Day: February 12, 2023

House Republicans Demand Answers From SEC Over FTX Co-Founder’s Arrest – Bitcoin News

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On Feb. 10, 2023, Republicans Patrick McHenry of North Carolina and Bill Huizenga of Michigan, both members of the U.S. House of Representatives, sent a letter to Securities and Exchange Commission (SEC) chairman Gary Gensler seeking answers about the arrest of FTX co-founder Sam Bankman-Fried prior to his scheduled testimony before the House Financial Services Committee. McHenry and Huizenga assert that the timing of Bankman-Fried’s charges and arrest raises “serious questions about the SEC’s process and cooperation with the Department of Justice.” House Representatives McHenry and Huizenga Probe SEC Over…

Public miners increased Bitcoin production, hash rate in January

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The first production update of 2023 from publicly listed Bitcoin (BTC) mining companies shows a steady increase in hash rate and a surge in BTC production compared to the previous month, according to a new analysis from Hashrate Index.  The majority of public miners increased their bitcoin production in January, with CleanSpark boosting it by 50%, reaching a record monthly production of 697 Bitcoins. Leading the BTC production, Core Scientific reached 1,527 coins mined in January, followed by Riot, the second-biggest producer, mining 740 Bitcoins in the month. Marathon and…

Bitcoin Network Experiences Slight Dip in Difficulty After Record High – Mining Bitcoin News

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Bitcoin’s difficulty decreased 0.49% on Feb. 12, 2023, following a sustained all-time high of 39.35 trillion over the previous two weeks (2,016 blocks). The decrease in difficulty offers a brief respite for bitcoin miners, after the network recorded a 14.94% increase in the last month. Bitcoin Difficulty Drops 0.49% Lower; Top Five Mining Pools Continue to Command Majority of Global Hashrate At the time of writing, Bitcoin’s hashrate is coasting along at 289.14 exahash per second (EH/s) after a 0.49% decrease in difficulty at block height 776,160. The network difficulty…

Monetary policy: Definition, types and tools

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What is monetary policy? Monetary policy refers to the actions taken by a central bank or monetary authority to manage the supply of money and interest rates in an economy, with the aim of promoting economic growth and stability. To affect the price and accessibility of credit, this may entail altering the money supply, setting interest rates or utilizing other instruments.  The ultimate goal of monetary policy is to achieve and maintain a healthy economy. This usually involves balancing multiple objectives, such as: To ensure economic stability, lessen the effects…

Ark Invest on $1.4M BTC, Possible Julian Assange-Linked File on Bitcoin Blockchain — Week in Review – The Weekly Bitcoin News

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Investment management firm Ark Invest has offered three bitcoin price predictions in a new report, including a bull scenario where bitcoin could reach $1.48 million per coin. In other news, a 7zip file possibly linked to activist Julian Assange was reportedly discovered in the Bitcoin blockchain, and billionaire investor Tim Draper has encouraged the government of Sri Lanka to adopt bitcoin. This and more, just below, in the latest Bitcoin.com News Week in Review. Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market — Predicts BTC Price Could Reach $1.48…

Understanding crypto bag holders and their mindset

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For the first time since the 7th century, the paper-money economy found its true competition in the internet era. With Bitcoin’s (BTC) debut in 2010, the fiat ecosystem was not only challenged with proving its worth in day-to-day transactions but also safekeeping the investment ecosystem it helped build. Over the years, the crypto ecosystem attracted people from all walks of life — serving their unique financial needs while filling the gaps left wide open by the fiat ecosystem. While most of the world watched from the sidelines, trying to decipher…

Seoul Sanctions North Korea Over Crypto Theft – Bitcoin News

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South Korea has imposed sanctions on the North in relation to a number of cyberattacks often resulting in the theft of cryptocurrency. The authorities in Seoul say the regime in Pyongyang is using the digital assets to fund its nuclear and missile development projects. South Korea Hits North Korean Hackers With First Cybercrime Sanctions The South Korean government has introduced sanctions in response to cyberattacks allegedly carried out by North Korea to finance its military programs. The measures target four North Korean individuals and seven entities, the Foreign Ministry in…

Bitcoin price eyes $22K rebound with BTC market structure ‘not yet broken’

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Bitcoin (BTC) edged closer to $22,000 over the weekend as traders and analysts urged caution on overly bearish sentiment.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst dismisses “hysterical” crypto sentiment Data from Cointelegraph Markets Pro and TradingView showed BTC/USD seeing small spurts higher into Feb. 12. After hitting three-week lows the week prior, Bitcoin was a target for opportunistic whales, on-chain analytics resource Material Indicators explained. Uploading a chart from the BTC/USD order book on Binance, Material Indicators captured resistance shifting higher, with the potential uptick in spot price…

Consumer Federation of California reattempts to regulate crypto companies

The Consumer Federation of California (CFC), a nonprofit advocacy organization working for consumer rights, sponsored a bill that seeks to license and regulate the activities of cryptocurrency exchanges. The legislation demanding regulatory oversight of crypto businesses — the Digital Financial Assets Law — was introduced by Assemblymember Timothy Grayson with the aim of protecting Californians from financial hardship and fostering responsible innovation. Grayson believes that licensure is the next natural step for the crypto industry, adding: “And it is equally clear that until we take that step, Californians will continue…

Risks Averted, but Transparency Needed – Bitcoin News

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According to a recent mission statement published by the International Monetary Fund (IMF), El Salvador has adopted bitcoin as legal tender and has avoided risks so far. The IMF states that the risks have not materialized due to the limited use of bitcoin. However, the United Nations financial agency warns that if its legal tender status drives growth, it could pose risks to the country’s “financial integrity and stability.” IMF Discusses El Salvador’s Bitcoin Legal Tender Status: Limited Use Averts Risks, but Growth Could Fuel Concerns On Feb. 10, 2023,…