BITCOIN

A new report from Grayscale Investments reveals that bitcoin ownership is more widely distributed than commonly believed, with 74% of addresses holding less than $350 worth. However, around 40% of bitcoin supply is concentrated among institutions like exchanges, miners, governments, public companies, and long-term holders. Grayscale Research Team’s Bitcoin Analysis — Supply Dynamics Poised to Jolt Markets Grayscale Investments , one of the largest digital asset managers in terms of assets under management (AUM), has published a study that discusses bitcoin ( BTC ) ownership. Grayscale delves into the “stickiness” of bitcoin’s supply, exploring why the firm believes this aspect is especially pertinent at present, and its potential implications for the asset going forward. While the majority of bitcoin owners are small retail investors spread across the globe, sizable portions are held by large entities like crypto exchanges, representing millions of users, as well as governments. T

The U.S. deputy secretary of the Treasury has revealed that the Treasury Department has asked Congress for more tools and authorities “to go after illicit actors in the digital asset space.” Moreover, he stressed: “We need to update our illicit finance authorities to match the challenges we face today, including those presented by the evolving digital asset ecosystem.” Treasury Seeks More Powers in Digital Asset Space Deputy Secretary of the Treasury Wally Adeyemo outlined the Treasury’s key priorities in addressing illicit actors within the cryptocurrency space at this year’s Blockchain Association’s Policy Summit on Wednesday. “We are calling on Congress to create a secondary sanction regime that will not only cut off a firm from the U.S. financial system but will also expose any firm that continues to do business with the sanctioned entity to being cut off from the U.S. financial system,” he revealed. “This is a significant tool we do not request lightly. But we need to do every

Blackrock, the world’s largest asset manager, has held another meeting with the U.S. Securities and Exchange Commission (SEC) to discuss its spot bitcoin exchange-traded fund (ETF) application. The firm has proposed a “revised in-kind” model for its spot bitcoin ETF that it believes will “resolve” the SEC’s concerns. The regulator has reportedly indicated that it prefers spot bitcoin ETFs to use the cash creation method. Revised In-Kind Model for Spot Bitcoin ETF Blackrock, the world’s largest asset manager, held another meeting with the U.S. Securities and Exchange Commission (SEC)’s Division of Trading and Markets this week regarding its spot bitcoin exchange-traded fund (ETF) application. According to a memorandum dated Nov. 28 posted on the SEC’s website, the two parties discussed “Nasdaq Stock Market LLC’s proposed rule change to list and trade shares of the iShares Bitcoin Trust.” The asset management firm explained: “During our 11/20 meeting with Trading & Markets staff

Microstrategy has expanded its bitcoin holdings with the acquisition of 16,130 more bitcoins. With this latest purchase, the Nasdaq-listed software intelligence firm is now hoding 174,530 bitcoins, acquired for around $5.28 billion. Since adopting its bitcoin strategy, Microstrategy’s stock has outperformed major asset classes and indices. Microstrategy’s Bitcoin Treasury Rises to 174,530 Coins Microstrategy (Nasdaq: MSTR) has disclosed its most recent acquisition of bitcoin. The firm’s chairman and former CEO, Michael Saylor, shared on social media platform X Thursday: Microstrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per bitcoin. As of 11/29/23, Microstrategy now hodls 174,530 $ BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin. According to the company’s filing with the U.S. Securities and Exchange Commission (SEC), the additional coins were acquired in cash during the period between Nov. 1 and N

In the wake of Kyberswap, a decentralized exchange (dex) platform, suffering a $47 million loss due to a cyberattack, the perpetrator indicated a readiness to engage in negotiations. Yet, despite expressing an openness to resolution, the hacker lamented encountering primarily “received (mostly) threats, deadlines, and general unfriendliness.” They warned that if such hostility persists, the Kyberswap team might face delays in resolving the issue. Kyberswap Hacker Demands Cordiality in $47 Million Heist Talks Five days ago, Kyberswap, a decentralized finance (defi) trading platform, fell victim to a cyber attack, resulting in a loss of $47 million. The team announced that its market maker, Kyberswap Elastic, had “experienced a security incident.” Since the attack, they have established communication with the perpetrator, and an onchain message indicates the hacker’s openness to negotiate the return of the funds. Yet, the hacker claims to have faced unjust treatment and warns that i

