Category Archive : United States

BoE Governor Bailey Shares ECB President Lagarde’s Anti-Crypto Views

Key Insights:

  • The TerraUSD and Terra LUNA collapse has given central banks a platform to deliver crypto warnings.
  • On Monday, Bank of England Governor Bailey talked of cryptos having no intrinsic value.
  • Bailey’s comments follow ECB President Lagarde’s comments from the weekend. Lagarde said that cryptos are worthless.

This week, Bank of England Governor Bailey talked crypto. In the week ending May 13, the crypto market experienced its first major ‘Lehmanesque’ collapse.

Stablecoin TerraUSD (UST) lost its peg to the dollar in a collapse to an all-time low of $0.04, sending Terra LUNA into oblivion.

The Terra collapse led to a broad-based crypto sell-off, wiping out $472 billion from the crypto market and a bitcoin (BTC) slide to a May 12 low of $26,591.

In the wake of the market collapse, central bankers seized the opportunity to crypto-bash.

Bank of England Governor Bailey Goes Anti-Crypto, again

On Monday, former government advisor Jimmy McLoughlin interviewed Bank of England Governor Bailey on Jimmy’s Jobs of the Future. The 49-minute podcast included questions on Russian sanctions, the economy, and cryptocurrencies.

Bailey said that products like bitcoin were not “practical means of payment.”

Governor Bailey also took the opportunity to send a warning on cryptocurrencies, stating that they have no “intrinsic value” while noting they do have “extrinsic value.”

The BoE Governor also explained the value of digital assets by saying, “people collect all sorts of things.”

While negative on cryptocurrencies, Bailey acknowledged the benefits of the underlying technology that supports the transformation into digital currencies.

Bailey’s comments followed an April interview when the Governor said cryptocurrencies were a “New Front Line” for criminal scams.

The anti-crypto commentary followed ECB President Lagarde, who spoke on Sunday, calling cryptos worthless.

Bank of England Governor Bailey and ECB President Lagarde’s comments come…


Bitcoin Gold’s Unexplained 40% Gain

Image source: Getty Images

A crypto that hasn’t updated its blog for a year tops today’s gainers.

Key points

  • Bitcoin Gold leads the top gainers list, but it isn’t clear what’s behind the increase.
  • Loopring has risen following the release of GameStop’s crypto wallet.
  • Fantom is up on rumors that Andre Cronje may return to the project.

Several top cryptocurrencies edged very slightly into the green this morning as the total market cap gained around 2.5%. But Bitcoin (BTC) continues to hover around the $30,000 mark. In fact, the lead crypto has now registered eight weeks in the red — it’s lowest ever streak of consecutive losses. Plus, the fear and greed index continues to register extreme fear. However, several top cryptos saw double-digit gains in the past 24 hours. Read on to find out more about today’s top gainers.

Bitcoin Gold (BTG) — up over 40%

Bitcoin Gold is today’s biggest gainer, but it is difficult to know what’s driving its increase of over 40% overnight. According to CoinMarketCap data, BTG increased from around $20 to $29 in a matter of hours. Bitcoin Gold says it aims to make Bitcoin decentralized again by changing the mining models. The idea is that people can mine Bitcoin Gold using the graphics processing units (GPUs) in ordinary computers rather than needing to buy expensive hardware.

What’s strange is that there’s no major news from the currency that was formed as a hard fork of Bitcoin in 2017. There have been no updates to Bitcoin Gold’s blog since last May. Its Twitter feed is similarly out of date, and the only recent comments on the Reddit forum are crypto promotions. As an investor, the lack of updated information is a major red flag. Another is that BTG is not…


A deepfake of Elon Musk is trying to scam people out of crypto again

Experts have uncovered a new cryptocurrency scam making the rounds using a deepfake video of Tesla CEO Elon Musk.

Threat actors have created a fake cryptocurrency exchange platform called BitVex that claims investors can get up to 30% returns on their crypto deposits when, in fact, all they do is steal the money that gets deposited.


Why is MMORPG Outer Ring (GQ) crypto gaining attention?

The Outer Ring MMO (GQ) crypto was trending on Monday after being listed on the digital asset trading platform However, as opposed to Monday’s positive rally in the crypto market, the GQ token was trading 11.29% lower to US$0.00761 at 12:01 pm ET.

Also Read: Global cryptocurrency regulatory body on the anvil, says top official

What is the Outer Ring project?

Outer Ring project started three years ago as a “Massively Multiplayer Online Role-Playing Game” or “MMORPG”. It had also launched its tokenized assets. Last year, it launched a videogame called “Outer Ring Saga” based on a novel by Martin Wilsey. 

It is a fantasy cum science-fiction game in the Outer Ring universe. Players can interact, socialize, play, create and build things in a free-to-play mode in the universe. 

