Meta Platforms to Sunset Novi Digital Wallet This Fall
The social media platform announced that the Novi digital wallet pilot would end on Sept 1, and advised all users to withdraw funds at their earliest convenience. No deposits into the wallet will be allowed after July 21, and users’ transaction history and other data will be inaccessible from Sept 1.
The Novi app will be taken down from app stores. However, technology from Novi developed over many years will have a place in the metaverse plans of Meta, the company told Bloomberg, having already tested non-fungible tokens in its Web3 efforts.
Meta’s foray into digital currencies was spearheaded in 2018 by David Marcus, who left the company in Nov 2021, and Morgan Beller, a former partner at Andreessen Horowitz.
Initially named Libra, the project aimed to help people store, transfer, and spend money internationally for a meager fee. Unlike bitcoin, Libra would be backed by low-risk assets, including U.S. Treasuries and bank deposits.
The project attracted key early backers, including Uber, Spotify, Vodafone, Visa, and MasterCard. To allay regulators’ fears regarding the project’s connection to Facebook, Meta’s previous name, Marcus and Beller created the Libra Foundation in Switzerland, of which Facebook was a member.
But Marcus was given the cold shoulder when he tried to woo Washington regulators in 2019. Key politicians voiced their distrust of Facebook, and soon, some early backers began pulling out.
Not long after that, Libra was renamed Diem, and Facebook’s digital wallet, which had previously been called Calibra, became Novi.
Diem said that the U.S. dollar would back the new eponymous currency. A pilot was planned for spring 2021 that would issue a small amount of Diem and launch Novi.
But the U.S. Treasury said “No,” and Marcus then launched the Novi wallet pilot with stablecoin Paxos (USDP) in Oct 2021, with plans to migrate to the Diem payments network.
The latter never materialized, and Diem’s assets were sold to Silvergate Capital this Jan. Silvergate will launch its stablecoin project later this year using Diem’s assets.
The Novi wallet catered to users in the United States and Guatemala. The local currency could be purchased with a debit card and sent to the wallet, where it would be stored in USDP. From there, users could send the funds to another wallet. The recipient could withdraw the money in their local currency.
After that, Meta launched Novi for WhatsApp in the U.S., where payments could take place over an encrypted chat.
The social media platform announced that the Novi digital wallet pilot would end on Sept 1, and advised all users to withdraw funds at their earliest convenience. No deposits into the wallet will be allowed after July 21, and users’ transaction history and other data will be inaccessible from Sept 1.
The Novi app will be taken down from app stores. However, technology from Novi developed over many years will have a place in the metaverse plans of Meta, the company told Bloomberg, having already tested non-fungible tokens in its Web3 efforts.
Meta’s foray into digital currencies was spearheaded in 2018 by David Marcus, who left the company in Nov 2021, and Morgan Beller, a former partner at Andreessen Horowitz.
Initially named Libra, the project aimed to help people store, transfer, and spend money internationally for a meager fee. Unlike bitcoin, Libra would be backed by low-risk assets, including U.S. Treasuries and bank deposits.
The project attracted key early backers, including Uber, Spotify, Vodafone, Visa, and MasterCard. To allay regulators’ fears regarding the project’s connection to Facebook, Meta’s previous name, Marcus and Beller created the Libra Foundation in Switzerland, of which Facebook was a member.
But Marcus was given the cold shoulder when he tried to woo Washington regulators in 2019. Key politicians voiced their distrust of Facebook, and soon, some early backers began pulling out.
Not long after that, Libra was renamed Diem, and Facebook’s digital wallet, which had previously been called Calibra, became Novi.
Diem said that the U.S. dollar would back the new eponymous currency. A pilot was planned for spring 2021 that would issue a small amount of Diem and launch Novi.
But the U.S. Treasury said “No,” and Marcus then launched the Novi wallet pilot with stablecoin Paxos (USDP) in Oct 2021, with plans to migrate to the Diem payments network.
The latter never materialized, and Diem’s assets were sold to Silvergate Capital this Jan. Silvergate will launch its stablecoin project later this year using Diem’s assets.
The Novi wallet catered to users in the United States and Guatemala. The local currency could be purchased with a debit card and sent to the wallet, where it would be stored in USDP. From there, users could send the funds to another wallet. The recipient could withdraw the money in their local currency.
After that, Meta launched Novi for WhatsApp in the U.S., where payments could take place over an encrypted chat.
