Cryptocurrency Archives

Crypto Space Records One Of The Largest Hacks In History As BitMart Exchange Gets Hacked For $200M

Bitmart, a centralized crypto exchange, has lost around $196 million to hackers according to PeckShield. The CEO of Bitmart has confirmed the hack as the exchange has suspended all withdrawals. The security breach is the 3rd CEX crypto hack this ...

India takes a step back with Crypto adoption, introduces bill to ban private Cryptocurrencies

India plans to introduce a bill that will ban “all private cryptocurrencies.” The bill which will be introduced later this month is to also prepare the ground for India’s digital currency. The country has been tending towards the move for ...

Yay or Nay: Crypto.com Set To Pay $0.7 Billion To Rename Staples Center, L.A

Crypto.com, the twelfth biggest cryptocurrency exchange platform, according to the latest rankings by Coinmarketcap, is set to splash $700 million on the renaming rights to The Staples Center — Los Angeles’s most famous event Center, as part of an aggressive ...

Crypto Is Prohibited For Muslims In Indonesia But There Could Be A Way Out, Says Religious Leaders

Indonesia’s largest religious body has announced that trading in cryptocurrencies is against the tenets of Islam. The organization might not have any real legislative powers but it still wields considerable influence over the majority of Muslims in the country. The ...

Peter Schiff scores Bitcoin ETF approval as reason why the SEC should be abolished Key takeaways Peter Schiff calls for the abolition of the SEC due to Bitcoin futures ETF approval. The gold bull describes the ETF as just another way to "gamble" on Bitcoin. Bitcoin continues to surge even as the ProShares ETF has an impressive first day. Peter Schiff, founder of Europac Funds, who is also a known gold bull and Bitcoin opponent has said that the SEC's approval of a Bitcoin ETF shows a high level of incompetence in the commission. For Schiff, the SEC should be abolished for taking a stance on Bitcoin that passed a message of the government's endorsement of the largest cryptocurrency by market cap as this was bound to help mislead more people into buying Bitcoin. "The SEC's approval of a Bitcoin futures ETF is another reason to abolish the SEC. I have no objection to the ETF. My beef is that Bitcoin pumpers will now use the approval to sucker in more buyers based on the government's supposed endorsement of Bitcoin by approving the ETF," Schiff said in a tweet. Schiff also described the newly available ETF as just a new way to speculate on Bitcoin which he considers to have no real purpose apart from being a speculative asset. "Now there's a new way to gamble on Bitcoin. Anyone buying Bitcoin is gambling. But some gamblers don't want to risk owning actual Bitcoin, so they gamble with Bitcoin futures instead. Now those who don't want to risk buying futures contracts can gamble on a Bitcoin futures ETF." However, the cryptocurrency community has welcomed the arrival of the first Bitcoin futures ETF with much fanfare. This was to be expected as it has been a long time coming -over 8 years of rejected applications. The ProShares Bitcoin Strategy ETF which launched on the NYSE yesterday with the ticker BITO performed so well that it has been billed to have the best day one of any ETF in terms of "natural" by Bloomberg's ETF Specialist Eric Balchunas. According to data from Bloomberg, the ETF hit $1 billion in trading volume on just its first day. It also ended the day with $570 million in assets. The Bitcoin market also surged on the day. Bitcoin is up 3.04% in the last 24 hours and is currently trading at around $64,012. Although in that period too it reached a high of $64,395, the current price sits just 1.3% away from the April all-time high of just under $65,000. Meanwhile, some critics feel that the ETF is likely the worst thing to happen to Bitcoin. According to the pseudonymous investor and analyst Mr. Whale, the ETF is a Wall Street run show with no benefit to people outside of the big investment circles.

China Reportedly Pushing McDonald’s To Accept Its Controversial CBDC

Key takeaways A Financial Times report indicates that China is turning up pressure on brands to make use of digital yuan. While China’s CBDC has been received controversially, the country’s government insists that it protects privacy. China’s digital yuan is ...

Steve Harvey Is The Latest Face For Solana’s NFT Craze

Steve Harvey could be the latest face to Solana’s NFT craze after he changed his Twitter profile picture to that of a Solana Business Monkey NFT. Although the Steve Harvey Morning Show host has not publicly disclosed a Solana NFT purchase, ...

Twitter CEO Dorsey Reveals Square is Building An Open Platform To Create A Decentralized Exchange For Bitcoin

Jack Dorsey has announced that they are building an open platform to create a decentralized exchange for Bitcoin. The project which he named ‘TBD54566975’ essentially seeks to make Bitcoin more decentralized by eliminating the need to exchange Bitcoin for fiat ...

PayPal Now Supports Buying and Selling Cryptocurrencies in the U.K

PayPal customers in the U.K. can now buy and sell cryptocurrencies from Monday. The U.K. is the second region to enjoy this service after launching in the United States in October last year. “We are committed to continuing working closely ...

Coinbase is doubling down on its crypto portfolio with half a billion-dollar addition to its balance sheet

Coinbase is doubling down on its investment with a $500 million commitment towards buying into cryptocurrency assets. This is according to an official announcement made by the company’s C.E.O Brian Armstrong on Friday morning, just a day after the company ...

Tech Giant Intel Makes An $800k Bet On Crypto Through Coinbase Stocks

The wave of traditional fintech companies recognizing the value of cryptocurrencies and taking a leap through investment became highly pronounced this year. As if to clearly communicate that retail traders are no longer the leaders of crypto adoption as they ...

Cryptocurrency