Every asset in the game is tokenized, meaning it could be transferred to the real world using its native tokens. The platform ascertains the ownership of the game items ranging from skins, guns, and ships to various other collectibles through NFT technology, says its whitepaper. 

Developed by Windex Technologies OÜ and Nexxyo Labs using the ManiacPanda Games brand of Windex, the platform allows players to choose different roles and play dynamics in various spaces, including planets, stars, spaceships, cities, lands, dungeons, etc. 

Also Read: Why Ampleforth Governance Token’s (FORTH) trading volume surged 2000%?

It offers different experiences for players. While some players can enjoy the PVP shooter experience in the battle arenas and spacecraft war, others may craft items and buildings inside the game and collect materials. 

Outer Ring aims to be the game of the year in 2022. According to the project’s roadmap, in June 2022, it plans to launch Lootbox, and in Q3 2022, it plans to launch an NFT marketplace, merchandise and governance system and complete the DEX listing process. The project aims to use…


Madison Cawthorn Hit With US House Ethics Investigation Over Crypto Promotion

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Bitcoin price: Will it end May with recovery or collapse?

Although the global cryptocurrency market has been convulsed in recent days causing cryptocurrencies such as Terra (Luna) to become worth nothing, in a way Bitcoin has managed to remain stable.

Resistant to instability

The most popular currency of its kind regained the psychological level of $30,000, rising 3.34 percent to $30,066.48 and thus continues to attract new investment with a market dominance of close to 45 percent.

However, experts warn that one should not be too confident that the price of Bitcoin will continue to rise due to the current circumstances of the global economy and with the war.

For Darshan Bathija, CEO and co-founder of Vauld a FE Online, a further depreciation of the cryptocurrency could emerge.

“A further decline to the recent lows that BTC witnessed could present itself,” he indicated.

In this regard, Edul Patel, co-founder and CEO of Mudrex, mentions that the scenario for cryptocurrencies remains unoptimistic.

“Although the uptrend appears to be limited, momentum signals remain negative,” he said.

Imminent reversal

Other analysts speculate that cryptocurrency markets have bottomed and that a reversal is just around the corner.

“On the daily time frame, the BTC chart continues to break through a descending triangle pattern, trading near the bottom of the pattern. We could expect a bounce from this level in the coming days,” noted WazirX Trade Desk.

Meanwhile, Jennifer Lu, co-founder of Coinstore, believes that an unexpected boost from Russia toward bitcoin could change its fate.

“A positive statement issued by the Russian minister around the legalization of crypto as a payment option has brought some joy to the global crypto markets, as Russia has emerged as the biggest supporter of crypto in recent times,” she stressed.


Twelve percent of US held or used cryptocurrencies in past year: Fed

More than 1 in 10 adults in the United States invested in cryptocurrencies or used them to make transactions in the past year, a survey by the Federal Reserve found.

The data are perhaps the most authoritative yet about the level of cryptocurrency use in the U.S. as digital asset investments grow in popularity. The Fed survey, which was conducted in October and November of last year, found that 12% of adults used or held cryptocurrency, including Bitcoin, but just 3% used it for financial transactions.


Additionally, the study revealed that those who hold cryptocurrency as an investment vehicle have disproportionately high incomes, almost universally also use traditional banking services, and have other forms of retirement savings.

The small group that used cryptocurrencies for financial transactions had a much different demographic profile, including people who make much less in income on average than those who use cryptocurrency only for investments. Those who transacted using cryptocurrency were also more likely than the average adult to lack bank accounts and credit cards.

Cryptocurrencies, especially the flagship asset Bitcoin, have exploded in popularity since late 2020 after the start of the pandemic. In early October 2020, Bitcoin was valued at just over $10,000. It then exploded upward to more than $60,000 just a few months later.

Last year was a big year for Bitcoin and other cryptocurrencies. Bitcoin peaked at $69,000 in November, around when the survey was conducted, but it has since fallen in value.

As inflation reached multidecade highs at the beginning of this year and the Fed began hiking interest rates, investors began fleeing the cryptocurrency market in favor of less risky assets. Bitcoin’s value is now resting at about $30,000 — halving its value in just a matter of…


Crypto exchange BitMEX co-founder gets 6 months house arrest for U.S. charges – Metro US

FILE PHOTO: Ilustration shows representations of virtual cryptocurrencies on U.S. dollar banknotes

NEW YORK (Reuters) – The co-founder and former chief executive of the cryptocurrency exchange BitMEX has been sentenced to six months of house arrest after pleading guilty to violating the U.S. Bank Secrecy Act, U.S. prosecutors said.

