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Google will let developers expand offerings of blockchain-related content including through support for non-fungible tokens (NFTs) in apps on its store for Android devices. The change will allow users to earn and transact with digital collectibles, potentially reviving interest in the NFT market. Google Play Marketplace Announces NFT Integration Google unveiled that it’s updating its app store policy to “open new ways to transact blockchain-based digital content within apps and games.” The amendment means that developers will be able to offer users opportunities to earn and trade NFTs as part of loyalty and rewards programs, for example. “Google Play hosts a variety of blockchain related apps, and we know that our partners are excited to expand on these offerings to create more engaging and immersive digital experiences with tokenized digital assets such as NFTs,” the tech giant said in an announcement on Wednesday. Google added: We’re excited to see creative in-app experiences flourish and help developers expand their businesses. At the same time, the company emphasized it will require developers to provide safe experience with the tokenized digital assets. This includes informing players about the value of an NFT at the time of purchase and refraining from promoting potential earning from playing or trading activities. Google also promised to continue to engage with developers to support them in their efforts to build sustainable businesses using blockchain technology. Further improving its support of blockchain-based app experiences is part of Google’s plans, according to the statement. The popularity of NFTs took a hit during the latest crypto winter but Google’s new policy may help revive the waning market. According to blockchain data provider Cryptoslam, the monthly global sales volumes were down 38% in June over the same period of last year, to $653 million, Bloomberg noted in a report. Google has clarified its rules for non-fungible tokens, which will take effect on Dec. 7, after Apple introduced new guidelines on crypto trading and the use of NFTs within apps and games in October, 2022. In mid-March, 2023, the owner of social media networks Facebook and Instagram, Meta, announced it’s winding down support for digital collectibles on its platforms amid turbulence in the crypto space. Do you think Google’s NFT integration will have a positive effect on the NFT market? Share your thoughts on the subject in the comments section below. View the full article

The Central Bank of Argentina has accelerated the sale of its Chinese yuan stash, using part of the swap line provided by the government of China while it tries to acquire dollars simultaneously. According to local sources, the country’s reserves have plunged to their lowest levels in eight years. Central Bank of Argentina Using Chinese Yuan as a Lifeline The Central Bank of Argentina has recently accelerated the sale of Chinese yuan from an approved swap line to maintain its operations. The $10 billion loan has enabled the bank to change its internal market dynamics and start selling yuan to national companies to finance their imports while at the same time purchasing dollars to regain some liquidity in foreign currency. On July 10, the bank purchased $37 million but sold 790 million yuan, losing almost $72 million of its reserves that day. Then, on July 11, the bank purchased $9 million but had to sell 770 million yuan to national importers, taking losses by $98 million. Economists acknowledge that the pivot to the Chinese yuan in the Argentine economy has served as a lifeline for the country, allowing it to complete part of a payment to the International Monetary Fund (IMF) in June. However, estimations calculate that half of the available amount of the swap ($5 billion) has already been spent. Reserves Touching Historic Lows The cash flow situation of the country cannot last long, analysts agree, stating that the net reserves of the Central Bank of Argentina are touching historically low levels. The Argentine newspaper La Nacion reports that reserves have dwindled by $18 billion in 2023, going from $44.5 billion in January to $26.4 billion in July. The net reserves of the Central Bank of Argentina are negative, with the bank needing almost $6 billion to balance its obligations and its holdings. On this, analysts from Portfolio Personal Inversiones stated: A level of reserves is being tested that has never been observed since at least the late 1980s. The country is now seeking to expedite a new agreement with the IMF to accelerate the disbursement of at least $4 billion. According to analyst Gustavo Ber, this would extend the republic’s commercial functionality. However, even if this happens, the firm expects the country’s net reserves to hit -$8 billion before the primary ballots to define the presidential candidates in August. What do you think about the pivot to the Chinese yuan and the dwindling reserves of the Central Bank of Argentina? Tell us in the comments section below. View the full article

Spot and futures trading volumes on centralized crypto exchanges (CEXs) have increased in June, a new report shows. At the same time, website traffic to major trading platforms for digital assets continued to decline, according to the study which also tracks its geographical distribution. Spot Volume on Leading Exchanges Jumped by Over 10% in a Month Spot trading volume on major centralized platforms for cryptocurrency exchange rose 10.4% in June over the previous month, according to data from Coingecko compiled by Chinese crypto journalist Colin Wu, also known by his Twitter handle ‘Wu Blockchain.’ The highest increases were registered by Bitmart (61%), Upbit (48%) and Bybit (35%). Those with the most negative rates were Crypto.com (-18%), Huobi (-17%) and Mexc (-11%), Wu detailed in a blogpost published earlier this week. The futures trading volumes on these exchanges climbed by a similar percentage last month (9.5%). The top three change rates were Bitmart (46%), Deribit (15%) and Kucoin (14%) and the bottom three were Crypto.com (-29%), Gate (-17%), and (-5%), the report added. Meanwhile, website traffic to the leading trading platforms declined further, by 8% from May. The three exchanges that saw the highest increase in terms of visits were Deribit (46%), Okx (11%) and Bybit 5%. Huobi (-37%), Bitget (-29%) and Bitfinex (-27%) witnessed the steepest declines, traffic data from Similarweb indicates. Spot trading volume on , the world’s largest cryptocurrency exchange, has expanded by 6.9%, and futures trading volume increased 6.3%. Traffic to the global trading platform, which has been dealing with pressure from regulators around the world, decreased by 10%. What are your thoughts on the market data in Wu Blockchain’s report? Share them in the comments section below. View the full article

A recently published survey by Bankrate reveals that there is a 3-in-5 likelihood of a recession occurring in the United States within the next year. Bankrate’s survey of economists firmly indicates that the chances of a recession taking place in the U.S. are greater than the chances of it not happening. Bankrate Survey: 3-in-5 Chance of U.S. Recession in Next Year According to economists surveyed by Bankrate, the probability of a recession occurring in the U.S. is significant. The survey, published on July 12, 2023, reveals that Bankrate’s experts estimate a 59% chance of a recession taking place by July 2024. Bankrate states that the expert forecasts “suggest a downturn is more probable than not.” “Illustrating those odds even more, most respondents (78 percent) indicated that the percentage chance of a recession was greater than 1-in-2, while 28 percent said the odds were 70 percent or higher,” Bankrate’s Sarah Foster writes. Bankrate’s most recent poll is not the sole survey indicating experts’ belief in an impending recession in the United States. ITR Economics forecasts a macroeconomic recession commencing in late 2023 and extending throughout 2024. HSBC Asset Management predicts a downturn for the U.S. in the fourth quarter of 2023, followed by a “year of contraction and a European recession in 2024” The Bankrate survey underscores numerous factors that contribute to the prediction of an impending recession. These factors include a substantial increase in interest rates, strict monetary policy, bank failures, inverted bond yields, and other vulnerabilities in the global economy. “Given the aggressive tightening by the Fed, the most likely outcome is a recession,” stated Abbey Omodunbi, senior economist at PNC Financial Services, in an interview with Bankrate. Alongside Bankrate’s poll, Statista’s projections reveal a forecasted probability of 70.85% that the United States will experience another economic recession by May 2024. Scott Anderson, the chief economist and executive vice president at Bank of the West, believes that a downturn is probable this year. “We are still on the path toward at least a mild downturn in the U.S. economy around the end of the year,” Anderson told Bankrate. What steps do you think should be taken to mitigate the impact of a potential recession in the United States? Share your thoughts and opinions about this subject in the comments section below. View the full article

