Day: July 24, 2023

BTC Drops to $29K as WSJ Ratchets Up Binance Issues, China Warns of ‘Torturous Recovery

Around the same time, China’s ruling Communist Party’s 24-member Politburo — its top decision-making body, led by President Xi Jinping – said the country’s economy is facing new difficulties and the economic recovery will be challenging. Early this year, analysts widely cited China’s reopening of its economy as a major bullish tailwind for risk assets, including cryptocurrencies. Original Source 29KBinanceBTCChinaDropsIssuesRatchetsRecoveryTorturousWarnsWSJ CryptoX Portal

BTC Price Drops to $29K as WSJ Ratchets Up Binance Issues, China Warns of ‘Torturous Recovery

“Binance does not engage in or tolerate wash trading, which is a violation of our terms of use, nor has it ever done so. Binance has a dedicated Market Surveillance team that is responsible for reviewing surveillance related to potential abusive and/or manipulative behavior including wash trades and trade price manipulation. The Market Surveillance team utilizes surveillance models and a team of experienced surveillance professionals to detect and prevent market abuse,” Binance’s spokesperson said. Source

Coinbase vs SEC court dates confirmed for initial case arguments

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The latest development in the lawsuit of the United States Securities and Exchange Commission (SEC) versus cryptocurrency exchange Coinbase comes as a date is confirmed for the two parties to voice their initial arguments.  On July 24, Coinbase’s chief legal officer Paul Grewal tweeted the news of New York judge Katherine Polk Failla approving the joint request from the SEC and Coinbase to proceed forward with hearings. Judge Failla has issued a scheduling order for our Rule 12(c) motion for judgment on the pleadings. We appreciate the Court’s prompt attention…

How Miners Are Preparing for the Next Bitcoin Halving

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We have witnessed in recent months, a number of Texas based miners have been using energy strategies to increase their revenues. Riot Platforms has taken advantage of being active in the Electric Reliability Council of Texas (ERCOT) market, supplying power when needed and switching off their systems to help balance the grid. It has a long-term power purchase agreement in place, enabling tit to keep the cost of mining bitcoin low. Through participation in these programs, during the month of June 2023 the company generated $8.4 million in power sales…

How Texas Became a Global Mecca for Bitcoin Mining

Genesis Digital Assets, a bitcoin mining company with five data centers in Texas, used a similar framework for choosing the state. Ankit Joshi, Head of North America at Genesis Digital Assets, calls it the “3 Ps” of Power, Purpose, and People. Texas has cheap power. As for purpose? “Bitcoin is all about freedom,” says Joshi. “And in my dealings with the utilities and the regulators, Texas is all about freedom. Texas is all about hard work,” he says, which is why the “whole Texas story” resonated with the company. Source

Worldcoin launch divides opinions – crypto community has its say

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The launch of blockchain-based digital passport platform Worldcoin has had a polarizing effect on the cryptocurrency community, with questions around its centralization, privacy and security highlighted. Worldcoin released its protocol token on July 24, with major exchanges like Binance announcing support for the token. The project consists of a privacy-preserving digital identity (World ID) and its associated ecosystem token (WLD) which users receive upon creation of a wallet. The Worldcoin project is now live. pic.twitter.com/xZXG4w56Ps — Worldcoin (@worldcoin) July 24, 2023 In order for users to join the ecosystem, they…

Crypto Miners Are Pivoting to AI (Like Everyone Else)

That’s the key word here: diversify. For mining-focused companies like Hut 8, Applied Digital, Iris Energy, and potentially Mintgreen, the idea is not a complete pivot from bitcoin to AI, but rather creating a broader portfolio that’s more durable in a bear market. “We need to have multiple revenue streams,” says Rayner, “so that we’re the most efficient miner and can stay nimble and strategic if margins compress.” And “margins compress,” of course, is a euphemism for another crash in bitcoin prices. That could wipe out some bitcoin-only miners; for…

Putin signs law on introduction of digital ruble in Russia

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Russia is moving forward with its central bank digital currency (CBDC), after President Vladimir Putin signed the digital ruble bill into law on July 24 according to an official document published by the state. With this approval, the digital ruble law is now officially scheduled to take effect from Aug. 1, 2023, with all but one rule ready to be enforced. The article number 3 — which includes amendments to several Russian federal laws including those related to bankruptcy and inheritance — is expected to take effect from August next year.…

XRP court ruling marks milestone, but new crypto law could take years

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The recent court ruling that Ripple’s XRP (XRP) token is not considered a security when sold on digital asset exchanges has sparked a wave of positive sentiment across the cryptocurrency ecosystem.  Stuart Alderoty, chief legal officer at Ripple, told Cointelegraph that he believes the most important part of this ruling is that the court unequivocally said XRP is not, in and of itself, a security. Given this, Alderoty noted that the XRP ruling is now a matter of law and not up for trial. “Additionally, other findings that are not…