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US Senate Passes Crypto Bill Allowing Banks to Hold Bitcoin

The United States Senate has passed a crypto bill that permits banks to hold Bitcoin and other digital assets. Despite concerns raised by Senator Elizabeth Warren and other critics about the potential risks associated with allowing banks to engage with cryptocurrencies, the bill garnered enough support to pass through the Senate.

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The United States Senate has passed a crypto bill that permits banks to hold Bitcoin and other digital assets. Despite concerns raised by Senator Elizabeth Warren and other critics about the potential risks associated with allowing banks to engage with cryptocurrencies, the bill garnered enough support to pass through the Senate.

The passage of the bill marks a major milestone in the mainstream adoption of cryptocurrencies and represents a significant victory for proponents of digital assets. By allowing banks to custody and transact in cryptocurrencies, the bill aims to provide greater regulatory clarity and support for financial institutions seeking to enter the rapidly growing crypto market.

The decision to pass the bill comes amidst increasing interest from traditional financial institutions in offering crypto-related services to their clients. With the growing popularity of Bitcoin and other digital currencies, banks are increasingly recognizing the need to adapt to changing consumer preferences and market dynamics.

Despite initial concerns raised by Senator Warren and other lawmakers about the potential risks of allowing banks to hold Bitcoin, proponents of the bill argued that it would provide much-needed regulatory clarity and oversight for the crypto industry. By subjecting banks to strict regulatory requirements and oversight, the bill seeks to mitigate potential risks associated with crypto custody and ensure the safety and security of customer funds.

The passage of the bill is expected to have far-reaching implications for the cryptocurrency industry, paving the way for increased institutional adoption and investment in digital assets. With banks now permitted to hold Bitcoin, investors may gain greater confidence in the legitimacy and stability of the crypto market, leading to increased participation and liquidity.

However, some critics remain skeptical about the implications of allowing banks to hold Bitcoin, expressing concerns about potential market manipulation and systemic risks. Despite these concerns, supporters of the bill argue that increased regulatory oversight and transparency will help mitigate these risks and foster a more secure and resilient financial system.

In summary, the passage of the crypto bill allowing banks to hold Bitcoin represents a significant step forward in the integration of digital assets into the traditional financial system. While concerns remain about the potential risks and implications of this decision, the bill’s supporters believe that it will ultimately contribute to the long-term growth and stability of the cryptocurrency industry.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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