Iran’s government considers employing the Iraqi dinar in bilateral trade with Iraq in a bid to further curtail the dominance of the U.S. dollar. The annual turnover between the two neighboring nations exceeds $10 billion with millions of pilgrims and health tourists crossing the border each year. Iran and Iraq Can Reduce Dollar Dominance by Using Dinar in Trade, Official Says The government in Tehran is pushing for wider use of national currencies in foreign trade and is viewing the Iraqi dinar as an alternative to the dollar in transactions with Bagdad, regional media reported. Replacing the U.S. currency with the dinar in bilateral trade between Iran and Iraq would weaken the dollar’s supremacy, according to an Iranian official. Speaking to Iran’s Mehr News Agency, the head of the Iran-Iraq Chamber of Commerce, Yehya Eshaq, made it clear that the transition to dealing in national fiats is a priority for the current Iranian government. “Most countries in the world are looking for breaking the American hegemony in their exchanges, and the use of national currencies can help accelerate this process,” Eshaq said and added: By favoring the dinar over the dollar in trade operations with Iraq, we are actively undermining the dollar’s dominance in our import-export transactions as part of a wider governmental strategy. Also quoted by the Shafaq news agency in Iraq, Eshaq pointed out that transacting in national currencies can speed up the ongoing shift away from U.S. control on global trade, a trend which, in his opinion, is gaining traction. The annual exchange of goods and services between the two neighboring nations currently amounts to more than $10 billion, the Iranian official highlighted. “The adaptation of a trade system pivoting on the national currencies of the two nations would further cement these relations and galvanize more robust trade ties,” he elaborated. Iran and Iraq should be able to reduce the dominance of the dollar by maximizing trade exchanges with their national currencies, Yehya Eshaq emphasized, adding that both nations can benefit from this move and proper follow-up steps. Eshaq’s statements follow recent remarks by Iran’s President Ebrahim Raisi who stressed the need for de-dollarization. Speaking during the virtual summit of the Shanghai Cooperation Organization’s Council of Heads of State earlier this week, he stated that any attempt to shape a fair international system requires the removal of the U.S. dollar as an “instrument of dominance in intra-regional relations.” Do you think Iran and Iraq will soon switch to settlements in national currencies in bilateral trade? Tell us in the comments section below. View the full article

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Bolivian President Luis Arce calls for de-dollarization at the Southern Common Market Summit, Reserve drops fiat services in Latam, and Argentina postpones a $2.6 billion IMF payment. Bolivian President Calls for De-Dollarization and Diversification Bolivian President Luis Arce called for the de-dollarization and the diversification of the economic relations of the Latam region. After concluding his participation at the Southern Common Market Summit, Arce reinforced the importance of the de-dollarization process of Latam, stating: Our region is seriously affected by the restrictions imposed by the northern financial system, which limits financing options, making it necessary to reduce dependence on the U.S. dollar and diversify our economic relations. Furthermore, Arce mentioned China and the BRICS as possible partners to help in this diversification push. Arce finished explaining that the region was “experiencing a crucial moment of transition towards a multipolar world that guarantees a balance of powers.” In May, Arce called the Central Bank of Bolivia to research if the country could also mimic the recent advancements in the Chinese yuan’s usage in countries like Argentina and Brazil. Reserve Drops Fiat Services in Six Countries Reserve, a cryptocurrency exchange platform, announced it was dropping fiat-based services in six countries: Argentina, Colombia, Peru, Venezuela, Ecuador, and Panama. In a statement, Gabriel Jimenez, CEO of Rpay and former Petro developer, explained that liquidity in fiat currencies would be available until August 3. After this date, the platform will switch to operating using only cryptocurrencies in these countries. Jimenez declared that the reasons behind this measure were related to “sustainability issues associated with cryptobanking challenges.” As a result, Reserve, which had been focused on Latam markets, also announced a change of strategy, now directing its effort to establish a foothold in the U.S. to create a “pathway for global expansion.” Argentina Postpones $2.6 Billion IMF Payment The government of Argentina announced it would postpone two payments to the International Monetary Fund (IMF) until the end of July. The government deferred the delivery of these payments — which amounted to 2.6 billion — as it is still in talks to accelerate the disbursement of part of the loan of the IMF to the country. Recently, Argentina settled part of a $2.7 billion payment to the IMF using the Chinese yuan and IMF’s Special Drawing Rights (SDR) due to the low dollar liquidity that the country is experiencing. To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below. What do you think about this week’s Latam Insights report? Tell us in the comment section below. View the full article

PRESS RELEASE. Dubai, UAE — July 10, 2023 – Today, BLU Mission, an organization committed to the growth and integrity of the broader crypto ecosystem, is excited to announce its partnership with Unidef (unidef.org). The collaboration aims to expedite the transition towards a decentralized future. Together, we engage with policy-makers, launch advocacy initiatives, and establish partnerships to ensure that the benefits of decentralization are accessible to all. Our primary objective in forming this partnership is to stimulate the expansion of BLU Mission by aligning it more effectively with the goal of endorsing decentralized technologies, assets, and initiatives. These efforts empower individuals, communities, and the world at large to create their own destiny. The partnership offers the community access to Unidef’s exhaustive resources and world-class expertise, thus empowering the project and community with the necessary international resources for effectively managing administrative, regulatory, and marketing needs. Supporting decentralized communities is critical to drive the shift towards a decentralized future. Unidef’s backing for BLU Mission contributes to the growth of a decentralized ecosystem, where communities with shared visions unite to build a better tomorrow. Through this partnership, BLU Mission, a community-driven organization committed to the growth and stability of the crypto ecosystem, will further bolster the community’s progress in discovering diverse opportunities and forging networks that will pave the way for a decentralized future. BLU Mission envisions a future where cryptocurrency is universally embraced and effortlessly incorporated into everyday life. It is an advocacy organization dedicated to promoting the advantages and applications of decentralized currencies and supporting their worldwide acceptance. Unidef is taking the lead on various initiatives to support BLU Mission and endorse actions that align with its mission through advocacy and impact partnerships. It provides financial backing to a diverse range of entities and individuals who are committed to upholding the principles of a decentralized future. The intent of these actions is to align with the objective of empowering everyone to have full control over their finances, identity, and data. BLU Mission will continue to advocate for policy changes and provide research and education to nurture a decentralized community’s growth. Stay tuned for more updates on this exciting partnership, as we work together to shape the future of decentralization and $BLU adoption. About BLU Mission BLU Mission was founded by a team of crypto and tech veterans with a rich history. The primary objective of BLU Mission is pushing for change, finding opportunities, and building networks that will shape decentralization. For more information and updates, visit www.blumission.com and follow @BLUMission on Twitter and Telegram. About Unidef Unidef (unidef.org) is a global network of organizations working to accelerate the world’s transition to a decentralized future. It invests in and supports communities and builders of next-generation technologies, incubates creative ideas in the Web3 space, and provides institutional support and organizational backing. For more information and updates, visit www.unidef.org and follow @UnidefGlobal on Twitter, Telegram, Instagram, Threads, Facebook and YouTube. Disclaimer This information is provided solely for informational purposes and does not constitute an offer or advice to buy or sell securities, investments, or any assets, including but not limited to tokens, coins, and cryptocurrencies. BLU Mission does not endorse, recommend, or make any representations regarding any exchanges or the purchase or sale of digital assets. It is highly recommended that you conduct your own due diligence before relying on any third-party technology or provider, as compliance, data security, and privacy practices may vary significantly. Purchasing and selling digital assets is inherently risky, and holders must bear the risk of loss. Neither the owner(s) nor publisher(s) of this material nor any participants in the BLU Mission and Unidef ecosystem accept any liability for losses or taxes incurred by holders, purchasers, or sellers of digital assets. The value of tokens and digital assets may decrease and may be highly volatile. This material is not intended for any person located in a jurisdiction where purchasing, selling, or holding tokens/ digital assets is prohibited or regulated. It is your responsibility to comply with all applicable laws and regulations in your jurisdiction before transacting any digital assets. All Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the statements made here. The data and non-Unidef names are for informational and identification purposes only. All non-English versions of resources are translations of the original in English and are for informational purposes only. BLU MISSION info@BLUMission.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

