation” of the U.S. and China economies “would be economically disastrous” for both countries as well as for the world, Schiff argued: Janet Yellen is only half right. A complete separation of the Chinese and American economies would be a disaster for America, but a boon for China. “Americans would be stuck with fewer goods and higher prices, while the Chinese would be rewarded...

Crypto asset manager Grayscale Investments is “constructively engaging” with the U.S. Securities and Exchange Commission (SEC) regarding its application to convert its flagship bitcoin trust into a spot bitcoin exchange-traded fund (ETF), says CEO Michael Sonnenshein. The executive believes that Grayscale has “a really nice advantage” over other spot bitcoin ETF applicants. Grayscale ‘Constructively Engaging’ With SEC Grayscale Investments CEO Michael Sonnenshein discussed his company’s plan to convert its flagship bitcoin trust (GBTC) into a spot bitcoin exchange-traded fund (ETF) in an interview with Bloomberg at DC Fintech Week on Wednesday. The SEC originally rejected the crypto asset manager’s spot bitcoin ETF application. However, a court recently ordered the securities regulator to reevaluate the company’s application. “A couple months ago, a decision did come out of the D.C. Circuit that did vacate the SEC’s denial of the GBTC uplisting to a spot Bitcoin ETF on the New Yo...

The Commodity Futures Trading Commission (CFTC) has revealed that it filed a record number of crypto enforcement actions this fiscal year. “In FY 2023, the CFTC brought 47 actions involving conduct related to digital asset commodities, representing more than 49% of all actions filed during that period,” the regulator shared. Record Number of Crypto Enforcement Actions The Commodity Futures Trading Commission (CFTC) released its enforcement results for Fiscal Year 2023 on Tuesday, showing “a record-setting number of digital asset cases.” The regulator explained that its Division of Enforcement (DOE) “filed 96 enforcement actions charging fraud, manipulation, and other significant violations in diverse markets, including digital assets and swaps markets, resulting in over $4.3 billion in penalties, restitution, and disgorgement.” Noting that his agency remains “laser-focused on stopping and deterring fraud and manipulation in the U.S.,” CFTC Chairman Rostin Behnam said: I am proud...

The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by anyone.” No Shortage of Naira Banknotes Says the Central Bank The Central Bank of Nigeria (CBN) has dispelled ongoing rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. The bank also rejected reports of cash shortages in major cities across Nigeria. All Banknotes Issued by the Central Bank of Nigeria (CBN) Remain Legal Tender. #NairaBankNotes pic.twitter.com/x8WotrLp54 — Central Bank of Nigeria (@cenbank) November 8, 2023 In a statement issued on Nov. 8 via X (formerly Twitter), the bank said the laws governing its operations clearly state that all banknotes issued by the CBN “should not be rejected by anyone.” It added that CBN branches across the country have been told to continue issuing diffe...

The U.S. dollar value of the cryptocurrency ether is predicted to end the year averaging $1,840 and $5,824 by the end of 2025, the latest Finder’s prediction report has said. Regulatory uncertainty and a challenging macroeconomic environment are likely to cause ether’s drop to “an average lowest price of $1,352.” ETH to Surpass $5,800 by the End of 2025 According to Finder’s October 2023 survey findings, the U.S. dollar value of ether or ETH is predicted to end this year at around $1,840. This average price, obtained from Finder’s panel of 31 crypto specialists, is $611 lower than the July prediction of $2,451. The surveyed panelists also foresee the crypto asset’s price hitting $5,824 by the end of 2025 and $14,411 in 2030. However, the figures are again lower than the July predictions of $5,845 by 2025 and $16,414 by 2030. At the time of writing (2:35 p.m. EST), the U.S. dollar value of ethereum (ETH) was $2,006 per unit. Many of the respondents cite the macroeconomic facto...

