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The founder and CEO of the leading exchange FTX, Sam Bankman-Fried has offered to give early liquidity to Voyager Digital’s customers, according to an announcement FTX published on July 22. Furthermore, Bankman-Fried discussed the crypto industry with CNBC in an exclusive interview, and noted that he was willing to deploy “hundreds of millions beyond what we have thus far” to help digital currency companies affected by the crypto market downturn. FTX Plans to ‘Provide Early Liquidity to Customers of Voyager’ Not too long ago on June 28, Sam Bankman-Fried told Forbes author Steven Ehrlich that some crypto firms were “secretly insolvent” and he warned more insolvencies were coming. The FTX CEO’s words came true, as more companies with financial issues followed the problems customers were having with Celsius freezing withdrawals. Celsius eventually filed for bankruptcy protection alongside Three Arrows Capital, and Voyager Digital. happy to do what we can to get liquidity to Voyager's customers: https://t.co/zDtGMfGq64 https://t.co/MdoIfU229B — SBF (@SBF_FTX) July 22, 2022 On July 22, Bankman-Fried tweeted out a statement that explains FTX is willing to help Voyager’s customers. “Happy to do what we can to get liquidity to Voyager’s customers,” Bankman-Fried said in his tweet. A press release shared by Bankman-Fried notes that FTX announced a joint offer with West Realm Shires Inc., the owner and operator of FTX US, and Alameda Ventures. The company plans to “provide early liquidity to customers of Voyager.” Bankman-Fried said he wanted to offer a better way to help customers get liquidity. The FTX CEO said: Voyager’s customers did not choose to be bankruptcy investors holding unsecured claims. The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business – a way that allows customers to obtain early liquidity and reclaim a portion of their assets without forcing them to speculate on bankruptcy outcomes and take one-sided risks. Bankman-Fried’s CNBC Interview Discusses FTX Ready to Help Distressed Crypto Firms With ‘Hundreds of Millions’ — FTX CEO’s Crypto Oversight Comments Criticized by Shapeshift’s Founder On July 22, Bankman-Fried did an interview for CNBC’s “Closing Bell,” and said FTX was willing to deploy “hundreds of millions beyond what we have thus far” to crypto firms suffering from the downturn. Bankman-Fried further said that he would love to see more people stepping in to “[provide] capital to those in need.” The news follows the FTX CEO explaining that the company was ready to spend billions on mergers and acquisition deals at the end of May. The FTX CEO also talked about cryptocurrency markets and noted that he believes crypto regulations will rise in the near future. The interview with Bankman-Fried also touched upon the cryptocurrency insider trading case launched by the U.S. Securities and Exchange Commission (SEC). Following the interview, the founder of Shapeshift, Erik Voorhees tweeted about Bankman-Fried’s recent regulation statements the CEO of FTX shared on Twitter. there are tokens that are securities and tokens that aren't by default I assume that SEC will take those that are (at least for issuances) and CFTC those that aren't (at least for futures), but I'm flexible in the end I want federal oversight of crypto one way or another https://t.co/dexp04XyjC — SBF (@SBF_FTX) July 23, 2022 In one specific tweet, Bankman-Fried said: “In the end, I want federal oversight of crypto one way or another.” Voorhees remarked that Bankman-Fried’s oversight comment was “the way toward crypto becoming banking 2.0, instead of an actual meaningful change in how money and finance work.” “If you care about improving the world with this tech, please avoid this impetus,” Voorhees added. You’ve already built an impressive crypto empire [Sam Bankman-Fried]. Please use it for good, and not to entangle us back into the legacy system that is so deeply corrupted and perverse.” What do you think about Sam Bankman-Fried and FTX offering to help ailing crypto firms weather the storm? What do you think about Bankman-Fried’s regulation statements? Let us know what you think about this subject in the comments section below. View the full article

Finland has sold 1,889 bitcoins seized in narcotic cases for 46.5 million euros ($47.4 million). The country’s finance minister previously said that the bitcoin sale proceeds will go to Ukraine for humanitarian aid and reconstruction as its war with Russia continues. Finland Sells Bitcoin Seized From Narcotic Offenses Finnish Customs (aka Tulli), the customs service of the government of Finland, announced Thursday that it has sold “legally forfeited” bitcoins. “During the summer, Finnish Customs has realized its cryptocurrencies that had been legally forfeited to the state,” the announcement details, elaborating: The realization concerned 1,889.1 bitcoins. The state gained about 46.5 million euros in total in proceeds from their sale. The customs service explained that the bitcoins were seized “in connection with investigations into offenses related to narcotics and doping substances.” The coins “were sold by the two cryptocurrency brokers selected by Customs through competitive negotiated procedure in late spring,” the announcement continues. Finnish Customs further revealed that about 90 bitcoins still remained in its possession “awaiting a valid judgment of forfeiture.” At the time of writing, bitcoin is trading at $22,874, down 10% over the last seven days but up 14.4% in the past 30 days. Tulli added that it has also seized other cryptocurrencies. However, since the investigation into these cases is ongoing, “the currencies or their amounts cannot be revealed in detail,” Finnish Customs explained, adding they are worth “hundreds of thousands of euros at most.” Tulli Finance Director Pekka Pylkkänen told Finnish news agency STT that most of the bitcoin seized and sold in the summer (1,666 BTC) were confiscated in 2016 after the arrest of Finnish drug dealer Douppikauppa. In 2017, the Turku Court of Appeal sentenced the drug dealer to several years in prison. Finnish Finance Minister Annika Saarikko said in May that the proceeds from the sale of seized bitcoin will be used for the benefit of Ukraine, which is at war with Russia. She noted that the money is to be used for humanitarian aid and reconstruction. Pylkkänen told the news outlet that the state has already received the proceeds from the bitcoin sale, noting: “Apparently it is going to Ukraine.” What do you think about Finnish Customs selling seized bitcoin and sending the proceeds to Ukraine? Let us know in the comments section below. View the full article

