Bitcoin News and Finance: What You Need to Know

The Shanghai branch of the Bank of China has completed the first settlement of precious metals using the digital yuan. The transaction, finalized on December 19, allowed the Shanghai Gold Exchange to close a $14 million precious metal trade after receiving the funds overseas, according to local media reports. Bank of China Completes First Cross Borders Precious Gold Transaction With Digital Yuan The Shanghai branch of the Bank of China announced that it has completed the first precious metal settlement using the digital yuan, the Chinese central bank digital currency (CBDC). The bank worked closely with the Shanghai Gold Exchange to transact the funds received overseas with the digital yuan. The transaction involved paying $14 million in exchange for undisclosed precious metals. According to local media, this would be the first time the Chinese digital yuan is used to complete a fine metal transaction. A spokesperson for the Shanghai branch of the Bank of China stressed the relevan...

Coinbase CEO Brian Armstrong has highlighted that crypto isn’t just here to say but it’s the future of money. Emphasizing that cryptocurrency “gives people economic freedom, ensuring access to their own money and fair participation in the economy ungated by powerful legacy institutions,” he detailed: “The industry has turned the page on the unlawful behavior that distracted from its progress; compliant growth is in.” ‘Cryptocurrency Isn’t Just Here to Stay’ The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, published a blog post titled “The future of money is here — and it’s crypto” on the company’s website Tuesday. He explained that after a “massive market correction,” crypto has witnessed a 90% increase in value this year, accompanied by a 60% surge in volume during Q4. He noted that currently, 425 million people globally own cryptocurrency and 83% of G20 countries and major financial hubs have either implemented or are in the process of establishing reg...

Galaxy Digital, a digital assets and blockchain financial services company, is seeking to score deals with defunct cryptocurrency companies to acquire their assets. According to reports, the company is eyeing FTX’s venture capital portfolio, which has a sizable stake in artificial intelligence (AI) disruptor Anthropic, among others. Galaxy Digital Aiming to Complete Bankruptcy Sales for Disgraced Crypto Businesses Galaxy Digital, a cryptocurrency and blockchain financial services company, is targeting the asset sales of crypto businesses to grow its capital. According to a recent FT report, the firm led by American billionaire Mike Novogratz would be eyeing other crypto-bankrupt companies to facilitate the sale of their assets. The company, which was selected to sell FTX’s tokens, saw its assets under management (AUM) climb from $1.7bn to more than $5bn after this. The now-defunct exchange selected Galaxy due to his “extensive experience in areas relevant to digital asset managemen...

In the wake of Bitcoin’s inscription phenomenon, Ethereum Virtual Machine (EVM)-compatible chains are experiencing a surge in similar practices, leading to unexpected service outages and a little confusion over their use. EVM Chains Face Surge in Token Inscriptions Over the past year, Bitcoin inscriptions have surged in popularity due to the advent of Ordinals, significantly impacting the Bitcoin blockchain. This controversial method has led to a sharp increase in transaction costs and a congested mempool , reigniting debates reminiscent of 2017’s block size war . The phenomenon has now extended to Ethereum and other EVM-compatible chains. Despite the initial skepticism about introducing inscriptions on smart contract-capable blockchains, the demand for EVM inscriptions has been so high that it caused a service outage on Arbitrum on Dec. 15, 2023. Summary of the Arbitrum outage and high Ethereum gas prices: – People are spamming inscription transactions on Arbitrum. These are t...

The European Union said Russian nationals from owning or controlling crypto service providers under the bloc’s twelfth package of restrictive measures against the country. According to the EU, diamonds entering its will now have to be traced from “the mine to the finger” and this is set to be done using the blockchain. New Package Seeks to Combat Sanctions Circumvention The European Union (EU) announced on Dec. 18 that it had adopted a new package of economic and individual sanctions. The package now bars Russian nationals from owning or controlling crypto service providers. This ban is part of the EU’s attempt to “limit circumvention of the prohibition” on the provision of crypto-related services already imposed. According to the European Commission (EC), the new sanctions package seeks to fulfil the EU’s key objective of finding “a just and lasting peace, not another frozen conflict.” In the document that answers key questions about the Russian sanctions, the EC insisted that th...

