PRESS RELEASE. SEOUL, KOREA — 21st June 2024 — Korea Blockchain Week 2024, Asia’s most impactful blockchain conference, is delighted to announce a slate of prolific top-tier sponsors and headline speakers. Sui, an innovative Layer-1 blockchain created by Mysten Labs, has been named the Official Conference Partner. The title sponsors include Aptos Foundation and Tron […]
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Vitalik Buterin Among Several High-Profile Names With Over $1 Million Locked in Bridges
Vitalik Buterin, co-founder of Ethereum, reportedly has over million trapped in the Optimism bridge, a situation highlighted in a broader analysis by Arkham, which exposes numerous wallets with significant funds locked on various bridge contracts. Among these, a wallet associated with Bofur Capital has .8 million in wrapped Bitcoin stuck on an Arbitrum bridge […]
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“A Who’s Who of Web3”: Sector’s Biggest Names Sign-up to Bionic’s Advisory Board
PRESS RELEASE. Game-changing capital formation platform Bionic DAO today unveiled a list of the big-name sector leaders who have agreed to join its new Advisory Board ahead of the platform’s launch in Spring 2024. The stellar list of names signing up to support Bionic DAO, one of the year’s most eagerly anticipated Web3 projects, has […]
Bitcoin News
Blackrock Names JPMorgan as Authorized Participant for Spot Bitcoin ETF Despite Jamie Dimon Wanting to Ban Crypto
Blackrock, the world’s largest asset manager, has named JPMorgan as a lead authorized participant for its spot bitcoin exchange-traded fund (ETF). This followed JPMorgan CEO Jamie Dimon stating in a congressional hearing that bitcoin and cryptocurrency are used primarily for criminal purposes and that he would close down crypto if he were the government.
JPMorgan Named Authorized Participant by Blackrock for Spot Bitcoin ETF
On the final day of the U.S. Securities and Exchange Commission (SEC)’s deadline, Blackrock, the world’s largest asset manager, submitted an updated filing for its spot bitcoin exchange-traded fund (ETF). The SEC gave spot bitcoin ETF applicants until Friday to submit their amended filings in order to be included in the first batch of decisions in early January. Moreover, the securities regulator reportedly said it wants authorized participants (APs) named in amended filings.
Blackrock’s latest amended filing shows that it has named JPMorgan and Jane Street as the authorized participants for its spot bitcoin ETF. However, JPMorgan CEO Jamie Dimon recently said at a Senate hearing in reply to a question by Senator Elizabeth Warren (D-MA) that he would shut down cryptocurrency if he were the government, emphasizing that bitcoin and crypto are mainly used for criminal purposes.
Commenting on JPMorgan’s agreement with Blackrock despite Dimon’s negative stance on crypto, Vaneck’s director of digital assets strategy, Gabor Gurbacs, stated on social media platform X Friday:
3 weeks after JP Morgan CEO says bitcoin is for criminals, drug traffickers, and money launderers in front of Congress, his firm is named authorized participant for the Blackrock bitcoin ETF … perhaps it’s time to retract that statement?
Many people on social media shared the sentiment. Zerohedge wrote on X: Jamie Dimon, who ‘hates’ bitcoin, will be broker-dealer on the bitcoin ETF of the world’s biggest asset manager.” In another post, the user wrote: “Dear Senator Elizabeth Warren, Jamie Dimon is ‘on it’: he will be lead AP on the Blackrock and Invesco bitcoin ETFs, accelerating global adoption of crypto, and lifting the value of the product that ‘he’s always been opposed to’ into the trillions.”
According to their updated filing with the SEC, Invesco/Galaxy also named JPMorgan as an authorized participant for their proposed spot bitcoin ETF.
Besides Blackrock, several other spot bitcoin ETF applicants — including Vaneck, Valkyrie, Bitwise, Invesco/Galaxy, Fidelity, Wisdomtree, and the Ark Investments and 21shares joint endeavor — also submitted their amended filings with the SEC on Friday, aiming to be considered in the initial wave of spot bitcoin ETF decisions.
While many are bullish that spot bitcoin ETF approvals would boost the price of BTC, JPMorgan’s analysts are skeptical. They said in a November note that spot bitcoin ETFs could put “severe downward pressure on bitcoin’s price.” Meanwhile, Blackrock disclosed in a filing last week a plan to seed its spot bitcoin ETF with million on Jan. 3.
What do you think about Blackrock naming JPMorgan as an authorized participant for its spot bitcoin ETF despite Jamie Dimon wanting to shut down crypto? Let us know in the comments section below.
