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Bitcoin price hits 7-day low as US warns of ‘highly elevated’ CPI data

Bitcoin (BTC) carried through threats of new local lows on July 12 as the White House warned of “highly elevated” inflation. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewWhite House warns ahead of "decisive day"Data from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $19,500 prior to the Wall Street open, down over 4% on the day. Having failed to hold $20,300 support, the pair appeared to react badly to comments on the inflation outlook from White House press secretary Karine Jean-Pierre. Markets were already primed for higher than expected figures for June from the Consumer Price Index (CPI), which made new forty-year highs in May. “So on Wednesday, we will have new CPI inflation data, and we expect the headline number, which includes gas and food, to be highly elevated, mainly because gas prices were so elevated in June,” she told reporters at a press briefing July 11. The trip to $19,520 meanwhile marked Bitcoin’s lowest levels in a week. “Tomorro..

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Law Decoded, July 4–11: Access denied for crypto-owning policymakers

It’s been a century or so since the property qualification came out of vogue, but it doesn’t seem a problem if you want to apply it to crypto and policymaking. An advisory notice released by the United States Office of Government Ethics last week states that the de minimis exemption — which allows for the owners of securities who hold an amount below a certain threshold to work on policy related to that security — is universally inapplicable when it comes to cryptocurrencies and stablecoins. As the note specifies, even holding a mere $100 of a certain stablecoin should prevent a civil servant from participating in drafting regulation “until and unless they divest their interests in [that] stablecoin.” Stablecoins are not an exception — the same goes for any kind of cryptocurrency. The only exemption will be made for policymakers who hold up to $50,000 in mutual funds that invest broadly in companies that would benefit from crypto and blockchain technology. The reasoning for this exem..

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Bank of Russia opposes private stablecoins in the country

In a fresh episode of the longstanding battle between the Central Bank of Russia (CBR) and the country's Ministry of Finance, representatives of the former have criticized the latter’s idea of supporting the stablecoins, which some private investors have sought to launch in the country. According to local media, an unnamed representative of the central bank dismissed talk of Russia-based stablecoins, started last week by the Ministry of Finance’s director of financial policy department Ivan Chebeskov. Back then, Chebeskov voiced his ministry’s support for creating stablecoins tied to assets like “the ruble, gold, oil or grain.” He called it “the right path for developing new technology” and urged private companies to try this kind of financial tool if they find it necessary. The CBR speaker said that private stablecoins “are characterized by higher risks,” because the pool of underlying assets doesn’t belong to the issuer. They also stated that there is no guarantee of redempti..

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The UK’s largest Bitcoin conference comes to Scotland

The bear market won’t scuttle Bitcoin’s (BTC) adoption plans in the United Kingdom. From Oct. 21–22 this year, internationally recognized Bitcoin experts, authors and content creators will take part in the United Kingdom’s largest Bitcoin conference to date. Organized by the Bitcoin Collective, a newly formed Bitcoin company, and in partnership with Bitcoin and crypto exchange OKX, the event takes place at the Assembly Rooms on Edinburgh’s George Street. Edinburgh, Scotland's capital city. Source: Telegraph.co.ukJordan Walker, CEO of the Bitcoin Collective, told Cointelegraph, “the conference is solely Bitcoin related, as this is our focus as we aim to inform and educate the collective.” In the press release, Walker added: “However, it’s not about buying or investing in Bitcoin, that’s a whole different discussion. Our focus is on education, so make sure to bring a notebook and pen!”Speakers include Jeff Booth, author of The Price of Tomorrow, Greg Foss, Validus Power Corp strate..

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Helium network team resolves consensus error after 4-hour outage

The Internet of Things (IoT) blockchain Helium shut down for about 4 hours on Monday due to validator outages from a software update, causing delayed transaction finality. During the outage, devices transferring data over the network were not affected, but miner rewards and token transfers were left pending. The team resolved the issue by skipping the blockchain forward by one block and resuming normal functions. At 10:20 am EST, the Consensus Group stopped producing blocks at block height 1435692 on the Helium blockchain, according to a status update. Lacking network consensus, token transfers could not be completed, and new blocks were not being produced. Helium is an IoT network that uses physical radio hotspots to allow users to connect to their devices from anywhere there is radio coverage. On the Helium network, a Consensus Group consists of 43 validator nodes randomly chosen in fixed intervals to provide network consensus. In the postmortem for the event, Helium engineers cite..