Nasdaq-listed crypto exchange Coinbase has disputed the allegation by the U.S. Securities and Exchange Commission (SEC) that nine of the crypto assets traded on its platform are securities. The company’s chief legal officer stressed: “Coinbase does not list securities. End of story.” Coinbase Insists It Does Not List Crypto Asset Securities The U.S. Securities and Exchange Commission (SEC) alleged that cryptocurrency exchange Coinbase listed nine crypto asset securities in a complaint filed Thursday. The securities regulator charged a former Coinbase employee with “violating the antifraud provisions of the securities laws” related to insider trading. The SEC stated in its complaint that crypto tokens AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM are unregistered securities. However, Coinbase immediately disputed the SEC’s allegation that some coins traded on its platform are crypto securities. The exchange’s chief legal officer, Paul Grewal, stressed in a blog post Thursday: “Coinbase does not list securities on its platform. End of story.” Grewal detailed: The SEC alleges that nine digital assets involved are securities. The DOJ reviewed the same facts and chose not to file securities fraud charges against those involved. The Coinbase chief legal officer proceeded to reference a statement by Caroline Pham, a commissioner with the Commodity Futures Trading Commission (CFTC), stating that the SEC’s action is “a striking example of ‘regulation by enforcement.'” He added: We agree with Commissioner Pham and, respectfully, 100% disagree with the SEC’s decision to file these securities fraud charges and the substance of the charges themselves. Grewal claimed that “Coinbase has a rigorous process to analyze and review” each crypto asset before listing and trading on its platform. “This process includes an analysis of whether the asset could be considered to be a security, and also considers regulatory compliance and information security aspects of the asset,” he described. The chief legal officer noted that Coinbase cooperated with the SEC’s investigation of the former Coinbase employee’s insider trading case. Noting that seven of nine crypto assets mentioned by the SEC in the complaint are listed on the Coinbase platform, he said: Instead of having a dialogue with us about the seven assets on our platform, the SEC jumped directly to litigation. The Coinbase officer asserted: “The SEC’s charges put a spotlight on an important problem: the U.S. doesn’t have a clear or workable regulatory framework for digital asset securities.” On Thursday, Coinbase also announced that it has filed a petition with the SEC requesting the regulator to “begin rulemaking on digital asset securities.” The exchange detailed: “Our petition calls on the SEC to develop a workable regulatory framework for digital asset securities guided by formal procedures and a public notice-and-comment process, rather than through arbitrary enforcement or guidance developed behind closed doors.” What do you think about Coinbase disputing the SEC’s allegation that some crypto tokens traded on its platform are securities? Let us know in the comments section below. View the full article

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned of the “biggest bond crash since 1788.” He stressed that the “real problem” is in the bond market, which is “40 times larger” than the stock market. He is waiting for the price of bitcoin to fall further to buy some. Robert Kiyosaki Warns Bond Market Is Crashing The author of Rich Dad Poor Dad, Robert Kiyosaki, has made several fresh predictions about the stock and bond markets. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The famous author tweeted Friday: U.S. bond market crashes. Biggest bond crash since 1788 … Bond markets bigger than stock market. I am buying more gold, silver now, and waiting for bitcoin to go lower. He also stressed that China’s real estate market is crashing, noting that there are “Over 90 million empty condos in China.” In a follow-up tweet, the Rich Dad Poor Dad author explained: Losers watching stock market. Real problem is in bond market. Bond market 40 times larger than stock market. Please pay attention to bonds, not stocks. Major crash to come. He tweeted in April that bonds are the riskiest investment in a global meltdown. “Tragically rookie investors follow rookie advice of 60 (stocks) 40 (bonds) mix,” he opined, recommending investors buy gold, silver, and bitcoin “as insurance against morons running the world.” Kiyosaki has repeatedly warned about market crashes and the state of the U.S. economy. This week, he warned that inflation may lead to a “Greater Depression,” noting that real estate is crashing and foreclosures are up 700% from last year. In April, he cautioned about hyperinflation and depression. He also said repeatedly that we are in the biggest bubble in world history. In March, he predicted that the U.S. dollar was about to implode, advising investors to buy bitcoin (BTC), ethereum (ETH), and solana (SOL). Kiyosaki has said several times that he is waiting for bitcoin to bottom out to buy some more. Last month, he revealed that he’s waiting for the price of BTC to test $1,100 before buying. Earlier this month, he said he is in cash position waiting to pick up bargains, including BTC, as asset prices are crashing. What do you think about Robert Kiyosaki’s predictions? Let us know in the comments section below. View the full article

Russian telecom and mass media watchdog Roskomnadzor has restored access to the website of the Tor Project, implementing a court ruling with delay. The site was blacklisted last year but the measure was successfully challenged by lawyers. Roskomnadzor Removes Tor Project’s Site From Blacklist of Banned Internet Pages Russia’s Federal Service for Supervision of Communications, Information Technology and Mass Media, also known as Roskomnadzor or RKN, has taken the Tor Project’s main site out of its register of internet sources restricted for disseminating prohibited information. The delisting follows a court’s decision and comes with a two-month delay. The government agency took steps to restrict access to the website for Russian internet users in December, last year. The measure was imposed to implement a ruling by the Saratov District Court from late 2017. Legal experts from Roskomsvoboda, a non-governmental organization devoted to protecting digital rights in Russia, challenged the decision of the regional court, citing procedural violations, including failure to summon the owner. In May, an appellate court overturned the ruling. “Roskomnadzor, of course, indecently delayed the unblocking of the site, because the decision to block it was canceled on May 19, and since then there has been no reason to find the Tor Project in the register,” commented Ekaterina Abashina, Roskomsvoboda’s lawyer representing the affected platform. Quoted in an announcement on the NGO’s website, Abashina remarked that Roskomsvoboda had to explicitly notify the regulator about the unwarranted delay, even though Roskomnadzor was itself involved in the whole process. The response came a month later, with the agency simply stating “we will unblock this site soon,” without specifying when. Roskomsvoboda’s expert also reminded that the court of appeals has sent the case back to the court of first instance for a new trial, the first hearing of which was expected to take place this week. Reporting on these developments, crypto news outlet Forklog noted that in mid-July the Tor Project team introduced an updated version of the Tor browser, designed to bypass such restrictions. In the past few years, websites publishing information or offering services related to cryptocurrencies as well as VPN providers have been also targeted by the Russian telecom watchdog, prosecutor’s office, and courts. However, the operators of such platforms have often managed to successfully challenge the measures taken against them due to procedural violations or lack of clear regulations. What’s your take on the case with the blocking of the Tor Project’s website in Russia? Share your thoughts on the subject in the comments section below. View the full article

Dogecoin was down for a third straight session, despite Elon Musk stating earlier this week that Tesla was still holding the token. Polygon was also down, falling by almost 10% to start the weekend, as cryptocurrencies fell back into the red on Saturday. As of writing, the global crypto market cap is trading 4.81% lower. Polygon (MATIC) Polygon (MATIC) dropped by almost 10% to start the weekend, as bearish pressure intensified in crypto markets. Saturday saw the token slip to an intraday low of $0.8236, just days after nearing a breakout above the $1.00 mark. Today’s drop comes as bears now look to be targeting a floor of $0.7250, which was hit last Sunday. Recent declines in MATIC/USD have come following the relative strength index (RSI) hovering deep in overbought territory. The index hit a resistance point of 79.39 earlier in the week, which was the highest reading for the indicator since October 2021. In addition to this, after crossing in late June, the 10-day (red) and 25-day (blue) moving averages seemed to have matured to a peak, which could signal further downside moves in upcoming sessions. Dogecoin (DOGE) Dogecoin (DOGE) was in the news this week, as Tesla CEO Elon Musk confirmed that the company still had its holdings in the meme coin. However, since then, prices of the token have fallen in consecutive sessions, with today’s drop pushing DOGE/USD to a low of $0.06639. Overall, the token is still up 7.34% from the same period last week, which came following a surge to a weekly high of $0.0775 on Thursday. Similar to MATIC, price declines in DOGE started once a ceiling of 57 was reached in the RSI indicator, opening the door for returning bears in the process. Should momentum continue to trend downwards, we could see the meme coin falling back to its long-term support point of $0.05900. There is some hope for bulls, however, in the form of the 10-day moving average (red), which looks set to cross the 25-day trendline, which could help resurrect price strength. Register your email here to get weekly price analysis updates sent to your inbox: Could we see dogecoin fall to a floor of $0.05900 in upcoming sessions? Let us know your thoughts in the comments. View the full article

