Showing posts with label bitcoin. Show all posts
Showing posts with label bitcoin. Show all posts

German Authorities Seize $28 Million from Crypto ATM's in 35 Locations...

German Bitcoin Crypto ATM

In a sweeping operation across Germany, authorities have confiscated nearly €25 million ($28 million) in cash from cryptocurrency ATMs that were operating without proper permits, according to a statement issued by the country’s financial regulator, BaFin, on Tuesday.

The operation targeted cryptocurrency ATMs located in 35 different sites across the country. These machines were facilitating the trade of Bitcoin and other cryptocurrencies but lacked the necessary licensing, which raised concerns about their potential use in money laundering activities.

BaFin collaborated closely with law enforcement agencies and the German Bundesbank to carry out this extensive operation. The seizure of these ATMs marks a significant step in Germany’s ongoing efforts to regulate the fast-growing cryptocurrency market, particularly in the wake of a global surge in Bitcoin ATM installations in 2024.

The crackdown also underscores Germany's commitment to stringent regulatory enforcement within the crypto space. ATM operators found to be in violation of licensing requirements face severe legal consequences, including penalties of up to five years in prison, according to AML Intelligence.

This recent action is part of a broader regulatory push by German authorities to manage the risks associated with cryptocurrencies. The German government has been under scrutiny for its approach to handling seized digital assets, particularly after it liquidated the last of its seized Bitcoins in July 2024. That sale included 3,846 Bitcoins, each valued at approximately $62,604, most of which had been confiscated in previous operations.

As Germany continues to tighten its grip on the cryptocurrency sector, this operation serves as a stark reminder to operators that compliance with regulatory requirements is not optional.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

JPMorgan Analysts Sees Signs of a BULL MARKET Approaching - Prepare for a 'Bounce Back' From August Onwards...

Bitcoin bull market

Crypto liquidations are expected to decrease this month, and the market is predicted to bounce back from August onwards, according to a report from JPMorgan (JPMJPM) released yesterday.

The bank has lowered its estimate of how much money has flowed into the crypto market this year from $12 billion to $8 billion. JPMorgan doubts that the earlier estimate of $12 billion would continue for the rest of the year because the price of Bitcoin (BTC) is quite high compared to its production cost or the price of gold.

“The reduction in the estimated net flow is largely driven by the decline in bitcoin reserves across exchanges over the past month,” said analysts led by Nikolaos Panigirtzoglou.

Combination of 3 Large Sell-offs are Holding Prices Down...

The sell off's by creditors of Gemini, the now-closed crypto exchange Mt. Gox, and the German government, which has been selling crypto it seized from criminal activities, increased supply, and held prices down.  

But all these sell off's are a one time thing, and have either recently finished selling or will be completed soon. 

JPMorgan’s reduced estimate of $8 billion accounts for $14 billion in new investments into crypto funds by July 9, $5 billion from Chicago Mercantile Exchange (CME) futures, and $5.7 billion raised by crypto venture capital funds this year. These amounts are then adjusted by subtracting $17 billion, which accounts for the shift from wallets on exchanges to new spot bitcoin exchange-traded funds (ETFs).

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

The Case for Bitcoin Crossing $100,000 in the Next 12 Months...

As of now, the price of Bitcoin stands around $62k, reflecting robust growth and heightened investor interest. Over the last four years, since the previous halving, Bitcoin has seen an astronomical 800% increase. Just this year, it has already risen by 40%, significantly outperforming traditional safe havens like gold, which has only seen a 7% increase year-to-date.

The recent 'halving' isn't an event that happens and it's done, it's a fundamental change that slowly effects the price, pushing it upwards. Some experts suggesting this will begin inching Bitcoin to the $100,000 mark in the next 12 to 18 months.

Video Courtesy of CNBC

How Geopolitical Tensions Effect Maekets...

Bitcoin

The price of Bitcoin has plummeted more than 7.5% in the last 24 hours, plunging to around $62,000 on several major exchanges.

At the time of this publication, Bitcoin is trading at approximately $64,300 per unit.

Bitcoin's downfall was not an isolated event. The S&P 500 index, which comprises the largest American companies, also experienced a significant decline in the past week, accentuated on the last business day. The same occurred with markets in other countries, indicating a global market reaction.

The primary apparent reason for these market movements is the escalating tensions in the Middle East, specifically the conflict in Israel and the potential for a larger-scale conflict brewing, as Iran has launched attacks.

What Could Reverse the Trend?

The imminent approval of Bitcoin ETFs in Hong Kong, one of the world's five largest financial markets, could be a turning point. The impact of such a measure would be substantial, as it could potentially influence the Chinese government to relax restrictions on the use of digital assets.

Additionally, the next Bitcoin halving event, which reduces the issuance of BTC per mined block by half, is just days away. This event typically generates significant media attention and visibility for Bitcoin, serving as a remarkable marketing opportunity.

Furthermore, each halving reminds the market that Bitcoin is a scarce asset and that the available quantity for acquisition will become increasingly limited, which has historically acted as an upward catalyst for its price in the medium and long term.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

NO, Terrorists Do NOT Rely on Crypto For Funding - Don't Let Bad Journalists Say Otherwise...

 

Over the last week there has been a growing chorus of voices, particularly among certain US senators and congressmen, claiming cryptocurrency is being used to fund terrorism, supporting the likes of the Hamas organization and other terrorist groups. They are now calling for investigations into USDT issuer Tether and exchanges like Binance US. 

While we support investigating such allegations, it's equally important to for the industry to immediately shut down any attempts by established anti politicians to fabricate, or exaggerate the claims.

The allegations against Tether and Binance US stem from a Wall Street Journal report that claims these crypto entities facilitated transactions involving individuals and entities subject to U.S. sanctions. The report further suggests that Tether used U.S. bank accounts for potentially suspicious transactions.

If There's Proof,  It's Been Hard To Find...

Blockchain analysis company Elliptic says it has found no evidence to support the claims of The  Wall Street Journal. They argue that the data has been misinterpreted.

Binance and Tether are so sure the story is wrong that they are urging the U.S. government to verify the facts, saying the Wall Street Journal's report contained misleading statements. Both have unequivocally stated they operate under a strict zero tolerance policy when it comes to providing services to anyone linked to terrorism. 

If Shady Journalists and Politicians are Successful in Linking Crypto to Terrorism, We Could See A New Level Of Government Aggression.

The allegations that organizations like Hamas used crypto assets to raise funds before attacks in October have far-reaching implications. They not only affect the cryptocurrency sector but also muddy the waters when it comes to regulatory clarity for the crypto ecosystem in the United States.

No surprise, it's the usual crew of tech-illiterate politicians, the ones we've seen having over-emotional meltdowns during various capitol hill hearings on crypto, who are pushing this narrative now.

Led by Senators Elizabeth Warren and Sherrod Brown, the senators recently told the press they've written to the White House demanded answers about the role of cryptocurrencies in recent events, specifically attacks against Israel. They've also questioned the White House about its plans to prevent the use of cryptocurrencies for terrorist financing. 

What they're doing is obvious - making sure they can still say 'We never claimed crypto was being used to fund terrorism' - and instead they just 'asked what we can do to prevent that from happening' - fully aware that this advances a misconception that crypto is key to shutting down terrorism financing, all while lacking any supporting evidence.

What's ironic in all of this, is that traditional banks have had a long history of being caught, knowingly or unknowingly, moving funds for everything from terrorists to cartels. 

Where are those bankers today? Still fully operational and controlling billions.

ING helped Iran move billions while under sanctions, they paid $619 million in fines. Standard & Charterer's also paid fines of $340 million after hiding being caught hiding records of Iranian clients transactions.  Or HSBC who basically became the official bank of Mexican drug cartels - leading to a fine of 1.9 BILLION.

In Closing...

Instead of rushing to judgment, it's crucial to conduct thorough investigations and present concrete evidence The truth is, if there is any crypto being used to fund terrorists, there's no  signs any company has helped them, and the amount must be so small that it isn't enough for researchers to spot on the blockchain.

Therefore, we must openly refuse to accept more blame than banks whos violations involved MUCH larger amounts. 

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Author: Jules Laurent
Euro Newsroom Breaking Crypto News 

Crypto a Leader Among Industries 'Going Green' - As Miners Increase Energy Efficiency a MASSIVE 20X Since 2015...

 

Green bitcoin mining

In a significant stride towards sustainability, Bitcoin mining has witnessed a remarkable transformation. A recent study from the University of Cambridge reveals that the energy efficiency of Bitcoin mining has soared to be "20 times greater" than figures from 2015.

But what does "energy efficiency" mean in this context? Simply put, it's the ability to achieve the same output using less electricity. When applied to the realm of mining, there have been notable advancements in devices operating on the Proof of Work (PoW) algorithm. These devices can now mine more Bitcoins while consuming equal or even lesser energy.