Big Names Talk Potential Impact of ETFs on BTC Price, Solo Miner Pulls Down Lucky Block Reward, and More — Week in Review
Global investment bank JPMorgan has noted that SEC approval of a spot bitcoin exchange-traded fund (ETF) could “put severe downward pressure on bitcoin prices.” Conversely, Standard Chartered Bank sees “price upside” related to such an approval from the United States Securities and Exchange Commission. In other news, a solo bitcoin miner has snagged a block reward with just 0.0004% of the network’s hashpower. This and more just below, in the latest Bitcoin.com News Week in Review.
JPMorgan: Spot Bitcoin ETFs Could Put ‘Severe Downward Pressure on Bitcoin Prices’
Global investment bank JPMorgan has cautioned that the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) could “put severe downward pressure on bitcoin prices.” The bank’s analysts estimate that billions of dollars could exit the crypto market after Grayscale Investments converts its bitcoin trust (GBTC) into a spot bitcoin ETF.
With Just 0.0004% of Bitcoin’s Hashpower, Solo Miner’s 2 PH/S Effort Secures Block Reward
On November 26, 2023, a stroke of remarkable luck befell a solo miner when they discovered block 818,588, verifying a total of 4,193 transactions. This achievement garnered the miner a total of 6.887 BTC, inclusive of the 6.25 BTC subsidy and transaction fees.
Standard Chartered Anticipates Bitcoin Reaching 0,000 Sooner Than Expected
Standard Chartered Bank has doubled down on its bitcoin price forecast of 0,000 next year with increased optimism on the timing. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot [bitcoin] ETFs,” the bank’s analyst described.
Blackrock Pushes to Use In-Kind Creation Method for Spot Bitcoin ETF: Report
Blackrock, the world’s largest asset manager, has reportedly pushed for using the in-kind creation method for its bitcoin exchange-traded fund (ETF), diverging from the cash creation model favored by the U.S. Securities and Exchange Commission (SEC). According to reports, Blackrock and other spot bitcoin ETF applicants recently met to discuss their applications with the SEC.
What effect do you expect spot bitcoin ETFs to have on crypto prices? Be sure to let us know in the comments section below.
End of an Era: CZ Steps Down, SEC Names More ‘Securities,’ as US Crypto Crusade Continues — Week in Review
Bitcoin.com News reported this week that leading crypto exchange Binance will settle with the United States Department of Justice (DOJ) for .3 billion, related to breaching anti-money laundering and sanctions regulations. The well-known face of the exchange, and former CEO, Changpeng “CZ” Zhao, has stepped down as part of the plea deal. In other news, the U.S. Securities and Exchange Commission (SEC) has once again named crypto assets which it views as securities. This and more just below, in the latest Bitcoin.com News Week in Review.
DOJ Announces .3 Billion Settlement With Binance; CZ to Step Down as Part of Plea Deal
The United States Department of Justice (DOJ) has revealed a landmark settlement involving Binance, the world’s largest crypto exchange by trading volume. Under the agreement, Binance will pay .3 billion to settle with the law enforcement authority. This significant development was disclosed during a DOJ press briefing on cryptocurrency enforcement, which took place at 3:36 p.m. Eastern Time (ET) on Tuesday.
SEC Identifies 16 Crypto Tokens as Securities in Kraken Lawsuit
The U.S. Securities and Exchange Commission (SEC) has identified 16 crypto tokens as securities in its lawsuit against cryptocurrency exchange Kraken. Some of the alleged crypto securities were the same as those highlighted in the SEC’s lawsuits against Coinbase and Binance. Kraken’s CEO stressed: “We strongly disagree with the SEC claims, stand firm in our view that we do not list securities, and plan to vigorously defend our position.”
Bitcoin Mining Pool F2pool Acknowledges OFAC Transaction Censorship; Backpedals After Community Backlash
F2Pool, a Bitcoin mining pool, has admitted to filtering transactions coming from Bitcoin addresses flagged by the Office of Foreign Assets Control (OFAC). After the situation was discovered by 0xB10C, a Bitcoin developer, F2pool co-founder Chun Wang acknowledged that his pool was indeed applying this filter, announcing it would drop the censorship until there was consensus in the community on the issue.
Tether Freezes 5 Million in USDT After DOJ Investigation, Calling It ‘Largest-Ever Freeze of USDT’
Tether has announced the “largest-ever freeze of USDT in history.” In collaboration with crypto exchange Okx, Tether froze 5 million in USDT following an investigation by the U.S. Department of Justice (DOJ). The tokens were allegedly linked to an international human trafficking syndicate in Southeast Asia responsible for a global “pig butchering” crypto scam.
What are your thoughts on this week’s stories? Be sure to let us know in the comments section below.
Ghana’s Central Bank Names Eight Money Transfer Companies Operating Without Its Approval
The Bank of Ghana recently pointed the finger at eight money transfer organizations which are allegedly operating in Ghana’s remittances and forex market without its approval. The central bank also warned the public and regulated financial institutions against having dealings with the eight firms.
