Bitcoin News and Finance: What You Need to Know

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator, has proposed stricter rules for crypto firms based outside the EU, limiting their ability to directly serve customers within the bloc to ensure fair competition. ESMA Proposes Stricter Rules for Non-EU Crypto Firms The European Securities and Markets Authority (ESMA), responsible for regulating and supervising EU financial markets, published consultation papers on two sets of proposed guidelines under the Markets in Crypto-Assets Regulation (MiCA) earlier this week. The first set of guidance concerns the rules for the reverse solicitation exemption and the supervision practices national competent authorities (NCAs) may take to prevent its circumvention. To ensure a level playing field for companies within the EU, foreign crypto assets service providers (CASPs) will only be able to directly serve customers within the bloc under very limited conditions. “There is only one exemption, if the cli...

Singapore’s Police Force and Cyber Security Agency (CSA) have issued a joint warning about “crypto drainer” malware, which steals cryptocurrencies from wallets. As digital assets become more popular, “Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets,” the authorities cautioned. Singapore Police Warn About Crypto Drainers The Singapore Police Force and the Cyber Security Agency (CSA) of Singapore issued a joint advisory on Wednesday advising investors to protect themselves from crypto drainers. They explained: Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets (‘crypto wallets’) as the use of cryptocurrencies become increasingly popular with their dollar values correspondingly increasing. The authorities explained that a crypto drainer “is a type of malware that targets crypto wallets,” adding: “These drainers are often deployed as part of phishing attacks, where the victim is ...

The first cross-border digital dirham payment was completed by Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, using the Mbridge platform, a central bank digital currency (CBDC) liquidity and interconnection tool. The settlement involved sending 50 million dirhams ($13.6 million) directly to China. UAE Completes First Digital Dirham Settlement Using Mbridge UAE has completed the first payment of its central bank digital currency (CBDC), the digital dirham, using the Mbridge platform, a CBDC interconnection platform. The settlement, which involved the disbursement of 50 million digital dirhams ($13.6 million), was completed by Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the United Arab Emirates (UAE), and sent this amount directly to China. The transaction was completed during the fiftieth-anniversary celebration of the Central Bank of UAE, with Sheikh Mansour emphasizing the focus on making the UAE a fi...

Facing charges from the SEC over its crypto lending practices, Genesis has agreed to a $21 million settlement. This move aims to close a chapter of legal challenges following the company’s bankruptcy filing last year amid a wider crypto market collapse. Genesis Strikes $21 Million Deal With SEC to Resolve Lawsuit Genesis Global Holdco has agreed to a $21 million settlement to resolve a lawsuit related to its crypto lending practices. Genesis, a subsidiary of Digital Currency Group, faced allegations from the SEC concerning the unregistered offer and sale of securities through its Gemini Earn program. The proposed settlement, disclosed in a filing with the U.S. Bankruptcy Court for the Southern District of New York, is set to be a crucial step towards resolving the civil actions initiated by the SEC. This move comes after a tumultuous period for Genesis, which filed for bankruptcy in January 2023 following the collapse of major crypto entities such as Three Arrows Capital and the ...

Economist Peter Schiff says Federal Reserve Chairman Jerome Powell taking the March rate cut off the table “may have actually raised the probability that the Fed will indeed serve up the first rate cut in March.” Moreover, Schiff explained that the Fed’s job is actually to create inflation and then pretend to fight it. “The Fed creates inflation to both enable the federal government to run large budget deficits and to prop up financial markets,” the economist emphasized. Peter Schiff on Fed Rate Cut and Inflation Economist and gold bug Peter Schiff shared his perspective on the U.S. economy, the Federal Reserve’s policy, and the likelihood of a March interest rate cut in a series of posts on social media platform X this week. The Fed decided to leave interest rates unchanged on Wednesday. Federal Reserve Chairman Jerome Powell also indicated that the Federal Open Market Committee (FOMC) won’t cut rates in March. “I don’t think it’s likely that the committee will reach a level of...