The U.S. Securities and Exchange Commission (SEC) answered the latest filing of Coinbase by shooting down the arguments presented by the exchange to throw out the ongoing lawsuit. The filing reaffirms the institution’s jurisdiction on securities laws, explaining that Coinbase misinterprets the Howey test and criticizing the “major questions doctrine” usage in the case. SEC Rails Against Coinbase, Reaffirms Jurisdiction on Securities The U.S. Securities and Exchange Commission (SEC) answered the latest filing of Coinbase regarding the exchange’s criticism of the regulator’s actions in the crypto environment. The filing, introduced on July 7 before judge Katherine Polk Failla, tries to bring down each statement presented by Coinbase to disesteem the lawsuit the agency is taking against the exchange for unregistered brokerage and securities violations. In its response, the SEC reaffirms its jurisdiction over securities cases, stating that this legal action against Coinbase is part of the “exercise of its longstanding authority to enforce statutory requirements” after having been authorized by Congress in 1934 to exert these through civil law enforcement actions. This interpretation contradicts Coinbase’s views, which declare the SEC lacks “any powers to regulate digital asset exchanges.” Furthermore, the institution explains that Coinbase now criticizes the validity of the Howey test after it used its criteria to make listing decisions before it became a public company. Howey Deconstructed and Major Questions Doctrine The SEC declares that Coinbase “attempts to construct its own test for what constitutes an investment contract” by making incorrect assumptions on what the Howey test, a set of considerations that help to classify if transactions are investment contracts subject to securities laws, explains. For the SEC, the two requirements Coinbase considers for assets to qualify as securities – that it must include a formal common law contract and that even if this contract exists, it does not apply to sales on secondary markets – are wrong. The agency criticized the usage of the major questions doctrine, a principle that puts Congress regulatory action over administrative agencies, explaining that “since its inception, the SEC has exercised that authority to pursue violations of the securities laws—and it exercises the same statutory enforcement authority here.” However, the SEC failed to address the change of heart its chair Gary Gensler experienced since he acknowledged the agency “lacked statutory authority to regulate businesses like Coinbase” in a May 2021 congressional hearing until when he commented that he believed they had “enough authority” in 2022. Coinbase CLO Paul Grewal, who had stated the SEC’s interpretation of what constitutes an investment contract violated the law, declared this filing was “sadly … more of the same.” What do you think about the legal battle between the SEC and Coinbase? Tell us in the comment section below. View the full article

On July 7, 2023, a Clive, Iowa resident fell victim to a scammer posing as a Polk County sheriff’s deputy, who coerced the individual into depositing $6,600 into a bitcoin automated teller machine (ATM). The Clive Police Department insists that the scammers utilized cryptocurrencies due to the challenges in tracking these assets. Scammer Poses as Polk County Deputy, Defrauds Iowa Resident of $6,600 in Bitcoin ATM Scheme The Clive Police Department has notified the public that an individual was defrauded of $6,600 after being persuaded to deposit the funds into a bitcoin ATM. The account was shared on Facebook, and the police stated that the person affected would not be identified for “security reasons.” As per the statement, the victim received a call from an individual who falsely identified themselves as a Polk County Sheriff’s Deputy. The impersonator informed the woman about an arrest warrant and persuaded her to “send $6,600 through a Bitcoin ATM to resolve the matter.” Following this portion of the story, the police did not provide any information regarding how the imposter acquired the funds from the machine. The presence of the imitator alongside the victim would likely be necessary to successfully execute such a theft using a cryptocurrency ATM; however, these types of specifics were omitted from the narrative. If the imposter was physically present to acquire the cryptocurrency assets, as that would be the sole feasible method to obtain them unless she transferred the BTC to the impersonator subsequent to utilizing the bitcoin ATM, then opting for cash would have provided a significantly higher level of anonymity compared to BTC. The account is excessively ambiguous and replete with uncertainties, yet local media organizations from Iowa disseminated the story subsequent to the police’s declaration of the theft. “The scam highlights the growing concern of scammers exploiting the anonymity and difficulty in tracking cryptocurrency transactions,” the Clive police explain. “According to recent reports, scammers are utilizing fear tactics and impersonating law enforcement officials to deceive unsuspecting individuals into transferring funds through bitcoin ATMs.” The Clive police, in conjunction with the Polk County Sheriff’s Office, have launched an inquiry into the theft. “Law enforcement agencies emphasize that they would never contact individuals to demand payment over the phone or through bitcoin ATMs,” stated the police officials. In the press release shared on Facebook, a commenter expressed their opinion in the comments section, stating, “Make bitcoin ATMs illegal.” What do you think about the theft story in Iowa? Share your thoughts and opinions about this subject in the comments section below. View the full article

An Iranian official has stated that Iran stands to benefit from a gold-backed common BRICS currency. The official further asserted that such a BRICS currency would erode the U.S. dollar’s dominance and result in increased wealth for Iranians holding gold. “A tremendous change is taking place in the international economy,” the official stressed. Iran Will Benefit From Gold-Backed BRICS Currency, Official Says Rasoul Mousavi, Assistant Foreign Minister and Director General of the South Asia Department of the Iran’s Ministry of Foreign Affairs, stated Sunday that a common BRICS currency backed by gold will benefit Iran and weaken the U.S. dollar, Press TV reported. The BRICS comprises Brazil, Russia, India, China, and South Africa. The Iranian official’s remarks followed a report last week by Russian news outlet RT claiming that Russia has confirmed the creation of a gold-backed common currency within the BRICS framework. According to RT, this announcement is expected to be officially made during the upcoming leaders summit of the economic bloc scheduled for August. “A tremendous change is taking place in the international economy,” Mousavi was quoted as saying. The official elaborated: The BRICS’ introduction of a gold-backed currency, which is supported by 41 countries with large and influential economies, will weaken the dollar and the euro and will benefit countries such as Iran, while Iranians in possession of gold will experience a wealth increase. While Mousavi believes that a common BRICS currency backed by gold would benefit Iran and erode the dominance of the U.S. dollar, the economic bloc has not officially announced any plans to create such a currency. Last week, Leslie Maasdorp, vice president and chief financial officer of New Development Bank, also known as the BRICS Bank, stated that the creation of BRICS currency as an alternative to the U.S. dollar is a medium to long-term aspiration. Nonetheless, there is a prevailing belief that the establishment of a successful BRICS currency will diminish the dominance of the U.S. dollar. The BRICS economic bloc is also expanding its influence and is considering adding more members. Do you think a common BRICS currency backed by gold will benefit Iran? Let us know in the comments section below. View the full article

