Category: Cryptocurrency News

For an industry that rarely gets mainstream political support, Bitcoin recently received a massive endorsement after Democratic Presidential candidate Robert F. Kennedy spoke out in support of the cryptocurrency. According to RFK, arguments against adopting Bitcoin due to perceived environmental impact are merely a cover to curtail financial freedom.  Responding to the tweet by Feldman, RFK stated that “… environmental arguments should be used as a smokescreen to curtail freedom to transact.” RFK, who is a holder of BTC, has previously disclosed his intention to return the USD to hard currency backed with assets such as BTC. Bitcoin And The Environment  One of the challenges of Bitcoin adoption is the perceived threat it poses to the environment. According to anti-crypto campaigners and politicians, bitcoin mining is harmful due to its high energy requirement.  Related Reading: Ahead Of The Pack: Binance Moves Forward With New License in Dubai This argument is a prominent position within the political and environmental protection ecosystem, so much so that campaigners like Greenpeace have accused BTC of destroying the planet. However, while Bitcoin mining is energy-intensive, it utilizes more renewable energy presently than ever before.  This position was further reiterated by Daniel Feldman, director of Sangha Systems. According to him, there exists a “symbiotic relationship” between Bitcoin and renewable energy.  Agreeing with the popular Democratic candidate, Feldman noted that bitcoin mining offers a solution to boost the electric grid and limit dependence on fossil fuels. He, however, noted that “most renewable energy sites are not profitable without government subsidies.”  BTC price maintains tight range at $29,450 | Source: BTCUSD on Tradingview.com Subsidies in the form of tax credits generate market distortions and the flow of these credits is managed by banks who are often bailed out by governments during financial crises, the very banks that Bitcoin seeks to free people from. According to Feldman, renewable energy sites experience curtailment and congestion challenges due to the absence of global markets to sell to during demand troughs. BTC solves this challenge by providing a universal market for electricity that will boost investments in renewable energy projects. A Look Into BTC Energy Usage Renewable energy arguments are popular within the green energy industry as they continually seek the flexibility offered by crypto mining operations. However, they are still faced with serious opposition from the media and the political establishment, who believe BTC mining will boil the planet.  Related Reading: Here’s How Long The Majority Of New Ethereum Wallets Are Used Before They’re Dumped According to data obtained from Cambridge University, it is estimated that global BTC mining activities are currently pegged at 137 TW/h (terawatt hours) per year.  This figure surpasses the energy usage of countries such as Ukraine, which utilizes 134 TW/h. In contrast, the electricity distribution and transmission losses in the US are sufficient to power BTC 1.5 times with 206 TW/h per year. Featured image from Sky News, chart from Tradingview.com

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BTC price retracing deeper than $25,000 is “possible,” analysis warns, with $28,300 the line in the sand for Bitcoin bulls.

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Richard “Heart” Schueler and crypto projects HEX, PULSECHAIN, and PULSEX. According to a document filed with a court for the Eastern District of New York and shared on X by economist Alex Krüeger, the regulator is violating U.S. securities laws. Related Reading: Is Another Bitcoin Rally Coming Soon? This Pattern May Say So As of this writing, HEX is feeling the heat from the lawsuit. The token plummeted over 11% in today’s trade session alone as a direct impact of this development. It continues a downside trend that worsened over the past two weeks when the cryptocurrency saw a 23% loss. SEC Fails With XRP But Goes After HEX Per the document, the regulator claims that Richard Heart raised over $1 billion by allegedly offering unregistered security, the token HEX. The crypto founder supposedly offered the token in December 2019 and for the following three years to “retail investors in the U.S. and abroad.” The SEC claims that Heart operates via PulseChain and PulseX, part of the scheme that allegedly allows him to raise $1 billion from investors. Via these platforms, the regulator argues, Heart made “grandiose” promises of wealth to his investors. Furthermore, the Commission claims that while Heart publicly spoke about supporting free speech, he supposedly purchased “luxury goods” by taking money from his investors. In that sense, the SEC claims that the crypto investor misappropriated his investors’ assets and allegedly defrauded investors. The regulator placed a special focus on HEX’s staking mechanism, its “locked up” periods, and how Heart allegedly manipulated the token’s supply by “recycling transactions.” The document stated: Between December 2019 and November 2020, Heart, via the Hex public wallet address, accepted more than 2.3 million ether (“ETH”), putatively from investors, worth more than $678 million at the time of deposits (…). It appears that 94-97% of these ETH deposits, however, were “recycling” transactions directed by Heart or other insiders, which enabled Heart or other insiders to gain control of a large number of Hex tokens (…). Consensus In The Crypto Community The U.S. SEC is coming out of a major loss after a court ruled out against their claims in the case versus payment company Ripple and its executives. The regulator stated that the company offered unregistered securities. However, unlike the Ripple and XRP case, the crypto community is taking the SEC’s side and believes the regulator is on the right track. Heart has been a controversial figure for years in the nascent industry. Bloomberg Intelligence’s James Seyffart stated the following regarding the case: I may have been cheering for ripple to win their case despite not really liking the project (and honestly thinking it had many security-like traits). But I will be 100% pro SEC in this case. This is the type of project the SEC should have gone after years ago. Related Reading: Dogecoin Price Prospects: Can The Memecoin Climb To The $0.1 Level? It remains to be seen if the regulator will score another negative result, but many in the crypto community are siding with the SEC. Cover image from Unsplash, chart from Tradingview

Advocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets.