Bitcoin Magazine

07 Mar 2023 07:40

🇸🇻 El Salvador’s Bitcoin Legal Tender Boosts Tourism By 95%, President Says

El Salvador’s President says making Bitcoin legal tender increased tourism by 95%. Cryptocurrency adoption is growing in the country. The adoption of BTC in El Salvador hasn’t been without controversy, with The World Bank rejecting the country’s request to assist its transition to the crypto king due to environmental concerns.

El Salvador President Nayib Bukele made headlines last year when he announced that the king of cryptocurrencies would become legal tender in his country. Now, nearly nine months after the implementation of the policy, Bukele claims that BTC adoption has led to a significant increase in tourism. According to Bukele, tourism has increased by 95% since the country adopted Bitcoin. This significant figure highlights the potential benefits of embracing cryptocurrencies as legal tender. El Salvador’s move to accept Bitcoin has generated interest from the global crypto community, with many individuals and companies looking to explore investment opportunities in the country.

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Bitcoin Magazine

06 Mar 2023 08:10

📣 Celsius’ WBTC To Bitcoin Conversion Shakes Up Crypto Market With Massive Surge

Celsius, a cryptocurrency lending platform that has been struggling financially, recently converted nearly 23,000 Wrapped Bitcoin (WBTC) tokens into Bitcoin. Celsius has been working to find a way forward. Last month, it proposed a sale to NovaWulf Digital Management, an investment firm led by former Wall Street executives.

The conversion was approved by the Celsius creditor committee and occurred on February 28th, according to court filings related to Celsius’ ongoing Chapter 11 bankruptcy proceedings. Celsius has been one of several crypto lenders to experience financial difficulties during the recent bear market. The company entered into Chapter 11 bankruptcy proceedings last year after revealing a significant deficit in its balance sheet. Since then, it has been working to restructure its operations and pay off creditors. WBTC is a token that is pegged to the price of Bitcoin and is used to facilitate transactions on the Ethereum network.

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Bitcoin Magazine

04 Mar 2023 06:11

📊 GBTC trading at 45% discount to NAV less than a week from SEC trial

Grayscale presents oral arguments against the Securities and Exchange Commission, the discount price of Grayscale Bitcoin Trust (GBTC) traded at at a low of 45.9% relative to net asset value on Thursday, according to data from The Block. The GBTC discount hit an all-time low on Dec. 13.

GBTC trades at a discount to the NAV of the fund, since holding shares in the fund doesn't grant the holder access to its underlying assets. Until early 2021, shares in the fund traded at a premium before flipping to a discount. As a result, the market price of GBTC shares is more than 47% lower than the value of the bitcoin in the fund or its NAV. The fund will appear in the District of Colombia Court of Appeals this Tuesday March 7, contesting the Securities and Exchange Commission’s decision from June 2022.

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Bitcoin Magazine

02 Mar 2023 04:19

🇫🇷 France passes new crypto registration rules for firms

The French National Assembly passed a set of licensing rules for crypto firms operating in the country as part of a broader bill aimed at harmonizing French law with European Union standards. Crypto firms in France dodged far tougher provisions proposed in response to the collapse of FTX.

The final National Assembly vote tally was 109 in favor to 71 against. The French Senate already passed the bill, so it will travel next to French President Emmanuel Macron, who has 15 days to either approve it or send it back to the legislature, though the bill is expected to become law. Following an industry push, the provisions will take a milder form than French policymakers originally proposed amid a regulatory push after the collapse of FTX — taking a step toward broader anticipated EU rules.

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Bitcoin Magazine

28 Feb 2023 08:58

💰 BitMEX Founder Urges Bitcoin Investment Amid Warning Of Global Crash

BitMEX founder and crypto veteran Arthur Hayes warns of an impending financial crash and recommends Bitcoin as a hedge against inflation. He advises diversifying with altcoins like Ethereum, Solana, and Cardano while using leverage sparingly and keeping cash in reserve.

Arthur Hayes, the co-founder of BitMEX, warns that a massive global financial crash is looming and shares his Bitcoin and crypto strategy. Hayes argues that the global financial system is in a precarious state and that a significant market correction is imminent. In response, he recommends investing in Bitcoin, which he sees as a hedge against inflation and a store of value. Hayes also advises diversifying the cryptocurrency portfolios by investing in other promising altcoins such as Ethereum, Solana, and Cardano.