The U.K. Metropolitan Police have reportedly seized more than 61,000 bitcoins from a massive Chinese investment fraud. A British citizen is accused of laundering bitcoin for a Chinese fugitive who allegedly stole roughly $6.4 billion from more than 128,000 investors. British Police Seize Over 61,000 Bitcoins The U.K. Metropolitan Police have seized more than 61,000 bitcoins from a massive investment fraud in China, marking one of the largest cryptocurrency seizures globally, the Financial Times reported Tuesday. The bitcoin seizure information was disclosed during a trial of 42-year-old Jian Wen, who is accused of laundering bitcoin for her former employer, Zhimin Qian (also known as Yadi Zhang), an alleged fugitive from China. Wen moved to the U.K. in 2007 from China and became a British citizen in 2018. At the start of the trial at Southwark Crown Court on Monday, the prosecution informed the jury that the seized BTC originated from an investment fraud conducted by Zhang in Chi...

On Feb. 1, 2024, Valkyrie Digital Assets, a cryptocurrency asset manager, revealed in a Form 8-K submission to the U.S. Securities and Exchange Commission (SEC) that it has selected Bitgo to provide custodial services for its spot bitcoin exchange-traded fund (ETF). Bitgo to Safekeep the Bitcoin Assets Associated With Valkyrie’s BRRR Recently acquired by Coinshares, Valkyrie, the fund management company, declared that Bitgo will engage in “custody and safekeeping of the Trust’s bitcoin holdings,” indicating that the custodian will oversee the funds of Valkyrie’s spot bitcoin ETF. Based in Nashville, Valkyrie was among the nine newly introduced spot bitcoin ETFs that became operational concurrently with the freshly revamped bitcoin trust managed by Grayscale. The contract stipulates that Bitgo must uphold an insurance policy, which at the very least, provides coverage against duplication and theft of private keys, internal theft or fraudulent acts by Bitgo’s staff or executives, a...

A recent international survey by Bitget has illuminated the crypto market’s hopeful perspective, drawing insights from close to 10,000 individuals across areas such as West Europe, East Europe, Southeast Asia, East Asia, MENA, and Latin America. More than half of the participants globally anticipate that bitcoin prices will hover between $30,000 and $60,000 during the halving period (around April 2024), while 30% foresee the price exceeding the $60,000 mark. Bitget Survey Shows High Optimism Among Crypto Investors Bitget ’s latest survey shared with Bitcoin.com News, uncovers a robust conviction in bitcoin’s capacity to outdo its previous peak by 2024, with 84% of investors foreseeing substantial growth preceding the forthcoming halving occurrence. The approach adopted by Bitget for this survey facilitated a thorough grasp of the worldwide investor sentiment regarding crypto assets. Engaging nearly 10,000 people from diverse regions, the study offered a broad perspective on the ant...

Rich Dad Poor Dad author Robert Kiyosaki has shared the reason why he owns bitcoin, stating that the cryptocurrency protects against “the theft of our wealth via our money.” The famous author warned that the Federal Reserve, the government, and Wall Street bankers steal our wealth, specifically via inflation, taxation, and stock price manipulation. Robert Kiyosaki Explains Why He Owns Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, has explained why he owns 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 explained in a post on social media platform X Tuesday: Why I own bitcoin. Bitcoin is protection against the theft of our wealth via our money. “Fed Chairman Powell, Treasury Secretary Yellen, and Wall Street bankers steal our wealth via our mone...

Billionaire venture capitalist Tim Draper has doubled down on bitcoin and his price prediction of the crypto. “I think that there’s going to be a moment where there’s a run on the banks,” he cautioned, adding: “I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people won’t want dollars anymore.” Tim Draper on Government and Bitcoin Billionaire venture capitalist Tim Draper discussed his bitcoin outlook in an interview with Bloomberg on Tuesday. Draper is famous for his $250,000 bitcoin price prediction . When the price of BTC was $400, he predicted that it would take four years for it to reach $250K. Draper admitted that his prediction missed the mark because he underestimated several crucial factors. “A few things I didn’t expect. I didn’t expect the U.S. government to be so paranoid about it [bitcoin]. I expected the U.S. government to figure out how to tax it and figure out how to allow people to do business w...

