The cryptocurrency market has almost returned to levels before the damaging collapses of Terra/Luna and FTX in 2022. Bitcoin recently surpassed $39,000 for the first time since May 2022, fueled in part by growing expectations that the U.S. Securities and Exchange Commission (SEC) could finally approve a spot bitcoin exchange-traded fund (ETF) in the next few weeks, or even days.

At the time of publishing, Bitcoin is trading around $39,700 - a gain of just $800 to $40,500 would officially represent a full recovery.

2022: A Year So Bad, it Took 2 Years To Recover From...

In 2022, two big hits cut Bitcoin's price in half over just few months.

The first came from the Terra/Luna debacle, triggered by the collapse of TerraUSD, an algorithmic stablecoin that was supposed to maintain a $1 peg but ultimately lost all value. Prior to its failure, the high interest rates offered by Terra through its Anchor protocol had attracted billions of dollars in investments, including from major crypto lending firms like Celsius Network. As the 'stablecoin' hit a liquidity crisis Terraform Labs began rapidly selling its bitcoin reserves in a desperate attempt to maintain the peg. This massive dumping of bitcoin put significant downward pressure on prices, contributing to bitcoin falling from around $30,000 down to below $20,000.

The second big hit came just months later when crypto exchange FTX filed for bankruptcy after questions arose over its financial health and potential commingling of customer funds. As one of the largest and seemingly most reputable exchanges, FTX's failure shook investor confidence and reignited worries of contagion across the crypto ecosystem. Bitcoin fell to under $16,000 amidst the fallout, its lowest level since late 2020.

Since then, the Market has Been Gradually Recovering...  

Some analysts believe bitcoin could soon surmount the key psychological barrier of $40,000 if momentum continues building ahead of a long-awaited bitcoin spot ETF approval.

Others caution bitcoin may retreat to around $35,000 if ETF approval doesn't happen soon, but still bounce past $40k when it eventually happens. 

But all are in agreement - the crypto winter is officially thawing.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

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 

The SEC's legal battle against Ripple involved coming after them on 2 fronts - first was their claim the company illegally profited by selling an unlicensed security (XRP Tokens) violating the Securities Act of 1933. The second targeted the company's co-founders Christian Larsen and Bradley Garlinghouse, saying they were the ones who made the decisions at the company, so they were charged with "aiding and abettting”.

Today, the SEC's targeting of Larsen and Garlinghouse has officially come to an end as District Judge Analisa Torres announced that the US securities regulator notified the court that it would not continue in the case and has issued a “voluntary dismissal”.

Ripple's lead lawyer Stuart Alderoty shared the news first saying;

"The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.

That’s 3 consecutive wins for Ripple including the July 13 decision ruling that as a matter of law XRP is NOT a security, the Oct 3 decision denying the SEC’s bid for an interlocutory appeal, and now this." on X.

Current CEO Brad Garlinghouse responded saying;

"In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a decade.

The SEC repeatedly kept its eye off the ball while secretly meeting with the likes of SBF – failing again and again to protect US consumers & businesses. How many millions of taxpayer $ were wasted?! Feels good to finally be vindicated."

FTX a Massive Blemish On An Already Troubled SEC...

The SEC's 'crack down' on crypto has targeted companies like Coinbase, Binance and Ripple - but where are the investors accusing these companies of wrongdoing? Who did Coinbase, Binance, or Ripple scam? You would think reddit and other crypto related forums would be full of these complaints, but when searching for terms that should lead to them, nothing is found.

While the SEC was busy targeting these companies, FTX was actively misusing users funds and behaving suspiciously fearless of being caught.  Ironically, it was one of the people under SEC investigation who brought the FTX issue to light - Binance CEO 'CZ'.

This means if CZ had not exposed Sam Bankman-Fried, FTX would still be freely spending their users funds, while their top 2 competitors faced SEC harassment - suspicious to say the least.

It makes you wonder - could SEC deliberately be hiding corruption by appearing ignorant and disorganized? 

The Strangest Contradiction...