Economist Peter Schiff has warned that the U.S. dollar is “on the verge of a historic crash.” He stressed that there won’t be a soft landing for the U.S. economy, predicting a “c rash & burn” scenario. Schiff highlighted the potential for increased inflation, rising interest rates, and elevated unemployment. “The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation,” he noted. Peter Schiff’s Latest Economic Warnings Economist and gold bug Peter Schiff is back with gloomy economic predictions in a series of posts on social media platform X. He wrote on Tuesday: The U.S. dollar is on the verge of a historic crash. This will be a game changer for the Fed and the economy, as it will send inflation, interest rates, and unemployment soaring. Forget about a soft-landing. It’s crash & burn. He added: “The U.S. dollar is toast. As inflation heats up, to avoid getting burned the world will turn to gold as the most viable alternat

Rich Dad Poor Dad author Robert Kiyosaki has recommended buying bitcoin exchange-traded funds (ETFs). Warning that the global economy is slowing to a possible depression and the U.S. Treasury and Federal Reserve will print trillions in “fake dollars,” he urged investors: “Don’t be caught sleeping like most Americans. Take action now.” Robert Kiyosaki and Spot Bitcoin ETFs The author of Rich Dad Poor Dad, Robert Kiyosaki, has suggested investing in bitcoin exchange-traded funds (ETFs) for investors who prefer this approach over direct investment in bitcoin. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. On Tuesday, Kiyosaki posted on social media platform X, expressing concern about the Cardboard Box Index, an indicator used by some investors to assess consumer goods production

Standard Chartered Bank has doubled down on its bitcoin price forecast of $100,000 next year with increased optimism on the timing. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot [bitcoin] ETFs,” the bank’s analyst described. Standard Chartered’s Bitcoin Price Prediction Standard Chartered Bank has reiterated its bitcoin price forecast of $100,000 with more price upside happening sooner than it previously predicted. In a note published Tuesday, Standard Chartered’s head of crypto research and Western emerging markets FX, Geoff Kendrick, wrote that “crypto spring has sprung.” The analyst explained that bitcoin’s unwavering dominance in the cryptocurrency space and heightened token hoarding by miners continue to drive the asset’s upward trajectory. Bitcoin’s share of the crypto market cap rose from 45% in April to approximately 50% while its value surged by over $10,000.

Standard Chartered Bank (China) has become one of the first foreign banks to participate in China’s central bank digital currency (CBDC) pilot. The bank explained that as an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of the digital yuan. Standard Chartered Participates in Digital Yuan Pilot Standard Chartered Bank (China) Ltd. announced Monday that it has started offering digital yuan exchange services to customers and become one of the first foreign banks to participate in China’s central bank digital currency (CBDC), digital renminbi (RMB), business pilot. Standard Chartered is one of the oldest and most established foreign banks in China. Zhang Xiaolei, CEO of Standard Chartered Bank (China), commented: We are very pleased to participate in the pilot of digital RMB business as one of the first foreign banks. The bank explained that it will access the digital renminbi interconnection platform

Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton has discussed what he believes to be the “appropriate way” to regulate crypto. The former regulator added that “the classification issues” about whether a crypto token is a security or a commodity are “overblown,” emphasizing: “Most of those decisions are pretty easy.” Ex-SEC Chair Discusses Crypto Regulation Former chairman of the U.S. Securities and Exchange Commission (SEC), Jay Clayton, discussed cryptocurrency regulation at the Council on Foreign Relations last week. Responding to a question about what the appropriate way to regulate the crypto industry would be, the former SEC chair stated: The appropriate way to regulate crypto is to recognize that it’s a technology, not a product. “It’s a different technology for almost all cases, delivering a product that we already know, sometimes in a more efficient way,” he added. “I’m very sympathetic … to the entrepreneurs who want to reach out to the publi

