Monthly Archives: June 2022

SEC Chair Warns of ‘Too Good to Be True’ Crypto Products — US Treasury Calls for Urgent Regulation

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned the public about crypto investments that seem “too good to be true.” Meanwhile, the U.S. Treasury Department says that the recent crypto market turmoil underscores the urgent need for regulatory frameworks that mitigate the risks posed by digital assets. SEC Chair Gensler’s Crypto Warning SEC Chairman Gary Gensler cautioned investors last week about crypto lending platforms offering products that seem too good to be true, Reuters reported. The securities regulator’s warning followed crypto […]

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Chinese court invalidates 2019 car sale made using now worthless crypto token

It appears that not only was the sales contract invalidated, but the buyer paid for the car with a questionable digital token in the first place. Last week, a WeChat post published by the Shanghai Fengxian Court began circulating in crypto circles with regards to its recent ruling on a car sale in May 2019 made using digital currency. At the time, the buyer, identified only as Mr. Huang, signed a sales contract to purchase a 2019 Audi AL6 for CNY 409,800 ($59.477) in exchange for the […]

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ProShares To Release ETF That Allows Investors To Short Bitcoin

ProShares will release a new ETF allowing investors to short bitcoin during harsh market conditions enabling institutions to legally bet against the asset. Proshares ETFs will release a new product which will allow investors to short bitcoin. Proshares previously released the Proshares Bitcoin Strategy ETF that trades futures contracts as well. Bitcoin reached its all time high days after its original ETF was released as this short ETF releases amid harsh market conditions. Proshares, a provider of exchange-traded-funds (ETFs), is set to release the Short Bitcoin Strategy […]

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HM Treasury changes course on collecting data around unhosted crypto wallets

“There is not good evidence that unhosted wallets present a disproportionate risk of being used in illicit finance,” said the Treasury update. The government of the United Kingdom said it intends to modify a proposal that would have required crypto firms to collect personal data from individuals holding unhosted wallets that were the recipients of digital asset transfers. In its Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds updated on Wene, HM Treasury said it will be scaling back its requirements for gathering data […]

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Bitcoin futures enter backwardation for the first time in a year

Risk-averse BTC derivatives traders throw in the towel after futures contracts trade below the spot market price. Bitcoin’s (BTC) month-to-date chart is very bearish, and the sub-$18,000 level seen over the weekend was the lowest price seen since December 2020. Bulls’ current hope depends on turning $20,000 to support, but derivatives metrics tell a completely different story as professional traders are still extremely skeptical. BTC-USD 12-hour price at Kraken. Source: TradingView It’s important to remember that the S&P 500 index dropped 11% in June, and even multi-billion […]

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Price analysis 6/20: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX

Bitcoin and select altcoins attempted a relief rally, but most breakouts are being capped-off well below the 20-day moving average. The crypto markets have been in a strong bear phase for the past several months but JPMorgan Chase analysts expect that to change and they have projected a significant upside from the current levels. The analysts cited the rising share of all stablecoins in the total crypto market for their bullish outlook. Unperturbed by the current fall, retail traders have been adding Bitcoin (BTC) to their portfolios. The […]

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Cleveland Fed President Loretta Mester Is ‘Not Predicting a Recession,’ Says Inflation Will Move Down

Cleveland Federal Reserve Bank president Loretta Mester doesn’t think a recession will take place in the United States but believes it will take two years to get inflation back down to 2%. While speaking during an interview on Sunday, Mester explained that while it will take two years, inflation “will be moving down.” A 2% Inflation Rate Will Take 2 Years to Achieve, Says Cleveland Fed President Loretta Mester The president and CEO of the Federal Reserve Bank of Cleveland, Loretta Mester, spoke to CNBC in an […]

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Iranian government to cut power supply for the country’s legal crypto mining rigs

For years, the country has heavily subsidized its electricity production leading to extremely low prices. It claims that this has now become unsustainable. According to local news outlet Arz Digital, the day prior, Rajabi Mashhadi, a spokesperson for Iran’s Ministry of Energy, said that the entity would be cutting the power supply to all of the country’s licensed crypto mining firms by the beginning of July. Citing an anticipated electricity deficit from the peak-summer season, Mashhadi stated, “There are currently 118 authorized [digital currency] extraction centers in […]

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Frogs Over Fiat Bitcoin NFT Art Gallery Opens Tomorrow In Manhattan, NY

The Frogs > Fiat art gallery for bitcoin NFTs opens tomorrow in lower Manhattan, NY and will have many prominent artists and collectors in attendance. The Frogs Over Fiat art gallery in New York featuring Bitcoin NFTs opens tomorrow at 11 a.m ET in lower Manhattan. The art gallery will feature the Fake Rares and Fake Commons Rare collections of Rare Pepe art with many notable artists and collectors attending. Rare Pepes created a trading frenzy in 2016-17, inspiring these art collections with pieces selling as high […]

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Bitcoin Songsheet: Resisting The Fiat Morality Pushed By Elites

Today’s virtue signaling is a symptom of the morals imposed by money-printing elites. Bitcoin’s sound money system would put an end to it. This is an opinion editorial by Jimmy Song, a Bitcoin developer, educator and entrepreneur and programmer with over 20 years of experience. Our moral universe has been invaded by fiat. Many display Ukrainian flags, wear masks and use preferred pronouns. Someone from even five years ago would be pretty confused about these behaviors. The reason is obvious, these are all moral rules that have […]

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