Uncategorized Archives - Page 28 of 135

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…

FridayNov 17, 2023 10:30 am

Crypto Industry Crosses $1B in Inflows Before Year’s End

Crypto asset managers including ProShares, CoinShares, Bitwise, 21Shares and Grayscale have collectively witnessed substantial inflows, surpassing $1 billion for the year. This influx of funds, according to CoinShares’ most recent report, added a noteworthy $293 million to a run of seven weeks in a row of higher investments. As of November, the total inflows have amounted to an astounding $1.14 billion, making 2023 the third-highest annual inflow year on record. CoinShares head of research James Butterfill noted that total assets under control have increased significantly, by 9.6% in the last week and by an astounding 99% since the beginning of…

WednesdayNov 15, 2023 10:30 am

Liquidity Patterns Suggest Crypto Rally Could Signal New Bull Run

The recent surge in the cryptocurrency market dubbed the “uptober” rally has captured considerable attention. Bitcoin, a major player, has witnessed an impressive 35% increase since October, with assets such as SOL and LINK experiencing even more substantial gains. However, delving beyond the surface, it becomes apparent that understanding liquidity trends is crucial for comprehending the underlying dynamics of this price surge, offering valuable insights into the current market cycle and potential future developments. A crucial insight, emphasized earlier this year by CoinDesk, is the impact of trading volumes on price stability. Low volumes indicate little market activity at particular…

MondayNov 13, 2023 11:15 am

Day Traders Still Reluctant to Return to Crypto Despite Recent Market Rally

Despite recent surges in Bitcoin, whose value more than doubled following a significant downturn, many day traders state that these gains are insufficient to lure them back into the market. As FTX cofounder Sam Bankman-Fried awaits his sentence after a fraud conviction, the industry anticipates this event will signal the end of its tumultuous phase and usher in a more stable era of mainstream acceptance. However, this maturity might mean the crypto market will no longer offer the extraordinary growth and unique trading opportunities seen in previous years. Retail investors retreated from the market following FTX's collapse last year, causing…

FridayNov 10, 2023 10:30 am

The Cryptocurrency Industry Reacts to Bankman-Fried’s Fraud Conviction

The recent conclusion of Sam Bankman-Fried’s trial has sparked contemplation on the future trajectory of the cryptocurrency industry. The verdict, which found Bankman-Fried, the founder of cryptocurrency exchange FTX, guilty of seven counts of fraud, has left many questioning the implications for the crypto market. Amid this significant development, the core inquiry emerges: What impact will this verdict have on the reputation and prospects of the burgeoning crypto space? Will it etch a lasting blemish on the industry, leading to skepticism and mistrust, or could it signal a moment of closure, showcasing the capacity of legal systems to hold wrongdoers…

WednesdayNov 08, 2023 10:30 am

Jury Finds Sam Bankman-Fried Guilty After One-Month Trial

Sam Bankman-Fried, a prominent figure in the cryptocurrency world and the once-revered “Crypto King,” has been convicted of money laundering and fraud after a five-hour jury deliberation in Manhattan, New York. Bankman-Fried's legal woes began last year when his crypto exchange firm, FTX, declared bankruptcy. FTX, previously valued at a staggering $32 billion, crumbled in November, leaving $8 billion in customer funds unaccounted for. The jury found Bankman-Fried guilty on multiple charges, including deceiving investors and lenders and misappropriating billions from FTX, a sequence of events that played a role in the exchange's collapse. He faced seven counts of money…

MondayNov 06, 2023 12:00 pm

PayPal Gets UK Nod to Offer Crypto Asset Services

PayPal has officially obtained registration for its cryptocurrency activities in the United Kingdom, according to the Financial Conduct Authority website. This marks a significant step for the global payment giant as it establishes a post-Brexit footprint in Britain. The approval was granted to PayPal U.K. Ltd. on Oct. 31, 2054, making it the fourth company to receive FCA registration for cryptocurrency-related operations in the current year, following in the footsteps of Komainu, Bitstamp and Interactive Brokers. Despite this milestone, PayPal UK.'s journey into the world of crypto won’t be entirely without obstacles, as the regulator has placed certain restrictions on…

FridayNov 03, 2023 10:30 am

FTX Founder Tells Court He Made Management Mistakes

During his trial, Sam Bankman-Fried acknowledged mistakes in managing FTX, admitting to a series of minor and major mistakes, with his primary regret being the absence of a dedicated risk management team. Bankman-Fried stated that he had, however, not engaged in any fraudulent activities or misappropriated customers’ funds when questioned by his attorney, Mark Cohen. Bankman-Fried shared that he had minimal knowledge of cryptocurrencies before launching FTX. He admitted to a lack of understanding regarding how they operated but recognized their potential for trading. As FTX rapidly expanded from a few million dollars in daily trading in 2019 to tens…

WednesdayNov 01, 2023 10:30 am

Data Shows Declining Number of Crypto ATMs

The number of cryptocurrency ATMs worldwide has significantly decreased this year, reaching levels not seen since 2021. According to data gleaned from CoinATMRadar.com, the biggest decline was in July, when an astounding 4,123 ATMs stopped working, seriously disrupting the market. Presently, thousands of ATMs have become nonfunctional, the majority of which have faded into obscurity this year. CoinATMRadar.com listed 32,704 cryptocurrency ATMs globally as of mid-October. This figure is in sharp contrast to the all-time high of 39,353 units that was recorded in August 2022, indicating a sharp drop in the number of crypto ATMs — roughly 6,649 — that…

MondayOct 30, 2023 12:00 pm

DEF Files Amicus Brief Supporting Crypto Users’ Rights

A crypto advocacy organization, the DeFi Education Fund, has requested a U.S. court consider the distinct blockchain technology characteristics when assessing the Fourth Amendment rights of privacy for crypto users. The fund formally submitted an amicus brief to the appeals court on Oct. 20, 2023, in favor of James Harper's case against the IRS. The petition is part of a campaign to thwart the government's unfettered access to cryptocurrency platform users' transaction records. Harper was one of 14,355 Coinbase users whose information was disclosed to the IRS in 2017, leading to a fervent push for more robust rights and protection…