Bitcoin

The biggest crypto news from the past week

Published

7 months ago

6 May, 2024

The biggest crypto news from the past week

11:00 am ▪ 7 min reading ▪ by Luc José A.

Amid groundbreaking announcements, technological advancements, and regulatory turbulence, the crypto ecosystem continues to prove that it is a land of boundless innovation and a field of regulatory and economic battles. Here is a summary of the most notable news from the past week around Bitcoin, Ethereum, Binance, Solana, etc.

MicroStrategy perseveres through it all!

MicroStrategy has continued to increase its Bitcoin holdings, reaching an impressive total of 214,400 BTC with a recent acquisition of 122 Bitcoins for $7.8 million. Despite a net loss of US$53 million in the first quarter of 2024 and a 5.5% decline in revenue compared to the previous year, the company maintains its massive investment strategy in crypto. These market movements occurred in a context of greater volatility, affecting the value of the company’s digital assets.

This bold strategy, although risky given the volatility of the crypto market, is a bet on Bitcoin’s long-term profitability. However, this approach led to significant financial losses and prevented MicroStrategy from joining the S&P 500, a blow to the company’s attractiveness to investors. The future of this strategy remains uncertain, but it demonstrates a firm commitment to Bitcoin’s potential.

Light sentence for Changpeng Zhao despite serious charges

Changpeng Zhao, the founder of Binance, was sentenced to just four months in prison and a $50 million fine on charges of fraud and compliance failures. This sentence is markedly more lenient than the three years requested by prosecutors and is perceived by some as a sign of leniency that minimizes the seriousness of the infractions and thus sets a worrying precedent for the industry.

Furthermore, this case highlights the challenges that regulators face in a constantly evolving sector and highlights the need for a balance between promoting innovation and protecting investors. Zhao’s case also illustrates the tension between strict regulation and the potential to push key players into more permissive jurisdictions.

Treasury Targets Crypto Fraudsters in France

In France, the gap between actual crypto usage and tax reporting is alarming. According to data from the European Central Bank, around 5 million French people are cryptocurrency users, but only 150,000 tax returns have been registered. This discovery led the Treasury to take drastic measures to combat tax fraud, partly inspired by the massive fraud already observed in other schemes such as MaPrimeRénov, where 400 million euros were embezzled.

To combat this scourge, the Treasury decided to deploy artificial intelligence for more effective and targeted surveillance. A new anti-fraud legislative framework is being prepared, including a specific component on cryptocurrencies. Artificial intelligence will be used to analyze blockchains and detect suspicious activity in real time, modeling fraud patterns to better track and unravel the most complex money laundering circuits. This technological approach promises constant vigilance and greater responsiveness to fraudulent schemes.

BNP Paribas invests in Bitcoin

May 1, 2024 is marked by a contradictory event in the world of Bitcoin ETFs, with record outflows of US$563.7 million in a single day. Despite this tumultuous context, BNP Paribas, the second largest European bank, took a significant step towards Bitcoin adoption by investing approximately $40,000 in BlackRock’s IBIT ETF. Although modest, this investment symbolizes the growing acceptance of Bitcoin by traditional European financial institutions.

This move by BNP Paribas could mark the beginning of broader institutional acceptance of Bitcoin as a viable asset class. Until now, this adoption has been made mainly by American asset managers and regional banks. BNP’s commitment could encourage other large banks and asset managers to invest in Bitcoin, thereby accelerating its acceptance by the general public and increasing flows into ETFs and other regulated vehicles.

RippleX revolutionizes XRP with a new feature

RippleX recently released an innovative feature, the XLS-68d specification, which aims to simplify and democratize transactions on the XRP Ledger (XRPL). This new specification allows platforms to manage fees and account reserves for their users, significantly reducing the complexity and financial barriers associated with using XRP. Users will benefit from what are called “sponsored transactions”, where they can include sponsor signatures in their transactions while maintaining full control of their accounts.

This advancement is seen as an important step towards mass adoption of XRP as it allows platforms to cover transaction costs for their users, making XRP accessible to a wider audience.

SEC Controversy: Accusations of Lying About Ethereum

Gary Gensler, chairman of the SEC, is accused of misleading the US Congress by classifying Ethereum as an unregistered security. These revelations, arising from internal SEC documents exposed during a lawsuit with the company Consensys, show that the agency considered ETH a security for more than a year. These actions contradict public statements from Gensler, who refused to clarify the SEC’s position on Ethereum during a hearing, avoiding direct questions on the matter.

Patrick McHenry, chairman of the House Financial Services Committee, has openly criticized Gensler for what he considers a misrepresentation of Congress. This situation clarifies the challenges and contradictions in the SEC’s regulation of cryptocurrencies. The outcome of these regulatory debates could have significant implications for the legal status of Ethereum and other cryptocurrencies in the United States.

PayPal Expands Its Crypto Offerings with MoonPay

PayPal has significantly expanded its crypto offerings through a strategic partnership with MoonPay. This collaboration allows PayPal to offer more than 100 different digital assets to its users, thus simplifying the purchase of cryptocurrencies like a normal online purchase. Likewise, this partnership increases the compatibility of cryptographic transactions with traditional banking systems and reduces transaction failures, providing a smooth and secure user experience.

Finally, this integration ensures better protection of customers’ personal data, who no longer need to provide their information separately to MoonPay for transactions. With the addition of popular cryptocurrencies such as Solana, Tether and Dogecoin, PayPal expands the possibilities for its users in terms of investment and daily use of cryptocurrencies.

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Luc José A. avatar

Lucas José A.