The U.S. House of Representatives has approved an amendment to the Financial Services and General Government Appropriations Act that limits the authority of the U.S. Securities and Exchange Commission (SEC) to carry out enforcement actions against the crypto industry. “Gary Gensler is as ineffective as he is incompetent,” said Congressman Tom Emmer. “Congress will hold unelected bureaucrats accountable.” House Passes Amendment to Rein in ‘SEC Enforcement Abuses’ Against Crypto Industry The U.S. House of Representatives approved an amendment by Congressman Tom Emmer (R-MN) to limit the authority of the U.S. Securities and Exchange Commission (SEC) on Wednesday. Emmer’s amendment to HR 4664, the Financial Services and General Government Appropriations Act of 2024, “Ensures none of the funds made available by this Act may be used by the Securities and Exchange Commission to carry out an enforcement action related to a crypto asset transaction.” The congressman explained on social medi...

In a significant development for cryptocurrency investment vehicles, Blackrock Inc., through its subsidiary Ishares Delaware Trust Sponsor LLC, has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list shares of the Ishares Ethereum Trust on the Nasdaq. Blackrock Dives Deeper Into Crypto With Ethereum ETF Plan Amid Regulatory Clarity After registering its Ishares Ethereum Trust with the Division of Corporations in Delaware, the world’s largest asset manager submitted a 19b-4 registration to the U.S. securities regulator. The initiative could provide U.S. investors with a regulated spot exchange-traded fund (ETF) to track the price of ethereum (ETH) . The trust is designed to mirror the performance of ethereum’s price, accounting for expenses and liabilities. The proposed Ishares Ethereum Trust will issue shares that represent fractional, undivided beneficial interests in the trust’s net assets, consisting mainly of ethereum held by the Coinbase Custody...

The Keep Your Coins Act has been introduced in the Senate to allow individuals to maintain custody of their cryptocurrencies in self-hosted wallets. The bill also seeks to prohibit federal agencies from “proposing a rule that would impair a person’s ability to act as a self-custodian of digital assets.” Keep Your Coins Act Introduced in Senate Senator Ted Budd (R-NC) announced Tuesday that he has introduced the Keep Your Coins Act , which “would protect an individual’s right to conduct transactions with cryptocurrency assets without the need to utilize a third-party intermediary.” Specifically, the bill seeks to “prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and for other purposes.” The announcement details: “In the wake of the collapse of FTX, the Keep Your Coins Act would allow customers to maintain custody of their digital assets in self-hosted wallets and avoid third-party r...

HSBC, the London-based financial institution, announced its plans to launch an institution-focused digital assets custody service in 2024. Zhu Kuang Lee, chief digital, data and innovation officer at HSBC, explained that the bank had experienced an increasing demand for these services from asset managers and asset owners. HSBC Announces Digital Assets Custody Service HSBC, a financial institution with a presence in more than 60 countries and over $3 trillion in assets, has announced that it plans to launch a service to offer custody of digital assets for institutional customers. The service, which will go live in 2024, will come to complement the digital services offering of the bank, which expects to offer a comprehensive asset management suite for its customers worldwide. The launch of this platform comes at the request of HSBC’s customers, who have been demanding these services. Zhu Kuang Lee, chief digital, data and innovation officer at HSBC, stated: We’re seeing increasing...

United States Deputy Secretary of the Treasury Wally Adeyemo says the Biden administration is seeking more tools to combat the illicit use of crypto. “We’re going to work with Congress to get more tools,” he stressed, advising the crypto industry to “make sure that you’re protecting yourselves from being in a position where people are using your assets to further their either heinous acts, like what Hamas did, or digital criminals.” Treasury Working With Congress to Get More Tools United States Deputy Secretary of the Treasury Wally Adeyemo said Tuesday at the annual meeting of the Securities Industry and Financial Markets Association that the Biden administration is seeking new tools from Congress to strengthen efforts against the illicit use of cryptocurrencies, the Wall Street Journal reported. He also mentioned that the Treasury has been in discussions with both Democrats and Republicans regarding potential actions they could pursue. Citing the Oct. 7 attack on Israel, Adeyemo ...