With the first half of the year gone, statistics from the second quarter of 2022 indicate that the crypto economy has tumbled significantly in value, and crypto tokens in the top ten market positions have lost 30% to 60% in USD value during the past three months. Q2 data further shows that binance coin managed to avoid the losses its competitors have taken, and solana was the worst market performer out of the top ten crypto assets by market capitalization. Top Ten Crypto Assets Suffered Significant Losses During the Last Quarter It’s been a crazy Q2, to say the least, as numerous crypto assets within the digital currency economy are at much lower values than they were three months ago. During the second quarter of 2022, bitcoin (BTC) for instance, shed 42.92% of its value against the U.S. dollar. Statistics also show that ethereum (ETH), the second-largest crypto asset by market cap, lost 47.24% over the last three months. While much of the crypto economy’s losses stemmed from the aforementioned two crypto assets, a wide variety of top-positioned digital currencies have shed massive value. The Binance Smart Chain network’s BNB, however, is only down 33.67% in Q2, which makes BNB the best performer during the second quarter among the top ten crypto assets. BTC’s 42% plunge was the second best market performance out of the top ten, while cardano (ADA) managed to capture the top ten’s third best market performance in Q2. ADA lost 45.49% in value against the U.S. dollar in three months. XRP lost 48.99% in Q2, while dogecoin (DOGE) lost 48.51%. Solana (SOL) was the top ten’s worst market performer as it lost 59.19% during 2022’s second quarter. Dozens of Relatively Unknown Tokens Rise, $930 Billion Erased from the Crypto Economy in Q2 Most of Q2’s top-performing crypto assets that are not in the top ten positions were relatively unknown digital currencies. The largest gains recorded in Q2 were captured by the tokens like smartofgiving (AOG), followed by pitbull (PIT), and bosagora (BOA). The worst performers in Q2 include bluesparrow, piedao, terra luna classic, and wrapped terra luna classic. Hundreds of coins out of the 13,414 crypto assets traded on 514 exchanges worldwide have lost more than 90% in value in Q2. In contrast, there are only a few dozen crypto assets that did perform well compared to the hundreds of coins that lost value during the second quarter. During the last three months alone, $930 billion in USD value has left the crypto economy. What do you think about the second quarter’s crypto market performances? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin moved towards $22,000 to start the weekend, as prices consolidated following Friday’s gains. Price uncertainty has heightened in crypto in the aftermath of recent rallies, which has pushed several tokens towards overbought territory. Ethereum also slipped on Saturday. Bitcoin Bitcoin (BTC) prices fell on Saturday, as price uncertainty in crypto markets continued to heighten following recent gains. The world’s largest cryptocurrency fell by over $1,000 in the past 24 hours, hitting an intraday low of $22,418.08 in the process. Friday saw bitcoin trading at a peak of $23,671.93, which was still close to a five-week high, however today’s bearish pressure has shifted market sentiment. As a result, prices now look as though they could be heading for a support point of $21,800 in upcoming days. Ultimately, market uncertainty began once the resistance level on the 14-day relative strength index (RSI) of 62.40 was hit earlier this week, with bullish momentum running out of steam soon after. Although still not clear, it is likely that we could see the floor of $21,800 hit, however with some bulls still in the market, we may not see this support broken this weekend. Ethereum In addition to bitcoin, ethereum (ETH) was also in the red, as prices moved away from recent highs to start the weekend. ETH/USD slipped to an intraday low of $1,523.64 on Saturday, following a peak of $1,639.11 during Friday’s session. Despite the drop, ETH has managed to stay above $1,500, with prices still up by over 30% in the last seven days. Currently the 14-day RSI is tracking at 62.38, which is still close to overbought territory, and one of the main reasons for the decline in the past few days. Bears seem to be attempting to reenter the market due to the current volume of bulls, which is now leading to price consolidation. Register your email here to get weekly price analysis updates sent to your inbox: Will ethereum move below $1,500 this weekend? Leave your thoughts in the comments below. View the full article

Telefonica, one of the largest communication companies in Spain, has decided to invest in Gamium, strengthening its metaverse push. The company will allocate a non-disclosed amount of funds to this metaverse initiative through Wayra, its innovation-based incubator arm. The company is also collaborating with Meta in the creation of a metaverse innovation hub for startups. Telefonica To Invest In Spanish Metaverse Gamium Metaverse initiatives have become popular for companies and VCs to invest in during this market downturn. Telefonica, one of the biggest communication companies in Spain, has announced it will fortify its metaverse investment by supporting Gamium, a Spanish virtual world initiative. This Barcelona-based company has raised a million euros with the sales of land on its platform in just ten days, and it is advertised as the first decentralized metaverse. The investment, whose numbers were not disclosed, will be made through Wayra, an open innovation platform of Telefonica, that serves to incubate tech-related projects. The Gamium metaverse will be available through 3D VR-based channels and, according to local reports, also will have an app, allowing users to create their own businesses and events in the metaverse to the end of creating an online economy on the platform. About the investment, Marta Antúnez, head of Wayra Barcelona, stated: We are excited to invest in Gamium, a very talented team in the crypto and blockchain world, committed to innovation and with the ambition to build the foundation of a new, more decentralized internet that empowers creators. Metaverse Push Telefonica has been one of the most active companies when it comes to its interest in the metaverse and associated tech. Telefonica’s CEO, José María Álvarez-Pallete, has been clear about the importance the metaverse has for the company and its future. In an interview published in May, he stated: We live in the greatest time of change in the history of mankind and the greatest accumulation of technology that no other generation has had until now. The metaverse will cause an even deeper change than the Internet. Telefonica’s focus on the metaverse has prompted other actions. In addition to the announced investment, Telefonica has partnered with Meta, the social media company, in the creation of a metaverse innovation hub. This hub will allow Spanish and local metaverse-based startups to have a 5G communications lab to test the efficiency of their platform using today’s communication networks. What do you think about Telefonica and its recent investment in Gamium? Tell us in the comments section below. View the full article

