Bitcoin News and Finance: What You Need to Know

Disney, one of the biggest entertainment companies, has decided to acquire a $1.5 billion stake in Epic Games, makers of the known persistent metaverse platform Fortnite. The companies will collaborate to develop a metaverse featuring Disney-owned intellectual properties (IPs) which will benefit from interaction and coexistence with Fortnite. The Disney Metaverse Is Coming Disney is […]

Ethereum has shed a significant part of its supply since the London upgrade, applied in August 2021. According to ultrasound.money, a portal that records several statistics associated with the ETH burn, over 4 million ether (3.2%) have been removed from the network since the adoption of EIP-1559, which changed how fees are calculated. EIP-1559 Burns […]

Since the conclusion of the spot bitcoin exchange-traded fund (ETF) trading sessions on Feb. 9, 2024, the nine freshly launched ETFs have amassed 6,009.49 bitcoin, valued at approximately $288 million. Concurrently, Grayscale’s Bitcoin Trust (GBTC), which evolved into a publicly-traded exchange-traded product, has sold off about 2,252.2 bitcoin, amounting to roughly $108 million. New Bitcoin […]

Playdapp, a Web3 gaming platform, recently confirmed that it was a victim of a hacking incident which saw criminals mint tokens worth approximately $31 million. Playdapp said it has offered to reward the hackers if they agree to return the stolen assets and contracts. Crypto Exchanges Urged to Block Compromised PLA Tokens Playdapp, a Web3 […]

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has assured lawmakers that the securities regulator “takes its cybersecurity obligations seriously.” Lawmakers raised concerns following the hacking of the SEC’s account on social media platform X, where a post falsely announced the approval of spot bitcoin exchange-traded funds (ETFs). Gensler: SEC Takes Cybersecurity Obligations Seriously […]

Russian President Vladimir Putin says the U.S. dollar is the main weapon used by the United States to preserve its power across the world. However, he stressed that when “the political leadership decided to use the dollar as a tool of political struggle, a blow was dealt to this American power.” He called it a […]

Rich Dad Poor Dad author Robert Kiyosaki has cautioned about the impending downfall of the American empire, drawing parallels to the decline of the Roman Empire. “The Roman Empire ended in the same way with massive gladiators entertaining chubby Romans while their bankers debased their currency to pay soldiers and bills,” he said, adding that […]

This week, the Dydx Foundation revealed it has secured a $30 million allocation from the Dydx Chain Community Treasury. This financial infusion is designated to extend the foundation’s operational capacity by an additional three years, facilitating the execution of the project’s strategic roadmap. Community Treasury Allocates $30 Million to Dydx Foundation for Enhanced Ecosystem Innovation […]

Citrea, a project that aims to scale Bitcoin through ZK rollups, came out of stealth on Tuesday. The project aims to become a pathway for several initiatives to take advantage of the decentralization and security of Bitcoin while at the same time contributing to scaling and giving developers the ability to adapt Ethereum Virtual Machine […]

Coinbase, a leading U.S. cryptocurrency exchange, claims that Americans could have saved at least $74 million in 2022 by leveraging crypto tech instead of using credit cards as payment options. In its latest State of Crypto report, Coinbase reveals how traditional finance system institutions keep transaction fees high in a system “mired in delays.” Coinbase […]

Starkware, in a collaboration with Herodotus Dev, is poised to launch the ‘Cairo Verifier,’ a system designed to verify cryptographic proofs on Starknet’s Layer two. This innovation aims to circumvent the Ethereum mainnet, offering a solution to the comparatively costly and slow verification process. Starkware Unveils ‘Cairo Verifier’ to Boost Layer Three Blockchain Scalability Starkware, […]

Polygon Labs has rolled out its latest innovation, the “Type-1 prover.” This upgrade could introduce a new era for Ethereum Virtual Machine compatible chains, enabling the generation of zero-knowledge proofs while ensuring transaction costs plummet. Polygon Unveils ‘Type-1’ Prover to Enhance Ethereum’s Ecosystem Polygon Labs has launched the Type-1 zkevm prover upgrade. Developed in collaboration […]

Tecpetrol, an Argentina-based oil and gas company, has reported the benefits of including crypto mining operations in its oil explorative activities. According to Tecpetrol CEO Ricardo Markous, including on-site vented gas generators to mine cryptocurrency has allowed oil production to rise fivefold in Los Toldos II, an exploration project located in the Vaca Muerta oilfield. […]