U.S. Treasury Secretary Janet Yellen has stated that she does not see the U.S. dollar’s dominance being threatened by any development, including the proposed BRICS currency. Yellen stressed that all the data of which she is aware shows that the dollar is overwhelmingly used in international transactions, emphasizing: “I don’t think that there is an alternative that could possibly displace that for the foreseeable future.” Janet Yellen on BRICS Currency, Challenges to US Dollar Dominance U.S. Treasury Secretary Janet Yellen addressed concerns regarding the dominance of the U.S. dollar and the potential challenges by a proposed BRICS currency during a press conference at the U.S. embassy in Beijing on Sunday. The press conference took place at the conclusion of her four-day visit to China. While there has been no official announcement by the BRICS, speculation about a new BRICS currency has been rife after Russian news outlet RT reported that Russia has confirmed that the BRICS bloc will launch a new currency backed by gold. Yellen was asked to comment on the plan by the BRICS countries (Brazil, Russia, India, China, and South Africa) to create a new currency that many say would erode the dominance of the U.S. dollar. “I just want to reiterate what I’ve said in the past, which is I think the United States can rest assured that the dollar is going to play the dominant role in facilitating international transactions and serving as a reserve currency in the years ahead,” the treasury secretary replied, elaborating: I don’t see that role being threatened by any development including the one that you’ve mentioned [BRICS common currency]. “I’ve said previously and would reiterate that because of the role of the dollar and its ability to enable us to implement sanctions, there certainly is motivation in countries around the world to find an alternative,” Yellen continued. However, the treasury secretary emphasized: All the data of which I’m aware shows that the dollar is overwhelmingly, close to 90%, used in international transactions, and I don’t think that there is an alternative that could possibly displace that for the foreseeable future. While RT reported that Russia has confirmed that the BRICS will launch a common currency backed by gold, Leslie Maasdorp, vice president and chief financial officer of the New Development Bank, also known as the BRICS Bank, stated last week that “The development of anything alternative [to the U.S. dollar] is indeed a medium to long-term ambition.” In June, Yellen defended the U.S. dollar, stating: “There is a very good reason why the dollar is used widely in trade and that’s because we have deep, liquid, open capital markets, rule of law and long and deep financial instruments.” However, she acknowledged in April that over time, the use of financial sanctions “could undermine the hegemony of the dollar.” What do you think about the statements by Treasury Secretary Janet Yellen about the U.S. dollar and the challenges by the proposed BRICS currency? Let us know in the comments section below. View the full article

According to data recorded on July 9, 2023, Bitcoin’s next difficulty adjustment is estimated to rise between 4.74% and 7.7%, erasing the 3.26% reduction that occurred on June 28. Moreover, the total network hashrate achieved a 24-hour all-time high on July 8, reaching 538 exahash per second (EH/s) at block height 797,733. Record-Breaking Bitcoin Difficulty Increase Imminent, Total Hashrate Taps a 24-Hour Record at 538 EH/s Statistics recorded on July 9, 2023, indicate that the next Bitcoin mining difficulty adjustment is scheduled for July 12, 2023. In the previous difficulty change, Bitcoin’s mining difficulty experienced a 3.26% reduction, lowering the total to 50.65 trillion. Estimates suggest that the difficulty is expected to increase by 4.74% to 7.7% due to block intervals being consistently shorter than the ten-minute average. Currently, the average block time on July 9 ranges from 8 minutes and 2 seconds to 9 minutes and 18 seconds per block. Additionally, the total hashrate on Sunday maintains a steady level at 440.72 EH/s after reaching a 24-hour record high the previous day. On July 8, at block height 797,733, records indicate that the hashrate peaked at 538.05 EH/s. The increase in hashrate has accelerated the speed of block intervals, resulting in a higher probability of mining 2,016 blocks faster than the typical two weeks. An increase ranging from 4.74% to 7.7% will eliminate the decline recorded on June 28 and push the overall network difficulty to another record-setting high. On the lower end of the range, a 4.74% increase would raise the difficulty from the current 50.65 trillion to 53.04 trillion. As a result, it will become the most challenging period in history for miners to uncover BTC blocks. Despite the difficulty reaching historically high levels, several factors have contributed to the rise in hashrate. One factor is that BTC has increased by 80% against the U.S. dollar during the first half of 2023, making it more lucrative to mine BTC. Additionally, manufacturers have introduced next-generation application-specific integrated circuit (ASIC) mining rigs that offer significantly higher hashrate and improved efficiency. Lastly, mining operations that survived the ‘Crypto Winter’ of 2022 have significantly expanded their activities by acquiring new facilities and deploying thousands of BTC miners. What are your thoughts on Bitcoin’s upcoming mining difficulty change and the implications for miners? Share your thoughts and opinions about this subject in the comments section below. View the full article

A recent report released by K33 Research three days ago reveals that as of July 2023, the cryptocurrency industry boasts approximately 10,000 companies, employing an estimated 190,000 crypto professionals. Notably, K33 provides a comprehensive snapshot of the crypto landscape, highlighting that these 10,000 firms possess a collective valuation of $180 billion. K33 Research Unveils Crypto Employment Trends in July 2023 Snapshot K33 Research released a report this week providing a “high-level overview of the crypto Industry” as of July 2023. The study was authored by K33 executives Anders Helseth, Torbjørn Bull Jenssen, Bendik Norheim Schei, and Vetle Lunde. According to the report, approximately 190,000 individuals are currently employed in the crypto industry, working for 10,000 firms with an estimated value of $180 billion. According to K33 researchers, the number of individuals employed in the crypto industry has decreased compared to 2021, when there were approximately 211,000 crypto employees. Presently, about 30% of all crypto workers are based in the United States, while the United Kingdom accounts for one-third of crypto employment in Europe. K33’s study says in North America, the United States and Canada are the dominant forces, whereas “crypto employment in South America correlates with economy size.” K33 study indicates around 35% of the worldwide cryptocurrency workforce is concentrated in Asia and Australia. The report highlights that in terms of the African continent and its diverse nations, “Nigeria is the crypto powerhouse of Africa.” Approximately 4% of the global crypto workforce originates from Africa, with South Africa following Nigeria’s lead. Furthermore, the study reveals that India surpasses China in crypto employment. Still, China follows India in terms of the leading countries in Asia despite China’s crypto ban. K33’s report shows approximately one-third of the current crypto workforce is employed by brokerage services or crypto exchanges. The study further reveals that the majority of crypto jobs are in investment and trading roles. Among the total, 48,500 positions are in financial services, while the non-fungible token (NFT) and blockchain gaming sector accounts for an estimated 12,000 jobs. Approximately 40,000 jobs are centered around mining and blockchain intelligence positions, and an additional 24,800 employees have undefined roles. What do you think about the number of professionals working in the crypto industry? Share your thoughts and opinions about this subject in the comments section below. View the full article