U.S. authorities have withdrawn their request to extradite the alleged operator of crypto exchange BTC-e Alexander Vinnik from France, his French lawyer informed Russian media. Vinnik’s defense suspects, however, that the move is intended to actually speed up his extradition through Greece. Lawyer Says Washington Wants Vinnik to Remain in Prison The United States withdrew a request submitted in 2020 to extradite Alexander Vinnik from France, according to Frederic Belot, who is defending him in French courts. The Russian IT specialist has served a five-year prison term in the country where he was sentenced for money laundering. Vinnik’s international defense team has been trying to secure his release but France is more likely to send him back to Greece, where he was arrested in the summer of 2017 on a warrant from American prosecutors who accuse him of laundering at least $4 billion through the infamous cryptocurrency exchange BTC-e. This week, Belot told RBC Crypto that the French prosecutor’s office has resumed the process on the U.S. extradition request on July 1, 2022 in order to prevent the release of the Russian. He believes its withdrawal is a “deceitful maneuver,” intended to ensure that Vinnik stays behind bars until he is returned to Greece. Greek authorities had already granted a U.S. request for extradition before sending him to France. That means his return to Greece can actually speed up his transfer to the United States. The next hearing in Vinnik’s case was rescheduled from Sept. 7 to Aug. 3, Belot also noted. Until then, the Russian national will remain in French prison. Belot added that during the hearings at the Investigative Chamber of the court in Paris, Vinnik’s lawyers again reminded the French judicial authorities that the Russian Federation had also sent an extradition request to France, and much earlier than the U.S. one. In his home country, Alexander Vinnik was accused in 2018 of stealing 750 million rubles ($13 million at current rates). He has stated he would like to return to Russia. Greek authorities extradited him to France in 2020 where he was also accused of identity theft and extortion. Do you expect Vinnik to eventually be handed over to the United States? Share your thoughts on the case in the comments section below. View the full article

Elon Musk, CEO of Tesla and Spacex, said that remote work was no longer acceptable for Tesla workers in May. According to Qatalog and GitLab, remote workers spend extra time weekly trying to prove they are online and working to their employers. But metaverse environments, a futuristic approach to remote work solutions, also raise concerns for workers about the ability their bosses have to monitor their actions. Elon Musk’s Dislike for Remote Work, ‘Digital Presenteeism’ Seen as Problem Elon Musk, CEO of Tesla and Spacex, is not a fan of remote work. In a leaked memo directed to workers of Tesla, Musk stated that remote work wasn’t acceptable anymore, telling them they had to spend 40+ hours in the facilities of the company weekly or they will be fired. Musk even criticized other companies that allow remote work, saying they had not shipped an amazing product for “a while.” New data indicates that Musk’s concerns are not unfounded. According to a study completed by Qatalog and GitLab, “digital presenteeism” is becoming a problem. The concept refers to a group of actions that remote workers perform — in addition to their normal work — to show their superiors and colleagues they are indeed working during the day. The study found that remote workers spend 67 minutes doing such tasks each day, meaning that more than 5.5 hours a week are spent in this way. However, metaverse-based work, an emerging way of doing remote work, also presents its own set of difficulties. Workers Fear Being Monitored in the Metaverse With the rise of the metaverse as a new technology, some companies are experimenting with bringing remote workers to a workplace metaverse. However, according to a survey published by Expressvpn, this approach also has its associated drawbacks, causing concern among some workers. The survey, which polled 1,500 workers and 1,500 employers in the U.S., found that 63% of employees are worried about the possibility of their employers collecting their data while working in the metaverse. In the same way, surveillance is also an important concern, with 51% of these workers having fears about their employers collecting real-time location data, and 50% worried about real-time screen monitoring. Workers more concerned about these issues are those coming from companies with more than 500 employees. Other experiments have been done regarding the use of metaverse tech for remote work. Researchers of Coburg University, the University of Cambridge, the University of Primorska, and Microsoft Research, found that current metaverse tech is still not prepared to support remote work applications. What do you think about Elon Musk’s opinion on remote work, and the metaverse alternative? Tell us in the comments section below. View the full article

The central bank of Indonesia is working to issue a wholesale digital rupiah. The new currency is meant to be the only legal tender for digital transactions in the country while the regulator also wants to ensure that it will be exchangeable across borders. Digital Rupiah Concept Expected by Year End Indonesia’s monetary authority is advancing with a project to issue a digital version of the national fiat for wholesale transactions. It plans to release the conceptual design of the future digital rupiah by the end of 2022, Governor Perry Warjiyo revealed in a briefing on Thursday. Quoted by Bloomberg, he elaborated: The principle of digital rupiah will be the same as paper money which is to be the only legal currency for digital transactions in Indonesia. Bank Indonesia has been studying the possible launch of its central bank digital currency (CBDC) since last year. Its main intention is to get ahead of the global adoption of cryptocurrency as a payment method, the report notes. The monetary authorities of other nations in the region have also been looking into implementing blockchain technology to improve transfers and settlements, including the central banks of the Philippines and Australia, which are considering wholesale digital currencies as well. Australia, Singapore, Malaysia, and the Republic of South Africa announced trials of cross-border payments with CBDCs last fall. The central banks of these countries said the goal of their cooperation was to develop shared platforms for international transactions using different state-issued digital currencies. Bank Indonesia is currently exploring technology options with counterparts and working on the cybersecurity features of the digital rupiah. Once issued, the CBDC will be distributed to large banks and payment service providers, which will in turn sell digital rupiahs to smaller banking institutions for various retail transactions. Wellian Wiranto, economist at Oversea-Chinese Banking Corp in Singapore, explained that this will be done to avoid potential disintermediation of banks, especially in times of crisis, or the risk that households would choose to bank directly with the “risk-free” central bank rather than commercial banks. Do you expect Bank Indonesia to issue its wholesale digital currency by the end of the year? Tell us in the comments section below. View the full article

U.S. Congressman Brad Sherman has urged the U.S. Securities and Exchange Commission (SEC) to go after major cryptocurrency exchanges that traded xrp, which the regulator deems a security. “It’s easier to go after the small fish than the big fish, but the big fish operating major exchanges did many, many tens of thousands of transactions with xrp,” said the lawmaker. US Lawmaker Urges SEC to Focus on Major Crypto Exchanges Congressman Brad Sherman (D-CA), chairman of the House Financial Services Subcommittee on Investor Protection, held a hearing Wednesday to examine the efforts by the U.S. Securities and Exchange Commission (SEC) to address emerging risks and to protect investors. During the hearing, Sherman, who is a senior member of the Foreign Affairs Committee, questioned SEC Director of Enforcement Gurbir Grewal regarding XRP and tether. The congressman told Grewal: “You’ve gone after XRP because XRP is a security. But you haven’t gone after all the major crypto exchanges that processed tens of thousands, if not far more, [XRP] transactions.” He stressed: If XRP is a security, and you think it is, and I think it is, why are these crypto exchanges not in violation of law? He continued: “And, is it enough that the crypto exchanges have said, ‘well having committed tens of thousands of violations in the past, we promise not to do anymore in the future.’ Is that enough to get you off the hook for enforcement?” The SEC director replied: “I can’t talk about what matter we are looking at and not looking at. We have brought exchange cases, we brought one last year against Poloniex.” Sherman responded: It’s easier to go after the small fish than the big fish, but the big fish operating major exchanges did many, many tens of thousands of transactions with XRP. He added: “You know it’s a security. That means they were illegally operating a security exchange. They know it’s illegal because they stopped doing it, even though it was profitable. So if they know it’s illegal and you know it’s illegal and I know it’s illegal, I hope you focus on that.” Turning his attention to stablecoin tether (USDT), Sherman said, “And then finally we have tether, which is a money market mutual fund in every way.” He noted that recently USDT “broke the buck.” The congressman from California asked the SEC director: Can you tell us why you went after terra but not tether? Grewal replied: “It would be inappropriate for me to comment on who we are going after and not going after. But I understand your concerns and we’ve added resources to our crypto asset unit to look at issues that put investors at risk, including the issues you’ve raised in your question.” The SEC is investigating terrausd (UST), the algorithmic stablecoin that collapsed in May along with cryptocurrency terra (LUNA). Following the implosion of the two coins, SEC Chairman Gary Gensler warned that a lot of crypto tokens will fail. In conclusion, Sherman told Grewal: “You’ve to take on some cases that you’re not certain of winning.” In December 2020, the SEC charged Ripple Labs and its two top executives — CEO Brad Garlinghouse and co-founder Chris Larsen — with conducting $1.3 billion of XRP, which the regulator said was an “unregistered securities offering.” Following the lawsuit announcement, crypto exchanges in the U.S. began delisting XRP, including the Nasdaq-listed crypto exchange Coinbase. Responding to Sherman’s statements, many people on Twitter were quick to point out that no country, including the U.S., has determined that XRP is a security. Stuart Alderoty, general counsel for Ripple, tweeted Wednesday: When elected officials don’t understand that the mere filing of a case by the SEC doesn’t determine anything … it’s more than concerning … Only the court can make a determination (it’s called due process). During Wednesday’s hearing, Congressman Tom Emmer (R-MN) also criticized the SEC’s approach to regulating the crypto industry. “It seems clear to everyone, except maybe those at the Commission, that the SEC is not regulating in good faith,” he said. What do you think about the comments by Congressman Brad Sherman? Let us know in the comments section below. View the full article