The bitcoin mining corporation Iris Energy, listed on the Nasdaq, has declared its entry into a cloud services partnership with the artificial intelligence (AI) startup Poolside AI. The collaboration with Poolside comes after Iris acquired 248 Nvidia H100 graphics processing units (GPUs) for $10 million in August 2023. Iris Energy Partners With Poolside AI On […]

Bitcoin’s computational power soared to unprecedented heights this week, climbing to 609 exahash per second (EH/s) on Thursday, as per the seven-day simple moving average (SMA). Over the last year, figures reveal a staggering increase in Bitcoin’s hashrate, surging by 332 quintillion hashes per second. Bitcoin’s Computational Power Skyrockets On Feb. 8, 2024, the hashrate […]

Nasdaq-listed Microstrategy has increased its cryptocurrency holdings to 190,000 bitcoins, having acquired 31,755 additional coins since the end of the third quarter. The company now considers itself “the world’s first Bitcoin development company,” with a unique value proposition, even when compared to spot bitcoin exchange-traded funds (ETFs). “We are a publicly-traded operating company committed to the continued development of the Bitcoin network through our activities in the financial markets, advocacy, and technology innovation,” Microstrategy detailed. Microstrategy Now Holds 190,000 Bitcoins Microstrategy Inc. (Nasdaq: MSTR) released its earnings report for Q4 2023 on Tuesday. The company revealed that it bought 31,755 more BTC since the end of the third quarter, including 850 BTC acquired in January. Microstrategy executive chairman Michael Saylor announced on social media platform X Tuesday: In January, Microstrategy acquired an additional 850 BTC for $37.2 million and ...

The United States Securities and Exchange Commission (SEC) has delayed its ruling on the Invesco Galaxy ether exchange-traded fund (ETF), and has now been pushed to potentially July 2024 after opening the proposal to public comments. Invesco and Galaxy Spot Ethereum ETF Decision Delayed by SEC The SEC has once again postponed its verdict on a proposed spot ether ETF. The delay affects the application by investment giants Invesco and Galaxy Digital, which had sought to launch the Invesco Galaxy Ethereum ETF on the Cboe BZX Exchange. In a notice dated Feb. 6, the SEC announced its intention to open the proposal to public commentary, extending the decision-making period by an additional 35 days from its publication in the Federal Register. The SEC can push the final decision up to 240 days from the filing date in October 2023, which means the final potential deadline is July 2024 for the SEC’s ruling. The application by Invesco and Galaxy Digital comes amid a wave of interest in cry...

After the leading privacy crypto token monero experienced a substantial 32% price decline on Tuesday, the coin’s value swiftly saw recovery the next day, surging by 25% within the last 24 hours. Binance, Kraken, and Kucoin are witnessing significant activity in monero’s daily trading volume, amounting to $256.91 million over the past 24 hours. Monero’s Quick Bounce Back Monero (XMR) experienced a sharp decline on Feb. 6, 2024, plunging to levels not witnessed since June 2022. The top privacy coin saw a significant 32% decrease, reaching a low of $100.40 per unit on Binance during Tuesday’s trading sessions. This downturn followed Binance’s announcement of XMR ’s delisting scheduled for Feb. 20. Privacy coins have increasingly become targets, with Okx’s decision to remove XMR in December, along with seven other assets, preceding Binance’s move. Delisting poses challenges for crypto projects and their supporters, as it complicates the acquisition of the digital currency. Nonethele...

South Korea’s financial watchdog chief is planning to visit the U.S. to discuss crypto regulation with the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, with a focus on the SEC’s recent decision to approve spot bitcoin exchange-traded funds (ETFs). He stressed that currently, the impact of SEC policies on the world is important. South Korea Seeks to Discuss Crypto Regulation With SEC Chair Gary Gensler South Korea’s Financial Supervisory Service (FSS) Governor Lee Bok-hyun announced on Monday his intention to visit leading financial markets in 2024, including the U.S., local media reported. During these visits, the FSS chief plans to engage in discussions on key regulatory issues, including those pertaining to the cryptocurrency industry, with a particular focus on spot bitcoin exchange-traded funds (ETFs). He stated during a Q&A with reporters: I will meet with SEC Chairman Gary Gensler (this year) and there are areas where we will focus on … s...

A federal judge has ruled in favor of the U.S. Securities and Exchange Commission (SEC) and ordered Ripple to comply with the regulator’s post-complaint discovery requests concerning XRP . Ripple must also answer an interrogatory regarding the amount of XRP institutional sales proceeds it received after the SEC complaint was filed. Judge Grants SEC’s Motion Against Ripple On Monday, U.S. Magistrate Judge Sarah Netburn ruled in favor of the U.S. Securities and Exchange Commission (SEC) against Ripple Labs concerning XRP . The securities regulator seeks an order compelling Ripple to produce “2022-2023 financial statements” and “post-complaint contracts governing ‘institutional sales.'” The SEC also wants the crypto firm to “answer an interrogatory regarding the amount of XRP institutional sales proceeds it received after the complaint was filed,” Monday’s court document details, adding: The SEC’s motion is granted in full. The court also addressed Ripple’s objections to th...