In his presentation at the World Digital Mining Summit 2023, Alexander Neumüller, an esteemed researcher at the Center for Alternative Finance (CCAF), attributes this efficiency leap to technological innovations in the mining sector. These advancements have not only reduced electricity consumption but also bolstered the processing power of the Bitcoin network.

Highlighting the magnitude of this progress, Neumüller emphasized an astounding "20-fold increase" in Bitcoin mining's energy efficiency over the past eight years.

Historically, Bitcoin mining has been criticized for its hefty energy consumption, which many environmentalists claim leads to increased pollution. However, with the dual approach of enhancing energy efficiency and integrating renewable energy sources, the cryptocurrency industry is making strides towards a greener future.

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Author: Jules Laurent
European Newsroom

Bitcoin Rally Stalls After Breaking $30k, But Not For Long - The NEXT Rally's Trigger Already Spotted Ahead....

In a remarkable turn of events, Bitcoin suddenly went on the move, and smashed through the $30,000 barrier. This comes as traditional banking institutions that have dabbled or shown curiosity in crypto realm begin to make actual moves in to the space. 

This breakthrough is being hailed as a positive omen by investors and pundits alike, who are speculating that this could be the starting gun for a new Bitcoin rally.

BlackRock's Bitcoin ETF Proposal: A Potential Game Changer on the Horizon?

In related news, BlackRock, the world's most substantial asset manager, has been making waves with its proposal for a Bitcoin Exchange-Traded Fund (ETF). If given the green light, this could be a watershed moment for the cryptocurrency industry, potentially paving the way for more institutional investors to join the party. The proposal has ignited a flurry of speculation and debate within the financial community, with all eyes now on the regulatory authorities and their impending decision.

Bitcoin's Price Rally Levels Off - Just A Breather, Not a Full Stop..

Bitcoin is holding above the $30k mark so far, and that's about all it has done in the last 24hours.  But analysts overwhelmingly believe this is a pause rather than the end of the upward trend. While the digital currency has seen some turbulence in recent days, many are viewing these dips as attractive opportunities to buy. 

The overall sentiment remains bullish, with experts suggesting that the current market conditions could be the precursor to further gains in the near future.

Next Rally in Sight? Major Bank Forecasts a MASSIVE Multi-Trillion Market Shift Towards Crypto...

Adding fuel to the crypto fire, a major bank has dropped the bombshell that a market shift to the tune of $15 trillion could be on its way to Bitcoin and other leading cryptocurrencies such as Ethereum, BNB, XRP, Cardano, Dogecoin, Tron, Solana, and Polygon. This forecast underscores the growing acceptance of digital currencies as a bona fide asset class and their potential to revolutionise the global financial landscape.

Japanese banking giant Nomura's digital asset subsidary Laser Digital says a survey of professional investors managing almost $5 trillion show 96% want to invest in crypto.

In closing

As major financial institutions showing increasing interest in the crypto space is brining immediate demand, and adding overall legitimacy to Bitcoin's public image. On both fronts there's still a lot of room to grow - the rally has just begun.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPressBreaking Crypto News


Congressional Bill Aims to FORCE the REMOVAL of "Tyrannical" SEC Chairman Gary Gensler, and Re-Structure The Entire Agency...

Congress VS Gensler

US Congressmen Warren Davidson and Tom Emmer (Republicans) officially presented the "SEC Stabilization Act" this week, a bill that would remove Chairman Gary Gensler and completely restructure the organization.

"Time for real reform and to fire Gary Gensler" Davidson said on Twitter as he announced the proposal.

Davidson is the vice chair of a new Congressional Subcommittee that focuses entirely on cryptocurrency and other finance-related technology, and he believes the SEC's current structure puts too much power in the hands of the Chairman, and when that position is filled by someone who then abuses that power or otherwise fails to lead the organization, there's no process to stop them before real economic damage is done - pointing to the current Chairman Gary Gensler as an example.

"U.S. capital markets must be protected from a tyrannical chairman, including the current one." Davidson said in a statement, adding that the bill will "ensure protections that are in the best interest of the market for years to come".

Gensler has by all accounts mismanaged the SEC, and that's not just bias coming from the crypto industry - more employees are quitting under him than any time in the previous decade...

