Market News

Texas GOP Aims to Enshrine Crypto in State’s Constitution
Texas GOP Aims to Enshrine Crypto in State’s Constitution

The Texas GOP is aiming to add a crypto-related amendment to the state’s constitution. The amendment would protect Texans’ right to own cryptocurrency. Critics, however, argue that digital currencies are often used for illegal purposes. The Texas GOP platform calls for the state’s Bill of Rights to include a clause allowing citizens to own, hold and use whatever medium of exchange they decide, including digital currency. The current version of the Bill of Rights does not explicitly protect the digital currency, and some members of the Texas GOP believe that this could open the door for the government to one

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Samsung-is-Working-on-New-Chip-to-Power-Efficient-Bitcoin-Mining
Samsung is Working on New Chip to Power Efficient Bitcoin Mining

Samsung’s new chip can boost efficiency for mining Bitcoin (BTC).  The chip will deliver 45% reduced power consumption.  It will be 3 nanometers in area and will be 23% more powerful. Samsung’s new chip will power a stronger and more efficient way to mine Bitcoin (BTC). In particular, the Bitcoin mining chip will be more power efficient. To be exact, it will offer 45% more power efficiency. It will also be 23% more powerful.  In detail, Samsung has begun production of its chip capable of greater Bitcoin mining power. Specifically, the chip production is using 3nm process technology with GAA

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Dubai-Launches-Metaverse-Strategy,-Opens-Over-40K-Virtual-Jobs
Dubai Launches Metaverse Strategy, Opens Over 40K Virtual Jobs

Sheikh Hamdan, Crown Prince of Dubai, announces Dubai’s Metaverse Strategy. This will create a foundation for over 1,000 companies to operate in the metaverse. It will also open the city up to over 40,000 virtual jobs. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai announced Dubai’s official Metaverse Strategy today. Dubai has taken the blockchain and crypto space to a whole new level in the UAE, it seems fitting that the metaverse is next on its vision board.  In detail, the Dubai Metaverse Strategy aims to create a foundation for over 1,000 companies to operate

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India’s-Central-Bank-Seeks-to-Ban-Cryptocurrencies-in-India
India’s Central Bank Seeks to Ban Cryptocurrencies in India

he Government of India wants to ban cryptocurrencies in the country. FM Sitharaman told the parliament that the RBI was concerned about the effects of crypto in the country. Earlier this year, India imposed 30% tax on crypto transactions and profits. The turmoil of cryptocurrency has been rising in India after its government said the central bank of India demanded cryptocurrencies to be forbidden in the country.  On Monday, India’s finance minister Nirmala Sitharaman told the parliament that the Reserve Bank of India has suggested “framing the legislation” on the crypto sector and was looking to “prohibit” cryptocurrencies. The statement

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Andorra-has-approved-regulatory-framework-for-Bitcoin
Andorra Approves Bitcoin Regulatory Framework

Andorran government approves regulatory framework for Bitcoin and other digital currencies. The government of Andorra seeks to establish itself as a center for Bitcoin firms. Andorran Regulations set to develop the nation as a fintech and digital business powerhouse.   The government of Andorra, one of the tiniest microstates in the world, wants to establish itself as a center for Bitcoin firms. In order to clarify their legal status and encourage private investment in this microstate, the Andorran government has adopted a legislative framework for Bitcoin and other digital currencies. The General Council of the Principality of Andorra enacted the

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The-Bank-of-America-Drops-33%-of-Profits-in-a-Year,-Is-Crypto-to-Blame
The Bank of America Drops 33% of Profits in a Year, Is Crypto to Blame?

