Bitcoin saw a significant surge in value on March 19
2 days ago 1 min read

Bitcoin Surges to $28k Amidst Banking Uncertainty

Bitcoin, the leading cryptocurrency, saw a significant surge in value on March 19, surpassing the $28,000 zone with a 16% boost in value in the past seven days. At the time of writing, Bitcoin was trading at $28,063, indicating a 2.4% increase in the past 24 hours. The price of Bitcoin hit its highest point at $28,459 during the day before trading at $26,877 during the day’s low. The cryptocurrency gained over 37% against the US dollar this week, with a market capitalization increase of $194 billion in 2023, representing a 66% gain year-to-date. Bitcoin has outperformed Wall Street banks

Eleven major US banks have made a bold move to deposit a total of $30 billion
5 days ago 1 min read

US Banks Trust First Republic Bank with $30 Billion in Deposits During Volatile Month

Eleven major US banks have made a bold move to deposit a total of $30 billion into the troubled First Republic Bank. Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo each made an uninsured deposit of $5 billion, while Goldman Sachs and Morgan Stanley each made a deposit of $2.5 billion. BNY-Mellon, PNC Bank, State Street, Truist, and U.S. Bank each made a deposit of $1 billion. First Republic Bank has been facing a tumultuous month, with its stock price plummeting 74% from $115 to $35. The bank had $212 billion in total assets as of last year, but

Kialara Project Celebrates Ten Years of Storing Bitcoin Using Art
7 days ago 2 mins read

Kialara Project Celebrates Ten Years of Storing Bitcoin Using Art

San Diego, United States, 14th March, 2023 When Max Mellenbruch began creating Kialara ten years ago, few people had heard much about bitcoin, let alone crypto art. The idea of a cold-storage wallet to preserve private keys over a long period of time, safeguarding them against physical deterioration, was quite innovative for its time. A decade later the concept, designed in a manner that cannot be opened without being destroyed, has gained the admiration of a loyal customer base keen to collect the different aesthetic and conceptual themes developed for each edition. Besides the protection of a meticulously hand-assembled housing

1 week ago 1 min read

UK’s Third Largest Bank, NatWest, Limits Crypto Deposits to £1,000 Daily

NatWest, one of the UK’s most popular financial institutions, has recently imposed restrictions on its customers’ crypto purchases. According to a Bloomberg report, the bank has implemented a daily limit of £1,000 ($1,215) or £5,000 ($6,090) every 30 days on its customers’ crypto purchases to reduce their exposure to volatile assets. NatWest stated that the restrictions would prevent its customers from losing “life-changing sums of money” on crypto investments and scams. The bank revealed that fraudsters use false promises of high returns to lure investors and take advantage of their lack of understanding of crypto and its unpredictability. This has

Bitcoin (BTC) has hit a new nine-month high of $26,533
1 week ago 1 min read

Bitcoin Surges to $26,000, Hitting a New High Since June 2022

Bitcoin has hit a new nine-month high of $26,533 on Tuesday, marking its fourth consecutive day of gains. This surge in value comes as a result of the chaos in global markets after the recent collapse of Silicon Valley Bank. The rise in Bitcoin’s price follows the expected rate of 6.0% YoY for the Consumer Price Index (CPI). On Sunday, Bitcoin gained 7.6%, and on Monday, it gained 9.1%, with the highest recorded price on Tuesday at around 1306 GMT. This increase in value highlights Bitcoin’s resilience despite its volatile past and the recent setbacks in the cryptocurrency market. The

Coinbase Receives $200 Million Bitcoin Transfer from US Government, Blockchain Records Confirm
2 weeks ago 2 mins read

US Government Transfers $200 Million in Bitcoin to Crypto Platform, Coinbase

The US government has made a significant transfer of Bitcoin to Coinbase, according to data from the cryptocurrency’s blockchain. Around 49,000 BTC worth roughly $1 billion, from wallets related to seizures of the now defunct darknet marketplace Silk Road, have started moving. Of this amount, the government sent 9,826 BTC worth $217 million to Coinbase, while an additional 39,175 BTC worth $867 million was transferred to two new addresses that appear to be internally controlled and not linked to any exchanges. Silk Road, created by Ross Ulbrich in 2011, was shut down in 2013. Ulbrich is now serving a life

A panel of judges questioned the U.S. SEC rejection of Grayscale Investments
2 weeks ago 2 mins read