Arthur Hayes, 36, will also pay a $10 million fine and serve two years of probation following his house arrest for failing to establish an anti-money laundering program at BitMEX, which he founded with Benjamin Delo and Samuel Reed in 2014. Hayes was sentenced in federal court in Manhattan on Friday.

“While building a cryptocurrency platform that profited him millions of dollars, Arthur Hayes willfully defied U.S. law that requires businesses to do their part to help in preventing crime and corruption,” Damian Williams, the top federal prosecutor in Manhattan, said in a statement.

Prosecutors had sought a “significant” prison term, saying a $10 million fine was not enough to deter other cryptocurrency companies from similar behavior. Hayes’ lawyers had sought probation, without home detention.

A spokesperson for Hayes declined to comment on the sentence.

Delo and Reed have pleaded guilty and await sentencing.

The three were charged in 2020 with failing to implement a “know your customer” requirement as required by federal law.

Prosecutors said BitMEX was “in effect a money-laundering platform,” and Hayes did nothing after learning in 2018 of allegations that BitMEX was being used to launder proceeds from a cryptocurrency hack.

BitMEX last year agreed to pay up to $100 million to settle separate charges for unlawfully accepting customer funds to trade cryptocurrency without being registered, and failing to conduct customer due diligence.

(Reporting by Luc Cohen in New York; Editing by Will Dunham)


Club for crypto- POLITICO

Good morning and welcome to the Monday edition of the New York & New Jersey Energy newsletter. We’ll take a look at the week ahead and look back on what you may have missed last week.

CLUB FOR CRYPTO — POLITICO’s Marie J. French: The conservative Club for Growth is targeting Senate Democrats in an effort to prevent passage of a measure that would put a moratorium on new permits for fossil fuel-powered cryptocurrency mining. The Club for Growth, an anti-tax organization that has spent heavily in Republican primaries this year, dropped $35,000 on mass texts and digital ads targeting several Senate Democrats and conducted polling opposing the moratorium that has passed the Assembly.

The Club for Growth is the latest group to fight the proposed moratorium, which would be the first of its kind in the U.S. The cryptocurrency industry has warned the measure could chill investment in the state. Environmental advocates and backers of the limited two-year moratorium say it is needed to prevent old fossil fuel plants from turning on to power energy-intensive mining of digital currencies like Bitcoin. The bill would also study the industry and have state agencies report on its energy use and environmental impacts.

BIG LOANS FOR NEW PIPES — POLITICO’s Ry Rivard: The federal Environmental Protection Agency said Friday it would provide $221 million in low-interest loans for New Jersey to do 28 water infrastructure projects. The projects include 26 that will improve water quality for nearly 6 million residents and two wastewater treatment plants. The water projects will help remove contaminants, prevent leaks, improve system resiliency and replace lead service lines. The loans come from a federal Water Infrastructure Finance and Innovation Act and go to the New Jersey Infrastructure I-Bank. They will be paired with state money, creating over a half billion dollars in spending on water projects, over 60 percent of which will be in what officials consider to…


Verakari Crypto Mines to Utilize CPower for Distributed Energy Resource Optimization

Partnership Implements CPower’s EnerWise Site Optimization, Allowing New Crypto Customer to Respond to Multiple Grid Needs with Clean Energy Sources While Maximizing the Site’s Energy Savings

DALLAS, May 23, 2022 /PRNewswire/ — Today at PowerGen International 2022, leading, national energy solutions provider CPower Energy Management (“CPower”) announced momentum following its recent EnerWiseTM Site Optimization launch, with the successful implementation of new crypto mining customer, Verakari, a cryptocurrency hosting pioneer offering discerning enterprise miners secure, high-tech, cost-effective facilities in strategic locations around the globe.

CPower’s EnerWise Site Optimization is an artificial intelligence-powered engine that helps Distributed Energy Resource (DER) owners and developers manage and monetize all of their DERs across multiple energy markets and utility programs simultaneously by analyzing the latest market and grid conditions.

When integrated with Verakari’s crypto mine design, including network components, electrical infrastructure, custom-built software elements, custom demand response hardware components, and innovative operations protocols, CPower will help the company’s Pennsylvania crypto mining site better align with price, demand, and marginal emissions signals in PJM Interconnection, the largest grid operator in the U.S. As a result, Verakari will reduce its energy costs while helping to create a more reliable and sustainable grid.

Verakari’s ability to rapidly curtail load through CPower’s EnerWise Site Optimization allows the grid to utilize the Verakari site like a reverse battery anytime the region needs more power. Through CPower’s EnerWise Site Optimization, Verakari will achieve grid revenue and on-bill savings as the Verakari site redirects carbon free power to help PJM reduce its reliance on fossil fuel resources.

“Verakari is always looking for ways to enable a cleaner and more reliable grid for ourselves and our…