After the trading activity on Monday, which saw $642 million in transaction volume, Grayscale’s Bitcoin Trust sold off approximately 3,426.99 bitcoin, valued at around $147 million. Following Tuesday’s trading activity, GBTC offloaded an additional 2,565.39 bitcoin, valued at $110 million. Concurrently, Blackrock’s IBIT has acquired an additional 3,235.87 bitcoin, while Fidelity’s FBTC has secured 2,732.75 more bitcoin. ETF Shift: Grayscale Cuts Bitcoin Position as Rivals Accumulate Grayscale’s Bitcoin Trust ( GBTC ) has been actively decreasing its holdings, with 3,426.99 BTC being deducted from its exchange-traded fund’s (ETF) assets after Monday and 2,565.39 BTC on Tuesday. The trust’s current balance stands at 472,345.05 BTC , with its worth estimated at $20.34 billion. Since Jan. 12, 2024 , GBTC has seen a reduction in its holdings by 144,734.94 BTC , translating to an approximate value of $6.23 billion. Bitmex research shows since Jan. 11, 2024, the day prior, GBTC has she...

Beijing is prepared to apply a new policy to strengthen the actions to foster energy conservation in several aspects of the city’s operations, promoting carbon and pollution reduction. The plan proposes to increase the oversight level on Bitcoin mining activities, thwarting its remnants. Beijing to Thwart Cryptocurrency Mining Activities in Energy Conservation Plan The city of Beijing has revealed a new set of policies aimed at enhancing energy conservation, tackling several activities with measures focused on this end. The document states that the city considers energy conservation a “key area” to strengthen the conservation of energy resources and a requirement for building an ecological civilization. Cryptocurrency mining is included among the activities that will be policed specifically to promote carbon reduction, pollution reduction, and the expansion of green energy alongside construction, transportation, industry, and information technology. On the actions that will be ta...

JPMorgan has warned of increased risk for the crypto market resulting from Tether’s “lack of regulatory compliance and transparency.” The global investment bank’s analysts explained that other stablecoin issuers that have been more compliant with existing regulations are likely to benefit from the coming regulatory crackdown on stablecoins and gain market share. JPMorgan Warns About Tether and Crypto Market Risks Global investment bank JPMorgan released a report on Thursday cautioning that the rapid expansion of Tether’s USDT stablecoin is a risk for the crypto market overall. USDT is the world’s largest stablecoin, with a market capitalization exceeding $96 billion at the time of writing. JPMorgan’s analysts explained that Tether’s “lack of regulatory compliance and transparency” is an increasing risk for the overall crypto market. Noting that Tether falls short of competitor Circle, the issuer of USDC, when it comes to regulatory compliance for their stablecoins, the analysts w...

Federal Reserve Chairman Jerome Powell says in the long run, the U.S. federal government is on an unsustainable fiscal path due to its ballooning debt growing faster than the economy. Moreover, the Fed chair cautioned that there will be some banks that have to be closed or merged out of existence. Jay Powell on US Economy, Rate Cuts, Banking Crisis Federal Reserve Chair Jerome Powell addressed issues concerning the U.S. economy, interest rate cuts, and potential banking crisis in an interview with 60 Minutes, published on Sunday. Replying to a question about whether the national debt is a danger to the U.S. economy, Powell said: In the long run, the U.S. federal government is on an unsustainable fiscal path. He noted that it means “the debt is growing faster than the economy,” emphasizing that “it is unsustainable.” However, Powell stressed: “I don’t think that’s at all controversial. I think we know that we have to get back on a sustainable fiscal path, and I think you’re star...

The sale of Taproot Wizards’ Quantum Cats non-fungible tokens (NFTs) has so far successfully amassed 268.3 bitcoin, equating to $11.3 million at the current market value. This achievement comes despite earlier hurdles that delayed the sale due to technical issues, resulting in 2,681 Quantum Cat NFTs being snapped up thus far. Quantum Cats NFT Mint Rakes in Over 268 Bitcoin Before Public Sale Bitcoin.com News covered the Taproot Wizards’ Quantum Cats NFT sale three days prior, noting the technical challenges that led to a postponed sale. By Feb. 5, 2023, the sale kicked off, with a significant portion of these Ordinal inscription collectibles being purchased before the general public had a chance to participate. Initially, access to the collection was exclusively granted to whitelisted individuals for a certain duration, after which the opportunity was opened up to the broader public. Before the end of the whitelist period, the project’s X account announced that 2,600 cats had bee...

