Crypto News on 14 Nov, 2024

The crypto industry is pushing for an ambitious raft of policies that would promote the widespread adoption of digital assets and considering who best to promote them, as they anticipate a cryptocurrency-friendly regime under President-elect Donald Trump. While crypto companies were already anticipating a lighter touch with a new administration, Donald Trump's decisive victory and a projected Republican sweep of Congress pave the way for a dramatic and lasting crypto policy overhaul. Trump courted crypto cash with promises to be a "crypto president," and industry executives say he now has a strong mandate to deliver. The industry is now pushing for measures including potential executive orders on crypto firms' access to banking services and crypto-friendly picks in a range of roles, in addition to a new Securities and Exchange Commission (SEC) chair, executives said. "We've had an administration that's been very negative, and so we're looking forward to unlocking that gridlock," said Mike Belshe, CEO of institutional crypto platform BitGo, who hosted a campaign fundraiser for Trump in July. "I think the voters of America said very clearly that they want to see that." Bitcoin soared above $90,000 on Wednesday amid rising policy optimism, with some analysts predicting the world's largest token could hit $100,000. While some industry asks could happen quickly such as pro-crypto nominees at financial regulatory agencies, others however could take longer, such as passing legislation to create a regulatory framework for digital assets. Trump has also pledged to create a crypto advisory council. While it's unclear who might serve on the council, crypto executives are brainstorming who to elevate as key leaders in crafting crypto policy in the new administration. "Everybody in Washington is asking and thinking about ... who's going to lead these agencies," said Kara Calvert, head of U.S. policy at Coinbase. "It's important I think for companies like Coinbase, but also for all the smaller startups... to have a point of view." Jonathan Jachym, global head of policy at crypto exchange Kraken, said the industry was considering who would be suitable for leadership positions to drive policy. "Before the election, investors were already betting on options that the price of bitcoin would exceed $80k or even $100k, and the value of these bets has risen," Grzegorz Drozdz, analyst at Conotoxia wrote, adding the election outcome was mostly driving those bets. Under the Biden administration, the SEC and Treasury cracked down on crypto companies for allegedly violating securities and anti-money laundering laws, while bank regulators discouraged lenders from dabbling in crypto, and Congress has failed to pass legislation that would help promote mainstream crypto adoption. With Republicans running Washington, all that could change. The crypto industry expects Trump to make good on his July promise to establish a strategic U.S. bitcoin reserve - one of his more ambitious pledges executives said they now see as a real possibility. "It legitimizes the asset class more," said Marshall Beard, Chief Operating Officer of Gemini, the crypto exchange whose founders, the Winklevoss twins, donated to Trump. The industry also expects Trump's bank regulators to take a softer stance on crypto. Many crypto firms have struggled to find banking partners amid scrutiny from regulators worried about the risks, especially following the collapse of crypto-friendly U.S. lenders last year. Jachym said there had been "negative pressure" from bank regulators on crypto relationships, which could change if lawmakers created a new crypto framework. Trump in July promised he would not let banks "choke" crypto companies out of the traditional financial system, and some executives speculated the president-elect could even address the issue with an executive order. "Something like that from the White House could go a long way towards fixing the problem," said Kristin Smith, chief executive of the Blockchain Association, a crypto trade group. Earlier in the campaign, crypto firms had hoped Trump's new SEC chair would create a waiver regime for crypto companies, but firms are now discussing pushing for faster "no-action" letters that the agency could immediately use to allow crypto companies to operate without fear of reprisal, one executive said. Smith added the industry is also preparing a fresh push for crypto-friendly laws. With Republicans expected to take the House, they could expedite spending bills with a simple majority vote - a process called "reconciliation" which often allows smaller items to piggy-back on must-pass spending bills. That could be "a pathway for getting something done," said Smith. Coinbase and other cryptocurrency companies spent more than $119 million backing pro-crypto congressional candidates, many of whom won their races, including Ohio Republican Bernie Moreno. He took a key Senate seat from Democratic crypto skeptic Sherrod Brown, paving the way for other potentially sweeping legislation, said executives. Calvert said the 2025 Congress will be "the most pro-crypto Congress in history."

 2024-11-14 11:01:29

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If you’ve been on X lately, you’ve probably seen this but not even realized it: a clean-looking logo for an online crypto casino called Stake pasted onto a poorly cropped and low-res meme or a video. Founded in 2017 by Australian entrepreneurs Ed Craven and Bijan Tehrani (but ostensibly operated out of the small Caribbean nation of Curaçao), Stake is a crypto gambling site worth more than $2.6 billion today. The company’s most recent blog post claims that over 1.2 billion bets were placed in September alone, and the Financial Times reported in 2023 that the company had roughly 600,000 regular users with 6 million registered accounts. Despite this, public perception of the site seems overwhelmingly negative—and much of its bad reputation comes from the viral marketing ploys the company uses to reel in new users. Its new watermarking scheme on X is an amorphous advertising campaign that ignores international borders and the gambling laws that exist within them. While it’s legally sketchy, it’s also morally dubious. Kids who just want to look at memes have become the targets of a casino’s ruse. The company has a history of strange marketing gimmicks. In 2022, many Twitch streamers like Canadian star xQc were offered what seemed like an infinite money glitch to gamble freely on Stake as long as they streamed their slot binges, blackjack games, and mini-games such as Plinko while live; xQc reportedly bet an estimated $685 million on the site with the company’s help. This added to Twitch’s eventual decision to ban Stake (among other gambling sites) from its platform soon after, citing the effects on its highly impressionable audience of Gen Z and Gen Alpha. In response, Craven and Tehrani created Kick, a competitor streaming site, and tempted Twitch streamers with massive contracts to hop platforms and gamble freely. Now, more than a year later, xQc has reportedly bet more than $2.9 billion on Stake while livestreaming on Kick. (He’s openly admitted to having a gambling addiction in the past.) Stake may be shameless about using its Kick stars to promote gambling, but its marketing strategies are not isolated to their Twitch knockoff. Stake and Kick thus work in tandem, generating a slew of free marketing that spreads well outside their sites’ limits. But Stake’s latest tactic involves paying X accounts to watermark its logo on any and all posts they make. Let’s say you make a meme, and you post it on your Instagram. It gets screenshotted and reposted by casual meme spreaders. Eventually, there’s a chance it winds up in the photo gallery of a Stake employee, where your content becomes an ad for the company. Nothing is removed. Only a logo is added. It’s then posted by an X account which has Stake tagged in its bio. It goes viral, giving the company tons of eyeballs on their logo. Rinse and repeat. Patient zero for this ad experiment appears to be X user @FearedBuck, who started as a Milwaukee Bucks fan account but later pivoted to posting Kick clips full time. In August, Stake logos began showing up on the account’s videos. The page has since amassed more than 645,000 followers—up from 64,000 last December. Viewers, seemingly tired of the account’s engagement-baiting antics and appalled by the obvious money grab, Community Noted all of @FearedBuck’s Stake-sponsored posts, explaining that the user was violating X’s guidelines on undisclosed promotions as well as violating the Federal Trade Commission’s guidelines on gambling advertisements. As quickly as it started, @FearedBuck went full-stop on the Stake logos. But other accounts have since stepped in, all of which mostly post Kick clips. The only thing that’s changed is that the Stake watermarks now have clarifying text, often reading “Gamble Responsibly” or “This Is An #Ad,” in addition. The additional declaration may swerve X’s guidelines but it doesn’t bypass the U.K.’s Advertising Standards Authority, which has reportedly begun monitoring Stake’s X campaign. The ASA has already taken action against Sky Bet (a similar gambling site) from when ex-footballer Gary Neville watermarked the Sky Bet logo in a video. Stake has landed in hot water for its advertising before. Back in August, the Dutch Gaming Authority ordered the removal of Stake logos from its sponsored Formula 1 cars, again citing influence on minors. Stake is not legal in the Netherlands and the ads (on a car, being televised) could not simply be geoblocked based on a user’s IP address. Now they’ve made the jump to sponsoring meme pages, believing they can take the same tack: plaster your company logo on everything—like a player’s jersey or a stadium wall—and let the constant exposure become brand awareness. But memes and internet chatter are inherently organic and communal, which makes it much more egregious when they try this approach. Take this one between two X accounts, @PercThaGoat and @KillaMinga, that both have Stake tagged in their bios. The latter shared a video of artwork with a Stake watermark. The subsequent quote tweet attested, “Average coworker phone wallpaper,” receiving over 28,000 likes. The only problem: This is an elaborate two-part copycat that blatantly plagiarized the exact contents of earlier X posts that happened months before. The copycat post banks on the proven virality of its parts and the fact that many users haven’t seen the original posts yet. Ever since Elon Musk instated Twitter Blue, money grabs from blue-check accounts have become commonplace. A “rent due” tweet has become an axiom explaining the constant lewd shock-and-outrage bait that floods most of the timeline. To combat the onslaught, the site’s Community Notes feature acts as the law—but it’s an illusion of control. Individuals like @FearedBuck may have stopped posting Stake ads, but their original promotional posts were never removed from the site entirely. It’s well-known that Musk is struggling with advertisers, and although he’s promised to remove the bots, he’s seemingly too addicted to the site’s engagement numbers to fully delete anything that’s going viral (unless it challenges his right-wing dogma). While we can’t say that Stake is paying off Twitter, it’s obvious that Twitter’s turning a blind eye. Another more drastic solution would be for the government to step in and do something about it. Stake is illegal in America. To work around this, Stake created Stake.us, which operates as a sweepstakes casino, meaning there’s no real money being bet. It’s all pretend money (tokens), and when an American opens the Stake homepage, it urges them to redirect to its legal stateside alternative where no real money can be wagered. Because of this redirection, Stake has managed to abide by the FTC’s guidelines. However, if one views memes as a piece of media with disproportionately high influence on young minds, then the legality of Stake’s watermark campaign is much more murky. This all depends on the viewpoint of FTC Chair Lina Khan, who is reportedly more anti-business than many Democratic Party donors are comfortable with. However, in an upcoming Trump presidency, the new FTC elect will likely be from the same talent pool as an axe-throwing Fox News host or even Elon Musk himself. With a Stake logo on many of his website’s viral posts, maybe the Phantom of Mar-a-Lago and his host will never appoint someone anti-business enough to throw the hammer down soon. Meanwhile, the conveyor belt of repackaging viral internet media and moments to advertise for a crypto casino keeps rolling. The watermarked Stake meme gets screenshotted and passed on, where it spreads through successive channels—like when publications that need to embed Twitter videos become complicit in Stake’s amorphous campaign. Meme creators who have taken notice of the Stake watermarks have begun parodying the campaign by adding excessive amounts of Stake logos to their own memes or pretending they’re instead sponsored by Dave & Buster’s. The collective shaming has built a grassroots rebellion but—like Community Notes—it doesn’t seem to be producing real-world effects. Hope is not lost, though. While marketing gambling to minors across international borders might be an actual crime, it’s well understood what the real crime is in the eyes of an irony-poisoned, meme-consuming council: being cringe. As long as this public perception remains and compounds with Stake’s already shady reputation, then the brainwashing might fall flat.

 2024-11-14 10:45:00

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The FBI has raided the home of Polymarket chief executive Shayne Coplan as part of an investigation into the crypto betting platform. Federal law enforcement agents seized the 26-year-old CEO’s phone and computers from his home in downtown New York on Wednesday, in what the company claims is retaliation for its users betting overwhelmingly in favour of Donald Trump in the recent US presidential election. “It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents,” Mr Coplan wrote on X. “We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.” The US Department of Justice is reportedly investigating Polymarket for allegedly allowing US-based users to bet on the site. Polymarket declined to comment on those allegations but a spokesperson said the FBI raid was “obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election.” The company said Mr Coplan had not been arrested or taken into custody. The FBI declined to comment. The Department of Justice and the White House did not respond to requests for comment on the raid. In the run-up to the presidential election, the site gained widespread attention for the way it placed Trump’s odds high above those of Harris, when opinion polls had for months shown the race in a dead heat. Polymarket, which does not allow trading in the US, also gained scrutiny after a mystery French trader, known as the Polymarket whale, made large bets on Trump winning the election. The unknown gambler walked away with more than $46 million in profit after placing more than $50 million of bets on Trump winning the election. Some feared that the large bets artificially inflated Trump’s odds of winning on the platform, which regulators warned could pose a threat to electoral integrity. Additional reporting from agencies

 2024-11-14 10:34:51

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The UK government is set to announce new regulations for the cryptocurrency sector, aiming to address the growing concerns over consumer protection and market stability. As the crypto industry continues to thrive, especially in jurisdictions like the U.S. under President-elect Donald Trump, the UK’s financial authorities are moving to implement more robust regulatory frameworks. These measures are seen as a response to both the rapid development of crypto markets globally and the increasing attractiveness of other nations’ regulatory environments. For some time, experts and policymakers have raised alarms about the risks of the unregulated or loosely regulated crypto market. The collapse of major entities such as FTX and Celsius has fueled the calls for tighter control, especially in jurisdictions like the UK, which is home to a significant number of crypto startups. According to recent reports, the government’s new approach will introduce a set of rules designed to strengthen the UK’s position as a competitive player in the global crypto market. These regulations will primarily focus on enhancing consumer protections, combating money laundering, and increasing transparency across the crypto sector. The new regulatory framework will likely be introduced through the Financial Conduct Authority (FCA) and will specifically target crypto trading firms and exchanges. The aim is to establish a comprehensive “crypto market abuse regime,” which will cover various forms of market manipulation and ensure more accountability from crypto businesses. Additionally, UK regulators will address cryptocurrency lending practices, which have become a key point of concern following the industry’s volatility. By tightening these rules, the UK government hopes to ensure that crypto businesses operate within a secure environment, reducing risks for consumers and investors. One of the critical elements of the proposed regulations is the introduction of time-limited exemptions for certain firms. This measure would allow crypto businesses registered with the FCA for anti-money laundering purposes to issue new tokens while awaiting the full roll-out of the new rules. This temporary solution is designed to prevent the UK from losing its crypto innovation to more favorable regulatory environments, such as those in the U.S. where the crypto market is booming under a less restrictive regulatory framework. Despite these efforts, the UK has faced growing competition from the U.S. as a key player in the crypto market. Under the leadership of President-elect Trump, U.S. crypto regulations have been perceived as more flexible, attracting a significant influx of investment into the sector. The UK’s proposed regulations are intended to strike a balance between promoting innovation and safeguarding the interests of consumers. However, concerns remain that overly stringent regulations might push businesses to relocate to other more crypto-friendly regions, such as the U.S. Crypto market leaders have expressed mixed feelings about the UK’s regulatory approach. Some argue that the introduction of clear, stable regulations would enhance the industry’s long-term growth prospects by attracting institutional investors and ensuring better market conditions. Others, however, warn that excessive regulation could stifle innovation and push businesses to seek more favorable climates elsewhere. As the government works to fine-tune its strategy, consultations with stakeholders from the crypto sector, including startups, established firms, and financial regulators, will be crucial to determining the final regulatory framework. The UK’s cryptocurrency regulations are also expected to mirror similar efforts in other major economies, including the European Union, which is in the process of drafting its own set of rules for the sector. With the rapid expansion of digital currencies and blockchain technology, global regulators are facing mounting pressure to implement regulations that both foster innovation and mitigate risks.

 2024-11-14 10:05:46

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Bitcoin’s record run is giving one exchange-traded fund a hefty lift of its own. The iShares Bitcoin Trust ETF, the largest bitcoin ETF with $42 billion in assets as of Thursday morning, has gained 38% over the past seven days, the longest winning streak on record, as tracked by Dow Jones Market Data Group. The move has driven the ETF, which trades under the ticker IBIT, to the highest level ever and is now considered the fastest growing ETF ever, according to Bloomberg. "The inflows into IBIT since launch underscore investors’ preference to gain exposure to bitcoin through the convenience and quality of an exchange-traded product. The market has seen a renewed sense of optimism in anticipation of positive regulatory action for bitcoin and crypto. We remain focused on education for investors and providing access to bitcoin with convenience and transparency," a BlackRock spokesperson told FOX Business. Since the election, IBIT has attracted more than $3 billion in assets, according to the firm. President-elect Donald Trump’s sweep of the popular and electoral vote to cinch the White House is expected to bring a more pro-crypto administration. ODELL BECKHAM JR BLASTS BITCOIN CRITICS During his campaign, the president-elect spoke at the industry's Bitcoin 2024 conference in Nashville, Tennessee, and visited a popular New York City crypto-themed bar, PubKey. TRUMP VISITS NYC CRYPTO BAR LIVE CRYPTO PRICES: FOXBUSINESS.COM Along with inflows, IBIT is also seeing record trading volume, Bloomberg noted, a positive sign for liquidity for investors wanting to get in or out of an asset quickly. IBIT, which gives investors simple access to bitcoin, is mirroring the run in the largest cryptocurrency by market value, which hit a new all-time high on Wednesday, trading above $93,000 before pulling back below that level. The fund, along with similar ETFs, came onto the scene last January when the Securities and Exchange Commission (SEC) green-lighted spot bitcoin ETFs for the first time. Despite the historic approvals under SEC Chair Gary Gensler leading up to the Nov. 5 election, Trump said he would fire him.

 2024-11-14 10:00:59

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A CRYPTOCURRENCY influencer who was kidnapped months ago was tragically found dead at a nature park. Crypto boss Kevin Mirshahi, 25, was snatched alongside three others in Montreal, Canada. His crypto investment scheme on Telegram, Crypto Paradise Island, was under investigation by authorities, according to CBC. His body was found last month at the Île-de-la-Visitation nature park, in Montreal. Mirshahi was kidnapped after a night out with another two women and a man on the night of June 21, in the parking lot of a building in Montreal. More to follow... For the latest news on this story keep checking back at The Sun Online Thesun.co.uk is your go-to destination for the best celebrity news, real-life stories, jaw-dropping pictures and must-see video. Like us on Facebook at www.facebook.com/thesun and follow us from our main Twitter account at @TheSun.

 2024-11-14 09:48:39

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A CRYPTOCURRENCY influencer who was kidnapped months ago was tragically found dead at a nature park. Crypto boss Kevin Mirshahi, 25, was snatched alongside three others in Montreal, Canada. His crypto investment scheme on Telegram, Crypto Paradise Island, was under investigation by authorities, according to CBC. His body was found last month at the Île-de-la-Visitation nature park, in Montreal. Mirshahi was kidnapped after a night out with another two women and a man on the night of June 21, in the parking lot of a building in Montreal. More to follow... For the latest news on this story keep checking back at The Sun Online Thesun.co.uk is your go-to destination for the best celebrity news, real-life stories, jaw-dropping pictures and must-see video. Like us on Facebook at www.facebook.com/thesun and follow us from our main Twitter account at @TheSun.

 2024-11-14 09:48:39

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A CRYPTOCURRENCY influencer who was kidnapped months ago was tragically found dead at a nature park. Crypto boss Kevin Mirshahi, 25, was snatched alongside three others in Montreal, Canada. His crypto investment scheme on Telegram, Crypto Paradise Island, was under investigation by authorities, according to CBC. His body was found last month at the Île-de-la-Visitation nature park, in Montreal. Mirshahi was kidnapped after a night out with another two women and a man on the night of June 21, in the parking lot of a building in Montreal. More to follow... For the latest news on this story keep checking back at The Sun Online Thesun.co.uk is your go-to destination for the best celebrity news, real-life stories, jaw-dropping pictures and must-see video. Like us on Facebook at www.facebook.com/thesun and follow us from our main Twitter account at @TheSun.

 2024-11-14 09:48:39

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While Cardano (ADA) and Dogecoin (DOGE) have proven their strength in the crypto world, Rexas Finance (RXS) is capturing attention with its incredible growth potential. Projected for an outstanding 24,667% gain, RXS sets itself apart by focusing on real-world asset tokenization and advanced DeFi solutions.

 2024-11-14 09:40:12

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President-elect Donald Trump has picked Rep. Matt Gaetz (R-Fla.) as the nominee for attorney general under the incoming administration. A controversial figure, Gaetz has been known for pushing radical proposals in favor of cryptocurrencies, especially Bitcoin BTC/USD. What happened: Earlier in June, he introduced a bill that would allow federal income tax payments to be made in the apex cryptocurrency. Gaetz had said that the intention behind proposing the bill was to promote innovation, increase efficiency, and offer more flexibility to American citizens. Key provisions of the proposed law included the rapid conversion of received Bitcoin to its dollar equivalent at the end of the transaction, ensuring stability and practicality in its adoption. Gaetz has also spoken highly of pro-Bitcoin El Salvador President Nayib Bukele's policies, linking the country's quest for financial freedom with the leading digital asset. Financial Freedom – Bitcoin Freedom from Gangs – State of Exception Information Freedom – @nayibbukele https://t.co/L1tKaXI3DS — Matt Gaetz (@mattgaetz) September 6, 2024 The GOP nominee even cosponsored a bill aimed at abolishing the Federal Reserve, a classic libertarian, cypherpunk viewpoint shared by cryptocurrency maximalists. See Also: Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk’s Call For New Roles Recommendations In Trump Administration Why It Matters: The nomination of Gaetz comes as the congressman is under investigation by the House Ethics Committee for sexual misconduct. Allegations against the Trump loyalist include sexual misconduct, illicit drug use, accepting improper gifts, and more. Gaetz has denied the allegations. If confirmed for the position, Gaetz will take over from current Attorney General Merrick Garland. Price Action: At the time of writing, Bitcoin was exchanging hands at $91,405.88, up 4.55% in the last 24 hours, according to data from Benzinga Pro. Read Next: Cathie Wood-Led Ark Sees Boost For Bitcoin, Crypto Under Trump Administration, Says IPO Window For Circle, Kraken Could Reopen Photo courtesy: Wikimedia Commons By Gage Skidmore Market News and Data brought to you by Benzinga APIs © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

 2024-11-14 09:20:48

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Several prominent French media organizations, including those owned by billionaire Bernard Arnault, have filed a lawsuit against Elon Musk’s social media platform X for allegedly using their content without compensation. What Happened: The media groups, which include Arnault’s Les Echos and Le Parisien, have taken legal action against the social media platform, formerly known as Twitter, for violating “neighboring rights,” a European directive adopted into French law, reported The Guardian. Under this law, social media platforms are required to pay media organizations when they republish news content. The media companies had previously sought an emergency injunction against the platform, which they claim has not been negotiated. The Paris Tribunal, in agreement with the media companies, had given the platform two months to provide commercial data that would allow the outlets to assess the income the platform earns from their content. The platform has allegedly not complied with this decision, prompting the latest lawsuit. See Also: Much Wow! Dogecoin Is Now Larger Than Ford, Adidas, Lululemon, Roblox: 15 Companies Worth Less Than Meme Crypto Why It Matters: This legal dispute is the latest in a series of challenges faced by tech giants in Europe. France, in particular, has been at the forefront of the battle to protect the publishing rights and revenue of its press and news agencies against the dominance of powerful tech companies. The EU has introduced neighboring rights, a form of copyright that allows news media to demand compensation for the use of their content. France was the first EU country to enact this directive in 2019, and after initial resistance, Google and Facebook agreed to pay some French media for articles shown in web searches. Despite this, Musk’s social media platform has contested its obligation to adhere to the neighboring rights directive, arguing that it is not subject to the same rules as Google or Facebook as it relies on user-generated content. Arnault, the CEO of luxury goods conglomerate LVMH, and Musk have had several interactions in the past. In 2023, the two billionaires met for a power lunch in Paris, and in 2024, Arnault discussed the potential of a Louis Vuitton-branded rocket with SpaceX. Trump Appoints Elon Musk And Vivek Ramaswamy To Lead ‘DOGE,’ Aiming to Slash Bureaucracy And $6.5 Trillion Federal Spending: ‘We Will Not Go Gently’ Image Via Shutterstock This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote Market News and Data brought to you by Benzinga APIs © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

 2024-11-14 09:10:38

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HMRC has a "new reason" to target bitcoin investors, it has been warned. The risk of owing capital gains tax and the rates on it are on the rise after the new Labour Party government Budget, Andrew Oxlade has warned to This is Money. Mr Oxlade told the outlet: "Even before the tax changes and the surge in crypto prices, HMRC had identified an opportunity. It knows many, many people are using crypto exchanges and even banking apps to profit from crypto gains. "It would appear to have data sharing agreements with businesses that offer such services." He explained: "From 2026, HMRC will receive more data from exchanges through the Crypto-Asset Reporting Framework, an OECD-led initiative. "It is also worth noting that it considers some frequent trading to be liable to income tax. For most crypto fans though, CGT will be the challenge." HMRC provide a list of the main types of cryptoassets which are exchange tokens, which includes cryptocurrency such as bitcoin and utility tokens, which provide access to particular goods or services on a platform. Security tokens, which provide rights or interests in a business, such as ownership, repayment of a specific sum of money or entitlement to share in future business profits, are another example of crypto assets, according to the taxman. Stablecoins, which HMRC summarise as having a premise of minimising volatility as they may be pegged to something with a stable value such as fiat currency (i.e. money such as pounds sterling or US dollars) or precious metals such as gold. HMRC state that “in the vast majority of cases individuals hold cryptoassets as a personal investment, usually for capital appreciation or to make particular purchases”. Where cryptoassets are within the scope of CGT, as is commonly the case for individuals, any disposal is a tax point which triggers the need to consider whether a gain or loss has arisen.

 2024-11-14 08:26:38

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Police in West Bengal apprehended Masud Alam, implicated in the high-profile WazirX cryptocurrency hack that left over $230 million inaccessible to users. Investigators revealed that Alam allegedly used a fake account under the alias “Souvik Mondal,” selling it to a hacker via Telegram, ultimately facilitating the massive security breach on the WazirX exchange. This hack exposed vulnerabilities in WazirX’s security and led to significant financial losses among its users, who continue to express outrage, particularly amid a robust crypto bull market. The hack targeted WazirX’s multi-signature wallet system, which required approvals from six signatories, including one from Liminal Custody, a third-party security provider for WazirX. This arrangement, however, failed to prevent the attack, raising questions about the security protocols both companies had in place. According to the charges, Liminal Custody has not provided full cooperation in the investigation, delaying essential information needed by authorities to pursue leads on the main hacker, who remains at large. Since the hack, WazirX has launched a partial recovery initiative, aiming to return a portion of the affected assets to users. Under this scheme, 55% of users’ holdings will be restored, while the remaining balance will be issued in USDT tokens, keeping significant funds effectively locked. A $23 million bounty has been announced to incentivize information or actions that might help recover the stolen assets, yet no leads have emerged thus far. This stalled recovery effort has left users increasingly frustrated as the value of major cryptocurrencies rises, further compounding their financial losses.

 2024-11-14 07:02:00

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Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, hosted the Upbit D Conference on Thursday, discussing how blockchain technology can bring changes into the real world. This year’s event, in its seventh edition, was held under the title of "Blockchain: Powering Real World Change." “Blockchain is no longer an invisible technology. Just a few years ago, blockchain was considered unfamiliar and complex, but now we can see that perceptions in Korea have significantly changed,” Dunamu Chairman Song Chi-hyung said in his opening speech. “As a leading company in digital assets and fintech, Dunamu will continue to spearhead the development of the blockchain sector, a key industry of the future.” Michael Casey, former chief content officer at CoinDesk, delivered a keynote speech, addressing how the price of bitcoin had surged to its highest ever $93,000 following Donald Trump's victory in the US presidential election. "We are seeing the immediate response in terms of how people feel as if the new administration coming into the US is going to remove a lot of the regulatory barriers," Casey said. "But we need to be thinking about the long-term implications and the current policy framework. There are still big questions as to whether the Trump administration is going to be constructive in the long run for everything that we care about in this space." A panel discussion led by Keith O'Callaghan, head of Asset Management & Structuring at London-based digital asset exchange Archax Capital Limited, followed. The panel discussed how the boundaries between digital and real-world assets can be blurred through investment vehicles such as exchange-traded funds. “Traditional banking institutions have to join hands with crypto-native firms,” said Alex Kim, director of digital asset security at blockchain infrastructure provider Blockdaemon. “To this day, traditional banking institutions are yet to fully understand the nature of digital assets,” he said, highlighting the need for the institutions to develop a skill set to deal with new assets through cooperation. More sessions followed, inviting industry officials and experts from around the world to the stage. The speakers included Ross Edwards, senior director of global financial institutions at Ripple, Keith Yeo, head of the Asia-Pacific region at crypto market data provider Kaiko, Jeong Jae-uk, deputy vice president at Hana Bank, and more. Sascha Rowold, an executive adviser at LVMH, participated in the event as well, delivering a lecture on why luxury brands are using blockchain to enhance the consumer experience and how they are working to leverage the blockchain for provenance management.

 2024-11-14 06:37:56

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NFL wide receiver Odell Beckham Jr. took a dig at those who criticized his choice to take his salary in Bitcoin BTC/USD amid the leading cryptocurrency’s record-shattering rally. What Happened: On Wednesday, the star player took to X, saying, “Soooo who said taking my Rams salary in Bitcoin was dumb again?” Beckham’s post included a Bitcoin price chart, showing the coin’s ongoing rally. Soooo who said taking my Rams salary in bitcoin was dumb again? 🤔🤫😌 pic.twitter.com/7ZPJtRm2gG — Odell Beckham Jr (@obj) November 13, 2024 During the peak of the last cryptocurrency bull cycle in 2021, Beckham announced accepting a Bitcoin paycheck from his previous team, the Los Angeles Rams. He used Block’s CashApp wallet to receive the salary and dubbed it a “new era.” See Also: Bitcoin Proxy MicroStrategy Added More To Its Market Cap In Last 2 Months Than What Ford Is Worth Currently Why It Matters: As it turns out, the decision has paid off, as Bitcoin has been hitting new milestones daily, aided by the triumph of cryptocurrency-friendly President-elect Donald Trump. The apex cryptocurrency has surged over 20% since Trump’s election win last week. The trend of athletes accepting a portion of their salary in Bitcoin has not been new, though, and Beckham is not alone in this endeavor. Other notable athletes, including Aaron Rodgers and Russell Okung, have also chosen to receive part of their earnings in Bitcoin. Okung, a two-time NFL Pro Bowl player, is credited with initiating the “pay me in Bitcoin” movement with a tweet in 2019. This trend signifies a growing interest among athletes in cryptocurrencies and their potential as a form of payment. Price Action: At the time of writing, Bitcoin was exchanging hands at $90,137.75, up 3.74% in the last 24 hours, according to data from Benzinga Pro. Photo Courtesy Michael Potts F1 On Shutterstock.com Michael Novogratz: Bitcoin Reserve Could Push Price To $500,000, But Likelihood Is Low Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

 2024-11-14 06:37:26

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Bitcoin has done nothing but set new all-time highs since Donald Trump won the presidency by landslide last week, and this time, it shot up as high as $93,477.11 at one point on Wednesday.Data from CoinGecko shows that the world's largest cryptocurrency by market cap has since retreated below $90,000 as of early Thursday, but it remains in the green amid a stellar 19.8% spike in the last seven days.Many industry experts have already laid out their long-term BTC price targets, with maximalists like Michael Saylor exceptionally in the millions. With crypto's inherent volatility, how high can Bitcoin reach before the new year?For Matt Bell, the CEO of Turbofish, the founder and core contributor of decentralized non-custodial Bitcoin bridge Nomic, there are several factors affecting Bitcoin's surge in recent days.Thank You, Trump?"The rally we are seeing is largely connected to the outcome of the U.S. election pointing to a friendly regulatory environment for the crypto industry throughout the upcoming presidential term," Bell told International Business Times.BTC prices started spiking late Tuesday, after the media called the 2024 U.S. presidential race for the former president. Prices kept shooting up as races were called for Congress candidates.Coinbase CEO Brian Armstrong said America now has the "most pro-crypto Congress" ever in U.S. history, citing data from Stand With Crypto, which revealed that U.S. voters elected 273 pro-crypto candidates into the House of Representatives and 19 pro-crypto candidates into the Senate.A Shifting Response to PoliciesIt's not just Trump's return to power or the entry of a largely pro-crypto Congress that's affecting Bitcoin prices. There's also the "shift in the market's response to policy uncertainty and a growing demand for decentralized assets," Bell pointed out."This rally suggests that investors are increasingly viewing Bitcoin as a hedge against traditional macroeconomic and political risks, a trend that could further solidify its role as a digital store of value," he added.Since Trump's sweeping victory over Vice President Kamala Harris, crypto analysts and users have become more optimistic of the industry's future, banking on hopes that the new administration will finally deliver more regulatory certainty and forward-looking policies.Trump has promised support for the crypto sector and many of the candidates who won Congress seats, particularly Republicans, also exhibited a friendlier tone toward digital assets."Looking ahead, we may see Bitcoin's price action become more responsive to fiscal and regulatory shifts, reinforcing its standing not only as a speculative asset but as a financial safe haven in times of geopolitical change," Bell said.The Future of Institutional and Retail $BTC InvestingThe launch of crypto exchange-traded funds (ETFs) earlier this year has drawn interest among institutional investors. Spot Bitcoin ETFs have had their ups and downs in recent months, but as BTC prices soared, the ETFs also experienced inflow rallies.Bell expects the continued rally to "largely be connected to new retail interest," noting how "every rally brings Bitcoin back into the broader public consciousness, pulling in new liquidity."As for the potential heights BTC will reach before the year ends, Bell believes $200,000 is possible, but only under the scenario wherein "new information comes out indicating that the upcoming U.S. administration and Congress will be endorsing or supporting crypto and Bitcoin in a stronger way than they already have."While Trump has yet to prove his sincerity toward the Bitcoin community and the broader crypto space by staying true to his promises during the Bitcoin Conference, there are early signs the new administration will work toward embracing the industry.For one, Trump ally Sen. Cynthia Lummis, R-Wyo., reaffirmed her commitment to establishing national Bitcoin strategic reserve. Trump, on the other hand, has selected some cabinet members who have shown support for crypto, such as Matt Gaetz for U.S. Attorney General and Tulsi Gabbard as chief of national intelligence.It remains to be seen how the new government will approach Bitcoin and crypto as a whole, but for now, hopes are high and the optimistic atmosphere is vindicating long-time holders who didn't waver in their faith that for the burgeoning sector, there's no other way but up.