As part of its ongoing efforts to modernize financial regulations, China is revising its Anti-Money Laundering laws to include stringent measures against cryptocurrency-related transactions. This revision, the first since 2007, aims to plug the legal gaps exploited in the burgeoning world of digital currencies. China to Tighten Grip on Digital Assets With Revised Anti-Money Laundering Law China is set to overhaul its Anti-Money Laundering (AML) laws, incorporating cryptocurrency-related transactions into its regulatory framework. This major revision, according to an article in Jiemian.com , is the first since 2007 and comes amid increasing concerns over the use of digital assets in money laundering activities. Prime Minister Li Qiang chaired a key executive meeting of the State Council on Jan. 22, to address the revised AML law. The initial draft for this revision was first proposed in June 2021 and later included in the 2023 legislative work plan of the State Council. The final la...

The SEC has decided to abandon its lawsuit against Debt Box, a crypto company previously accused of defrauding investors of millions. This decision follows the SEC’s acknowledgment of presenting misleading information in court, a revelation that undermines the agency’s case and credibility. Inaccuracies in Court Lead SEC to Drop Fraud Case Against Crypto Firm Debt Box The U.S. Securities and Exchange Commission (SEC) has requested to dismiss its lawsuit against crypto startup Debt Box. The decision comes after the SEC admitted to making inaccurate statements in court. The lawsuit, initially filed against Digital Licensing Inc., which does business as Debt Box, accused the company of defrauding investors of at least $49 million. The SEC claimed that Debt Box offered “node licenses” for mining cryptocurrencies that were never actually mined. This action was part of a broader crackdown by the SEC on cryptocurrency firms, under the leadership of Chair Gary Gensler who has repeatedly s...

Standard Chartered has predicted that the U.S. Securities and Exchange Commission (SEC) will likely approve a spot ethereum exchange-traded fund (ETF) in May. The banking giant’s analyst foresees the price of ether rising to $4,000 by the expected approval date. Standard Chartered’s Ethereum ETF Prediction Standard Chartered published a note on Tuesday detailing why it expects the U.S. Securities and Exchange Commission (SEC) to approve spot ethereum exchange-traded funds (ETFs) in May, Bloomberg reported. The bank’s head of crypto research and Western emerging markets FX, Geoff Kendrick, anticipates the SEC’s approval of spot ethereum ETFs to mirror the agency’s approach to spot bitcoin ETF approvals. The analyst explained that May 23 is the last date by which the securities regulator must approve or deny spot ethereum ETF applications from Vaneck and Ark 21shares. He expects the SEC to make a decision on the final date, similar to its Jan. 10 approval of 11 spot bitcoin ETFs. Ken...

During a panel discussion at the recent Foundation for Defense of Democracies event, Arkansas Republican French Hill shared a positive update on the trajectory of the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. US Representative French Hill Foresees Bright Future for Crypto Bills at FDD Event In a recent event hosted by the Foundation for Defense of Democracies (FDD) on Jan. 29, Rep. French Hill, an Arkansas Republican and chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, shared promising updates on the progress of two significant crypto-related bills. Rep. Hill, during a panel discussion at the FDD event, conveyed a sense of optimism about the advancement of legislation concerning stablecoins and the broader regulatory framework for cryptocurrencies. He noted that by the end of 2023, lawmakers had marked up two bills: the Financial Innovation and Technology for t...

A Finnish law enforcement agency, the National Bureau of Investigation (NBI), recently claimed that it may have found a way to trace the privacy coin Monero. However, proponents of the privacy coin have dismissed the agency’s claims and insisted that the cryptocurrency is still untraceable. Identification of Hacker Behind Vastaamo Data Breach Revealed The Finnish law enforcement agency, the National Bureau of Investigation (NBI), recently claimed that it has found a way of identifying individuals who use the privacy coin Monero ( XMR ) to launder money. To back this claim, the agency produced a report explaining why it concluded that Julius Aleksanteri Kivimäki was the criminal behind the Vastaamo breach. Finnish authorities have long believed Kivimäki to be the cybercriminal behind the hacking of the private psychotherapy service provider Vastaamo’s patient database in October 2020. After gaining access to patients’ records, Kivimäki demanded 40 bitcoins ( BTC ) in exchange for no...

