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Amidst a notable diplomatic engagement between the United States and Iraq, recent statements by Iraq’s Deputy Prime Minister Muhammad Ali Tamim have stirred speculation in the Bitcoin community regarding Iraq’s potential entry into BTC mining at a nation-state level.

Will Iraq Start Mining Bitcoin?

During a press conference with US Secretary of State Antony Blinken, Deputy Prime Minister Tamim discussed a range of initiatives aimed at modernizing Iraq’s energy sector and diversifying its economy. Among the topics addressed was the utilization of new technologies to capture flare gas, a byproduct of oil extraction that is often burned off and wasted.

Flared gas capturing is a significant point of interest for the Bitcoin community, as this excess gas can be converted to electricity and used to power mining operations. This process not only provides an economically viable solution to a waste problem but also aligns with global efforts to reduce environmental pollution—an issue highlighted by Tamim in his speech.

“The Government of Iraq is working for the prosperity of the Iraqi people, at the same time to pay their debts of the Iraqi nation, especially when it comes to the different phases of the energy sector and use new technologies and modernization of the energy sector to reduce pollution. The Government is widening its partnership and conducting agreements so it will be able to, for example, use technologies to capture flare gas,” Tamim said, emphasizing the shift towards innovative and sustainable energy solutions.

This development has prompted Joe Kerr, a noted Bitcoin pundit known on X as @Boomstick44, to suggest that Iraq might be moving towards adopting BTC mining on a large scale. Kerr tweeted, “Tell me your country is going to start mining Bitcoin for the US without telling me.” Kerr cited Tamim’s statement and saw it as proof that only BTC mining could be meant while the Iraqi official was trying to avoid the use of the word.

Tell me your country is going to start mining #Bitcoin for the U.S. without telling me…

Iraq’s deputy prime minister:

‘The Government of Iraq is working for the prosperity of the Iraqi people, at the same time to pay their debts of the Iraqi nation, especially when it comes… https://t.co/S4gxAdHrLb

— Joe Kerr (@Boomstick44) April 15, 2024

In addition to the potential environmental and economic benefits, Deputy Prime Minister Tamim also touched on enhancing tourism, following a playbook similar to El Salvador, which has integrated BTC into its economy, enhancing its appeal to a global audience interested in BTC.

El Salvador’s adoption of Bitcoin as legal tender has indeed sparked interest in its tourism sector, suggesting a potential path for Iraq to link technological innovation with economic diversification.

While official confirmation from the Iraqi government regarding the start of Bitcoin mining operations is pending and pure speculation at the moment, the connections drawn by Kerr between Deputy Prime Minister Tamim’s comments are noteworthy and underscore a growing trend of nations leveraging BTC to address economic and environmental challenges.

As Bitcoinist reported, already six countries officially mine Bitcoin on a nation-state level. These include El Salvador, the Kingdom of Bhutan, Russia, the United Arab Emirates, Oman and Ethiopia. For example, Bhutan has secretly spent millions building a national Bitcoin mining operation to avert an economic crisis.

At press time, BTC traded at $63,353

Ранее в тестовой сети блокчейна X Layer были запущены десятки популярных Web3- и DeFi-приложений, включая Uniswap, Aave, Chainlink, The Graph, QuickSwap, Galxe и Timeswap.

Депутат Астраханской областной Думы Олег Шеин в эфире Радио АВРОРА, посвящённом Дню Космонавтики, рассказал о том, как развитие и постижение окружающего пространства могут стать ответом на глобальные вызовы...

Over the weekend, the cryptocurrency markets were thrust into turmoil as escalating tensions in the Middle East sent shockwaves through global financial markets. Iran’s retaliatory drone and missile attack on Israel, following the bombing of the Iranian embassy in Syria, sparked fears of further conflict in the region. As a result, investors flocked to safe-haven assets, including cryptocurrencies, seeking refuge from the uncertainty.

Amidst the chaos, Bitcoin, the leading cryptocurrency, initially saw a surge in dominance as investors sought its perceived safety. However, this uptick was short-lived as the crypto’s dominance unexpectedly plummeted, raising questions about the cryptocurrency’s resilience in times of geopolitical turmoil.