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India Hikes Duty on Imported Gold, Seeking to Bring Down Trade Deficit
In its attempt to relieve the pressure against the rupee, the Indian government announced on July 1 that it had hiked the duty on imported gold by five percentage points to 12.5%. However, there are fears the import duty hike will spur a resurgence in the smuggling of the commodity.
Faced with a rising trade deficit and weakening local currency, the Indian government announced on July 1 that it was hiking the duty on imported gold from 7.5% to 12.5%. Immediately after the announcement, the precious metal’s price in India went up by 3%.
According to a report, the latest data from the country shows that imports of the precious metal into India — the world’s second largest consumer of gold — grew by almost ten times in twelve months to $6 billion. During the same period (May 2021 to May 2022), India’s negative trade balance grew to $24.29 billion, up from the $6.53 billion that was recorded a year ago.
Following the announcement, some Indian experts lauded the decision which they say will dampen demand for the precious metal. However, an unnamed dealer is quoted in the report suggesting that the hike will likely encourage the smuggling of the commodity. The dealer is quoted as saying:
Gold smuggling was falling after the duty reduction and because of COVID-19 curbs on the movement of people. But now it could rise again.
Meanwhile, another expert, Somasundaram PR, a regional CEO of the World Gold Council’s Indian operations, concurred with experts who assert that the hike will help reduce demand for gold and thus ease the pressure on the rupee. Surendra Mehta, a secretary at India Bullion and Jewellers Association (IBJA), is quoted in the same report predicting that the demand for the precious metal will rebound.
According to the report, the announcement by the Narendra Modi government came just as reports emerged that the Indian rupee had breached the 79 mark against the U.S. dollar for the first time. At the time of writing, the rupee-dollar exchange rate stands at 79.09.
In its attempt to relieve the pressure against the rupee, the Indian government announced on July 1 that it had hiked the duty on imported gold by five percentage points to 12.5%. However, there are fears the import duty hike will spur a resurgence in the smuggling of the commodity.
Faced with a rising trade deficit and weakening local currency, the Indian government announced on July 1 that it was hiking the duty on imported gold from 7.5% to 12.5%. Immediately after the announcement, the precious metal’s price in India went up by 3%.
According to a report, the latest data from the country shows that imports of the precious metal into India — the world’s second largest consumer of gold — grew by almost ten times in twelve months to $6 billion. During the same period (May 2021 to May 2022), India’s negative trade balance grew to $24.29 billion, up from the $6.53 billion that was recorded a year ago.
Following the announcement, some Indian experts lauded the decision which they say will dampen demand for the precious metal. However, an unnamed dealer is quoted in the report suggesting that the hike will likely encourage the smuggling of the commodity. The dealer is quoted as saying:
Gold smuggling was falling after the duty reduction and because of COVID-19 curbs on the movement of people. But now it could rise again.
Meanwhile, another expert, Somasundaram PR, a regional CEO of the World Gold Council’s Indian operations, concurred with experts who assert that the hike will help reduce demand for gold and thus ease the pressure on the rupee. Surendra Mehta, a secretary at India Bullion and Jewellers Association (IBJA), is quoted in the same report predicting that the demand for the precious metal will rebound.
According to the report, the announcement by the Narendra Modi government came just as reports emerged that the Indian rupee had breached the 79 mark against the U.S. dollar for the first time. At the time of writing, the rupee-dollar exchange rate stands at 79.09.
Report: South African Firm Launches ‘Crypto Water Token’ — Receives Investment of $150M
The South African company behind the so-called “crypto water token” is reported to have secured an investment of $150 million from a Bahamas-based digital asset management company, GEM Digital. Initially available on decentralized exchanges only, the H2ON token was recently listed on the crypto exchange platform Bitmart.
A South Africa-based water infrastructure firm, H2O Securities, is reported to have launched what has been described as the “world-first crypto water token.” According to the firm, the token is expected to provide access to the company’s H2O water network. Already, a Bahamas digital asset investment company, GEM Digital, is said to have invested $150 million in the water infrastructure firm.
As per a CNBC TV18 report, the token, which was listed on the crypto exchange platform Bitmart on July 3, would become available on secondary markets by July 7. The token has been available in decentralized exchanges for the past few months, the report said.
In remarks following the revelation of GEM Digital’s investment, Julius Steyn, the CEO and founder of H2O Holdings, said:
The focus with the H2ON token is mainly on the financing of water projects internationally and not so much on the technical engineering of such projects.
