BlackRock CEO: “Bitcoin Rally Only Shows Pent-Up Interest in Cryptocurrencies”

Leonardo Perez
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BlackRock CEO: “Bitcoin Rally Only Shows Pent-Up Interest in Cryptocurrencies”

Larry Fink argued that the sudden rise of Bitcoin is like a “flight to freedom” and a “repressed” interest of people in cryptocurrencies. The BlackRock CEO revealed that he had “only heard about that rumor” of an approval of his ETF an hour before his television appearance. Ark Invest CEO Cathie Wood explained that they are exchanging information with the SEC about their ETF, but “there is nothing else at the moment.”

BlackRock CEO Larry Fink stated that Bitcoin’s (BTC) sudden rally in just a few hours only demonstrated the “pent-up” massive interest in cryptocurrencies. Fake news on the morning of October 16 caused BTC to go from $27,678 to $30,000, although the hype only lasted a few hours.

During his appearance on a Fox Business News program, the BlackRock CEO revealed that he had “only heard about that rumor” an hour before his television appearance, but that he was not familiar with the rumor. Furthermore, he explained that Bitcoin’s momentary rally was a “flight towards quality.”

BlackRock CEO: “Rally Shows Need for Bitcoin in the Market.”

On the morning of October 16, rumors emerged about an apparent approval of the first Bitcoin Spot ETF in the United States catapulted the price of BTC to $30,000. However, journalists began to deny the rumor hours later and Bitcoin returned to levels of $28,150.

During his participation on Fox News, Larry Fink did not delve into his Bitcoin Spot ETF application, whose review is postponed by the United States Securities and Exchange Commission (SEC). The BlackRock CEO pointed out that the cryptocurrency mini boom only showed the need for cryptocurrencies.

The BlackRock CEO noted the following on television:

“This rebound goes far beyond rumors. This is a flight towards quality, with all the problems related to the Israeli war and global terrorism. There are more people running toward a flight to quality, whether it’s Treasuries, gold, or cryptocurrencies, depending on how you think about it. “Cryptocurrencies will play that kind of role, as a flight to quality.”

In late September, the SEC announced that it was once again postponing a decision on Bitcoin spot ETF applications from major financial giants BlackRock, Valkyrie, and Bitwise. The SEC’s decision arose from concerns about possible fraudulent and manipulative practices.

Ark Invest CEO: “No Response from the SEC on Bitcoin Spot ETF Approval”

The CEO of BlackRock was not the only one to speak out about the sudden rise in the price of Bitcoin. Ark Invest CEO Cathie Wood explained that they are exchanging information with the SEC about their ETF, but “there are no further developments at the moment.”

In an interview with CNBC, Wood admitted that the SEC could approve several ETFs “at once” in the first weeks of 2024:

“Our proceedings with the SEC are raising hopes for an ETF. Last week it was published and revealed that we had responded to the SEC’s request for information about our Bitcoin filing, and we did respond. That’s basically all we can say.”

Days ago, JPMorgan successfully completed its first collateral settlement using blockchain technology. This milestone was achieved through its Tokenized Collateral Network (TCN). Converted BlackRock Inc. shares into digital tokens for over-the-counter derivatives trading with Barclays.

By Leonardo Pérez

The US Government Owns 200,000 Bitcoin and Ignores Sales Trends in the Cryptocurrency Market, and Other Crypto News

Audy Castañeda
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The US Government Owns 200,000 Bitcoin and Ignores Sales Trends in the Cryptocurrency Market, and Other Crypto News

The United States government has at least 220,000 Bitcoin in its cryptocurrency portfolio, to which it clings firmly.

In a revelation that has shaken the cryptocurrency world, the United States government has announced that it has a gigantic Bitcoin reserve, with around 200,000 BTC in its portfolio. This places him as one of the largest holders of Bitcoin worldwide. However, what surprises the crypto community the most is its attitude towards this massive accumulation of digital assets.

Despite having a Bitcoin hoard valued at approximately $5.4 billion, the US government is adopting a “Holder” strategy. In other words, it shows no rush to sell its assets and convert them into cash.

Israel Dismantles Terrorist Financing by Seizing $1.7 Million in Cryptocurrencies

Israel announced that it had seized millions of dollars in cryptocurrency intended to support terrorist groups. The National Office to Combat the Financing of Terrorism made this announcement, underlining the effectiveness of this operation.

Israeli Defense Minister Yoav Gallant attributed the success of this operation to the collaboration between the Israeli ministries of Defense and Justice, the Israeli intelligence services, and the application of the latest technologies. The news was spread by various local media and marked an important milestone in the fight against the financing of terrorism through cryptocurrencies.

Blockchain analysis company Chainalysis, which played a key role in this operation. In fact, Israeli authorities were reported to have seized a total of $1.7 million in cryptocurrency.

