Monday, July 22, 2024

A new altcoin project wants to scan your eyeballs, Blackrock reveals an astonishing Bitcoin recommendation, and can you guess which country now hosts a growing crypto miner community? These stories and more, this week in crypto.

Worldcoin Project Going Live

Open AI’s founder Sam Altman’s cryptocurrency project, Worldcoin, is rolling out its services globally amidst US regulatory challenges. Its blockchain technology will require identity verification through an eye-scanning metal orb. The innovation aims to tackle the future difficulty of distinguishing between humans and robots, granting tokens to users only after proving to be human.

Crypto Millionaire Found Dismembered

Cryptocurrency trader and influencer, Fernando Pérez Algaba, was reported missing and later found dead in Argentina, suspected to have been murdered by a professional group. The victim’s dismembered remains were discovered in a suitcase, and the analysis of fingerprints and tattoos identified the missing millionaire.

US Congressional Committee Passes Crypto Bill

Two key US congressional committees have advanced a bipartisan bill to establish federal oversight for cryptocurrencies. The bill aims to classify cryptos as either securities or commodities, increase the CFTC’s oversight over the crypto industry, and clarify the jurisdiction of the SEC. With the endorsement of both the Financial Services and Agriculture committees, the bill has been referred to the full House for consideration.

RFK Jr. Confirms BTC Purchases

US presidential hopeful, Robert F. Kennedy Jr, confirmed that he owns Bitcoin.  Kennedy explained, right after the Bitcoin Conference in Miami, that he decided to put his money where his mouth is and bought two bitcoins for each of his seven children.” Kennedy has spoken favorably of cryptocurrency recently, laying out plans for the US dollar to be backed by Bitcoin.

Binance Seeks Dismissal of CFTC Complaint

Binance and its CEO Changpeng Zhao have filed a motion to dismiss a complaint filed by the U.S. Commodity Futures Trading Commission. The CFTC accuses Binance of violating the Commodity Exchange Act and related regulations, running an “illegal” exchange, and having a deceptive compliance program. The motion seeks to challenge the CFTC’s claims.

BlackRock is Mega Bullish On Bitcoin

A recently revealed Blackrock study from April of last year suggests the analysts for the world’s largest asset manager recommended that for optimal portfolio returns, a whopping 85% should be allocated to Bitcoin, with only the remaining 15% being split between equities and bonds. CEO Larry Fink recently said in an interview that more and more gold investors have been asking about the role of crypto in recent years.

Sequoia Capital Cuts Crypto Fund

Venture capital giant Sequoia Capital has rapidly downsized its crypto fund by 66%, from $585 million to $200 million, amidst a liquidity crunch and a pivot toward investing in newer, smaller crypto players. The tech-focused VC firm told investors in March it would reduce both its Sequoia Crypto Fund and its ecosystem fund to better reflect changed market conditions.

Bitcoin Miners Flock Into Russia

Amidst international sanctions, bitcoin mining machines are reportedly still flowing into Russia. Mining rig makers like Bitmain and MicroBT are expanding to Russia, as the U.S. market becomes saturated and with China having banned mining. More machines are going to Russia than anywhere else in the world making the country the world’s second largest mining base.

That’s what’s happened this week in crypto, see you next week.


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