Cryptocurrency & Mining News - Page 3
During a live event, co-chair of the House blockchain caucus said that there is a growing "sentiment" in Congress that cryptocurrency users are involved in a "criminal conspiracy".
Democratic Rep. Bill Foster of Illinois, the co-chair of the House blockchain caucus, said during an Axios virtual event on June 29 that there need to be new laws written that bridge gap between what is illegal with cryptocurrencies and what is legal. Foster said, "We're going to have to establish a law between the legal and illegal regimes here."
One of the suggestions Foster made was that US regulators need to be able to identify an individual that is trading anonymously (Bitcoin and other cryptocurrencies) in case that individual is performing fraudulent transactions. Foster said that regulators must be granted the power to identify digital-asset holders through a "very heavily guarded key" and reverse transactions in Bitcoin.
As Bitcoin and other cryptocurrencies have grown in adoption and overall interest, the US government has been posed with the question of how regulation should be implemented.
Many cryptocurrency investors are against the idea of regulation as it infringes on the very principles of why the blockchain and cryptocurrencies are popular in the first place - decentralization. Having any form of regulation for cryptocurrency transactions would add a third party that traders may not necessarily trust or believe is warranted to be there. You can see where the divide currently lies and where new laws need to be written to bridge the gap.
Democratic Rep. Bill Foster of Illinois, the co-chair of the House blockchain caucus, said on June 29 that the US government regulators need to have the power to identify digital-asset holders and reverse transactions in bitcoin or other cryptocurrencies. Foster says, "You have to be able to go to a court to unmask participants under some circumstances." Foster suggests that new laws should be written that would allow a court (third-party) to identify a cryptocurrency use through a "very heavily guarded key."
Robinhood reached into its back pocket yesterday and paid a $70 million fine for "for systemic supervisory failures and significant harm suffered by millions of customers" but meanwhile, the company was stacking the walls with the cash it was making with Dogecoin.
Robinhood explained in its IPO filing that Dogecoin accounted for 34% of its cryptocurrency transaction-based revenue in Q1 2021, up from 30% in Q4 2020. Elon Musk celebrated the news with a new tweet, where he said "Release the Doge!" with a meme of the Godfather saying "You come to me at runtime. You tell me the code you are executing does not compile".
The IPO reveals that Robinhood has close to 18 million monthly active users, around $80 billion in assets under its management -- and that it bled out $1.5 billion in Q1 2021. So that $70 million fine yesterday... a drop in the bucket for Robinhood.
A non-fungible token (NFT) titled "This Changed Everything" has sold for much less than anticipated when considering its historical value.
Sir Tim Berners-Lee, a co-inventor of the World Wide Web, has created and sold an NFT for the source code of the World Wide Web. The auction for the digital artwork was hosted on Sotheby's and shows a time-stamped file of the 9,555 lines of source code on a high-res image. The digital artwork also includes a 30-minute animation of the code being written and a letter from Berners-Lee.
Considering the significance the World Wide Web had on modern-day life and how much of an integral piece of code it is in the history of the internet, the NFT only sold for $5.4 million. While that still is a substantial amount of money, it's not that much compared to digital artist Mike Winkelmann's Beeple, which sold for over $69 million.
New reports are indicating that a George Soros investment firm has been given the thumbs up to begin trading cryptocurrencies.
People close to the matter spoke to author Michael Bodley regarding Dawn Fitzpatrick, the chief investment officer for Soros Fund Management, a private investment firm founded by George Soros. The sources said that Fitzpatrick has given the go-ahead for the firm to begin trading Bitcoin and other cryptocurrencies. The sources decided to remain anonymous but revealed that the trading has occurred in the last few weeks.
Additionally, the sources claimed that Fitzpatrick and her team have been investigating cryptocurrencies and other digital assets for a prolonged period of time and that this latest venture is much more than just testing the waters with digital assets. The adoption by Soros, if it is true, maybe a good thing for the price of Bitcoin, but it also could be very bad, as Soros is famous for shorting the British pound in 1992 where he earned $1 billion profit in a single day, making him his reputation we know today by assisting the in breaking of the Bank of England.