Bitcoin Dominance Fluctuates Amidst Market Turmoil

The rapid decline in Bitcoin dominance puzzled market observers and sparked speculation about the possibility of an imminent altcoin season. Influencers like Crypto Phoenix and Altcoin ₳ardvark suggested that the decrease in dominance could signal a shift in investor sentiment towards alternative cryptocurrencies. However, conflicting views emerged, with the Blockchain Center’s Altseason Index indicating that the market is still tilted towards the coin’s dominance.

According to the Altseason Index, only 41% of large-cap altcoins are outperforming the flagship coin, suggesting that the market may not be ready for a full-fledged altcoin season just yet. Despite the weekend turmoil, Bitcoin’s position as the dominant player in the cryptocurrency market remains unshaken, with its dominance hovering nearly 40%.

Bitcoin’s Resilience Tested Amidst Market Uncertainty

The cryptocurrency sell-off triggered by geopolitical tensions highlights the volatile nature of digital asset investing. While Bitcoin’s status as a safe-haven asset was initially reaffirmed, its subsequent decline in dominance underscores the unpredictable dynamics of the crypto market. Investors are reminded of the importance of staying vigilant and adaptable in the face of geopolitical events that can significantly impact market sentiment.

Altcoins Weather The Storm 

Despite the setback, some meme coins have demonstrated remarkable resilience, outperforming Bitcoin by significant margins over the past 90 days. Coins like WIF, DOGE, and PEPE have posted impressive gains, showcasing the potential for diversification within the cryptocurrency market.

As the crypto markets continue to navigate through geopolitical uncertainties, all eyes remain on Bitcoin’s dominance and its ability to weather the storm. Whether the recent dip in dominance heralds the onset of an altcoin season or merely a temporary blip remains to be seen. In the meantime, investors brace themselves for further market fluctuations and remain cautious amidst the prevailing uncertainty.

While geopolitical tensions have rattled the cryptocurrency markets, Bitcoin’s dominance has taken a dip, sparking speculation about the emergence of an altcoin season. However, conflicting indicators suggest that Bitcoin’s position as the market leader remains intact, highlighting the unpredictable nature of digital asset investing.

Featured image from Pixabay, chart from TradingView

Криптожурналист Wu Blockchain выявил транзакции сооснователя Эфириума Виталика Бутерина через криптовалютный миксер Railgun и напомнил, что этим же инструментом пользуются хакеры Lazarus Group из Северной Кореи.  

Во вторник, 16 марта, криптовалютный рынок открылся падением на 5,08% со снижением общей капитализации до $2,3 трлн, говорят цифры аналитической платформы CoinMarketCap.

Amid the buzzing excitement following the approval of Bitcoin and Ethereum Spot Exchange-Traded Funds (ETFs) in Hong Kong, Bloomberg Intelligence analyst Eric Balchunas has made a post highlighting the explosive growth of the products in the United States.

US Bitcoin ETFs Assets Surpasses Hong Kong’s

According to Eric Balchunas, the combined asset pool held by US Spot Bitcoin ETFs is more than that of the entire Hong Kong ETF market. Bachunas’s disclosure demonstrates the enormous rise in interest in Bitcoin-related financial products among US investors. 

Furthermore, it emphasizes how the public adoption of cryptocurrencies and their integration into established financial markets are growing. In the ever-evolving world of cryptocurrency, this revelation indicates a major shift in investors’ confidence and portfolio allocation techniques.

Balchunas’s report coincides with its colleague James Seyffart’s post, also underscoring the country’s dominance in the Bitcoin ETFs market. Seyyfart claimed that more assets are found in US-listed BTC ETFs than in any single Hong Kong-listed ETF.

The Bloomberg analyst noted that the US ETF market is pegged at $9 trillion in assets compared to Hong Kong’s entire ETF market, which is valued at $50 billion. Meanwhile, Mainland China boasts an ETF market valued at $325 billion, underscoring the stark disparity in size between the two markets.

The post read:

The US ETF Market is almost $9 Trillion in assets, that is a trillion with a ‘T’. The entire Hong Kong ETF market is $50 billion. Mainland China ETFs are $325 billion. We are talking about literal orders of magnitude differences in size and impact.

Seyffart made the claims in response to a pseudonymous X user’s post urging investors to short Ethereum using heavy leverage due to news regarding BTC and ETH ETFs being approved in HK by April 15. 

While the user believes the development could impact the market significantly, Seyffart thinks it is not major news. However, he believes the development might prove to be a significant deal in the long run. 