A panel of crypto industry experts has predicted that solana will be worth $166 by 2025 and $512 by 2030. “SOL is one of the leading contenders in the smart contract blockchain space. They are likely to be one of the chief beneficiaries if the Ethereum upgrades fail to deliver lower transaction fees,” one of the experts said. Solana’s Price Prediction Price comparison portal Finder updated its solana (SOL) price predictions Tuesday. Finder “measures expert predictions of the future SOL price” using weekly and quarterly surveys. “Our larger quarterly survey, last conducted in July 2022, asks a panel of 54 industry experts for their thoughts on how Solana will perform over the next decade,” the company wrote. Finder detailed: Our panel thinks solana (SOL) will be worth $45 by the end of 2022 before rising to $166 by 2025. In addition, the panel expects the price of SOL to increase to $512 by 2030. Compared to previous predictions, the panel is significantly more bearish in July, expecting SOL to finish 2025 at $166 and 2030 at $512. In contrast, the experts predicted in January that SOL would hit $222 by year-end before reaching $486 in 2025 and $1,267 in 2030. Panxora Hedge Fund general partner Gavin Smith, one of the experts on the panel, is more optimistic about the future of solana than the panel average. Expecting the price of SOL to hit $76 this year, he opined: SOL is one of the leading contenders in the smart contract blockchain space. They are likely to be one of the chief beneficiaries if the Ethereum upgrades fail to deliver lower transaction fees. At the time of writing, solana is trading at $43.08, up 16% over the past seven days and 19% over the last 30 days. Regarding Sonala’s power outages, Finder detailed: “Stability is one of the major concerns SOL is facing as it is still running on a testnet until the launch of the Solana Mainnet. While the Solana Mainnet will supposedly stop the power outages, our panel isn’t confident, with 69% saying they expect SOL to continue having power outages. Just 6% say that SOL will fix the issue.” The experts were also asked whether it is time to buy, hold, or sell solana. Finder explained: The panel is relatively split on what people should do with SOL, with 40% saying now is the time to buy, 31% saying to hold and 29% advocating selling. The panel includes university directors, crypto exchange executives, crypto research analysts, and executives of various firms with crypto-related products. Finder’s experts also recently made predictions about several other cryptocurrencies, including bitcoin (BTC), ether (ETH), and cardano (ADA). In May, Finder’s panel predicted the death of the meme cryptocurrency shiba inu (SHIB). What do you think about the Finder expert panel’s solana predictions? Let us know in the comments section below. View the full article

PRESS RELEASE. Franck Muller, the world-famous Swiss luxury watchmaker, has announced the release of a series of digital wearables and physical watches on the Binance NFT marketplace. The series will commence with the release of ‘Mystery by Franck Muller’ generative NFTs on July 27, 2022. This marks a continuation of Franck Muller’s pioneering journey in Web3 innovations, following the release of their Bitcoin watch in 2019. ‘Mystery by Franck Muller’ is an exclusive NFT Mystery Box collection with incredible rewards, from physical Franck Muller timepieces, Apple Watch faces, metaverse wearable NFT watches, to special private events. Brought to you in collaboration with Binance NFT, the Franck Muller Mystery Boxes come in various editions: Normal (N), Rare (R), Super Rare (SR), and Super Super Rare (SSR). Franck Muller Mystery Box holders who obtain 10 or more Mystery Boxes will be able to redeem a whitelist spot in our future NFT avatar collection, which will grant NFT avatar holders with a Lux-Club membership access. In addition to the Franck Muller Mystery Boxes, Binance NFT will also host a unique auction beginning July 27, 2022. The auction winner will receive an exclusive NFT artwork and a one-off physical Franck Muller watch. The auction includes Franck Muller’s one-of-a-kind artwork of Aoki Sloane, the soldier of peace, fighting the Harakuma warlords that threaten the growing Metaverse. She is an early adopter of Bitcoin, an active cryptocurrency trader, and an avid gamer. A 1 of 1, high complication tourbillon has been created for Aoki. The timepiece is a beguiling piece of watchmaking art, laden with intent. The sapphire crystal case gives way to the intricate skeletonised movement, where the bridges and pillars of a traditional tourbillon have been turned into an elliptical circle with diameters of 21.2mm. An eccentric balance of 14mm further characterises this radical tourbillon. Powered by a 24-jewel manual winding CS-03.QT movement, beating at 18,800 vibrations an hour. More information on Aoki Sloane can be found here. Both the Mystery Boxes and the auction will only be available on Binance NFT Marketplace. The ‘Mystery by Franck Muller’ sale and auction will start on July 27, 2022. About Franck Muller Franck Muller is the elite Swiss watchmaker famous for unique creations, bold designs and incredible complications. Now, Franck Muller brings its innovation and daring to the crypto space, crafting collectible NFTs, incredible real-world experiences and physical timepieces inspired by the metaverse. More information, visit: https://franckmullerencrypto.com/ Instagram: https://www.instagram.com/franckmullerencrypto/ Twitter: https://twitter.com/FranckMullerLab Discord: https://discord.gg/franckmullerencrypto About Binance NFT Binance NFT Marketplace offers an open and secure market for artists, creators, crypto enthusiasts, NFT collectors and creative fans around the world with the best liquidity and volume. Binance NFT features a wide variety of valuable collectibles easily accessible to Binance’s user base of over 90 million users. For more information, visit https://nft.binance.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

