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Stay informed with timely and objective news content relevant to the crypto industry, published daily by Bitcoin.com News.
Seven individuals have reportedly been indicted on charges of grand larceny, money laundering, and identity theft for stealing $300,000 in bitcoin from a Queens auto body shop owner. The victim’s 5.75 BTC, originally valued at $92,000, was taken by 20-year-old Aaron Peterson Jr. in November 2022 and later used to purchase luxury items, including a […]
https://news.bitcoin.com/queens-bitcoin-heist-seven-charged-with-grand-larceny-and-money-laundering/
Elon Musk argues that inflation is predominantly caused by government overspending and excessive regulation. His comments highlight the critical connection between fiscal policy and economic stability.
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Elon Musk, CEO of Tesla and Spacex, has expressed his view that inflation is primarily driven by government overspending, which he emphasized as “the vast majority of the problem.” He also noted that excessive regulation worsens the situation, underscoring that the issue stems from the government, not the private sector. Elon Musk on Inflation, Government […]
https://news.bitcoin.com/elon-musk-how-government-overspending-and-excessive-regulation-fuel-inflation/
Russian President Vladimir Putin has enacted legislation to formally regulate the cryptocurrency mining sector in Russia, with the law set to take effect in November. This legislation establishes a regulated framework for mining operations, limiting participation from entities associated with electricity and prohibiting the promotion of cryptocurrencies. It also allows the circulation of mined cryptocurrency […]
https://news.bitcoin.com/putin-signs-law-to-regulate-crypto-mining-in-russia/
Economist Art Laffer, known for his work on supply-side economics, has expressed concerns over the future of the U.S. dollar in a recent interview. Laffer argues that current U.S. economic policies are leading to the dollar’s decline, making it less attractive as a global reserve currency. Laffer Warns of U.S. Dollar Decline Amid Economic Policy […]
https://news.bitcoin.com/economist-art-laffer-slams-us-economic-policies-warns-of-dollars-decline-as-global-reserve-currency/
The U.S. Internal Revenue Service (IRS) has unveiled an updated Form 1099-DA for reporting digital asset transactions, introducing key changes that may address past criticism and privacy issues. This new version, reportedly set to be partially implemented in 2025, removes several contentious elements from earlier drafts. IRS Revamps Crypto Reporting Form On Aug. 8, 2024, […]
https://news.bitcoin.com/irs-unveils-overhauled-crypto-tax-form-with-no-address-disclosure-requirements/
During Friday’s trading sessions, U.S. spot bitcoin and ethereum exchange-traded funds (ETFs) experienced significant outflows, with $89.73 million exiting the BTC ETFs and $15.71 million flowing out of the ETH ETFs. Bitcoin and Ethereum ETFs See Reductions Data from sosovalue.xyz revealed that the 12 spot bitcoin ETFs collectively saw $89.73 million in outflows on Friday, […]
https://news.bitcoin.com/spot-bitcoin-and-ethereum-etfs-shed-millions-in-friday-trading/
Indian crypto exchange Wazirx has decided to reverse all trades made after withdrawals were halted following the recent cyberattack. The exchange announced that this process will take place over the next few days, with all users’ portfolio balances on the platform being restored to their July 18 post-hack levels. Wazirx to Reverse Trades Following Withdrawal […]
https://news.bitcoin.com/wazirx-to-reverse-all-trades-made-after-withdrawal-freeze/
Between Aug. 3 and Aug. 10, 2024, non-fungible token (NFT) sales experienced a 6.29% increase from the previous week, hitting a total of $95.42 million. However, the number of participants in the NFT market saw a sharp decline, with buyers dropping by 86.34% and sellers by 77.25%. NFT Market Sees 6.29% Growth This past week, […]
https://news.bitcoin.com/nft-sales-hit-95-42m-with-ethereum-dominating-but-market-participation-shrinks/
According to the CEO of the cryptocurrency exchange Okx, users are now barred from account interacting with Tornado Cash and Garantex. In a post on social media, the CEO said any Okx accounts receiving deposits from sanctioned entities, including Garantex and Tornado Cash, will trigger compliance risk control, ultimately leading to account closure. Similarly, any […]
https://news.bitcoin.com/okx-says-accounts-interacting-with-tornado-cash-will-be-closed/
