Texas Becomes A Hub For Bitcoin Mining Operations
Texas has experienced a 75% increase in demand for electricity by Bitcoin miners in 2021, with the energy consumption accounting for about 3.7% of the state's lowest forecast peak load. Despite recent bankruptcies and worries over electric power consumption, the cryptocurrency industry in Texas is still growing due to abundant wind and solar power and tax incentives offered by some counties. Some experts caution that if all Bitcoin mines in Texas connect to the grid within their proposed timelines, it could present issues to the grid.
Coinbase Faces Potential Lawsuit From U.S. SEC Over Certain Crypto Offerings
The US Securities and Exchange Commission (SEC) has threatened Coinbase with legal action over certain cryptocurrency products, causing the exchange's shares to fall nearly 13%. The action relates to Coinbase's spot market and its Earn, Prime and Wallet products, the company said. The SEC has been increasing efforts to regulate the cryptocurrency industry, with staking services under heightened scrutiny for not being registered.
Signature Bank's Digital Payments Platform No Longer Supported By Coinbase
Coinbase Global Inc (COIN.O), a significant cryptocurrency exchange, announced on Monday that it no longer supports Signature Bank's (SBNY.O) digital payments instrument, Signet, more than a week after the bank was taken over by US officials.
Bank Stress Test Cleared By Bitcoin
With a 21% increase in value this month, Bitcoin has emerged as a secure refuge amid the current financial crisis and market downturn. Bitcoin has cut its ties with conventional equities and bonds and is rising alongside gold, achieving one portion of its creator's ideal that Bitcoin can be a haven for investors in trying times. While the S&P 500 has lost 1.4% and gold has gained 8%, Bitcoin has severed its ties with traditional stocks and bonds and is rising alongside gold.
More than 80 Companies Are Interested in Setting Up Shop in Hong Kong, the Next Crypto Hub
Virtual asset-related companies have expressed a lot of interest in Hong Kong as the city works to regain its status as a major global center for cryptocurrencies with more accommodative regulation policies.
Vietnam has a Growing Cryptocurrency Market
Vietnam has become the second Southeast Asian country, after Thailand, with the highest number of crypto investors, with over 16.6 million cryptocurrency holders, according to a local media outlet report citing the "Vietnam Crypto Market Report 2022." The report also shows that around 200 blockchain projects are currently operating in Vietnam, with the majority focused on DeFi, NFTs, Web3, Infrastructure, and GameFi. The crypto sector in Vietnam continues to grow, despite the government's efforts to limit investor activities with crypto.
Exchanges In Moscow Are Prepared To Send Money To London, According To A Report
Russian crypto exchanges are willing to exchange digital coins for paper money in the UK without proper Know-Your-Customer procedures, according to a study by Transparency International Russia. Over 20 crypto exchanges in Moscow are operating, with eight of them willing to exchange stablecoins for British pounds and deliver cash to London. Some of these exchanges, including Suex and Garantex, are blacklisted by the US Treasury Department's Office of Foreign Assets Control. The study suggests that the scale of this activity is significant and requires further investigation.
CNMV Warns Against Unlicensed Crypto Institutions Operating in Spain
The Comisión Nacional del Mercado de Valores (CNMV), Spain's financial regulatory agency, has recently warned the public against unlicensed, unregistered, and unauthorized financial institutions operating within its borders.
No Fees Required: Coinbase Allows Singapore Users to Transfer Funds via Standard Chartered
Coinbase users in Singapore can now transfer money to and from their accounts using local institutions such as Standard Chartered without incurring any fees. This move is part of Coinbase's plan to expand its retail offerings in the country and comes at a time when concerns about financial security and crypto banking are prevalent in the market. This is a significant development for Singapore's cryptocurrency market and may attract more private buyers.
Bitcoin Price Soars to $22.6K As A Result Of Binance Converting $1 Billion Into BTC, BNB, And ETH
Binance CEO Changpeng Zhao announced on Twitter that they plan to convert the remaining $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH.
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