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Bitcoin Magazine

26 Feb 2023 09:59

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Bitcoin Magazine

25 Feb 2023 05:35

🇺🇸 US Regulators Caution Banks On The Risks Of Crypto Liquidity

US regulators have issued a warning to banks regarding the potential liquidity risks associated with cryptocurrencies, particularly in times of market stress. The warning comes amid growing interest in cryptocurrencies among banks and other financial institutions.

According to a joint statement from the Federal Reserve and other US financial regulators, crypto creates serious liquidity risks, further supporting their drive to discourage lenders from lending on digital assets in general. For the first time ever, a warning regarding stablecoin reserves was included in the letter that was released by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. The latest in a series of formal warning pronouncements makes it obvious that any institution playing.

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Bitcoin Magazine

24 Feb 2023 08:47

💰 Indian Finance Minister Pushes for International Cooperation on Crypto Regulation

Indian Finance Minister Nirmala Sitharaman has stressed the importance of international cooperation in order to regulate the crypto sector. She also confirmed that Indian regulators’ crypto awareness campaign will continue to alert people about the risks of investing in crypto.

“The reason is they can be anywhere but operated in India or they can be in India but operated somewhere else,” the Indian finance chief added. Sitharaman also addressed the issue of young Indians, particularly students, putting their pocket money into risky crypto assets with the hope of generating bigger returns. Indian regulators launched a crypto awareness campaign in January. The finance minister noted that the government aims to educate people about crypto and make them aware of the potential risks involved.

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Bitcoin Magazine

22 Feb 2023 05:31

💰 Coinshares reports bitcoin outflows for the first time since December

Coinshares reported outflows from digital asset investment products totaling $32 million last week, the largest weekly amount since December. Coinshares said bitcoin accounted for most of the outflows for the week, totaling $25 million, while short-bitcoin investment products saw inflows of $3.7 million.

Outflows had reached $62 million mid-way through the week, but sentiment improved by Friday, the firm said. Bitcoin trended lower through mid-week and has since picked back up, surpassing $25,000 last week for the first time in more than six months. Bitcoin outflows topped out mid-week and came down as the cryptocurrency increased in value toward the end of the week. Coinshares said bitcoin accounted for most of the outflows for the week, totaling $25 million.

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Bitcoin Magazine

20 Feb 2023 07:05

🇿🇲 Zambia Testing Technology to Regulate Cryptocurrency — Government Minister

The Bank of Zambia and the country’s securities regulators are currently testing the technology to regulate cryptocurrencies, a Zambian government minister has said. According to Felix Mutati, cryptocurrency is a revolutionary technology that embodies a future his country desires to achieve.

The Zambian central bank and the country’s Securities and Exchange Commission are in the process of “testing” technology to regulate cryptocurrencies, the country’s minister of Technology and Science, Felix Mutati, has said. In his remarks published on the ministry’s website, Mutati argued that Zambia needs to regulate this “revolutionary technology” because it encapsulates “the future the country desires to achieve.”.Mutati also revealed that the testing of the regulatory technology will soon be upscaled as part of measures.

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Bitcoin Magazine

18 Feb 2023 08:51

💰 Bitcoin bulls aim to hold this week’s BTC gains leading into Friday’s $675M options expiry

The price of Bitcoin gained 6.3% just two days after reaching $21,370 on Feb. 13, which was the lowest level seen in more than three weeks. The price recovery can be partially explained by the Feb. 14 U.S. Consumer Price Index data displaying a 6.4% increase in year-over-year inflation in January.

While the U.S. Federal Reserve continues to monitor the overheated economy, the most likely scenario is further interest rate hikes to curb inflation. The unintended consequence is the heightened government debt cost, creating a bullish environment for scarce assets such as commodities, stock market and cryptocurrencies. The price gain of Bitcoin practically extinguished bears’ expectation for a sub-$21,500 options expiry on Feb. 17, so their bets are unlikely to pay off as the deadline approaches.

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Bitcoin Magazine

16 Feb 2023 06:25

💰 Bitcoin price eyes $23K despite US dollar strength hitting 6-week high

Bitcoin hit its highest in almost a week on Feb. 15 as "extremely positive" economic data boosted risk asset sentiment. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 2.2% on the day to eye a reclaim of $23,000.

Analysts were already predicting volatility, with the latest economic numbers from the United States delivering a pleasant surprise. Retail sales and the Empire State Manufacturing Index both surpassed market expectations, showing a more resilient economy despite restrictive policy at the Federal Reserve. Core Retail Sales and Retail Sales both smash expectations, while also Manufacturing Index more positive than expected," Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.