Stockrise, Roblox’s highest-grossing stock simulator game, has been acquired by the socialfi gaming platform Pip World for an undisclosed price. The acquisition is expected to help Pip users develop practical risk assessment and trading skills. The deal sees Stockrise join Pip’s social games ecosystem, which includes the immersive trading strategy simulator game Pip Trader. Boosting […]
https://news.bitcoin.com/pip-world-buys-roblox-stock-simulator-game-for-undisclosed-price/
A London high court has announced a global asset freeze targeting Onecoin’s co-founder Ruja Ignatova and associates. Over 400 investors sought this legal action after losing millions in the Onecoin cryptocurrency scam. The asset freeze prevents further movement of Ignatova’s wealth, possibly aiding victims’ compensation. Onecoin’s Ruja Ignatova Faces Global Asset Freeze Amid Investor Lawsuit […]
https://news.bitcoin.com/global-asset-freeze-targets-fugitive-cryptoqueen-and-onecoin/
Ethereum’s Aug. 4 decline could have been fueled by the liquidation of a portion of long positions in perpetual futures, the Grayscale report concluded. The crypto asset’s decline was epitomized by its over 7% drop in just three minutes on Aug. 4. Jump Crypto’s rumored offloading of more than 17,500 ether coins, as well as […]
https://news.bitcoin.com/grayscale-report-liquidated-long-perpetual-positions-fueled-eths-black-monday-flash-crash/
Polymarket, a cryptocurrency-based prediction market, has declared Edmundo Gonzalez, the opposition candidate, the winner of the Venezuelan presidential election bet. The decision, made days after the election, ignores the official results announced by the National Electoral Council (CNE), which proclaimed Maduro as president amidst fraud allegations from opposition leaders. This prompted several users to question […]
https://news.bitcoin.com/polymarkets-integrity-questioned-over-venezuelan-presidential-election-bet-outcome/
Ripple Labs has initiated beta testing for ripple usd (RLUSD), a stablecoin pegged to the U.S. dollar, on both the XRP Ledger and Ethereum mainnets. The stablecoin is currently not available for public trading as it awaits regulatory approval. Ripple’s USD-Backed Stablecoin Enters Beta Phase Ripple usd or RLUSD, designed to maintain a 1:1 value […]
https://news.bitcoin.com/ripple-starts-beta-testing-of-usd-pegged-stablecoin-on-xrp-ledger-and-ethereum/
A professor at Cornell University’s Dyson School, Eswar Prasad, has raised concerns about the increasing risks in the cryptocurrency market, pointing to regulatory gaps and centralization as key issues. “If anything, crypto today presents even greater risks to its investors and to our financial institutions than it did before,” he said. Cornell Professor’s Crypto Warning […]
https://news.bitcoin.com/cornell-professor-warns-of-growing-crypto-risks-amid-misleading-promises-and-hype/
The U.S. Securities and Exchange Commission (SEC) has addressed District Judge Analisa Torres’ ruling in the Ripple case over XRP, emphasizing the substantial financial penalties imposed on the crypto firm and its ongoing securities law violations. While Ripple celebrated the 94% reduced fine, the regulator underscored that the court acknowledged Ripple’s securities violations. SEC Reacts […]
https://news.bitcoin.com/sec-addresses-final-court-ruling-in-ripple-case-highlights-key-outcomes/
JPMorgan Chase CEO Jamie Dimon reiterated his belief that a recession remains the most likely outcome for the U.S. economy. Dimon pointed to various uncertainties such as geopolitics, housing, and spending. Meanwhile, JPMorgan has raised the likelihood of a U.S. recession this year. Jamie Dimon Maintains Recession Likely for US Economy JPMorgan Chase CEO Jamie […]
https://news.bitcoin.com/jamie-dimon-says-us-recession-still-on-the-horizon-as-jpmorgan-increases-forecast/
The Superintendence of Banking and Insurance (SBS) of Peru, has issued a resolution that forces VASPs to implement Know Your Customer (KYC) and anti-money laundering (AML) measures as part of a compliance plan. The resolution is in line with FATF recommendations and seeks to control and avoid criminals to use these platforms for illicit purposes. […]
https://news.bitcoin.com/peru-issues-vasp-regulation-strengthens-aml-tf-requirements/
Over the past week, there’s been a buzz among market watchers about solana’s performance against BTC, especially when compared to ether. Since the year kicked off, ether has tumbled over 20% against the leading cryptocurrency, while solana has gained more than 5%. Solana, Ethereum, and Bitcoin — Dominance Competition Heats Up Among Crypto Giants In […]
https://news.bitcoin.com/solana-gains-ground-on-ethereum-and-bitcoin-in-2024/
During Friday's trading sessions, U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs) faced significant outflows, shedding millions in value. This trend raises concerns about market sentiment and the future performance of these digital assets.
