Uncategorized Archives - Page 24 of 131

WednesdayDec 13, 2023 10:30 am

Why Bitcoin Is Surging Despite Crypto Industry Woes

In the backdrop of recent upheavals and debates surrounding the cryptocurrency sector, Bitcoin, the largest digital currency, is experiencing a resurgence. Its value has surged to nearly $42,000, marking a significant milestone as it crossed the $40,000 threshold for the first time in 19 months. This resurgence comes amid the sector’s uncertainties, notably since the dramatic downfall of the FTX crypto exchange last year, culminating in the conviction of its founder, Sam Bankman-Fried, on seven counts of fraud in November. Additionally, Binance, the world’s largest crypto exchange, agreed to a $4.3 billion settlement last month, acknowledging its breach of U.S.…

MondayDec 11, 2023 12:00 pm

Spending on Crypto Industry Lobbying Could Reach Record Levels

The cryptocurrency sector appears poised to record a new high in federal lobbying expenditures, as crypto companies look to mend their image and promote supportive legislation, according to statistics disclosed to Reuters by the nonprofit research entity OpenSecrets. In the initial three quarters of 2023, cryptocurrency companies allocated $18.96 million toward lobbying efforts, contrasting with the $16 million expended during the corresponding period last year. This expenditure continued despite the notable collapse of the biggest cryptocurrency exchange at the time, FTX, which was among the top 10 spenders the year before. Last year organizations such as FTX spent about $22…

FridayDec 08, 2023 11:15 am

Spain Arrests Aristocrat Wanted by US Over Pyongyang Crypto Links

Last week, Spanish authorities apprehended an aristocrat closely linked to Pyongyang on charges from the United States, accusing him of advising North Korea on cryptocurrency technology. The individual in question, Alejandro Cao de Benos, is the founder of the Korea Friendship Association (KFA), a pro-North Korea sympathizer group. Cao de Benos stated, however, that the U.S. cannot compel his extradition, maintaining his innocence after being released a day later. Spain’s National Police announced the arrest of a fugitive wanted by the U.S. for fraud, based on information from Interpol, referring to Cao de Benos. The arrest took place in a…

WednesdayDec 06, 2023 12:00 pm

Crypto Stocks Fly High as December Gets Underway

Stocks of companies involved in cryptocurrency mining and those tracking Bitcoin's performance experienced an upswing on Dec. 1, 2023. The surge was driven by Bitcoin, the largest crypto in the world, reaching a nearly two-year high, fueled by growing confidence in the market’s risk appetite. The cryptocurrency, currently valued at $38,812 and experiencing a 1.6% uptrend, has been on an upward trajectory since October. This bullish trend is attributed to the anticipated spot ETF approval, which is expected to attract increased capital investments in the crypto-asset realm. Throughout the year, a confluence of factors has contributed to these favorable tailwinds.…

MondayDec 04, 2023 12:00 pm

Crypto Can Move on After Binance Settlement, Coinbase CEO Asserts

Brian Armstrong, the CEO of Coinbase Global Inc. (NASDAQ: COIN), says that now that Binance reached a settlement with the U.S. Department of Justice, the cryptocurrency industry can move on from a chapter in its history that has been characterized by a number of problems and scandals that nearly brought the industry to its knees. He was speaking on the sidelines of a Global Investment Summit in the United Kingdome. Armstrong pointed out that plenty of crypto companies were championing innovation and helping to shape the blockchain and crypto industries while transforming the financial system of the world. However, he…

FridayDec 01, 2023 10:30 am

NFT Buyers Sue Cristiano Ronaldo in the Wake of Binance Settlement with US Authorities

Football icon Cristiano Ronaldo is facing a class action lawsuit in the United States regarding his association with Binance. The plaintiffs contend that Ronaldo’s endorsement persuaded them to engage in investments that ultimately incurred losses, and they are seeking damages exceeding $1 billion. In November 2022, Binance launched its first “CR7” collection of NFTs, a partnership with Ronaldo aimed at rewarding fans for their longstanding support. NFTs, essentially digital assets devoid of tangible existence, are commonly employed to signify ownership of digital content such as videos and images. CR7 is emblematic of Ronaldo’s initials and jersey number, and it serves…

WednesdayNov 29, 2023 10:30 am

Binance’s Woes, Impact on Broader Crypto Industry

In recent years, few figures in the cryptocurrency sector have commanded as much attention as Changpeng Zhao, widely known as CZ, and the entity he established in 2017, Binance. Binance, not merely a crypto exchange but a giant in the industry, has consistently outstripped its competitors by significant margins. The exchange once held an impressive 60% share of the crypto spot trading market, although recent pressure from U.S. regulators has nudged this figure down to approximately 40%. Even so, no other exchange comes close to challenging Binance’s dominance, with the Seychelles-based OKX following at 5.44% and the U.S.-based Coinbase trailing…

MondayNov 27, 2023 11:15 am

Some Crypto Investors Could Owe 0% in Capital Gains Tax This Year

As investors mull over their year-end tax strategies, experts suggest that certain cryptocurrency investors may have a unique savings opportunity that is not widely known. In the aftermath of the cryptocurrency industry experiencing an almost $1.4 trillion loss in 2022, many investors turned to tax loss harvesting, a method that utilizes losses to counterbalance profits. However, following a resurgence in 2023, a different approach might be considered: strategically selling profitable cryptocurrencies held in brokerage accounts, a tactic commonly referred to as “tax gain harvesting.” This particular strategy is most beneficial for investors positioned in the 0% long-term capital gains tax…

WednesdayNov 22, 2023 10:30 am

Under the Chokehold of Sanctions, Pyongyang Finds Forex Trove in Crypto Theft

In March 2022, a senior software engineer based in Singapore received a job offer from a gaming company. This was a welcome relief, given the challenging circumstances at their current workplace, Sky Mavis, creators of the play-to-earn game Axie Infinity. The company had experienced a significant setback as the value of its in-game cryptocurrency took a nosedive. Upon completing the job application process, the engineer eagerly opened the PDF containing the salary details, only to discover that the job offer was fraudulent. The consequences were severe — North Korean hackers had successfully breached Sky Mavis’s security, gaining access to the…

MondayNov 20, 2023 12:00 pm

UK Spearheads Multinational Effort to Curb Crypto Tax Evasion

The United Kingdom recently made a significant stride to address the challenge of individuals exploiting crypto-assets to elude and circumvent significant amounts of uncollected tax through a joint declaration with 48 nations. Spearheaded by the UK, the Crypto-Asset Reporting Framework (CARF) stands as the latest tax transparency standard introduced by the OECD. Under this framework, crypto platforms will be mandated to share taxpayer information with tax authorities, a practice currently absent in their operations. The new framework ensures that tax authorities can collaboratively exchange information, fortifying their ability to enforce tax compliance. The implementation of CARF is anticipated to commence…