Bitcoin News and Finance: What You Need to Know

Apple and Google have removed several major crypto exchanges from their app stores in India after the Indian Financial Intelligence Unit flagged nine crypto service providers as operating illegally in the country. Various telecom networks and internet service providers in India are also blocking the websites of affected crypto exchanges. India Continues Crackdown on Uncompliant Crypto Platforms Tech giants Google and Apple have taken action against several major crypto exchange apps in India following the crackdown on offshore crypto exchanges by Financial Intelligence Unit India (FIU IND). On Saturday, Google removed major crypto exchanges like Binance and Kraken from Google Play Store in India while Apple pulled crypto exchange apps from its App Store a few days earlier. In addition, various telecom networks and internet service providers in India have also started blocking the websites of affected crypto exchanges. In December last year, India’s Financial Intelligence Unit issu...

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler sees irony in the approval of spot bitcoin exchange-traded funds (ETFs). “This was about centralization and traditional means of finance,” said Gensler, warning: “Investors should be aware that this underlying asset is a highly speculative, volatile asset, and amongst its use cases is really for illicit activity, money laundering, sanctions, ransomware, and the like.” SEC Chair on Spot Bitcoin ETF Approval and Centralization The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, discussed the irony of spot bitcoin exchange-traded funds (ETFs) in an interview with CNBC Friday. The securities regulator approved 11 spot bitcoin ETFs last week. “There’s an irony in the midst of that. Satoshi Nakamoto [bitcoin’s pseudonymous creator] said this was going to be a decentralized system,” Gensler said, noting that the approval of spot bitcoin ETFs “has led to centralization.” The SEC chief stressed: ...

International Monetary Fund (IMF) chief Kristalina Georgieva sees crypto as an asset class, not money. She dismissed concerns of bitcoin potentially displacing the U.S. dollar as the world’s dominant currency, citing the size of the U.S. economy and the depth and sophistication of its capital markets as key factors. IMF Chief on Crypto and US Dollar Dominance The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, dismissed crypto as money and explained why she didn’t see bitcoin as a threat to the U.S. dollar’s dominance in an interview with Yahoo Finance Live last week. Georgieva said: Our view is that we have to differentiate between money and assets. When we talk about crypto, we are actually talking about an asset class. “It could be backed up and in that sense, more secure and less risky, or it could be not backed up and therefore a riskier investment. But it is not exactly money. It’s more like a money management fund,” she described. Last w...

Circle, the stablecoin company, has completed the upgrade of its USDC stablecoin to the 2.2 version. The update brings a slew of changes, including gas efficiency improvements, support for account abstraction and smart contract wallets, and enhancements in the resiliency of the currency when dealing with forks. Circle Finishes Rollout of USDC 2.2 Improvements Circle is improving its USDC stablecoin to include new functions and improve its functionality. The company recently completed the upgrade of USDC to the 2.2 version, bringing a slew of changes destined to improve performance, and adding new features to the stablecoin. Most of these changes diminish transaction costs to perform specific functions. For example, the upgrade enhances the performance of the blocklist check function, which allows Circle to identify which wallets can transact and which can’t, according to Circle’s Access Denial policy. Circle estimates that this brings savings all across commonly used USDC operat...

Kevin O’Leary, aka Mr. Wonderful, says he will never buy a spot bitcoin exchange-traded fund (ETF) as he is holding bitcoin for the long term as digital gold. “Why would I pay these fees?” he said, adding that spot bitcoin ETFs “add no value” and are “completely unnecessary.” However, the Shark Tank star explained that the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin ETFs is great news for institutional investors looking to get into crypto. Kevin O’Leary Won’t Invest in Spot Bitcoin ETFs Shark Tank investor Kevin O’Leary, aka Mr. Wonderful, gave some advice regarding spot bitcoin exchange-traded funds (ETFs) in an interview with Fox Business last week. The chairman of O’shares Investments and O’Leary Ventures was asked how investors should decide whether to invest in a spot bitcoin ETF and how to choose among the 11 funds that were approved by the U.S. Securities and Exchange Commission (SEC) last week. “Well, they are almost identical even though each of t...

Rich Dad Poor Dad author Robert Kiyosaki has expressed concerns about the rapid rise in the U.S. national debt, which ballooned by a trillion dollars over a short period. The famous author then urged investors to buy bitcoin alongside gold and silver. Kiyosaki recently doubled down on his own advice and increased his personal bitcoin holdings. Other critics of the U.S. government’s fiscal policies have also raised the alarm about the increasing national debt, citing its potential to weaken both the U.S. economy and the U.S. dollar. Robert Kiyosaki Concerned About National Debt The author of Rich Dad Poor Dad, Robert Kiyosaki, has again urged people to buy bitcoin, reiterating his bullish stance on the cryptocurrency and highlighting his ongoing concerns about the U.S. economy and the dollar. 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 b...