The Bank of America fell by 33% in profits this Q2 in comparison to last year’s Q2. It fell from $9.2 billion in Q2 2021 to $6.2 billion in Q2 2022. Traditional and CeFi firms are struggling as more crypto adopters take cautious measures. The Bank of America saw a profit of $6.2 billion in Q2. This indicates a 33% fall in profits as the entity saw a profit of $9.2 billion in the same quarter of 2021. Looks like the crypto industry isn’t the only industry facing a difficult financial winter.  Based on the responses to the tweet, it

2 mins read
Yachtzoo-Supports-Cryptocurrency-Payments
Yacht Brokerage Yachtzoo Now Accepts Crypto Payment via Bitpay

Luxury yacht brokerage company Yachtzoo announces partnership with crypto payment services provider Bitpay. The partnership allows acceptance of crypto payments for buying, selling, and chartering yachts. Bitpay only charges 1% transaction fees on yacht deals with Yachtzoo. The Monaco-based luxury yacht brokerage Yachtzoo disclosed that its company is working with BitPay, the leading cryptocurrency payments company who began modernizing the operations of businesses in 2011. Based on the company’s website, the luxury yacht services provider will integrate Bitpay in order for customers to use cryptocurrencies as a payment method. The collaboration allows the customers to buy, sell, and/ or charter

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US-SEC-Commissioner-Allison-Lee-Steps-Down
US SEC Commissioner Allison Lee Steps Down

SEC Commissioner Allison Herren Lee Announces Departure (Sorta). Lee was sworn in as an SEC Commissioner on July 8, 2019. Allison has been a stalwart advocate for strong and stable markets Allison Herren Lee stepped down from her position as the Commissioner of the Securities and Exchange Commission (SEC). Lee announced her planned departure in March of this year with plans to take up a visiting professorship in Italy. According to the New York Times, she had delayed the opportunity to take a seat on the Commission in 2019. .  Prior to serving as a Commissioner, Lee spent over a

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Putin Signs Law to Allow Bitcoin and Cryptocurrency Mining in Russia
Putin Signs Bill Outlawing Cryptocurrency Payments in Russia

Russian President Vladimir Putin signed a bill that bans the use of digital financial assets. Russians will not be allowed to use digital assets to pay for goods and services. Digital asset exchanges will have a given time to comply with the new law. According to Russian business media outlet RBC, Russian President Vladimir Putin signed a bill that bans the use of digital financial assets (DFA) such as Bitcoin and digital utility rights (DPR) as a method of payment in Russia. After being published in the government’s gazette, the legislation will go into effect 10 days later. The bill

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OMNI Gears Up for Big Move, Analysts Predict $13 and $20 Potential Post-Breakout
Is It Bottom Already? Crypto Analyst Says Otherwise

The crypto market is seeing price surges, as the combined market capitalization is about to hit $1 trillion again. Crypto analyst il Capo of Crypto believes the bottom is not yet in. Meanwhile, SBF believes the worst is over for the crypto market. The crypto market is all-green once more, as most cryptocurrencies including Bitcoin and Ethereum are now witnessing slight upticks.  For example, Bitcoin is currently trading at $21,509.69, according to CoinGecko. This is a 24-hour increase of 5.5%. Meanwhile, Ethereum is trading above $1,240, a convincing 6.8% surge in the last 24 hours and 13% in the last

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Crypto-Abuzz-as-SBF-Makes-“Worst-Is-Over”-Remark
Crypto Abuzz as SBF Makes ‘Worst Is Over’ Remark

Sam Bankman-Fried said the worst of the liquidity crunch is over. FTX has purchased BlockFi for $25 million. FTX also partnered with Ledger to enable exchange users to swap using Ledger Live. The crypto market is hyped anew as FTX CEO Sam Bankman-Fried said bullish remarks on top of major announcements. In an interview with CNN, Bankman-Fried, more popularly known simply as SBF, said that the worst of the liquidity crunch is over. SBF referred to the demise of various cryptocurrency and blockchain firms as a result of the ongoing crypto winter. He implied that these struggling firms have either

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Crypto-Lending-Firm-Babel-Finance-Freezes-Withdrawals-Due-to-Crypto-Market-Crash
Babel Finance Freezes Withdrawals Due to Crypto Market Crash

Babel Finance temporarily freezes withdrawals of cryptocurrencies on Friday. The crypto lender failed to pay its clients due to the recent crypto market meltdown. Fear from crypto meltdown, withdrawal freezes from firms, and depegging might increase redemptions from other companies. Babel Finance momentarily freezes the withdrawals and redemption of cryptocurrencies from its platform on Friday. As per the report of CNBC, the action took place after the firm struggled to pay its clients caused by the recent crypto market meltdown. The value of cryptocurrencies in the past few weeks has tumbled after the investors dump their assets, due to the

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