Leading up to last week's actions against Coinbase and Binance, Brian Armstrong, CEO of Coinbase, had outlined multiple attempts over the span of 2 years to get simple answers from Chairman Gensler, disclosing full details of their business practices for review and requesting the SEC share any concerns - Coinbase was desperately trying to follow the rules.

Often, in the case of crypto, the existing old rules written long before crypto existed clearly do not fit the circumstances today. Until rules specifically addressing digital assets like crypto are officially created, the only source for an answer is the mind of the SEC Chair and what he believes applies and when.

Regardless of their repeated requests for answers, Coinbase was given the silent treatment until last week, when the SEC announced they were taking them to court...

A government agency designed to be an authority over businesses or people, trusted to fairly issue punishments for non-compliance, simply cannot operate the way the SEC has under Chairman Gensler.

Imagine this: you're driving somewhere that will be a 5-hour trip, you're on a highway 2 hours away from any major cities, and you realize it's been awhile since you've seen any signs showing what the speed limit is in this area. Noticing you're down to a quarter tank and your GPS saying you have 3 more hours ahead of you, you pull off the highway and into a gas station. As you fill your tank, a police officer pulls up to the pump next to you. You politely explain that you've been looking, but so far haven't seen any signs showing the speed limit for awhile, so you ask "What is the speed limit on the highway in this area?". The officer looks at you briefly, then begins the process of putting gas in his patrol car. "Excuse me?" you say, as he continues to act like you're invisible. You stand there confused as he finishes, opens his car door, sits down, starts the car, and drives away - no signs that he was rushing to respond to an emergency. You resume your trip going a reasonable 65mph when you see your car mirrors filled with red and blue lights, a police car is pulling you over. Now stopped on the side of the highway, you see the same officer from 15 minutes earlier at the gas station. The officer informs you that you will be receiving a speeding ticket for going 65 when the speed limit in this area is 55mph.

"If you had told me the speed limit when I asked, I wouldn't have been speeding for you to write me a ticket to begin with" you say as the officer hands the ticket to you and walks away.

This is how the SEC operates under Chairman Gensler's leadership, but the consequences of his actions are much larger than a speeding ticket as they affect countless people and businesses. Because while US companies are being pulled over and forced to deal with a cop that seemingly set them up, competitors from places like the United Arab Emirates, Taiwan, and some European nations have taken the lead after recently passing reasonable, clear guidelines for businesses in the crypto space to follow.

Claiming the SEC is mismanaged is a big claim to make, but some recent actions make the entire agency look so ridiculous it could only happen under a failing leadership.

In its oversight of Coinbase, the SEC massively contradicted itself with a series of unexplainable decisions...

As recently as 2021, the SEC reviewed Coinbase's entire business in detail before approving them to become a publicly traded company listed on the stock exchange. SEC approval is seen by investors around the world as an official stamp of approval that says, 'This is a legitimate American company, and the public can now invest in it'. 

Coinbase isn't doing anything today that it wasn't doing in 2021. Then, last week, according to the SEC, many of the coins Coinbase has been trading for years are actually illegal to trade in the US, calling them 'unlicensed securities'.

So the message the SEC just sent investors around the world is, "In 2021 we approved Coinbase to become a publicly listed company, allowing investors to purchase stock in the company.  Now that countless individuals, investment funds, companies, and retirement funds are invested - we're going to cause the stock to crash, as we take Coinbase to court over violations that began YEARS before we approved them."

We haven't yet heard how many other congress members support restructuring the SEC, over the next few weeks we should be able to get an idea of how much support the bill has, even if it doesn't pass it's shining a light on Gensler's mismanagement of the SEC

The SEC has declined to comment on the story.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

Tether (USDT) and Their Aggressive Plan to ACCUMULATE More BITCOIN...

Tether BTC

Tether International Limited, the company behind the widely popular stablecoin USDT, dropped a (good) bombshell today by revealing its new bitcoin (BTC) investment game plan.

In a bold move, the company declared that it would allocate 15% of its profits to accumulate more bitcoin. They're not messing around when it comes to their reserve portfolio, which contains precious metals, fiat currencies, treasury bills, money market funds and crypto.

Their most recent independent audit report showed the company with a little over $79 Billion in liabilities, but owning almost $82 billion in assets.

These Bitcoin buys won't be used to back USDT, on that front they're overcollateralized...

This is Tether flexing its financial muscles and going beyond what anyone had demanded of them by beefing up their reserves.

