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Paraguayan Authorities Shut Down 2,700 Miners in Largest Anti-Illegal Bitcoin Mining Intervention to Date
$BTC $BNB
Paraguay continues to crack down on illegal mining activities that siphon power from the country’s electric grid. In an operation executed in Saltos de Guaira on May 28, the Paraguayan National Power Administration (ANDE) and local prosecutors detected and pulled the plug on a giant bitcoin mining farm hosting 2,738 bitcoin miners.
While many of these machines were disconnected, the farm had bypassed the connection to the electric meter, obtaining the energy for the operation without being accounted by ANDE. In addition to the bitcoin miners, authorities confiscated five electric transformers with a total installed capacity of 7,150 kilo-volt-amperes.
The detection of this farm was possible due to the implementation of several techniques, including supervisory and control systems (SCADA) and artificial intelligence (AI) software to monitor the load current peaks.
$BTC $BNB
Paraguay continues to crack down on illegal mining activities that siphon power from the country’s electric grid. In an operation executed in Saltos de Guaira on May 28, the Paraguayan National Power Administration (ANDE) and local prosecutors detected and pulled the plug on a giant bitcoin mining farm hosting 2,738 bitcoin miners.
While many of these machines were disconnected, the farm had bypassed the connection to the electric meter, obtaining the energy for the operation without being accounted by ANDE. In addition to the bitcoin miners, authorities confiscated five electric transformers with a total installed capacity of 7,150 kilo-volt-amperes.
The detection of this farm was possible due to the implementation of several techniques, including supervisory and control systems (SCADA) and artificial intelligence (AI) software to monitor the load current peaks.
Bitcoin Technical Analysis: BTC Maintains Stability in Narrow Triangular Formation
#BTC☀
Bitcoin’s valuation presently resides at $68,402, boasting a market capitalization of $1.34 trillion and a 24 hour trading volume of $23.93 billion. Throughout the previous day, BTC’s price has maintained a tightly consolidated triangular pattern.
#BTC☀
Bitcoin’s valuation presently resides at $68,402, boasting a market capitalization of $1.34 trillion and a 24 hour trading volume of $23.93 billion. Throughout the previous day, BTC’s price has maintained a tightly consolidated triangular pattern.
Bitcoin Hash rate Hits Record High, Surpasses Pre-Halving Levels
#Bitcoinarena
Bitcoin’s hash rate has rebounded to the historic highs seen just before the fourth reward halving event. According to the seven-day simple moving average, the network’s hash rate reached a record 657 exa hash per second (EH/s) this week.
Bitcoin hashrate via the seven-day SMA on May 28, 2024.$BTC
#Bitcoinarena
Bitcoin’s hash rate has rebounded to the historic highs seen just before the fourth reward halving event. According to the seven-day simple moving average, the network’s hash rate reached a record 657 exa hash per second (EH/s) this week.
Bitcoin hashrate via the seven-day SMA on May 28, 2024.$BTC
#EarnFreeCrypto2024
FINANCE
UK Digital Bank Blocks Clients From Performing Crypto Transactions
The London-based digital bank Kroo has barred its clients from engaging in cryptocurrency transactions, joining other U.K.-based banks in this decision. The bank cites the increasing cases of online fraud incidents involving crypto currencies as the reason for this move.
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FINANCE
UK Digital Bank Blocks Clients From Performing Crypto Transactions
UK Digital Bank Blocks Clients From Performing Crypto Transactions
Terence Zimwara
By Terence Zimwara
The London-based digital bank Kroo has barred its clients from engaging in cryptocurrency transactions, joining other U.K.-based banks in this decision. The bank cites the increasing cases of online fraud incidents involving crypto currencies as the reason for this move.
Kroo to Decline Cryptocurrency-Related Bank Transfer Requests
London-based digital bank Kroo has barred its customers from performing cryptocurrency transactions. The bank attributes this decision to the increased association of crypto with scams. Kroo joins fellow banks Starling Bank and Chase UK in blocking clients from engaging in crypto transactions.
According to the bank’s updated terms and conditions, starting from May 30, 2024, Kroo will decline bank transfer requests or card transactions associated with crypto currencies.
“[We can freeze or restrict your account if] you use your account to purchase or trade in cryptocurrency or you receive credits to your account which arise from cryptocurrency trading or transactions. If we detect such activity we will not process the payments involved, and if you persistently make such transactions we may close your account,” the digital bank explained.