The most alarming and confusing factor in the SEC's current actions has to be the fact that the SEC evaluated Coinbase just a couple years ago, when they approved the company to go public and sale shares of their stock.  This process involves a deep evaluation of the business, and obviously, if a business's main source of income was unlawful, they would not have been approved.

But they were approved. Coinbase even passed a phase where the SEC asked questions about any parts of the business they wanted clarification on, Coinbase answered them, and they were approved. 

Nothing has changed since Coinbase was worthy of SEC approval. There's no new leadership at the SEC since they deemed Coinbase's business legitimate just two years ago, Coinbase isn't offering anything now that they were not then. But seemingly out of nowhere, suddenly Coinbase is operating outside of the law. 

So SEC saying;  just because they approved a company seeking approval to go public and sell share shares on the stock market, it does not mean that company is legitimate - no one has been able to make sense of why the SEC is now undermining themselves in such an extreme way.

Next For Ripple...

While the charges against company founders are dropped, the case against the company itself is still considered ongoing.  While the SEC lost on their first attempt, the last statement from them was that they are appealing that decision.

But some say dropping the charges against the founders is a sign they may do the same with the charges against the company - because if the company is guilty, those running it would be as well - it would be odd to drop one and not the other.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Ethereum just lost one if it's biggest bragging points, and its transition from a deflationary to an inflationary asset marks a potentially pivotal moment in its trajectory. While the platform continues to be a dominant player in the decentralized finance (DeFi) space, these economic and market shifts warrant close observation by investors and stakeholders. 

What Happened?

Ethereum's shares the most common cause of currency inflation with governments around the world, specifically when they print too much money. There have been 68,000 new ETH issued, compared to its burning 38,000 ETH over the last 30 days - add this excess together with a bearish month, and the additional supply enters the ecosystem as inflation.

Ethereum has a system where a portion of the transaction fees (or "gas") is burned, reducing the overall supply of ETH, while another portion compensates validator nodes.

Typically this causes ETH to be deflationary - that is, when network activity is stronger, the amount of ETH burned can surpass the amount issued.

Some Perspective...

It's crucial to note that Ethereum's annual inflation rate remains relatively subdued at 0.3%, especially when compared to Bitcoin's 1.6% and certain fiat currencies, which hover around 3.7%.

Bitcoin has been categorized as inflationary due to its capped supply of 21 million coins and the halving of its block rewards approximately every four years, which restricts its issuance and, by extension, its inflationary potential. In contrast, fiat currencies, like the US dollar, can be issued without an upper limit, leading to inflation when the supply outpaces demand.

So, while 0.3% is an insignificant amount and there's no need for investors to modify their outlooks, yet, this is something worth keeping an eye on.  Unless hit with large downturn (which I haven't seen anyone predicting) Ethereum can re-take it's 'deflationary' title fairly easily. 

Plus, For the First Time in YEARS - Ethereum Users Didn't Pay the Most in Total Transaction Fees...

Another interesting thing stood out when reviewing Ethereum's previous month - a significant drop in total transaction fees. After 3+ years embarrassingly high, sometimes absurd fees - this is a good thing.

In the last 30 days, the Tron network generated $87.4 million in fees and $65.8 million in token incentives, resulting in net profits of $21.6 million. Ethereum, on the other hand, generated $82.2 million in fees but offered token incentives of $82.9 million, leading to losses of $20.6 million.

Other platforms including Lido Finance ($46.9 million), friend-tech ($30 million), Bitcoin ($27 million), Uniswap ($23 million), Aave ($8.8 million), and BNB Chain ($ 8 million), surpassed Ethereum in generating fees.

PayPal's foray into the stablecoin market with PayPalUSD (PYUSD) has been nothing short of remarkable.

The total market capitalization of PYUSD has skyrocketed to $8 million, marking a staggering 90% growth from its initial value slightly above $2 million at the start of the month.

This meteoric rise can be attributed to its adoption by several leading centralized exchanges.

Notably, Kraken was a significant player, contributing to 90% of PYUSD's trading volume last month.

The surge in supply aligns with the trading volumes, which have amplified fourfold, touching $9.29 million. Since its inclusion on September 7, Huobi has become a dominant force, accounting for 57% of the coin's trading volume.