By the end of Q1 2023, Tether already had a cool $1.5 billion worth of bitcoin stashed away. That's a modest 2% of their reserves, though. Gold clocked in at 4%, while a hefty 85% was chilling in cold hard cash and other assets. But Tether's not satisfied with those numbers, they're thirsty for more.

Tether also announced that unlike most institutional investors who let other companies store and safeguard their bitcoins, Tether takes the "not your keys, not your bitcoin" mantra to heart. They'll be be handling their own custody. 

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Author: Justin Derbek
New York News Desk
Breaking Crypto News

BRC-20 Transactions Now Consuming the MAJORITY of Bitcoin Transactions, as Sudden Increase Sends Fees SKYROCKETING...


The Bitcoin Request for Comment Protocol (BRC-20) is dominating crypto transactions, with 65% of all mined transactions yesterday being tied to the protocol - a new record.

The sudden explosion in popularity has also sparked debate;  is BRC-20 now one of crypto's 'top protocols' and should be regarded similarly to Ethereum's ERC-20 protocol?  Or, as some claim, are we seeing a temporary trend built on memecoins that are unlikely to experience any long term success?

Not the First Time the Majority of BTC Transactions Were BRC-20 Related...

While yesterday's 65% set a new record, the majority (more than 50%) of Bitcoin transactions were related to a BRC-20 transaction for 5 of the last 9 days .

BRC-20 operates on the Ordinals protocol, which is relatively new and enables the storage of various forms of information, such as images, videos, and audios, on the Bitcoin blockchain.

Fees Bring Angry Users, Happy Miners...

Unfortunately, this has led to high congestion and exorbitant fees for processing transactions on the Bitcoin network, causing frustration for regular users.

Miners, on the other hand, are reaping the rewards -  some are claiming to have "never earned this much before".

Over 650 BTC (approximately $18,200,000) has already been spent on fees for the 3,755,000+ BRC-20 transactions to date.

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Author: Justin Derbek
New York News Desk
Breaking Crypto News

The Bitcoin Whitepaper has Been HIDDEN Inside EVERY Mac Computer for the Last 5 Years....

Initially the discovery was credited to a blog post called earlier this week on Andy Baio’s Waxy.org Blog. The blogger says he accidently spotted the hidden file while fixing his printer. Then to make sure it was something inserted into every Mac OS copy, he confirmed his findings by having “over a dozen Mac-using friends.” also see if it was on their computer... it was!

This was the first time it was mentioned somewhere that good number of people would read it.

Turns out, this wasn't the first time it was discovered...

It turns out - he wasn't the first to find it. 

Another Mac user did back in April 2021, and posted it on the Apple support forums  however, his post focuses on a hidden image he found burried in the Mac OS code, but at the end mentions "Weirdly there is also a PDF with the original Bitcoin white paper from Satoshi Nakamoto in the VirtualScanner.app Package Content."

But wait... an even earlier post was discovered on Twitter!

A Tweet mentioning it dates back to November 2020, so unless an even earlier dated post is discovered, we're considering Josh D on Twitter the official 'discoverer' of the hidden Mac OS Satoshi Whitepaper. 

The earliest mention of it we've been able to find.


Went undiscovered for 2 years...

It has been found inside every Mac OS version 10.14.0 (Mojave) or above.  10.14.0 was released in 2018 so it managed to go 2 years unnoticed!

How to find it:

If you’re on a Mac, open a Terminal and type the following command:

open /System/Library/Image\ 
Capture/Devices/VirtualScanner.app/Contents/Resources/simpledoc.pdf

While it looks like we figured out who first discovered it, I'm still curious about who put it there, and did their boss know?

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Author: Justin Derbek
New York News Desk
Breaking Crypto News

Bitcoin Kicks off 2023 With 3 Straight Months of Gains - Something Even BIGGER May Be Coming...

It's a new month, and the end of 2023's first quarter is in sight.

As someone who watches Bitcoin on an hourly/minute-by-minute basis, it's also important to occasionally take a look at the big picture as well. Taking a step back will often reveal things you didn't notice before. Remember, you can also miss things by looking too closely.

On that note, as I zoomed out from the hourly charts to look at the market from the beginning of the year, I could see just how strong of a start Bitcoin is having in 2023 — things look even better than I was expecting.

3 Positive Months...

This will be Bitcoin's best quarter in 2 years if it maintains its growth through April!

Bitcoin has grown every month of 2023 so far.  Exactly 3 months ago, BTC was trading at $16,585 - so we're up approximately $12,000... in just 90 days!