Coinbase CEO Brian Armstrong says the enforcement action against Binance has allowed the crypto industry to “turn the page.” He emphasized: “There are many, many companies in crypto that are helping build the crypto economy and update our financial system globally. But many of them are still small startups, so I think getting regulatory clarity is going to help bring in more investment in the crypto space.” Coinbase’s CEO Shares Crypto Industry Outlook The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, discussed the crypto industry outlook following Binance’s settlements with the U.S. Department of Justice (DOJ) during an interview with CNBC on Monday. Noting that there have been “a few bad actors in crypto,” the Coinbase executive said: The enforcement action against Binance, that’s allowing us to kind of turn the page on that and hopefully close that chapter of crypto history. “It’s a good moment for us to turn the page as an industry and recognize t

Richard Teng, the new CEO of Binance, has explained his vision for the company, outlining the challenges the exchange faces ahead and the areas on which the company will focus. In a blog post, Teng explained that innovation, users, and Web3 will be at the forefront of Binance in the new era of the company. Richard Teng Outlines Binance’s Future Richard Teng, the new CEO of Binance, has published a blog post describing the challenges that the exchange will face, and the company priorities moving forward, after the $4.3 billion settlement with the U.S. Department of Justice (DOJ). Teng, who has now to fill the void left by Changpeng Zhao (CZ), considered one of the most influential men in crypto, explained that he intends to turn the page on Binance’s historical challenges, praising the efforts that the company has made to “recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture.” The new CEO acknowledged the need for cryptocurrency bus

Steve Hanke, professor of applied economics at Johns Hopkins University, has discussed how U.S. policies have driven central bank gold purchases to record levels this year. In an interview, Hanke stated that these purchases were motivated by the weaponization of fiat currencies like the dollar, which has driven countries in “de-dollarization mode” to take refuge in gold. Steve Hanke Believes Rise in Central Bank Gold Purchases Has to Do With U.S. Dollar Weaponization Professor of Applied Economics at Johns Hopkins University Steve Hanke, a Bitcoin critic and dollarization proponent , has given his take on the return of gold as a reserve currency for central banks. In a recent interview on Jesse Day’s Commodity Culture, Hanke revealed his position about the future of gold as a reserve asset and how U.S. policies have influenced a rise in central bank gold purchases. Hanke believes that the recent rise in U.S. sanctions, the weaponization of the U.S. dollar, and a climate of uncert

The European Banking Authority (EBA) has recently launched a new consultation process concerning implementing the so-called travel rule for cryptocurrency transactions. The institution is seeking feedback on the defined procedures that crypto assets service providers (CASPs) must complete to collect the needed information to comply with the travel rule, and the actions they must take when getting this information is not possible. European Banking Authority Holds Consultation on Guidelines for Travel Rule Adoption The European Banking Authority (EBA) has opened a new consultation that seeks to receive feedback on the procedures proposed to apply the travel rule to transfers that use wallets hosted by crypto asset service providers. The rules are focused on “preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes” and complement another consultation process made by the institution in June that dealt with due diligence

A federal judge has barred former Binance CEO Changpeng Zhao (CZ) from leaving the U.S. until the court has made a decision on the U.S. government’s motion to prevent his return to the United Arab Emirates (UAE) before sentencing. The government filed the motion in response to a release order issued by a magistrate judge, granting the former Binance chief permission to go back to the UAE while awaiting sentencing. CZ Cannot Leave the U.S. for Now A federal judge has issued an order restricting former Binance CEO Changpeng Zhao (CZ) from leaving the U.S. until the court determines whether to approve the government’s motion to force the ex-Binance boss to stay in the U.S. until sentencing. “This matter comes before the Court upon the United States’ motion for review of Magistrate Judge’s ruling on defendant [CZ]’s presentencing travel restrictions,” states the order signed by District Judge Richard A. Jones on Monday. “Having considered the briefing, and the files and pleadings here

In an interesting turn of events, the U.S. Securities and Exchange Commission (SEC) faces challenges in its billion-dollar lawsuit against cryptocurrency figure Richard Heart. A recent court filing reveals that the SEC has yet to successfully serve Heart, complicating the high-profile case. Legal Impasse Delays Billion-Dollar Case Against HEX Creator Richard Heart The SEC’s legal battle with Richard Heart , a well known name in the crypto sphere, took an unexpected twist. According to a court filing, the SEC has encountered difficulties in serving legal documents to Heart. This development raises questions about the progress and future of the lawsuit, which alleges Heart and his entities Hex, Pulsechain, and Pulsex of securities law violations. The lawsuit , filed on July 31, 2023, places Heart at the center of a significant legal dispute over the operation of his crypto entities. The SEC’s complaint accuses him and his companies of engaging in activities that contravene U.S. secu