 2024-11-14 06:17:43

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Black Friday Saving & banking Cost of living & bills Cards & loans Privacy Policy Thursday, Nov 14th 2024 5-Day Forecast Advertisement HMRC has a new reason to target bitcoin investors, says ANDREW OXLADE But do crypto owners cashing in profits even know they should pay tax? By ANDREW OXLADE Updated:06:00 GMT, 14 November 2024 It is unlikely the Labour government was thinking about cryptocurrencies when it increased capital gains tax in the Autumn Budget. But I imagine revenue collectors are now eagerly watching the latest leaps and bounds of bitcoin. Donald Trump’s thumping election victory in the US, and the anticipation of it, have sparked a remarkable surge in the price of the cryptocurrency. A single bitcoin is worth $92,000 at the time of writing - up 47 per cent in a month. It is largely born out of hope that the President-elect will relax restrictions on cryptocurrencies. But this is a longer-term story. Over two years, bitcoin’s value has grown by close to 430 per cent. It is a remarkable capital gain. Rollercoaster to the moon: Bitcoin investors have reaped big rewards in a Trump melt-up but it's been a rocky ride for long-term holders Lots of Britons are feeling the benefit. Crypto ownership increased from 3 per cent to 12 per cent over five years, according to a Yougov gauge last measured in July. I expect many more people will have joined the throng since then. It is inevitable during a ‘melt up’ in prices. In the poll, a further 6 per cent told Yougov they don’t know. Perhaps some of the ‘don’t knows’ have bought proxies for bitcoin, such as companies that invest in it, or perhaps have traded on apps that replicate the price. With only indirect ownership they’re unsure whether to call themselves crypto owners. HMRC may know about your crypto The point is that millions of people are invested in crypto and many of them will be sitting on huge profits. Meanwhile, the risk of owing capital gains tax and the rates on it are on the rise. Andrew Oxlade Andrew Oxlade is a director at Fidelity Personal Investing, a former This is Money editor, and writes a regular column for This is Money on investment and financial planning. Read more of Andrew's columns: > How to build a 'final salary lite' pension > Can this CHILL move slice £80k from the pension pot you need? > I'm starting a new anti-FIRE movement called CHILL > I've been an Isa investor for 25 years - these are my biggest mistakes > My plan to pay for the 37-year retirement I want > 60/40 investing - is it back on track? > Real house prices: Did you miss the UK's 16-year property crash > Student finance: Should I borrow at 1% or let my son do it at 7% The capital gains tax rate increased in the Budget with immediate effect - from 10 per cent to 20 per cent for lower rate taxpayers, and from 18 per cent to 24 per cent for those in higher tax bands. This comes after a sequence of falls in the tax-free allowance, down from £12,300 previously to £6,000 for 2023/24 and then down to £3,000 for 2024/25. Even before the tax changes and the surge in crypto prices, HMRC had identified an opportunity. It knows many, many people are using crypto exchanges and even banking apps to profit from crypto gains. It would appear to have data sharing agreements with businesses that offer such services. It has, for example, been sending ‘nudge’ letters to individuals that begin: ‘We’re writing to you as our records show you have disposed of cryptoassets. 'However, you haven’t declared everything correctly. This means you may have tax to pay.’ It also launched a confessional crypto declaration web page last November, urging investors to come clean on profits from previous years. They would still need to pay any penalties and interest due. Tax officials can look back 20 years if they believe someone deliberately and wilfully avoided paying. From 2026, HMRC will receive more data from exchanges through the Crypto-Asset Reporting Framework, an OECD-led initiative. It is also worth noting that it considers some frequent trading to be liable to income tax. For most crypto fans though, CGT will be the challenge. Under attack: Investors saw the amount of profits they can make free of capital gains slashed by former Chancellor Jeremy Hunt... then Rachel Reeves hiked the tax rates Do crypto investors even know they should pay tax? HMRC’s concern is that, according to its own research from 2022, only 34 per cent of crypto owners said they had a good understanding of CGT; the rest did not understand or had not even heard of it. Expect more noise from HMRC as we approach the 31 January deadline for submitting self-assessment forms, where tax liabilities are listed and paid. There are, of course, two common ways to avoid paying tax on your investment gains more broadly - by buying them through a stocks and shares Isa or a Self-Invested Personal Pension, or Sipp. In crypto, this is not easy. That is, in part, because the regulatory regime this side of the Atlantic has so far not approved mutual funds for private savers. In the US, in contrast, there are more than 25 exchange-traded funds, holding billions of dollars, from the likes of Fidelity Investments and BlackRock. Some UK investors have circumvented this by investing in MicroStrategy, a US software and data company that has a declared strategy of buying bitcoin. It is a ratcheted play on the cryptocurrency - a riskier way to back a risky asset. Others have chosen Coinbase of the US, a platform for buying and selling cryptocurrencies. Note that Coinbase shares have only just returned to their high of 2021. Perhaps the lesson - and one that is hard to accept when non-crypto investors are feeling raw FOMO (fear of missing out) - is to understand the risk others are taking in chasing bitcoin higher. The warning from John Kenneth Galbraith’s The Great Crash 1929 is helpful. He noted speculators’ enduring belief that they can become rich without doing any work. If that is not enough, then consider the wrangling with the taxman that many crypto speculators will face. I risk the ire of crypto fans in saying this, but as a steady retirement-focused investor who likes to sleep easy, I’ll stick with the get-rich-slow approach of Isa and Sipp funds that can be safely sheltered from the taxman. Share or comment on this article: HMRC has a new reason to target bitcoin investors, says ANDREW OXLADE Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. 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 2024-11-14 06:00:52

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Why Australia's most powerful banker has sounded the alarm about Bitcoin - despite it reaching record highs Reserve Bank chief rules out role for Bitcoin Follow DailyMail.com's presidential election live blog for all the latest news and updates By STEPHEN JOHNSON, ECONOMICS REPORTER FOR DAILY MAIL AUSTRALIA Published: 05:37 GMT, 14 November 2024 | Updated: 05:37 GMT, 14 November 2024 Australia's most powerful banker has ruled out Bitcoin playing any meaningful role in the economy - despite it surging to a record high - because she doesn't understand it. The cryptocurrency is now trading at AU$139,000 as investors get excited at Bitcoin enthusiast Donald Trump becoming the next American president - with a plan to hoard cryptocurrencies for strategic purposes. But Reserve Bank of Australia Governor Michele Bullock has declared she doesn't understand the fuss. 'It's not a currency, it's not money. It's being used as some sort of asset class,' she told the Australian Securities and Investments Commission's annual forum on Thursday. 'I don't understand it. I don't really see a role for it, certainly in the Australian economy or the payments system. Not sure of the purpose of it.' Ms Bullock also dismissed the idea that Bitcoin could be an alternative currency. 'Don't call it an alternative currency. It's not,' she said shaking her head, adding the price surge was simply a case of 'more buyers than sellers'. ASIC chairman Joseph Longo was just as scathing, describing demand for it as the 'bigger fool theory' and saying 'who cares?' during a panel discussion about its price surge. Australia's most powerful banker has ruled out Bitcoin playing a meaningful role in the economy - despite it surging to a record high - because she doesn't understand it BREAKING NEWS Major bank cuts interest rates for Aussies just in time for Xmas: Here's how it will help you 'It's something out of nothing,' he said. 'The environmental impact of creating Bitcoin, to create that stuff, you use the whole power of small, European countries.' President Trump in July promised to build a national strategic reserve of Bitcoin, treating it like a government-issued currency. 'I'm laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world and we'll get it done,' he said. Raphael Arndt, the chairman of the federal government's Future Fund, questioned the wisdom of the Americans having a strategic reserve of cryptocurrency. 'If I was the controller of the world's reserve currency and I could print as much of it as I wanted, and I had a Budget deficit as far as I could see, I'm not sure why I'd want a strategic reserve of any currency, let alone one I didn't control or understand,' he said. Bitcoin has surged by 25 per cent, from $103,000, since Trump's election victory over Democrat Vice-President Kamala Harris. Reserve Bank of Australia Governor Michele Bullock declared she didn't understand the fuss about Bitcoin Nick Forster, an Australian Wall Street trader who co-founded Lyra - a decentralised finance platform for buying and selling cryptocurrency - last week predicted Bitcoin could be worth $A155,000 by the end of 2024. 'Should Donald Trump secure the presidency, it could significantly rally the markets,' he told Daily Mail Australia. 'Such a victory could catalyse this movement reflecting investors' anticipation of potential regulatory shifts or economic policies that favour the crypto market.' Ms Bullock's dismissal of Bitcoin is a stark contrast to her predecessor Philip Lowe's signal in December 2021 that he supported the idea of a digital retail currency. Cryptocurrencies allow individuals to pay each other directly without the need for a bank account. Decentralised finance also means money can be exchanged without the need for a central bank to have oversights of the payments system governing how banks handle transactions. Donald Trump Share or comment on this article: Why Australia's most powerful banker has sounded the alarm about Bitcoin - despite it reaching record highs Add comment

