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The U.S. Securities and Exchange Commission (SEC) has raised concerns over FTX’s plan to pay back claims using its “crypto asset securities.” The SEC’s Senior Trial Counsel, Therese Scheuer, has reserved the right to challenge these transactions under federal securities laws. FTX’s Crypto Repayment Plan Faces Potential SEC Challenge The FTX bankruptcy saga is moving […]
https://news.bitcoin.com/sec-warns-ftx-over-legality-of-crypto-asset-distribution-in-chapter-11-plan/
Bitcoin faced a challenging August, with its price dipping by 8.6%. Data shows that although 84 previously inactive bitcoin wallets became active last month, the total amount of vintage BTC spent was lower in August than in July. Specifically, dormant wallets spent around 2,291 BTC from addresses that hadn’t been touched between 2011 and 2017. […]
https://news.bitcoin.com/bitcoins-august-slump-dormant-wallets-stirred-but-vintage-btc-spending-slowed/
On September 2, 2024, at 7:30 a.m. EDT, bitcoin’s price stood at $58,388, fluctuating within an intraday range of $57,257 to $58,698. With a trading volume of $29.57 billion and a market capitalization of $1.15 trillion, the leading crypto asset demonstrated significant volatility. Technical indicators reveal persistent downward momentum, suggesting that traders should remain cautious […]
https://news.bitcoin.com/bitcoin-technical-analysis-btc-fails-to-break-key-resistance-levels/
HDFC Bank, a leading private sector bank in India, has introduced new features for Unified Payments Interface (UPI) and central bank digital currency (CBDC) to enhance digital banking for its customers. Announced at the Global Fintech Fest 2024 in Mumbai, India, these innovations, developed in partnership with fintech companies like Kreditpe, Tonetag, and Payu, aim […]
https://news.bitcoin.com/indias-hdfc-bank-launches-new-upi-and-cbdc-features/
Socialism, despite its promises of equality and social welfare, inherently fails due to its inability to perform economic calculation and its reliance on coercive control over the means of production. Ludwig von Mises, in his seminal work “Socialism: An Economic and Sociological Analysis,” provides a comprehensive critique of socialism’s flaws rooted in both economic and […]
https://news.bitcoin.com/why-socialism-fails-a-misesian-perspective/
In recent times, Elon Musk, the owner of X and the CEO and product architect at Tesla, Inc., has been voicing his concerns about inflation. This discussion became especially prominent after he interviewed former U.S. President Donald Trump. Just two days ago, Musk took to X, declaring that the United States is “in the fast […]
https://news.bitcoin.com/government-overspending-puts-us-in-the-fast-lane-to-bankruptcy-according-to-elon-musk/
Coinbase CEO Brian Armstrong announced the platform’s first AI-to-AI cryptocurrency transaction, highlighting a new application of digital currency by artificial intelligence agents. Armstrong believes this advancement will enhance AI’s capacity to independently obtain resources and engage with humans and other AI systems. He encourages developers to add crypto wallets to support the growth of AI-to-AI […]
https://news.bitcoin.com/coinbase-reports-its-first-ai-to-ai-crypto-transaction/
Frax Finance has launched the Frax Name Service (FNS), a decentralized identity service that allows users to register unique names on the Frax blockchain. Frax Finance Expands Ecosystem With Launch of Frax Name Service Frax Finance has introduced the Frax Name Service (FNS), a decentralized identity service designed specifically for the Frax ecosystem. FNS is […]
https://news.bitcoin.com/frax-finance-launches-frax-name-service-for-decentralized-identity-management/
With just 65 days remaining until the U.S. presidential election, bitcoin wrapped up August with an 8.6% decline compared to where it started the month. Historically, in the last two election cycles, bitcoin’s value has only shown substantial appreciation after the election had ended and a victor was declared. From 2012 to 2020: How Bitcoin […]
https://news.bitcoin.com/us-election-year-bull-runs-how-bitcoin-historically-surged-post-victory/
The blockchain-powered prediction market Polymarket saw an additional $85.84 million in trading volume during August, marking a notable uptick from July. August’s volume of $472.87 million set a new high, surpassing every month since Polymarket’s inception. Polymarket Volume Soars in August While some sectors faltered in August, Polymarket thrived, setting new records with $472.87 million […]