President Nayib Bukele, a pioneer in introducing the law that made bitcoin legal tender in El Salvador, has been reelected as president of the country in the ballot completed on Sunday. The Latam leader, who will reportedly continue implementing bitcoin-related policies, won by a landslide, scoring 85% of the popular vote. Bitcoin Advocate Nayib Bukele Gets Reelected With 85% of the Popular Vote Nayib Bukele, the current president of El Salvador, won the presidential election on Sunday by a landslide, an outcome that was predicted by mostly all local polls and reports. The leader, who has been vocal about his support of Bitcoin and introduced the disputed idea of establishing bitcoin as legal tender in a country for the first time, agglomerated the support of most of the Salvadoran society, scoring at least 85% of the popular vote. Celebrating his victory, Bukele stated : We have won the presidential election with more than 85% of the votes and a minimum of 58 out of 60 deputies ...

Cryptocurrency exchange Coinbase says many technical factors pressuring bitcoin, and crypto more broadly, are starting to be exhausted. “We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” Coinbase’s analysts detailed. Coinbase’s Crypto Outlook Cryptocurrency exchange Coinbase (Nasdaq: COIN) published its “Weekly: Constructive Outlook” report on Friday, offering its insights on BTC ’s future trajectory. Report authors David Duong, Coinbase’s head of institutional research, and David Han, the crypto firm’s institutional research analyst, explained: Many technical factors pressuring bitcoin specifically (and crypto more broadly) are starting to be exhausted, in our view. “This is evidenced by the liquidations at FTX (disposing of their Grayscale Bitcoin Trust or GBTC shares, for example) as well as the emergence of some large defunct entities from bankruptcy. Indeed, net inflows into U.S. spot ...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador to deepen its Bitcoin commitment if President Bukele gets reelected, Argentine President Javier Milei drops crypto tax matters from Omnibus Bill, and Venezuela gets hit by gold sanctions. El Salvador to Maintain Bitcoin as Legal Tender El Salvador Vice President Felix Ulloa said in an interview with Reuters on Wednesday that bitcoin will remain legal tender in El Salvador during the second term of President Nayib Bukele even after the International Monetary Fund (IMF) again urged the country to drop the cryptocurrency as legal tender during negotiations for a billion-dollar loan. Ulloa clarified that the victory of Bukele in the upcoming elections will contribute to the continuation of the Bitcoin policies, such as the launch of the volcano bonds, which are programmed to be issued during the first quarter of 2024. On the law that declare...

Bloomberg’s commodity market expert Mike McGlone warns of a potential downturn for bitcoin, highlighting its disappointing performance against gold since its peak in 2021. On Sunday, McGlone pointed out that the bitcoin/gold ratio had plummeted by about 40% from its 2021 zenith of 37 times. McGlone Highlights Bitcoin-to-Gold Ratio, Warns of Potential Downturn vs Gold Mike McGlone, a Bloomberg commodity analyst, remarks that bitcoin ( BTC ) has fallen short of gold’s performance since reaching its peak in 2021. On Sunday, McGlone offered his most recent evaluation of certain commodities, incorporating BTC into his analysis. “Pattern Recognition, Gaps and Gold vs. Bitcoin — Since they began trading in 1997, S&P 500 E-mini futures never left a gap on the weekly charts until December — from 4,614 to 4,652 — with back-and-fill implications for risk assets,” the analyst wrote. McGlone added: My graphic shows two previous chart holes since 2017 that were subsequently filled. What’s...

Asset management firm Ark Invest has highlighted four major catalysts that will drive the price of bitcoin this year. “Bitcoin has emerged as an independent asset class worthy of a strategic allocation in institutional portfolios,” Ark described in its Big Ideas 2024 publication. “The shift in perception of bitcoin — from a speculative instrument to a strategic investment in a diversified portfolio — should characterize its evolution in 2024.” Ark Invest’s Big Ideas 2024 Ark Investment Management (Ark Invest) published its “ Big Ideas 2024 ” on Wednesday. “Big Ideas offers a comprehensive analysis of technological convergence and its potential to revolutionize industries and economies,” the asset management firm explained. Citing Ark’s research, the report states that “bitcoin has emerged as an independent asset class worthy of a strategic allocation in institutional portfolios.” The Big Ideas report discusses various topics, including four “major catalysts” that Ark expects to dri...