Jamie Dimon, the chairman, and Chief executive officer of JP Morgan, has triggered a new round of criticism from the cryptocurrency world for his comments about Bitcoin.

Speaking there at the Institute of International Finance conference on Monday, Dimon labeled Bitcoin “worthless,” but added that while JP Morgan cannot custody it, it can provide its customers with “legitimate, as-clean-as-possible access” to cryptocurrency.

Armstrong went on to say that

CEOs without a science/engineering background are going to be at a disadvantage in the coming decades, because software is eating the world, changing every industry.

Luckily, the tools to learn it are available online for free and are getting better and better. It’s accessible to almost anyone if they are willing to power through it, and at least learn the basics.

Rest at Source: https://news.todayq.com/news/brian-armstrong-opposes-jp-morgan-ceos-bitcoin-criticism/

Volt Equity’s creator believes that US authorities have good cause to be slow in authorising a pure Bitcoin related exchange-traded fund (ETF).

Tad Park, CEO and Founder of Volt Equity, expressed support for the US Securities & Exchange Board in response to the firm’s refusal to authorize an ETF that would closely track Bitcoin.

Volt Equity’s Volt Crypto Industry Revolution and Tech ETF, approved on Oct. 1, monitors “Bitcoin Industry Revolution Companies,” a list of companies that form a majority of their asset value in Bitcoin or get a majority of their revenues from Cryptocurrency mining, leasing, or payments.

A pure Bitcoin ETF has yet to be approved by the SEC. The Securities and Exchange Commission (SEC) asked for an extension for four Bitcoin ETFs, including Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF, on October 1. In August, Gensler said that the SEC would be willing to approve Bitcoin’s future ETFs...

Source: https://news.todayq.com/news/volt-ceo-tad-park-says-sec-gary-gensler-is-a-pro-bitcoin/

South Korea’s crypto taxation system, which will see the application of a 20% fee on cryptocurrency revenues exceeding 2.5 million Korean won ($2,100), will go into effect in 2022. Aside from the one-year postponement, MPs are also pressing for a tiered tax charge on cryptocurrency, similar to the Financial Investment Income Tax system, which is due to go into effect in 2023.

Representative Cho Myoung-hee, remarking on the need to lessen the burden on crypto entrepreneurs, suggested that a taxation system for cryptocurrencies should be consistent with the country’s financial venture income tax.

Members of Congress from South Korea’s opposition People Power Party have created a rousing task force to study the proposed crypto tax bill. According to The Korea Herald, competing lawmakers are pushing for a one-year delay in the start of crypto tax inside the nation.

Rest at Source: https://news.todayq.com/news/south-korean-minority-preps-to-challenge-unpopular-crypto-tax-law/

Unlike Bitcoin, the Bank Of England’s statement that cryptocurrencies don’t pose a threat to financial stability did not age well at all. Back in July, CNBC reported that the Deputy Governor of the Bank Of England, Jon Cunliffe said,


Cunliffe stated that for the time being, crypto trading is primarily reserved for retail investors, underlining the central bank’s position that anybody trading in crypto assets should be willing to lose all of their money.

However, as the crypto market changed dynamically and at a mind-blowing pace, the new Deputy Governor Sam Woods said if necessary, the United Kingdom will implement crypto capital restrictions ahead of schedule.


Rest at Source: https://news.todayq.com/news/bank-of-england-scared-makes-a-play-for-new-bitcoin-regulations/

Survey published by Asia-Pacific cryptocurrency exchange Independent Reserve, cryptocurrency acceptance notably Bitcoin adoption is increasing in Singapore among younger generations wanting to profit on the generational wealth potential of Bitcoin.

One of the critical indicators of Singaporean attitudes to cryptocurrency is actual adoption. In 2021, 43% of Singaporeans own a cryptocurrency. The ownership for those under the age bracket of 26-45 is the maximum.

https://i0.wp.com/news.todayq.com/wp-content/uploads/2021/07/1.png?w=1978&ssl=1

Cryptocurrency adopters in the 26-45 age bracket have the most diverse portfolios, with 58% of them owning Bitcoin, 38% owning Ethereum, and various other tokens accounting for 36% of ownership. In comparison, the average ownership for all other age groups is BTC at 22% and ETH at 11%.

These high levels of adoption are due to increasing government transparency, which was the prime motive of trust in crypto adoption across all age groups, followed by education. When it comes to trust and confidence, only 7% of Singaporeans feel Bitcoin is a fraud.

Rest at source https://news.todayq.com/news/independent-reserve-survey-58-singaporeans-own-bitcoin/

Mayor Scott Conger of the United States city of Jackson, Tennessee, recently stated that the city’s blockchain task force had begun research on potential means for accepting Bitcoin property tax payments in the city. Jackson is still looking at a potential foray into cryptocurrencies and is now finally considering accepting Bitcoin for property tax payments.

