Author: Anubhooti Dixit

Frenzied trading activity has pushed the newly-launched pepe token (PEPE) to garner trading volumes higher than those of dogecoin (DOGE) and shiba inu (SHIB) – which are otherwise the biggest memecoins by trading volumes. Pepe trading volumes surged to over $250 million in the past 24 hours amid a 100% price spike over the weekend in a rally that reversed on Tuesday night. Over the same period, trading volumes on dogecoin stood at $225 million, while shiba inu volumes were a much lesser $100 million. Data from an infamous agency show crypto exchange OKX saw over $76 million in trading…

The White House’s Council of Economic Advisers (CEA) argued Tuesday in an online post that the U.S. President Joe Biden is considering putting out a punitive tax on crypto mining operations for the “harms they impose on society,” The administration’s blog entry claimed a U.S. tax equal to 30% of a mining firm’s energy costs – an unusual industry-specific penalty that could threaten the profits of such businesses. According to the CEA’s description of the levy known as the Digital Asset Mining Energy tax, “Currently, crypto mining firms do not have to pay for the full cost they impose on…

Leading crypto exchange Coinbase finds itself in new trouble as a lawsuit claims that its top leadership sold stock using inside information and dodged massive losses. Coinbase’s Chief Executive Officer Brian Armstrong, board member Marc Andreessen, and other officers are being accused of avoiding losses of over $1 billion with the help of inside information to sell stock within days of the platform’s public listing in 2021. The investor Adam Grabski, who filed the lawsuit, claims that the firm’s management offloaded their stock before “material, negative information that destroyed market optimism from the company’s first quarterly earnings release forward” prompted…

CMCC Global, a venture capital company centered upon blockchain technology, stated that the digital-asset clampdown in the US is paving way to new opportunities for Hong Kong as the city attempts to become a crypto hub. In a Television interview aired Tuesday CMCC’s co-founder Charlie Morris said the US “is shooting themselves in the foot” and is opening  chances for other regions to pursue innovative businesses in the field of crypto.  “We see places like Hong Kong having a real opportunity at this point in time to bring those firms and entrepreneurs to the city,”- Charlie Morris In a new…

  Block , The financial services and technology company owned by former twitter CEO Jack Dorsey  has declared the completion of its prototype design of  new five-nanometer (5nm) Bitcoin mining chip — which it asserts is key to decentralize the supply of Bitcoin mining rigs. On April 28 a blog post was published in which Block explained the technical and financial challenges that were undertaken while developing Bitcoin mining ASIC rigs.Block further adds and says that as a consequence of this,there will be “the excessive concentration of custom bitcoin mining silicon” in the hands of a select few companies.  This…

The G20 is an organization that works to address critical issues related to the global economy, including international financial stability, climate change mitigation, and sustainable development. With India presiding over the G20 summit 2023,it puts forth a significant moment in Indian History and bestows the country with an opportunity to showcase its leadership to the world. On other hand the summit is anticipated to have far-reaching ramifications on crypto industries, their future regulations and advancements within India and worldwide. Thus the G20 Summit denotes a pivotal moment for world leaders to engage in a meaningful conversation about the regulation and…

The inauguration of “Robinhood Connect,” a fiat-to-crypto on-ramp featuring support for decentralized applications (DApps) and self-custody wallets, was declared at Consensus 2023 on April 27. Infamous as a rival to similar services such as Coinbase Pay and MoonPay, Robinhood Connect fundamentally permits users to trade with cryptocurrency directly to and from their self-custody wallet or natively in DApps using a credit or debit card. Robinhood Connect features integration with Web3 projects, as developers can implant the service straight away into applications. This empowers customers to access their Robinhood credentials personally in DApps without having to open the Robinhood website or…

The digital currency Bitcoin(BTC) which at once was considered as a risky investment subjected to high market risks, has recently found a remarkable ally in the embodiment of age-old commodity : Gold Ever since March 2023, the interrelationship between alpha crypto Bitcoin and the evergreen Gold has regularly enlarged, and have provided investors with a refuge in spite of advancing banking crises and increasing interest rates. Let’s now look into the causes that are driving this unanticipated partnership between Bitcoin and Gold and how long it shall last. Bitcoin defeats gold in the midst of banking crisis As the banking…

The erstwhile senior U.S. market officer Chris Giancarlo, also known as the “Crypto Dad,” seemed to denounce his successors in Washington as they crack down on the cryptocurrency industry. Cris during a speech on Wednesday at Consensus 2023 event said that in 2017, The U.S Commodity Futures Trading Commission under him approved regulated futures contracts tied to bitcoin (BTC), and till present, they remain as the sole fully regulated crypto product traded in the U.S. This success, he further added  “prove that regulators can engage successfully with crypto if they have the will to do so.” While not an obvious…