A report issued by Grant Thornton, a professional services network, has revealed that family offices are eyeing crypto and blockchain to increase their investments in these areas. More than half of the family offices consulted have already invested in digital assets, with 38% allocating less than 1% of their portfolio to these technologies. Grant Thornton Report Reveals Family Offices’ Interest in Crypto and Blockchain Family offices might be considering putting more funds behind crypto and blockchain initiatives. A recent report prepared by Grant Thornton, a professional services network that operates in over 147 markets and employs over 68,000 personnel, has revealed that family offices are warming up to crypto and blockchain. 35% of these offices hope to increase their exposure to blockchain investments, while 27% expect to increase their investments in cryptocurrency. Nonetheless, these two investment tools are not new for this kind of institution, as more than half of the off...

Ripple’s president has shared her crypto predictions, stating that 2024 could mark “the breakout moment where institutional adoption for real-world utility takes off.” She emphasized: “The industry needs to build compliance tooling in a decentralized environment. It’s the next frontier of innovation in blockchain.” ‘We Reached the Tipping Point for Crypto to Be Recognized as Mainstream’ Ripple’s president, Monica Long, shared several predictions regarding the future of crypto and blockchain over the next 12 months on social media platform X Tuesday. “Within the past couple of years, we’ve seen many more traditional financial players such as Fidelity, Blackrock, Paypal, and Visa integrating or partnering with crypto-native companies to offer crypto and blockchain services and products,” she described. “The way forward is a happy marriage — blockchain will not replace banks. The ability to settle payments instantly, across borders, without the need for a middleman charging exorbitant...

In a recent development in the high-profile case of Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, a request for postponement of the sentencing hearing was firmly denied by U.S. District Judge Lewis Kaplan. Bankman-Fried’s legal team had sought a four to six-week adjournment, citing the need for additional preparation time. However, the court’s refusal to grant this extension marks a significant moment in this ongoing legal saga. Sam Bankman-Fried Sentencing Date Proceeds as Kaplan Denies Delay The defense, representing Sam Bankman-Fried (SBF), submitted a formal request for the adjournment of the sentencing hearing, originally scheduled for March 28, 2024. This plea was grounded in the defense’s requirement for more time to gather necessary materials and prepare adequately for the upcoming presentence interview. The defense emphasized the importance of this additional time for a thorough and fair preparation process. “The defense requires the additional ti...

Prominent crypto companies and leaders have contributed to a war chest to support pro-crypto candidates in the 2024 elections, amassing $78 million to date. “The U.S. cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction,” said Ripple’s CEO. “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024,” stated the CEO of crypto exchange Coinbase. The U.S. Cannot Afford to Continue Taking Back Seat on Global Stage Fairshake, a federal independent expenditure-only political action committee (super PAC), announced Monday that crypto and blockchain leaders have amassed $78 Million “for Fairshake Super PAC and its affiliates to support pro-innovation and pro-crypto leadership going into 2024 congressional elections.” Fairshake is registered with the Federal Election Commission (FEC) and supports candidates solely through its independent activities. The announcem...

Grayscale Investments expects the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) to allow the $30 trillion advised wealth market to gain exposure to bitcoin. “I do think there is a lot of optimism in the market,” said the crypto asset manager’s chief executive. “I think a lot of investors are adding bitcoin to their portfolios.” Grayscale’s CEO Sees Much Optimism in the Market The CEO of crypto asset manager Grayscale Investments, Michael Sonnenshein, discussed his perspective on bitcoin and the market’s expectations regarding the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC and Bloomberg on Monday. “If you look back at this year, the price appreciation you’ve seen in bitcoin has really been driven by both the macro and micro forces,” he told CNBC. “On the macro front, inflationary pressure [and] rising rates have caused inves...