Employees will be able to dollar-cost average Bitcoin purchases or buy lesser amounts of Bitcoin at regular intervals, owing to the blockchain group’s efforts. The greatest technique for accumulating Bitcoin is to purchase it in small increments at a low cost.

Conger pushed for Bitcoin acceptance in May, announcing the formation of a Blockchain task force and changing his Twitter profile picture to the laser-eyes image popular among Bitcoin aficionados.

Source: https://news.todayq.com/news/tennessee-considering-to-accept-bitcoin-for-property-tax-payments

International auctioneer Sotheby’s will accept Bitcoin as payment for the sale of a 101.38-carat diamond, marking another step forward in cryptocurrency adoption.

It would be the first time in history where a diamond of this size has been made available to the public for purchase using cryptocurrency. No other high-value tangible thing has ever been offered for purchase using cryptocurrency.

It will be auctioned on July 9 in Hong Kong, with a pre-sale estimate of $10 million to $15 million. Payment will be accepted in Bitcoin, as well as conventional currency.

The Key 10138, a 101.38-carat pear-shaped flawless diamond, is one of only ten diamonds larger than 100 carats to ever be sold at auction, with just two of them being pear-shaped. The colorless diamond’s name, Key 10138, is meant to symbolize the vital function that keys play in the cryptocurrency realm.

Source : https://news.todayq.com/news/internationally-renowned-sothebys-to-auction-101-carat-diamond-in-bitcoin-and-ether/

The Bitcoin Mining Council (BMC), a voluntary global forum of Bitcoin mining firms and other companies in the Bitcoin sector, revealed the results of its first quarterly survey in a press statement issued on 1st July 2021.

The BMC, which focused on two key metrics: electricity usage and sustainable power mix, stated in its first-ever voluntary survey that it was able to collect sustainable energy data from over 32% of the current global Bitcoin network. The findings of this study reveal that members of the BMC and survey participants are currently using power at a rate of 67%.

According to this survey, the worldwide mining industry’s sustainable power mix increased to over 56 percent in Q2 2021, making it one of the world’s most sustainable businesses.

The council was founded in May with the assistance of the crypto mining industry’s US companies, including Microstrategy CEO Michael Saylor and Tesla CEO Elon Musk.

Source : https://news.todayq.com/news/bitcoin-mining-council-says-sustainable-energy-mix-is-looking-more-greener/

Bitcoin surged for the third day in a row after El Salvador President stated that the country’s bitcoin legal tender will be implemented officially on September 7th. Moreover, the government will gift every citizen $30 equivalent in bitcoins via an e-wallet if the citizens install “Chivo Wallet”.

The “Chivo Wallet,” as the government named it, is an electronic wallet that will allow users to receive bitcoins and dollars, as well as make payments, transfers, and conversions between the two currencies, all in real-time. It will be accessible for download on a variety of platforms, notably Android and iPhone phones.

It simply requires users to be linked to a network to operate it, even if it does not consume internet bandwidth, President Bukele promised that as a State, he will “ensure” a better connection throughout the country.

To gain access, users will need a Unique Identity Document (DUI) number and phone number, as well as facial recognition or call center registration. The user will receive $ 30 in bitcoin upon logging in.

The app will have two accounts: one in dollars and the other in bitcoin; the $ 30 incentive, for example, will be in bitcoin but can be converted to dollars.

President Bukele explained, “Miguel will be able to pay his bill in bitcoin but Roberto, who sold it to him, will be able to receive it in dollars.”

Previously, the president stated that they will entrust the conversions to the Development Bank of El Salvador, beginning with a sum of $ 130 million.

Source : Todayq News https://news.todayq.com/news/el-salvador-declare-btc-law-to-be-effective-in-september-govt-welcomes-e-wallet/

Today, El Salvador has become the first country to legalize bitcoin as a legal tender. The lawmakers in the South American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law.

The president of El Salvador, Nayib Bukele, tweeted,

The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out

Read full news at source https://news.todayq.com/news/el-salvador-first-country-to-adopt-bitcoin-as-a-legal-tender/

In October 2014, when bitcoin wasn’t seen as legitimate, the Massachusetts Institute of Technology (MIT) launched the MIT Bitcoin Project, the goal was to give away $500,000 worth of Bitcoin to undergrad students.

Dan Elitzer, the creator and president of the MIT Bitcoin Club, and Jeremy Rubin, a sophomore studying computer science, started the initiative. According to Bloomberg, the project was “aimed at creating an ecosystem for digital currencies at MIT.” The funding came from MIT alumni and the bitcoin community.

Rubin and Elitzer aspired to help MIT maintain its longstanding tradition as the preeminent educational institution at the vanguard of emerging technologies.

It wasn’t simply another marketing gimmick with bitcoin. Elitzer and Rubin planned various activities and intended to collaborate with professors and researchers to see how MIT students will utilize their bitcoins after they’ve opted in.

