NewsRoom Articles - Page 44 of 186

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…

TuesdayNov 28, 2023 9:30 am

Africa’s Crypto Boom: Insights from Cape Town Gathering

Crypto Fest 2023 blasted into Cape Town, celebrating the next evolution of digital assets and locally built solutions. International headlines may be applauding the fall of some of the first crypto superstars, but a strong attendance at Africa’s premier crypto industry meetup demonstrates that digital solutions can still make a meaningful, positive difference on the continent. Crypto Fest 2023 invited Web3 enthusiasts to experience Cryptopia at Cape Town’s exclusive Cabo Beach Club and hundreds answered the call, a testament to the resilience of the community that is facing a harsh reality. Hannes Wessels, General Manager of Southern and Francophone Africa…

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 6:31 pm

Crypto Fest 2023 Unveils Dynamic Program, Inaugural Startup Pitch Competition, and Stellar Speaker Lineup

Crypto Fest 2023, the eagerly anticipated cryptocurrency and blockchain extravaganza, is poised to captivate audiences on November 24th at the scenic Cabo Beach Club. The dynamic agenda has been unveiled on the Crypto Fest website, offering an immersive exploration of a wide array of topics with a specific emphasis on the latest advancements in Africa. The agenda encompasses in-depth discussions on the prospects and challenges of widespread crypto adoption, providing insights into the growth and embrace of cryptocurrencies across the African continent. Key sessions include an examination of the current state of Web3 Venture Capital in Africa, building a Pan-African…

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…