Douglas Boneparth, the president and founder of Bona Fide Wealth, recently articulated his perspective on bitcoin, describing it as a digital equivalent of gold or a store of value in the digital realm. In addition, Boneparth further highlighted the contrasts in approach between traditional trade finance behemoths such as Blackrock and Fidelity, and those more ingrained in the cryptocurrency world, such as Bitwise and Vaneck. Investments That Produce Alpha — ‘These Are Things That Clients Will Always Have Some Appetite for,’ Says Boneparth In a recent discussion , Douglas Boneparth, president and founder of Bona Fide Wealth, shed light on the emerging spot bitcoin exchange-traded funds (ETFs) and the categorization of bitcoin as an asset class. Engaging with Eric Balchunas , Bloomberg’s senior ETF analyst, on the “Bloomberg ETF IQ” show, Boneparth compared bitcoin to what he terms digital gold. “I do view it in its most simplistic form as digital gold, as a digital store of value,”...

An Indian national has pleaded guilty in a case involving “the largest single cryptocurrency and cash seizure” in the U.S. Drug Enforcement Administration (DEA) history. The defendant “is designated as a Consolidated Priority Target, which makes him one of the most significant drug trafficking threats in the world,” the U.S. Department of Justice (DOJ) described. This Case Involves Largest Single Cryptocurrency and Cash Seizure in DEA History, Says DOJ The U.S. Department of Justice (DOJ) announced Friday that a 40-year-old Indian national, Banmeet Singh, has pleaded guilty to “running a dark web narcotics conspiracy.” Specifically, he pleaded guilty to conspiracy to possess with the intent to distribute controlled substances and conspiracy to commit money laundering. The announcement details: According to the DEA, this case involves the largest single cryptocurrency and cash seizure in DEA history; the defendant has forfeited cryptocurrency accounts that ultimately became worth $...

Veteran trader Peter Brandt has highlighted a bitcoin price pattern that frequently appeared in past major bull runs. “It is the Hump …Slump …Pump… Dump [HSPD] that keeps a bull trend healthy,” he explained, emphasizing: “Study past major bull runs in bitcoin and you will discover they were replete with HSPDs.” Bitcoin Bull Runs and HSPD Pattern Veteran trader Peter Brandt shared his observation about bitcoin’s price pattern he called the “Hump, Slump, Pump, Dump” (HSPD) on social media platform X Sunday. “The old ‘Hump with a Slump then a Pump and a Dump’ is back — and this is the price behavior that separates Chumps from their money,” the trader described. “Study past major bull runs in bitcoin ( BTC ) and you will discover they were replete with HSPDs. The Chumps FOMO [fear of missing out] buy the Pump only to puke out their purchases with the Dump.” Brandt opined: It is the Hump…Slump…Pump…Dump that keeps a bull trend healthy. Let’s see if HSPD works its magic once again. B...

A new Binance survey has found that 73% of European respondents are optimistic about the future of crypto, with 55% exclusively using cryptocurrencies for everyday purchases. “We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies,” said Binance’s CMO. Europe ‘Actively Paving the Way for Mainstream Adoption of Digital Assets’ Cryptocurrency exchange Binance recently surveyed its European users in France, Spain, Italy, and Sweden to understand their crypto investing habits. The survey was conducted between Oct. 14 and Nov. 8, 2023, with 10,498 participants. The results were released on Jan. 24. According to the results, 73% of respondents are optimistic about the future of cryptocurrency, with 55% exclusively using cryptocurrencies for everyday purchases and 24% making over half their trades in crypto. Beyond everyday spending, the survey reveals diverse crypto uses: 34% for long-term tr...

