Author: NBTC
On Jan. 26, 2024, the White House sent ripples throughout the cryptocurrency mining community by authorizing the Energy Information Administration (EIA) to conduct an “emergency” survey of cryptocurrency miners. This mandate was incorrectly framed as a straightforward, 30-minute data collection effort. However, it significantly understated the survey’s complexity and intrusiveness, posing risks of exposing sensitive proprietary information and placing undue burdens on miners. Furthermore, this perceived emergency furthered a narrative that cryptocurrency mining poses a significant danger, relying on meritless justifications for the emergency data request and exacerbating concerns over the sector’s environmental impact without substantial evidence. This misrepresented mandate…
The Ethereum (ETH) floor price of the five biggest non-fungible token (NFT) collections has slumped in the last 30 days, according to data aggregator NFT Price Floor. The NFTs from Bored Ape Yacht Club collection took the hardest hit, with a 26.6% pullback on ETH price. Pudgy Penguins, which dominated the traded volume within the Top 5 collections, fell 10.3% in the same period. Meanwhile, CryptoPunks was the most successful collection at holding ground in ETH, limiting the pullback to less than 7%. Autoglyphs and Chromie Squiggle, the remaining two of the five largest NFT collections by market cap, fell…
It has been a great few months for Cathie Wood as her Ark Innovation Fund (ARKK) has bounced back from its lowest level in 2023. It has jumped by over 73% and is now hovering near its highest point since August 2022. Some of its top holdings have become among the best-performing stocks in Wall Street. Coinbase, its biggest holding, has surged to its highest point since 2022 as Bitcoin and other altcoins have bounced back. It has soared by over 560% from its lowest level in 2023. Other companies in the ARKK ETF like Block (SQ), Roku, Robinhood, and…
Montana, a state in the U.S., has stepped into the legal fray surrounding the Securities and Exchange Commission’s (SEC) enforcement case against Kraken. Paul Grewal, Chief Legal Officer of Coinbase, recently called attention to the development in a recent post on X. Given that Montana’s action has received endorsements from seven other states, Grewal took to X to emphasize its significance. In support of neither party, Montana just filed a rather remarkable amicus brief in the SEC’s enforcement case against Kraken. 7 other states support it. Here’s why those states all think the SEC’s “ecosystem” theory is unlawful and in…
Venture capital firms have shown a growing interest in cryptocurrency startups, with February witnessing a significant uptick in investments. CryptoBriefing, citing data from DefiLlama, reported that crypto startups received $485 million in funding last month, marking a 5.3% increase from the previous month and the highest investment volume in the last quarter. A substantial portion of the capital, amounting to $387 million, was allocated to infrastructure-related startups. The most notable investment was made by a16z, which injected $100 million into EigenLayer during a private funding round. This was the largest venture capital allocation to a crypto startup in February. EtherFi,…
The current state of crypto regulation is a “Catch-22,” a series of absurd and contradictory rules and requirements that are impossible to follow. Marcelo M. Prates is a central bank lawyer and researcher. In Joseph Heller’s famous novel, a Catch-22 refers to a stipulation that pilots seeking to be excused from their combat duties could file a request stating they are insane. With one catch: filing the request implies that the petitioner is sane and, thus, ineligible to be excused. In 2024 America, the SEC’s “come in and register” approach is a Catch-22 for crypto. SEC Chair Gary Gensler often…
Joe Biden is about to sign a law that just scraped through both houses of Congress, stopping the U.S. government from shutting down partially. With barely a day and a half to spare, this bill got the thumbs up from both the Senate, where Democrats have the majority, and the House, run by Republicans. It’s a band-aid solution, really, setting up two deadlines in March to keep parts of the government funded. Biden himself said this move was a win because it dodged a shutdown that could have hurt a lot of people. But he was quick to add it’s…
Binance Futures will list TON on March 1, 2024 at 15:30 with up to 50x leverage. This latest addition to Binance’s futures platform aims to meet the diverse needs of investors and offer them greater flexibility and opportunities in the crypto derivatives market. The TONUSDT Perpetual Contract in USDⓈ will have a maximum funding rate of +2.00% / -2.00% at launch. In addition, the funding fee payment frequency will be scheduled every four hours, ensuring transparency and efficiency in trading transactions. Qualified liquidity providers trading USDⓈ margin futures will benefit from a 0.005% maker fee discount for trades executed on…
Virunga National Park faces many challenges, including threats to rangers and declines in tourism revenue. Virunga National Park in Congo is now home to a net-zero Bitcoin mine that is driving the park’s sustainable development. The World Economic Forum (WEF) showed in a video last week that Bitcoin mining supports renewable energy development, local job creation, and chocolate factories in Africa’s oldest national park. According to the WEF’s video, net-zero Bitcoin mining has addressed some key challenges in Virunga. The Bitcoin mine, established in 2020, generates approximately $150,000 monthly, matching the park’s income from tourism, which has been negatively impacted…
The Financial Action Task Force (FATF) has lowered Russia’s rating owing to insufficient oversight of cryptocurrencies, as indicated by regional coverage. According to RBC, this downgrade highlights escalating worries about the country’s capacity to oversee and mitigate dubious transactions within the rapidly expanding realm of digital finance. Russia’s Financial Strategy Challenged by FATF Downgrade The recent assessment by the FATF places Russia at a “partially compliant” level regarding its methods for monitoring and combating dubious transactions involving virtual assets. RBC reported that the downgrade is primarily attributed to the country’s 2020 “On Digital Financial Assets” rule. The law identifies digital…