In an announcement prominently displayed on the Gamestop non-fungible token (NFT) marketplace, the company has revealed its intention to shut down the platform on Feb. 2, 2024. This decision means that users of the Gamstop NFT market will lose the ability to “buy, sell, or create NFTs.” Gamestop’s Crypto Journey Halts The Gamestop company (NYSE: GME ) is in the process of phasing out its NFT marketplace, as indicated by the notification affixed to the website’s header. This development comes after Gamestop’s August 2023 announcement that it would abandon the Gamestop wallet project due to “regulatory uncertainty” within the cryptocurrency domain. The official discontinuation of this service took place in November 2023. The company cited the very same rationale for closing its NFT marketplace, citing the “continuing regulatory uncertainty of the crypto space.” Furthermore, the company states, “Effective as of February 2, 2024, customers will no longer be able to buy, sell or create...

According to the Altcoin Season Index from blockchaincenter.net, an indicator signaling the arrival of the so-called ‘altcoin season,’ the time has indeed come for altcoins. This metric essentially demonstrates that 75% of the leading 50 altcoins have outperformed bitcoin in the past 90 days. Altcoins Ascend as Index Points to Season’s Entry In early December 2023, a multitude of cryptocurrency enthusiasts eagerly anticipated the possible onset of altcoin season. Reporting on this trending topic at the time, Bitcoin.com News referred to blockchaincenter.net’s Altcoin Season Index, which rated a 47 out of 100. This indicated that as of Dec. 9, 2023, it wasn’t yet altcoin season, at least based on the index’s assessment . Today, however, the narrative painted by the measurement is entirely different. A preserved snapshot from blockchaincenter.net’s index on Jan. 14, 2024, clearly declares “it’s altcoin season.” The index is positioned at 76 out of 100, with any score above 75 sig...

Larry Fink, the CEO of Blackrock, the world’s largest asset manager, says he has become “a big believer” in bitcoin, emphasizing that it is “bigger than any government.” Calling the cryptocurrency “digital gold,” the executive stressed: “Unlike gold, where we manufacture new gold, we’re almost at the ceiling of the most of the amount of bitcoin that could be created.” Blackrock’s chief also sees value in having Ethereum exchange-traded funds (ETFs). Blackrock CEO Larry Fink Is a ‘Big Believer’ in Bitcoin Larry Fink, the CEO of Blackrock, the world’s largest asset manager, shared his outlook on bitcoin, crypto, and the spot bitcoin exchange-traded fund (ETF) market, in an interview with CNBC and Fox Business Friday. Blackrock’s spot bitcoin ETF, the Ishares Bitcoin Trust (IBIT), was among the 11 spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) on Wednesday. Describing bitcoin, Fink shared with Fox Business: “If you’re in a country where you’re fearful...

U.S. Representative Tom Emmer expects former U.S. President Donald Trump to become “a lot more” friendly toward cryptocurrency if he returns to the White House. Trump has launched three non-fungible token (NFT) collections since leaving office. Meanwhile, some analysts predict that bitcoin’s price could reach record highs if Trump wins the presidential election this year. Donald Trump Expected to Become Much More Crypto-Friendly House Majority Whip Tom Emmer (R-MN) believes that former U.S. President Donald Trump’s potential return to the White House could usher in a regulatory landscape more favorable to the crypto industry. Emmer, who endorsed Trump in the 2024 Republican presidential primary, is a vocal crypto supporter. The congressman was quoted as saying: If the second Trump administration takes place, [the] president will be a lot more friendly to the crypto industry. Trump was no fan of bitcoin or other cryptocurrencies while he was president. “I am not a fan of bitcoin...

Blackrock’s spot bitcoin exchange-traded fund (ETF) has acquired 11,439 bitcoin, with a market value of nearly $500 million, within two days of trading on the Nasdaq stock exchange. Blackrock’s Ishares Bitcoin Trust was among the 11 spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) this week. Ishares Bitcoin Trust’s BTC Holdings Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), now holds 11,439 bitcoin. According to Ishares ETFs’ website, IBIT’s holdings comprised 11,439.2198 bitcoin with a market value of $497,994,992.41 as of Jan. 12. The largest cryptocurrency now represents 99.99% of the trust holdings. Blackrock explained: “The value shown for ‘shares’ represents [the] total number of bitcoins held by the Ishares Bitcoin Trust.” Crypto enthusiast known as Martyparty pointed out on social media platform X Saturday that on Jan. 11, Ishares Bitcoin Trust held roughly 50% bitcoin and 50% cash (U.S. dollars), whi...