The Ethereum Proof of Work (ETHW) core development organization has been dissolved to help the protocol achieve full autonomy. In late November, the ETHW team pleaded for $200,000 in funding to maintain servers and recruit part-time engineers. ETHW Core team’s development approach has been criticized. Upholding PoW as the Chain’s Consensus On Dec. 18, the Ethereum Proof of Work (ETHW) core development organization was dissolved to help the protocol achieve full autonomy. A statement released by an ETHW core team member said the decision, which allows ETHW to operate independently without the Core’s support, followed “in-depth discussions and [was] based on a majority consensus.” Explaining the rationale behind the decision, the ETHW core team claimed that this has been its commitment since forking from the Ethereum blockchain in September 2022. Besides the dissolution, the core team also resolved to uphold proof of work “as the underlying consensus for the chain” as well as mainta...

As the crypto market navigates through a transformative era, Coinbase’s 2024 Crypto Market Outlook provides insights and predictions. The report, encompassing data up to November 30, 2023, delves into pivotal crypto market shifts and institutional practices. Coinbase’s 80-Page 2024 Crypto Market Outlook Suggests Brighter Days for Digital Assets Coinbase’s comprehensive 80-page report indicates that the total crypto market capitalization doubled in 2023, signaling an end to the crypto winter and the onset of a transition phase. Despite past challenges, the market’s remarkable recovery and sustained development underline the resilience and staying power of cryptocurrencies. “What’s clear, however, is that in spite of the hurdles directed towards the asset class, the developments we witnessed over the past year have defied expectations,” the Coinbase 2024 report notes. “They are evidence that crypto is here to stay. The challenge now is to seize the moment and build something better....

An executive at trillion-dollar asset manager firm Franklin Templeton expects bitcoin to become “something that every treasury needs to hold.” She believes that “every country is going to have to hold some reserves,” emphasizing that the cryptocurrency is “working its way increasingly into the traditional banking ecosystem as just a foundational part of that system.” Kaul: Bitcoin Could Be Used as Base Unit of International Trade Franklin Templeton’s senior vice president and head of Digital Asset and Industry Advisory Services, Sandy Kaul, discussed the future outlook for bitcoin in an interview with Natalie Brunell, published Thursday. Before joining Franklin Templeton, Kaul held positions at Shearson Lehman Brothers, Citi, and Goldman Sachs Asset Management. A global leader in investment management with a presence in over 150 countries and serving millions of clients, Franklin Templeton reported $1.37 trillion in assets under management at the end of September. The asset manager...

As the year winds down, cryptocurrency investors can combine tax-loss harvesting with cryptocurrency donations to charities, a move that optimizes tax benefits while supporting worthy causes. Embrace Year-End Tax Strategy With Charitable Giving Twist As the end of the year rapidly approaches, crypto investors are not only focusing on tax-loss harvesting but also exploring the benefits of charitable contributions in cryptocurrency. This strategic approach allows investors to potentially reduce their tax liabilities while supporting charitable causes. The concept of tax-loss harvesting in the crypto realm involves selling digital assets at a loss to offset capital gains taxes. This method can be particularly advantageous given the volatility and potential for significant price fluctuations in the crypto market. Investors can offset capital gains or reduce ordinary income by up to $3,000 annually in the U.S., with the ability to carry forward any additional losses. In parallel, donat...

PRESS RELEASE. Renowned Italian football goalkeeper Gianluigi Buffon has recently confirmed his strategic investment in OQtima , an innovative online trading company, marking a significant departure from traditional sponsorship deals. Buffon’s active involvement in OQtima signifies a profound collaboration between the realms of professional sports and financial trading platforms. This move establishes a new era where sports legends become not only brand ambassadors but key stakeholders and strategic partners in the financial sector, thereby revolutionizing the landscape of partnerships. A New Age For Partnerships In a groundbreaking development at the crossroads of finance and sports, partnerships between online trading platforms, cryptocurrency exchanges, and sports icons are undergoing a transformative shift. Many trading platforms and cryptocurrency exchanges are increasingly partnering with sports legends like Buffon, Lionel Messi, Cristiano Ronaldo, and more due to their res...

