Crypto

Mint Explainer: What’s behind the surge in bitcoin prices

Published

2 years ago

January 4, 2024

Mint Explainer: What’s behind the surge in bitcoin prices

After rising by more than 150% in 2023, the price of bitcoin surpassed $45,000 on the second day of 2024, to its highest level since April 2022. Bitcoin is the world’s first cryptocurrency and the largest by market capitalisation. Many analysts and industry experts expect the rally to continue in the current calendar year, with some expecting bitcoin to rise to $100,000 in the coming months. (Although the price fell nearly 11% on Wednesday before bouncing back to $42,200, as per CoinDesk data. On Thursday morning in India, bitcoin was at about $43,100.)

Bitcoin last rose to its all-time high of $68,789 in November 2021 and then fell to a low of $15,760 in December 2022 amid the collapse of FTX, the largest cryptocurrency exchange, and fraud charges pressed by the US Securities and Exchange Commission against its CEO Samuel Bankman-Fried, fears of worsening macroeconomic conditions and rising interest rates.

The latest rally was triggered by impending developments–the halving of bitcoin rewards and the potential approval for a spot bitcoin exchange-traded fund in the US. The US Federal Reserve signalling interest rate cuts in 2024 has also helped the rally. Mint explains the factors behind the recent rally.

What is halving of bitcoin rewards and how does it affect the price?

The creators of bitcoin designed the cryptocurrency with a cap of 21 million to limit its supply, which they felt would create a scarcity as demand rises and thus push up its value. So far, 19.6 million have already been mined, and 900 bitcoins are added per day currently. Crypto miners are rewarded 6.25 bitcoins at present for every block they create and a new block is produced approximately every 10 minutes.

The code written by the inventors of bitcoin requires the rewards per block to be halved every time 210,000 blocks are added–which usually happens every four years. This halving of rewards is expected to happen in April-May, and the number of bitcoins rewarded per block created will drop to 3.125.

The number of bitcoins minted per block was 50 when it was created. The rewards were previously halved in 2020, and before that in 2012 and 2016. The final halving will happen around 2140, after which it will not be possible to halve the rewards. At that point, the number of bitcoins in circulation is expected to be about 21 million.

The halving of bitcoin rewards per block slows the increase in the supply of the cryptocurrency. As a result, bitcoin prices usually start to rise much before the halving event and usually soar after the halving takes place.

For instance, in the 12 months following the last halving in 2020, bitcoin gained about 560%. Similarly, in the 12 months after the first halving in 2012, bitcoin jumped more than 8,000%. If the same trends persist, bitcoin may soar to the levels projected by various industry experts and analysts.

Why are investors looking forward to spot bitcoin ETF?

The US SEC has until 10 January to approve proposals of asset managers to launch spot bitcoin exchange-traded funds. There are over a dozen applications before the markets regulator. It is widely anticipated that the SEC will approve the ETF proposals much before the deadline (it may come this week), even though it has not given any indications whether it will indeed approve the applications.

A regulated product like an ETF could encourage a lot more people and institutions to invest in bitcoins. Some estimate that about $3 billion may flow into the ETF products in the US on the first day.

Among those that have filed applications to launch ETFs based on the spot prices of bitcoin are Ark Investment, Franklin Templeton, BlackRock, Invesco and Fidelity.

Unlike the bitcoin futures ETF, which involves investment in futures contracts, spot ETFs invest in the cryptocurrency directly. Investors in the US can currently invest in bitcoin futures ETF, which were first launched in October 2021. Most of the asset managers who have sought SEC approval for spot bitcoin ETFs already run bitcoin futures ETFs.

Can the easing of interest rates also boost bitcoins?

Rising interest rates affected cryptocurrencies like all other asset classes that are risky. When the Fed held rates steady at its December meeting, cryptocurrencies gained.

More significantly, investors have been increasing their exposure to cryptos after a rough 2022, when stablecoins Terra and Luna crashed and the FTX scam came to light. With the Fed signalling that rate cuts may begin sometime in 2024, investors will be willing to increase their investment in risky assets such as cryptos.

While there is a lot of optimism around bitcoin at this point, another FTX-like bankruptcy or a scam can cause the cryptocurrency market to crash like it did in 2022. Most of these catch investors unaware, leading to deep losses.