Currently, PYUSD predominantly trades against other stablecoins such as USDT, USD, and EUR. However, Crypto.com stands out as the sole exchange offering trading pairs with major cryptocurrencies like bitcoin (BTC) and ether (ETH) against PYUSD, though these pairs have yet to gain substantial volume.

The potential for PYUSD's growth is palpable, especially as more exchanges are poised to introduce diverse trading pairs. Launched on August 7, PYUSD is underpinned by dollar deposits and short-term US Treasuries, operating as an ERC-20 token on the Ethereum network.

Could PYUSD be gearing up to challenge USDT and USDC?

While PayPal has some distance to cover, the current trajectory suggests a promising future. If they maintain this pace, PYUSD could indeed emerge as a formidable contender in the stablecoin arena.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

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.

Story Published Sept 10

Update Added Sept 16: Jump to update

In a shocking turn of events, Vitalik Buterin's official Twitter account was compromised by hackers on Saturday, September 9, 2023. The breach led to a loss of nearly $700,000 in cryptocurrencies, highlighting the vulnerabilities even high-profile figures face in the digital realm.

The Deceptive Tweet

The hackers, with just a single tweet, managed to deceive a significant number of Buterin's followers. The tweet announced a purported free NFT giveaway from Consensys, a renowned blockchain technology company.

Many followers, seeing the tweet from the official account of Ethereum's creator, were lured into a trap. The link provided in the tweet redirected users to a malicious website designed to exploit their trust.

This type of scam, known as a 'drainer' tricks users into connecting their cryptocurrency wallets to a seemingly legitimate website. Once connected, the hacker can then transfer all assets from the victim's wallet to their own.

High-Value NFTs Stolen

In addition to the stolen cryptocurrencies, the hackers made away with two high-value 'Crypto Punks' NFTs. These digital collectibles have gained immense popularity and value in recent years.

The stolen NFTs were priced at a staggering 153.62 ETH (approximately USD 250,000) and 58.18 ETH (USD 95,000) respectively.

Update: 

We finally have a response from Vitalik, apparent a sim swap was the method used.

While the hacker is blame,, at least a little of the blame  must go to T-Mobile whos employees should be properly trained to spot a scam that is several years old.

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In the world of cryptocurrency, Cardano stands as a unique venture with far-reaching implications beyond profit. This blockchain-based platform, backed by meticulous academic research, has cultivated a robust community that has grown over time.

Cardano has suffered increasing volatility in recent months as ADA investors sought for signals of the rollout of its delayed Vasil upgrade, making a Cardano price projection for the cryptocurrency more challenging than it may have otherwise been, especially in light of a market rebound in early 2023.

If you’re an investor or trader looking for price predictions for the upcoming years, you’re at the right place. Remember that this is not financial advice and the prices of Cardano can quickly change to unprecedented levels, so take all crypto advice with a grain of salt.

Cardano (ADA): The Basics

Cardano, often dubbed as the third-generation blockchain, embodies a decentralized proof-of-stake (PoS) network. At its heart lies ADA, the cryptocurrency of Cardano, paying homage to Augusta Ada King, Countess of Lovelace—a pioneering figure in the realm of computing. This digital currency is an integral part of Cardano's PoS consensus mechanism, rewarding participants in the form of ADA for their contributions to the blockchain.

What Is the Process of Cardano Staking Pools?

Central to Cardano's architecture is the Proof-of-Stake (PoS) consensus algorithm, a departure from the energy-intensive PoW approach. PoS introduces the concept of staking, where individuals commit their coins to become validators, ensuring the network's integrity.

This process unfolds through stake pool operators and owners. Stake pools, akin to trusted nodes, validate transactions, while individuals can either establish their own pools or participate in existing ones. The symbiotic relationship between stake pool owners and operators underscores the intricate dance of responsibility and contribution.

2023 Price Prediction for Cardano

With 2023 ushering in a market resurgence, ADA has experienced heightened volatility. This phenomenon can be attributed to the anticipation surrounding the delayed Vasil upgrade. However, within this narrative, three pivotal factors demand attention in predicting Cardano's price trajectory.