Concerning the prior listing of the token on decentralized exchanges, Steyn said doing this had shown that there was great interest in the H2O token.
On its website, H2O Securities claims the H2O Water Network is “a closed-loop ecosystem” where the token is used as a method for rewarding those participating in the network. GEM Digital, on the other hand, says it sources, structures, and invests in over 30 listed utility tokens.
The South African company behind the so-called “crypto water token” is reported to have secured an investment of $150 million from a Bahamas-based digital asset management company, GEM Digital. Initially available on decentralized exchanges only, the H2ON token was recently listed on the crypto exchange platform Bitmart.
A South Africa-based water infrastructure firm, H2O Securities, is reported to have launched what has been described as the “world-first crypto water token.” According to the firm, the token is expected to provide access to the company’s H2O water network. Already, a Bahamas digital asset investment company, GEM Digital, is said to have invested $150 million in the water infrastructure firm.
As per a CNBC TV18 report, the token, which was listed on the crypto exchange platform Bitmart on July 3, would become available on secondary markets by July 7. The token has been available in decentralized exchanges for the past few months, the report said.
In remarks following the revelation of GEM Digital’s investment, Julius Steyn, the CEO and founder of H2O Holdings, said:
The focus with the H2ON token is mainly on the financing of water projects internationally and not so much on the technical engineering of such projects.
Concerning the prior listing of the token on decentralized exchanges, Steyn said doing this had shown that there was great interest in the H2O token.
On its website, H2O Securities claims the H2O Water Network is “a closed-loop ecosystem” where the token is used as a method for rewarding those participating in the network. GEM Digital, on the other hand, says it sources, structures, and invests in over 30 listed utility tokens.
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Insurance Company Sued for Refusing to Cover $7.5 Million Bitcoin Ransom Payment
A British jeweler has sued its insurance company for refusing to cover a bitcoin ransom payment of $7.5 million. The jeweler paid the hackers to prevent sensitive customer data from being published.
A luxury British Jeweler, Graff, has sued its insurer, The Travelers Companies, for refusing to cover a ransom bitcoin payment, Bloomberg reported last week.
The jeweler paid a bitcoin ransom of $7.5 million to the Russian hacking gang Conti after the group threatened to leak data of the company’s big clients, including Middle East royalty. Graff negotiated the ransom payment amount with the hackers and managed to reduce it from $15 million.
Conti attacked Graff in September last year and leaked data about the royal families from Saudi Arabia, the United Arab Emirates (UAE), and Qatar. The hackers apologized to the families but said that they may need to leak more of Graff’s data.
“Our goal is to publish as much of Graff’s information as possible regarding the financial declarations made by the US-UK-EU neo-liberal plutocracy, which engages in obnoxiously expensive purchases when their nations are crumbling under economic duress,” the hacking group reportedly said.
While authorities have discouraged individuals and businesses from making ransom payments, there are circumstances where paying them is beneficial, particularly when the damage inflicted by a cyber attack is greater than the cost of the ransom.
Some insurers offer cyber insurance policies that cover crypto ransom payments. However, experts have warned that insurers are inadvertently funding organized crime by paying out claims from companies who paid ransoms.
Ciaran Martin, the founding CEO of the British National Cyber Security Centre (NCSC), explained last year that “People are paying bitcoin to criminals and claiming back cash.” He stressed: “I see this as so avoidable. At the moment, companies have incentives to pay ransoms to make sure this all goes away. You have to look seriously about changing the law on insurance and banning these payments, or at the very least, having a major consultation with the industry.”
Regarding Graff’s ransom payment, a company spokesperson said: “The criminals threatened targeted publication of our customers’ private purchases. We were determined to take all possible steps to protect their interests and so negotiated a payment which successfully neutralized that threat.”
The jewelry company added:
We are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery proceedings at the High Court.
A British jeweler has sued its insurance company for refusing to cover a bitcoin ransom payment of $7.5 million. The jeweler paid the hackers to prevent sensitive customer data from being published.
A luxury British Jeweler, Graff, has sued its insurer, The Travelers Companies, for refusing to cover a ransom bitcoin payment, Bloomberg reported last week.
The jeweler paid a bitcoin ransom of $7.5 million to the Russian hacking gang Conti after the group threatened to leak data of the company’s big clients, including Middle East royalty. Graff negotiated the ransom payment amount with the hackers and managed to reduce it from $15 million.