Click to comment

Crypto

Debate Brews Over Crypto Kiosks As Lawmakers Consider Potential Ban

Published

6 hours ago

February 27, 2026

Press Room

Debate Brews Over Crypto Kiosks As Lawmakers Consider Potential Ban

Lawmakers Consider Crypto ATM Ban as Scam Losses Rise — Including in Central Minnesota

Minnesota lawmakers are considering banning cryptocurrency kiosks as scam losses continue to rise across the state—including in Central Minnesota.

There are currently about 350 crypto kiosks operating statewide, located in places like gas stations, convenience stores, and grocery stores. These machines allow users to deposit cash and convert it into cryptocurrency, which can then be sent electronically.

Law enforcement officials say scammers are increasingly directing victims to use these kiosks because once the money is sent, it is extremely difficult—if not impossible—to recover.

Police say scams often begin with a phone call, text, or online message. In many cases, scammers pose as government officials, tech support workers, or even romantic partners. Victims are eventually told to withdraw cash and deposit it into a crypto kiosk to “protect” their money or resolve a supposed emergency.

Central Minnesota has seen similar cases. Because St. Cloud serves as a regional hub for shopping and services, crypto kiosks are available locally, giving scammers access points to target area residents.

Some say kiosks also serve legitimate users

Despite the concerns, crypto kiosks do offer legitimate benefits. They allow people to purchase cryptocurrency quickly using cash, without needing a traditional bank account, credit card, or online exchange. Supporters say this can make cryptocurrency more accessible, especially for people who prefer cash transactions or have limited access to banking services.

Crypto kiosks can also be used to send money quickly, including international transfers, without relying on traditional wire services. Some users view them as a convenient way to invest in cryptocurrency or move money electronically without going through a bank.

Companies that operate the machines say the vast majority of transactions are legitimate and that kiosks include warnings about scams. They argue the focus should be on stopping scammers, not banning the machines entirely.

Lawmakers weighing next steps

Supporters of the proposed ban say removing the kiosks could help prevent fraud and protect vulnerable residents, particularly older adults. Law enforcement officials told lawmakers that crypto kiosk scams have resulted in significant financial losses statewide.

Minnesota passed regulations in 2024 requiring some safeguards, including limits on deposits for new users and refund requirements in certain fraud cases. But officials say scammers have continued to adapt.

The bill remains under consideration at the Capitol.

In the meantime, authorities urge Central Minnesota residents to be cautious. Officials emphasize that legitimate government agencies, law enforcement, and businesses will never ask someone to deposit cash into a cryptocurrency kiosk.

As cryptocurrency becomes more common, lawmakers are now weighing whether the risks to consumers outweigh the convenience and accessibility these machines provide.

10 (More) Hilariously Bad Google Reviews of Central MN Landmarks

Crypto

Cryptocurrency Investment Fraud: Bizman loses Rs 2.6 cr to crypto, investment fraud | Hyderabad News – The Times of India

Published

18 hours ago

February 26, 2026

Press Room

Hyderabad: A 69-year-old businessman from Somajiguda lost 2.65 crore allegedly in a cryptocurrency and stock investment fraud. Based on his complaint, Hyderabad Cyber Crime police have registered a case.The complainant was first contacted by a fraudster posing as Ramya Krishnan on Aug 30, 2025 through Facebook. She persuaded the victim to invest in a cryptocurrency and stock trading platform, Polyus Finance PFP Gold, hosted at the domain pfpgoldfx.vip, promising high returns to finance his proposed resort and apparel ventures.Fraudsters provided the victim a contact number for daily communication and sent screenshots showing notional profits credited in his wallet in USDT cryptocurrency. To build trust, the fraudster even allowed the victim a token withdrawal of 4,300 on Sept 12, 2025.Encouraged, the victim transferred over 2.65 crore in 10 transactions between Sept 10 and Dec 39, 2025 to various current accounts provided by the accused.When he attempted to withdraw his ‘earnings’, the accused demanded an additional 15% conversion commission. After he refused, the website became inaccessible and calls to the fraudsters went unanswered.Realising that he was duped, the victim filed an online report on the National Cybercrime Reporting Portal (NCRP) before approaching the Cyber Crime police on Feb 25.Based on his complaint, a case was registered under Sections 66C and 66D of the Information Technology Act and Sections 111(2)(b) (Organised crime), 318(4) (Cheating), 319(2) (Cheating by personation), 336(3) (Forgery for purpose of cheating), 338 (Forgery of valuable security, will, etc.) and 340(2) (Using as genuine a forged document or electronic record) of the Bharatiya Nyaya Sanhita on Wednesday. Police were analysing financial transactions to identify and arrest the accused.