Clearing the air, Seyffart highlighted his perspective is not meant to downplay these ETFs’ potential or the notion that they might end up serving as the Asian center for exposure to digital assets on TradFi rails. However, their impact will probably not be as substantial as that of a launch in US markets.

Most BTC ETF Issuers Saw Zero Inflow

In the past few days, the US ETF market appears to have witnessed a notable decline in interest. On Monday, Farside revealed that over the last two days, BlackRock‘s BTC ETF has been the only fund to see inflows, while all other ETFs have seen zero or no inflows.

Data from Farside shows that Blackrock’s IBIT recorded $73.4 million in net inflows on Monday. Meanwhile, other companies recorded $0 in net inflow, and Grayscale saw about $110 million in net outflow.

Власти Буэнос-Айреса обвинили криптопроект Worldcoin, занимающимся биометрическим сканированием радужной оболочки глаза, в нарушении прав пользователей и использованию их цифровых данных.

Директор по развитию Marathon Digital Адам Свик рассказал, что майнеры биткоина охотятся за первым после предстоящего халвинга блоком, в котором содержится «эпический» сатоши.

Депутат фракции КПРФ в Мосгордуме, кандидат физико-математических наук Павел Тарасов и политический обозреватель ИА «АВРОРА» Фёдор Бирюков анализируют нарастание социально-политических противоречий в российском...

Генеральный директор поставщика криптокошельков Trust Wallet Эовин Чен рекомендовал пользователям смартфонов Apple отключить сервис iMessage из-за опасений эксплойта нулевого дня.

АКАДЕМИЯ УПРАВЛЕНИЯ РАЗВИТИЕМ – ИНСТИТУТ НЕБОПОЛИТИКИ О семье народов не западных цивилизаций Информационное общество новой космической эпохи энергий созвездия Водолея по ходу глобальной трансформации...

Сенаторы Элизабет Уоррен и Чак Грассли запросили у председателя Комиссии по торговле товарными фьючерсами США (CFTC) отчет о его отношениях с Сэмом Бэнкманом-Фридом.

Жителю штата Небраска Чарльзу Парксу предъявлено обвинение в неправомерном использовании вычислительных ресурсов на сумму $3,5 млн для майнинга эфира, лайткоина и Monero.

UK Finance, the trade association representing the UK banking and financial services industry, is spearheading a pioneering pilot program aimed at leveraging crypto and blockchain technology to track financial transactions. This initiative marks a significant step forward in the adoption of crypto-related solutions within traditional banking systems.

Under the umbrella of UK Finance’s experimental shared ledger project, top players in the banking sector have joined forces to participate in the pilot testing phase.

Notable participants include industry giants such as Barclays Plc, Lloyds Banking Group Plc, Citigroup Inc., Mastercard Inc., and Visa Inc. Together, these institutions are laying the groundwork for a new era of financial innovation.

Crypto Collaboration Fuels Progress

At the heart of this initiative is the goal to bridge the gap between traditional banking systems and the burgeoning world of cryptocurrency. By harnessing the power of blockchain technology, UK Finance aims to create a seamless platform for tracking and managing financial transactions in a decentralized manner.

The pilot program, which has been underway for the past two months, is being facilitated by Quant, a leading provider of interoperable blockchain networks. CEO Gilbert Verdian expressed optimism about the progress of the pilot phase, noting that it represents a crucial step towards building a viable commercial system for tokenized deposits and securities.

Tokenized Deposits: The Future Of Finance

One of the key innovations driving this initiative is the concept of tokenized deposits. By digitizing assets and recording them on a unified blockchain, financial institutions can streamline transactions and enhance security. Tokenized deposits offer the potential for faster, more efficient cross-border transactions, while also reducing the risk of errors and fraud.

Furthermore, the adoption of tokenized deposits aligns with broader industry trends towards digitization and blockchain integration. The UK government’s Technology Working Group has issued a report urging companies to collaborate on tokenization goals, emphasizing the importance of innovation and cooperation in driving the future of finance.

Fostering Fintech Innovation

Looking ahead, UK Finance plans to expand participation in its pilot program to include fintech startups and technology companies. Beginning in July, these innovators will have the opportunity to test new products and solutions based on tokenized commercial bank money. This inclusive approach reflects UK Finance’s commitment to fostering innovation and collaboration across the financial ecosystem.

