Jack Dorsey's Block to Pay New York $40 Million in Cash App Settlement
The New York Department of Financial Services issued the fine after an investigation found Block had failed to conduct adequate due diligence on its customers and to monitor and report suspicious transactions in a timely manner, the agency said in a consent order Thursday. Block also allegedly failed to screen and monitor high-risk Bitcoin transactions. The department found violations of consumer protection regulations, according to the order.
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Bloomberg
16 minutes ago
- Bloomberg
Bitcoin Bear Makes High Stakes Options Wager on Drop to $110,000
A crypto investor just made a high-stakes wager that Bitcoin will fall at least 8% to below $110,000 by early August. On Tuesday, the unidentified speculator paid about $5 million in premium on the Deribit exchange to buy Bitcoin put options expiring on Aug. 8 at the strike price of $110,000, according to prime broker FalconX, which facilitated the trade. There were two transactions - for 3,000 and 2,000 Bitcoin, respectively - making the full trade size roughly $600 million in notional value.
Yahoo
43 minutes ago
- Yahoo
Ethereum, XRP Sink While Bitcoin Holds: What's Going On With Altcoins?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Major altcoins led by Ethereum (CRYPTO: ETH) and Ripple's XRP (CRYPTO: XRP) posted sharp declines on Thursday, reversing gains from a strong rally earlier this month. What Happened: The broader cryptocurrency market experienced a notable selloff, with experts pointing to both overheated momentum and emerging signs of a corrective phase, even as structural fundamentals continue to strengthen. According to data, Ethereum dropped 2%, while XRP fell by over 10%, leading losses among large-cap tokens. Other altcoins including BNB (CRYPTO: BNB), Solana (CRYPTO: SOL), Cardano (CRYPTO: ADA), Dogecoin (CRYPTO: DOGE), and Tron (CRYPTO: TRON) also registered losses exceeding 4%. Trending: Be part of the breakthrough that could replace plastic as we know it— Bitcoin (CRYPTO: BTC), in contrast, edged slightly higher, gaining 0.26% and maintaining relative stability during the downturn. What Experts Are Saying: In a note sent to Benzinga, James Harris, CEO of institutional crypto firm Tesseract, said the market's recent surge to a $4 trillion total market cap was driven by a "powerful trifecta" of supportive forces, but he cautioned that these tailwinds come with their own risks. "The rally has been underpinned by structural regulatory wins, improving macro conditions, and growing corporate treasury involvement," Harris explained. He noted that new U.S. legislation such as the GENIUS Act and progress on the CLARITY bill have triggered a sharp turnaround in institutional sentiment. "Bitcoin jumped 10–15% after the legislation moved forward, and altcoins like ETH outpaced that," he said. Harris also cited improving inflation data and expectations for interest rate cuts as key macroeconomic drivers behind the current risk-on sentiment. "As central banks around the world begin to shift toward easing, capital is flowing into assets like crypto that sit higher on the risk curve," he said. Beyond the macro and regulatory backdrop, Harris pointed to a growing trend of public companies treating digital assets as treasury reserves."Strategy (NASDAQ:MSTR) added over 20,000 BTC this year alone, and others are following," he noted. "We're seeing listed firms buying ETH, SOL, and even making those moves public — a self-reinforcing loop." However, that same bullish setup could quickly unravel, Harris warned. "While momentum is strong, these forces can reverse quickly. Disciplined risk management remains essential." Alex Kuptsikevich, Chief Market Analyst at FxPro, offered a more near-term technical outlook. "Altcoins, which had been fueling the rally, have sold off aggressively. Nearly half of the top 100 altcoins are posting double-digit losses," he said. He also observed a narrowing range in Bitcoin's price movement: "BTC's stability is critical. If it drops to $111,000, it would complete a textbook corrective pattern," Kuptsikevich added, warning that continued weakness could intensify bearish sentiment across the entire crypto market. Despite recent ETF outflows in Bitcoin, Kuptsikevich noted that Ethereum continues to attract fresh capital into funds, highlighting diverging investor sentiment between the two largest assets. Read Next: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image: Shutterstock This article Ethereum, XRP Sink While Bitcoin Holds: What's Going On With Altcoins? originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
an hour ago
- Forbes
Did Bitcoin Turn Pretty? Why Summer 2025 Is For The Girls