Australia Continues to Regulate Exchanges with the Intention of Promoting Innovation Without Leaving Security Aside

Cryptocurrency exchanges in Australia have welcomed the Australian Treasury’s plans to establish regulations covering these platforms under current financial services licensing regulations.

This step, announced in a consultation document issued on October 16, seeks to lay the foundation for stronger regulation in the world of cryptocurrencies. And, thus, guarantee a safe and reliable environment for investors.

The New Target of Attack to Execute Financial Scams in Ireland Would Be Bank Customers Before Cryptocurrency Investors

Financial scams in Ireland have undergone a surprising turnaround. This is because scammers have chosen to target traditional banking customers instead of targeting cryptocurrency investors. This change occurs in a context of a crypto market in decline that has been in decline for two years. Likewise, it has had an unexpected impact on the behavior of scammers in the country.

According to the Irish Independent, in 2023, Irish citizens have lost almost €20 million to scammers posing as employees of legitimate, reputable banks.

Bitfinex Announces Fee-Free Cryptocurrency Trading in Argentina, Colombia and Venezuela

Bitfinex has confirmed that operations on its new peer-to-peer (P2P) platform are free for: Argentina, Colombia and Venezuela. These are those who execute purchase or sale orders, in a clear effort by the firm to gain accessions in Latin America. The novelty will be valid until December and Tether’s sister company has not provided details regarding how the rates will be afterward.

The countries covered by the announcement received, last June, the news regarding the arrival of the Bitfinex P2P Platform. Paolo Ardoino, the new executive director of Bitfinex, presented this benefit as a continuation of that first arrival of the company in the region.

The firm seeks to continue with an expansion plan in this part of the planet. The stated objective aims to expand access to financial services related to digital assets in Latin America.

By Audy Castaneda

MetaMask Returns to Apple’s App Store After Being Quietly Removed, And Other News

Leonardo Perez
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MetaMask Returns to Apple’s App Store After Being Quietly Removed, And Other News

MetaMask, the leading digital wallet provider for cryptocurrencies, has been restored to the Apple App Store.

MetaMask, the leader in providing digital wallets for cryptocurrencies, has reappeared on the Apple App Store after a temporary removal that left many in the crypto community perplexed. The unexpected removal on October 14 sparked concern and speculation about the reasons behind this move.

This Saturday, MetaMask confirmed that its app was briefly absent from the Apple App Store. The company emphasized that this removal was not related to any malicious activity linked to its app. At that time, MetaMask urged its community to be alert to possible fake applications that could appear on the platform and reaffirmed its commitment to user safety.

Chainalysis Report Points Out that Latin America Prefers Centralized Exchanges Over Decentralized Ones

A recent report from blockchain analysis company Chainalysis shed light on Latin America’s preferences in the world of cryptocurrencies. According to the report published on October 11, Latin America shows a marked inclination towards centralized exchanges (CEX) compared to decentralized exchanges (DEX), in contrast to the global trend.

The study reveals that Latin America occupies seventh place in the world ranking of crypto economies. Thus, remaining behind regions such as the Middle East and North America (MENA), East Asia and Eastern Europe. Despite this position, what stands out is the region’s preference for CEXs instead of DEXs in crypto activity.

California Passes Cryptocurrency Regulation Law by 2025

California Governor Gavin Newsom has given the green light to a bill that establishes more rigorous regulations for companies operating in the cryptocurrency space. This project, called “Digital Financial Assets Law,” is expected to come into force in 18 months.

The measure, announced through a statement on October 13, aims to impose licensing requirements on both individuals and companies wishing to carry out commercial operations with digital assets in the state of California. These licenses will be granted by the Department of Financial Protection and Innovation (DFPI).

Ferrari Started Accepting Payments in Cryptocurrencies

Ferrari, the iconic luxury car manufacturer, is taking an exciting turn into the world of cryptocurrencies by announcing its intention to accept payments in digital assets for its coveted sports cars in the United States. The decision directly responds to growing customer demand for more versatile and modern payment options.

In a Reuters report published on October 14, Enrico Galliera, Ferrari’s commercial and marketing director, confirmed this initiative. The luxury car brand is responding to requests from both dealers and customers. These include young crypto investors who have opted for digital currencies.

Bitcoin Bullish Rally Likely in 2025

By many estimates, Satoshi Nakamoto, creator of Bitcoin, owns no less than 1.1 million BTC. What value could they reach in 2025 in the event of a bullish rally in the cryptocurrency market?

In 2009, even when almost no one was interested in Bitcoin, Satoshi Nakamoto, as a precursor of the cryptocurrency, was already accumulating his first tokens. Although he quickly stopped doing so, he still had time to mine an amount that exceeded one million BTC.

