Day: October 25, 2023

Lesser-known Mike Johnson Wins Speaker Job as Crypto Supporters Return to Their Old Jobs

As Johnson takes the gavel, it frees up Rep. Patrick McHenry (R-N.C.) to return to the House Financial Services Committee he leads, where he can focus more attention on the two crypto bills that haven’t yet received floor votes. However, more urgent priorities are likely to include the funding of the federal government, which expires on Nov. 17. It’s growing late in the year for Congress to tackle significant legislation beyond the must-pass funding measures. Source

Analyst Puts MATIC Price At $1.5

The MATIC price has disappointed investors over the course of this year after falling from $1.5 to $0.5. This extended bear trend has significantly impacted investor morale but one analyst sees a redemption in the future of the altcoin, in the form of a 220% surge to $1.5. MATIC Price To Make A 220% Break The analysis of the MATIC price came from crypto analyst FieryTrading. Taking to TradingView, the analyst paints a bullish future for MATIC which they believe could rise as high as $1.5. From this current level,…

Hashdex sits down with SEC over spot Bitcoin ETF application

Asset manager Hashdex recently held a meeting with the U.S. Securities and Exchange Commission to address the regulator’s concerns about its application to allow the Hashdex Bitcoin Futures exchange-traded fund (ETF) to hold spot Bitcoin, a source familiar with the matter told Cointelegraph.  As per a memorandum released by the Division of Trading Markets, the meeting took place on Oct. 13, with six SEC officials and representatives of Hashdex, NYSE Arca, Tidal Financial Group, and law firm K&L Gates in attendance. In the meeting, Hashdex presented its mechanism allowing spot Bitcoin (BTC)…

Recovery firm proposes cracking former Ripple CTO’s $244M Bitcoin hard drive

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A company is petitioning former Ripple chief technology officer Stefan Thomas for a hard drive containing more than 7,000 Bitcoin (BTC) that he has been unable to access for years. In an Oct. 25 open letter, crypto recovery firm Unciphered offered to unlock an IronKey hard drive belonging to Thomas containing 7,002 BTC — roughly $244 million at the time of publication. The former Ripple CTO forgot the information to access the drive, designed to erase its data if an individual enters the incorrect password ten times. So far, the…

Is War Pushing Bitcoin To $1 Million? Arthur Hayes Weighs In

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Arthur Hayes, the former CEO of BitMEX, a prominent cryptocurrency exchange, has recently shared his viewpoint, signaling a watershed moment for Bitcoin (BTC). With a world grappling with heightened geopolitical tensions and economic uncertainties, Hayes has delved into how these macro factors can impact the trajectory of Bitcoin. His recent blog post, “The Periphery,” casts light on the potential future Bitcoin is hinting at. Wartime Economics And Bitcoin’s Rise Hayes underscores the geopolitical risks posed by the United States’ growing involvement in two new wars. According to the former CEO…

Swiss entrepreneur’s $243m Bitcoin drama

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Crypto entrepreneur faces a $243 million Bitcoin dilemma, with just two password attempts left and a reluctant decision on accepting Unciphered’s hacking expertise. Over the years, the crypto industry has seen many stories of users buying thousands of Bitcoins over a decade ago, when it was worth merely $10-$13, only to lose access to their wallet today when the leading cryptocurrency is worth 3,000 times more. The story of Stefan Thomas, a Swiss crypto entrepreneur, follows a similar plot but has come across a rather surprising turning point.  Thomas holds…

How Japan Is Leading the Race to Regulate Stablecoins

At the same time, stablecoins’ prominence in the crypto industry has led to widespread concerns about their so-called stability. In May of 2022, the algorithmic stablecoin project Terra Luna collapsed, leading to losses of billions of dollars in value. There has long been widespread concern about the world’s dominant stablecoin, Tether, which the New York Times called “The Coin that Could Wreck Crypto.” The fear is a run on the bank scenario in which investors en masse try to redeem their stablecoins for dollars, for example, only to find that…

US lawmakers discuss digital assets and the House gets a new Speaker

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Members of the United States House of Representatives have chosen Mike Johnson to be the body’s next speaker — the second in line to the U.S. presidency and a very powerful figure in Congress.  In an Oct. 25 vote, all 220 Republicans present in the House voted for Johnson, while 209 Democrats cast ballots for Representative Hakeem Jeffries. The vote marked the first time in more than three weeks that the government body had clearly defined leadership. Representative Patrick McHenry had been acting as temporary speaker since Oct. 3 following…