Month: July 2023

Thai SEC bans the use of customer crypto assets for lending and investment

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Thailand’s Securities and Exchange Commission (SEC) has issued new rules for digital asset service providers focused on investor protection. The new guidelines require digital asset service providers to offer adequate warnings highlighting risks associated with cryptocurrency trading. All platforms must display a message that reads: “Cryptocurrencies are high risk. Please study and understand the risks of cryptocurrencies thoroughly, because you may lose the entire investment amount.” The warning message must be clearly visible, and before customers can use the service, the business operator must arrange for the users to give consent…

Crypto Twitter has a persistent ‘fake followers’ problem, data reveals

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Despite changes introduced by Twitter management since Elon Musk’s takeover, the issue around fake followers remains a persistent problem. As many as 10% of the followers of accounts belonging to crypto influencers and companies are fake, new data from dappGambl has revealed. In April 2023, Musk introduced Twitter Blue — an $8 monthly subscription for verification — to increase the platform’s revenue while making it financially inviable for bots and fake accounts to operate. However, months later, dappGambl’s investigation found that up to 10% of followers from the most followed crypto…

Belarus wants to ban P2P cryptocurrency transactions

The Belarusian foreign ministry is working on legal amendments to prohibit peer-to-peer, or P2P, transactions in cryptocurrencies like Bitcoin (BTC). The Ministry of Foreign Affairs (MFA) of the Republic of Belarus on July 2 issued an official announcement on Telegram about new legislation that would ban P2P crypto exchange for individuals. The authority cited a high cybercrime rate in Belarus, stating that local prosecutors have suppressed the activity of 27 citizens providing “illegal crypto exchange services” since the beginning of the year. Their total illegal revenues amounted to nearly 22…

Hut 8 relocates 6,400 rigs, sees growth in AI and high-performance computing

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Hut 8 Mining is seeing new demand for artificial intelligence (AI) and high-performance computing as it looks to reenergize some 6,400 rigs being moved from its inactive North Bay site in Ontario, Canada. As previously reported, Hut 8 is in an ongoing legal battle with its third-party energy supplier Validus Power over alleged failure to meet contractual obligations. Operations at the mining facility have been suspended since November 2022. Hut 8 declined to comment on court case proceedings in correspondence with Cointelegraph, but it confirmed that 6,400 miners are being…

Singapore’s MAS Orders Crypto Firms to Safeguard Customer Assets in a Trust by Year-End

“This latest tightening of retail access to crypto should be no surprise to anyone following the Singapore market,” said Angela Ang, Senior Policy Advisor for blockchain intelligence firm TRM Labs and former MAS regulator. “MAS’ decision to hold back on certain proposals, such as requiring an independent custodian for customer assets, shows it’s listening to the industry and is sensitive to practical considerations such as a dearth of third-party custodians.” Source

Miners send millions to exchanges — 5 things to know in Bitcoin this week

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Bitcoin (BTC) starts the first week of July with a sigh of relief for traders as $30,000 support holds.  BTC price action refuses to succumb to bears after 20% gains in Q2, with weekly and monthly timeframes looking strong. What’s next? A quiet week is expected on TradFi markets, with Wall Street gearing up for the Independence Day holiday and little in store in terms of United States macroeconomic data. Bitcoin thus needs volatility triggers from elsewhere if bulls are to have a shot at breaching resistance in place for…

Half of stolen NFTs are sold within 3 hours: PeckShield

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A new report from blockchain security firm PeckShield found that half of stolen nonfungible tokens (NFTs) get sold within 160 minutes on various NFT marketplaces like Blur and OpenSea.  On July 3, PeckShield highlighted several data points on NFTs, including the value stolen in June, how long it takes for stolen NFTs to be sold and which NFT marketplaces are used to sell the stolen assets. According to the security company, $2.27 million of NFTs were stolen in June 2023, the lowest monthly figure of the year so far. Furthermore, the…

Cameron Winklevoss slams SEC’s bitcoin ETF rejection

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Cameron Winklevoss, a co-founder of Gemini, has expressed his disappointment with the recent decision by the US Securities and Exchange Commission (SEC) to reject a bitcoin exchange-traded fund (ETF). According to Winklevoss, this decision is a major setback for investors in the United States. Winklevoss argues that the SEC has been steering investors towards unregulated and potentially harmful cryptocurrency products for the past decade. It has been ten years since the Winklevoss twins first sought approval…

How to trade July’s Q2 earnings

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The stock market can offer valuable insights into possible Bitcoin (BTC) price movements as a big potential trigger is expected this month. Q2 earnings’ numbers due this month Notably, Q2 earnings’ numbers are expected from some of the largest companies in the world in July, including: UnitedHealth, Citigroup and JPMorgan on July 14; Bank of America and Morgan Stanley on July 18; Tesla, Google, Apple, Meta, Microsoft and Amazon before July 27. The S&P 500 companies account for an aggregate $36.5 trillion in market capitalization, so it makes sense to expect…