Conti attacked Graff in September last year and leaked data about the royal families from Saudi Arabia, the United Arab Emirates (UAE), and Qatar. The hackers apologized to the families but said that they may need to leak more of Graff’s data.
“Our goal is to publish as much of Graff’s information as possible regarding the financial declarations made by the US-UK-EU neo-liberal plutocracy, which engages in obnoxiously expensive purchases when their nations are crumbling under economic duress,” the hacking group reportedly said.
While authorities have discouraged individuals and businesses from making ransom payments, there are circumstances where paying them is beneficial, particularly when the damage inflicted by a cyber attack is greater than the cost of the ransom.
Some insurers offer cyber insurance policies that cover crypto ransom payments. However, experts have warned that insurers are inadvertently funding organized crime by paying out claims from companies who paid ransoms.
Ciaran Martin, the founding CEO of the British National Cyber Security Centre (NCSC), explained last year that “People are paying bitcoin to criminals and claiming back cash.” He stressed: “I see this as so avoidable. At the moment, companies have incentives to pay ransoms to make sure this all goes away. You have to look seriously about changing the law on insurance and banning these payments, or at the very least, having a major consultation with the industry.”
Regarding Graff’s ransom payment, a company spokesperson said: “The criminals threatened targeted publication of our customers’ private purchases. We were determined to take all possible steps to protect their interests and so negotiated a payment which successfully neutralized that threat.”
The jewelry company added:
We are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery proceedings at the High Court.
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Spanish Crypto Exchange Bitbase Expands to Latam
Bitbase, a Spanish cryptocurrency exchange and crypto ATM operator, has announced its expansion to Latam with the establishment of a store in Paraguay. The company, which had previously opened a store in Portugal, is now bringing its operations to several locations in Paraguay, having its sights on Venezuela as the next destination for its expansion plans.
While the current bear market has affected some cryptocurrency firms in a negative way, others are expanding to new latitudes, looking to capitalize on the popularity of crypto. Bitbase, a cryptocurrency exchange that offers support in physical stores, has announced the establishment of its first store outside Europe. The company recently opened a new store in Paraguay, where it will lend support to customers wanting to get into the world of crypto.
The store will also have its own cryptocurrency ATM, that will allow customers to purchase or sell bitcoin and other cryptocurrencies in exchange for Paraguayan fiat currency. According to Bitbase, this will be the first store of its kind in the country and will be followed by more stores opening in other cities in Paraguay. Bitbase also manages a significant number of crypto ATMs in several locations in Europe, running 6% of the total on the continent.
However, the expansion plans for the exchange go even further. Per reports from the company, the next country on the growth roadmap will be Venezuela, where Bitbase aims to establish a location similar to the one just opened in Paraguay. The exchange opened its first location outside Spain in January, marking the beginning of its foray into international expansion.
The company reported its interest in taking its business to Venezuela back in February. At that time, it announced that representatives of Bitbase were in talks with people in the Venezuelan government to bring cryptocurrency ATMs to the country, due to the clear cryptocurrency legal framework that Venezuela offers. However, the results of these meetings have yet to be disclosed.
While Venezuela has a thriving crypto community, with the United Nations recently recognizing it as the country with the third-highest adoption, cryptocurrency ATMs have not been popular. Bitbase believes that its peculiar approach to crypto, offering physical stores with support, can help to bring customers to the crypto ecosystem that would not be enticed under other circumstances.
Bitbase, a Spanish cryptocurrency exchange and crypto ATM operator, has announced its expansion to Latam with the establishment of a store in Paraguay. The company, which had previously opened a store in Portugal, is now bringing its operations to several locations in Paraguay, having its sights on Venezuela as the next destination for its expansion plans.
While the current bear market has affected some cryptocurrency firms in a negative way, others are expanding to new latitudes, looking to capitalize on the popularity of crypto. Bitbase, a cryptocurrency exchange that offers support in physical stores, has announced the establishment of its first store outside Europe. The company recently opened a new store in Paraguay, where it will lend support to customers wanting to get into the world of crypto.
The store will also have its own cryptocurrency ATM, that will allow customers to purchase or sell bitcoin and other cryptocurrencies in exchange for Paraguayan fiat currency. According to Bitbase, this will be the first store of its kind in the country and will be followed by more stores opening in other cities in Paraguay. Bitbase also manages a significant number of crypto ATMs in several locations in Europe, running 6% of the total on the continent.