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Bitcoin Magazine

14 Feb 2023 10:13

📣 Crypto Payments Firm Wirex and Visa Expand Partnership to 40 Countries

Cryptocurrency payments app Wirex has signed a long-term global partnership with Visa (V) to expand its footprint in Asia-Pacific (APAC) and the U.K., according to an announcement on Monday. The announcement builds on the two companies' existing relationship of a crypto-linked visa debit card in the U.S.

With this expansion the London-based Wirex, which has over 5 million customers, will now be able to directly issue crypto-enabled debit and prepaid cards to over 40 countries. While its largest customer-base is in the U.K., Wirex had previously withdrawn the U.K. Financial Conduct Authority's (FCA) temporary registration regime ahead of a deadline to obtain full registration which meant it would serve U.K-based customers via a subsidiary licensed in Croatia. Visa wants to bring more payment options to consumers by connecting digital currencies.

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Bitcoin Magazine

12 Feb 2023 06:52

⚡️ G20 exploring coordinated crypto regulation

Nirmala Sitharaman, finance minister of current G20 president India, said the group of major economies is exploring whether it can coordinate on crypto regulation. Sitharaman — whose government, under Prime Minister Narendra Modi, and central bank have long debated laws potentially banning cryptocurrencies.

"We are talking with all nations, if we can make some standard operating procedure which is followed by everyone to make a regulatory framework, and if it can be effective," Sitharaman added. Though the Indian government and the Reserve Bank of India have historically been opposed to decentralized cryptocurrencies, the central bank has shown a keen interest in central bank digital currencies. Late last year, it began a pilot for a wholesale digital rupee to reduce transaction costs.

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Bitcoin Magazine

10 Feb 2023 08:41

💰 Bitcoin miner Argo Blockchain's CEO Peter Wall steps down

Peter Wall is stepping down as CEO and interim chairman of Argo Blockchain to "pursue other opportunities." Wall has agreed to remain as an advisor to Argo over the next three months to support the transition. Matthew Shaw has been appointed chairman of the board.

The publicly listed miner will use an executive search firm to help find a long-term replacement for Wall. In addition to Wall's departure, non-executive director to the board Sarah Gow has resigned due to health reasons. She had been on the board since July 2021. These departures follow the exit of the company's CFO, Alex Appleton, who left at the beginning of February. Appleton also said he is leaving to "pursue other opportunities," a filing shows. Argo panicked the market by accidentally publishing drafts of posts.

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Bitcoin Magazine

06 Mar 2023 16:43

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Bitcoin Magazine

05 Mar 2023 06:44

🪙 CleanSpark’s Bitcoin Mining Expansion: 50 MW Capacity Increase, Forbes Recognition

CleanSpark, America’s Bitcoin Miner, has released its unaudited bitcoin mining and operations update for the month ending February 28, 2023, as per GlobeNewswire. CleanSpark is preparing for halving next year and is expanding its mining capacity with an additional 50 megawatts in Washington.

The company increased efficiency by over three percent compared to December 2022 and increased its profit margins, despite compressed production due to February being the shortest month. The company is preparing for halving next year by continuing to test and deploy all hardware and software. CleanSpark has announced its plan to expand its mining capacity by launching an additional 50 megawatts in Washington, where construction is underway. The company’s fleet of bitcoin miners includes 66,900 machines of the latest generation, with a total hashrate of 6.6 EH/s.

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Bitcoin Magazine

03 Mar 2023 11:28

🥇 Bitcoin Holds Strong Over $23.6K to Continue Recent Consolidation

Bitcoin edged toward $24,000 early Wednesday, dropped but then rebounded to hold strong above $23,600. The largest cryptocurrency by market capitalization was trading at press time at about $23,663, up 2.3% over the past 24 hours. Bitcoin (BTC)’s failure to regain the $25,000 threshold it surpassed in mid-February.

Ether (ETH), the second-largest cryptocurrency, recently jumped by more than 4%. Decentralized finance (DeFi) lending and borrowing platform Maker’s native MKR token saw a nearly 19% surge over the past 24 hours. Data from Coinglass showed that traders who bet on price shifts liquidated more than $444,000 of MKR short positions in the past 24 hours. That was more than 16 times the $27,000 of MKR long positions that investors liquidated over the same period. These types of short squeezes have historically tended to accelerate price jumps.

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Bitcoin Magazine

01 Mar 2023 06:39

💰 Bored Ape Yacht Club Creator Yuga Labs Reveals First Bitcoin NFT Project

Yuga Labs, the creator of the Bored Ape Yacht Club, announced the release of a new bitcoin-based NFT collection called TwelveFold. The collection will consist of 300 generative art pieces inscribed onto satoshis on the Bitcoin blockchain. building on the recent uptick in ordinal NFTs.

