The new venture is expected to increase revenue and “optimize” its product offering structure.
Bitcoin
Policy & Regulation
Congress worries crypto used to fund domestic terrorism, Capitol insurrection
A U.S. Congress subcommittee is investigating if domestic extremists are turning to cryptocurrency as a source of funds for their activities.
On Feb. 25, the Subcommittee on National Security, International Development, and Monetary Policy will hold a hearing titled “Dollars Against Democracy: Domestic Terrorist Financing in the Aftermath of Insurrection.” A committee memorandum ahead of the hearing stated that “as scrutiny by traditional banks and payment platforms increases, extremists are turning to solicitations of cryptocurrencies.”
The memorandum lumps cryptocurrencies with other potential avenues for illicit activity financing including crowdfunding, charities, and social media platforms. Two main incidents are used to suggest crypto may have helped fund the Capitol insurrection.
Specifically, on Dec. 8 a French extremist who committed suicide sent 28.15 BTC (worth $522,000 at the time of transfer) to 22 addresses with many belonging to known far-right activists and internet personalities.
More than $250,000 of the BTC…
Cryptocurrency traders and investors in India are among the latest casualties in an increasing trend of personal account closures by global banking operations.
India’s parliament is currently contemplating a nation-wide crypto ban which local industry critics, such as former Coinbase CTO Balaji Srinivasan have compared to “banning the internet for five years.”
The Economic Times reports that customers of private banks in India, such as HDFC, HSBC and Citi, have been receiving notices this year asking them to clarify crypto-related transactions, often requiring them to visit their local bank branch in person. If such clarification is not received, accounts are at risk of being suspended or seized. One letter to an affected customer states:
“To comply with the regulatory guidelines, banks are advised to exercise due diligence by closely examining the transactions carried out in the account on an ongoing basis to…
Bitcoin
Blockchain
Markets
Opinion
Tech
Solana (SOL), Cosmos (ATOM) buck the trend to hit new highs after protocol upgrades
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Bitcoin’s (BTC) sharp correction below $45,000 sent shockwaves throughout the entire market for a second day and many altcoins are fighting to hold the gains they’ve accrued since the start of the year.
Two exceptions to the current downturn are Solana (SOL) and Cosmos (ATOM), which have both managed to experience minor price breakouts following recent bullish developments for each project.
Data from Cointelegraph Markets and TradingView shows that SOL and ATOM saw initial price dips in the early trading hours of trading on Feb. 23 but both were able to quickly bounce back and outperform the wider market for the day.
Solana receives a boost from DeFi integrations
Solana price broke out on Feb. 22 when Raydium, the first automated market maker (AMM) for the Solana blockchain, was launched. The AMM platform enables faster trades, shared liquidity and new ways for token holders…
Another wave of selling pressure hit the cryptocurrency market on Feb. 23 as Bitcoin struggles to reclaim the $49,000 level.
Data from Cointelegraph Markets and TradingView shows that Bitcoin fell under intense pressure in the early trading hours on Tuesday and this pushed the price of BTC as low as $44,927 before buyers arrived to stop the descent.
The majority of altcoins and DeFi tokens are now even deeper into their double-digit losses and Bitcoin (BTC) price has dropped by more than $10,000 in the past 48 hours.
At the time of writing, BTC is trading at a price of $48,600, which reflects a 11% decrease for the day, but according to Cointelegraph analyst Marcel Pechman, pro traders have looked to buy the dip and opened new leveraged long positions.
Today’s market downturn has overshadowed several positive developments…
Financial services outfit Square just announced it has picked up more Bitcoin (BTC).
Square “has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million,” the company said in a public statement on Tuesday, adding:
“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”
Bitcoin has fallen significantly this week so far, dropping below the $50,000 mark after tapping a record high past $58,000, based on TradingView.com data. Based on the $170 million sum Square swapped for about 3,318 BTC, the outfit looks to have paid an average of $51,235 per coin on its new investment.
“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global…
Bitcoin
Blockchain
Tech
Bitcoin mining likely didn’t contribute to Texas’ power outages, says expert
Though many Texans are still suffering in the aftermath of a winter storm that left millions without power and running water for days, it’s unlikely that the crypto mining farms in the state played much of a role during the crisis.
Speaking to Cointelegraph, Kristy-Leigh Minehan, a mining consultant and chief technology officer of NEM Software, said Texas doesn’t currently have enough mining hardware in operation to cause significant problems in the power grid when compared with that of major regions like Sichuan.
According to Minehan, German Bitcoin (BTC) mining operator Northern Data is likely the only one that could have had a significant impact on the state’s power supply. The firm owns a mining farm in East Texas, with others like HODL Ranch and Layer1 out in West Texas. The mining expert added that the hashrate in Texas is not enough to disrupt the state’s energy grid, which includes…