Crypto

Terror groups receive $1.7b. from Iran through Binance | The Jerusalem Post

Published

1 day ago

February 26, 2026

Press Room

Terror groups receive .7b. from Iran through Binance | The Jerusalem Post

Iranians were able to access more than 1,500 Binance accounts last year, and $1.7 billion was transferred from two of them to terrorist proxies, The New York Times reported Monday.

That was a potential violation of global sanctions, the report said, citing company records and documents collected by internal investigators.

The cryptocurrency exchange site reportedly fired or suspended at least four employees cited in the internal investigation. The company blamed “violations of company protocol” relating to its clients’ data, the Times reported.

The report came days after The Jerusalem Post spoke with experts from blockchain intelligence platform NOMINIS.io about how the Iranian regime was evading Western sanctions through cryptocurrencies.

The regime maintains a steady income using cryptocurrency through oil sales to Russia and China, NOMINIS CEO Snir Levi said at the time.

Binance founder Changpeng Zhao, who pleaded guilty to failing to implement a program to prevent money laundering, arrives for his sentencing in federal district court in Seattle, Washington. (credit: REUTERS/Deborah Bloom)

Regarding the latest scandal, he told the Post this week: “The latest allegations about Binance come months after the lawsuit by the victims’ families of October 7 – the ongoing Balva [versus] Binance case.

The majority of the allegations can be easily confirmed by on-chain data. There are thousands of cases where money has been sent and received to and from wallets that have clear connections to Iran.”

Binance founder Changpeng Zhao is being sued by the families of American victims and hostages of the October 7 massacre. He has been accused of knowingly enabling Hamas, Hezbollah, Palestinian Islamic Jihad, and Iran’s Islamic Revolutionary Guard Corps to transfer more than $1b. through its platform, including more than $50 million after the October 7 massacre.

Zhao pleaded guilty to anti-money-laundering violations in connection with Binance in 2023. US President Donald Trump pardoned him last October.

“They say what he did was not even a crime,” Trump told reporters last October. “It wasn’t a crime. That he was persecuted by the Biden administration, and so I gave him a pardon at the request of a lot of very good people.”

Binance representative Rachel Conlan said the accounts linked to the $1.7b. in Iranian transactions have been removed and the relevant authorities were informed.

“Any suggestion that Binance knowingly allowed sanctionable activity to continue unchecked is incorrect and defamatory,” she said, despite Zhao’s earlier admission of anti-money-laundering violations.

More than half a dozen compliance officials have left Binance, including a sanctions manager and the leader of the enterprise compliance team, over the past few months, the Times reported.

“No investigator was dismissed for raising compliance concerns or for reporting potential sanctions issues,” Conlan said in a statement to The Guardian.

Democrat senator opens inquiry into cryptocurrency company

While Conlan insisted there was no wrongdoing, US Sen. Richard Blumenthal (D-Connecticut) opened an inquiry into Binance on Tuesday, seeking records of the company’s dealings in Hong Kong , where funds have previously been transferred in a network against sanctions.

“Binance appears to have ignored warnings and recommendations to prevent Iranian money-laundering schemes on its cryptocurrency exchange,” Blumenthal wrote in a letter to Binance co-chief executive Richard Teng.

“According to documents obtained by the Times and the Journal, Binance was even warned that Hexa Whale was financing terrorist organizations such as the Yemeni Houthis, and internal investigators found cryptocurrency transfers to wallets associated with Iran’s Islamic Revolutionary Guards Corps and payments to crew members of Russia’s sanctions-evading shadow fleet of oil tankers,” he wrote.

“Instead of actually preventing illicit use, Binance has sought to evade accountability and influence the White House through lobbying and a financial partnership with World Liberty Financial (WLFI), the cryptocurrency firm owned by the sons of President Trump and his special envoy Steve Witkoff… This influence campaign has worked: In May 2025, the Securities and Exchange Commission announced that it was dismissing a lawsuit against Binance for lying to regulators and mishandling funds, followed in October by the stunning Presidential pardon of founder Changpeng Zhao.”

“The scale of the newly revealed illicit transfers – uncaught until nearly $2 billion flowed to sanctioned entities – and the unexplained firing of internal investigators call into question Binance’s compliance with American sanctions and banking laws, and its 2023 agreement to resolve the previous federal investigation,” Blumenthal wrote.