Crypto News

Bitcoin’s high-energy consumption has been criticized in the past few years. As the crypto prices increase, the energy consumed in crypto-mining is also expected to grow. With the growing competition of cryptocurrencies, developers are now seeking fast and efficient mining methods. Ripple’s co-founder, Chris Larsen, encouraged the use of eco-friendly models of bitcoin mining to maintain Bitcoin’s market dominance.

In June 2019, Facebook introduced its first digital currency named Libra. It has faced oppositions from regulators around the world which led to losing its major backers Visa and Mastercard. After two years, the Facebook-backed digital coin named Diem is expected to launch this year.

The UK Jurisdiction Taskforce of LawtechUK (UKJTL), chaired by Sir Geoffrey Vos, Master of the Rolls, has published the Digital Dispute Resolution Rules.  The Taskforce notes that the new rules allow parties to resolve their disputes by an arbitrator

There were 200 million XRP coins released by the former Ripple CTO and one of the company's co-founders, Jed McCaleb. McCaleb helped found Ripple’s Labs in 2012 has made 11 transactions from his "tacostand" XRP wallet.

The Berlin Fork upgrade has already taken place with four Ethereum Improvement Proposals (EIP). These are EIPs  EIPs 2565, 2929, 2718, and 2930. By April 7, ETH node operators and miners should have downloaded the latest version of the Ethereum client. If they haven’t downloaded it yet, there’s a possibility that they might be stuck on an incompatible chain.

The head of the Turkish Central Bank, Sahap Kavcioglu, released a statement about the new regulation that will be implemented on April 30th. In the said regulation, cryptocurrencies will not be used as payments directly or indirectly. Nevertheless, cryptocurrency deposits are still allowed.

The Bank of England is exploring a potential UK Central Bank Digital Currency (CBDC). Alongside the cash and bank deposits, a CBDC will be a new form of digital currency to use for households and businesses. Moreover, it has been announced that there will be a CBDC Engagement Forum and CBDC Technology Forum. As of now, the Bank of England hasn’t decided yet whether to introduce a CBDC in the UK.

It has been announced that Venmo is now allowing users to buy, hold, and sell cryptocurrency on its app. With the conditional license from the  New York State Department of Financial Services (NYDFS) received by Paypal, the functionality of crypto in Venmo became possible.  The said launch shows PayPal's commitment to supporting cryptocurrencies.

We have heard and read from the news that two-thirds of cryptocurrency mining in the world takes place in China. China’s involvement in Bitcoin has risen suspicion to Paypal’s Founder, Peter Thiel. He commented in a virtual event that BTC is a threat to fiat currency especially the US dollar.

The US SEC was requested to provide its external and partially internal documents about the classification of Bitcoin and Ethereum as non-securities. Magistrate Judge Sarah Netburn has made a decision which was in favor of Ripple that has led to a possible early settlement of the case and for Ripple’s fair notice defense. Moreover, there were documents also presented by Ripple’s attorneys highlighting the SEC’s inconsistency. These documents were from third parties that have met the SEC for a “guidance” asking “whether XRP must be treated as a security”.

The second-largest digital currency, Ethereum, has jumped by nearly 3% on Monday. It has reached its all-time high with a $2 197 price. Ethereum has now crossed the $250 Billion market cap which makes the highest value recorded. ETH is now considered more valuable than the largest US Banks, Wells Fargo, and Goldman Sachs.

Bringing the NFTS to mainstream adoption, Google Cloud Marketplace is partnering with Origin to create and sell Non-Fungible Tokens. The transactions will be made in Origin’s e-commerce platform known as Dshop. This platform allows users to create and manage businesses on a decentralized platform.

With the growing demand in the Asia-Pacific region, Ripple got a 40% stake in Tranglo, a Kuala Lumpur-based cross-border payments fintech.  Since the closing of the stake is still subject to regulatory approval, Ripple and Tranglo did not state comments about the value of the stake.