However, the expansion plans for the exchange go even further. Per reports from the company, the next country on the growth roadmap will be Venezuela, where Bitbase aims to establish a location similar to the one just opened in Paraguay. The exchange opened its first location outside Spain in January, marking the beginning of its foray into international expansion.
The company reported its interest in taking its business to Venezuela back in February. At that time, it announced that representatives of Bitbase were in talks with people in the Venezuelan government to bring cryptocurrency ATMs to the country, due to the clear cryptocurrency legal framework that Venezuela offers. However, the results of these meetings have yet to be disclosed.
While Venezuela has a thriving crypto community, with the United Nations recently recognizing it as the country with the third-highest adoption, cryptocurrency ATMs have not been popular. Bitbase believes that its peculiar approach to crypto, offering physical stores with support, can help to bring customers to the crypto ecosystem that would not be enticed under other circumstances.
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🎉Utopia P2P continues to surprise users with its novelties!
Most people know Utopia P2P for PC with various built-in tools for messaging, browsing, file transfer, online payments, etc.
Recently, Utopia P2P has released its beta version for mobile to ensure users with a pocket application for communication on Android first:
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📜Utopia P2P is a Web 3.0 decentralized network with a strong foundation basis:
- A ready-to-work product, especially a PC version of Utopia P2P
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South African Court Releases Former Monero Developer Riccardo Spagni From Custody
A South African regional court recently ruled to release former Monero lead maintainer, Riccardo Spagni, from custody. The ruling came just a few days after his arrest by local law enforcement agents, a report has said. Prior to his release, Spagni aka Fluffypony told the court he had returned to South Africa voluntarily and that he was not a flight risk.
A South African regional court magistrate recently ruled to release fraud-accused former Monero lead developer, Riccardo Spagni, from custody on a warning, a report has said. The magistrate’s decision to release Spagni came just days after he was arrested and taken into custody when he landed at the OR Tambo International Airport.
As previously reported by Bitcoin News, Spagni was arrested in Nashville, Tennessee on 21 July 2021 by U.S. law enforcement agents. The arrest was at the instigation of the South African government. Since then, Spagni has remained in U.S. custody pending the finalization of the extradition process.
Initially, Spagni is reported to have resisted attempts to extradite him to South Africa. However, on June 30, a motion for his extradition was eventually granted by a U.S. magistrate judge, Alistair E. Newbern. This then paved the way for his transfer from the United States to South Africa where he reportedly arrived on July 11.
Meanwhile, a Soweto Live report said that before the July 15 ruling, the prosecution team had argued against releasing the former Monero developer from custody pending the trial. An affidavit signed by an investigating officer named Steven Pritchard explained why Spagni, who previously failed to attend court hearings because he feared contracting Covid-19, may not suitable candidate for bail.
“I subsequently searched the internet and discovered that Spagni attended a crowded Bitcoin convention in Miami with celebrities including Paris Hilton between June 4 and June 5 2021. This appeared in a photo and he was not wearing a mask,” Pritchard reportedly said in his affidavit.
In response to the prosecution’s arguments, Spagni insisted in his own affidavit that he was not to blame for his alleged non-appearance at scheduled court hearings. The former Monero developer confirmed he initially resisted being extradited and that he chose to return to South Africa “voluntarily under circumstances where my release on warning had not been canceled and the state had to cancel it.”
Spagni also went on to give the court reasons why he had to be released on a warning. According to the Soweto Live report, Spagni is expected to return to court on July 19.
A South African regional court recently ruled to release former Monero lead maintainer, Riccardo Spagni, from custody. The ruling came just a few days after his arrest by local law enforcement agents, a report has said. Prior to his release, Spagni aka Fluffypony told the court he had returned to South Africa voluntarily and that he was not a flight risk.
A South African regional court magistrate recently ruled to release fraud-accused former Monero lead developer, Riccardo Spagni, from custody on a warning, a report has said. The magistrate’s decision to release Spagni came just days after he was arrested and taken into custody when he landed at the OR Tambo International Airport.
As previously reported by Bitcoin News, Spagni was arrested in Nashville, Tennessee on 21 July 2021 by U.S. law enforcement agents. The arrest was at the instigation of the South African government. Since then, Spagni has remained in U.S. custody pending the finalization of the extradition process.