Terraform Labs co-founder Do Kwon has requested that the judge in his fraud case delay the trial date, currently set for Jan. 29, 2024, because Kwon is still tied up in extradition proceedings in Montenegro. Terra’s Do Kwon Requests Trial Postponement Due to Extradition Issues In a letter to U.S. District Judge Jed Rakoff dated Jan. 11, Kwon’s lawyers said they had hoped he would be extradited in time for the trial but that now appears unlikely until February or March. The letter was first shared by Inner City Press reporter Matthew Russell Lee. Kwon and his legal team said in the letter that he wishes to attend the trial in person but needs more time for the extradition process to play out. “Unfortunately, it now appears that Mr. Kwon is not likely to be extradited until February or March at the earliest. We understand the court cannot put the trial on hold indefinitely, but an adjournment until mid-March would provide a realistic possibility for Mr. Kwon to attend,” the letter ...

Recent blockchain analytics reveal that 4,000 bitcoins, valued at approximately $175 million, have been transferred from addresses believed to be controlled by Grayscale’s Bitcoin Trust, commonly referred to as GBTC. Records indicate that these transfers occurred in four separate batches of 1,000 bitcoins each, directed towards Coinbase. Arkham Data Shows Flagged Grayscale Wallets Sent 4,000 Bitcoin to Coinbase The financial world is currently abuzz, especially following the debut of the new spot bitcoin exchange-traded fund (ETF), which saw a staggering $4.6 billion in trading volume on its first day. Concurrently, bitcoin’s value has experienced a 5.5% decline relative to the U.S. dollar. Amidst these market movements, it was observed on Friday that Grayscale’s reserves diminished by 4,000 BTC , equivalent to $175 million based on the prevailing exchange rates. While there is no absolute confirmation of the specific addresses Grayscale uses for its BTC holdings, Arkham Intelli...

Ark Invest CEO Cathie Wood has doubled down on her bullish bitcoin forecasts, now seeing a higher probability of the price of bitcoin soaring to $1.5 million per coin. She emphasized that the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has raised the probability of her bull case prediction. Ark Invest Sees Increased Probability of Bitcoin Reaching $1.5 Million Cathie Wood, the CEO of Ark Investment Management (Ark Invest), doubled down on her bitcoin price predictions on Thursday following the approval of 11 spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Referencing Ark’s Big Ideas 2023 , the asset management firm’s yearly report highlighting “the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow,” Wood explained: “Our base case is in the $600,000 range” for the price of bitcoin. Ark’s “bull case” prediction sees ...

U.S. Senator Elizabeth Warren has slammed the U.S. Securities and Exchange Commission (SEC) for approving spot bitcoin exchange-traded funds (ETFs). She stressed that the securities regulator is “wrong on the law and wrong on the policy with respect to the bitcoin ETF decision.” Senator Elizabeth Warren Unhappy With SEC’s Spot Bitcoin ETF Approvals The U.S. Securities and Exchange Commission (SEC)’s recent approval of 11 spot bitcoin exchange-traded funds (ETFs) drew immediate criticism from U.S. Senator Elizabeth Warren (D-MA), who has long been a vocal skeptic of bitcoin and other cryptocurrencies. The senator wrote on social media platform X Thursday: The SEC is wrong on the law and wrong on the policy with respect to the bitcoin ETF decision. “If the SEC is going to let crypto burrow even deeper into our financial system, then it’s more urgent than ever that crypto follow basic anti-money laundering rules,” she stressed. Several “community notes” were placed on Warren’s twe...

Amidst escalating transaction fees, Ethereum’s Vitalik Buterin has suggested a substantial gas limit increase, potentially boosting network capacity and reducing user expenses. Ethereum’s Vitalik Buterin Advocates for Higher Gas Limit to Improve Network Capacity Ethereum ecosystem co-founder Vitalik Buterin has proposed an increase in the network’s gas limit. This adjustment, aimed at augmenting network capacity, could potentially lower costs for users and enhance transaction efficiency. Ethereum’s gas limit is the ceiling for the total amount of gas allowed in a single block. Gas, a fee necessary for conducting transactions or executing contracts on the Ethereum blockchain, ensures the network’s operational fluidity. Presently, the gas limit stands at 30 million. During an Ask Me Anything (AMA) session with the Ethereum Foundation’s research team on Reddit, Buterin suggested a “modest” gas limit increase, proposing a raise to approximately 40 million. This adjustment represents ...

