NewsRoom Articles - Page 44 of 194

WednesdayMay 15, 2024 9:00 am

FTX Reveals It Has More Than Needed to Repay Victims After Collapse

The collapsed crypto exchange FTX claims to have surplus funds exceeding the amounts required for reimbursing its customers. The company states that it expects to have up to $16.3 billion after selling its remaining assets to pay down its debt, which is estimated to be approximately $11 billion. The company’s new restructuring proposal assures nearly all of its clients will recover at least their entire losses incurred during FTX’s collapse in 2022. Earlier this year, Sam Bankman-Fried, one of FTX’s cofounders, received a 25-year prison sentence for deceiving investors and customers of the now-insolvent company. John Ray, FTX’s new CEO,…

MondayMay 13, 2024 9:00 am

US SEC Serves Robinhood Crypto with Wells Notice, Signaling Possible Enforcement Action

Robinhood Markets, a retail-trading platform, revealed that it had recently been served with an enforcement action notice from the U.S. Securities and Exchange Commission (SEC) regarding the cryptocurrency tokens traded on its platform. The notice, known as a “Wells notice,” is typically issued by the SEC as a precursor to potential enforcement actions, though it does not imply wrongdoing. The company’s chief legal, compliance and corporate affairs officer Dan Gallagher stressed the company’s confidence that the assets posted on its marketplace aren’t securities. He also noted that the company was ready to engage with the SEC to demonstrate the weakness…

FridayMay 10, 2024 9:00 am

Binance’s CZ’s Sentence Highlights Stark Differences with FTX’s Bankman-Fried

The long-standing feud between former crypto giants concluded recently in a federal courtroom in Seattle, where Changpeng Zhao (CZ), the founder of Binance, received a four-month prison sentence. Contrastingly, Sam Bankman-Fried of FTX was sentenced to 25 years in prison a month earlier in Manhattan. The ruling marked the end of a prolonged rivalry between Bankman-Fried and Zhao, both renowned figures in the $2.2 trillion cryptocurrency industry. Initially, the duo championed the potential of decentralized digital assets, envisioning a world where virtual coins would disrupt traditional financial systems. Despite their advocacy, both Zhao and Bankman-Fried inadvertently reinforced the concerns of…

WednesdayMay 08, 2024 9:00 am

Latest US Labor Market Data Pushes Bitcoin Above $60K

Bitcoin maintained its position above the $60,000 mark after the release of the U.S. job market report on April 3, 2024. The new report altered predictions about when the Fed would cut its key interest rate, moving it to September instead of November. Following the report’s publication, Bitcoin saw a rise of more than 4%, continuing its upward trend toward $62,000, as per data from CoinMarketCap. Bitcoin has seen substantial buying activity in recent hours, sending it above the $60K level. It did, however, run into some opposition at the $62K mark. At the moment, the price of Bitcoin is…

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…

TuesdayApr 30, 2024 6:59 pm

Bitcoin Events Announces Two Exciting Events in South Africa: Crypto Fest 2024 and Blockchain Africa Conference 2024

Cape Town, South Africa - April 23, 2024 Get ready for a double dose of excitement as Bitcoin Events proudly presents two premier events in South Africa: Crypto Fest 2024 and the Blockchain Africa Conference 2024. Crypto Fest 2024: A Thrilling Crypto Extravaganza Prepare to immerse yourself in the dynamic world of cryptocurrency at the 6th edition of Crypto Fest. Scheduled to take place at the renowned DHL Stadium in Green Point, Cape Town, from October 10 to 12, 2024, this year's event promises an unparalleled experience for crypto enthusiasts worldwide. For the first time ever, Crypto Fest will span…

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…