Initially, Spagni is reported to have resisted attempts to extradite him to South Africa. However, on June 30, a motion for his extradition was eventually granted by a U.S. magistrate judge, Alistair E. Newbern. This then paved the way for his transfer from the United States to South Africa where he reportedly arrived on July 11.
Meanwhile, a Soweto Live report said that before the July 15 ruling, the prosecution team had argued against releasing the former Monero developer from custody pending the trial. An affidavit signed by an investigating officer named Steven Pritchard explained why Spagni, who previously failed to attend court hearings because he feared contracting Covid-19, may not suitable candidate for bail.
“I subsequently searched the internet and discovered that Spagni attended a crowded Bitcoin convention in Miami with celebrities including Paris Hilton between June 4 and June 5 2021. This appeared in a photo and he was not wearing a mask,” Pritchard reportedly said in his affidavit.
In response to the prosecution’s arguments, Spagni insisted in his own affidavit that he was not to blame for his alleged non-appearance at scheduled court hearings. The former Monero developer confirmed he initially resisted being extradited and that he chose to return to South Africa “voluntarily under circumstances where my release on warning had not been canceled and the state had to cancel it.”
Spagni also went on to give the court reasons why he had to be released on a warning. According to the Soweto Live report, Spagni is expected to return to court on July 19.
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#1 Biggest Project in Indonesia 🇮🇩
We Will be listed on Bybit and Gate io. Targetting 100 World Exchange🔥
✅ Asia’s Hidden Gem 💎
✅ Listed in 24 Top Exchanges
✅ $8-10 Millions Trading Volume/Day
✅ Game Studio with 20Million Downloads
✅ Licensed payment gateway
✅ 70+ companies in conventional business chain ready to integrate
✅ 6 months old (since listed on PancakeSwap in 16 February 2022)
✅ Developing AAA rate Games
KUNCI is the only Token in the world integrated with the Physical offices and Physical utilities like Theme parks Hotels apart from Virtual assets like NFT MARKET PLACE ,KUNCISCAN ,KUNCI GAMES
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Bitcoin, Ethereum Technical Analysis: BTC Falls, as Tesla Sells 75% of Its Holdings
Bitcoin was trading lower in today’s session, as it was revealed that Tesla had sold 75% of its holdings in the cryptocurrency. The news comes following the company’s Q2 earnings call, where they confirmed converting the token into fiat currency. Ethereum was also lower on the news.
Following a recent run of gains, bitcoin (BTC) fell lower in today’s session, after it was revealed that Tesla had sold 75% of its holdings in the token.
Tesla stated that, “As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency”.
As a result of this, BTC/USD fell to an intraday low of $22,707.51 in today’s session, which comes less than 24-hours after sitting at a peak of $24,196.82.
Ultimately, the shift in momentum comes as price strength was already nearly overbought, with the 14-day RSI tracking near a ceiling of 62 on Wednesday.
This resistance has now firmly been held, with the index now at a reading of 57, and a floor of 51 its next possible target.
Should this bearish sentiment intensify, then bitcoin could potentially begin to head lower, moving towards $20,000.
Ethereum (ETH) also saw its recent winning streak snapped, as the token fell back into the red during Thursday’s session.
Following a high of 1,612.65 on Wednesday, the world’s second-largest cryptocurrency slipped to a low of $1,472.19 today.
The drop comes as sentiment around crypto turned bearish earlier in the session, with the global market cap trading 3.2% lower as of writing.
Looking at the chart, ethereum’s Relative Strength Index was tracking above 70 during yesterday’s session, which was a three month high.
As of writing, the index now sits at 62, as bears have re-entered the marketplace, with some anticipating further declines this week.
If prices are to move lower, the $1,300 support point will likely be a point of interest for bears in the market.
Bitcoin was trading lower in today’s session, as it was revealed that Tesla had sold 75% of its holdings in the cryptocurrency. The news comes following the company’s Q2 earnings call, where they confirmed converting the token into fiat currency. Ethereum was also lower on the news.
Following a recent run of gains, bitcoin (BTC) fell lower in today’s session, after it was revealed that Tesla had sold 75% of its holdings in the token.
Tesla stated that, “As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency”.
As a result of this, BTC/USD fell to an intraday low of $22,707.51 in today’s session, which comes less than 24-hours after sitting at a peak of $24,196.82.
Ultimately, the shift in momentum comes as price strength was already nearly overbought, with the 14-day RSI tracking near a ceiling of 62 on Wednesday.
