News - Page 37

The Financial Conduct Authority (FCA), the regulatory body responsible for overseeing financial markets and financial services firms in the United Kingdom, has issued a warning to UK customers regarding the crypto exchange Bitfinex. In a press release, the FCA states that Bitfinex may be promoting financial services or products without the necessary authorization or approval from the FCA. As a result, the FCA advises customers to avoid doing business with Bitfinex.

The judge ruled that the jury should find Bankman-Fried guilty of one count of wire fraud if there was either misrepresentation or misappropriation in how he marketed FTX to customers. This ruling is an early win for the prosecution.

The Biden administration has recently issued an ambitious order aimed at regulating artificial intelligence (AI). This order is an attempt to address the concerns and aspirations of various stakeholders, including tech CEOs and civil rights advocates. However, it is important to recognize the limitations of the White House's power in implementing this vision. The execution of the Biden administration's plan will heavily rely on the actions taken by executive branch agencies, which may face legal challenges. Additionally, the legislative branch is also actively working on its own plans for regulating AI.

Exchange-Traded Funds (ETFs) have the potential to revolutionize the accessibility of bitcoin investments. Unlike the cryptocurrency itself or existing bitcoin investment products, such as the Grayscale Bitcoin Trust (GBTC), ETFs offer a simpler and more convenient option for the average investor.

According to a recent projection by global asset management firm Bernstein, Bitcoin (BTC) price is expected to reach $150,000 levels in the 2024 to 2027 cycle.

Siemens, a powerhouse in technology, and Microsoft, a global software leader, have joined forces to create something phenomenal. The Siemens Industrial Copilot, a generative AI assistant, is now set to transform the professional world across various sectors.

The Government Accountability Office (GAO) has concluded in a report that the 2022 guidance on cryptocurrency should have been treated as a formal rule. The report states that the industry believes this guidance threatens the ability of crypto investors to find safe harbors for their assets. According to federal rulemaking procedures, the GAO argues that the accounting bulletin should have gone through a different process, including submission to Congress before it went into effect. However, the report clarifies that this finding does not directly impact the ongoing status of the bulletin as technically nonbinding SEC policy.

Circle, the stablecoin issuer, recently announced its plans to terminate individual or consumer accounts by November 30. This decision was revealed when a crypto enthusiast shared an email from Circle on social media. As a result, users discovered that functionalities like wiring and minting will no longer be available for these accounts.

In a recent strategy session, veteran crypto trader Tone Vays highlights a bullish pattern forming in Bitcoin (BTC) that could lead to a significant breakout. With a large following of 123,000 subscribers on YouTube, Vays predicts a potential 10% surge in Bitcoin's price.

A crypto analyst who accurately predicted the top of Bitcoin’s 2021 bull market believes that Ethereum is well-positioned for further gains. The analyst, known as Pentoshi, suggests that Ethereum could rise by more than 21% from its current value. According to Pentoshi, Ethereum has entered a new trading range and crossing the lower bound of this range indicates a potential upward move. Additionally, Pentoshi notes that Ethereum against Bitcoin has corrected to a key psychological level, suggesting a likely bounce. The analyst also provides insights on Bitcoin, stating that as long as it remains above the $31,500-$32,500 range, it will continue its uptrend. Pentoshi predicts that Bitcoin could rally above the $40,000 level in the coming weeks. Lastly, the analyst updates the outlook on the altcoin Fetch.AI, expecting a period of consolidation before a move towards the $0.496 range high. Investors are advised to conduct their own research and exercise caution when investing in cryptocurrencies or digital assets.

Tether, a stablecoin issuer, has announced a significant enhancement in its financial stability, according to its Q3 attestation report. The report reveals a record-breaking 85.7% of its total reserves are now held in cash and cash equivalents. This figure represents the highest percentage in the company’s history, underlining Tether’s commitment to maintaining liquidity and stability within the volatile crypto ecosystem.

Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), has joined crypto proponents in congratulating Satoshi Nakamoto on the 15th anniversary of the publication of the Bitcoin (BTC) Whitepaper.

Circle, a financial technology company, has announced that it will be phasing out support for legacy consumer accounts. This decision was communicated to individual consumers via email. It is important to note that this change does not affect business or institutional Circle Mint accounts.

The Bank for International Settlements (BIS) emphasizes the importance of coordinated international efforts in regulating stablecoins. While stablecoin technology presents new financial opportunities, the drawbacks may outweigh the benefits. The BIS Committee on Payments and Market Infrastructures (CPMI) highlights the challenges of stablecoin adoption, including coordination, competition, network scale, market structure, and the lack of consistent and effective regulation.

Sushi, the token native to the decentralized exchange SushiSwap, has experienced a significant surge in price, increasing by almost 20% in just 24 hours. This bullish trend has been sustained over the past month, with a 25% gain in 30 days, 39% gain in two weeks, and a 26.5% gain in the last week.

The CEO of asset management giant Van Eck believes that the conditions for cryptocurrencies are becoming extremely favorable as we approach 2024. In a recent interview, Jan van Eck stated that Bitcoin has solidified its position as the primary alternative to gold, presenting a near-perfect trading opportunity for bulls in the coming year.