Graduated in Science from Toulouse and holder of a blockchain certification consultant delivered by Alyra, I am back on the Cointribune adventure in 2019. Harness the potential of blockchain to transform various sectors of the economy, and gain price engagement to raise awareness and inform the big public about this constantly evolving ecosystem. My goal is to enable you to better understand blockchain and take advantage of the opportunities it offers. I strive now to provide an objective to analyze current affairs, to decrypt market trends, to convey the latest technological innovations, and to measure in perspective the economic and social outcomes of this revolution in March.

DISCLAIMER

The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.

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Bitcoin

‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

Bitcoin has surged again this year under former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.

Subscribe now to Forbes CryptoAsset and Blockchain Consultant and “discover blockchain blockbusters poised to generate 1,000%+ gains” after the bitcoin halving earthquake!

The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcoinalthough it fell again this week to below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market

ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

Getty Images

The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious

ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

Forbes Digital Assets

Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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Bitcoin

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Large Bitcoin (BTC) Holders Added $5.4 Billion Worth of BTC in July, Data Shows

Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.

CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Bitcoin

Peter Schiff criticizes Michael Saylor’s Bitcoin hype by U.Today

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

© Reuters. Peter Schiff Slams Michael Saylor's Bitcoin Excitement

U.Today – Renowned economist and cryptocurrency critic Peter Schiff has criticized Michael Saylor’s recent hype about the growing adoption of cryptocurrencies as a strategic treasury asset by corporations.

Michael Saylor, a well-known Bitcoin advocate and president of MicroStrategy, recently shared his enthusiasm on X about the growing adoption of Bitcoin as a strategic treasury asset.

Citing a comment made by Bitcoin investor Bill Miller in a recent interview with CNBC, Saylor tweeted: “We now have more companies coming forward and saying we will put Bitcoin on our balance sheet as a strategic treasury asset.”

However, not everyone shares Saylor’s enthusiasm. Schiff, a vocal Bitcoin critic and gold bull, was quick to respond with his usual skepticism. In a pointed tweet, Schiff argued: “Bitcoin is neither strategic nor appropriate as a treasury asset. Companies should not risk shareholder funds. They should pay dividends and let shareholders risk their own money.”

Bitcoin enthusiasts are not intimidated

However, Schiff’s criticism shouldn’t deter Bitcoin enthusiasts, who often take Schiff’s words with a pinch of salt. To put things in context, Michael Saylor began buying Bitcoin in 2020 as an inflation hedge and alternative to money. Saylor’s company, MicroStrategy, is among the largest public holders of Bitcoin in the world. As of June 20, it held 226,331 BTC, purchased for around $8.33 billion at an average price of $36,798.

Over the weekend, Schiff was surprised when 87% of the more than 11,000 Bitcoin holders who responded to his X survey said they would not sell any of their Bitcoin even if the price dropped more than 99% to $120. They said not only would they not sell, but that they would continue to buy even when prices dropped.

Schiff unexpectedly revealed that “the main selling point for investors to buy Bitcoin is its excellent past performance record.”

At the time of writing, Bitcoin is trading at $66,067, having reached all-time highs of nearly $74,000 in mid-March.

This article was originally published on U.Today

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Bitcoin

Bitcoin Falls as ETF Flows Reverse, Mt. Gox Moves Billions

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Bitcoin Falls as ETF Flows Reverse, Mt. Gox Moves Billions

In a week of drastic fluctuations, the price of Bitcoin (BTC) has retreated from its highs and is currently trading at US$66,250, down 0.9% in European trading.

This volatility comes on the heels of a significant surge above $70,000 earlier in the week, fueled by former President Donald Trump’s ambitious cryptocurrency plans announced in a Bitcoin Conference in Nashville.

Trump’s announcement to fire Securities and Exchange Commission Chairman Gary Gensler and establish a strategic Bitcoin reserve if elected president has temporarily sent the cryptocurrency market into a frenzy.

However, the excitement was short-lived as a series of events unfolded which caused investor sentiment to sour.

A significant sell-off of about 8% was triggered when the US Marshals Service moved $2 billion in Bitcoin for new wallets.

This move has reignited fears of a potential large-scale liquidation, compounded by lingering concerns over a possible Bitcoin liquidation from Mt. Gox. Early this morning, Mt. Gox administrator transferred US$2.2 billion value of your BTC assets in a new wallet.

Meanwhile, the US Bitcoin ETF spot market is showing signs of fluctuation, according to data from SoSo Value. On July 30, Bitcoin spot funds experienced their first net outflow in five days, totaling $18.3 million.

The Grayscale Bitcoin Trust (GBTC) saw outflows of $73.6 million, while the BlackRock iShares Bitcoin Trust (IBIT) attracted $74.9 million in inflows. But outflows from other funds left the category in the red at the end of Tuesday’s trading session. The total net asset value of spot Bitcoin ETFs currently stands at a substantial $58.5 billion.

In other crypto news, Ripple (XRP) is up 8.6% in the past 24 hours, hitting over 64 cents – its highest point since March 25, according to CoinGecko. data.

This rally comes amid a scheduled token unlock and growing optimism around a potential deal in the long-running SEC vs. Ripple lawsuit.

The crypto community is closely watching the SEC’s actions, particularly its intention to amend its complaint against Binance regarding “Third-Party Cryptocurrency Securities,” which some interpret as a positive sign for Ripple.

On a market analysis noteSingapore-based cryptocurrency trading desk QCP Capital wrote that while election headlines continue to dominate, several crucial macroeconomic events loom on the horizon.

“Election headlines will continue to be a key focus, but several key macroeconomic events are also on the horizon. Key events starting with the FOMC meeting on Wednesday, megacap tech earnings (Apple, Amazon, Meta) throughout the week, and unemployment data on Friday,” QCP Capital wrote.

Edited by Stacy Elliott.

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