The Bitcoin (BTC) white paper has been withdrawn from the brand new beta version of world’s largest tech company Apple’s operating system upgrade. As per the report released on 25th April by 9to5Mac,the Apple Focused News Site, the Big Tech firm had removed a test scanner app called Virtual Scanner II in the latest MacOS Ventura 13.4 beta, and thereafter, the Bitcoin white paper was gone. The technologist Andy Baio in his April 5 blog post disclosed that for the past five years a PDF copy of Satoshi Nakamoto’s Bitcoin white paper PDF had shipped with every copy of MacOS.The…

On Wednesday, the Federal Reserve Bank of New York (NY Fed) has restrained its counterparty criteria for its reverse-repurchase program (RRP) in a way that could shut out the issuer of stablecoin Circle from retrieving the prized Fed facility. As per the press release by the New York Fed, funds “organized for a single beneficial owner,” registered as “2a-7 funds” at the Securities and Exchange Commission (SEC), “generally will be deemed ineligible” under the new rules. The Circle Reserve Fund, managed by global investment management giant BlackRock Advisors, seems to fall under this category. The RRP allows selected equivalents such…

One of the most important measures undertaken by the crypto and bitcoin owners to safeguard their exchange accounts and others from hackers is Two factor authentication (2FA). Till now the most popular and long-established method for two factor authentication is Google Authenticator, which is widely known amongst most crypto users. What Google Authenticator does is that it bolsters security while signing in by adding an extra layer of safety to exchange accounts by adding a second verification step when logging in. This means that users must enter a six-digit code generated by Google authenticator app on their phone, in addition…

Russian Finance Minister Anton Siluanov stated that Russia is launching a new payment system that is “bound by no restrictions” where digital currencies could be used in cross-border payments. The top official further explained “Two parties come to an agreement, make settlement payments, and no other country could step in and freeze such payments,”. As reported by Russian news outlet Tass on Monday The Russian Finance Minister Anton Siluanov said that a new payment system will be inaugurated where the utilization of digital currencies in international payments will be completely unconstrained. The finance minister elaborated “We are launching an alternative…

New regulations were suggested by the United State treasury and other U.S. financial regulators to make it easier for Federal Banks to assign non bank institutions as systemically important. As observed by the Financial Stability Oversight Council (FSOC) Council Meeting on April 21, U.S. Treasury Secretary Janet Yellen takes up apprehension over “nonbank” financial institutions due to their current lack of governance and the potential for wider financial corruption to take hold when these enterprises suffer through periods of downfall . “Nonbank” is a frequent term for any entity that does not hold a bank license but still provides specific…

The central bank of South Korea has been given the clearance to expand its investigation of cryptocurrency service operators and issuers in the midst of further discussions on virtual asset legislation in the country. As reported by local media outlet The Korea Herald , The Bank of Korea (BOK) will be given the right to scrutinize operators of cryptocurrency-related businesses. The South Korean central bank has been contesting with the country’s financial regulator, the Financial Services Commission (FSC), over crypto jurisdiction. However, the FSC will have the final say in governing the regulation of the digital asset sector. The Bank…

Avail announces the farewell of the research lead Prabal Banerjee of Ethereum scaling project Polygon as he is ready to join its off-shoot Avail, a modular blockchain project as a co-founder.However polygon declined to comment on Banerjee’s departure. In an interview to The Block “I had been working on Avail with Anurag since joining Polygon in 2020, starting with the first design to creating proof of concept and then launching on testnet.” He further added  “I believe in the Avail mission and the team behind Avail, and it only made sense for me to target my entire focus to it…

The Founder and former CEO of Thodex,one of Turkey’s largest crypto exchanges, Faruk Fatih Ozer (29 yrs) has been extradited to Turkey and was detained by police upon his arrival in Istanbul on Thursday on account of charges of fraud and running a criminal organization. More than 400,000 members were left oblivious without access to deposits of $2 billion in cryptocurrencies. Last year in August, Ozer, who became the subject of international investigation was arrested in Albania after an Interpol red notice was issued against him. Reportedly he fled to Albania after his exchange suddenly went offline in 2022.  Increasingly…

An Ethereum based stablecoin targeting institutional client named “EUR CONVERTIBLE”, has been launched by a major French banking and Financial services firm ‘SOCIETE GENERALE’, through its dedicated asset arm on April 20 2023. ‘’Eur Convertible’’ shall be traded under the ticker symbol “EURCV’’ and shall be only available to investors onboarded by Societe Generale through its existing know your customer and Anti-Money laundering procedures. CEO of SG-Forge Jean-Marc stenger stated “In the weeks to come, Societe Generale-Forge will assess the interest from prospective clients and respond to their questions for gradual adoption,” The token will be available mainly to institutional…

A distributed ledger technology-powered settlements system between the Bank of England and the Bank for International Settlements (BIS) Innovation Hub London Center have been tested. The Bank of England shall use the insights of the project in its real-time gross settlement (RTGS) system. A report about the joint pilot project with Project Meridian the Bank of England was published On April 19, BIS . The 44-page document revealed that the houses in Wales and England have been successfully purchased by the banks through the synchronization network using distributed ledger technology (DLT). A generic interface that could be ‘’relatively easily” extended…