 2024-11-14 05:37:04

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This aims to ensure a smooth transition ahead of the regulation’s full implementation on December 30, 2024. The commission explained that “the decision by CySEC to implement a preliminary examination phase for MiCAR, also allows its authorised entities to notify the regulator of their intention to provide crypto-asset services”. Speaking at the 5th Fund and Asset Management Conference in Athens, Panayiotou attributed this growth to “relentless effort and strategic vision.” She added that “we now have over 330 licensed entities—collective investment management companies and schemes—with most assets under management classified as Alternative Investment Fund Managers (AIFMs),” crediting this to “systematic and hard work, in cooperation with the Supervisory Authority and all stakeholders.” The association, which conducted the survey with funding from the Energy Ministry, reported that, despite slight service improvements, many establishments have reduced portions and quality, leading to mixed customer experiences. “Encouragingly, in 2024 compared to 2023, there is a marked improvement in the picture of services offered in food,” the report said. “This may be due to the publicity given to the 2023 assessment,” it added. Skourides visited the company’s headquarters to discuss their achievements under the foundation’s Disrupt programme. During the visit, Skourides emphasised the “crucial role of collaboration and mutual support in fostering innovation in Cyprus”. The announcement stated that this visit highlighted the government’s support for “maximising the impact of grants” by fostering productivity and innovation within key local companies. EnergyIntel secured a €1.5 million Disrupt grant as well as an additional €1 million in equity capital. According to an official announcement from the ministry, Hadjimanolis will participate as a speaker at the Hong Kong Global Maritime Trade Summit, discussing issues related to global maritime trade. During her time in Hong Kong, the Cypriot minister will engage with local authorities, shipping companies, and representatives from both the regional and international maritime community. “Solar panels shouldn’t be installed in forests or green areas,’’ the movement told the Cyprus Mail. They added that the government needs to provide equal financial incentives – such as subsidies, tax exemptions, or low-interest loans – to both individuals and large corporations to promote environmentally responsible solar panel placement. Workers at ready-mixed concrete factories were set to continue the strike on Wednesday, after employers rejected the negotiation framework submitted by the labour minister. OEV member Stelios Gabriel said the problem must be solved by end-of-week as the strike was causing “disproportionate” harm to the building industry. All sorts of work have been affected by the strike he detailed, including bricklaying, plastering and exterior works, as well as ironworks and molding. The industry must “get back to normal” as the hiatus was surely having an effect on the economy, he added. The Cyprus Stock Exchange (CSE) ended Wednesday, November 13 with gains. The general Cyprus Stock Market Index stood at 206.18 points at 12:32, reflecting an increase of 0.22 per cent. The FTSE / CySE 20 Index was at 125.61 points, reflecting a rise of 0.24 per cent. The total value of transactions amounted to €1.46 million at the aforementioned time during trading. In terms of the sub-indexes, the main, investment firm and hotel indexes fell by 0.39 per cent, 1.13 per cent and 0.12 per cent respectively. The alternative index rose by 2.73 per cent. The biggest investment interest was attracted by the Bank of Cyprus (-0.44 per cent), Hellenic Bank (+0.23 per cent), Salamis Tours (+27.88 per cent), Pandora (-7.69 per cent), and Vassiliko Cement Works Public Company (no change).

 2024-11-14 05:30:00

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Meme coins have been on the charge this year, as a marked improvement in overall market sentiment has propelled tokens to skyrocketing returns in 2024. What happened: Cat-themed cryptocurrency, Popcat has been the star performer, exploding as much as 23,895% year-to-date. The Solana SOL/USD-based coin had a market capitalization of nearly $1.9 billion as of this writing, ranking eighth among meme tokens. In the last 24 hours, POPCAT blasted to a record high of $1.99, with a 66.66% jump in trading volumes. Some of the other big gainers have been dogwifhat, which was up over 2500% year-to-date, and frog-themed Pepe, which returned 1246% to its holders since the year began. Cryptocurrency YTD Gains +/- Price (Recorded at 11:00 p.m. EDT) Popcat (POPCAT) dogwifhat WIF/USD Pepe PEPE/USD Dogecoin DOGE/USD Both PEPE and WIF rallied sharply in the last 24 hours after premium cryptocurrency exchange Coinbase announced listing the two tokens for trading. While Pepe jumped 80%, WIF popped 41% in the said time period. See Also: Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk’s Call For New Roles Recommendations In Trump Administration In comparison, Dogecoin, the largest meme coin by market value, experienced a modest 333% increase this year. However, the "original meme coin" stands to benefit from the establishment of D.O.G.E., an acronym for Department of Government Efficiency, headed by Elon Musk in the incoming Donald Trump administration. Overall, the meme coin sector expanded by monumental proportions in 2024, adding nearly $95 billion to the cumulative market capitalization. Read Next: Cathie Wood-Led Ark Sees Boost For Bitcoin, Crypto Under Trump Administration, Says IPO Window For Circle, Kraken Could Reopen Market News and Data brought to you by Benzinga APIs © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