This resistance has now firmly been held, with the index now at a reading of 57, and a floor of 51 its next possible target.
Should this bearish sentiment intensify, then bitcoin could potentially begin to head lower, moving towards $20,000.
Ethereum (ETH) also saw its recent winning streak snapped, as the token fell back into the red during Thursday’s session.
Following a high of 1,612.65 on Wednesday, the world’s second-largest cryptocurrency slipped to a low of $1,472.19 today.
The drop comes as sentiment around crypto turned bearish earlier in the session, with the global market cap trading 3.2% lower as of writing.
Looking at the chart, ethereum’s Relative Strength Index was tracking above 70 during yesterday’s session, which was a three month high.
As of writing, the index now sits at 62, as bears have re-entered the marketplace, with some anticipating further declines this week.
If prices are to move lower, the $1,300 support point will likely be a point of interest for bears in the market.
Tax Collector Wants $55 Million From Collapsed Bitcoin Ponzi Scheme MTI — Liquidators Accused of Failing Their Duty
In a fresh twist to the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) saga, revenue collector South African Revenue Services (SARS) has demanded $55.3 million from the scheme’s liquidators. The revenue collector added that it wants the tax bill settled before the MTI liquidation process is finalized.
The South African revenue collector is said to have lodged a claim of approximately $55 million against the now defunct bitcoin Ponzi scheme Mirror Trading International (MTI). The claim lodged with the Master of Cape Town High Court relates to two tax periods, the years 2019 and 2020.
According to a report by Moneyweb, the revenue collection body known as the South African Revenue Service (SARS) said it wants this tax bill settled before the finalization of MTI’s liquidation process. As previously reported by Bitcoin News, a total of $75 million was realized from the sale of bitcoins belonging to MTI that were recovered from forex trader FX Choice.
SARS, which accuses the collapsed firm’s liquidators of failing to carry out their duties “as the deemed public officers,” reportedly said it reserved the right to adjust its claim in the event additional bitcoins belonging to MTI were found.
In its filing with the Master of High Court, the revenue collector claimed that in addition to the late delivery of the income information, the liquidators failed to declare the $10.8 million and $398 million in income that was realized in the years 2020 and 2021 respectively.
Out of the $55.3 million that the SARS is demanding from liquidators, about $20.8 million is for the normal income tax, the Moneyweb report said. For understating incomes, SARS said it wants $34.5 million from the liquidators.
Also, when presenting evidence on behalf of SARS, Johan Matthews, from the revenue collector’s Illicit Economy Unit, reportedly argued that the revenue collector should be given preferential creditor status as per the Insolvency Act. If granted, this status bars liquidators from disbursing recovered funds until the revenue collector’s claims have been settled in full. SARS also said unless a return is submitted within 40 days after assessment, MTI liquidators will be not able to object or appeal.
The report also quotes the revenue collector explaining why it is not waiting for the completion of the liquidation process.
“Taking into account that the taxpayer MTI has been finally liquidated and that the liquidators are in the process of finalising the administration of the estate including the payment of interim dividends to proven creditors, there are reasonable grounds to believe that the taxpayer will not pay the full amount of tax and that the recovery of the tax may be difficult in future,” SARS reportedly said.
In a fresh twist to the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) saga, revenue collector South African Revenue Services (SARS) has demanded $55.3 million from the scheme’s liquidators. The revenue collector added that it wants the tax bill settled before the MTI liquidation process is finalized.
The South African revenue collector is said to have lodged a claim of approximately $55 million against the now defunct bitcoin Ponzi scheme Mirror Trading International (MTI). The claim lodged with the Master of Cape Town High Court relates to two tax periods, the years 2019 and 2020.
According to a report by Moneyweb, the revenue collection body known as the South African Revenue Service (SARS) said it wants this tax bill settled before the finalization of MTI’s liquidation process. As previously reported by Bitcoin News, a total of $75 million was realized from the sale of bitcoins belonging to MTI that were recovered from forex trader FX Choice.
SARS, which accuses the collapsed firm’s liquidators of failing to carry out their duties “as the deemed public officers,” reportedly said it reserved the right to adjust its claim in the event additional bitcoins belonging to MTI were found.
In its filing with the Master of High Court, the revenue collector claimed that in addition to the late delivery of the income information, the liquidators failed to declare the $10.8 million and $398 million in income that was realized in the years 2020 and 2021 respectively.