Eight Firms Did Not Adhere to the Requirements of the Foreign Exchange Act
The Ghanaian central bank has identified eight money transfer organizations (MTOs) that are operating in the country’s remittances and forex markets without its approval. In a notice issued on Nov. 16, the Bank of Ghana (BOG) also warned the public and regulated financial institutions against having dealings with said MTOs.
According to the notice, the eight MTOs are Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendvalu, Boss Revolution, BTC-AZA Finance, and Supersonicz. The notice said each of the above MTOs is violating Section 3.1 of the Foreign Exchange Act, 2006 (Act 723). This law states that no person should “engage in the business of dealing in foreign exchange without a licence issued under this Act.”
Furthermore, section 15.3 of the same law specifically states that any movement of foreign exchange to and from Ghana should be done by persons with the requisite licenses. The central bank also reminded approved MTOs that they should adhere to the requirements of their respective licenses at all times.
“Approved MTOs are hereby reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all guidelines in respect of their operations,” the bank explained.
Ghana’s Foreign Exchange Woes
Ghana, like many of its fellow African countries, has grappled with a shortage of foreign exchange on the official market. The shortage has not only increased pressure on the local currency’s exchange rate versus the U.S. dollar but has also fueled inflation. As previously reported by Bitcoin.com News, the Ghanaian cedi was one of the world’s worst-performing currencies in 2022.
Ghanaian monetary authorities have since adopted several measures which are aimed at restricting the forex parallel market’s influence on the economy. Some of these include the suspension of licenses of financial institutions caught on the wrong side of the law.
In its latest such action against supposedly errant institutions, the BOG said on Nov. 20 it had imposed a fine and suspended the “forex licence of Zeepay Ghana Limited from 27th November 2023 to 8th December 2023.”
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What are your thoughts on this story? Let us know what you think in the comments section below.
Hong Kong Securities Regulator Says It Now Publishes Names of Entities Seeking Crypto Trading Licences
The Hong Kong securities regulator has said it now publishes a list of firms seeking to operate crypto trading platforms in the region. Julia Leung Fung-yee, the CEO of the Securities and Futures Commission (SFC), said divulging the names of applicants is intended to help placate an investing public recently ruffled by the Jpex incident.
Pacifying Hong Kong Crypto Users
Hong Kong’s securities regulator has said it will now reveal the names of companies seeking to run crypto platforms that target retailers from the region. Julia Leung Fung-yee, the CEO of the Securities and Futures Commission (SFC), reportedly said the decision was made to pacify the public.
According to a report in the South China Morning Post, the regulator’s decision is viewed as a departure from the regulator’s longstanding stance of not divulging the applicants’ names. The announcement of the changes came just a few days after the crypto exchange Jpex was forced to halt operations.
At the time, a Bitcoin.com News report said the trading halt was then followed by the arrests of multiple people and greater scrutiny of the region’s crypto sector. In a subsequent statement, the SFC said the JPEX incident had highlighted the importance of regulating crypto trading platforms.
Importance of Disseminating Information to Users
The Hong Kong regulator also said the dissemination of information to crypto users via its alert list, warnings, and educational efforts can help investors better understand the risks associated with crypto assets. The regulator added:
The SFC will explore with the Police to set up a dedicated channel to share information on suspicious activities of and breaches by VATPs [virtual asset trading platforms] and to investigate the JPEX incident to bring the wrong-doers to justice.
Meanwhile, when discussing the SFC’s move to reveal the names of the applicants, Fung-yee however insisted being on the list does not mean they are compliant. As shown on the SFC website, only two companies, OSL Digital Securities and Hash Blockchain are licensed to operate as crypto platforms. The SFC said four other entities have applied for the same license. The four are HKVAX, Hkbitex, Hong Kong BGE Limited, and Victory Fintech Company Limited.
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin’s Sats Names Ecosystem Flourishes: 370,000 SNS Names Inscribed
On June 26, 2023, the number of Bitcoin-based Ordinal inscriptions surpassed 14 million, just six days after exceeding 13 million. Inscription activity has continued to rise since then. In addition to text, non-fungible tokens (NFTs), and fungible BRC20 tokens, Ordinal inscription technology has ushered in a new naming standard called Sats Names, built on top of the Bitcoin blockchain.
Bitcoin’s Sats Names Emerge
According to statistics, in June 2023, Ordinal inscriptions surpassed the 14 million mark. As of July 1, 2023, there are now over 14.41 million inscriptions. So far, this trend has provided bitcoin miners with an additional 1,799.65 BTC, equivalent to roughly million in inscription-related fees.