Many of the students presumably spent their freely obtained Bitcoin stash, with the MIT coop bookstore launching support for BTC as payment for textbooks, school supplies, and food.

Read full news at source : https://news.todayq.com/news/mit-2014-free-bitcoin-giveaway-to-undergrads-now-worth-33-8-million/

Yes you are right, real people in Bitcoin knows what to do. I think these platforms are just sort of making some panic in the market from time to time.

Weibo Corporation, an advanced social media platform for individuals to create, share, and discover information, recently suspended certain crypto influencer accounts, claiming vague laws and Weibo community regulations as reasons.

Chinese users on Weibo began to report that more than 25 accounts of influencers and media outlets involved in the crypto space became unavailable.

Clicking into their user IDs now shows the user doesn?t exist. Earlier, these accounts boasted significant numbers of followers and were active in addressing bitcoin, crypto projects, and decentralized finance.

Super4DeFi, one of China?s most well-known Weibo influencers owing to his long-standing participation in the community, Tweeted,

Weibo, the Chinese Twitter, has suspended many crypto influencers? accounts, including my Weibo account. Feel free to follow me here. At least Twitter is more crypto-friendly.

Most of the suspended accounts had names that included words like ?bitcoin,? ?BTC,? ?blockchain,? or ?coin trader.?

Rest news at Source : https://news.todayq.com/news/bitcoin-suffers-as-weibo-suspends-crypto-related-accounts

Weibo Corporation, an advanced social media platform for individuals to create, share, and discover information, recently suspended certain crypto influencer accounts, claiming vague laws and Weibo community regulations as reasons.

Chinese users on Weibo began to report that more than 25 accounts of influencers and media outlets involved in the crypto space became unavailable.

Clicking into their user IDs now shows the user doesn’t exist. Earlier, these accounts boasted significant numbers of followers and were active in addressing bitcoin, crypto projects, and decentralized finance.

Super4DeFi, one of China’s most well-known Weibo influencers owing to his long-standing participation in the community, Tweeted,

"Weibo, the Chinese Twitter, has suspended many crypto influencers’ accounts, including my Weibo account. Feel free to follow me here. At least Twitter is more crypto-friendly."

Most of the suspended accounts had names that included words like “bitcoin,” “BTC,” “blockchain,” or “coin trader.”

Rest news at Source : https://news.todayq.com/news/bitcoin-suffers-as-weibo-suspends-crypto-related-accounts/

Bitcoin recent drop from $10K to $8.1K has created intense panic in the market before the halving approaches. With liquidating $200 million value of short positions, here are the main reasons why this dump happened.

Bitcoin lost 9% within an hour & liquidated $200 million valued short positions, wiping out from the futures market.

1) A Strong Resistance Region For Bitcoin

Since mid-2018, the $10,200 to $10,500 scope functioned being a strong subject of resistance to Bitcoin. As a result of its break out over $10,500 in June 2019, that directed to $14,000, Bitcoin failed to proceed above this level five out of six times from the past 2 years.

As soon as the Bitcoin price, in the beginning, fell at $10,000 on May 8, also it indicated that the rejection of some essential resistance grade and abandoned BTC exposed to your correction that was exorbitant.

As whales began initially to market at $9,900, it directed into a cascade of long contract liquidations chiefly. More than $200 million values of longs had been liquidated.

2) Panic & Volatility Before Halving

In front of this Bitcoin block payoff halving place that occurs on May 12, dealing with exercise to most of significant cryptocurrency platforms jumped somewhat.
 
CME watched record-high open up fascination, Deribit recorded an all-time high volume because of the options trades, and also location trades revealed 2017 resembling quantity inside the past few months.
 
When several new traders enter the industry in anticipation of the big occasion, it unlocks up the market to get a steep sell-off. For example, following the 2016 block payoff halving, the Bitcoin price dropped by greater than 30%, as dealers responded to a sell reaction.
 
Even a confluence of an overextended Bitcoin rally for $10,000, whales front running retail shareholders having a sharp sell-off at $9,900, also high expectation for its halving are tripping a near-term pull-back before May 12 Bitcoin halving.

3) Whales Sold BTC In The Stage Of Rejection

Nearly after the rejection of $10,200 has been supported, whales begun initially too short Bitcoin throughout significant cryptocurrency exchanges.

The interest over the 4 derivatives trades which have Deribit, BitMEX, Binance Futures, along with also OKEx plunged. The expression attention identifies the number of contracts that are short and long available in a time.

The reduction in interest supposed as promotion pressure started to create upward, it brought on over-leveraged customers to become trapped into their positions.

The financing speed on Bybit, Binance Futures and also BitMEX stayed at approximately -0.05%. A financing rate as soon as the price of BTC is moving down, ensures the better part of this current industry is currently keeping short contracts, hoping BTC to decline more.

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