The Stellar Development Foundation wishes to put a hold on the upcoming Protocol 20 upgrade of the Stellar blockchain network, originally scheduled for January 30. This decision follows the discovery of a bug that could impact the Soroban smart contract transactions. Stellar Development Foundation Wants to Hit Pause on Protocol 20 Upgrade Due to Critical Bug The Stellar Development Foundation (SDF) has announced a delay in the Protocol 20 upgrade of the Stellar blockchain, originally scheduled for January 30. The decision follows the discovery of a bug in Stellar Core v20.1.0, which could potentially impact Soroban transactions. The SDF, in a blog post dated January 27, expressed its commitment to ensuring the network’s readiness for the upgrade, but also the importance of consensus within the ecosystem. “We are not an ecosystem of one,” the post read, emphasizing the collaborative nature of the decision-making process. The bug , identified on January 25, affects fee-bumped Sorob...

Congressman Rand Paul reintroduced the Federal Reserve Transparency Act, also known as the “Audit the Fed” Bill, as a standalone piece of regulation into the U.S. Senate. The bill seeks to take the lid off what Paul considers to be the “entirely unknown inner workings” of the U.S. Federal Reserve and its operations. Senator Rand Paul Announces Reintroduction of Federal Reserve Transparency Act U.S. Senator Rand Paul from Kentucky announced he was reintroducing the Federal Reserve Transparency Act, also known as the “Audit the Fed” bill, into the U.S. Senate. The regulation aims to bring transparency and oversight to the inner workings of the U.S. Federal Reserve, which Paul criticizes as obscure and almost entirely unknown. In its current form, the bill would repeal the current statutory protections preventing the organization of a full audit of the Board of the Fed and its banks, ordering the U.S. Government Accountability Office (GAO) to scrutinize the Fed’s actions, transactions...

U.S. presidential candidates Robert F. Kennedy Jr. (RFK Jr.) and Donald Trump have independently promised the American people to stop the creation of a central bank digital currency (CBDC) in the U.S. if elected President. “I will protect Americans from government tyranny,” Trump said, adding that a CBDC “would be a dangerous threat to freedom.” Kennedy similarly warned that a digital dollar “will allow the government to surveil all our private financial affairs.” Donald Trump and Robert F. Kennedy Jr. Both Vow to Stop CBDC Creation if Elected U.S. presidential candidates Donald Trump and Robert F. Kennedy Jr. (RFK Jr.) have independently voiced strong opposition to the creation of a central bank digital currency (CBDC) in the U.S. Kennedy posted on social media platform X last week that he has been discussing financial freedom in the 21st century with Dr. Joseph Mercola, an osteopathic physician and best-selling author. The presidential hopeful promised: “As president, I will end ...

Financial giant Vanguard has explained why the firm does not make spot bitcoin exchange-traded funds (ETFs) available on its trading platform. A Vanguard executive stressed that cryptocurrency is “an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.” Vanguard Explains Why It Disallows Spot Bitcoin ETFs Vanguard published a blog post titled “No Bitcoin ETFs at Vanguard? Here’s why” on Jan. 24, explaining the firm’s stance on cryptocurrency and why it does not allow clients to trade the newly approved spot bitcoin exchange-traded funds (ETFs). Vanguard serves more than 50 million investors worldwide as of Dec. 31, 2023. The firm manages around $8 trillion globally. Following the approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) earlier this month, Vanguard has drawn attention for disallowing its clients to trade the newly launched products. The company also has no plans...

In a recent interview with Gareth Soloway, the chief market strategist at verifiedinvesting.com, Soloway suggested that bitcoin might revisit the $15K level should a significant stock market sell-off occur. Soloway Predicts Potential Bitcoin Dip to $15K Two days ago, in a freshly released Youtube video, Gareth Soloway of verifiedinvesting.com engaged in a new interview with Michelle Makori, Kitco News’ lead anchor and editor-in-chief, delving into bitcoin’s latest trends and its potential future trajectory. Soloway shared insights on his approach to analyzing various data sets for forecasting future trends and drawing conclusions. He highlighted the alignment of the 2017 and 2021 bitcoin bull markets with significant events: the introduction of regulated bitcoin futures in 2017 and the Coinbase initial public offering (IPO) in 2021. Soloway said: These big news stories create so much hype and the top in bitcoin. For Soloway, the current bitcoin price level and its recent do...