Have We Been Here Before?

Some analysts are saying they've seen these charts before - in the run-up to 2020's bull run that brought Bitcoin's price to over $60,000+.

Take a look at this tweet from analytics platform Barcharts: 

"Bitcoin $BTC is on the verge of having its 3rd consecutive green month.  Last time that happened?  October 2020 - March 2021 when the price went parabolic from 10.4k to 61.7k"


The banking crisis, inflation, and investors looking for alternative stores of value is considered the main driving factor behind the recent price increase - there's no end to these issues in sight, and many think things could potentially get worse before the situation improves. 

Why The Next Bull Run Will Be BIGGER Than the Last...

I'm not someone who makes predictions, I'll share interesting ones made by others if there's data to explain how they arrived at their opinion - but don't ask me when Bitcoin's next big bull run will be. 

But when does happen - it's going to break price records.

That's not a prediction - first off, it's tradition - as every crypto-crash has been followed by setting a new high.

However, this time something is very different than before, and there's really only one way this plays out - buyers will be in a bidding war over an INSANELY low supply of Bitcoin being sold.

The supply of Bitcoin being held off-market is at an all-time high...

This has been the case since early February, and we covered this then. Basically, to qualify as a coin that's being held 'off market' it must have have remained in a single wallet, untouched, for 2+ years or more.

We're seeing that Bitcoin believers took advantage of the low prices and spent the bear market accumulating. Now the owners of these Bitcoins are HODLing, and won't be selling anytime soon.

I know countless people in this group, it includes most of the people reading this, and the person writing it as well. I know that each person has a number in mind as their target selling price, and while it varies for everyone, I'm not hearing anyone say they've been holding for years just to sell for $30k, or $40k.  I occasionally hear $50k, I occasionally even hear $1 Million, but the majority of people seem to be eyeing somewhere around $60k-$100k.

So as the next bull run brings waves of amateur investors wanting a piece of the action, (it always does) they're going to discover very few people selling to them for anything under $50k, as this record number of people continue holding back a significant portion of the supply.

Once it begins, expect prices to rise at a speed we've never seen before...

This low supply of Bitcoin being sold is something most people seem unaware of, or at least not paying attention to yet. But I believe this will be the defining factor of the next bull run, the thing people will mention when talking about it years later.

One final thing to consider - The low supply will cause the price to rise fast, but the faster it rises the more news it makes, and the more people it attracts looking to buy as quickly as possible.

Things could get real interesting, real quick. You don't need to know exactly when it will come to make sure you're positioned to take advantage of things once it begins - position yourself wisely.

[ Trading Tip: If you don't want to risk buying now because you are concerned it could go lower before it goes higher, remember, you can place bids to catch it on the way up.  For example, Bitcoin is at $28,430 at the time of publishing, so setting buys at around $32,000 would let you get on the rocket ship before it really takes off. ]

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Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Rising CONFLICT Over the 'Digital Dollar', As Some States BAN IT Before It Even Exists...

digital dollar cbdc

The battle for the future of money is heating up in the United States, with some states proposing to ban the "digital dollar" before it even exists, while others quietly pass laws to make it a reality. It's a conflict that has raised concerns about privacy, surveillance, and control.

Florida Governor Ron DeSantis is leading the charge against the digital dollar, announcing a proposed bill to ban it in his state. According to a statement from the governor's office, the legislation is intended to "protect Floridians from the Biden administration's use of financial sector weapons through a central bank digital currency (CBDC)."

DeSantis's bill seeks to prohibit the use of the digital dollar or CBDC as money in Florida and to create "protections" against digital currencies issued by central banks belonging to nations sanctioned by the United States. He hopes that other states will follow suit and establish similar prohibitions to "fight this concept throughout the country."

In the view of the Republican governor, a digital currency "has to do with surveillance and control" of citizens, and it "will stifle innovation." adding that "Florida will not side with the economic central planners. "We will not adopt policies that threaten economic freedom and personal security."

Senator Ted Cruz of Texas is also pushing for a ban on the digital dollar, citing concerns about privacy implications. He argues that a digital dollar "could be used as a financial surveillance tool by the federal government."

As Other States Quietly Take Steps to Move the Digital Dollar Forward...

President Biden issued an executive order last year that instructs several government offices to research creating a central bank digital currency, since then things have appeared to be moving forward with no official updates from the federal government.