On Dec. 18, 2023, a colossal cache of dormant bitcoins stirred after remaining inactive for eight years and ten months. The whale transferred 2,101 bitcoins, originating from 2015, now valued at $88.55 million, utilizing the prevailing BTC exchange rates. $88M Worth of Bitcoin Moved by Long-Dormant Whale On Feb. 17, 2015, a substantial accumulation of dormant bitcoins was first recorded. This stash came to life after eight years and ten months on a Monday, with the whale from past years moving 2,101 BTC valued at $88.55 million at block height 821,802. The transfer originated from the BTC address “ 1DJs7 ,” a movement that was detected by btcparser.com. Back in 2015, when 1DJs7 initially received the 2,101 BTC from “ 1CJee ,” the total value stood at $510,543, with each bitcoin priced at $243 . The wallet 1CJee had acquired these bitcoins a year earlier, on August 7, 2014, sourcing them from two separate addresses. Fast-forward to the present, this long-inactive P2PKH addres...

The Republic of Palau has announced the launch of the second phase of its stablecoin project. Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance (MOF), declared that the new phase will focus on building a robust ecosystem, expanding accessibility and user participation with compliance in mind. Palau Launches Phase 2 of Palau Stablecoin (PSC) Pilot Jau Hunter Anson, member of the board of directors of the Ministry of Finance of Palau (MOF), revealed that the republic had officially launched the second phase of its stablecoin pilot. The initiative, which seeks to simplify transactions by providing a digital equivalent to the U.S. dollar, will now expand significantly, seeking to include more users and use cases through education initiatives. The announcement comes after the release of a report that declared the first phase of the pilot a success, based on the feedback provided by 200 users who completed over 700 transactions during this period. Anso...

Ripple has shared several crypto predictions for 2024. The firm’s chief legal officer expects the U.S. Securities and Exchange Commission (SEC) to continue its crackdown on the crypto industry. In addition, he foresees U.S. Congress disagreeing on the best course of action for crypto regulation, “leaving U.S. crypto firms stuck while the rest of the world makes significant positive strides.” Ripple’s 2024 Crypto Predictions Ripple Labs shared several crypto predictions for 2024 on social media platform X Friday. “We’ve asked leaders at Ripple to weigh in on what they think 2024 holds,” the company explained. The firm’s chief legal officer, Stuart Alderoty, made three predictions concerning crypto policy and U.S. crypto regulation. Firstly, he predicted: “In 2024, the last bit of the SEC’s misguided lawsuit against Ripple will finally come to an end.” However, he warned: The SEC’s campaign of regulation by enforcement will continue against other industry leaders. Secondly, he pr...

Tether, the stablecoin company, has confirmed it has collaborated extensively with a series of U.S government agencies, including the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the Secret Service. These team-ups are focused on making the stablecoin ecosystem safer for all participants and aiding law enforcement actions against bad actors. Tether Reveals FBI, DOJ, and Secret Service Ties In Unveiled Letters Tether, the company behind the issuance of USDT , has revealed its links with several U.S. government agencies. In a series of letters directed to Senator Cynthia Lummis, Tether highlights the collaboration relationship that the company has established with the U.S. Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the Secret Service, aiming to “combat illegal activities and aid in fund recovery.” In a letter sent to Lummis on December 15, Tether CEO Paolo Ardoino states that the company had taken a proactive security sta...

Over the last ten years, Luke Dashjr has emerged as a key player in the realm of Bitcoin development and the network’s open-source software. His opposition to specific trends within the Bitcoin ecosystem has gained more attention lately. He has labeled Ordinal inscriptions and non-fungible tokens (NFTs) on the Bitcoin platform as detrimental to the protocol and akin to spam, which he believes has been curtailed since 2014. Just this week, he suggested that Antpool might be employing “covert” ASIC Boost techniques. Subsequently, he informed individuals that the Bitcoin community has the power to fire all miners “by changing to a different PoW algorithm.” Luke Dashjr Talks Ousting Miners and Covert ASIC Boost Use In recent weeks, Luke Dashjr, a prominent Bitcoin Core contributor and the brain behind Bitcoin Knots, has been particularly vocal. He re-entered the spotlight when his operated pool, Ocean Mining pool, confirmed it was filtering specific transactions, including Ordinal insc...