Out of the $55.3 million that the SARS is demanding from liquidators, about $20.8 million is for the normal income tax, the Moneyweb report said. For understating incomes, SARS said it wants $34.5 million from the liquidators.
Also, when presenting evidence on behalf of SARS, Johan Matthews, from the revenue collector’s Illicit Economy Unit, reportedly argued that the revenue collector should be given preferential creditor status as per the Insolvency Act. If granted, this status bars liquidators from disbursing recovered funds until the revenue collector’s claims have been settled in full. SARS also said unless a return is submitted within 40 days after assessment, MTI liquidators will be not able to object or appeal.
The report also quotes the revenue collector explaining why it is not waiting for the completion of the liquidation process.
“Taking into account that the taxpayer MTI has been finally liquidated and that the liquidators are in the process of finalising the administration of the estate including the payment of interim dividends to proven creditors, there are reasonable grounds to believe that the taxpayer will not pay the full amount of tax and that the recovery of the tax may be difficult in future,” SARS reportedly said.
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Biggest Movers: SOL Slips to 12-Day Low, as NEAR Drops by Nearly 12% on Tuesday
Solana fell for a second consecutive session on Tuesday, pushing the token to its lowest level in twelve days. The move comes as sentiment in crypto markets turned bearish ahead of tomorrow’s FOMC meeting. Near protocol was also lower, dropping by as much as 12% today.
Solana (SOL) was in the red for the second day running, as prices moved closer to a key support level.
On Tuesday, SOL/USD slipped to an intraday low of $35.28, which is the lowest level that the token has traded since July 14.
The move pushed prices closer to a support point of $32.40, which has been in place since mid-June.
This recent downtrend in solana started exactly a week ago today, when the $47 price ceiling held firm, following an attempt from bulls to move to $50.
Looking closer at the chart, this took place as another ceiling was it, as price strength ran into a resistance point of 65.20.
That was the highest the relative strength index (RSI) had tracked since early April, with previous bulls unable to sustain the pressure needed for further rallies.
SOL/USD could first head towards the $32.40 floor, before we see bulls prepare to reenter.
Like solana, Near protocol (NEAR) extended recent losses during today’s session, with the token falling by as much as 12%.
Following a peak of $4.08 to start the week, NEAR/USD dropped to a low of $3.59 earlier in the day.
This saw the token fall to its lowest point since last Monday, June 18, when prices were climbing from a then-floor of $3.50
Today’s selloff has taken near protocol back towards this point, and comes following last week’s failed breakout into the $5.00 region.
The drop in prices comes as the 14-day RSI slipped below a floor of its own at 46.80, and is now tracking at 44.99.
Overall, NEAR is now trading over 17% lower than at the same point last week, with all indications pointing to further declines in upcoming sessions.
Solana fell for a second consecutive session on Tuesday, pushing the token to its lowest level in twelve days. The move comes as sentiment in crypto markets turned bearish ahead of tomorrow’s FOMC meeting. Near protocol was also lower, dropping by as much as 12% today.
Solana (SOL) was in the red for the second day running, as prices moved closer to a key support level.
On Tuesday, SOL/USD slipped to an intraday low of $35.28, which is the lowest level that the token has traded since July 14.
The move pushed prices closer to a support point of $32.40, which has been in place since mid-June.
This recent downtrend in solana started exactly a week ago today, when the $47 price ceiling held firm, following an attempt from bulls to move to $50.
Looking closer at the chart, this took place as another ceiling was it, as price strength ran into a resistance point of 65.20.
That was the highest the relative strength index (RSI) had tracked since early April, with previous bulls unable to sustain the pressure needed for further rallies.
SOL/USD could first head towards the $32.40 floor, before we see bulls prepare to reenter.
Like solana, Near protocol (NEAR) extended recent losses during today’s session, with the token falling by as much as 12%.
Following a peak of $4.08 to start the week, NEAR/USD dropped to a low of $3.59 earlier in the day.
This saw the token fall to its lowest point since last Monday, June 18, when prices were climbing from a then-floor of $3.50
Today’s selloff has taken near protocol back towards this point, and comes following last week’s failed breakout into the $5.00 region.
The drop in prices comes as the 14-day RSI slipped below a floor of its own at 46.80, and is now tracking at 44.99.
Overall, NEAR is now trading over 17% lower than at the same point last week, with all indications pointing to further declines in upcoming sessions.
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