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2022-07-23 16:55:08 Mike Novogratz warns that 200X returns from crypto are ‘not normal’

Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital has warned that making more than 200X returns on crypto investments is simply “not normal.” Speaking at the Christie’s Art + Tech Summit in New York on Wednesday, Novogratz warned listeners about the steep volatility of the crypto industry. Novogratz also hasn’t been shy when it comes to handing out criticism of the crypto industry. On Tuesday he vented his frustrations about the ineptitude and poor practices in the sector that have recently come to light to the attendees of the Bloomberg Crypto Summit.

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2022-07-22 19:15:08 Vitalik Buterin considers Ethereum development only ‘55% complete’ after The Merge

Ethereum founder Vitalik Buterin sees Ethereum’s history moving off-chain to reduce the protocol’s complexity. Speaking on the main stage of EthCC on July 21 about the long-term future of Ethereum, Vitalik stated that Ethereum is going through a transitional state and its development is only “40% complete.” The merge is coming around September when Ethereum finally moves to proof of stake, the surge relates to the implementation of sharding, the verge brings in verkle trees, the purge will reduce the hard drive space needed for validators, and the splurge will do “all the other fun stuff.”

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2022-07-21 18:20:10 Tesla breaks even on Bitcoin sale, Musk confirms no Dogecoin was sold

Tesla released its Q2 2022 financial report on July 20, which showed the company had sold 75% of its Bitcoin holdings, netting $936 million in the process. However, during the accompanying investor call, Tesla CEO Elon Musk said the company did not sell any of its Dogecoin. Meanwhile, Max Keiser reposted a video from last year’s Bitcoin Miami conference in which he repeatedly said, “we’re not selling” and “f*ck Elon,” while on stage with Michael Saylor. The video was a response to Musk’s concerns about Bitcoin’s environmental impact and the decision to stop taking BTC for car purchases.

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2022-07-20 18:50:06 Gemini eyes further staff cuts to control costs amid crypto winter

Seven weeks after announcing a 10% headcount reduction to survive the winter, crypto exchange Gemini is going for the second round of layoffs to fire another 15%, to cut the costs even more, TechCrunch reported, citing sources. Gemini founders Cameron and Tyler Winklevoss did not comment on the subject yet. A firing spree in the cryptosphere started with Gemini’s first layoff announcement in early June. Soon after, many crypto companies announced they were downsizing, including Coinbase, Crypto.com, Robinhood, BlockFi, and Bitmex. Meanwhile, the U.S. Financial Industry Regulatory Authority (FINRA) announced it is on the lookout to hire people who a crypto firm recently laid off.

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2022-07-19 16:40:06 Paraguay’s crypto framework one step away from becoming law

The Paraguayan Senate passed a bill on July 14 establishing a tax and regulatory framework for businesses operating in the cryptocurrency and the crypto mining sectors.The bill, introduced last July by Senator Fernando Silva Facetti and passed in Congress in May before reaching the Senate. Local news outlet ABC reported on July 14 that companies that operate in the crypto industry would be treated the same as those dealing with securities for tax purposes.

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2022-07-18 17:30:57 BTC mining costs reach 10-month lows as miners use more efficient rigs

The cost of mining one Bitcoin (BTC) has fallen to ten-month lows as mining hardware becomes more efficient, and difficulty has dropped 6.7% since its May peak. On Wednesday, strategists from JPMorgan led by Nikolaos Panigirtzoglou told investors that Bitcoin production costs have fallen to around $13,000 from $24,000 at the beginning of June. This is the lowest it has been since September 2021, according to the analysts citing a chart from Bitinfocharts, and comes as mining difficulty has fallen from its May highs of 31.25T to 29.15T. They added that the production cost is perceived by some analysts as the lower bound for the BTC price range in a bear market.

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2022-07-17 20:06:02 On-Chain Data Shows Bitcoin Miners May Be Preparing To Dump

On-chain data shows Bitcoin miners withdrew a large amount of coins from their wallets yesterday, suggesting they may be planning to sell them.As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve observed a plunge during the past day. The “miner reserve” is an indicator that measures the total amount of Bitcoin currently stored in the wallets of all miners.When the value of the metric rises up, it means a net number of coins are entering into miner wallets at the moment.

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2022-07-16 20:39:02 Celsius ‘much like a literal Ponzi scheme’, class action suit alleges

Following its filing for bankruptcy just weeks after freezing customer withdrawals, troubled cryptocurrency lending firm Celsius Network LLC has been slapped with a proposed class action suit accusing the company of a Ponzi-like con job. Indeed, the class action, proposed to a federal court in the U.S. state of New Jersey, alleges that Celsius incurred $10 billion by selling unregistered securities in a Ponzi scheme and convinced investors to purchase its financial products at inflated rates, Law360 reported on July 14.

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2022-07-15 20:10:06 CoinShares Unveils Staked Algorand ETP on Deutsche Boerse

According to the official press release, the new crypto investment product will launch on Germany’s primary market, Xetra, operated by Deutsche Boerse. CoinShares Physical Staked Algorand, under the ticker RAND, will utilize the firm’s proprietary technology platform, Galata, that enables investors to earn. Despite the volatility across digital asset markets in recent weeks, CoinShares’ Head of Product – Townsend Lansing – revealed the demand for its product continues to grow, especially the range for bankruptcy-remote, physically-backed staked ETPs.

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2022-07-14 19:01:39 Mastercard partners with Indonesian crypto gateway to drive financial inclusion

Financial services firm Mastercard has partnered with crypto gateway provider Fasset to co-develop digital solutions that may drive adoption in Indonesia. The collaboration aims to expand financial inclusion in the country and extend opportunities to its local economy. In an announcement, Navin Jain, the country manager for Mastercard Indonesia, said that will support Fasset's efforts to advance financial inclusion within the country. According to Jain, the partnership will help locals to have more access to digital technologies. Hendra Suryakusuma, an executive at Fasset, told Cointelegraph that there is an unbanked population of 92 million in Indonesia.

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