The U.K.'s Financial Conduct Authority (FCA) required the cryptocurrency exchange and wallet operators to submit an annual financial crime reporting document or REP-CRIM starting from March 30, 2022. The REP-CRIM framework was initially introduced by the regulator in 2016 and has later consulted the number of firms that should submit the REP-CRIM return.

In February 2021, a strategist of JP Morgan published a research note about BTC’s volatility being a massive issue for large organizations. But now, JP Morgan sees the potential of BTC and says that because of its declining volatility, it will attract more institutional investors.

The new ATHs of the cryptocurrency market is something that we should celebrate for. All the issued coins now reached $2trn. With Bitcoin representing more than 50% of the crypto market cap, we can say that year 2021 is a huge blast for the crypto industry. JP Morgan gives a target price of $130K.

Elon Musk has been around the headlines lately as he has been tweeting about cryptocurrencies on and off. From the recent tweet of Tesla’s CEO, it has been announced that you can now buy Tesla with Bitcoin. He added that Tesla’s using “internal” and “open-source software” to accept payment and that they “operate bitcoin nodes directly.”

In July 2020, Paypal declared its active development on crypto payment solutions. After a long wait, they have announced that consumers can finally use the cryptocurrency in their Paypal account to pay for goods and services online. The cryptocurrency will be converted to fiat currency before finalizing the transaction so it will not affect anything to the merchants. Bitcoin, Ethereum, Bitcoin Cash, and Litecoin are the supported currencies on Paypal.

The ETH 2.0 Deposit Contract just reached 3.6 Million ETH. A report from Glassnode states that the total ETH value amounts to nearly $6.1 billion. Since the staking contract launched, there was a noticeable growth on the staked ETH rising from 300,000. The ETH 2.0 upgrade will have improvements with a roll-centric roadmap, a simplified merge, and parallelization of phases.

With the growing recognition and acceptance of cryptocurrencies, Visa now allows settling transactions to its network. They had a pilot program with payment and crypto platform Crypto.com. Visa’s steps came from the move of the finance firms including BNY Mellon, BlackRock Inc, and Mastercard Inc which make more use of cryptocurrencies for investment and payment purposes.

The Bank of Thailand cautioned the citizens that the baht-pegged stablecoin,  Thai Baht Digital (THT), has no legal assurances or protection and violates the country’s currency act. This coin was issued by the South Korean firm Terra.  However, the Bank of Thailand is now leveling up as they are now considering the regulation of asset-backed and foreign currency-backed stable coins and algorithmic stablecoins, but not decentralized cryptocurrencies such as Bitcoin or Ether.

200 companies were trying to sign up under the Financial Conduct Authority’s (FCA) Money Laundering Registration (MLR) regime. However, out of these 200 companies, only four of them have received a decision. CryptoUk Chairman, Ian Taylor, called out the FCA for this delay since it has already been more than eight months without hearing from the regulator.

Morgan Stanley is now allowing its wealthier clients to access Bitcoin. In an internal memo, it is said that they will be launching access to three funds that enable ownership of bitcoin.

The research note of the Bank of America suggests that the BTC price appreciation of 1% just takes a net inflow of $93 million. With Bitcoin’s nearly $1.1 trillion market cap, the research suggests Bitcoin is twice as volatile as gold per-dollar in-flows.

Vitalik Buterin has discussed the envisioned future of the Ethereum network once the second-layer scaling model rolls out.  The layer-two solutions are designed to help scale applications by handling transactions off the main Ethereum chain or layer 1.  Without declaring the exact date, Buterin says that it may take off in the next few months.

Gary Gensler’s nomination as Chairman of the SEC role may affect how Ripple’s lawsuit will play out. Gensler is the former Commodities Futures Trading Commission (CFTC) chairman under the Obama administration and is well known for his expertise in the blockchain industry. He promotes digital assets as a “catalyst for change”. The former SEC Commissioner, Paul Atkins, expressed his thoughts that Gensler may withdraw the case

In Elon’s Musk tweet, he mentioned that he would be selling an NFT which is “a song about NFTs”. This particular NFT has a strong electronic music vibe and includes words and phrases as “HODL” and “Vanity Trophy.” The Dogecoin’s Shiba Inu mascot has also been included. It has caught the attention of the would-be investors and attracted a $1.1 Million bid.