Inscriptions, also known as digital artifacts, are created when a file, such as an art image like those created for TwelveFold, is written (or inscribed into) units of Bitcoin called satoshis, the smallest individually identifiable units of Bitcoin. The process is made possible through the Ordinal Theory protocol, with such NFTs simply donning the name "ordinals.". Ordinals have gained popularity as upgrades to the Bitcoin blockchain made it cheaper to store data in single transactions. In January, for example, someone minted a copy of the 100 Ether Rocks — one of the oldest Ethereum NFT projects.

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Bitcoin Magazine

27 Feb 2023 04:34

🥇 Iceland Emerges as the Most Stable Bitcoin Mining Jurisdictions

Iceland’s climate provides natural cooling to heat-producing mining operations, significantly reducing maintenance costs.One European country has emerged as the world’s largest hash rate producer per capita. Owing to cheap electricity, Iceland is one of the first countries to see industrial-scale Bitcoin mining.

According to Bitcoin mining researcher Jaran Mellerud, the country’s entrepreneurial locals can also be attributed to the growth of the sector. The Icelandic bitcoin mining industry is estimated to consume nearly 120 MW, equating to a share of 1.3% of the global hash rate production. Considering the fact that Iceland has a population of only 370,000, it is the biggest hash rate producer per capita. One crucial advantage, as pointed out by Mellerud, is the fact that the Artic nation’s electricity system is in total isolation from the rest of the world.

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Bitcoin Magazine

26 Feb 2023 07:14

💰 Bitcoin on-chain data highlights key similarities between the 2019 and 2023 BTC price rally

Bitcoin’s recent price rally from $16,500 to $25,000 can be attributed to a short squeeze in the futures market and recent macroeconomic improvements. However, while prices increased, data suggests many interested buyers (including whales) were left on the sidelines.

The recent rally to $25,000 shared many similarities with the 2019 bear market rally, which saw a 330% surge in Bitcoin’s price to highs around $14,000 from the November 2019 low of $3,250. The BTC/USD pair recently rose 60% from its November 2022 low. On-chain and market indicators relative to the 2019 rally send mixed signals on whether or not Bitcoin’s rally will continue. Nevertheless, there are strong reasons to believe that the market has reached a crucial turning point where it can either turn into a full-fledged bull market.

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Bitcoin Magazine

24 Feb 2023 08:57

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Bitcoin Magazine

23 Feb 2023 10:55

🪙 VC Investors Are Moving on From Crypto, Says Kevin O’Leary

With the SEC now regulating “by enforcement,” investors aren’t so keen on putting money into crypto. Venture capital money is fleeing crypto as regulators tighten their noose around the industry in a post-FTX crackdown, according to Shark Tank star Kevin O’Leary.

During an interview published on Twitter, O’Leary described his experience attending various Capitol Hill hearings related to FTX’s collapse and interacting with the politicians involved. Those bankruptcies, arguably kicked off by Terra’s collapse in May, reached a climax when Sam Bankman Fried’s FTX empire fell apart in November, taking BlockFi, Genesis, and others down with it. They’re really tired of gathering every six months when the next crypto company blows up and goes to zero.

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Bitcoin Magazine

21 Feb 2023 05:05

💰 Southeast Asia's Largest Bank DBS Sees 80% Increase in Bitcoin Trading Volume on Its Crypto Exchange

The largest bank in Southeast Asia, DBS, has revealed that bitcoin trading volume on its cryptocurrency exchange jumped 80% in 2022 while ether trading volume surged 65%. “We believe that the market has decisively shifted its focus towards trust and stability, especially in the wake of multiple scandals.

DBS, the largest bank in Southeast Asia, announced last week that its digital asset exchange saw record trading volumes for bitcoin and ether in 2022. In addition, the number of BTC and ETH under custody at the bank soared during the same time period. According to the bank, the number of bitcoin traded on DBS Digital Exchange (DDEX) was close to 80% higher year-on-year while the number of ether traded on the platform was nearly 65% higher. The bank added that its exchange’s customers had a net-buy position.

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Bitcoin Magazine

19 Feb 2023 07:13

🇸🇻 El Salvador President Nayib Bukele Rocks again in Bitcoin World

El Salvador president Nayib Bukele again in news surrounding Bitcoin. The recent industry events like FTX crash and TerraUSD collapse in 2022, shook the faith of the citizens on crypto-king. But the leader’s vision remains unwavered. Bitcoin is going to change the world,” other nations join the array of accepting Bitcoin as legal tender.