https://news.bitcoin.com/polymarket-hits-record-472-87m-in-august-volume-amid-election-betting-frenzy/
IVC is a Web3 venture capital fund backed by leading Japanese gaming studios. They focus on Web3 gaming, digital entertainment, AI, DeFi, and infrastructure, and have invested in over 200 projects. They also host Japan’s largest Web3 conference, IVS Crypto, which attracts over 12,000 attendees annually. Ann Chien serves as a Partner at IVC. She […]
https://news.bitcoin.com/what-web3-games-need-to-do-to-break-into-the-japanese-market-ivc-partner-ann-chien/
The arrest of Telegram CEO Pavel Durov in France has sent shockwaves through the crypto community. Coinbase CEO Brian Armstrong expressed optimism about the future of crypto payments, predicting it as the next big boom driven by advancements in technology. The SEC has issued a Wells notice to Opensea, potentially classifying NFTs as securities. Economist […]
https://news.bitcoin.com/telegram-ceo-arrested-coinbase-ceo-bullish-on-crypto-payments-and-more-week-in-review/
Oasys, a Web3 gaming-oriented blockchain project, announced a strategic partnership with SBI Holdings, one of the largest financial conglomerates in Japan. As part of this partnership, Oasys secured an undisclosed amount of funding to grow the liquidity of its token and expand the Oasys ecosystem. Yoshitaka Kitao, President and CEO of SBI Holdings, stated that […]
https://news.bitcoin.com/gaming-blockchain-oasys-announces-partnership-with-japanese-conglomerate-sbi-holdings/
In August, approximately $310.9 million was lost to exploits, hacks, and scams. However, digital assets worth $10.3 million were recovered, resulting in a net loss of $300.6 million. According to the security firm Certik, this is the second-highest monthly loss in 2024 so far. While May had the highest exploit total loss of just over […]
https://news.bitcoin.com/crypto-hacks-and-scams-cost-300-million-in-august/
Payments in national currencies among Shanghai Cooperation Organization (SCO) members have reportedly increased from 40% in 2022 to 92%, signaling a move away from reliance on the U.S. dollar. Similar to the BRICS economic bloc, the SCO, which includes Russia, China, India, and recently added Iran, is encouraging the use of local currencies to strengthen […]
https://news.bitcoin.com/sco-nations-surge-to-92-in-payments-using-local-currencies/
While bitcoin and ethereum dipped between 8.6% and 8% against the U.S. dollar, most crypto assets didn’t have a winning week. However, helium (HNT) bucked the trend, soaring by 15.43% against the dollar over the past seven days. On the flip side, zcash (ZEC) took the hardest hit, plummeting 28.63% during the same period. Crypto […]
https://news.bitcoin.com/crypto-market-wobbles-helium-gains-while-zcash-leads-weeks-declines/
On September 2, 2024, ethereum was priced at $2,517, with a 24-hour intraday range of $2,407 to $2,531. Over the past week, its price fluctuated between $2,409 and $2,740, reflecting ongoing volatility. With a 24-hour trading volume of $14 billion and a market capitalization of $302.85 billion, ether’s market dynamics remain under pressure as it […]
https://news.bitcoin.com/ethereum-technical-analysis-eth-price-hovers-in-consolidation-zone/
The payment flow between China and Russia is being disrupted once again due to the enactment of a new package of sanctions that includes 46 Chinese companies allegedly assisting the Russian war effort. This has affected imports of dual-use products, which can be used for both military and civilian purposes, as well as other merchandise. […]
https://news.bitcoin.com/bilateral-settlement-between-china-and-russia-worsens-due-to-new-sanctions/
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news from the past week. In this issue: Salvadoran President Nayib Bukele acknowledges that bitcoin rebranded the country, some bitcoin mining companies have stopped operating in Paraguay after the recent power fee hikes, and Argentines lead Latam in stablecoin adoption. Bukele […]
https://news.bitcoin.com/latam-insights-bukele-used-bitcoin-as-a-rebranding-tool-bitcoin-mining-companies-stop-operating-in-paraguay-after-power-fee-hikes/
