The Bitcoin price jumped over $65,500 on Wednesday after US inflation data showed that producer prices fell in June. 

Data from the Labor Department showed that the Producer Price Index posted its biggest decline in 14 months. The PPI, excluding food and energy, fell 0.3% in June, according to Bureau of Labor Statistics numbers. 

Bitcoin’s price was recently trading at $64,943, a 2% 24-hour jump. 

The Bitcoin price has typically surged when signs inflation is cooling emerge as investors then expect a bigger chance of lower interest rates. Crypto, stocks and other “risk-on” assets have in the past done well in a low-interest rate environment. 

Still, the cooling…

Read more on BitcoinMagazine

VerifiedX today announced the signing of a Memorandum of Understanding (MOU) with BitGo to provide qualified custody support for vBTC, with immediate support for vBTC.b, the non-synthetic canonical Bitcoin asset issued through the VerifiedX Network and deployed on Base. The partnership represents a significant milestone in bringing institutional-grade custody, compliance, and security standards to programmable Bitcoin while preserving direct redemption to native Bitcoin.

Under the agreement, institutions, asset managers, family offices, corporations, and professional allocators will be able to custody vBTC upon final integration and can now immediately custody vBTC.b through…

Read more on BitcoinMagazine

Japan’s parliament passed an amendment on Wednesday that reclassifies cryptocurrency as a “financial asset,” a shift that pulls bitcoin and other digital assets out of the country’s payments regime and into the framework that governs stocks, bonds, and investment trusts, according to a report from public broadcaster NHK.

The change strips crypto of its prior status under the Payment Services Act, where regulators treated it as a means of settlement, and folds it into the Financial Instruments and Exchange Act (FIEA), the same statute that oversees traditional securities. 

The amendment moves bitcoin and other crypto under a single investor-protection standard. NHK…

Read more on BitcoinMagazine

Keel Infrastructure Corp. has secured a set of approvals that push its data center project in Sherbrooke, Québec, toward construction. 

The City of Sherbrooke cleared the North American digital infrastructure and energy company to enter into an agreement with Hydro-Sherbrooke for the transfer and operation of 96 megawatts of existing capacity, along with a purchase agreement for the land where the campus will rise.

The power agreement lets Keel consolidate three of its current Bitcoin mining sites in the province into a single 96 MW campus. The company did not request additional power, a choice that preserves the use of current electrical infrastructure and keeps the project…

Read more on BitcoinMagazine

China’s Supreme People’s Procuratorate has published a set of recommendations that would reshape how the country investigates and prosecutes cryptocurrency-related money laundering, including a proposal to treat the use of mixers and privacy coins as evidence of criminal intent.

The article, released in the official Procuratorial Daily, was written by two prosecutors from Hunan Province’s Yuhu District and an associate law professor at Xiangtan University. 

The authors argue that the decentralized, pseudonymous, and cross-border design of virtual currencies has outpaced China’s legal framework and created a three-part problem: defining the offense, gathering evidence,…

Read more on BitcoinMagazine

This is a guest post by Brandon Black. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

Within the tiny internet bubble of Bitcoin X (formerly Bitcoin Twitter or Crypto Twitter), there has been a lot of noise in the past year about @dathon_ohm’s proposal for a Reduced Data Temporary Softfork, otherwise known as BIP110. Underlying this proposal is the idea that certain Bitcoin transactions have been violating the principles of the network by including in their locking or unlocking scripts data that can be interpreted in one or more additional ways besides their plain Bitcoin script interpretation. According to…

Read more on BitcoinMagazine

CleanSpark, the Nasdaq-listed bitcoin miner, said on July 14 that it has signed a 20-year infrastructure lease with an unnamed high-investment-grade global technology company at its campus in Sandersville, Georgia. 

The deal marks the firm’s largest step from pure bitcoin mining toward high-performance computing for hyperscale clients.

The lease covers data center infrastructure that will support 175 megawatts of critical IT load. CleanSpark expects the initial term to generate $6.6 billion in contracted revenue, a figure that would climb to $11.6 billion if the tenant exercises both extension options. 

The company has recently announced that it would repurpose part of…

Read more on BitcoinMagazine

The United Kingdom’s HM Revenue & Customs will treat certain disposals involving cryptoasset loans and liquidity pools as “no gain, no loss,” deferring Capital Gains Tax until a user makes an economic disposal of the underlying cryptocurrency.

The measure, published Monday, takes effect 6 April 2027 and applies to individuals and trustees who enter cryptoasset loan and liquidity pool arrangements, according to the policy paper. 

It amends the Taxation of Chargeable Gains Act 1992.

The rules cover three scenarios. In a single cryptoasset lending arrangement, a user who acquires or disposes of an interest in exchange for cryptoassets of the same type as those invested…

Read more on BitcoinMagazine

Bitcoin price briefly climbed above $64,000 on Tuesday after the June Consumer Price Index came in softer than forecast, giving traders fresh reason to bet the Federal Reserve will step back from further tightening.

The Labor Department reported that headline CPI fell 0.1% in June from the prior month, pulling the annual rate down to about 3.9% from 4.2% in May. A near 10% drop in gasoline prices drove much of the decline. Bitcoin price, which had spent the past week under pressure from leverage flushes and geopolitical risk, turned higher on the print and traded near $63,800, a gain of about 2% on the day.

Softer inflation data eases the path toward rate cuts, and lower rates…

Read more on BitcoinMagazine