NEW YORK, NEW YORK - JULY 16: (L-R) Gavin Casalegno, Lola Tung and Christopher Briney attend "The ... More Summer I Turned Pretty" Season Three Launch Party on July 16, 2025 in New York City. (Photo byfor Prime Video) Summer 2025 may go down in history as the season when Bitcoin stopped being the outsider and became the main character. What began as an experimental digital currency traded on obscure forums has, fifteen years later, matured into a global asset at the center of Washington policy, Wall Street portfolios, and mortgage approvals. This summer didn't just mark Bitcoin's hottest days. It marked its arrival. Between a record-breaking price surge, landmark legislation, and unprecedented mainstream financial integration, Bitcoin has moved past the era of ideological fringe to claim a front-row seat in global finance. Here are three reasons why Summer 2025 is a Bitcoin summer. Bitcoin Price Hit A New All-Time High, And It Wasn't Just Hype On July 14, 2025, Bitcoin reached $123,091.61, its highest price ever recorded, capping off a nearly 30% surge since January. The milestone followed a wave of renewed institutional investment, with ETF inflows at record levels and retail interest returning amid growing policy clarity. The rally felt different this time. Less like the speculative manias of 2017 or 2021, and more like a reflection of Bitcoin's position in the financial mainstream. ETF flows from providers like BlackRock, Fidelity, and Franklin Templeton have helped push Bitcoin into retirement accounts and brokerage portfolios. In previous cycles, price booms were often dismissed as driven by hype, memes, and momentum. But today, Bitcoin is being discussed not just in Telegram chats but in earnings calls, investment committees, and Capitol Hill hearings. Bitcoin Sheds Its Partisan Image As The GENIUS Act Brings Bipartisan Legitimacy For years, Bitcoin has carried a reputation, fair or not, as a cause embraced primarily by libertarians, tech bros, and more recently, the MAGA-aligned wing of the Republican party. However, that perception began to shift significantly this summer with the passage of the GENIUS Act, the first federal law to establish a clear framework for stablecoin regulation. Signed into law on July 18, 2025, the bill passed with overwhelming bipartisan support and signals a broader institutional embrace of digital assets, including Bitcoin. While the GENIUS Act focuses on dollar-backed stablecoins, its impact reaches far beyond. By providing regulatory clarity and standards for digital asset issuers, custodians, and reserve management, the law creates an environment where Bitcoin and other cryptocurrencies can grow within the bounds of established financial norms. It also helps distance the space from its earlier associations with regulatory gray areas and political extremism. This shift is particularly significant for groups that have been historically underrepresented in the crypto world. Statistically, women are less likely to invest in digital assets and more likely to vote for candidates outside the Republican party. A regulatory framework that emphasizes transparency, compliance, and consumer protection makes the industry more accessible to broader demographics, including women who may have been wary of crypto's Wild West past. The passage of the GENIUS Act marks a turning point. No longer defined by slogans or partisan divides, digital assets are moving into a phase of maturity. For Bitcoin, the law brings more than legal recognition. It brings the promise of new participants, new voices, and a more diverse future. Bitcoin Has Officially Entered The Chat From memes to mortgages, Bitcoin has entered the mainstream in ways that once seemed improbable. This summer, the Federal Housing Finance Agency officially issued guidance allowing cryptocurrency to count as a reserve asset when underwriting mortgages purchased by Fannie Mae and Freddie Mac. That means Bitcoin, under the right conditions, can now help homebuyers qualify for a loan backed by the U.S. government. The move is part of a broader normalization of Bitcoin in traditional finance. ETFs have opened new on-ramps for both retail and institutional investors, and more banks are exploring Bitcoin custody, payments integration, and even stablecoin issuance. Bitcoin is being discussed not just as a speculative asset, but also as a component of diversified portfolios, financial planning strategies, and corporate treasuries. Culturally, too, Bitcoin's image is shifting. What was once the domain of libertarians and crypto-anarchists has expanded to include professional athletes, pension funds, and suburban homeowners. Even traditionally cautious sectors like healthcare and higher education have begun experimenting with Bitcoin adoption, either on their balance sheets or through philanthropic arms. The idea of Bitcoin as 'fringe' no longer holds. It has outgrown its early identity crisis and settled into something both more complex and more accepted. It's not about overthrowing the system anymore, it's becoming part of it. The Soft Launch Is Over This summer didn't just bring beach days and blockbuster headlines, it brought a narrative shift. Bitcoin has had its moments before, but never quite like this. The convergence of policy clarity, market highs, and real-world utility suggests not just a seasonal high but a turning point in long-term adoption. There are still challenges ahead. Regulatory uncertainty remains for some aspects of crypto. Energy debates, custody risks, and international competition continue to swirl. But the foundation laid in Summer 2025 points to a future where Bitcoin isn't just surviving, it's thriving. In the end, it may not be the flashiest headlines that mark Bitcoin's breakthrough, but the quieter signs of permanence. Mortgages. Laws. Retirement accounts. Public trust. These are the slow, steady victories that define maturity.