Market dynamics: The third quarter of 2023 holds immense significance. ADA's ability to maintain its current support level in the midst of market shifts will offer insights into its resilience. A market downturn, coupled with the SEC designating ADA as a security, has generated apprehension. The lingering SEC v. Ripple case, laden with uncertainty, could potentially dissuade new investors.

Interest rate impact: The resurgence of interest rate hikes can cast shadows on ADA's price outlook. As interest rates rise, consumer spending contracts, subsequently impacting financial markets. The correlation between interest rate hikes and ADA's value underscores the nuanced interplay between market dynamics and economic forces.

Global acceptance: While challenges within the US regulatory landscape persist, global acceptance of cryptocurrencies continues to burgeon. Nations like the United Arab Emirates, the UK, and Hong Kong are embracing cryptocurrencies. Cardano's potential integration of "RealFi," aimed at bringing decentralized finance to the tangible world, presents opportunities for broader adoption and price growth.

2024 ADA Price Prediction

The legal battle between XRP and the SEC showcases that coins can appreciate even amidst regulatory turmoil. However, the outcome of ongoing SEC battles holds sway over the entire Crypto sphere. Amidst global debates on decentralization, the resilience of ADA is poised to be tested.

Optimism prevails as the world embraces crypto, yet the US regulatory stance looms as a potential damper. A forecasted ADA cost of $0.95 by 2024 is underscored by potential highs of $1.55 and lows of $0.35; a spectrum of possibilities underlined by regulatory shifts and market sentiment.

2025 Price Prediction for Cardano

By 2025, the Cardano ecosystem might be flourishing. Cardano has so far drawn criticism for having fewer dApps and TVL than Ethereum and for having a network that has developed significantly more slowly.

Cardano is less interoperable than Ethereum by design, which has stifled its development thus far. Longer term, however, this might be advantageous for users because Cardano is built to be decentralized, scalable, and safe.

The development of "RealFi" is Cardano's stated goal, according to research firm Input Output Hong Kong. Since many of the individuals who may most benefit from DeFi are now unable to access it, the term "RealFi" refers to bringing DeFi to the actual world. With Cardano, value transfers across borders will be seamless and inexpensive.

The 2025 ADA price will probably reflect the success of the deployment. As a result, at the end of 2025, our ADA price prediction pegs the price at $2.80. Depending on how the ecosystem develops and how the recent SEC claims turn out, people also anticipate potential highs of $3.50 and lows of $2.10 in 2025.

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Guest Author: David Lim
Content submitted via 3rd party is not necessarily endorsed or verified by GCPress

There's a real danger living in a country where tech-illiterate elderly politicians create policy. 

Biden looks ridiculous talking about this elderly-brained fantasy of raising $3.5 billion by taxing crypto miners. 

"One new proposal in this year’s Budget, the Digital Asset Mining Energy (DAME) excise tax, is an example of the President’s commitment to addressing both long-standing national challenges as well as emerging risks – in this case, the economic and environmental costs of current practices for mining crypto assets (crypto mining, for short"). After a phase-in period, firms would face a tax equal to 30 percent of the cost of the electricity they use in crypto mining."

Occasionally there's moments with some of our older politicians where I'm reminded just how bad it is - of course I don't expect them to understand crypto, but the not grasping that this business can operate anywhere means he doesn't understand the basics of the internet. 

The press release goes on to gloat that it will  "raise $3.5 billion in revenue over 10 years".

Another Way To See This: LEAVE The US, Increase Profits by $3.5 Billion Over 10 Years..

I can only imagine Biden thinks these companies will 'have to stay where the mines are - you can't take a mine with you' - this is actually slightly less stupid than believing you can tell a relatively small industry "you'll make $3.65 billion more if you leave the US" and think they will stay.

This exposes another cause for concern - no advisor told him miners can set up operations anywhere in the world where there's internet access and electricity? If one country imposes heavy taxes or regulations, miners can easily relocate to a more favorable jurisdiction.