Over time, Nakamoto’s exposure to Bitcoin has not widened at all, but it has not narrowed either. None of the tokens have been traded since, making this holder one of the few to have been attached to a cryptocurrency for so long.

By Leonardo Pérez

Sam Bankman-Fried Can’t Concentrate Without His Medication, According to His Defense Team

Audy Castañeda
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Sam Bankman-Fried Can’t Concentrate Without His Medication, According to His Defense Team

The defense said that Bankman-Fried has attention deficit hyperactivity disorder (ADHD).

Sam Bankman-Fried’s attorneys submitted a letter to Judge Lewis Kaplan on Sunday requesting that the FTX founder be allowed access to his prescription medications during his ongoing fraud trial, saying he cannot concentrate without them.

The defense filing said Bankman-Fried has attention deficit hyperactivity disorder (ADHD) and was prescribed the medication Adderall to take throughout the day. However, since the start of his trial two weeks ago, he has only been allowed to take the drug once early in the morning before being transported to court.

“Mr. Bankman-Fried has done his best to remain focused throughout trial for the past two weeks, despite not having received the prescribed dose of Adderall during the hours of the trial,” the letter said.

“However, as we approach the defense case and the critical decision of whether Mr. Bankman-Fried will testify, the defense has growing concerns that, due to Mr. Bankman-Fried’s lack of access to Adderall, he hasn’t been able to concentrate at the level he normally would.” Defense attorneys said they tried to resolve the issue with prison officials but received no response.

Request Details

They proposed that their client be given an extended 12-hour dose of Adderall on Monday morning before the trial resumes, but noted there is no guarantee that corrections officials will provide it or that it will be effective.

“If the current proposal does not work,” either because the extended-release dose is not provided or because it does not have the desired effect, we respectfully request that the trial be postponed for one day on Tuesday, October 17 to find a solution that will work during the rest of the trial.” Otherwise, the filing asks the court to issue an order to allow Bankman-Fried’s attorneys to provide him with the medication in court on the days of the trial.

It is worth noting that the attorneys who represented Bankman-Fried during his initial detention in the Bahamas in December 2022 reported similar medical requirements, saying at the time that Bankman-Fried had not been taking certain medication while in jail. Upon extradition to the United States, Bankman-Fried was released on $250 million bail and likely had access to medical care while largely confined to his parents’ home in California.

Medication Access Request to Be Granted?

The filing comes as Bankman-Fried’s trial on conspiracy and wire fraud charges enters its third week. He is being prosecuted for the collapse of his FTX cryptocurrency exchange last year, and faces up to 115 years in prison if convicted.

The disgraced cryptocurrency mogul’s need for medication arose during his initial court appearance in the Bahamas last December, when he requested permission to apply a patch containing prescription medication that he had not had since his arrest.

Previously written comments Bankman-Fried had planned to give to Congress also mentioned that he takes a patch called Emsam to treat depression. It is unclear whether Bankman-Fried still takes or is prescribed Emsam.

In addition to not being able to access prescription medications, Bankman-Fried has also struggled to maintain his strict vegan diet while in custody, which limited him to bread, water and peanut butter. Given Sunday’s filing and his request for accommodations on Monday, Judge Kaplan has limited time to review and possibly grant the medication access request.

By Audy Castaneda

FTX Stakes 5.5 million Solana (SOL) Tokens Amid Liquidation Fears

Leonardo Perez
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FTX Stakes 5.5 million Solana (SOL) Tokens Amid Liquidation Fears

The assets of the defunct FTX exchange have staked 5.5 million Solana (SOL) tokens, worth $121 million. A court filing revealed that the largest portion of digital assets in FTX’s assets is SOL, with around $1.16 billion. Despite a previous drop, SOL recently reached a record Total Value Locked (TVL) of $338.2 million.

The estate of now-defunct cryptocurrency exchange FTX has reportedly staked 5.5 million Solana (SOL) tokens, worth approximately $121 million. This follows a court filing highlighting significant SOL holdings owned by the FTX estate.

According to on-chain data, a wallet identified as FTX sent the coins to Figment, a staking validation company for institutional investors. Staking involves locking a specific number of coins for a certain period of time. Stakeholders receive rewards in SOL coins for securing the network with their staking.

FTX was an early investor in Solana and receives a significant volume of unlocked SOL each month according to the established vesting schedule. FTX’s bankruptcy administration has the option to liquidate these holdings at any time. FTX’s bankruptcy administration is overseen by a bankruptcy trustee. Its main function is to recover assets for the exchange’s creditors.

FTX Bet on Solana After Approval of the Liquidation Process

An X (formerly Twitter) user initially discovered the transaction, which is visible on Solana.fm under the wallet name ‘Alameda’. The amount staked comprises 5.55 million SOL tokens, worth approximately $121.17 million.

