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Bitcoin (BTC) Falls Back to $30,000 as Regulators Call for Action

Key Insights:　　On Sunday, Bitcoin (BTC) rose for a third consecutive day to end the week down 8%. It was a seventh consecutive week in the red.　　While the markets moved on from the TerraUSD and Terra LUNA collapse, there was no major breakout, with regulatory uncertainty returning to the market.　　Bitcoin (BTC) technical indicators flash red, with bitcoin sitting below the 50-day EMA.　　Bitcoin (BTC) rose by 4.15% on Sunday. Following a 2.75% gain on Saturday, bitcoin ended the week down 8% to $31,296.　　Investor angst over the TerraUSD (UST) and Terra LUNA eased going into the weekend. Bitcoin tested resistance at the 50-day EMA before a pullback this morning.　　While market angst over the Terra collapse eased, increased regulatory chatter is testing investor sentiment.Regulators React to the UST De-pegging and LUNA Collapse　　This week, lawmakers in South Korea talked of the need to expedite the enactment of crypto laws, while looking to consider how other major jurisdictions rollout virtual crypto regulations.　　South Koreas Digital Asset Basic Act is reportedly aimed at protecting investors and is due for enactment next year, with implementation in 2024.　　Last week, US Treasury Secretary Janet Yellen and SEC Chair Gary Gensler were vocal on the need for crypto regulations. While Yellen called

2022-05-16Deep Dive

Cryptocurrency and the Climate Crisis

The vision behind cryptocurrency has been to free money from the centralized control of banks and other financial intermediaries—and ultimately to replace the current sovereign-based financial system. But to achieve its aspirations, cryptocurrency uses technology that demands massive amounts of energy. Its climate impacts simply cannot be ignored.　　To understand what cryptocurrency is and how it works, consider how financial transactions ordinarily occur today. Every time consumers complete a transaction without cash, the transaction must be validated through an intermediary in the form of a bank. The banks operate with additional intermediaries in the form of the U.S. Board of Governors of the Federal Reserve System or the European Central Bank. All this intermediation involves some small transaction costs, but also gives rise to concern about the value of the currency because the Federal Reserve can essentially print money. Orthodox economic theory teaches the more money created by central banks, the greater the risk of inflation. That does not mean that intermediation is not good though. It has, after all, succeeded in financing considerable economic growth for decades.　　The cryptocurrency revolution intends to reduce the cost of intermediary transactions by using a distributed ledger system: Blocks that form part of a blockchain

2022-05-16Deep Dive

What exactly is cryptocurrency, and why has it become so popular?

What is cryptocurrency, and why do people invest in it？　　Cryptocurrencies are new-age digital currencies with some key defining characteristics. They leverage cryptography to provide a high level of security, meaning they are incredibly difficult to counterfeit or double-spend. Most run on blockchain technology, meaning they are decentralised and not controlled by any one entity, such as a central bank or other financial institution.　　Cryptocurrencies have gained significant traction recently and particularly during the pandemic, where many young investors were flush with both time and cash (in the form of government stimulus). This prompted prices to soar, which then caught the attention of many larger institutional investors.How do you buy cryptocurrency, and what is a digital wallet？　　The first port of call when buying cryptocurrency is an online exchange, which acts similarly to a share brokerage platform, such as CommSec. Some of the more popular local and international exchanges are Coinbase, Kraken, BTCMarkets and Independent Reserve.　　Once youve set up an account, transferred some money and run through the mandatory “know your customer” process, you can then get to purchasing your crypto. On most exchanges, this is as easy as picking what you want and hitting a big green “buy” button.　　If you‘re crypto curious,