FINANCE
UK Digital Bank Blocks Clients From Performing Crypto Transactions
The London-based digital bank Kroo has barred its clients from engaging in cryptocurrency transactions, joining other U.K.-based banks in this decision. The bank cites the increasing cases of online fraud incidents involving crypto currencies as the reason for this move.
Bitcoin.com News logo
Learning Center About Advertise Submit Press Release
FINANCE
UK Digital Bank Blocks Clients From Performing Crypto Transactions
UK Digital Bank Blocks Clients From Performing Crypto Transactions
Terence Zimwara
By Terence Zimwara
The London-based digital bank Kroo has barred its clients from engaging in cryptocurrency transactions, joining other U.K.-based banks in this decision. The bank cites the increasing cases of online fraud incidents involving crypto currencies as the reason for this move.
Kroo to Decline Cryptocurrency-Related Bank Transfer Requests
London-based digital bank Kroo has barred its customers from performing cryptocurrency transactions. The bank attributes this decision to the increased association of crypto with scams. Kroo joins fellow banks Starling Bank and Chase UK in blocking clients from engaging in crypto transactions.
According to the bank’s updated terms and conditions, starting from May 30, 2024, Kroo will decline bank transfer requests or card transactions associated with crypto currencies.
“[We can freeze or restrict your account if] you use your account to purchase or trade in cryptocurrency or you receive credits to your account which arise from cryptocurrency trading or transactions. If we detect such activity we will not process the payments involved, and if you persistently make such transactions we may close your account,” the digital bank explained.
Bitcoin Breaks $70K Barrier, Leading to $27.75M in Liquidations
#Bitcoin❗
The price of bitcoin has exceeded $70,000, increasing by 2.1% during today’s trading sessions. This latest rise led to the liquidation of $27.75 million in bitcoin short positions.
Bitcoin (BTC) is up 2.1% today and 3% over the past seven days. The price has also risen 12% over the last 30 days against the U.S. dollar. As bitcoin crossed $70,000, its trade volume surged from over $10 billion to $21.58 billion. Tether (USDT) is the largest trading pair with bitcoin, accounting for more than 41% of trades, while the stablecoin FDUSD makes up more than 35%.
USDT and FDUSD are followed by USD, USDC, and the South Korean won (KRW), which commands 2.67% of all bitcoin trades. While BTC is trading for $70,245 per coin, it has a premium in South Korea, where it trades for $71,044 per unit. The premium, which had fallen below 1%, is now back above the threshold at 1.07%.
The increase in bitcoin’s value has resulted in significant liquidations, alongside ethereum’s (ETH) price rise. Across the entire crypto economy, $111.23 million in long and short positions were wiped out. ETH shorts saw $23.52 million in liquidations, while BTC experienced $27.75 million in liquidated shorts. Out of the $111.23 million in liquidations over the past day, $70.12 million were shorts.
#Bitcoin❗
The price of bitcoin has exceeded $70,000, increasing by 2.1% during today’s trading sessions. This latest rise led to the liquidation of $27.75 million in bitcoin short positions.
Bitcoin (BTC) is up 2.1% today and 3% over the past seven days. The price has also risen 12% over the last 30 days against the U.S. dollar. As bitcoin crossed $70,000, its trade volume surged from over $10 billion to $21.58 billion. Tether (USDT) is the largest trading pair with bitcoin, accounting for more than 41% of trades, while the stablecoin FDUSD makes up more than 35%.
USDT and FDUSD are followed by USD, USDC, and the South Korean won (KRW), which commands 2.67% of all bitcoin trades. While BTC is trading for $70,245 per coin, it has a premium in South Korea, where it trades for $71,044 per unit. The premium, which had fallen below 1%, is now back above the threshold at 1.07%.
The increase in bitcoin’s value has resulted in significant liquidations, alongside ethereum’s (ETH) price rise. Across the entire crypto economy, $111.23 million in long and short positions were wiped out. ETH shorts saw $23.52 million in liquidations, while BTC experienced $27.75 million in liquidated shorts. Out of the $111.23 million in liquidations over the past day, $70.12 million were shorts.
#SRC20
SRC 20 Protocol’s ‘Unmatched Data Permanence’ Makes It a Superior Choice Over BRC 20 and Runes.