 2024-11-14 05:13:25

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 2024-11-14 05:00:00

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Share to Facebook Share to Twitter Share to Linkedin Bitcoin climbed above $93,000 to set a new all-time high. (Photo by Marco Bello/Getty Images) Getty Images Bitcoin prices rose sharply on Wednesday, November 13, blowing past the $90,000 level and setting a new record as the digital currency benefited from rising demand. The world’s most prominent cryptocurrency, which had a total market value of roughly $1.8 trillion at the time of this writing, reached roughly $93,500.00 that day, Coinbase figures from TradingView reveal. When explaining the latest appreciation, analysts cited a range of factors, including evidence that global investors have been showing greater demand for the digital asset. Julio Moreno, head of research for CryptoQuant, emphasized that the amount of bitcoin held by so-called whales, which in this particular case hold between 1,000 and 10,000 units of the cryptocurrency, has been rising sharply lately. He provided the chart below to illustrate this trend: Total bitcoin held by whales (between 1k and 10k bitcoin) CryptoQuant “This is interesting, it shows the 30-day growth in holdings of Whale addresses (excluding exchanges and mining pools) accelerating again,” Moreno stated via Telegram. “This can be interpreted as growing Bitcoin demand from large holders,” he said. Marc P. Bernegger, cofounder of crypto fund of funds AltAlpha Digital, also chimed in, stating via email that “Now retail investors are coming back in a massive way and this is the driver of this phase of the bull run.” MORE FOR YOU Matt Gaetz Abruptly Resigns From Congress After Trump Picks Him As Attorney General Republicans Win Control Of The House—Giving Trump Unified Government Today’s NYT Mini Crossword Hints And Answers For Thursday, November 14 “A good indicator is the ranking of trading apps like Counbase in app stores,” he noted. Olivier Mammet, head of US OTC trading at Gemini, also offered his perspective on the matter. “After failing to break above the $90,000 level multiple times yesterday, the market finally managed to move higher, making a new all-time high at around $93,000,” he stated through emailed comments. “We can assume that the market got the extra support it needed after a new day of strong inflows into ETFs (+$812 million for November 12th),” said Mammet. “It should also be noted that the trading activity over the past couple of days has been fairly orderly, with few massive liquidations or swings of volatility.” The expert offered additional nuance on the digital currency markets. “To understand what drove the latest gains, we can look closely at funding levels and the futures basis, which shows that they remain in healthy territory around 12%. This is low given how strong a bull market we are experiencing,” he noted. “Finally, by looking at market maker’s positioning on options, we have seen lots of buyers with high strike call options pre-election ($80,000, $90,000, $100,000, and even $150,000), suggesting they are very bullish. As such, it is fair to assume that a few market makers have been caught off-guard and therefore are forced to pay more to cover their exposure, contributing to the buying pressure and growth.” George Kailas, CEO of Prospero.ai, also spoke to the situation, outlining a short list of causal factors that drove bitcoin’s latest gains. For starters, he mentioned “A very real expectation of increased demand driving up prices” via a Google Doc he shared containing his input. “Trump has said he would make BTC a reserve currency,” Kailas noted. “That kind of government demand for a security could not only drive up price and perceived value but it could also spur other governments to make similar moves as to not be perceived as being behind the times. If other countries started to follow suit that could have exponential effects on an already Bullish move.” Further, he emphasized that “Trump Coin saw a big boost after he won the election. Having exposure to this market himself makes people draw the line that the regulatory market will get more friendly towards Cryptocurrencies.” “He said at the Nashville conference he would fire Gary Gensler twice to raucous cheers,” “Thus giving more hope to a friendlier regulatory environment which would also be prince accretive because clarity on the laws around Crypto (where there isn’t much currently) would attract more talent and dollars to the space,” Kailas noted. Finally, he stated that “These currencies can move at breakneck paces up (and down) even without tangible reasons to be optimistic like the ones laid out above. With it the frenzy of Social Sentiment raises the perceived value and creates a momentum that it might be hard to break even if BTC goes beyond what could be considered fair value for these events.” Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL. Follow me on Twitter or LinkedIn. Charles Lloyd Bovaird II Editorial Standards Forbes Accolades

 2024-11-14 04:58:37

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Bitcoin's BTC/USD bullish turn since early September has reflected well on MicroStrategy Inc. MSTR, with the proxy firm increasing its valuation by $50 billion in the last two months. What happened: Widely considered a TradFi alternative to holding Bitcoin, shares of MicroStrategy hit a record closing high, past $350, earlier this week. The surge marked the highest level for the shares since the dot-com bubble in March 2000. The rally propelled the firm's market valuation to $72.26 billion, reflecting an increase of $50 billion since Sept. 6, or 225%. Just for context, the gain was higher than the total capitalization of Ford Motor Co. F and Cognizant Technology Solutions Corp. CTSH. Year-to-date, MicroStrategy has leaped 374%, outperforming some of the hottest stocks on Wall Street, including the "Magnificent Seven." The upswing coincided with the record-breaking play of Bitcoin, which was swiftly approaching the $100,000 milestone. Since Sept. 6, Bitcoin has surged more than 60% in value. See Also: Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk’s Call For New Roles Recommendations In Trump Administration Why It Matters: The Bitcoin portfolio of MicroStrategy—a company that has pioneered the leading cryptocurrency's corporate adoption—has ballooned past a whopping $25 billion, according to data from bitcointreasuries.net. At an average acquisition price of $11.92 billion, the firm racked up over $13 billion in unrealized profit on its Bitcoin purchases. In its third-quarter results report, the company announced plans to raise as much as $42 billion in equity and debt funding over the next three years to accumulate more Bitcoin. Price Action: At the time of writing, Bitcoin was exchanging hands at $89,917.11, up 3.06% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy were up 2.87% in after-hours trading, after pulling back 7.91% during Wednesday's regular trading session. Image via Shutterstock Read Next: Cathie Wood-Led Ark Sees Boost For Bitcoin, Crypto Under Trump Administration, Says IPO Window For Circle, Kraken Could Reopen Market News and Data brought to you by Benzinga APIs © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

 2024-11-14 04:08:40

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Bitcoin spiked above $93,000 for a short period as expectations of further interest-rate reductions by the Federal Reserve added to the impetus from President-elect Donald Trump’s pro-crypto stance. The digital asset rose nearly 6 per cent in the US to a record $93,462 but failed to hold the climb, falling back to $89,974 as of 10:28 a.m. on Thursday in Singapore. The wider crypto market swung between gains and losses amid choppy trading. Speculators are trying to parse whether Trump’s rhetorical support for digital assets will continue to propel Bitcoin, opening a path to $100,000, or give way to a bout of profit-taking after a 33 per cent advance since the US election on November 5. Also read: Bitcoin rally slackens after more than 30% surge since Trump win “After such an extended move it’s reasonable to think we will see opinions shift, resulting in increased two-way flows,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “Still, the trend in Bitcoin is higher — for now — and I would expect buyers to kick back in once the liquidation of a concentrated position has run its course and we move to a cleaner position.” US inflation data on Wednesday met analyst projections, prompting traders to boost wagers on another quarter-point rate cut by the Fed in December. At the same time, Trump’s wider platform of tax cuts and protectionist trade tariffs complicates the picture by threatening to stoke price pressures in the future. The president-elect has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry. A onetime crypto sceptic, Trump changed tack after digital-asset firms spent heavily during election campaigning to promote their interests. Questions remain about the feasibility of these promises and the potential timeline for implementation. Trump and his Republican Party have unified control of the elected branches of government but matters of state such as economic and fiscal policy may be first in line for action. Also read: Small savings collection expected to fall short of Budget Estimates Billionaire Michael Novogratz, founder of crypto-focused Galaxy Digital LP, said on Bloomberg Television that the odds of a US Bitcoin strategic reserve are low, while adding that the largest token could soar to $500,000 if it materializes. The crypto rally is rippling across the financial sector, driving peak trading volumes and inflows at US Bitcoin exchange-traded funds. MicroStrategy Inc. — a software company that has embraced Bitcoin on its balance sheet — is powering a Bloomberg gauge for convertible US debt toward its best month this year.

 2024-11-14 03:27:31

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