Author: Dren.H

Former SEC Chairman Jay Clayton believes proving spot market efficiency could lead to a U.S. Bitcoin ETF approval. Bitcoin ETF’s journey to US approval has taken a new turn, with former SEC Chairman Jay Clayton shedding light on what could lead to its acceptance. He suggests the crucial role efficiency could play – if an applicant can demonstrate that the spot market for Bitcoin is as effective as the futures market. Traditional Finance Firms Show Interest in Bitcoin Previously, during his tenure at the SEC, Clayton had reservations about Bitcoin trading. However, his perspective has changed significantly, mostly due to…

Standard Chartered increases its Bitcoin 2024 forecast to $120,000, influenced by miner behavior and supported by digital currency trends. In the world of finance, Standard Chartered made waves by sharing an optimistic outlook for the future price of Bitcoin. Initially, this leading bank projected in April that the popular cryptocurrency Bitcoin would hit a $100,000 value by the close of 2024. Yet, a top analyst at Standard Chartered, Geoff Kendrick, revisited these numbers and bumped up the future valuation of Bitcoin to a whopping $120,000. According to Kendrick, there’s a potential for Bitcoin to overshoot the original prediction made by…

Recent Steam bans on CS:GO accounts spurs debate on NFTs as a solution, with Ubisoft leading in blockchain-based gaming experimentation. Recent events have seen approximately 40 players of the highly popular video game Counter-Strike: Global Offensive (CS:GO), experiencing a ban on their accounts from the Steam platform. As a result of this ban, these players have reportedly lost access to over $2 million worth of unique in-game items, known as “skins.” In response to this, advocates for Non-Fungible Tokens (NFTs) have taken to social media platforms to voice their beliefs that NFTs could prevent this from happening. CS:GO’s Popularity and…

Despite rising illicit activities with cryptocurrencies, strategic regulations can ensure a safer and more prosperous crypto economy. The Illicit Crypto Ecosystem Report by TRM Labs highlights the significant evolution and expansion of illicit activities involving cryptocurrency. Despite the cryptocurrency market’s value contraction since 2021, crypto-related crime didn’t see a proportional decrease in dollar value in 2022. Crypto Crimes Remain Resilient The report reveals that criminals funneled an astonishing USD 7.8 billion into Ponzi or pyramid schemes, with USD 1.5 billion spent on darknet markets dealing in illegal drugs, and a whopping USD 3.7 billion siphoned off through hacks and exploits.…

High-profile NFT collections Azuki Elementals and Bored Ape Yacht Club face market turbulence amid controversial moves. Despite a sluggish NFT market, Azuki, a renowned name from Chiru Labs, has successfully raised a staggering $38 million worth of Ethereum. This feat was achieved in a brisk 15 minutes through a complete sell-out in its latest drop. The offer consisted of the new Elementals Profile Picture (PFP) collection with 10,000 NFTs, all of which were sold via a Dutch auction starting at a price of 2 ETH ($3,800) each. Prior to the auction, Chiru Labs gifted an additional 10,000 Elementals NFTs to…

The U.S. Secret Service DATA Squad utilizes personalized NFTs to demonstrate their involvement and expertise in cryptocurrency. The U.S. Secret Service, well-known for its protective duties, recently stirred curiosity with its unconventional involvement in the world of non-fungible tokens (NFTs). The San Francisco Field Office’s “Digital Asset Technology Alliance” (DATA) Squad maintains a unique collection of NFTs on OpenSea. This venture signifies the agency’s active engagement with and understanding of the dynamic blockchain technology and cryptocurrency landscape. The Purpose Behind the Secret Service’s NFT Collection The public first got wind of the Secret Service’s foray into the NFT space during…

The UK Law Commission recommends a tailored legal framework to accommodate crypto as collateral and boost digital asset growth. In a landmark move, the Law Commission in the UK, a body constituted of legal scholars and funded by the Ministry of Justice, proposes an innovative framework aimed at incorporating crypto into the legal structure. They suggest a specific mechanism for using digital assets as collateral, recognising the unique attributes of crypto in the UK landscape. This latest proposal by the commission is a direct result of the first-ever governmental analysis in the UK exploring the ability of existing legal frameworks…

Cryptocurrency market dynamics shift as regulatory approvals, Bitcoin whales’ activities, and rising interest rates influence Bitcoin and NFT trends BlackRock, the world’s largest asset manager, has set the cryptocurrency sector ablaze by filing an application for a Bitcoin Exchange Traded Fund (ETF) with the U.S. Securities and Exchange Commission. The move sparked a rally that saw Bitcoin’s value surge over 15% in a single week, its most substantial weekly gain since March. Bitcoin, consequently, crossed the $30,000 mark for the first time since April. This optimism stems from the hope that a Bitcoin ETF by such a colossal financial institution…

FTX faces lawsuits and bankruptcy amidst connections to a mysterious Ethereum address involved in significant crypto events. FTX Pursues Ex-Clinton Aide’s Firm for $700 Million The now-bankrupt cryptocurrency exchange, has initiated legal action against Michael Kives, a former assistant to Hilary Clinton, and his investment firm K5 Global. The lawsuit aims to recover $700 million, asserting these funds were improperly invested with FTX money. The Complaint Against K5 Global FTX’s court filing in the Wilmington, Delaware, bankruptcy court portrays the exchange’s founder, Sam Bankman-Fried, as an extravagant spender. The company alleges that Bankman-Fried lavished Kives, K5 Global, and K5 co-founder…

Federal agencies in Arizona form a task force to combat darknet and crypto crimes, aiming to disrupt criminal organizations. On June 15, federal law enforcement agencies in Arizona officially established the Darknet Marketplace and Digital Currency Crimes Task Force. Key players including Homeland Security Investigations (HSI) Arizona, U.S. Attorney’s Office, IRS Criminal Investigation, U.S. Drug Enforcement Administration, and U.S. Postal Inspection Service finalized a memorandum of understanding to strengthen their collaborative efforts. Strategies Against Darknet Crimes Since 2017, the federal agencies involved have been actively concentrating on the darknet and the escalating cryptocurrency-related criminal activities. Modern technology and its constant…