2022-05-16Deep Dive

‘44 Nations Meeting in El Salvador to Talk Bitcoin,’ Claims President Bukele

Thirty two central bankers and 12 financial chiefs representing 44 nations will meet in El Salvador later today, per the nations President Nayib Bukele, who claimed that – among other things – the group will discuss bitcoin (BTC).　　Developing economies around the world are thought to be closely monitoring events in El Salvador after the country gave BTC legal currency status in September last year. And, if Bukeles claims are true, their economic leaders, including representatives from central banks and finance ministries, will get the chance to see how BTC is being used in the economy firsthand at a summit to be held later today (UTC time).　　Little if anything is known about the meeting, which appears to have been kept under wraps by not only the Salvadoran authorities, but also the alleged participants. Cryptonews.com was unable to find any official news about official visits to El Salvador in media outlets from the respective nations, and the Salvadoran press also appears to be unaware of any such meeting.　　In fact, almost all that is known about the meeting comes from tweets made by Bukele himself, who wrote that the financial chiefs “will meet in El Salvador to discuss financial inclusion, digital economy, banking

2022-05-16Deep Dive

Top Video Game Artists Adopt NFTs to Help Ukraine, Collection to Release on Official MetaHistory Mus

Avatars for Ukraine + MetaHistory　　A group of top video game industry professionals, credited for game hits Rainbow Six, Warframe, S.T.A.L.K.E.R., and a billion-downloaded Asphalt franchise, together with the most talented Ukrainian digital artists created a charity NFT collection to help Ukraine. The collection will be released MAY 19 2022 on MetaHistory, an official Ukrainian charity NFT platform that has already raised 260 ETH / $722k for Ukraine. Their initiative is supported by the Ministry of Digital Transformation of Ukraine, a Ukrainian government institution known for its pro-crypto position, that has already raised more than 60 million for Ukraine in crypto donations.　　The charity NFT collection is named Avatars for Ukraine. The title refers to the original meaning of the word ‘avatar’, translated from Sanskrit as “incarnation”. The stunning artworks capture the incarnations of everything free Ukraine stands for: its soul, spirit, wisdom and love. The collection is uniquely different from other avatars, not only in name. The artworks emerged during 2 months of war and were created by 50 of the most talented and acclaimed Ukrainian digital artists from both game and movie industries. Europes best science fiction illustrator Volodymyr Bondar, prestigious EuroCon award winner, contributed with an exclusive artwork. Volodymyr

2022-05-16Deep Dive

Veteran Investor Bill Miller Remains Bullish on Bitcoin — Confirms He Has a Lot of BTC

Bill Miller Shares His Bitcoin Outlook　　Famed value investor Bill Miller is still bullish about bitcoin despite recent price declines. He confirmed in an interview with CNBC Thursday that he owns “a lot” of bitcoin and hasnt sold any.　　Miller is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firms Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.　　He explained that if bitcoin goes down to half its current price, he wouldnt be surprised due to its volatility. However, “I would be grim because I own a lot of it,” the fund manager said.　　Miller was asked, “Are you selling any [bitcoin], have you sold any？” He replied:　　The short answer is no.　　However, he clarified that he sometimes sells “stuff” to meet margin calls. “I‘ve sold stuff to meet margin calls because I’m always on margin and the stuff that you sell is the stuff that is very, very liquid, for me anyway,” he explained, without mentioning BTC specifically.　　At the time of writing, bitcoin is trading at $30,064, up 1.5% in the past 24 hours but down 15.5% in the last seven days and almost

2022-05-16Deep Dive

Nigerian SEC recognizes Bitcoin as Securities: Issues new rules to cryptocurrency exchanges

By: Damian Okonkwo　　The Nigerian Securities and Exchange Commission (SEC) has recognized Bitcoin and other cryptocurrencies as securities - which means they are a valid store of value for wealth. On this premise, the Nigerian SEC proceeded to publish new rules to regulate all cryptocurrency exchanges operating in the country on their website.　　The recent development comes after the central bank had previously banned all commercial banks operating in the country and other financial institutions from facilitating cryptocurrency transactions last year.　　Thus, the Nigerian SEC this time seems to be taking a different position from the CBN. While the CBN had taken a hostile attitude towards cryptocurrency transactions in Nigeria, the SEC this time seems to be revitalizing and promoting it again.　　As could be seen on the 54-paged document published on their website, the Nigerian SEC laid out the registration requirements for all digital assets exchanges providing crypto services in the country. According to these new “rules on issuance, offering platforms and custody of digital assets” for Bitcoin and other cryptocurrencies, “no digital assets exchange would be allowed to facilitate the trading of assets unless it had received a ”no objection“ ruling from the commission”.　　To obtain this “no objection” ruling, the SEC stated