Inflation in the eurozone has started to decline but the area’s monetary authority expects it to remain above its target in the next two years. The European Central Bank has to do more to bring it down, its governor commented on the backdrop of stable consumer expectations about rising prices during the said period. Euro Area Inflation Projected to Stay Above Medium-Term Target, Christine Lagarde Says Eurozone inflation is decreasing, having dropped from double-digit numbers in the early fall of 2022 to 5.5% for the whole area of the single currency in June, President of the European Central Bank (ECB) Christine Lagarde said in an interview published by the bank this week. Speaking to the French daily La Provence, Lagarde explained that the trend is mainly due to the fall in commodity and energy prices while suggesting that the ECB’s monetary policy decisions had also had an impact on prices. However, when asked by the newspaper if “inflation is under control at last,” she pointed out that it is “still higher than our medium-term target of 2% and according to our staff projections, is set to remain so in 2024 and 2025,” emphasizing: We therefore still have work to do to bring it back down and reach our target. Lagarde’s statements coincided with the release of the ECB’s latest Consumer Expectations Survey results. According to the study, inflation expectations for the next 12 months have decreased, while those for inflation in the next three years have remained stable. “The median rate of perceived inflation over the previous 12 months decreased to 8.0% in May 2023, from 8.9% in April. Median expectations for inflation over the next 12 months also decreased to 3.9%, from 4.1% in April, while those for inflation three years ahead remained unchanged at 2.5%,” the bank detailed in a report. At the same time, consumer expectations for nominal income growth over the next 12 months increased slightly, while expectations for nominal spending growth continued to decline, the European Central Bank highlighted. In her interview, Lagarde noted that profit margins have not decreased during the recent period of high inflation and have even increased in some cases. She left it to the firms to decide whether to meet their employees’ expectations and restore some of their purchasing power but warned that a simultaneous increase in both profits and wages would fuel inflation and stressed that the monetary authority “would not stand idly by in the face of such risks.” Do you expect inflation in the eurozone to be near the ECB’s 2% target in the next two to three years? Tell us in the comments section below. View the full article

Bitcoin’s market performance in the first half of 2023, surging by 80% against the U.S. dollar, has enthusiasts eagerly speculating about its year-end price. Techopedia and Changelly have released price prediction reports with varying estimates, suggesting that bitcoin’s value could range from $25,175 to $40,836 per unit by the close of the year. Techopedia vs. Changelly: Clash of Bitcoin Price Predictions for 2023’s Year End Throughout the years, countless market observers have taken on the challenge of forecasting the price of bitcoin (BTC), yielding a mix of wildly inaccurate predictions and astutely accurate projections. In late January 2023, a panel consisting of 56 experts in the crypto and fintech fields, as conducted by product comparison website finder.com, confidently stated that BTC would reach its peak at $29,095 by the end of 2023. It’s worth noting that BTC has already surpassed this anticipated peak, surging beyond the $31K threshold as of July 6. In a recent survey conducted by Bitcoin.com News, six distinct artificial intelligence (AI)-powered chatbots were asked to share their predictions for bitcoin’s year-end price. The responses varied significantly, with price projections spanning from $30K to $50K per unit. Building upon this price exploration, we now turn our attention to two comprehensive bitcoin (BTC) price prediction reports provided by Techopedia and Changelly. These reports offer a diverse range of forecasts, each with its own unique perspective. Notably, Techopedia’s analysis takes a more cautious stance, suggesting that BTC could reach a “potential high” of $25,175 by the end of December. Amidst the summer trading season, Techopedia sheds light on the current state of bitcoin trading, highlighting a notable decline in trade volume and a subsequent stall in momentum. In the analysis, author Michael Graw delves into the worst-case scenario for Bitcoin’s price, emphasizing the possibility of BTC testing its support level at $18,650 or even revisiting its 2022 low of $15,760. Looking ahead to the year 2024, Techopedia’s examination paints a less optimistic picture compared to the bullish forecasts circulating today. Notably, Techopedia’s analysis suggests a potential 2024 low of $15,500 per BTC and a potential high of $31,000 per coin. When it comes to price predictions, Changelly’s analysis takes a more upbeat stance compared to Techopedia’s examination, offering three distinct price ranges for the end of 2023. The lower end of the spectrum stands at $35,608.47, while the average price hovers around $37,149.69. However, the most exciting estimate points to a potential year-end price of $40,836.62, reflecting a sense of bullish optimism. In fact, according to Changelly’s projections, BTC could soar to $36,438 per unit by July 31, 2023, marking an impressive surge of over 20% above the current price. Turning our attention to the year 2024, Changelly’s predictions continue to climb higher. The analysis anticipates a minimum price of $51,084.24 and an average price of $52,941.72. Yet, it’s worth noting that Changelly’s 2024 forecast falls short of surpassing the peak price reached in 2021, with a maximum quoted price of $61,458.72 per BTC. Looking further ahead to the future, Changelly’s 2025 prediction surpasses the 2021 all-time high. The projection spans a range reaching from $79,422.87 to $88,660.00. However, it’s not until 2026 that bitcoin breaches the six-digit mark, according to the analysis. On the other hand, Techopedia’s estimates for 2025 reveal a potential low of $21,500, contrasting with a more optimistic high of $53,000 for that year. Zooming further into the horizon, Techopedia’s 2030 prediction presents a wide spectrum, ranging from $30,000 to $100,000 per BTC. What are your thoughts on these diverse price predictions for bitcoin’s future? Share your thoughts and opinions about this subject in the comments section below. View the full article

As we wrap up the initial six months of 2023, the Bitcoin network inches closer to a significant milestone — the impending block reward halving, which lies just under 300 days ahead. Projections indicate that this event is slated to take place between April 21 and 27, 2024, leading to a substantial reduction of 50% in the earnings of mining participants. Such a development is bound to bring about a significant transformation in the landscape of mining distribution, as miners will witness a substantial decrease in the amount of bitcoin they receive compared to previous cycles. Balancing Act: Can Bitcoin’s Halving Strike a Sustainable Equation for Miners and Network Security? In just nine months, the Bitcoin halving will make its presence known, presenting the mining industry with a formidable challenge — a substantial decrease in revenue, particularly if market prices remain stagnant or decline. Typically, the price of bitcoin (BTC) experiences a noteworthy surge roughly six months to a year before the halving event. In the span of six months, bitcoin (BTC) has already soared by over 80% in 2023. At present, approximately 900 brand new bitcoins enter the market each day (144 blocks), generating a daily sum of around $26 million for miners, alongside transaction fees, based on current exchange rates. However, in a mere nine months, if prices were to remain within the same range, mining participants would witness a sharp decline, earning a reduced daily amount of $13 million, in addition to fees. Statistics show miner fees have accounted for only a small portion of the revenue earned by bitcoin miners. According to data from July 7, 2023, fees represented 1.89% of the earnings generated from 144 blocks. In June, bitcoin miners collectively earned $783.76 million in revenue, with block rewards alone (excluding fees) amounting to $745.45 million. In May, miners acquired a total of $919.22 million in revenue, with $793.3 million coming from the block subsidy, according to the data. The fees collected for May amounted to $125.92 million, a relatively high figure considering fees had not exceeded $20 million per month from December 2021 until March 2023. While fees reached $246 million in April 2021, the increase compared to May was only $121 million. The miners’ highest monthly fee revenue to date was in December 2017, when they earned $297 million. A low ratio of fees carries several implications for the network’s long-term sustainability as rewards decline with each halving. Some proponents argue that fees must rise to achieve a higher fee-to-rewards ratio to avert potential issues. For instance, as the block reward diminishes, bitcoin miners may grow less incentivized to engage in network participation, particularly if mining costs surpass potential rewards. Reduced mining participation could result in a decline in hashrate, thereby increasing the network’s susceptibility to potential attacks like a 51% attack. Larger mining operations may be the sole entities capable of sustaining mining activities, potentially concentrating power in the hands of a few. If smaller miners exit the market, there are two potential solutions to compensate for the lack of hashpower: either the price of bitcoin must increase significantly, or the mining difficulty must decrease by the same magnitude. The 2024 halving will test the theories more than any previous halving. This time, the reward will decrease from 6.25 BTC to 3.125 BTC per block after the halving. Following the halving, the annual inflation on the Bitcoin network will drop from the current 1.7% to 0.84%. If the hashrate declines due to the next halving, block intervals are likely to remain at the average of 10 minutes when the network difficulty adjusts to the lower hashrate. Whether it’s the 2024 halving or the subsequent one, there is a finite supply of 21 million bitcoins, so the low fee ratio may need to rise to compensate miners. To address these concerns, finding a balance between reducing the block reward and ensuring adequate incentives for miners is crucial for the Bitcoin network. This balance may involve factors such as transaction fees, network scalability, and overall adoption to maintain the network’s long-term sustainability and security. What are your thoughts on the upcoming Bitcoin halving and its potential impact on miners and the overall sustainability of the network? Share your thoughts and opinions about this subject in the comments section below. View the full article

After Gemini co-founder Cameron Winklevoss published an open letter to Digital Currency Group (DCG) CEO and founder Barry Silbert, threatening legal action if the firm failed to respond by July 7, Winklevoss announced on Friday that his company had filed a lawsuit against DCG and Silbert in New York. **Editor’s Note: This article was updated at 2:00 p.m. (ET) on Friday, July 7, 2023, with three additional paragraphs reflecting a statement from Digital Currency Group and a response to that statement from Gemini co-founder Tyler Winklevoss. Gemini Proceeds With Lawsuit Against DCG and CEO Barry Silbert Gemini has proceeded with the filing of a lawsuit against Barry Silbert and DCG regarding the purported losses resulting from DCG’s alleged decisions. In a cautionary open letter posted on Twitter last week, Cameron Winklevoss warned that legal action would ensue unless DCG accepted the “best and final offer.” “When Gemini notified Genesis it would be terminating the Earn program in October 2022, Barry reached out to set up a meeting to induce Gemini to continue Earn. He did this knowing Genesis was massively insolvent,” Winklevoss tweeted sharing the lawsuit on Twitter. “Barry claimed that Genesis faced only a timing issue – a lie that hid the gaping hole on Genesis’s balance sheet,” the Gemini co-founder added. Gemini Trust Company is listed as the plaintiff in the court filing, while Digital Currency Group and Barry Silbert are named as defendants. “This lawsuit seeks to recover from Defendants the damages and losses that Gemini has incurred as a direct result of DCG’s and Silbert’s false, misleading, and incomplete representations and omissions to Gemini, and Defendants’ role in encouraging and facilitating Genesis’s fraud against Gemini,” the filing alleges. The court filing further insists: This lawsuit is about fraud. The assets involved—bitcoin and other cryptocurrencies—are relatively novel, but the fraud and deception committed by Defendants are all too familiar. Digital Currency Group Responds to Lawsuit While he retweeted a post on Twitter on July 3, Silbert has not made a statement on the platform since June 10, 2023. “DCG — and Barry personally – are direct participants in the fraud that has damaged Gemini and hundreds of thousands of Earn users. This complaint is an important step in holding them accountable for what they have done,” Winklevoss concluded in his Twitter thread. At 12:00 p.m. (ET) on Friday, DCG responded to the lawsuit. “This is yet another publicity stunt from Cameron Winklevoss to deflect blame and responsibility from himself and Gemini, which operated the Gemini Earn program. Any suggestion of wrongdoing by DCG or any of its employees is baseless, defamatory, and completely false,” the company stated in a shared message on Twitter. “From day one, DCG has remained committed to reaching an amicable solution for all parties to the Genesis bankruptcy.” “Senior DCG leadership has been working around the clock over the course of multiple months in active negotiation with representatives of the Official Unsecured Creditors Committee and Ad Hoc Committee to reach a deal while Gemini’s leadership was MIA or only issuing press statements,” DCG added in its defense. “To be clear, neither Cameron nor Tyler Winklevoss have been involved in any of the recent in-person meetings. The mediation process is nearing a close and we expect to bring the Genesis Chapter 11 case to a conclusion soon.” Tyler Winklevoss also replied to DCG’s statement. “[DCG and Silbert] fail to address or deny a single assertion in our 33-page complaint,” Tyler Winklevoss said in response to DCG’s statement on Friday. “Exactly which parts are ‘baseless, defamatory, and completely false?’ The indisputable fact is that DCG and Barry were directly involved in misleading creditors as to the financial condition of Genesis.” What are your thoughts on the lawsuit filed by Gemini against Digital Currency Group and Barry Silbert? Share your thoughts and opinions about this subject in the comments section below. View the full article

Pioneering Web3 gaming platform Neon Link has announced the launch date of its public token sale, which will commence on July 13, 2023, at 13:00 UTC. The emerging blockchain innovator has created an entire ecosystem to play and develop online games with a community-driven focus at its center. With the release of its platform, new games, and public sale, Neon Link is bringing gamers, and developers together to share true ownership and shape their gaming experiences with the new possibilities made possible by blockchain technology. What is Neon Link? Neon Link is a vibrant, community-driven Web3 gaming ecosystem driven by its own robust network and native NEONLINK token. The company is striving to be a leader amongst the next generation of web3 gaming innovators by pushing the limit of what is possible with online gaming ecosystems and revolutionizing the gaming experience to benefit all those involved. Web3 Gaming Ecosystem The Neon Link ecosystem is powered by NEONLINK & the Neon Link network. NEONLINK is the ecosystem’s native token and was designed specifically for gaming, with governance, staking, and fast transactions in mind. Transparency, player control, and the fair division of profits are focal points of the ecosystem with the platform’s various next-gen tools reflecting these ideals. The Neon Link blockchain network was developed for a robust Infrastructure, scaling potential, and peak performance at the center. Having already processed 10 million transactions across 120k accounts in a matter of weeks, (and capable of processing 35,000 transactions per second) the Neon Link blockchain network is ready for large-scale use. The Neon Link ecosystem also has a swath of other features that stand to benefit gamers and developers, including a non-custodial wallet, NFT marketplace, decentralized exchange, block explorer, interoperability bridge, and much more. Engagement & Community Funding Community engagement is a huge factor in the success of blockchain gaming projects, or platforms. Neon Link is taking this to the next level by making their community an integral part of the growth of its ecosystem, as it seeks to empower developers & create a player-centric experience. Neon Link provides its community with constant updates, in addition to frequent Medium articles to keep its growing user base apprised of upcoming news, company targets, rewards-based competitions, and funding events. Neon Link exceeded its token presale target, selling 13.6m NEON, raising $817,000, and followed up with 2 successful EMV funding rounds and a testnet campaign that gave $2 million USD in NEON Coin to participants for helping to test the network. Ascend the End Launches on August 1 With the first rounds of funding successfully secured and the network in full swing, Neon Link looks to the release of its first 3 games, including the flagship title Ascend the End, which will launch on August 1st, following the public sale. Ascend the End is a 3rd-person online shooter & blockchain game built on the Neon Link gaming platform. The strategy-based, apocalyptic shooter pushes players to learn various battle skills as they loot, craft, fight and survive. Players can also use tradable in-game items (weapons, shields, skins) to battle and climb leaderboards for exclusive crypto rewards through competitive gameplay NEON Token Sale: The Future of Gaming The NEONLINK public token sale will start on July 13, 2023, giving anyone not yet involved with the project the opportunity to be part of the journey and the future of Web3 gaming. On August 1, 20% of all participants’ tokens will be released to their wallets, which will be followed by a 10-month vesting period in which participants will receive 10% of their remaining tokens per month. Sale & Allocation Details The NEONLINK Token public sale token allocation details are as follows: Token Allocation: 80,000,000 NEONLINK Maximum Tokens per Participant: 5,000 (with a bonus of 6,000) Maximum Backers: 16,000 Maximum Deposit: $500 Token Price: $0.10 Total Cap: $8,000,000 How to Participate Neon Link has made the public sale accessible to as many people as possible by enabling support for over 50 different wallets, including Ledger, Metamask, Coinbase, trust wallet, Safemoon, Exodus, MEW, Infinity, Zerion, Ambire, SecuX, Onekey, Bitkeep. Anyone interested in whitelisting for the token sale can connect their ETH or BNB Wallet to the Neon Link website. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Solana was one of Friday’s biggest gainers, as the cryptocurrency rose by over 11% during today’s session. The move came as markets reacted to June’s nonfarm payrolls report, which came in at 209,000, below expectations of 229,000. On the other hand, cardano ended a three-day losing streak. Solana (SOL) Solana (SOL) rallied for a second straight session on Friday, as the token rose above a ceiling at $20.00 SOL/USD hit an intraday peak at $21.22 earlier in today’s session, which came in response to the latest U.S. nonfarm payrolls report. As a result of the surge, solana hit its strongest point since June 5, when the price peaked at $22.06 Looking at the chart, the move came as the relative strength index (RSI) broke out of a resistance level of 65.00. At the time of writing, price strength is now tracking at 68.30, which is its highest level since April 14. The next visible point of resistance appears to be at the 70.00 level, and in the event it reaches this point, it is likely that SOL will hit $22.50. Cardano (ADA) Cardano (ADA) rebounded in today’s session, as the cryptocurrency snapped a three-day losing streak. After falling to a low of $0.278 on Thursday, ADA/USD jumped to a high of $0.2874 earlier in the day. The move saw cardano rebound from a one-week low, as bulls reentered the market close to a floor at $0.2875. One of the catalysts of this rally was the 14-day RSI, which bounced on its own support point at the 43.00 zone. As of writing, the index is now tracking at 45.25, a point that is marginally below a ceiling at 46.00. Earlier gains have somewhat eased as a result of this, with ADA now trading at $0.2842. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect cardano to extend today’s gains into the weekend? Let us know your thoughts in the comments. View the full article