Once the global tech leader, America has become the grumpy, confused old man yelling "get off my lawn" while the house next door is having a BBQ and invited over the entire neighborhood. 

Because that's what is happening - countries with younger leaders, who aren't afraid of technology are actively competing to bring in the companies the US is scaring away. 

Some mining companies bring in a substantial amount of money, and the administration seems oblivious to the fact that their proposal is one that simply delivers this money to other countries - and the $3.5 billion someone misled the President in to believing just isn't coming.   I'd be shocked if 10% of that is collected. 

These blunders in policy decisions, especially in areas as dynamic as cryptocurrency, can have long-lasting implications for a country's economic and technological future.

Ironically, Bad For The Environment As Well...

Politicians are satisfied if they do something that gives the 'appearance' of helping the environment. When the United States increased emissions standards in the 90s and early 2000s,  many of its factories closed, and their workers lost their jobs. But the companies that owned those factories still needed to make whatever product they sold, so the factories simply popped back up in places like China  - where there were virtually no environmental regulations at all.

The end result was the same product, more pollution then ever before when manufacturing it, and the finished product now needed to be shipped to the United States to sell. 

Only since 2021's crypto ban in China has the US been the leading country for crypto mining, which was also an environmental success, thanks to states like Texas and Florida Chinese mining companies, previously running on coal fueled power plants, were now in the US and primarily powered by natural gas.

Sure, crypto has had its ups and downs - but none of crypto's downs came close to the 'dot com bubble' bursting which wiped out $7.5 TRILLION from the market, and people's retirements.  The market cap for all crypto was about 30% of that at it's high.

While thousands of companies went under, it left the United States with Google, Microsoft, Apple, Intel, Cisco, Adobe, which have since made up for the losses of every failed tech startup and then some.

Strange how no one is saying 'we should have banned American's from investing in tech startups' even with losses that dwarf any failed crypto. 

I'm located in Silicon Valley, and similar mistakes are driving companies away from here already.. Tesla's moving to Texas, and we're already seeing when a big name tech company needs more office space, they're not building it in California. This is because the workers with the skills they need are turning down offers to work here, and taking jobs with lower pay in other states - because once you factor in rent prices and taxes, they have more money left over even with a smaller paycheck in another state.

While California's Mismanagement Pushes Companies to Other States, Biden's Plan Brags that No State Will be Able to Escape a Federal Nation-Wide Tax...

The tech industry, crypto included, has shown they're willing to pay taxes when the tax rates are reasonable and fall somewhere near the average for other businesses.  But adding an additional 30% to a company's already largest expense (electricity) will make it hard to resist when smarter countries call offering tax breaks. 

One final thing to consider - there's a number of publicly traded crypto mining companies in the US, I wonder how investors would react if they were invested in a company that began paying this new tax, while competing companies that relocated were obviously benefiting from it when comparing earnings reports.  Would we see share holders demanding companies free themselves of this optional 30% increase in expenses? 

There is one thing in crypto people can actually predict correctly - the next Bitcoin halving event. This changes the amount of Bitcoins miners receive as a reward for contributing computing power to keep the network running.

It effects the entire ecosystem because it decides the total amount of Bitcoin in circulation, halving instantly cuts the rate that number was growing in half. 

Initially, the reward for mining a block of transactions was 50 BTC. Then in 2012, this was 'halved' to 25 Bitcoins, again in 2016 it was halved to 12.5 BTC. Then most recently,  May 2020, halved again to 6.25.

Cutting their reward in half may sound drastic, but for some perspective, back when the reward was 50 Bitcoins per block mined, the most that was ever worth was $1000 when Bitcoin hit $20 in 2011. If Satoshi wasn't thinking long term, and these halving events were never programmed in, it would be like creating $300 million in new coins every day at today's price. 

Of course, prices would never have come close to what they are today if miners were constantly flooding the market with lots of easily earned coins.

Just like when a nation's government prints money, if they do too much, everyone's money becomes worth a bit less.  When politicians create more money because they want more money, not because the economy actually grew, we get inflation. Bigger, but only because it's been filled with worthless hot air. 