On July 20, 2022, Mojang Studios the Swedish video game developer behind the world’s best-selling game of all time said blockchain or non-fungible token (NFT) technologies are “not permitted to be integrated inside [Mojang’s] client and server applications.” Mojang stressed that NFTs or any use of blockchain tech cannot be integrated into any “in-game content such as worlds, skins, persona items, or other mods.” Mojang Studios Has No Plans to Integrate Blockchain or Introduce NFT Technology Into Minecraft — Blockchain and NFTs are Not Permitted Mojang Studios has put its foot down when it comes to blockchain technology and non-fungible tokens (NFTs), according to a blog post published on Wednesday. Mojang is well known for producing the best-selling game of all time Minecraft, a three-dimensional (3D) sandbox game that has no intended goals. To date, Mojang has sold 238 million copies of Minecraft and no other video game has sold more copies. Minecraft’s sales are followed by top sellers like Grand Theft Auto V (165M copies), Tetris (100M copies), and Wii Sports (82.9M copies). The blog post released on Wednesday, states that Minecraft won’t be using blockchain technology or NFTs. The Minecraft creators wholeheartedly believe that “all players should have access to the same functionality” and “everyone has access to the same content.” Using NFTs would go against the company’s ethos, as NFTs can “create models of scarcity and exclusion that conflict with [the company’s] guidelines and the spirit of Minecraft.” The company cites a number of reasons like the fact there are too many blockchains issuing NFTs, “some third-party NFTs may not be reliable,” and NFTs have been “sold at artificially or [for] fraudulently inflated prices.” “As such, to ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our Minecraft client and server applications nor may they be utilized to create NFTs associated with any in-game content, including worlds, skins, persona items, or other mods,” Mojang’s blog post details. The Stockholm-based video game developer added: We will also be paying close attention to how blockchain technology evolves over time to ensure that the above principles are withheld and determine whether it will allow for more secure experiences or other practical and inclusive applications in gaming. However, we have no plans of implementing blockchain technology into Minecraft right now. Mojang Won’t Be Following Heavy Weight Game Software Developers Like Square Enix, Konami, Ubisoft — Minecraft Creator Believes ‘Speculative Pricing and Investment Mentality’ Takes the Fun Away From Playing the Game Mojang’s decision comes at a time when firms like Ubisoft, Square Enix, and Konami have all launched NFT implementations of some kind or another. At the end of 2021, Ubisoft and GSC Game World faced backlash over NFT inclusion. The flak the companies got was so bad, GSC Game World decided to stop the production of the NFT elements planned for the game Stalker 2. However, an executive at Ubisoft, Nicolas Pouard, told the press that he thinks players reject NFTs because they don’t understand the benefits of the technology. Konami detailed in February that it planned to continue issuing NFTs to preserve the company’s content. Moreover, Square Enix participated in a $35 million investment round for the fintech and bitcoin payment processor Zebedee. The Hoboken, New Jersey-based company Zebedee specializes in integrating bitcoin payments into games. Mojang wants nothing to do with blockchain or NFTs as it wants to be an all-inclusive game. “The speculative pricing and investment mentality around NFTs takes the focus away from playing the game and encourages profiteering, which we think is inconsistent with the long-term joy and success of our players,” Mojang concluded on Wednesday. What do you think about Mojang prohibiting blockchain and NFT technology from Minecraft? Let us know what you think about this subject in the comments section below. View the full article

Apathetic Nigerian lenders are frustrating the e-naira’s adoption because they are worried this could deprive them of a key revenue source, Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, has said. Emefiele said the central bank is working on a channel that would enable Nigerians without bank accounts to open e-naira wallets. E-Naira Undercuts Lenders’ Investment in Mobile Banking Infrastructure The Nigerian central bank governor, Godwin Emefiele, has reportedly slammed some lenders he accuses of thwarting the adoption of the e-naira digital currency in the country. According to Emefiele, lenders are not prioritizing the promotion of the central bank’s digital currency because they fear this could deprive them of revenue earned from normal banking services. Explaining the reasons behind the lenders’ reluctance, a Bloomberg report said e-naira transactions do not attract charges while the deposits are not regarded as cash in the lenders’ books. Further, the e-naira digital currency is said to undercut investments that lenders made in mobile banking services as part of their efforts to bolster fee and commission incomes. Lender ‘Apathy’ After describing the lenders’ unwillingness to promote the use of the central bank digital currency (CBDC) as an “apathy” Emefiele revealed the Central Bank of Nigeria is about to conclude tests on a channel that enables Nigerians without bank accounts to open e-naira wallets. The central bank is working with the mobile network operator MTN on this channel. According to the CBN, since launching the digital currency in Q4 of 2021, only 700,000 e-naira wallets have been downloaded. Part of the reason for this is the fact that only account holders can open an e-naira wallet. Meanwhile, following the central bank’s monetary policy committee meeting which ran for two days, the CBN reportedly resolved to increase the monetary policy rate (MPR) to 14%. Concerning the rate hike, Emefiele reportedly said: If inflation continues to rise at this rate, we will continue to tighten [the] rate, but we are looking at other measures that will slow down inflation and food prices. But if that does not happen, we [MPC] cannot promise that rate hikes will stop. The committee, however, resolved to “retain the asymmetric corridor at +100/-700 basis points around the MPR.” The liquidity ratio also is unchanged at 30%. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

According to Visual Capitalist, Ghana is now placed second on its list of countries with the highest default risk in 2022. Only four countries, namely, Ukraine 10,856 basis points (bps), Argentina (4,470), El Salvador (3,376), and Ethiopia (3,035) have a credit default swap spread that is higher than Ghana’s at 2,071 bps. El Salvador Has Highest Default Risk After seeing inflation surge to over 29% in June, Ghana, West Africa’s second-largest economy, is now ranked as one of the countries most likely to default this year, Visual Capitalist’s latest sovereign debt vulnerability rankings have shown. According to the data, Ghana is now placed second, just behind the Central American state and the first country to make bitcoin legal tender, El Salvador. As shown by data from Visual Capitalist — an online publisher focused on technology and the global economy, among others — Ghana’s five-year credit default swap spread (CDSS) of 2,071 basis points (bps) is one of the highest globally. Only four countries have a credit default swap spread that is higher than that of Ghana: Ukraine (10,856 bps), Argentina (4,470 bps), El Salvador (3,376 bps), and Ethiopia (3,035 bps). As explained by Investopedia, CDS is “a financial derivative that allows an investor to swap or offset their credit risk with that of another investor.” Interest Expense Ratio Another metric pointing to Ghana’s likely default is the country’s interest expense as a percentage of the gross domestic product (GDP). According to Visual Capitalist data, with a share of 7.2%, Ghana’s interest expense ratio is the second-highest in the world behind only that of Egypt (8.2%). When these metrics are combined with the country’s debt as a percentage of the GDP of 84.6%, and a government bond yield of 17.1%, Ghana, which finally agreed to seek the International Monetary Fund (IMF)’s help, looks destined to follow in the footsteps of Sri Lanka, which defaulted on its obligations in May. Meanwhile, according to the Visual Capitalist rankings, Tunisia is the African country with the next highest default risk in 2022 and is followed by Egypt. Globally, Tunisia is ranked third while Egypt and Kenya are ranked fifth and sixth, respectively. Completing the top ten countries with the highest default is Namibia. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