Users of the cross-chain protocol Multichain were on July 6 informed of an abnormal transfer of lockup assets on the Multichain MPC address to an unknown address. While the Multichain team has urged users to stop using the cross-chain protocol, Binance CEO Changpeng Zhao (CZ) told his followers that the incident does not affect Binance users or the exchange itself. Users Told Revoke All ‘Contract Approvals Related to Multichain’ Just over a month after the disappearance of the Multichain CEO known only as Zhaojun sent shockwaves through the crypto community, users of the cross-chain protocol were on July 6 informed of an abnormal transfer of “lockup assets to an unknown address.” According to a statement shared via the cross-chain protocol’s verified Twitter handle, the Multichain “team is not sure what happened and is currently investigating.” As reported by Bitcoin.com News on June 3, Zhaojun’s unavailability saw the router technology problems experienced by the cross-chain protocol cause disruptions to regular cross-chain services. The team revealed then that several chains including Kekchain, Publicmint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora, and Planq had been affected. At the time, the team did not ask users to stop using the protocol even as rumors grew that Zhaojun had been arrested in China. However, more than 30 days after Multichain’s problems came to the fore, the team behind the cross-chain protocol has told users to stop utilizing it. “It is recommended that all users suspend the use of Multichain services and revoke all contract approvals related to Multichain,” the team said. The Multichain service stopped currently, and all bridge transactions will be stuck on the source chains. There is no confirmed resume time. Please don’t use the Multichain bridging service now. — Multichain (Previously Anyswap) (@MultichainOrg) July 7, 2023 Reacting to Multichain’s tweet, Binance CEO Changpeng Zhao (CZ) told his followers that the “hacking” incident does not affect users on Binance or the cryptocurrency exchange itself. He added: We have swapped all assets out and closed deposits a while back. Regardless, we offer our assistance in helping with the situation. ‘Attacker Is Probably Not a Hacker’ While the Binance CEO has characterized the transfer lockup assets on the Multichain MPC address as hacking, a Twitter user going by the name Oxloki said their analysis suggests that the attacker may not be a hacker. “The transferor has enough time. Considering the technical characteristics of MPC, the transferor may have completely obtained control of private key shards exceeding the threshold in some way. The ‘attack method’ is very simple, it is a simple transfer operation, there is no contract, and there is a test, the attacker is probably not a hacker,” the Twitter user explained. Meanwhile, in a notice shared via Twitter, Kyber Network, a blockchain-based liquidity hub, urged users to “revoke all permissions and not use any Multichain service.” According to the team, Kyber Network is in the process of “disabling the bridge function on our UI.” DIP Exchange, a decentralized exchange platform, said that while the latest incident on Multichain may slow it down this will not stop it from continuing to build. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Bitcoin dropped below the $30,000 level on Friday, ahead of the upcoming nonfarm payrolls (NFP) report in the United States. Today’s report comes as private sector jobs rose by 497,000 in the last report, double the expected number. Friday’s NFP is projected to come in at 225,000. Ethereum hit a one-week low today. Bitcoin Bitcoin (BTC) dropped to a one-week low on Friday, ahead of the upcoming nonfarm payrolls report in the United States. Payrolls are expected to come in at 225,000 for June, less than the 339,000 jobs added the month prior. Many believe a strong number will almost certainly guarantee that the Federal Reserve will hike rates later this month. Bitcoin chart by TradingView BTC/USD dropped to a low at $29,777.28 earlier in the session, which is its lowest point since last Friday, when price fell to $29,417. Today’s sell-off came as the 14-day relative strength index (RSI) plunged to a floor at the 55.00 mark. In addition to this, the 10-day (red) moving average has shifted course, and now looks to be downward facing. Ethereum Ethereum (ETH) also plunged in today’s session, dropping below the $1,900 mark for the first time since the end of June. Following a high at $1,917.61 on Thursday, ETH/USD fell to an intraday low of $1,832.03 earlier in today’s session. This is the lowest point ETH has hit since June 30, when the price collided with a support point at $1,820. Ethereum chart by TradingView ETH has since rebounded from today’s earlier low, and is currently trading at $1,862.52, as bulls have seemingly bought the dip. This comes as the RSI found a floor of its own at 47.00, and has gone on to reach a present point of 49.86. The next visible resistance level looks as though it is at 53.00, and if it hits that point, it is likely ethereum will be near $1,890. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect the NFP to come in higher than expected? Leave your thoughts in the comments below. View the full article

