Category Archives: Cryptocurrency News

Hong Kong may ban exchanges from working with retail investors

Hong Kong regulators intend to ban cryptocurrency exchanges from operating in the region without a license, as well as providing services to non-professional investors. Hong Kong authorities are concerned that cryptocurrencies may be used for money laundering. Particular attention is planned to be paid to the protection of user accounts due to the high volatility of bitcoin along with other cryptocurrencies. Regulators have previously been wary of digital currencies. Given the current market situation, they…

CedarFX – Trade with the First Eco-Conscious Broker

It’s not every day that you come across a broker with a vision to make a positive impact beyond the world of finance. CedarFX, however, is changing that perception. The leading online broker has recently launched a revolutionary Eco Account option to its traders, making it the first-ever Eco-conscious broker to exist! Through their various account options, CedarFX is dedicated to helping traders reach higher by offering ultra-high leverage and low spreads. Traders can get…

Nym Developers launched staking on the Finney testnet to counter spam attacks

Nym Technologies has announced the launch of staking on the Finney public testnet. The developers believe that this will help counter the spam attacks that the network was subjected to in the past year. The developers of the Nym project are creating a Data Mixing Network, a tool for hiding metadata at the network level. Network security is ensured by a decentralized network of nodes. According to the developer, the system provides “complete” confidentiality, allowing…

In the US, firms may be required to report cryptocurrency transactions over $ 10,000

President Joe Biden’s administration has proposed requiring cryptocurrency firms to notify the IRS of digital asset transactions over $ 10,000. The US Treasury Department released a report outlining tax compliance initiatives to close the tax gap. We are talking about the difference between the estimated amounts of taxes and those actually received. According to the US Treasury Department, in 2019 the state treasury “lost” $ 600 billion. If this problem is not dealt with, in…

Swiss digital bank Sygnum will become a custodian for storing ICP tokens

The Swiss bank Sygnum has launched custody services for the ICP token of the DFINITY project. It is planned to connect spot trading and lending. Sygnum co-founder and board member Manuel Krieger said ICP holders can store tokens in special secure wallets of the bank. Sygnum also intends to launch ICP spot trading, and later options on this crypto asset. In the future, the bank plans to offer loans in ICP, which will allow clients…

BlockFi mistakenly credited bonuses in bitcoins instead of GUSD

Several users of the BlockFi cryptocurrency loan service unexpectedly received gifts in bitcoins One of the users received more than $ 28 million. According to the rules of the promotion, bonuses are paid “as a lump sum in the form of GUSD”. It looks like the BlockFi programmers got it wrong and some users got Bitcoin bonuses. One of them shared a screenshot with over 700 BTC credited, which at the current exchange rate is…

Ethereum Developers disclosed information about the fixed critical vulnerability

The Ethereum Foundation has released information on the vulnerability fixed in the Berlin hard fork. The vulnerability was discovered back in 2019 and could lead to the shutdown of the Ethereum blockchain. According to a blog post by the Ethereum Foundation, a vulnerability was discovered two years ago that posed a “serious threat to Ethereum” and was fixed after the Berlin hard fork was activated last month. The threat was a “public knowledge” and the…

China’s Inner Mongolia Province Invites Residents to Fight Illegal Mining

The authorities in the Chinese province of Inner Mongolia are urging local residents to report illegal activities of cryptocurrency miners in order to reduce electricity consumption. Regulators in Inner Mongolia have long been trying to tighten controls over the mining industry. In March, regulators proposed to completely ban the mining of cryptocurrencies in the province to save electricity. In another attempt to “crowd out” miners, the Inner Mongolia Development and Reform Commission (DRC) has presented…

Largest Bitcoin Mining Pools Voted To Update Taproot

The ten largest Bitcoin mining pools have signaled in favor of activating Taproot. In general, the update was supported by pools that control over 87% of the network hashrate. To activate, it remains to collect only 3%. The vote to roll out Taproot, the largest Bitcoin update in years, continues. All ten largest Bitcoin mining pools have expressed support for the upgrade. Preparations for activating Taproot began as planned on May 5th. Mining pools, representing…

Galaxy Digital: “banks spend twice as much electricity as bitcoin”

According to Galaxy Digital researchers, the traditional banking system and the gold mining industry each separately consume twice as much electricity as the Bitcoin network. Specialists of the mining division of Galaxy Digital, owned by Michael Novogratz, published a report “On Energy Consumption by Bitcoin Miners: A Quantitative Approach to a Subjective Question.” According to their estimates, the annual electricity consumption for bitcoin mining is 113.89 TWh. This includes the energy consumed by miners, pools…