Uncategorized Archives - Page 26 of 139

MondayMay 06, 2024 9:00 am

Bernstein Analysts Predict Crypto Market Growth to $7.5 Trillion in 2025

Cryptocurrency appears to be gearing up for significant growth, according to a recent report. The report suggests that the collective value of crypto could triple to reach $7.5 trillion by the year 2025. Researchers Mahika Sapra and Gautam Chhugani from Bernstein highlighted several key factors in a note to their clients that could fuel this surge. According to Bernstein’s analysis, Bitcoin might reach $150,000 by next year, buoyed by the unprecedented influx of funds into 10 newly launched Bitcoin spot ETFs earlier this year. While the pace of inflows has tapered off since the beginning of last month, Bernstein views…

FridayMay 03, 2024 9:00 am

Stagflation Fears Cause Crypto Market to Slide

Cryptocurrency markets are experiencing a downturn amid concerns over potential economic stagnation in the United States. According to data from CoinDesk Indices, Bitcoin, the largest digital currency by market capitalization, was trading at $62,400 on April 29, 2024, after declining 2.5% during the previous day. Ether was also down by 3%, trading at $3,200, while CoinDesk 20, an index tracking the most liquid cryptocurrencies, had dropped by 2.6% to 2,197 points. The market sentiment seems to be at a critical juncture, with conflicting views on its future trajectory; analysts are weighing both optimistic and pessimistic scenarios. According to the analysis…

WednesdayMay 01, 2024 9:00 am

Proposed IRS Crypto Tax Form Raises Concerns About Wallet Address Exposure

Concerns rippled through the cryptocurrency sector last week as an early version of an IRS document surfaced, sparking anxiety and confusion. Portions of the document hinted at the possibility that individuals engaged in American decentralized finance (DeFi) might soon need to disclose their self-managed wallet details to the federal government. By 2025, the document, titled Form 1099-DA, is set to become obligatory for any crypto transaction that the U.S. Internal Revenue Service (IRS) deems to have originated from a brokerage. However, the exact implications of this requirement remain murky. While it’s widely expected that crypto exchanges will fall under the…

MondayApr 29, 2024 9:00 am

Venezuela to Ramp Up Use of Crypto to Counter Oil Sanctions

Venezuela’s state-owned oil company, PDVSA, is gearing up to ramp up digital currency use in its exports of fuel and crude oil amid renewed oil sanctions imposed by the United States, according to three individuals aware of the strategy. Recently, the U.S. Department of Treasury set a deadline of May 31, 2024, for PDVSA suppliers and clients to conclude transactions under the nonrenewed general license, citing the absence of electoral reforms. This action makes it more difficult for Venezuela to increase oil production and exports since it now requires specific U.S. licenses for companies to do business with the nation.…

FridayApr 26, 2024 9:00 am

BRICS Consider Replacing USD with Crypto for International Trade

In a recent statement, Anatoly Aksakov, the Russian State Duma Committee on Financial Market’s chair, noted there’s a push within the BRICS bloc to transition from the U.S. dollar to cryptocurrency for trade purposes. Aksakov emphasized the alliance’s efforts to leverage digital assets instead of traditional fiat currency for international commerce. The BRICS economic alliance, initially comprised of Russia, Brazil, India, South Africa and China, has long been committed to reducing reliance on the U.S. dollar, advocating for the use of local currencies. Consequently, the creation of digital currency transaction solutions has become a focal point, notably with the introduction…

ThursdayApr 25, 2024 9:45 am

Top 10 Reasons to Attend Blockchain Futurist Conference

We feel compelled to tell you just 10 reasons (there are lots more) why Blockchain Futurist Conference 2024 is the years’ must-attend web3 event. 1. Largest Web3 Event in Canada “By far the BEST conference that I have ever been to in my life!” Jonathan P. With a huge web3 community, Canada is a fast-growing global hub for blockchain and crypto. Don’t forget, Ethereum was founded in Toronto. 2. When We Say Large, We Mean LARGE! Over 10,000+ in-person attendees, 250+ speakers, and 150+ partners expected this year! Blockchain Futurist Conference 2024 is easily one of the top web3 events on the…

WednesdayApr 24, 2024 9:00 am

CoinGecko Reveals Bitcoin Halving Occurred

Bitcoin (BTC), the largest digital currency globally, recently underwent its “halving” event, which occurs approximately every four years, as reported by CoinGecko, a company specializing in crypto analysis and data. Following the event, Bitcoin experienced relative stability, slightly declining to $63,747. Crypto enthusiasts had been anticipating the “halving”— an alteration to the fundamental technology of the crypto aimed at reducing the pace at which new Bitcoins are created. Satoshi Nakamoto, the pseudonym of Bitcoin’s creator, included the halving setting in the currency’s code at the time of its inception. Chris Gannatti, chief of global research at WisdomTree, an asset management…

MondayApr 22, 2024 9:00 am

Arkham Data Suggests US Government Has Significant BTC Holdings

The U.S. government, along with Germany and the United Kingdom, rank among the major holders of cryptocurrency worldwide, according to Arkham, a platform specializing in decrypting blockchain entitie. Arkham recently released a dashboard highlighting governments with significant cryptocurrency holdings. Through the new tracking feature, users can obtain up-to-date information about governments’ crypto balances and transaction histories. The announcement came on April 12, 2024, highlighting the United States, the UK and Germany as the top three nations, respectively, in terms of cryptocurrency ownership. The data reveals that the U.S. government leads the pack, holding a substantial amount of Bitcoin (BTC) totaling…

FridayApr 19, 2024 9:00 am

Markets Climb as Hong Kong Approves Cryptocurrency ETFs

Hong Kong has approved its inaugural exchange-traded funds (ETFs) monitoring digital currencies Ether and Bitcoin, marking a significant milestone for the region. This move positions Hong Kong as the first country in Asia to offer such products following the United States’ introduction of the pioneering Bitcoin spot ETFs in January. According to different social-media platforms, several investment managers revealed they received preliminary consent from Hong Kong’s Securities and Futures Commission (SFC) to commence launching the ETFs. Notably, at least three offshore Chinese asset management entities have signaled their intentions to roll out spot ETFs imminently. Among these are the Hong…

WednesdayApr 17, 2024 9:00 am

Analyzing the Recent Flash Crypto Crash

The cryptocurrency market experienced a significant downturn on April 12, 2024, coinciding with the opening of the stock market. Bitcoin (BTC) saw a considerable drop in value, plummeting by more than $4,000 to $66,440. Similarly, Ethereum witnessed a decline of 9% during the same period, reaching $3,216, while Dogecoin experienced a sharp decline of 14.2%. The downward trend began early in the day but intensified around noon, with minor decreases escalating into double-digit declines across several cryptos. Although no major developments were reported in the crypto sphere on that day, such volatility often occurs toward the weekend, as was the…