Bitwage, a cryptocurrency payroll company, has announced it will remove USDC-based payments for U.S. residents. In an email sent to U.S.-based customers, Bitwage explains removing the second-largest stablecoin by market cap from its platform is related to a “more strict regulatory climate” in the U.S. regarding crypto. Bitwage Drops USDC Payments in the U.S. Crypto payroll solutions company Bitwage has announced that it will drop USDC from its supported currencies for U.S. residents. In an email sent to customers affected by the measure, Bitwage informed that the company would be disabling this kind of payment due to a “more strict regulatory climate” in the country. The email, sent to customers on July 5, advises customers using USDC as a means of payment to remove it from Bitwage’s platform. The company explained that if not withdrawn by July 13, affected customers would have all their wallets and bank accounts reset on the platform, forcing them to set up their payment data again before collecting their next paycheck. Bitwage also informed this measure would only affect U.S. residents and that other customers would be unaffected. It further highlighted that U.S.-based customers will continue to receive payments using bitcoin and other stablecoins, including DAI, CUSD, and USDT, without further details. Causes and Effects of the Measure The issue of stablecoins and the advantages and risks involved in their utilization has been in the sight of regulators since the collapse of UST, the native stablecoin of the Terra ecosystem. In June, the House Financial Services Committee released a third draft of a stablecoin bill, which has been one of the priorities of Committee Chair Patrick McHenry. Matt Ahlborg, a market research consultant at Bitrefill, stated the immediate effect of these regulatory changes in the U.S. regarding stablecoins might cause people to consider other, non-stablecoin options for receiving payments. Ahlborg explained: Utility usage of BTC has waned in recent years as stablecoins gained ground, but increasing restrictions on stablecoins will likely swing the pendulum back towards BTC. Bitwage’s actions in the U.S. are very different from what the company does outside the country. In June, Bitwage announced a partnership with Vibrant Wallet to make the payments process seamless, advertising USDC on the Stellar blockchain as an enabler of “seamless, near-instant, low-cost cross-border payments, remittances, and next-gen treasury management.” What do you think about Bitwage phasing out USDC payments for U.S. residents? Tell us in the comments section below. View the full article

A research paper published by the International Monetary Fund (IMF) warns that tax collection is significantly more challenging with cryptocurrency assets, and current tax systems are not designed to handle them. The IMF’s working paper emphasizes that certain crypto assets may not persist in the future, while others that endure become “fundamental innovations in decentralized finance.” Consequently, the IMF asserts that tax systems must adapt to cryptocurrencies with “coherence, clarity, and effectiveness.” Crypto Assets Pose Tax Collection Hurdles, Warns IMF Working Paper On July 5, 2023, the International Monetary Fund (IMF) released a working paper on taxation and cryptocurrency assets authored by Katherine Baer, Ruud de Mooij, Shafik Hebous, and Michael Keen. While published by the IMF, working papers are the opinions of the authors and do not necessarily reflect the views of the IMF, its executive board, or IMF management. The authors observe that the current taxation framework is inadequate in many regions worldwide due to the dual nature of crypto assets, which can serve both as a currency and an investment. The IMF’s working paper further highlights that “crypto’s quasi-anonymity is an inherent obstacle to third-party reporting” significantly complicating tax collection. The investment and currency aspects introduce additional tax collection challenges in today’s modern world. “Conceptually, the dual nature of cryptocurrencies as both investment assets and means of payment — the latter, though less prominent than the former, being a primary purpose for their development — creates potential difficulty in capturing capital gains and losses in their asset role without thereby constructing obstacles to their use as currency,” the IMF authors opine. The IMF researchers caution policymakers to promptly address these concerns and familiarize themselves with the necessary corrective measures. The authors of the IMF paper also mention the concept of implementing a carbon tax on proof-of-work (PoW) cryptocurrency assets to “address the significant climate impact of proof-by-work consensus mechanisms.” Although the working paper acknowledges tax evasion as a pressing issue, page 18 specifically addresses the “revenue potential” that tax collectors overlook concerning cryptocurrencies. Furthermore, the IMF paper references the blockchain surveillance company Chainalysis and its capability to “probabilistically” associate a crypto user with their country of origin. The issue of crypto anonymity is described as a “fundamental obstacle to tax enforcement,” according to the IMF’s explanation on page 20. “Income can be hard to identify from transactions, and it is not simply that the tax authorities cannot identify individuals — nobody can,” the researchers elaborate. The IMF report emphasizes the need to maintain an ongoing focus on the realm of crypto asset transactions and taxation. The researchers further argue that although data is limited, “there is strong evidence that crypto wealth is highly concentrated, even more so than ownership of equities.” Ultimately, the paper concludes by highlighting the challenge policymakers face in integrating cryptocurrencies into tax systems that currently lack the necessary tools to accommodate their existence. What are your thoughts on the IMF’s call for tax system adaptation to tackle cryptocurrency taxation challenges? Share your thoughts and opinions about this subject in the comments section below. View the full article

Russia’s President Vladimir Putin has warned of increased “risks of a new global economic and financial crisis against the backdrop of an uncontrolled debt accumulation by developed countries.” He added that Russia is “being subjected to a hybrid war, with illegitimate anti-Russian sanctions that are unprecedented in scale.” Putin on Financial Crisis and War Russia’s President Vladimir Putin spoke about various issues at the virtual summit of the Shanghai Cooperation Organisation (SCO) Heads of State Council on Tuesday. The meeting was also attended by Chinese President Xi Jinping. Besides pushing for increased use of national currencies in trade settlements, Putin stated that the SCO ”is strongly committed to creating a truly just and multipolar world order — an order based on international law and common principles of mutually respectful cooperation between sovereign states.” He added: This is especially important today, when geopolitical discord grows bigger, the degradation of the international security system continues, [and] risks of a new global economic and financial crisis increase. The Russian leader noted that all of these issues are happening “against the backdrop of an uncontrolled debt accumulation by developed countries, social divide and growth of poverty all over the world, deterioration of food and environmental security.” In addition, he stressed that they are “complex and diverse” issues, warning that their collective impact could “lead to a significant increase in conflict potential.” Putin emphasized that Russia is currently grappling with all these challenges. He detailed: “For a long time, external forces have been implementing a project near our borders to create from our neighbor, Ukraine, a de facto hostile state, an ‘anti-Russia.’ They funneled weapons into it for eight years, condoned aggression against the peaceful population of Donbass, and indulged in every way in planting neo-Nazi ideology.” The Russian president claimed, “And all this was done in order to jeopardize Russia’s security and stifle our country’s development,” emphasizing: We are now, in fact, being subjected to a hybrid war, with illegitimate anti-Russian sanctions that are unprecedented in scale. What do you think about the statements by Russian President Vladimir Putin? Let us know in the comments section below. View the full article

Bitcoin cash was once again in the red on July 5, as traders continued to secure gains following a recent 15-month high. The token fell for a third straight session, whilst the overall global crypto market cap also slipped on Wednesday. Monero was another notable token to fall in today’s session. Bitcoin Cash (BCH) Bitcoin cash (BCH) slid by as much as 9% on Wednesday, as traders continued to capture profits following a recent bull run. The cryptocurrency surged to a 15-month high last Friday, after climbing to a peak at $329.71. However, the price dropped to an intraday low at $258.17 in today’s session, a day after trading at $281.46. Looking at the chart, BCH has now dropped for a third straight session, a sell-off which started after the relative strength index (RSI) fell below a ceiling at 81.00. At the time of writing, the index is tracking at 65.73, which is marginally below a floor around the 66.00 level. Overall, the decline seems to be a result of profit taking which came once the RSI moved deep into overbought territory. Monero (XMR) Monero (XMR) was also in the red in today’s session, dropping lower for a second consecutive session. Following a peak at $169.52 on Tuesday, XMR/USD moved to a bottom at $161.89 earlier in the day. The decline comes as the token failed to break out of a ceiling at $173.00 on Monday, after hitting its highest point since February 4. One of the reasons for this was also due to the RSI, which was unable to move past a resistance level of 73.00. Currently, price strength is now tracking at 63.86, and appears to be headed to a floor at the 58.00 mark. Should the index move to this floor, there is a possibility that XMR will drop to $160.00. Register your email here to get weekly price analysis updates sent to your inbox: What is the lowest point monero could hit this week? Let us know your thoughts in the comments. View the full article