The silence seems to be deliberate when it comes to the most recent steps targeting the Uniform Commercial Code (UCC), which are laws that every state has, and every state controls. 

Intended to make sure states can easily conduct business with each other, the digital dollar may be the first time there's been major disagreements between some states and could result in the 'Uniform' codes ending up far from uniform nation-wide. 

Just this week South Dakota Governor Kristi Noem vetoed House Bill 1193 which would have opened the doors for the digital dollar in her state by amending their UCC to allow for fully electronic payments backed only by electronic records "this is extremely troubling. If Congress were to someday create an official electronic currency that is programmable, it would pose significant threats to Americans’ liberty and privacy rights. Why, then, would so many lawmakers want to make it easier for such a currency to be used in their states?"

Both republicans and democrats have made more public statements implying they are against the digital dollar, yet both parties have been found slipping the verbiage needed to make it happen into bills in their states, now there are similar bills headed to vote soon in 20 more states including in Arkansas, Montana, New Hampshire, North Dakota, Tennessee, Texas, and California.

One Major Roadblock Could Still Stop the Digital Dollar from Happening...

Not because they share any of the same concerns citizens have voiced - but nonetheless, they hate the idea and they may have enough power over politicians to get their way - the banks.

Banks see the Digital Dollar as a way for the government to become their biggest competitor.  Imagine - your job pays you in digital dollars, they're stored in an app on your phone, and virtually every place you would spend money accepts it, what do you need a bank for? 

While banks would still have a role when it comes to investing, lending, and securing larger business and personal accounts, the average person could go months, or even years without needing to interact with a bank, and have no need for a personal account. 

A battle with significant consequences...

Both for the future of our economy and the role of the government in our financial lives. Will we become a cashless society dominated by a digital dollar, or will we maintain the status quo? 

Until recently, this all felt like something so far in the future it was hard to really concern yourself with - but as we begin seeing real laws designed to move plans for the digital dollar forward proposed in multiple states, the potential implications are beginning to feel very real.

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Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Amount of "Saved Bitcoins" (BTC That has Remained in 1 Wallet for at Least 2 Years) Hits a New ALL-TIME HIGH...

New High of Saved Bitcoin

The amount of 'saved Bitcoin' (coins being kept at a single wallet address for at least two years) has reached a new all-time high.

According to data compiled by the analytics firm Glassnode, these coins total over 49% percent of the total Bitcoin supply, which comes to 9.45 million BTC. Nearly half of all Bitcoin's are in the hands of long term investors.

Soon the majority of all BTC will have not moved in over 2 years - an extremely bullish indicator...

The previous record amount of saved Bitcoin was set between the end of 2020 and the start of 2021. This coincides with the start of the bull market that year - with the rising price being driven by a lack of people willing to sell their BTC.

So far, we're seeing a similar path ahead now, as Bitcoin and the rest of the cryptocurrency market appear to be beginning a price recovery cycle.

Since the beginning of this year, bitcoin has increased by almost 40%. and is hanging around $23,000 -reclaiming a price not seen since August 2022.

Last week it became official that the majority of Bitcoin holders have made a profit at current prices. 

Predictions for the year...

So far, are bullish, according to a majority of analysts.

However, you may not be feeling it yet - the first few months of 2023 are anticipated to be slow,  followed by a large increase in the price of BTC in the second half of the year.

Will Bitcoin repeat its traditional cycle of crashes, followed by setting a new all time high?  That would mean Bitcoin breaking the $70,000 ceiling. 
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Author: Justin Derbek
New York News Desk
Breaking Crypto News


Russian Darknet Market HACKED, Bitcoin Taken... Transferred to Ukraine!

Computer Security specialist Alex Holden was born in Ukraine, and while he now lives in the United States, he's doing what he can to help his countries efforts against Russia. 

Holden is sharing his accomplishment of infiltrating Russia's largest online drug market, called Solaris, steal 1.6 bitcoin (BTC) from the website's main wallet, and donate it to Ukraine.

The funds were sent to a Ukrainian non-profit called 'Enjoying Life", and the organizations co-founder Tina Mikhailovskaya confirms it was received, saying it was "given directly to the elderly, families and internally displaced people who suffered from the Russian war."

Holden declined to tell how he did the robbery, only sharing that it involved help from his team of hackers from he employs at his company Hold Security, and that they took 'partial control of the Solaris infrastructure' which somehow included access to the wallet. 

While an amusing story, this is small compare to the true impact of crypto on this war...