Some say Bitcoin has the solution to inflation built in to it...

These 2 rules make it different from any currency in human history:

First - no one has ability to create new Bitcoins.  Sure, it is a virtual item, and if your wallet isn't connected to the internet, you can mess with the code until the wallet believes it's holding 10 instead of 2 BTC.  Problem is, as soon as that wallet tries to use one of these counterfeit coins from nowhere, the transaction will fail.  A blockchain is literally a record of where every legitimate coin belongs, and no one is going to hack those records of the majority of miners (about 500,000 systems running thousands of different configurations). Yet even with this seemingly bulletproof security, there's still way too many people easily fooled in to opening the front door and letting thieves right in, but that's another story. 

So while no person can suddenly create a bunch of new Bitcoins, the code does this on its own at a rate for healthy growth, and since that rate isn't a secret, there's no surprises. Ironically, Bitcoin is constantly labeled volatile and unpredictable by the media, when it couldn't be more stable, and completely predictable. It's the humans trading it who seem to be constantly switching between buying as much as they can and selling it all off. 

New Bitcoin needs to be created to entice people to mine it, and just enough is created to accomplish that. Satoshi assumed as as time goes on, it would either be dead or growing in popularity, Satoshi set the rate of creating new comes to become LESS as and more people use it. This is a one of Bitcoin's major attractions to economists, bankers and investors, as it greatly raises the odds of Bitcoin having a positive long term outlook.

As time has gone on, the price tag on one of these halving events has a lot more people paying attention to them - the one set to happen next year will significantly reduce the annual amount of new Bitcoins by a whopping 164,250 coins - a dollar equivalent of dropping from $11.5 billion to $5.7 billion.

It's a delicate balance, and the next shake-up may throw some people off...

Mining experts from Blockware Solutions have crunched the numbers following the 2024 halving, examining the impact on different miners with a range of different hardware, and their report discovered a very a real risk for those running older, less efficient systems. 

The study even priced Bitcoin slightly higher than it is today, at $35,000, and used a network hashrate of 420 EH/s - the results show that a staggering 24% of Bitcoin's miners becoming unprofitable, spending more on electricity than they'd earn in Bitcoin - it's safe to assume they'll all just pull the plug. 

The survival of the fittest will be evident as only those miners equipped with the latest technology will thrive. Older rigs, with their diminishing efficiency, will need to be able to sell Bitcoin their Bitcoins at considerably higher prices, especially if electricity costs spike.

The Silver Lining For Bitcoin HODLers...

There's a popular belief that with fewer Bitcoins entering the market, demand might outstrip supply, potentially driving up prices. The low efficiency miners that would be eliminated are also typically the ones who immediately sell everything they earn, so removing their constant supply of new coins to the market could be good for anyone holding bitcoin.  

Blockware Solutions' comprehensive report also illustrates how cutting-edge equipment like the Antminer S19 and Antminer S19XP have a lower threshold for profitability and should continue to bring a profit for miners using them post 2024.

When you hear those estimates of "$1 million bitcoin" - this is what they're talking about, and why the dates they give are 15-30 years away.  Because with a steady, fairly reasonable growth rate, 20 years from now Bitcoin could be incredibly popular, and the supply of new coins so small, the only option buyers will have is to will continually raise the amount they're willing to pay.

The more difficult it becomes for someone to get Bitcoin, the tighter  HOLDers will grip on to what they have.

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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Asking to remain unnamed 'because this could still be anyone from some 17-year-old who got lucky, to a group of military-grade hackers from a rogue nation' one of the co-creators of one of the major mining pools involved shared this breakdown of what's been happening behind scenes over the last few days following the massive hack of DeFi platform Curve.

On Sunday, August 6, the deadline expired for what would be most hackers' dream come true - an offer to return 90% of the stolen funds and keep the remaining 10% of the approximately $62 million stolen, without repercussions. 

However, things didn't go as straightforward as one might expect...

I assumed we would either see those terms being met, or none of it returned. Why give some back if it's not enough to stop a global manhunt where you are the target? Especially when the offer includes keeping a few million.