According to a study conducted by the consultancy firm Universelle, the SRC20 protocol stands out among other protocols running on the Bitcoin network due to its “unmatched data permanence.” The report adds that the protocol’s upcoming cost-reduction upgrade makes SRC20 a compelling choice for long-term projects and investments.
Regarding the user-friendliness of protocols on the Bitcoin network, the Universelle study claimed that the SRC20 protocol outperformed Runes and BRC20 because it does not require transfer inscriptions or splitting UTXOs. Concerning wallet support, the report noted that while both BRC20 and Runes have a higher level of infrastructure and wallet support, the SRC20 protocol is rapidly catching up.
In terms of funding, SRC20-based projects have attracted between $5 million and $10 million in venture capital investment. This is slightly lower than the $20 million attracted by BRC20. However, the Universelle analysis asserts that capital flowing into SRC20 tokens will only increase with greater acceptance and adoption.
SRC 20 Protocol’s ‘Unmatched Data Permanence’ Makes It a Superior Choice Over BRC 20 and Runes.
According to a study conducted by the consultancy firm Universelle, the SRC20 protocol stands out among other protocols running on the Bitcoin network due to its “unmatched data permanence.” The report adds that the protocol’s upcoming cost-reduction upgrade makes SRC20 a compelling choice for long-term projects and investments.
Regarding the user-friendliness of protocols on the Bitcoin network, the Universelle study claimed that the SRC20 protocol outperformed Runes and BRC20 because it does not require transfer inscriptions or splitting UTXOs. Concerning wallet support, the report noted that while both BRC20 and Runes have a higher level of infrastructure and wallet support, the SRC20 protocol is rapidly catching up.
In terms of funding, SRC20-based projects have attracted between $5 million and $10 million in venture capital investment. This is slightly lower than the $20 million attracted by BRC20. However, the Universelle analysis asserts that capital flowing into SRC20 tokens will only increase with greater acceptance and adoption.
#ChinaCrackdown
Expert Says Peer-to-Peer Nature of Crypto Activity Renders China’s Ban Ineffective
Rising instances of Chinese raids on underground gangs and companies using digital assets to facilitate illegal foreign exchange transactions are exposing China’s seemingly faltering crypto prohibition, a Bloomberg report has said. It suggests that the alleged busts of gangs moving more than $140 million (one billion yuan) could indicate that China remains a significant crypto market, despite the 2021 ban.
As previously reported by Bitcoin.com News, China has not only curtailed the use of crypto but also cracked down on cryptocurrency mining. This crackdown is believed to have prompted many miners to relocate to more welcoming countries, resulting in China relinquishing its position as the world’s top Bitcoin miner. However, the Asian nation’s attempts to block or curb cryptocurrency trading have not been as successful.
The Bloomberg report explains that the persistent demand for crypto among Chinese residents can be attributed to their desire for alternative investments and a means to circumvent the country’s strict capital transfer rules. Additionally, understanding the decentralized nature of crypto assets like bitcoin (BTC) may also be sustaining Chinese residents’ interest in crypto.
Expert Says Peer-to-Peer Nature of Crypto Activity Renders China’s Ban Ineffective
Rising instances of Chinese raids on underground gangs and companies using digital assets to facilitate illegal foreign exchange transactions are exposing China’s seemingly faltering crypto prohibition, a Bloomberg report has said. It suggests that the alleged busts of gangs moving more than $140 million (one billion yuan) could indicate that China remains a significant crypto market, despite the 2021 ban.
As previously reported by Bitcoin.com News, China has not only curtailed the use of crypto but also cracked down on cryptocurrency mining. This crackdown is believed to have prompted many miners to relocate to more welcoming countries, resulting in China relinquishing its position as the world’s top Bitcoin miner. However, the Asian nation’s attempts to block or curb cryptocurrency trading have not been as successful.
The Bloomberg report explains that the persistent demand for crypto among Chinese residents can be attributed to their desire for alternative investments and a means to circumvent the country’s strict capital transfer rules. Additionally, understanding the decentralized nature of crypto assets like bitcoin (BTC) may also be sustaining Chinese residents’ interest in crypto.
