Galaxy Digital Appoints Former Goldman Executive Michael Daffey as Chair

Galaxy Digital Holdings Ltd., a bitcoin-focused firm offering banking and institutional services, has appointed Michael Daffey to take the position of chairman. The new chairman will officially resume duty on Sept 1. Knowing fully well what the new role involves, Daffey said, “This is a great, new next chapter for me. I have a lot to learn.” The chairman’s position was once held by the founder of the company, Michael Novogratz, who will remain as chief executive. Daffey and Novogratz used to work together at Goldman in Asia in the 1990s before the latter left and started working at Fortress

Turkey Bans Crypto Payments, Cites “Irreparable” Damage and Transaction Risks

The Central bank of the Republic of Turkey has banned citizens from using cryptocurrencies as a medium of exchange and payments. The new law will take effect starting April 30, 2021, the country’s official Gazette reported Friday. The central bank claimed that the reason for the ban was due to “irreparable” damage and significant transaction risks associated with cryptocurrencies. The bank noted that crypto wallets are vulnerable to theft and crypto transactions are irrevocable, hence crypto assets are a poor medium of exchange.  The ban comes after Turkish authorities demanded user information from crypto trading platforms last week. The central bank

Bitcoin ETF Incoming? Senate Confirms Gary Gensler as New SEC Chair

The U.S. Senate has nominated Gary Gensler to serve as the 33rd chair of the U.S. Securities and Exchange Commission (SEC) after a 53-45 vote.  The SEC’s existing commissioners released a congratulatory statement after the Senate confirmation of Gary Gensler saying, “A warm congratulations to Gary Gensler on his Senate confirmation to become Chair of the SEC. He will be joining a dedicated staff that works tirelessly day in and day out on behalf of investors and our markets. We welcome him back to public service and look forward to working together to execute our vital mission.” With BTTC, the

Bitcoin Should Be Regulated Globally Says ECB President Christine Lagarde 

Bitcoin’s pseudonymity, since its creation is one scoring point for the cryptocurrency considering its holders are confident that no company or government can get a hold of their money because of the network’s decentralized nature. However, a recent announcement by the president of the European Central Bank (ECB) in an interview at the Reuters Next conference questions Bitcoin’s pseudonymity. President Christine Lagarde stated that Bitcoin should be regulated globally, for reasons that criminals use the digital currency for money laundering and so precautionary actions should be taken to stop future occurrences. Due to the recent upsurge in the price of BTC in

Early Bitcoiner Loses $220 Million Worth of BTC to Forgotten Password

According to The New York Times, Stefan Thomas, a San Francisco-based programmer, lost access to his Bitcoin because of a forgotten password. The private keys to his 7,002 Bitcoin now worth about $220 million, due to the recent price surge, is locked in a small hard drive called IronKey. The IronKey wallet has a feature that allows owners who forget their passwords to attempt 10 guesses. Failure to get the password right on the 10th attempt, the wallet seizes up its contents indefinitely. Thomas revealed that he lost the paper where he stored the

After XRP Snapshot: Flare Networks Will Soon Integrate With Litecoin (LTC)

Flare Network is one platform that has a list of planned events waiting to be executed way before its launch date. In a recent tweet, the company revealed it would be integrating Litecoin ahead of the Flare network launch in Q2. The integration supposedly “allows LTC to be used trustlessly on Flare with Ethereum style smart contracts and gives LTC interoperability and composability.” Flare will be integrating Litecoin ahead of the Flare network launch in Q2. This will allow LTC to be used trustlessly on Flare with Ethereum style smart contracts and gives LTC interoperability and composability. #LTC #Unlockingvalue @LTCFoundation

American Investor Jim Rogers Believes Bitcoin Is a Massive Bubble

While many former Bitcoin critics are becoming more tolerant of it, quite a few are still skeptical of the cryptocurrency. Some people like Jim Rogers do not believe that bitcoin is as great as its proponents deem it to be but see it as nothing but a bubble. The American investor based in Singapore and the CEO of Rogers International Commodities Index (RICI) recently revealed to ET NOW that he has never purchased nor owned any cryptocurrency owning to the history of some cryptocurrencies that have gone extinct. He said, “I have never bought any cryptocurrency. I wish I had

JPMorgan Predicts 5x Bitcoin Price From Here, With a $146,000 Target

As the price of Bitcoin continues to rise, a lot of speculations from both analysts and strategists about the price of the coin continues to increase too. The price increase has also led to some comparisons between Bitcoin and Gold. One of such predictors is a group of strategists from JPMorgan Chase & Co. The strategists, headed by Nikolaos Panigirtzoglou, mentioned that Bitcoin might reach $146,000 in the long term. However, for bitcoin to attain that price and equal with Gold, the cryptocurrency market cap would have to increase by 4.6 times

Arrested BitMEX CTO Samuel Reed released on $5 million bond

A court document released today revealed that BitMEX’s former CTO Samuel Reed arrested in connection to the lawsuits against the exchange, has been released on a $5 million appearance bond.  On Oct 1, Coinfomania reported that U.S. regulators charged crypto derivatives giant BitMEX and its co-founders for operating an unregulated trading platform and failure to establish and maintain a mandatory anti-money laundering (AML) and Know Your Customer (KYC) requirement. Following the filings, Reed was charged and arrested by the U.S. Department of Justice. However, he has been released with an unsecured $5 million appearance bond with $500,000 in cash.  According

Arthur Hayes Steps Down as CEO at 100x Following CFTC Charges Against BitMEX

It’s been a trying time for crypto derivatives giant BitMEX and its associates following the recent legal filings in the United States. Coinfomania reported last week that the US Commodity Futures Trading Commission (CFTC) filed civil charges against BitMEX and its founders for several rule violations.  The CTFC alleged that the company violated its rules by operating an unregulated exchange while also failing to implement a mandatory anti-money laundering (AML) know-your-customer (KYC) requirements for US traders.  Auther Hayes steps down Following the lawsuit, 100x Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX exchange,