But that's what happened, as most of the funds were returned, but they remain target of an investigation that just went in to overdrive, first by re-allocating some of the funds they were prepared to let the hacker keep, now going towards the bounty offered for information that leads to his location.

Starting August 5th, the individual or group responsible for the Curve protocol hack began transferring funds back to one of the impacted pools, Alchemix Finance. This saw a return of $22 million, divided into 7,258 ethers (ETH) and 4,821 alETH.

Moreover, another operation enabled Metronome to recover $13 million, adding another layer of complexity to the unfolding events.

The JPEG'd pool, having experienced a full return of their stolen assets amounting to $11.5 million (5,495.4 Wrapped Ethers or WETH), announced they would not pursue legal action. Instead, they labeled this a “white hat ransom” and agreed to the initial offer, rewarding the hacker with the promised 10%.

That left roughly $18 million still missing - so as the hacker's offer expired, Curve announced a public reward of $1.8 million (10% of the total value) for information leading to the recovery of the remaining funds. 

If the hacker told any friends, he better hope they like him more than a $1.8 million payout...

Anything being returned is a sign that whoever these hackers are, they're probably not working for their home government, and without that level of protection, they may discover things are a lot harder than expected for internationally wanted criminals with $2 million rewards attached to them - spending any of that stolen crypto may bring them more paranoia than enjoyment.

But Curve says there's still one way they would be willing to take their search off the table - if the hacker decides to return the full amount - the 'keep 10%' part is no longer a part of the deal.

Curve's primary focus has now shifted from trying to resolve the situation, to hunting down and "relentlessly pursuing" the individual or group responsible until they are apprehended.

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Author: Jules Laurent
Euro Newsroom | Breaking Crypto News 

US Prosecutors Seek to Put Sam Bankman-Fried in Jail Before His Trial:

US prosecutors are seeking to detain Sam Bankman-Fried before his trial. He's currently released under an agreement to remain in his parent's Palo Alto home until trial.

Decentralized Cloud Platform Aethir Closes Pre-A Funding Round at $150M Valuation:

Aethir, a decentralized cloud infrastructure platform, has successfully closed its Pre-A funding round, reaching a valuation of $150 million. A sign major investment is returning to blockchain startups.

Singapore High Court says Crypto is Should be Considered Property:

In a landmark decision, the Singapore High Court has recognized crypto as legal property. This ruling provides protection to cryptocurrency holders and could influence how other nations regulate
 cryptocurrency.

Market Movement:

In a significant development for the cryptocurrency sector, a U.S. judge has ruled that Ripple's XRP is not a security. This decision has led to a substantial surge in the value of XRP, with the cryptocurrency experiencing a 23.37% increase in the last hour following the announcement. This is a major breakthrough for Ripple and its XRP token, which have been embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) over the status of the token.

The SEC had previously claimed that Ripple conducted an unregistered securities offering by selling XRP. The classification of a digital asset as a security has far-reaching implications, as it brings the asset under the regulatory oversight of the SEC.

The implications of this ruling extend beyond Ripple and XRP. It provides much-needed clarity in the often ambiguous realm of cryptocurrency regulation, potentially paving the way for other digital assets to argue that they too should not be classified as securities. This could lead to a broader acceptance and integration of cryptocurrencies into the mainstream financial ecosystem.

Current SEC Chair Gary Gensler, Widely Regarded as the Worst Leader the Commission Has Had in Years, Was Just Put in His Place...

That's not bias opinion from someone in crypto, as SEC employee resignations are the highest they've been in years, and the former employees cite his poor leadership the reason they left. Even some of the employees who are still there openly criticize him.

But poor SEC leadership can effect crypto more than other investments they have oversight over, simply because there are no laws in place that were written when crypto existed - this means it's up to organizations like the SEC and CFTC to figure out how to apply decades old law to this new emerging tech.

But once the SEC attempts to use one of those old laws against a crypto company, the company can still try to fight back by challenging the decision in court - and the courts ruling becomes new law that applies to anyone that could use the same defense.