German investment platform Trade Republic and digital asset exchange Crypto.com have registered as crypto service providers in Italy. Since February, the financial authorities in Rome maintain a registry for all cryptocurrency platforms permanently operating in the country. More Companies Register as Providers of Crypto Services in Italy Germany-based investment platform Trade Republic and Singapore-headquartered digital currency exchange Crypto.com announced their registrations as crypto operators in Italy on Tuesday, Reuters reported. The news comes after other major crypto platforms like Binance, the world’s largest exchange by trading volume, and leading U.S. trading platform Coinbase did the same, earlier. The special registry for crypto service providers working in the Italian market was established by the Ministry of Economy and the brokerage regulator Organismo degli Agenti e dei Mediatori (OAM) in February of this year. It lists all cryptocurrency operators with a presence in the country. To register they need to meet a set of requirements. “We are excited to receive this registration in Italy and view it as a major step forward for Crypto.com,” Kris Marszalek, co-founder and CEO of Crypto.com, has been quoted as saying. He emphasized that the exchange, which has 50 million users around the world, is committed to growing in the region and continuing its collaboration with regulatory bodies. Concerned with consumer protection, financial stability threats, and illicit usage of cryptocurrencies, financial regulators across the globe have been trying to regulate the crypto market. Existing rules are often patchy, the report notes. European institutions recently agreed on the draft Markets in Crypto Assets (MiCA) legislation, expected to comprehensively regulate the crypto industry on the EU level. Crypto.com’s registration in Italy follows its entrance into the Greek market and Trade Republic recently started providing crypto-related services in Spain. The latter is also authorized by Commissione Nazionale per le Società e la Borsa (Consob), Italy’s securities market regulator, to offer investments in shares, derivatives, and exchange-traded funds (ETFs). Binance’s Italian unit registered in the country this past May, while Coinbase Global announced on Monday it had met the requirements to list on the OAM registry, allowing it to serve customers in Italy. OAM is responsible for the oversight of financial agents and credit brokers in the country and also implements anti-money laundering regulations. Do you expect more crypto platforms to register as service providers in Italy? Tell us in the comments section below. View the full article

The African continent may not be the biggest crypto/blockchain market yet but the growing adoption of the technology illustrates that this will likely be a key market in the future. For instance, instead of being seen or used as a tool for speculative trading, crypto is proving to be a more convenient and cheaper way of sending remittances. In countries whose economies have been devastated by inflation, cryptocurrencies are an alternative way of storing value. As more people on the continent understand these attributes of cryptocurrencies and the underlying technology, their demand for digital assets also increases. As policymakers from other jurisdictions work on finding ways to stop or slow the adoption of this fintech, it becomes imperative that the African crypto story gets told more frequently. Bitcoin.com News has been one of the media platforms to regularly cover stories, events and individuals making a difference in Africa crypto’s space. Now, in addition to regular African posts, Bitcoin.com News is launching a weekly newsletter which essentially recaps all the major crypto and economic news from the continent. Readers interested in keeping tabs on African events can do so by subscribing to the newsletter via the sign-up link below. Register your email here to get a weekly update on African news to your inbox: View the full article

The U.S. Department of Justice (DOJ) has seized $500K in ransom payments and cryptocurrency from a state-sponsored North Korean group. “We are returning the stolen funds to the victims,” Deputy Attorney General Lisa O. Monaco said, adding that the seized funds include ransoms paid by health care providers in Kansas and Colorado. DOJ Seizes Crypto From North Korean State-Backed Group The U.S. Department of Justice (DOJ) announced Tuesday that it has seized and forfeited approximately $500K from North Korean ransomware actors and their conspirators. The department added that it has filed a complaint “in the District of Kansas to forfeit cryptocurrency paid as ransom to North Korean hackers or otherwise used to launder such ransom payments.” The DOJ stated: In May 2022, the FBI filed a sealed seizure warrant for the funds worth approximately half a million dollars. The seized funds include ransoms paid by health care providers in Kansas and Colorado. Deputy Attorney General Lisa O. Monaco reiterated Tuesday at the International Conference on Cyber Security 2022, “We seized approximately half a million dollars in ransom payments and cryptocurrency used to launder those payments.” She added: “Thanks to rapid reporting and cooperation from a victim, the FBI and Justice Department prosecutors have disrupted the activities of a North Korean state-sponsored group deploying ransomware known as ‘Maui.'” Last year, the North Korean group encrypted a Kansas medical center’s servers used to “store critical data and operate key equipment,” Monaco detailed. The attackers demanded ransom, which the hospital paid. The FBI and Justice Department prosecutors traced the ransom payment through the blockchain. “The FBI identified China-based money launderers — the type who regularly assist North Koreans in ‘cashing out’ ransom payments into fiat currency,” the deputy attorney general detailed. “Additional blockchain analysis revealed that these same accounts contained other ransom payments. The FBI traced those to another medical provider in Colorado and potential overseas victims.” Monaco added: Today, we have made public the seizure of those ransom payments, and we are returning the stolen funds to the victims. In October last year, Monaco announced the creation of a National Cryptocurrency Enforcement Team (NCET). The aim of the initiative is “to tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors,” the DOJ described. “The team will also assist in tracing and recovery of assets lost to fraud and extortion, including cryptocurrency payments to ransomware groups.” What do you think about the DOJ seizing ransom payments and cryptocurrency from a North Korean state-sponsored group? Let us know in the comments section below. View the full article

Grayscale Investments has explained that there may be another 250 days of the current bearish crypto market, citing patterns in previous cycles. In addition, “Bitcoin is 222 days off the all-time high, which means we may see another 5-6 months of downward or sideways price movement,” the world’s largest digital asset manager detailed. Grayscale’s Crypto Market Outlook Grayscale Investments, the world’s largest digital asset manager, published a report titled “Bear Markets in Perspective” this week. The firm explained: “The length, time to peak and trough, and recovery time to previous all-time highs in each market cycle may suggest that the current market may resemble previous cycles, which have resulted in the crypto industry continuing to innovate and push new highs.” The report details: Crypto market cycles, on average, last ~4 years or approximately 1,275 days. While most bitcoiners are familiar with market cycles based on bitcoin’s halving cycle, Grayscale has defined an overall crypto market cycle that also roughly works out to a four-year period. The digital asset manager explained: “While methods vary for identifying crypto market cycles, we can quantitatively define a cycle by when the realized price moves below the market price (the current trading price of an asset), using bitcoin prices as a proxy.” “As of June 13, 2022, the realized price of bitcoin crossed below the market price signaling that we may officially have entered a bear market,” Grayscale described. The report proceeds to explain that in the 2012 cycle, there were 303 days in the zone where the realized price was less than bitcoin’s market price. In the 2016 cycle, there were 268 days in the zone. Noting that in the 2020 cycle, we are only 21 days into this zone, the digital asset manager noted: We may see another ~250 days of high-value buying opportunities when compared to previous cycles. In addition, the report notes that crypto market cycles have been taking about 180 days longer to peak each time. “From peak-to-trough, the 2012 and 2016 cycles lasted approximately 4 years, or 1,290 and 1,257 days respectively, and took 391 days to fall 73% in 2012, and 364 days to fall 84% in 2016,” Grayscale said. “In the current 2020 cycle, we are 1,198 days in as of July 12, 2022, which could represent another approximate four months left in this cycle until the realized price crosses back above the market price,” the firm continued, elaborating: Bitcoin is 222 days off the all-time high, which means we may see another 5-6 months of downward or sideways price movement. What do you think about Grayscale’s explanation of where the crypto market is headed? Let us know in the comments section below. View the full article