Sergei Glazyev, minister of integration and macroeconomics of the Eurasian Economic Union (EEU), has noted the advancements the adoption of central bank digital currencies (CBDCs) could ostensibly bring to the trading dynamics of the region. According to Glazyev, the launch of several digital currencies will allow countries to settle trades outside of the U.S. dollar as early as next year, leading to the rise of a new reserve currency. Eurasian Economic Union Hopes to Move to CBDC Settlements The Eurasian Economic Union (EEU) expects that the rise of several central bank digital currencies (CBDCs) will pave the way for the issuance of a new reserve currency different from the U.S. dollar. Sergei Glazyev, minister of integration and macroeconomics of the Eurasian Economic Union, talked about the future benefits these digital, blockchain-based technologies might bring to the trading processes between countries of the EEU and even BRICS countries. In statements given to Sputnik on Tu

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Libertarian Javier Milei wins the runoff election in Argentina, reinforcing his intention of eliminating the central bank. Also, the digital real may encourage the tokenization of assets in Brazil, and the Brazilian senate could approve a bill to tax cryptocurrency purchases using foreign brokers. Javier Milei Wins Runoff Election, Reaffirms Intention of Ending the Central Bank in Argentina Libertarian Javier Milei has become president-elect of Argentina after defeating current Economy Minister Sergio Massa in a runoff election last week, obtaining 56% of the popular vote. Milei’s campaign includes proposals to make the state leaner by eliminating a significant chunk of the ministries and the Central Bank of Argentina, which he considers a “scam.” These actions will also involve the dollarization of the country, a measure focused on reining in the

Rich Dad Poor Dad author Robert Kiyosaki has advised investors to get into bitcoin and ditch fiat money now “before it’s too late,” reiterating that workers and savers in U.S. dollars are losers. Kiyosaki has made a number of bullish predictions about the price of bitcoin, ranging from $135,000 in the near term to $1 million. Robert Kiyosaki Recommends Getting Into Bitcoin Now The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his recommendation of gold, silver, and bitcoin while advising investors to ditch fiat currency. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The famous author wrote on social media platform X Saturday that gold has reached a new high. Noting that workers and savers are losers, he urged them to “get out of fake money system” and immediate

Former NYSE President Tom Farley expects money to “flood” into the crypto industry when the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “It’s just easier to buy. People believe in bitcoin,” he emphasized, adding that the cryptocurrency “is a great invention.” ‘Money Will Flood Into the Industry’ Former New York Stock Exchange (NYSE) President Tom Farley discussed the implications of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) and the next crypto bull run in an interview with CNBC last week. He held the position of NYSE Group President from 2014 to 2018 and currently serves as the CEO of the cryptocurrency exchange Bullish. Farley explained that he is optimistic about bitcoin because all U.S. regulators, including the SEC, have stated that BTC is not a security. Even SEC Chair Gary Gensler has said multiple times that in his view all crypto tokens, except bitcoin, are se

Willy Woo, an onchain analyst, recently predicted that bitcoin’s value might consistently stay above the $30K mark. Earlier this week, the statement was complemented by Plan B, the developer of the stock-to-flow (S2F) price model, who presented a realized price chart and urged enthusiasts to “enjoy sub-$40K bitcoin … while it lasts.” Bitcoin’s Final Days Below $40K? Market Analyst Plan B Urges Enjoyment of Current Prices Currently, with bitcoin’s valuation lingering just under $38K, there’s a strong sense of bullishness and high optimism about the leading crypto asset’s future pricing. Earlier in the week, Markus Thielen, head of research at Matrixport , opined that BTC ’s rise above $40K seems “inevitable,” particularly following Binance’s agreement with the U.S. Department of Justice. Thielen and his team estimate an 80% probability of BTC surpassing the $40K mark by December. Echoing these sentiments, Plan B, the architect of the S2F model, also foresees a surge to the $40K th