SEC Under Fire as Judges Question its Position in Grayscale’s Bitcoin ETF Appeal

On March 7, a panel of judges from the District of Columbia Circuit Court of Appeals questioned the U.S. Securities and Exchange Commission’s (SEC) rejection of Grayscale Investments’ spot Bitcoin ETF application. The judges presiding over the first appeals hearing, Chief Judge Sri Srinivasan and Judges Neomi Rao and Harry Edwards, asked the SEC’s lawyer what more Grayscale needs to do to meet its requirements for the ETF. Grayscale lead counsel Don Verrilli argued that the SEC’s rejection of the company’s spot Bitcoin ETF application was arbitrary, as the regulator has approved futures-based ETPs. He further stated that there is

Argo Overcomes Bitcoin Difficulty Hike to Boost Mining Output
2 weeks ago 1 min read

Argo’s Bitcoin Mining Profits Rise Despite Challenging Conditions

Publicly-listed Bitcoin mining firm Argo Blockchain has defied the odds by increasing its daily BTC production in February despite a significant spike in network difficulty. Despite a 10% increase in average network difficulty, Argo was able to mine 162 Bitcoin or BTC equivalents in February, which translates to 5.7 BTC per day. This is a 7% increase from the 5.4 BTC per day produced in January. Bitcoin mining difficulty measures how difficult it is to mine a BTC block, with a higher difficulty requiring more hash rate or additional computing power to verify transactions and mine new coins. In February,

Allegations of Bitcoin ATM Firm Profiting from Crypto Scams via Unlicensed Kiosks Surface
2 weeks ago 1 min read

Unlicensed Bitcoin ATMs Allegedly Involved in Crypto Scams for Profit, Claims Prosecutor

Bitcoin of America, a Bitcoin (BTC) technology firm, along with three of its executives, has been indicted for running over 50 unlicensed crypto kiosks in Ohio. The firm is facing charges of money laundering, conspiracy and other crimes. The indictment accuses the firm of knowingly benefiting from victims of cryptocurrency scams, and being able to operate due to “written misrepresentations regarding the nature of their business to government agencies” that helped it run the kiosks without a money transfer license. Romance scammers, law enforcement impersonators, and robocallers exploited the lack of Anti-Money Laundering protections in the firm’s systems to transfer

A new crypto exchange by 3AC and CoinFLEX
1 month ago 1 min read

3AC and CoinFLEX Unveil Website for Crypto Claims Trading

A new crypto exchange project by 3AC and CoinFLEX is making waves in the crypto industry with the launch of its official website and waitlist on February 9. The exchange, named “Open Exchange (OPNX),” promises to be the world’s first public marketplace for crypto claims trading and derivatives. The project was born from the aftermath of the collapse of the crypto market and the bankruptcy of 3AC in July. The founders of 3AC, Zhu Su, expressed that the new exchange aims to recover from past mistakes and advance the crypto industry through its innovative features. OPNX will provide real-time public

UK Banks block crypto access
1 month ago 1 min read

UK Financial Institutions Cite Fraud, Volatility as Reasons for Blocking Crypto Access

UK bank executives have blocked customer access to crypto assets due to concerns over fraud and volatility, according to testimony given to the Treasury Select Committee. NatWest CEO Alison Rose stated that the bank has taken a “pretty hard line” on crypto, blocking both retail and wealth customers from transferring into crypto due to the volatility and stability of the platforms. Rose also noted that fraud originating from social media and technology platforms was a significant concern. Other bank executives, such as Lloyds CEO Charlie Nunn, expressed support for new regulations in the sector, but expressed skepticism about cryptocurrencies themselves.

ARK Invest points to Tesla’s $1.5B
1 month ago 1 min read

ARK Invest Bullish on Bitcoin’s Future, Sets $1.48 Million Price Target

The investment firm notes that there have been instances of large-scale institutional adoption of Bitcoin and other cryptocurrencies, which have only accelerated since the beginning of the COVID-19 pandemic. ARK Invest points to Tesla’s $1.5 billion investment in Bitcoin and the entry of institutional investors like BlackRock into the crypto market as evidence of this trend. However, the report also acknowledges that there are still hurdles for Bitcoin to overcome, such as regulatory concerns and price volatility. But the firm believes that these obstacles will be overcome in the long term as the world continues to embrace digital currencies and