The epicenter of Bitcoin mining has called it quits. On Sept. 24, China’s Central Bank declared all crypto-related transitions illegal, citing concerns about gambling fraud and money laundering. The move sparked a sharp drop in markets; some investors raced to dump their holdings, and the price of Bitcoin fell nearly 10% after the announcement, before quickly regaining some lost ground.
El Salvador’s President Nayib Bukele has already marked a historic moment in Bitcoin’s evolution when the country declared the cryptocurrency legal tender. Then he followed that up with plans for El Salvador to use geothermal energy from volcanoes to mine BTC, saying that a state-owned company could provide mining facilities with affordable and green energy.
Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market. As part of the inquiry, officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance’s business, according to people with knowledge of the matter who asked not to be named because the probe is confidential. Led by Changpeng Zhao, a charismatic tech executive who relishes promoting tokens on Twitter and in media interviews, Binance has leap-frogged rivals since he co-founded it in 2017.
Vitalik Buterin, co-founder of the Ethereum crypto network and the world’s youngest known crypto billionaire, has donated over $1 billion worth of meme coins to India’s Covid-19 relief fund as well as a number of nonprofit organisations battling the country’s aggressive second wave. A large portion of Buterin’s donation was made using massive amounts of dog-themed ‘meme coins’, which had been gifted to him for free by the creators of the Shiba Inu coin (SHIB), Dogelon (ELON) and Akita Inu (AKITA), Forbes reported. He donated 50 trillion SHIB tokens, worth around $1.2 billion to the India Covid Relief Fund, founded by entrepreneur Sandeep Naliwal.
Chromium-based web browser Opera is all set to fully integrate with blockchain domain name provider Unstoppable Domains in a bid to provide millions of its users with decentralized web access. Opera users will now be able to access decentralized websites hosted via IPFS using Unstoppable Domains’ popular .crypto NFT addresses from the Opera browser. This will include platforms such as iOS, Android, Windows, Mac or Linux. Right now, Opera has over 320 million monthly active users across its offerings, following the addition of a crypto wallet to its browsers in 2019.
Elon Musk has hit back at a critic who claimed he pumped and dumped Bitcoin to “make a fortune” after Tesla reported first quarter earnings that surpassed market expectations. The electric carmaker reported net income of $438 million for the quarter ending in March, while total revenue grew 74 percent year-on-year. Analyst estimates had put total earnings at 79 cents per share, but Tesla ended up reporting 93 cents per share.
Crypto adoption is on the rise in South America, where Argentinians have opened at least two million crypto trading accounts, while Peruvian traders have broken new ground. Per Infobae, a “number of industry sources reported” that Argentines have been increasing their crypto buying in recent months. However, the media outlet noted that the experts agreed the market was in an “experimental stage” that meant that “two million accounts does not equate to two million active customers.”
The leading U.S. crypto exchange, Coinbase, is on the brink of a direct listing for shares in the company on NASDAQ, opening it up to scrutiny in the public equity market and demonstrating the extraordinary demand for cryptocurrency. Its staggering first-quarter results have all but guaranteed this stock-market debut will be one for the history books, with analysts estimating the company’s value in the tens to hundreds of billions. But how long can Coinbase thrive as more and more financial activity moves online natively? What happens to the original fiat-to-crypto on-ramp when people stop needing on and off ramps because all the money they earn and all the places they spend it are on the leaderless record-keeping systems known as blockchains?
Blockchain data shows bitcoin (BTC, +0.41%) miners are accumulating coins and adding to bullish pressures in the market for the first time since December. Analytics firm Glassnode’s miner position change metric, which gauges the 30-day change in the supply held in the miners’ addresses, recently turned positive in a sign of renewed holding by those responsible for making coins. The balance held in miner wallets has increased by 4,435 BTC to 1.806 million over the past two weeks, Glassnode’s data shows.
Goldman Sachs CEO David Solomon has said that he thinks the Bitcoin and digital currency world will soon experience a “big evolution,” particularly regarding regulations in the United States. He didn’t reveal much about what Goldman Sachs was doing when it comes to Bitcoin, suggesting that the current regulatory landscape in the US prevents the bank from doing so. But Solomon did make it clear that Goldman is keeping a close eye on crypto—due to growing client demand.