Nayib Bukele, El Salvador president who has been running the office for the last four years, went against the International Monetary Fund, while adopting Bitcoin as legal tender in 2021, according to Bloomberg recent report. After a few days of Sam Bankman-Fried led crypto exchange FTX collapsed in 2022, the president announced to buy one Bitcoin (BTC) daily. Crypto mogul and founder of the biggest blockchain DAO ecosystem Tron, Justin Sun soon also declared the same. They implemented Dollar Cost Averaging (DCA).

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Bitcoin Magazine

17 Feb 2023 04:56

💰 Bitcoin miner Iris Energy posts $144 million net loss

Iris Energy posted a net loss of $144 million, mainly due to a $105.2 million non-cash impairment charge in part related to its equipment financing, and said it mined fewer bitcoin in the quarter ending in December. topping the $13.3 million average estimate of analysts compiled by FactSet.

Shares of Iris Energy were lower in post-market trading after closing up by 67% during the regular session. “2022 was a challenging year for the digital assets industry as well as broader equity markets,” said Daniel Roberts, co-founder and co-CEO of Iris Energy. "Looking forward, we believe we are well positioned to capitalize as markets continue to improve.". The company recently announced plans to scale its hashrate back up after unplugging about 3.6 EH/s worth of machines in November.

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Bitcoin Magazine

15 Feb 2023 10:07

📊 Crypto Markets Steal The Spotlight Ahead Of US Inflation Data

The SEC dragged down cryptocurrency markets last week, and now the New York Department of Financial Services has ordered Paxos to stop producing BUSD. The January inflation rate in the United States is up next. Prices are estimated to have risen 0.4% month on month in January.

According to Youwei Yang, chief economist at Bit Mining, the statistics will be regarded as favorable overall if the yearly rate is around 6% or lower, which might counter some of the regulatory-related selling. The New York Department of Financial Services ordered Paxos to halt creating the BUSD stablecoin, sending crypto prices lower. Bitcoin dropped in value as a result of the news. and all eyes will be on the publication for any signs of acceleration that could prompt the Federal Reserve to take new action.

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Bitcoin Magazine

13 Feb 2023 08:36

🇧🇷 Banco do Brasil Bank Now Supports Crypto Tax Payments

In a recent announcement, Banco do Brasil, the oldest Bank in South America has just allowed taxpayers with cryptocurrencies held in Bitfy to pay taxes with these assets. Bitfy is a startup specializing in blockchain solutions and has invested in BB’s Enterprise Venture Capital Program – CVC.

This initiative puts Banco do Brasil at the forefront of modern and efficient solutions while democratizing access to new financial technologies and providing convenience for customers as it expands the options for receiving taxes from the public sector. It works the same way when a customer pays for a ticket with a barcode. All he has to do is select the cryptocurrency on which he wants to pay taxes, capture a barcode or enter a sequence of numbers. All tribute information will appear to be validated before payment confirmation.

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Bitcoin Magazine

11 Feb 2023 09:19

🏦 Kraken move should put crypto industry 'on notice,' Gensler says

Securities and Exchange Commission Chair Gary Gensler sent another warning shot to the crypto industry this morning, just a day after the regulator said it settled with the Kraken exchange over allegations surrounding its staking program. Those other platforms should take note of this and seek to come into compliance.

The SEC said Thursday that crypto intermediaries needed to provide "proper disclosures and safeguards required by our securities laws" when offering services such as lending or staking. Kraken subsequently agreed to end its on-chain staking services for U.S. clients only without admitting or denying the allegations. “This really should put everyone on notice in this marketplace whether you call it lend, whether you call it earn, whether you call it yield, whether you offer what’s called an annual percentage yield, APY,” Gensler said on CNBC.

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Bitcoin Magazine

09 Feb 2023 06:57

📣 Digital Bank Revolut Has Launched A Cryptocurrency Staking Service

According to AltFi, digital bank Revolut is now offering bitcoin staking to users in the United Kingdom and the European Economic Area (EEA). Revolut allows clients to trade roughly 100 different crypto assets and make purchases using their crypto holdings.

According to AltFi, digital bank Revolut is now offering bitcoin staking to users in the United Kingdom and the European Economic Area (EEA). Revolut has around 25 million clients worldwide, with the majority of them residing in the United Kingdom and the European Economic Area. To begin, the London-based fintech company will support Polkadot (DOT), Tezos (XTZ), Cardano (ADA), and Ethereum staking (ETH). The interest rate will fluctuate between 2.99% and 11.65%. The staking space has received a lot of new impetus in recent months.

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