2022-05-16Deep Dive

97% of Crypto Hacks Were Against DeFi Projects: Report

Blockchain analyst firm Chainalysis published a new report focused on the illicit activities occurring on blockchains, noting that DeFi protocols are the most popular target hackers tend to go after and that money laundering in the space has risen in the past two years.　　DeFi as Hackers Primary Target　　Since the DeFi Boom occurred in the summer of 2020, illicit DeFi transactions have risen steadily. Money laundering and DeFi hacking have been the two major criminal activities on such protocols, Chainalysis report shows.　　In total, $1.7 billion worth of digital assets were stolen by perpetrators in 2022, with 97% coming from DeFi protocols. The stash mainly came from two alarming thefts: the $600M Ronin bridge breach at the end of March and the $320 million Wormhole attack in February. The report outlined that, as of 2022, most stolen funds – over $840M – have gone to hackers with ties to North Korea.　　Besides hacking, money laundering conducted via DeFi has also grown consistently over the past years, with DeFi protocols taking in 69% of the crypto-based funds associated with criminal activities.　　The report attributed the nature of most such protocols – allowing users to trade one token for another – to the difficulty of tracking

2022-05-16Deep Dive

Crypto Regulators From 5 Countries Identify A Potential $1 Billion Ponzi Scheme

In recent months, investing in cryptocurrencies has been challenging. The emerging market has been shaken by radically shifting prices, collapsing assets, and a variety of economic challenges.　　Since November, as the price of bitcoin, the most popular cryptocurrency in the world, has declined, so have the values of currencies that were once considered safe and secure because they were pegged to the US dollar and regulated by exchanges.　　Digital asset proponents applauded the international and national authorities‘ efforts to better appreciate and monitor the sector’s viability.　　Also contributing to the growth was the senseless Russian invasion of Ukraine. In and out of the country, a large number of individuals used cryptocurrencies to transfer funds, demonstrating once again the currencys utility.　　Regardless of its shining moments, cryptocurrency is currently at a crucial juncture.　　It has lost almost fifty percent of its market value since November and is susceptible to frauds, manipulations, and sudden decreases.　　Tax Investigators Keeping Eye On Big-Time Fraud　　Now, regulators are investigating yet another fraud.　　More than 50 potential crypto tax offences have been uncovered by international tax inspectors, which may pave the way for an official probe in the coming weeks — including a possible $1 billion Ponzi scheme.　　According to reports released on Friday, the

2022-05-16Deep Dive

Authorities Seize Over 1,500 Crypto Mining Rigs in Dagestan Crackdown

Law enforcement and other authorities in Dagestan have closed down two illegal crypto farms, confiscating more than 1,500 mining machines. Government agencies in the republic, considered one of Russias capitals of underground coin minting, carry out regular raids against such facilities.　　Cryptocurrency Miners in Dagestan Accused of ‘Illegal Entrepreneurship’　　Officers from the Ministry of Internal Affairs of Dagestan and the Federal Security Service have uncovered a large crypto mining farm in the Russian republics capital city, Makhachkala, Tass news agency reported, quoting the ministry. The law enforcement agents have seized 1,476 devices producing digital currencies, a press release detailed.　　The department added that the owners of the illegal facility have been also providing services to other miners including installing mining rigs, connecting them to the power grid and providing security. Experts are now working to establish the market value of the confiscated mining equipment as well as the amount of consumed electricity.　　The law enforcement officials who raided the crypto farm further noted they are collecting evidence to charge the operators under Part 2 of Art. 171 of the Criminal Code of the Russian Federation, “Illegal entrepreneurship,” and part 2 of Art. 165, “Causing property damage by deception or abuse of trust.”　　In the past

2022-05-16Deep Dive
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