The world of cryptocurrency has seen better days as of late after China announced its crackdown on the main digital currency, Bitcoin.
China announced its ban on Bitcoin, and in the following weeks, the value of the Bitcoin steadily dropped for most of May and June. The price dropped all the way down to $30,000 from a high in April of $63,000. Some positive news for the cryptocurrency is coming out of Mexico as the nation's third-richest individual has said that he is currently "working" to get his bank to accept Bitcoin.
The announcement comes from billionaire and cryptocurrency advocate Ricardo Salinas Pliego, who has openly backed Bitcoin and even recommends any investor to have Bitcoin in their portfolio. Salinas personally holds 10% of his liquid portfolio in cryptocurrency, and according to Bloomberg Billionaires Index, Salinas' net worth has risen $2.8 billion in 2021 to $15.8 billion.
A statement on Saturday revealed that Binance has been banned in Britain by the UK regulator watchdog.
The announcement comes from the Financial Conduct Authority (FCA), who stated that Binance was "is not currently permitted to undertake any regulated activities without the prior written consent of the FCA." The FCA didn't exactly state why the exchange has been banned, but Binance Markets Limited has until June 30 to notify the FCA that it will comply with its demands and also notify users in the U.K. of the now imposed restrictions.
However, a Bianace spokesperson stated to CNBC, "The FCA U.K. notice has no direct impact on the services provided on Binance.com ... Our relationship with our users has not changed. We take a collaborative approach in working with regulators, and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space."
Despite the price of Bitcoin plummeting in recent weeks, Mexico's third-richest individual has said that the cryptocurrency is the "new gold".
Ricardo Salinas Pliego is Mexico's third-richest individual and has amassed a net worth of more than $15 billion through several business interests under the conglomerate Group Salinas. Pliego showed his backing for Bitcoin on Twitter, where he confirmed the recommendation to purchase Bitcoin over fiat currencies if an investment is the goal of the buyer.
Pliego responded to Michael Saylor, the CEO for MicroStrategy, where he said, "That's totally right, Bitcoin is the new gold, but too much more portable, transport Bitcoin is so much easier than having your in pockets gold bars ... and i know that I'm going to be attacked by gold lovers". Saylors tweet referenced an interview with Pliego where he states that Bitcoin can outperform the US dollar in wealth preservation. If you are interested in reading more about this story, check out this link here.
Elon Musk has been a center point for the cryptocurrency market for some time now, and after the events of Tesla accepting and then denying Bitcoin as payment for its electric vehicles, some people have questioned Musk's motives for being involved in the cryptocurrency market.
One individual who has questioned Musk's motives is CEO Alex Mashinsky, the head of a centralized cryptocurrency lending platform called Celsius. Mashinsky says that Musk isn't helping the cryptocurrency community and suggests that he is manipulating the market by saying that he is a "tourist" that visits and leaves the the land of cryptocurrencies.
Additionally, Mashinsky says that Musk is the one benefiting from accepting Bitcoin as payment for its vehicles and not the person doing the purchasing. Here's what Mashinsky said, "If the richest guy in the world is willing to exchange a Bitcoin for a Tesla, you have to ask yourself, who is getting the good deal? The minute you buy that Tesla, it's worth less than what you paid for it, but Bitcoin is going to continue to increase in value. So that transaction is good for Elon, but it's not good for you."
The price of Bitcoin (BTC) is suffering, and everyone that is involved in the cryptocurrency market has felt its effects.
However, the suffering of BTC's price may come to an end relatively soon, or at least according to Celsius, a centralized cryptocurrency lending platform CEO Alex Mashinsky. The Celsius head has pinned BTC to reach $160,000 before the end of the year, saying to Cointelegraph that "we haven't seen the highs yet for 2021". Additionally, Mashinsky said that in the past, he called that the price of BTC will correct and that this happens when "When you go too high, too fast".
Mashinsky goes on to use a metaphor for the price of BTC, saying that BTC is much like a spring "Bitcoin is like a spring - we stretch it too much and we put too much leverage. Too many people got greedy." Using Mashinsky's metaphor, it seemingly appears the current stage of the market is after the spring has reached the apex of its stretch and has now recoiled back to its normal tension. For more information on this story, check out this link here.