In a recent interview, Verdian highlighted the transformative potential of programmable payments for banks, noting that they offer a more efficient alternative to traditional payment systems. As the pilot program progresses, participating institutions will have the opportunity to explore new business models and unlock new opportunities for growth and innovation.

Featured image from Pexels, chart from TradingView

Главный юрисконсульт криптобиржи Coinbase Пол Грюэл выступил в поддержку пользователей криптовалютного миксера Tornado Cash для защиты права американцев на неприкосновенность частной жизни.

Старший аналитик по ETF Bloomberg Intelligence Эрик Балчунас считает, что не стоит преувеличивать важность одобрения спотовых криптовалютных ETF в Гонконге ― рынок ETF в городе-государстве очень мал.

В Октябрьском районном суде Иркутска была осуждена группа мошенников, которые обманули почти 70 человек. Они фиктивно продавали майнинговое оборудование и предоставляли услуги «майнинг-отеля».

Steven Nerayoff, a former advisor to Ethereum, has initiated a lawsuit against Michael Hlady, also known as Michael Peters, and Marianna Shooshani in the Supreme Court of New York, Nassau County in his quest for justice. The lawsuit alleges a fraudulent scheme orchestrated to deceive Nerayoff, resulting in substantial financial loss.

According to the court documents, the plaintiff, Steven Nerayoff, accuses Hlady and Shooshani of creating a fictitious consultancy firm, North Star Ventures Corp. (“NSV”), purporting to offer specialized consulting services to Nerayoff, who is known for his contributions to the Ethereum ICO protocols and his leadership at Alchemist Group LLC, a consultancy and investment firm for blockchain companies.

The suit, which delves deep into allegations of fraud and deceit, details an elaborate scheme that allegedly conned Nerayoff out of over three-quarters of a million dollars through a non-existent consulting service. Via X, Nerayoff stated:

I am pleased to announce that justice is finally being served against Michael Hlady, a government agent / provocateur who collaborated with FBI agents and others to unjustly prosecute me for nearly four years. The FBI gave credibility to Hlady, […] Despite being aware of his fraudulent activities unrelated to me, the government deliberately shielded him from prosecution in 2018.

Nerayoff revealed on X (formerly Twitter) that he has already initiated legal actions against FBI agents, StormX, and now Hlady. He also hinted that his legal pursuits are far from over, indicating more developments are likely to follow. “And make no mistake, we will not stop until we have uncovered every bit of corruption, including within agencies like the SEC, involved in #EthGate. Expect more to come, and know that I am committed to holding all accountable for their actions,” he stated.

Ethereum Insider Exposes What Happened

Nerayoff has filed claims against Hlady and Shooshani for creating and promoting a fictitious entity named North Star Ventures Corp. (“NSV”). According to the complaint, in December 2017, Shooshani introduced Nerayoff to her then-boyfriend, Hlady, who posed as a former government agent with claimed affiliations to the NSA, FBI, and CIA. The defendants asserted that Hlady’s consulting company, NSV, consisted of a team of similar ex-government operatives who could provide indispensable security and business vetting services to Nerayoff’s blockchain ventures.

The legal document details that Shooshani and Hlady, under the guise of NSV, induced Nerayoff to enter into a consulting agreement which promised extensive services from individuals purportedly possessing over 125 years of combined experience in fields crucial to corporate and government operations. “The agreement also claimed that ‘The North Star Venture team has been involved in providing consultation for corporations and deals with combined values exceeding $1 Billion US all done behind the scenes in the utmost of confidentiality,'” the complaint quotes.

From January to October 2018, Nerayoff paid several hundred thousand dollars to NSV based on invoices and requests presented by Hlady and Shooshani. These payments were meant to cover consulting fees, as well as supposed travel and miscellaneous expenses related to the services NSV was contracted to provide. The lawsuit details a list of transactions that include significant sums wired or transferred under the belief they were legitimate business expenses—illustrative of the depth of the alleged fraud.

The turning point in this saga came in November 2018, when Nerayoff discovered that not only did NSV not exist, but Hlady was also a convicted felon, recently released from prison after defrauding a Catholic school. The complaint highlights this shocking revelation with excerpts from Nerayoff’s communications to Shooshani expressing his dismay and sense of betrayal. Upon uncovering the truth, Nerayoff confronted Shooshani with messages that read: “This is the worst mistake of my life. He’s a two-bit con artist. How could you unleash this criminal on me!?”

