Bitcoin (BTC) and the cryptocurrency market had a shakeout this week as the fake news surrounding Litecoin (LTC) caused a spike in volatility. However, the structure of the market didn’t change. In fact, Bitcoin’s price might be bottoming out as a golden cross is starting to form. Next to that, the exchange reserves are hitting
Bitcoin (BTC) looked set to challenge critical $47,000 resistance on Tuesday amid a perfect storm of dwindling supply and “exhausted” bears. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Hodlers vs. whales in the battle for $50,000 retest Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit local highs above $46,600 on Bitstamp. The
The infamous dogecoin was one of the first meme-based digital currencies and it’s safe to say that the coin inspired a myriad of meme-focused or joke tokens meant to be used for fun. However, while dogecoin has had a phenomenal 2021 rising 8,515% in 12 months, during the last month dogecoin prices have stagnated a
The Republic of Uzbekistan will never adopt cryptocurrencies like Bitcoin (BTC) as a payment method, according to a central bank official. Behzod Khamraev, deputy chairman of the Central Bank of Uzbekistan (CBU), predicted that local authorities will never allow residents to use Bitcoin as payment, alleging that BTC is backed by nothing. In an interview
After scaling up to a relative high of around $53,000 just over two weeks ago, it seemed as though Bitcoin (BTC) was well on its way to reclaiming its former all-time highs. However, the series of events that unfolded over the past week has seen the world’s largest cryptocurrency by total market capitalization lose nearly
Immutable, a layer-two nonfungible token (NFT) protocol built on the Ethereum blockchain, has announced a $60 million Series B funding raise from a multitude of corporate venture firms, including Sam Bankman-Fried’s Alameda Research and Gary Vaynerchuk’s VaynerFund. The funding round was co-led by gaming investment platform Bitkraft Ventures and venture firm King River Capital. The
Brevan Howard, a European hedge fund management company, has said it will be expanding its crypto business. BH Digital, which is the hedge fund’s recently created unit, is expected to “manage its cryptocurrency and digital assets.” Growing Interest in Crypto From Hedge Funds In addition to creating BH Digital, Brevan Howard, according to a Reuters
The government of El Salvador will reportedly exempt investors from paying a capital gains tax and an income tax on Bitcoin (BTC), according to a presidential legal counsel. Javier Argueta, a legal adviser to President Nayib Bukele, is looking to encourage foreign investment through major tax breaks on Bitcoin, Agence France-Presse reported Sept. 10. “If
Announced on Monday, EY’s flagship blockchain services including EY OpsChain and EY Blockchain Analyzer will be integrated with Polygon, allowing transactions to be committed to Ethereum via the sidechain. EY emphasized that its enterprise clients will have access to increased transaction throughput with predictable fees and settlement times using Polygon. The firm also revealed it
The United States Securities and Exchange Commission (SEC) has charged three of Chinese billionaire Guo Wengui’s companies over an initial coin offering (ICO) and initial public offering (IPO) that fetched around $487 million combined. The infamous Wengui, also known as Miles Kwok or Miles Guo, is an exiled Chinese businessman who currently resides in New
Amid massive growth of the stablecoin market, the United States Treasury Department has reportedly discussed potential regulation for private stablecoins. The Treasury conducted several meetings last week to examine the risks of stablecoins for users, markets, or the financial system, as well as learn about their benefits and consider potential regulation, Reuters reported Sept 10.
The price of Cardano (ADA) fell on Sept. 13 in line with the other top cryptocurrencies despite the completion of its hard fork upgrade dubbed “Alonzo,” which introduces smart contract functionality. The ADA/USD exchange rate dropped 10.67% to reach its intraday low of $2.3, partly due to profit-taking sentiment among traders following the pair’s 1,200%-plus price rally this
DBS Group Holdings, the largest bank in Singapore and Southeast Asia, says its crypto business is “growing very rapidly.” The bank’s digital asset trading platform expects to double the number of members by year-end. Singapore’s DBS Expects Substantial Growth in Crypto Business DBS’s senior executives said in an interview, published by Reuters Monday, that the
Bitcoin (BTC) price is facing an intense period of volatility as the price moved from a $52,950 top on Sep. 7 to a $42,800 low just two hours later. More recently, the $45,000 support was held for a couple of days despite being heavily tested, and this triggered a $3,400 up-and-down swing on Sep. 13.
Bitcoin’s (BTC) failure to make a strong recovery in the past few days has resulted in profit-booking in most major altcoins, threatening to pull the total crypto market capitalization back below $2 trillion. The U.S. equity markets witnessed profit-booking and the S&P 500 dropped by 1.69% last week, suggesting the development of a risk-off sentiment.
Democrats in the U.S. House of Representatives have proposed tax initiatives to fund a $3.5 trillion spending package which could potentially affect crypto users. According to a document released by the House Committee on Ways and Means on Monday, the proposal would increase the tax rate on long-term capital gains from the existing 20% to