Tesla has converted approximately 75% of its bitcoin into fiat currency. The cryptocurrency sales left the electric car company holding digital assets worth $218 million. “We are certainly open to increasing our bitcoin holdings in the future,” Tesla CEO Elon Musk said, adding: “We have not sold any of our dogecoin.” Tesla Sold About 75% of Its Bitcoin Holdings Elon Musk’s electric car company, Tesla, released its Q2 earnings report Wednesday. The company wrote: As of the end of Q2, we have converted approximately 75% of our bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet. Tesla’s Q2 balance sheet shows net digital assets of $218 million, down from $1.26 billion in the previous quarter. The company also said its Q2 year-on-year operating income was impacted by bitcoin impairment. The electric car company’s statement of cash flows shows proceeds from digital asset sales of $936 million. The only other time Tesla’s cash flow statement showed sales of digital assets was in Q1 2021. The sales proceeds amounted to $272 million at the time. Tesla bought $1.5 billion worth of bitcoin in early 2021 and has not purchased any more since. The electric car company never disclosed the number of BTC it owns. However, Musk hinted in July last year that Tesla owned about 42K bitcoins. The company also briefly accepted BTC for payments but suspended it in May last year, citing environmental concerns. Last October, Tesla told the SEC that it may restart accepting cryptocurrencies. Musk subsequently said Tesla will resume accepting bitcoin when there is “confirmation of reasonable (about 50%) clean energy usage by miners with positive future trend.” However, at the time of writing, Tesla has not resumed accepting BTC. Elon Musk: Tesla Has Not Sold Dogecoin and Is ‘Certainly Open to Increasing Our Bitcoin Holdings in Future’ Musk explained why Tesla sold most of its BTC in a call with analysts on Wednesday. “It should be mentioned that the reason we sold a bunch of our bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximize our cash position, given the uncertainty of the Covid lockdowns in China,” the Tesla boss detailed, elaborating: We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict on bitcoin. It’s just that we were concerned about overall liquidity for the company, given Covid shutdowns in China. And we have not sold any of our dogecoin. Tesla never bought the meme cryptocurrency dogecoin for its balance sheet. However, the company began accepting DOGE for some merchandise in January. Musk previously said that he sees bitcoin as a store of value while dogecoin is more suitable for payments. In a February filing with the U.S. Securities and Exchange Commission (SEC), Tesla said: “We may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of market and environmental conditions … We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.” Musk is currently in a legal battle with Twitter Inc. He offered to buy the social media platform for $44 billion but officially terminated the deal on July 8. Twitter subsequently filed a lawsuit against Musk to force him to go through with the deal. The lawsuit trial is set for October. What do you think about Tesla selling its bitcoin? Let us know in the comments section below. View the full article

Simone Mazzuca is the creator of EURST – the first representative euro stablecoin, 100% asset backed with US Dollars and live audited. EURST is providing one of the most secure and reliable stablecoin structures on the euro market to serve as a bridge to the digital economy. Mr. Simone Mazzuca is the Director and Founder of the Wallex group and the creator of EURST. He recently joined the Bitcoin.com News Podcast to talk about the current state of stablecoins including such topics as regulations, integration with the banking systems, CBDCs and institutional use cases: Wallex is a group of financial institutions founded in 2020 working on bridging the gap between traditional finance and the crypto spaces. Wallex is the full ecosystem of assets and digital assets, including AML, Compliance, neobanking, custody, trustee, payments, trading, alternative and decentralized investment, tokenization, wealth management, White label solutions and customer experience support services. Simone Mazzuca possesses a number of years of expert level knowledge and experience in financial consulting, in the production of financial instruments and services (investment and credit and credit advice). He has been a direct manager of private and institutional clients, in Italy, the USA and the United Kingdom and has built a strong combination of traditional finance background, with a keen passion for upgrading the financial system with the tools and possibilities of the blockchain and new financial instruments. Simone Mazzuca’s bridging to the new fintech era by building innovative projects with robust and compliant foundations, with focus on full AML compliance. He aims to enlighten the new fintech crypto space and works to give access to the institutions to enter this sector in a reliable and compliant way. His goal is to educate and give the tools to the public to bring the maximum benefits of the blockchain economy in a fully reliable and secure way. Mr. Mazzuca has taken part in various public and private events where he has advised and participated in discussions on the regulation and institutional use of stablecoins and cryptocurrencies, while promoting the innovative vision of Wallex. To learn more about the stablecoin visit eurst.io. The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play. This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below. View the full article

The Federal Bureau of Investigation (FBI) has issued a warning about fake cryptocurrency apps defrauding investors. “The FBI has identified 244 victims and estimates the approximate loss associated with this activity to be $42.7 million,” said the U.S. law enforcement agency. FBI’s Crypto App Warning The cyber division of the Federal Bureau of Investigation (FBI) issued a notice Monday warning investors and financial institutions about fraudulent cryptocurrency applications. The notice states: The FBI is warning financial institutions and investors about cyber criminals creating fraudulent cryptocurrency investment applications (apps) to defraud cryptocurrency investors. The FBI explained that it has observed cybercriminals contacting U.S. investors, claiming to offer legitimate crypto investment services. The criminals then convinced investors to download fraudulent mobile apps. The notice continues: The FBI has identified 244 victims and estimates the approximate loss associated with this activity to be $42.7 million. One scheme the FBI gave as an example ran between December 2021 and May this year. The cybercriminals purported to be a legitimate U.S. financial institution. They convinced victims to download a fake app and deposit cryptocurrencies into wallets associated with the victims’ accounts on the app. When the victims tried to withdraw funds, they were asked to pay taxes. However, after paying, they still could not withdraw their money. Another similar scheme, operating under the name Yibit, ran from October 2021 to May this year. Victims were asked to download the Yibit app, deposit cryptocurrency, and then pay taxes before withdrawals. However, after paying, they remained unable to withdraw their funds. A third example the FBI provided was a scheme that ran during November 2021. Cybercriminals operating under the company name Supayos, aka Supay, instructed victims to download the Supay app and make multiple crypto deposits into their Supay accounts. The scammers then told one victim he was enrolled in a program requiring a minimum balance of $900K without his consent. When the victim tried to cancel the subscription, he was told to deposit the requested funds or have all assets frozen. The FBI advised financial institutions and investors who believe they have been defrauded through fake crypto investment apps to contact the bureau via the Internet Crime Complaint Center or their local FBI field office. What do you think of the FBI warning about fake crypto apps? Let us know in the comments section below. View the full article