Legal Proceedings And Claims

In response to these allegations, Nerayoff’s legal team has presented a multi-faceted legal strategy seeking recovery of the funds paid to Hlady and Shooshani, along with additional damages. The lawsuit articulates several causes of action including fraudulent inducement and common law fraud, underpinning the severity of the defendants’ actions.

“Plaintiff only agreed to enter into the January 14, 2018 agreement with NSV upon the express representations from defendants Hlady and Shooshani that defendant Hlady was a former decorated federal agent,” the complaint asserts, detailing the reliance of the former Ethereum advisor placed on these misrepresentations.

Previously, the former Ethereum advisor had made public how the US Department of Justice, US Securities and Exchange Commission and FBI sought to hold him accountable over 3.5 years in a lawsuit for a crime they fabricated just to gain leverage over other players in the crypto industry.

At press time, Ethereum (ETH) traded at $3,027.

The Hong Kong Securities and Futures Commission (SFC) has granted official approval for spot Ethereum and Bitcoin ETFs, signifying a major milestone for the crypto market in the region. 

However, while the approval brings excitement, Bloomberg Senior ETF analyst Eric Balchunas offered a more cautious analysis of the potential inflows into the newly approved market. 

Balchunas claims that Hong Kong ETFs are expected to lag significantly behind their US counterparts, which have amassed more than $200 billion in Bitcoin ETFs trading volume since trading began in January.

Obstacles For Hong Kong’s Bitcoin ETFs

While approving the Bitcoin ETFs in Hong Kong is undoubtedly a positive development, Balchunas took to social media to temper expectations. 

According to Blachunas’ analysis, the Bitcoin ETFs have been approved to exist but have yet to launch. Rumors suggest a launch in the following week to avoid competition with the Dubai conference. 

Balchunas also dismissed optimistic estimates, such as $25 billion in inflows, stating that the Hong Kong market would be fortunate to attract $500 million. He provided several reasons to support his cautious stance.

Firstly, Hong Kong’s ETF market is “relatively small,” valued at only $50 billion. Additionally, Chinese locals face restrictions in officially purchasing these Bitcoin ETFs, significantly limiting potential demand. 

Secondly, the three approved issuers in Hong Kong (Bosera, China AMC, and Harvest) are relatively small players, lacking the influence of industry giants like BlackRock. According to Balchunas, this absence of major players could hinder the ETFs’ ability to attract significant investments.

Furthermore, Balchunas pointed out that the underlying ecosystem in Hong Kong is considered less liquid and efficient compared to the US market. As a result, these ETFs are likely to experience wider spreads and premium discounts, which may deter potential investors. 

Lastly, the fees associated with the Hong Kong ETFs are estimated to range between 1% and 2%, significantly higher than the low-cost fees observed in the US market. Balchunas concluded by stating: 

Just to be clear, all this is clearly positive for bitcoin as it opens up more avenues to invest, I’m just sayying its child’s play vs US. Also long-term some of this could go away: more liq, tighter spreads, lower fees and bigger issuers involved. But short/medium term we have more moderate expectations. That’s all.

Limited Impact

Balchunas’ colleague at Bloomberg, James Seyffart, also starkly compared the Hong Kong and US markets and highlighted the vast disparity in size and impact. 

In a post on X, Seyffart pointed out that the assets held in US-listed Bitcoin ETFs alone exceed the total assets of all Hong Kong-listed ETFs. The US ETF market, valued at nearly $9 trillion, far exceeds the $50 billion valuation of the Hong Kong ETF market. 

In addition, the Mainland China ETF market is approximately $325 billion, further highlighting the immense difference in scale. Seyffart emphasized that while Hong Kong ETFs may have potential in the long run, they are unlikely to match the scale of a launch on US exchanges. Seyffart then concluded:

This is not to diminish the potential of these ETFs or the idea that they could potentially become the Asian hub for exposure to digital assets on TradFi rails. But they’re unlikely to be anywhere near as impactful as a launch on US exchanges. 

The largest cryptocurrency in the market is trading at $63,500, experiencing a slight decline of over 1% in the past few hours. Earlier, it briefly surged beyond the $67,000 mark, driven by anticipation surrounding the approval of ETFs in Hong Kong.

Featured image from Shutterstock, chart from TradingView.com