South Korean police arrested a man in his 40s for orchestrating a cryptocurrency scam that defrauded 158 investors of 16 billion won ($12 million). Operating from November 2021 to June 2022, he promised an 18% monthly return on investments in a fake cryptocurrency mining business. The scam resulted in individual losses ranging from 1.2 million […]
https://news.bitcoin.com/plastic-surgery-fails-to-help-crypto-scammer-evade-arrest-after-10-months/
The Russian economy has experienced substantial growth across various sectors, with unemployment rates remaining historically low, despite ongoing Western sanctions related to the Ukraine conflict. Industrial production, driven by military manufacturing, saw a 3.3% increase in July, and the GDP growth rate for the first half of the year reached 4.6%, compared to 1.8% in […]
https://news.bitcoin.com/99-arrested-in-philippine-crypto-scam-hub-raid-2/
Rhodium Encore LLC, a bankrupt bitcoin mining company, has received court approval for a unique debtor-in-possession financing plan that allows borrowing in either U.S. dollars or bitcoin. Galaxy Digital Holdings Ltd., a blockchain firm led by Mike Novogratz, has offered to provide Rhodium with a loan of either $30 million in dollars or 500 bitcoin. […]
https://news.bitcoin.com/court-approves-btc-loan-for-bankrupt-bitcoin-mining-firm/
The Brazilian Supreme Court ordered a nationwide ban on X after a prior order mandating the social platform to assign a local representative was ignored. Brazilians began to lose access to the site on Saturday, as the Supreme Court prohibited citizens from using virtual private network (VPN) software to circumvent the blockage, establishing fines of […]
https://news.bitcoin.com/brazilian-supreme-court-bans-x-imposes-fines-for-vpn-circumvention/
Bitcoin miners experienced their toughest revenue month in August 2024, recording the lowest earnings since September 2023. This downturn reflects the ongoing challenges in the cryptocurrency mining sector.
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Bitcoin miners faced their most challenging revenue month of the year in August, marking the lowest earnings since September 2023. Onchain fees collected in August also dipped, reaching a low not seen since last year, with a $4.14 million drop compared to July. August Bitcoin Mining Revenue Drops $99.75M Lower Than July The ongoing effects […]
https://news.bitcoin.com/bitcoin-miners-face-leanest-month-of-2024-august-earnings-hit-years-low/
Non-fungible token (NFT) sales have had a rough time in 2024, and August has been no exception. Following a 36.6% drop in July, August brought another significant decline, with sales falling by 41.36%. NFT Market Struggles: August Sales Plunge 41.36% After July’s Decline According to cryptoslam.io metrics, NFT sales in August tallied up to approximately […]
https://news.bitcoin.com/nft-market-faces-brutal-august-sales-buyers-and-transactions-all-plunge/
According to Adrian Brink, co-founder of Anoma and Namada, rollups offer little new functionality beyond the Ethereum Virtual Machine (EVM). He argues they are essentially execution-sharding solutions presented as true scaling solutions. Brink instead touts Plasma as the “only true scaling solution out there” because it enables constant data posting to the main chain “regardless […]
https://news.bitcoin.com/rollups-are-copies-of-the-evm-not-true-scaling-solutions-says-developer/
A court in British Columbia, Canada, has ordered Daniel Tambosso to repay Hung Nguyen $1.2 million for a loan of 22 bitcoins made in 2021. Nguyen, a Canadian real estate agent, claimed the loan constituted his entire savings, and Tambosso’s failure to repay has severely impacted his finances and mental health. Tambosso, claiming to be […]
https://news.bitcoin.com/canadian-court-orders-man-to-repay-1-2-million-in-bitcoin-loan-dispute/
Microsoft recently detected a North Korean cyber group, Citrine Sleet, exploiting a security vulnerability in Chromium-based browsers, including Google Chrome. This flaw allowed attackers to execute malicious code on compromised devices. Citrine Sleet used advanced tactics, such as fake cryptocurrency websites, to conduct their attacks. North Korean Cyber Group Citrine Sleet Exploits Chromium Zero-Day Vulnerability […]
https://news.bitcoin.com/google-chrome-vulnerability-exploited-by-north-korean-hackers-microsoft-warns/
Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating direct currency transactions between the two nations, bypassing the need for […]
https://news.bitcoin.com/indonesia-and-south-korea-sign-new-local-currency-agreement-to-boost-trade/