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Online brokerage M1 Finance to launch crypto trading accounts

Despite the bear market scaring away many crypto investors in 2022, online brokerage firm M1 Finance is set to launch crypto trading accounts and trading services over the next few weeks. The Chicago-based company was founded in 2015 and claims to have more than $5 billion worth of assets under management (AUM). The brokerage also offers retirement accounts in addition to providing commission-free trading on stocks and exchange-traded funds (ETFs). In a Tuesday blog post explaining the move, M1 CEO and founder Brian Barnes noted that it was primarily driven by strong consumer demand to support crypto assets: “The crypto market is still young and volatile; Bitcoin emerged just 13 years ago.” he stated before adding, “Cryptocurrencies are a roughly trillion-dollar asset class that over 20% of Americans have invested in, traded, or used:” “It has been the most requested asset addition, with roughly half of our surveyed users wanting to use M1 to invest in crypto.” Adding them to the pl..

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More than $4.7M stolen in Uniswap fake token phishing attack

A sophisticated phishing campaign targeting liquidity providers (LPs) of the Uniswap v3 protocol has seen attackers make off with at least $4.7 million worth of Ether (ETH). However, the community is reporting the losses could be even greater. MetaMask security researcher Harry Denley was one of the first to raise the alarm bells of the attack, telling his 13,000 Twitter followers on Monday that 73,399 addresses had been sent malicious ERC-20 tokens to steal their assets. At least $4.7 million in ETH has been lost in the attack, according to a Twitter post from Binance CEO Changpeng “CZ” Zhao. However, there are also reports among the crypto community that there may be more significant losses from the incursion. Prominent Crypto Twitter user 0xSisyphus noted on Monday that a “large LP” with around 16,140 ETH, worth $17.5 million, may have also been phished. How it worksAccording to Denley, the phishing attack works by sending unsuspecting users a “malicious token” called “Uniswap..

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Capitulation ongoing but markets not at the bottom yet: Glassnode

Bitcoin (BTC) wealth is being distributed from weak hands to strong hands due to ongoing capitulation from retail investors and miners, signaling that the bottom may be close. The latest ‘The Week On-Chain’ report from blockchain analysis firm Glassnode on Monday explains that market capitulations have been ongoing for about a month and that several other signals suggest bottom formations in Bitcoin prices. However, Glassnode analysts wrote that the bear market “still requires an element of duration” as long-term holders (LTH), who tend to have greater confidence in Bitcoin as a technology, increasingly bear the greatest unrealized losses: “For a bear market to reach an ultimate floor, the share of coins held at a loss should transfer primarily to those who are the least sensitive to price, and with the highest conviction.”They added that the market may need further “downside risk to fully test investor resolve, and enable the market to establish a resilient bottom.” Unrealized losses..

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‘Nobody is holding them back’ — North Korean cyber-attack threat rises

North Korea-backed cyberattacks on cryptocurrency and tech firms will only become more sophisticated over time as the country battles prolonged economic sanctions and resource shortages. Former CIA analyst Soo Kim told CNN on Sunday that the process of generating overseas crypto income for the regime has now become a “way of life” for the North Koreans: “In light of the challenges that the regime is facing — food shortages, fewer countries willing to engage with North Korea [...] this is just going to be something that they will continue to use because nobody is holding them back, essentially.”She also added that it is likely that their crypto attacking “tradecraft” will only improve from here on. “Even though the tradecraft is not perfect right now, in terms of their ways of approaching foreigners and preying upon their vulnerabilities, it’s still a fresh market for North Korea,” said Kim. The RAND Corporation policy analyst made the comments almost two months after the release of ..

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Playboy to launch first ‘MetaMansion’ in The Sandbox

According to a Monday announcement, this virtual version of the Playboy mansion will feature a host of gaming, social and programmed events, along with future nonfungible token (NFT) collectible releases from the firm. Iconic and raunchy “lifestyle brand” Playboy has teamed up with NFT-based Metaverse gaming platform The Sandbox to launch the MetaMansion. The MetaMansion also builds on Playboy’s Rabbitars NFT project, which consists of 11,953 tokenized bunny avatars that went for around $800 apiece in October 2021. Hodlers of these NFTs will soon be able to access exclusive experiences at the virtual mansion. However, the specifics and the launch date have not yet been detailed. At the time of writing, the floor price for the Rabbitar NFTs on OpenSea sits at 0.19 Ether (ETH) or roughly $206, marking a 74.25% decrease since its launch in October. The Sandbox also stated that users would be able to snap up neighboring NFT land plots to the MetaMansion later this quarter. If anything ..

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