Gensler's strange leadership and mixed messages has accomplished nothing but to confuse investors - and the strange thing is, that often seems to be his actual goal, as he's never explained in person or in writing what he believes the rules are.  So the only way to figure the rules out were to watch his actions. 

Unfortunately, his actions were things like approving Coinbase to be traded on the stock market, then suing Coinbase calling their entire business illegal, claiming every coin but Bitcoin was an unlicensed security that Coinbase was not licensed to trade.

At the same time, licenses did not, and still do not exist. There is no way for a company to even begin applying for one. 

Confused? So were may investors, who have held off on getting in to the crypto market while someone like Gensler has authority over it.  But with today's ruling, some limits have been put on how far Gensler could go, as XRP and other coins with similar business models now legally become out of his reach.  Remember, he's the head of the Securities and Exchange Commission - and the ruling was that Ripple's XRP is not a security.

The rise we've seen today appears to be the immediate reaction of those already in the market celebrating by buying more.

Now I'm watching for a second wave of new investors that are now confident enough in crypto's future to invest. 

The immediate market reaction to the ruling underscores the importance of regulatory clarity for the performance of digital assets. The sharp increase in XRP's price following the announcement demonstrates the positive impact that such legal victories can have on a cryptocurrency's value. Investors and traders are likely to closely monitor further developments in this area, as they could have significant implications for the broader cryptocurrency market.

In conclusion, the ruling that XRP is not a security is a landmark decision in the world of cryptocurrencies. It not only benefits Ripple and XRP holders but also has broader implications for the cryptocurrency market as a whole. The decision could potentially influence the regulatory approach towards other digital assets and shape the future of the cryptocurrency industry.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

Bitcoin might just soar to a whopping $120k by 2024's finale. That's what the big brains at Standard Chartered Bank are saying. Those outside of the UK may not understand exactly who that is - this bank is massive here, with 85,000+ employees and locations across the country.

They reckon Bitcoin's price rises, miners will be stashing away more than they're selling. Throw in all the new instructional investment coming in - and you end up with a lot of buyers fighting over a very small, and shrinking supply of BTC being sold. 

Back in April, the same bank forecasted Bitcoin could hit $100k by 2024, thinking we were out of the dreary 'crypto winter'. But now, the bank's head of crypto research, Geoff Kendrick, says there's a chance it could go beyond that.

Why's that? Well, Kendrick explains, with every Bitcoin they mine being more valuable, miners can sell fewer of them and still keep the cash flowing in. This means less Bitcoin in the market, pushing the price even higher. Simple supply and demand.

Bitcoin's had a strong year, rocketing up 80%...

But at the current price of $30k and change, we're till a far cry from the record $69k it hit last November.

2022 was rough, with heaps of dollars wiped off the sector as central banks got tough with interest rates and big crypto names like FTX exchange crashed and burned. But surprisingly, this year's failure of some old-school banks has actually helped crypto bounce back.

The More Bitcoin is Worth, the Less Miners Sell to Cover Costs...

The bank thinks the predicted price hike is because Bitcoin miners, who create about 900 new Bitcoins a day globally, might soon need to sell less of their stash to cover their costs - mostly the electricity needed to power their monster network of mining rigs..

According to Kendrick, miners are currently selling most of their newly minted coins. But if the price reaches $50k, they'd probably only need to sell 20-30%. So instead 900 new bitcoins hitting the market daily, only 180 to 270 would.

"Over a year, that's like reducing the number of coins miners sell from 328,500 to somewhere between 65,700 and 98,550 - meaning about 250k less Bitcoins flooding the market each year," Kendrick explains.

250,000 Less Bitcoins For Sale Means Buyers Will Have Convince Others to Sell - That Means Offering More Money...

And in another twist, come next spring, the total number of Bitcoins that can be mined each day is set to halve. It's part of Bitcoin's in-built design to limit the supply and keep its appeal.

But let's not forget that Bitcoin has a history of wild price guesses. Back in November 2020, a Citi analyst said Bitcoin could climb as high as $318k by the end of 2022. It ended up closing that year down about 65% at $16,500. So take all these predictions with a pinch of salt.
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