The House of Representatives in Georgia state proposed a bill to develop a program focused on financial literacy, recognizing cryptocurrency as a part of the special learning area on the curriculum. Other sectors already recognized crypto and the educational sector was not left behind.

The crypto investors in the UK were happy as the Chancellor decided to freeze the CGT threshold at £12,300 until 2026. Becky O’Connor, the Head of Pensions and Savings at Interactive Investor, expressed her opinion as she believes that the allowance freeze is a wealth tax by another name. Nonetheless, the short-term investors are still glad for this movement.

Ripple’s CEO, Brad Garlinghouse, said in a documentary that XRP will keep trading even if Ripple will go away. It has been all over the news when Ripple faced the SEC lawsuit case filed against them. Despite the accusations that XRP is unregistered security, the judge will always have the final say.

Uniswap has surged by nearly 50% this week which made it the eighth-largest crypto asset. On March 5th, it also had a place in crypto’s top 10 as the first DeFi DApp token to hold the distinction. Also, UNI’s surge comes amid increasing speculation that Uniswap’s V3 upgrade will be coming in the way soon.

Kjell Inge Røkkes Aker, the second-richest man in Norway, has established a cryptocurrency company named Seetee. He invested NOK500 million ($60 million) into Bitcoin. The company will step into Bitcoin mining with green energy as energy sources. While it advocates sustainability and lessening the fears of Bitcoin’s energy use, it also aims to HODL its entire BTC holdings.

The money transfer giant, Moneygram, announced that it will not be using XRP for remittance services. Ripple also gave an official statement about this confirming the end of their partnership. Because of the SEC lawsuit against XRP, Moneygram was sued by Rosen Law Firm for allegedly misleading investors over XRP. Though the partnership did not last, it was fruitful for both of them.

As the institutional support for crypto keeps on growing, Square did not miss the opportunity on the temporary Bitcoin dip and has gotten approximately 3,318 Bitcoins when the cryptocurrency’s price was trading around $50,000. Square believes in the potential of Bitcoin as an investment as they have claimed that this is an instrument of economic empowerment.

The crypto prices have been added to the finance.google.com domain. The “Compare Markets” category has the section named “Crypto” that provides key pricing information for cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The cryptocurrency market got the mainstream attention and now the institutional investors and corporations have started to jump aboard in the cryptocurrency investment.

Before correcting lower, Cardano’s smashed to its new all-time at $1.48. ADA declined below $1.20 but the price has risen up when it reached to $1.15 level. According to Assetdash data, Cardano has surpassed Tether's dollar-backed stable coin (USDT) and Binance's (BNB) to become the third-largest cryptocurrency by market value, with a market capitalization of $39,792,277,652 after by Bitcoin and Ethereum.

JP Morgan Chase and Co suggest that investors should allocate 1% of their portfolio in bitcoin as a hedge. One of the most popular topics of discussion in the crypto community is how big should be the percentage that investors should invest in.

Bitcoin (BTC) hit new lifetime highs of more than $51,200 on Feb. 17 as it tackled what trader Peter Brandt confirms is a “parabolic advance.” Tuesday had seen Bitcoin hit $50,000 for the first time ever, that level nonetheless failing to hold for more than a matter of minutes. With its return, the largest cryptocurrency is in a "parabolic advance" — the fourth in its twelve-year history, analysts say.

Financial and investment advisory giant The Motley Fool has announced it will invest $5 million into Bitcoin (BTC) with the expectation that it will rise to $500,000.Announced earlier today via a blog and Twitter post, the firm stated it won’t be “buying overpriced ETFs” but will be “buying Bitcoin directly.” Currently ranked fifth globally in the investing category, according to Similar Web, and with 87 million website visits per month, The Motley Fool outlined three core reasons behind the purchase: Bitcoin is a better store of value than gold, it's an effective hedge against inflation and it has the potential to become a transactional asset.

