Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation

Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country. In a tweet today, Hinojosa changed his profile picture to feature the senator speaking into a microphone with the iconic “laser eyes,” indicating support for crypto. The lawmaker said he would be “promoting and proposing a legal framework for crypto coins in Mexico’s lower house,” specifically mentioning Bitcoin (BTC). Voy a promover y proponer ante la Cámara de Diputados un marco…

Reports suggest BlockFi seeks to raise millions at a valuation of $5B

Cryptocurrency lending platform BlockFi is reportedly looking to raise hundreds of millions of dollars in new funding at a valuation of nearly $5 billion, offering further insights into the growth of crypto-focused companies. The company, which was founded in 2017 by Zac Prince and Flori Marquez, is said to be in late-stage talks with new and existing investors to secure the capital raise, according to technology publication The Information. New York-based hedge fund Third Point Management and Hedosophia, a London-based venture capital firm, are reportedly leading the new funding round.…

Concordium aims to end the era of anonymity in crypto industry

The anonymity of Bitcoin (BTC) and other cryptocurrencies is a hot topic in the crypto space. While the transactions are open to track in a public blockchain, it is challenging to link a transaction with a real-life person in many use cases. As an identity-centric platform, Concordium takes a different direction by offering complete transparency. “The time has come for the blockchain industry to respect the general rules of society,” Concordium chairman Lars Seier Christensen said in an announcement. The launch of Concodium Blockchain marks the end of the era…

IRS needs congressional authority to handle crypto, says chief

Internal Revenue Service chief Charles Rettig called out lawmakers for not taking the initiative on addressing the problem of many U.S. residents not paying taxes on crypto. In a Tuesday senate hearing on the IRS’ fiscal year 2022 budget, Rettig said that the agency would likely require a “clear dictate from Congress” to regulate crypto. The IRS has listed $32 million in its budget for “crypto-related enforcement operations” as well as $41 million related to cybercrime in its attempts to address the issue of non-reporting or underreporting taxpayers. “The authority…

Bitcoin sell-off likely played a key role in boosting Gold’s appeal

May was a testing time for cryptocurrencies like Bitcoin (BTC). The flagship digital asset was already wobbling after rallying to nearly $65,000 in mid April, owing to profit-taking sentiment among traders. Elon Musk accelerated the sell-off by reversing his company’s plans to accept Bitcoin as payment for Tesla’s electric cars. Later in the month, the People’s Bank of China reiterated to the country’s financial institutions against the use of virtual currencies for payments. Chinese authorities are also starting to keep a close eye on crypto mining — the process by…

‘I should have bought a lot more,’ laments billionaire investor on Bitcoin

Marc Lasry, co-founder and CEO of Avenue Capital Group, believes that despite recent volatility in the crypto market, it likely isn’t going away. In a Tuesday interview with CNBC’s Squawk Box, Lasry said that while the price of Bitcoin (BTC) could go anywhere from $20,000 to $100,000, the market has been established, implying it is unlikely to go to zero. The billionaire commented that his 2018 prediction that BTC would reach $40,000 was based on institutional investors driving interest. “Once a market is created, it’s there,” said Lasry. “The probability as…

Berkshire Hathaway invests $500M in Brazilian digital bank

Brazilian digital bank Nubank has raised $500 million from Berkshire Hathaway, a multinational holding company run by billionaire Warren Buffett. In an announcement from Nubank on Tuesday, the digital bank said the $500 million investment would be used to continue its international expansion — the company recently launched in Colombia — as well as attract new executives from major tech companies. Nubank reported it has more than 40 million customers in Brazil, Mexico and Colombia. Nubank CEO David Vélez said the funding would help in “democratizing access to financial services”…

Ontario securities regulator takes action against Kucoin

The Ontario Securities Commission, or OSC, is taking stern action against two companies associated with KuCoin for allegedly failing to comply with local securities laws, setting the stage for further regulatory action against the cryptocurrency platform. The companies targeted by the OSC are Seychelles-based Mek Global Limited and Singapore-based PhoenixFin Pte. Ltd. Collectively, the companies operate KuCoin, one of the world’s fastest-growing cryptocurrency exchanges. As of Tuesday, KuCoin had processed more than $1.3 billion worth of crypto transactions over the previous 24 hours, according to industry data. That puts it…

Bitcoin Indicator Behavior Mimics Historic Rally

Bitcoin price keeps sinking, but has kept mostly sideways leaving bears unable to break support to new lows. With the trading range at a pivotal point, as one trading legend often says it is “time to pay attention.” The reason for the focus, is because what started as a fractal in price action, is now causing similar behavior in the Bollinger Bands that led to one of the most powerful pumps in Bitcoin history. Is that what’s next with bearish sentiment at such critical heights currently? Pause In Downtrend Leaves…

Bitcoin price nears $30K as estimates reveal $19K support floor

Bitcoin (BTC) edged closer to significant $30,000 support later on June 8 amid predictions that a major crypto correction was imminent. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bulls get in line to protect $30,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making repeated lower lows on short timeframes during Tuesday. A previous dip had taken the pair to $32,000 before a brief rebound then fizzled, with that level subsequently giving way. At the time of writing, Bitcoin was plumbing levels not seen since May’s initial $30,000 correction, focusing…