Currently, the price of SOL is $22.03. However, a recent court filing revealed that the estate of the now-defunct FTX exchange owns a staggering amount of SOL, as well as its majority of digital assets. According to the court file, he owns 1.16 billion dollars.

SOL holders found themselves in uncertainty when the bankruptcy court approved FTX’s liquidation plan, including $1.16 billion in SOL and approximately $2.5 billion in other crypto assets. Meanwhile, the settlement process complies with strict regulations. This is to avoid any adverse repercussions on the cryptocurrency market due to a sudden sell-off.

Instead, it was rolled out in increments of $50 million per week, gradually increasing until it reached $100 million.

Meanwhile, SOL has reached record amounts in its total value locked (TVL). On October 2, it reached its highest levels in 2023, with a TVL of $338.2 million. This marked significant excitement among avid members of the SOL crypto community, especially considering the apprehension stemming from a sharp drop in SOL’s TVL just a year ago.

More on SOL

In September, a U.S. court approved FTX’s sale of $1.3 billion in SOL, prompting concern among holders about a price crash. To avoid adding burdens to the cryptocurrency market, the bankruptcy court required that the sale occur through an investment advisor and in weekly batches. The decision took SOL price to a two-month low of $17.34 on September 11.

FTX owns $3.4 billion in Digital Assets A, which are the top 10 assets the company owns, including Solana, Bitcoin (BTC), Ether (ETH), Aptos (APT), and other cryptocurrencies. According to court documents from September, more than $7 billion has been recovered since the exchange filed for bankruptcy protection last November.

Sam Bankman-Fried, co-founder of FTX, is on trial in Manhattan District Court on charges of fraud and conspiracy to commit fraud. If convicted, he could serve up to 115 years in prison.

By Leonardo Pérez

California Governor Approves Stricter Crypto Regulation Bill for Implementation in 2025

Audy Castañeda
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California Governor Approves Stricter Crypto Regulation Bill for Implementation in 2025

The bill will force cryptocurrency companies to comply with licensing requirements, maintain financial records, and provide regulators with the authority to conduct audits.

California Governor Gavin Newsom has approved a cryptocurrency bill that imposes stricter rules on companies that deal in crypto, which will take effect in 18 months. Governor Newsom’s support for the cryptocurrency regulation bill represents a significant change from his previous stance.

California’s cryptocurrency industry is preparing for significant changes as Governor Gavin Newsom signs into law a groundbreaking regulatory bill that is expected to revamp the state’s digital asset landscape. The recently passed bill, the Digital Financial Assets Act, is scheduled to go into effect in July 2025, introducing a series of strict regulations for individuals and companies engaging in cryptocurrency-related activities within the state.

Under the provisions of the bill, all crypto entities will be mandated to obtain a license from the Department of Financial Protection and Innovation (DFPI) to ensure compliance with the state’s comprehensive regulatory framework. The measure aims to strengthen consumer protection and foster a safer and more responsible environment for crypto innovation.

California Will Impose Robust Audits on Cryptocurrency Companies

In an official statement on October 13, Governor Newsom said that the new cryptocurrency bill gives the DFPI the authority to monitor cryptocurrency-related activities in the region with an implementation date of 18 months to ensure that the framework adopted regulatory framework can be carefully adapted to address industry trends. and mitigate harm to the consumer.

According to legislative documents, the new law also empowers the DFPI to impose strong audit obligations on crypto companies and require them to maintain complete financial records. It reads:

“[This bill] would require a licensee to maintain […] for five years after the date of the activity, certain records, including a general ledger maintained at least monthly that lists all assets, liabilities, capital, income and expenses of the licensee. licensee.”

The development comes as an expansion of the state’s money transmission laws, which currently restrict banking and transfer services from operating without a valid license issued by the DFPI commissioner.

DFPI Will Take Coercive Measures Against Defaulters

The legislative document also revealed that the State of California would recognize cryptocurrencies as a “digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in foreign currency”. legal tender, except as specified” under the new rules that will take effect in 2025.

While the bill was set for commerce on July 1, 2025 and thereafter, it will only go into effect when State Senate Bill SB 401 of the 2023-24 regular session is enacted and takes effect on July 1. January 2024 or earlier.

“This bill would authorize the department to take enforcement action against a licensee or a person who is not a licensee but who has engaged, is engaging, or is about to engage in digital financial asset trading activity with or on behalf of a resident in any of certain cases, including the licensee or person, materially violates the provisions of the bill, a rule adopted, or an order issued pursuant to the bill,” reads the document.

Governor Newsom’s support for the cryptocurrency regulation bill represents a significant change from his previous stance. Last year, Newsom rejected a similar bill designed to establish a comprehensive regulatory framework for digital assets in California.

By Audy Castaneda

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