#ETHETFsApproved
US Lawmakers Pressure SEC to Apply Same Principles for Ethereum as Bitcoin ETFs
Five U.S. representatives have urged the U.S. Securities and Exchange Commission (SEC) to adopt a consistent policy for ethereum exchange-traded funds (ETFs), following their previous approval of spot bitcoin ETFs. In a letter dated May 22 to SEC Chair Gary Gensler, Representatives French Hill, Tom Emmer, Mike Flood, Josh Gottheimer, and Wiley Nickel explained that “the approval of spot bitcoin exchange-traded products (ETPs) represents a pivotal moment for both digital assets and our financial markets.”
The lawmakers continued: “We urge the Commission to maintain a consistent and equitable approach when reviewing upcoming applications for other digital asset-backed ETPs.”
US Lawmakers Pressure SEC to Apply Same Principles for Ethereum as Bitcoin ETFs
Five U.S. representatives have urged the U.S. Securities and Exchange Commission (SEC) to adopt a consistent policy for ethereum exchange-traded funds (ETFs), following their previous approval of spot bitcoin ETFs. In a letter dated May 22 to SEC Chair Gary Gensler, Representatives French Hill, Tom Emmer, Mike Flood, Josh Gottheimer, and Wiley Nickel explained that “the approval of spot bitcoin exchange-traded products (ETPs) represents a pivotal moment for both digital assets and our financial markets.”
The lawmakers continued: “We urge the Commission to maintain a consistent and equitable approach when reviewing upcoming applications for other digital asset-backed ETPs.”
#EthereumETFApprovalExpectations
REGULATION
UK Approves First Physically Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange
The Financial Conduct Authority (FCA), the UK’s top financial regulator, has approved physically backed bitcoin and ethereum exchange-traded products (ETPs) for listing on the London Stock Exchange for the first time. “FCA approval in this respect could result in greater institutional adoption of the asset class,” Wisdomtree stated.
First Bitcoin and Ethereum ETP Listings on LSE
The UK Financial Conduct Authority (FCA) has approved crypto exchange-traded products (ETPs) by Wisdom tree and 21 shares to list on the London Stock Exchange (LSE).
“Wisdomtree is amongst the first issuers to have its prospectus relating to crypto ETPs approved by the FCA,” the company emphasized, adding:
Its 100% physically backed bitcoin and ethereum ETPs, Wisdom tree Physical Bitcoin and WisdomTree Physical Ethereum, will be listed on the LSE at the earliest date possible which is expected to be on Tuesday May 28th. At the time of listing, these ETPs will only be available to professional investors.
The two Wisdomtree’s physically backed bitcoin and ethereum ETPs will have fees of 0.35%, the same as equivalent vehicles listed in a number of continental European exchanges. Alexis Marinof, Head of Europe at Wisdomtree, explained that the FCA’s approval is a crucial development for the crypto industry, potentially leading to increased institutional adoption. All the UK-listed crypto funds will be constructed as exchange-traded notes (ETNs), a structure common across the European cryptocurrency market.
REGULATION
UK Approves First Physically Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange
The Financial Conduct Authority (FCA), the UK’s top financial regulator, has approved physically backed bitcoin and ethereum exchange-traded products (ETPs) for listing on the London Stock Exchange for the first time. “FCA approval in this respect could result in greater institutional adoption of the asset class,” Wisdomtree stated.
First Bitcoin and Ethereum ETP Listings on LSE
The UK Financial Conduct Authority (FCA) has approved crypto exchange-traded products (ETPs) by Wisdom tree and 21 shares to list on the London Stock Exchange (LSE).
“Wisdomtree is amongst the first issuers to have its prospectus relating to crypto ETPs approved by the FCA,” the company emphasized, adding:
Its 100% physically backed bitcoin and ethereum ETPs, Wisdom tree Physical Bitcoin and WisdomTree Physical Ethereum, will be listed on the LSE at the earliest date possible which is expected to be on Tuesday May 28th. At the time of listing, these ETPs will only be available to professional investors.
The two Wisdomtree’s physically backed bitcoin and ethereum ETPs will have fees of 0.35%, the same as equivalent vehicles listed in a number of continental European exchanges. Alexis Marinof, Head of Europe at Wisdomtree, explained that the FCA’s approval is a crucial development for the crypto industry, potentially leading to increased institutional adoption. All the UK-listed crypto funds will be constructed as exchange-traded notes (ETNs), a structure common across the European cryptocurrency market.