Ukraine is the first nation in history to formally accept bitcoin and other cryptocurrencies to finance the costs of a war, and so far their wallet has received 645 BTC in donations from around the world. That is equivalent to $10 million USD at current rates, and $45 million at Bitcoin's high.

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Author: Mark Pippen
London News Desk 
Breaking Crypto News


It's Election Day in the USA - Why No Election Has Ever MATTERED MORE for Crypto Traders and Industry...

US Election 2022 and Crypto

It's election day in America, for those unfamiliar with US politics, this one is a 'mid term' - no new President will be selected, but seats in virtually all other elected rolls are up for grabs.

All 435 members of the House of Representatives and 34 senators are running.  According to media reports, political action committees and bitcoin lobbyists have contributed millions of dollars to candidates races.

As of two weeks ago, crypto-related donors had given more money than the traditional big election spenders - surpassing both defense and big pharma.

The industry expected 2022 would be the year policymakers came up with a plan for regulating crypto - that didn't happen...

Unresolved policy disputes between lawmakers and lobbyists left this unfinished, as Congressmembers and Senators left Washington DC until the new year.

That means those elected today are virtually guaranteed to be the ones voting on crypto regulation in the near future.

Crypto becomes a mainstream topic for voters...

According to a poll by Grayscale early October, 38% of voters said candidates "crypto policy positions" mattered to them when deciding who to vote for. 

Another poll by the Crypto Council for Innovation, taken around the same time, had 45% of voters agreeing that lawmakers should "treat crypto as a serious and valid part of the economy."

The ideal outcome for crypto...

Most crypto traders want a Republican majority in either or both chambers, since Republicans have been some of their most loyal supporters in the past.

The Republicans have also indicated the willingness to move bills that many in the industry say create a reasonable regulated environment, where protections for investors can be implemented without slowing down the progress of a fast growing industry.

"We believe crypto is one of the few sectors we follow where the midterms will have a material impact on policy. Republicans tend to be more accepting of fewer limits on crypto products because they are decentralized and different - We believe a GOP sweep of the midterm elections would be the best outcome for crypto" said Jaret Seiberg, an analyst at financial services company Cowen.

Generally favoring less government involvement in free markets, Republicans would also likely put pressure on agencies like the SEC stop over-aggressive regulation of crypto firms and seek reasonable regulation aimed at protecting investors.

A history of bipartisan support...

While crypto does have a history of finding supporters from both major parties, many see the Democrats as 'dropping the ball'.  Some expressed the desire for what sounded like reasonable solutions to the regulation issues, some even co-authored bills with Republicans. 

But at the end of the day, they had 2 years where they held most of the power, and nothing was accomplished.

Then, with some opinions from members of the Biden administration that sounded like they don't understand the basics of what crypto is, many who consider crypto an important issue switched to a firm "Republicans only' stance this election.

The crypto industry may get their wish...

Polls are indicating that Republicans will take back the House and probably the Senate as well.  

A common prediction from crypto traders on multiple platforms right now is that a Republican win of both the House and Senate tonight could immediately trigger some market movement upward, we'll probably soon see if they're correct.

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Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Michael Saylor Still Pushing Bitcoin after Stepping Down as CEO of MicroStrategy - Tells Elon Musk to "BUY MORE"...


Michael Saylor, a well-known Bitcoin advocate who had earlier announced his resignation as MicroStrategy CEO, responded to Elon Musk's ironic tweet about wanting to buy the Manchester United football team coin.

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Saylor responded to Musk saying he'd 'prefer' if he bought more Bitcoin.

A better response would be something including reasons to buy Bitcoin, besides pleasing Michael Saylor... but okay.

Musk said in February 2021 that Tesla had purchased BTC for $1.5 billion and had begun taking it as payment for its electric vehicles. However, the payment method was removed in April due to contentious concerns about Bitcoin miners and the effects they were having on the environment.   

In spite of this, Tesla kept all of that Bitcoin until recently. In the second quarter of 2022, the corporation sold off 75% of its Bitcoin, leaving only $218 million in the cryptocurrency's balance. The corporation purchased Bitcoin for $31,620 and sold it for almost $29,000 per unit.

Musk says he hasn't sold any of his privately owned crypto...

Musk did clarify, though, that he was not selling his personal cryptocurrency holdings, only those that belonged to Tesla, the company. 

Musk has mentioned owning Bitcoin, Ethereum, and the coin he says he continues to buy more of, Dogecoin.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News