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 […]

“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 […]

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 […]

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 […]

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 […]