The vast majority (86%) of these inscriptions are simple plain text, while the remaining inscriptions are various file types such as JPGs and PNGs. Furthermore, Ordinal inscriptions have catalyzed the emergence of a new form of Bitcoin-based tokens under the BRC20 standard.
Recently, new concepts such as “rare satoshis” or “satributes” have emerged, along with a new trend known as Sats Names. Sats Names, also referred to as SNS, is a standard for creating human-readable names on the Bitcoin blockchain using Ordinal inscription technology.
This allows users to mint names with appended extensions like .sats and .xbt. For example, a user could choose a name like satoshi.sats or jimmy.sats. The guidelines specify that each ordinal can have only one name, and any UTF-8 character is permissible.
“Capitalization does not matter,” the Sats Names documentation details. “All names will be registered as lowercase. No spaces are permitted within a name.”
To check the availability of a Sats Name, individuals can use the Sats Names API, a web service that allows users to query the availability of Sats Names. Names are obtained on a first-come, first-served basis and can be purchased through various marketplaces focused on Ordinals.
The concept of decentralized name services has been present since Namecoin in 2011, and similar ideas have been implemented on other blockchains, such as the Ethereum Name Service (ENS) standard.
According to the Sats Names documentation, as of June 2023, there have been 250,000 .sats names inscribed, along with an additional 120,000 SNS names inscribed for other namespaces such as .ord, .btc, and .xbt.
The documentation indicates that so far, around 50,000 users currently possess SNS names, and it states that SNS name resolution is supported on the Unisat wallet and Ordinals wallet.
What are your thoughts on the rapid growth of Bitcoin’s Sats Names ecosystem and its potential impact on blockchain innovation? Share your thoughts and opinions about this subject in the comments section below.
Algorand Foundation Names Former JP Morgan Executive as CEO, ALGO Soars 10%
Today, the Algorand Foundation announced the appointment of Staci Warden as their CEO. On the board of the foundation since September 2021, according to a press release, Warden will take on the responsibilities as its leader.
Related Reading | Bitcoin Steadies Above k, US Inflation Comes In At 7.5% Year Over Year
The Algorand Foundation will nurture from Warden vast experience. Before joining the organization, she ran the Global Market Development practice at the Milken Institute, a nonprofit think tank created with the objective of aiding people at “building meaningful lives”.
At the Milken Institute, Warden led the nonprofit’s work on capital market development, innovative finance with sustainable development goals, and crypto and blockchain solutions, according to the release. Its subsequent participation in the Algorand ecosystem seems like a logical step.
This network aims at becoming the hub for the “future of finance” running on its Proof-of-Stake (PoS) blockchain by merging decentralize and traditional finances. Designed with a non-carbon emission approach, with low-cost and a scalable network, Warden has acknowledged its potential.
According to Kieron Guilfoyle, the Foundation’s Board Chairman:
Staci understands the potential for Algorand to become a dominant Layer One blockchain, and she has the experience and expertise to drive our global efforts to scale and to deliver outstanding value to our community. I know she will waste no time in shifting the Algorand Foundation into its expansion phase.
In addition to her experience at the Milken Institute, Warden ran JP Morgan’s Europe, the Middle East and Africa (EMEA) practices. She also led the Nasdaq’s two market for microcap companies and held senior positions in the public and nonprofit sector at the U.S. Treasury Department, according to the release.
Furthermore, Warden worked for the Center for Global Development, and the Harvard Institute for International Development. The new member at the Foundation has experienced doing business in over 50 countries with a vast knowledge of the use cases and potential for crypto to aid people and mitigate real world issues.
The Algorand Foundation, And How Crypto Can Help The World
The Foundation believes the current year will be “key” in the development of ALGO network. In 2022, they expect the DeFi sector, Non-Fungible Tokens (NFTs), to continue to gain relevance and increase their adoption rates.
In that sense, the Foundation has set out to make the network a core “building block” for the digital economy of the future. Warded stated the following on her new role:
1.7 billion people in the world do not have access to finance, and the Algorand protocol has the speed, the security, and the decentralization to address the problem of global financial inclusion at scale. By both ratcheting up our global ambitions as well as doubling down on our commitment to the DeFi ecosystem, I know that we will deliver tremendous value for both the Algorand ecosystem as a whole and the end-users it supports.
Related Reading | Algorand, Solana, And More Lead List Of Biggest Losing Altcoins
As of press time, ALGO trades at ,01 and has seen an almost 10% profit in the last week as the crypto market continues to trend to the upside. As the year enter the end of its first quarter, it’ll be interested to see if ALGO and the market in general will be able to sustain their bullish momentum.
ALGOUSDT moving sideways on the daily chart. Source: ALGOUSDT Tradingview
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