Financial research firm Fundstrat’s head of research has predicted that the price of bitcoin is headed for $150K and could hit $500K in five years. Emphasizing the cryptocurrency’s finite supply and “a potentially huge increase in demand with a spot bitcoin approval,” the analyst stressed that it is “definitely achievable” that bitcoin could reach half a million dollars in five years. Bitcoin Expected to Hit $150K Short-Term, $500K Possible Long-Term The head of research at Fundstrat, an independent financial research boutique, Tom Lee, shared his view on the bitcoin price outlook in an interview with CNBC on Wednesday. Replying to a question about what the price of bitcoin will be in one year and five years, he said: I think in the next 12 months, something over $100,000 … maybe over $150,000. Lee expressed the significance of the U.S. Securities and Exchange Commission (SEC)’s approval of 11 spot bitcoin exchange-traded funds (ETFs) on Wednesday. The funds started trading o...

Rich Dad Poor Dad author Robert Kiyosaki has revealed that he bought additional bitcoin following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The famous author is deeply concerned about the U.S. economy, particularly the threat of hyperinflation. Robert Kiyosaki Increases Bitcoin Holdings After SEC Green-Lights Spot BTC ETFs The author of Rich Dad Poor Dad, Robert Kiyosaki, has revealed that he bought additional bitcoin following the approval of 11 spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). 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. The famous author wrote on social media platform X Thursday: “Inflation or deflation? What if the PhDs at [the] White Hou...

U.S. spot bitcoin exchange-traded funds (ETFs) racked up $4.6 billion in total trading volume on their first day of trading. Blackrock, the world’s largest asset manager, debuted with more than $1 billion in trading volume for its Ishares Bitcoin Trust. Grayscale’s spot bitcoin ETF, which converted from the Grayscale Bitcoin Trust, registered a total trading volume of $2.3 billion. This is “easily the biggest Day One splash in ETF history,” said an ETF analyst. $4.6 Billion in Total Trading Volume The long-awaited debut of U.S. spot bitcoin exchange-traded funds (ETFs) ignited a trading frenzy on their first day of trading Thursday, reaching a cumulative volume of $4.6 billion. Blackrock, the world’s largest asset manager, debuted with over $1 billion in trading volume for its Ishares Bitcoin Trust (IBIT), followed by Fidelity Wise Origin Bitcoin Fund (FBTC), with a trading volume of $712 million. Grayscale’s spot bitcoin ETF, which was converted from its bitcoin trust (GBTC), had ...

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, cast the deciding vote approving 11 spot bitcoin exchange-traded funds (ETFs) in a landmark decision on Wednesday. Before the approvals, the securities regulator held a vote on spot bitcoin ETFs, with two commissioners favoring and two opposing. Gensler’s vote tipped the scales in favor of approval. Gensler’s Vote Tips the Scales in Favor of Spot Bitcoin ETF Approvals Before approving spot bitcoin exchange-traded funds (ETFs) on Wednesday, the U.S. Securities and Exchange Commission (SEC) held final votes on the rule changes proposed by NYSE Arca, Nasdaq, and Cboe BZX to list and trade the funds. Two SEC commissioners, Hester Peirce and Mark Uyeda, voted for approval, while Caroline Crenshaw and Jaime Lizárraga opposed it. The vote split at 2-2, with Gary Gensler casting the deciding vote in favor of approving spot bitcoin ETFs. Bloomberg analyst James Seyffart commented on Thursday: For those that...

Rich Dad Poor Dad author Robert Kiyosaki has predicted that the price of bitcoin will hit $150,000 “soon,” as the U.S. Securities and Exchange Commission (SEC) approved spot bitcoin exchange-traded funds (ETFs). He emphasized that he will be buying more bitcoin. Kiyosaki has issued diverse bitcoin price predictions, with his most eye-catching one reaching a staggering $1 million. Robert Kiyosaki Says He Will Buy More Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, has insisted that the price of bitcoin will hit $150,000 soon. 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. Commenting on the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Kiyosaki said he is glad he bought bitcoin years ago. He emphasized th...

JPMorgan Chase CEO Jamie Dimon has insisted that bitcoin doesn’t have value, emphasizing that its use cases are sex trafficking, tax avoidance, money laundering, and terrorism financing. However, JPMorgan has teamed up with Blackrock to help the world’s largest asset manager grow its spot bitcoin exchange-traded fund (ETF) as a lead authorized participant. Jamie Dimon Insists Bitcoin Has No Value The CEO of JPMorgan Chase, Jamie Dimon, still believes that bitcoin has no value even as the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs) on Wednesday. In an interview with Fox Business on Wednesday, Dimon expressed: I’ve always said that bitcoin doesn’t have value … The actual use cases are sex trafficking, tax avoidance, money laundering, terrorism financing. The JPMorgan executive’s comment echoed his statement made during a Senate Banking Committee’s hearing in December last year. In response to a question by U.S. Senator Eliza...