On Tuesday April 18th 2023,CEO of Coinbase Global inc, A major U.S Crypto Exchange, Brian Armstrong specified that the crypto exchange would consider moving away from the U.S. if the regulatory environment for the industry does not become transparent and comprehensible, at a fintech conference in London. “I think the U.S. has the potential to be an important market for crypto, but right now we are not seeing that regulatory clarity that we need, I think in a number of years if we don’t see that regulatory clarity emerge in the U.S. we may have to consider investing more elsewhere…

Reluctant of private companies taking over the digital payment systems in the country, Bank of Israel announced its action plan for the prospective issuance of “Digital Shekel’’ a Central Bank Digital Currency (CBDC). According to a press release on April 17 2023, the Bank of Israel Steering Committee on the Potential Issuance of a Digital Shekel outlined the plan to issue a digital shekel “SHAKED.” While the decision has not been finalized yet, the central bank revealed potential reasons behind the issuance of a CBDC. The Bank of Israel shared factors that would support a decision to issue a CBDC…

Bittrex, a United States-based cryptocurrency exchange, is allegedly facing prospective action from the U.S. securities regulator even with its preparation to shut down local operations after the SEC’s enforcement unit informed it about the same in March 2023. As per the report by wall street journal on April 16 2023 , Bittrex was recommended to be charged for apparent violations related to investor protection by enforcement division of United states securities and exchange commission (SEC). As reported by Bittrex General Counsel David Maria,The Seattle-based crypto firm had already started the process of winding down its U.S. operations, after it was…

Rolling out its first major piece of crypto legislation in 2023 US House Financial services committee  publishes draft version of potential landmark stablecoin bill. The new draft bill is expected to provide a comprehensive regulatory framework for stablecoins in the U.S. It contains sweeping proposals such as making the Federal Reserve the regulator for stablecoins by non bank entities, a moratorium on stablecoins backed by other cryptocurrencies and a request to study a central bank digital currency (CBDC).These provisions are unsurprising, considering the Bill was drafted against Terra UST’s algorithmic stablecoin collapse in 2022. As tweeted by Circle CEO Jeremy…

With the swift expansion of the crypto industry and the surge of interest of individuals and institutions in digital assets such as bitcoin, central banks around the world are rolling up their sleeves and familiarizing themselves with the bits and bytes of digital money thus opening up new avenues for harnessing the technology of regulated digital trading in cryptocurrencies, the latest example being that of the UK. As per the press release published on April 13 2023, The London Stock Exchange Group ( LSEG ) has collaborated with the Global Futures and Options (GFO-X) an institutional-grade digital trading venue focused…

On Thursday April 13 2023 , A tech consultant named Nima Momeni ( 38 years ) was taken into custody and booked on suspicion of murder in a San Francisco suburb, Emeryville , in relation to the stabbing death case of the sociable and popular founder of Cash App (a smartphone-based platform that allows person-to-person money transfers with net worth $40 billion according to Forbes) Bob Lee  (43 years), last week in downtown San Francisco which sent a shockwave of horror across the crypto world. Lee was found by the cops in an unconscious state with stab wounds, in the…

El Salvador on Tuesday grants crypto exchange Bitfinex, the license for digital assets service provider (DASP) , making it the first fully-regulated digital asset exchange of the world, that will enable the issuance and trading of innovative real-world tokenized assets such as equities and bonds. With this Bitfinex becomes the world’s first international digital asset platform to receive approval and is to be licenced as a Digital Asset Service Provider under El Salvador’s ground-breaking new Digital Assets Issuance Law, that regulates digital securities and created a framework for the Central American country to launch bitcoins-backed bonds, known as “Volcano Bonds”.…

A formal investor banker and registered broker Rashwan Russell (27 years) was charged by federal court in Brooklyn, New York, for apparently deceiving numerous investors by promising profits on fake cryptocurrency investments and expropriating the funds received to finance his lifestyle. Documents of the court claimed Rashwan for embezzlement of the investor’s growing interest in crypto investments to mislead them. He allegedly used his credibility as a former investor banker and registered broker with the Financial Industry Regulatory Authority to convince investors about fake cryptocurrency investment schemes often promising significant and promising returns. The court however stated that money from…

Stellar CEO Denelle Dixon highlighted the need for a stablecoin regulatory framework for the US to keep the dollar strong in the global market. With the crypto industry being under strict surveillance by US financial regulators and the dollar slowly losing its hegemony in the world market. The CEO and Executive Director of Stellar Development Foundation Denelle Dixon highlighted the need for a stablecoin regulatory framework in the US to keep the dollar strong, as the vast majority of stablecoins are pegged to the US dollar. In her interview on April 11 with Bloomberg Live she said “If we want…