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In recent days, as bitcoin edged past the $60,000 mark after dipping below $50,000 on Monday, Aug. 5, a couple of intriguing dormant bitcoin transfers have surfaced from wallets established in 2013. The first case involved an individual who moved 250 BTC—worth just over $15 million—from a long-inactive address created on May 12, 2013. In […]
https://news.bitcoin.com/over-a-dozen-11-year-old-bitcoin-wallets-awaken-transferring-millions/
QCP Capital reports that bitcoin (BTC) has shown a strong recovery this week, stabilizing above the $60,000 range after a sharp drop below $50,000 on Monday. In contrast, the firm highlights a significant liquidity shift in ethereum (ETH), raising concerns about its current market standing. QCP Capital Reports Bitcoin’s Resilience Amid Volatility; Ethereum Faces Liquidity […]
https://news.bitcoin.com/qcp-capital-bitcoin-bounces-back-above-60k-as-ethereum-struggles/
While the biggest blockchain bridge hacks have centered on private key mismanagement, according to Joshua Tobkin, CEO of Supra, smart contract errors and cryptography implementation issues also contribute to cybercriminals’ success. Tobkin said while bridges are poised to play an increasingly critical role in blockchain interoperability, their control by a small number of validators poses […]
https://news.bitcoin.com/online-gaming-veteran-top-tech-strong-marketing-key-to-web3-growth-and-adoption/
The government of President Javier Milei has created a security-focused artificial intelligence (AI) unit that will use learning algorithms and other technologies to supervise the internet and predict crimes before they happen in Argentina. The unit, created last week, has caught attention in social media due to its similarities with how police act in the […]
https://news.bitcoin.com/mileis-government-creates-minority-report-ai-unit-to-predict-crimes-in-argentina/
Robinhood Markets announced a record-breaking $682 million in revenue for the second quarter, highlighting a 161% rise in cryptocurrency revenue. Robinhood’s assets under custody also saw a 57% increase, driven by key acquisitions and the rising value of both equities and cryptocurrencies. Robinhood Reports Record Q2 2024 Revenues Driven by Cryptocurrency Trading Robinhood Markets, Inc. […]
https://news.bitcoin.com/robinhood-reports-161-surge-in-q2-crypto-revenue/
The CEO of stablecoin issuer Tether Holdings Ltd. has announced plans to increase the company’s employee headcount to 200 by mid-2025. The firm stated that a majority of the new employees will be assigned to the compliance team, while others will join the finance team. A Finance Behemoth With a Lean Structure Stablecoin issuer Tether […]
https://news.bitcoin.com/tether-to-increase-its-workforce-to-200-by-mid-2025-says-ceo-paolo-ardoino/
A staff report published by several New York Federal Reserve employees found that Ethereum “is not immune to censorship and cooperation,” which depends on the roles of several actors across the network. The paper examined how the network performed after Tornado Cash, one of the main mixers in the blockchain, was sanctioned by the OFAC. […]
https://news.bitcoin.com/new-york-federal-reserve-staff-paper-on-tornado-cash-concludes-ethereum-is-not-immune-to-censorship-and-cooperation/
Coinbase Chief Legal Officer Paul Grewal has raised concerns on social media regarding the Commodity Futures Trading Commission’s (CFTC) proposed rule to ban certain event contracts. Coinbase has also formally responded to the proposal, urging the CFTC to reconsider its stance, which the company argues could stifle innovation in the prediction markets. Coinbase Urges CFTC […]
https://news.bitcoin.com/coinbase-challenges-cftc-proposal-advocates-for-balanced-regulation-of-event-contracts/
Nexio has successfully raised $2.2 million in pre-seed funding to develop a groundbreaking Bitcoin scalability solution using parallelized rollup technology. This innovative approach aims to enhance Bitcoin's scalability, making transactions faster and more efficient.
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