Ether (ETH) is up 150% in 2021, causing its market capitalization to soar above $200 billion. Most traders are fixated on the unitary price, even though it is entirely arbitrary, therefore missing relevant milestones and comparables.o evidentiate myopia caused by unitary prices, Cardano (ADA) is priced below $1, although its market capitalization is over $26 billion. Therefore, the outstanding number of coins matters just as much. At the other extreme, Cover Protocol (COVER) unitary price is nearly USD 1,600, even though its market capitalization remains sub $100 million.

Daniel Ives, an analyst at Wedbush Securities, has disclosed that Tesla is smiling all the way to the bank after cashing in approximately $1 billion in profits from its Bitcoin (BTC) investment. Earlier this month, the American electric carmaker revealed a purchase of Bitcoin worth $1.5 billion, and this move was propelled by its quest for more flexibility to further diversify and maximize returns. Moreover, Tesla stated that it may start accepting payments in BTC in exchange for its products. Ives believes this decision has paid off because the company will continue making more profits from this investment. He noted: “The company is on a trajectory to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020.”

The pretrial hearing between Ripple and the Securities and Exchange Commission is set to happen today. The outcome of this case will undoubtedly have huge repercussions for the cryptocurrency industry, and it may pave the way for how other cryptocurrencies are regulated in the United States. Urgently, the SEC is suing Ripple for unlawful sales of XRP, as they deem that the cryptocurrency should be considered a security, therefore placing Ripple Labs and chief executives Chris Larsen and Brad Garlinghouse in violation of securities laws. Former SEC chair says that agency is “dead wrong” Former chair of the Securities and Exchange Commission Mary Jo White is one of Ripple’s attorneys. In an interview with Fortune, she expressed her thoughts on the Ripple case. According to White, the Commission has made a mistake in suing Ripple over XRP for unregistered securities. The agency places XRP sales as a violation of securities laws, having pinpointed that XRP should be classified as a security. White said: “There’s no way to Sugar-coat it. They’re dead wrong legally and factually.”

Crypto market capitalization has been gaining momentum amid an ongoing crypto rally this year, breaking the $1 trillion mark in early January. Total crypto market cap previously surpassed the market cap level of Tesla, which amounts to around $815 billion at the time of writing. Soon after crypto markets broke Tesla’s market cap, the company made a massive announcement on Feb. 8, reporting a $1.5 billion investment in Bitcoin to the United States’ Securities and Exchange Commission. Crypto's recent pump now puts the market behind Amazon, Microsoft and Apple in terms of market cap.

The firm believes this may open merchants up to new customers and build loyalty with existing customers who are already migrating to digital assets over traditional fiat options. "We are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want. It should be your choice, it’s your money." MasterCard already devoted significant resources into exploring distributed ledger technology, with the company currently holding 89 blockchain patents while a further 285 applications are pending.

Twitter CEO Jack Dorsey has announced the creation of a blind Bitcoin (BTC) development trust worth 500 BTC ($23.7 million), along with rapper Jay-Z, for teams working on the project in India and Africa. Dorsey revealed the creation of the trust on Feb. 12 while sending out a call for three board members to oversee the blind trust initially. Dubbed the ₿Trust, the application form for board members reveals the mission statement, “Make Bitcoin the internet’s currency." The Twitter CEO’s tweet appeared just hours after news broke concerning India’s alleged plans to completely ban the use of cryptocurrencies within its borders. The world’s second-most populated country could soon move to ban all crypto-assets, giving users a 3–6 month grace period to liquidate their holdings, according to an anonymous source who spoke to Bloomberg.

Tesla CEO Elon Musk said today that he would support the top holders of Dogecoin selling a big portion of their DOGE stash to ease out the altcoin’s distribution, as per a tweet this morning. Founded in 2013 as a joke cryptocurrency, Dogecoin’s meme value, the usage of a Shiba Inu dog as a mascot, and a cutesy narrative has pumped its market cap to billions of dollars over the years.