🔴 Crypto AI Struggle | Cryptocurrency News of the Week – July 31, 2023
A new altcoin project wants to scan your eyeballs, and Blackrock reveals surprising Bitcoin recommendations. Can you guess which country is currently hosting the growing community of cryptocurrency miners? This week we bring you these stories and more in cryptocurrency.
Worldcoin project begins
Worldcoin, the cryptocurrency project of Open AI founder Sam Altman, is launching its services globally amid US regulatory challenges. Blockchain technology requires identity verification via a metal sphere that scans the eye. This innovation aims to solve the future difficulty of distinguishing between humans and robots and grant tokens to users only after proving that they are human.
Cryptocurrency millionaire found dead
Cryptocurrency trader and influencer Fernando Pérez Algaba was reported missing and later found dead in Argentina, suspected of being murdered by a group of experts. The victim’s dismembered body was found in a suitcase, and fingerprints and tattoos were analyzed to confirm the identity of the missing millionaire.
US Congress Committee Passes Cryptocurrency Bill
Two major U.S. congressional committees have advanced bipartisan legislation to establish federal oversight of cryptocurrencies. The bill aims to classify cryptocurrencies as securities or commodities, strengthen the CFTC’s oversight of the cryptocurrency industry, and clarify the SEC’s jurisdiction. With approval from both the Financial Services and Agriculture Committees, the bill was referred to the full House for consideration.
RFK Jr. confirms BTC purchase
US presidential candidate Robert F. Kennedy Jr has confirmed that he owns Bitcoin. Kennedy explained that shortly after the Bitcoin conference in Miami, he decided to put his money where his mouth was and bought each of his seven children two Bitcoins.” Kennedy recently spoke favorably of cryptocurrencies, suggesting plans for the U.S. dollar to be backed by Bitcoin.
Binance Requests Dismissal of CFTC Complaint
Binance and CEO Changpeng Zhao filed a motion to dismiss the complaint filed by the U.S. Commodity Futures Trading Commission. The CFTC accuses Binance of violating the Commodity Exchange Act and related regulations, operating an “illegal” exchange, and running a deceptive compliance program. This motion challenges the CFTC’s claims.
BlackRock is extremely bullish on Bitcoin.
According to a recently released Blackrock study from April last year, analysts at 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% split between stocks and bonds. CEO Larry Fink said in a recent interview that more and more gold investors have been questioning the role of cryptocurrencies in recent years.
Sequoia Capital cuts cryptocurrency fund
Venture capital giant Sequoia Capital sharply reduced its cryptocurrency fund by 66%, from $585 million to $200 million, amid a liquidity crisis and a shift toward investing in new, smaller cryptocurrency players. The technology-focused VC firm told investors in March that it would scale back both its Sequoia cryptocurrency fund and its ecosystem fund to better reflect changed market conditions.
Bitcoin miners flock to Russia
It is reported that Bitcoin miners are still flowing into Russia despite international sanctions. Mining equipment manufacturers like Bitmain and MicroBT are expanding into Russia as the U.S. market saturates and China bans mining. More machinery moves to Russia than anywhere else in the world, making Russia the second-largest mining base in the world.
This is what happened in the cryptocurrency market this week. I will see you next week.