Microstrategy Chairman Michael Saylor expects the demand for bitcoin to double after the halving and the approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The Microstrategy executive says the next 12 months will be “pretty auspicious for the asset class.” He also highlighted three key factors that he expects to drive the price of bitcoin to $5 million a coin. Bitcoin Demand to Double, Says Saylor Microstrategy (Nasdaq: MSTR) Chairman Michael Saylor discussed the future outlook for bitcoin in an interview with Fox Business on Monday. The pro-bitcoin executive was asked about the factors that will drive up the price of bitcoin. Saylor explained that the supply and demand for BTC “are in balance right now.” However, he emphasized that there are two events that will boost the price of the cryptocurrency: the halving in April next year when the bitcoin supply gets cut in half and the impending approvals of spot bitcoin exchange...

Critics are currently roasting economist Nouriel Roubini, whose disdain for cryptocurrency is well-documented, as his company Atlas Capital announces its venture into the very market he once scorned. The firm is rolling out a crypto asset token crafted to combat the “negative effects of climate change,” marking a significant shift from Roubini’s previous stance when he labeled crypto enthusiasts as “corrupt, crooks, criminals, conmen, [and] carnival barkers.” Economist Nouriel Roubini’s Firm Reveals Climate-Focused Crypto Token Dubbed ‘Dr. Doom’ for his stark skepticism, Nouriel Roubini has maintained a consistent stance against crypto assets. In a notable mid-October 2019 clash, Roubini squared off with the well known entrepreneur and crypto evangelist Roger Ver , declaring “bitcoin or any other sh** coin” a non-starter for legitimate financial transactions. During that exchange, Ver challenged Roubini’s hesitance to embrace crypto assets asking “Why are you afraid to try it?” F...

On Wednesday, November 8, 2023, the Bitcoin blockchain saw its non-fungible token (NFT) asset sales surpass those on the Ethereum platform, marking a historic shift during a single-day span. According to the analytics provided by cryptoslam.io, Bitcoin-based NFT transactions amounted to $17.17 million, eclipsing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period. Bitcoin’s NFT Sales Eclipse Ethereum in Single-Day Surge The trend for Bitcoin NFT transactions has seen an upward trajectory lately, and just three days ago, Bitcoin.com News highlighted that Bitcoin had secured the runner-up spot for NFT sales across a week. In a significant first, Bitcoin’s Ordinal inscriptions, its unique brand of NFTs, exceeded Ethereum’s sales over a 24-hour time frame on Wednesday. NFT connoisseur Leonidas, the founder of Ord.io, documented this unprecedented event onchain, marking the occasion when Bitcoin-based NFTs leaped ahead of their Ethereum counterparts for the fir...

One of the largest banks in Germany by total assets, DZ Bank, has launched a crypto custody platform. Additionally, the bank disclosed that alongside its solution for institutional customers, it is working on “an offer that allows private customers to invest directly in cryptocurrencies.” Germany’s DZ Bank Debuts Digital Custody Platform DZ Bank, one of the largest banks in Germany, announced the launch of its own digital custody platform last week. “To operate the new custody solution, the bank has hired more than a dozen employees in IT, operations, and compliance,” the announcement detailed (translated by Google). As of the end of June, the bank’s total assets amounted to €367.50 billion ($392.35 billion), and it had a workforce of 5,411 employees. The bank explained that it had been working with blockchain technology for years before it began developing a digital custody platform for institutional clients in 2022. The announcement described: This makes the leading cooperative...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has predicted a “big win” for the SEC in the lawsuit involving Terraform Labs. The ex-SEC official also expects District Judge Jed Rakoff to keep rejecting the ruling by District Judge Analisa Torres regarding Ripple and XRP . Stark: ‘Expect a Big Win for the SEC’ Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared some predictions regarding the regulator’s actions against crypto firms in a lengthy post on social media platform X on Monday. 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. The former SEC official wrote: Prediction: Expect a big win for the SEC in the SEC/Terra litigation and a gracious (yet scathing) rebuke of the recent SEC/Ripple decision. Stark noted that both the SEC and Terraf...