Day: December 16, 2022

Bitcoin Battles $23,000 as Data Shows the U.S. Is in a ‘Technical Recession.’

Despite statements from the Fed and Congress, the United States GDP reading for Q2 fits the criteria of a recession. On the July 28 Wall Street open, Bitcoin (BTC) regained additional lost territory amid uncertainty about whether the United States has entered a new recession. Analysts Call Recession for the United States on GDP Print BTC/USD approached $23,000 for support after a run-up on the previous day’s Federal Reserve rate hike, according to data from Cryptox Markets Pro and TradingView. The momentum gained from U.S. GDP figures, which declined for…

Silvergate faces class-action lawsuit over FTX and Alameda dealings

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A class-action lawsuit against Silvergate Bank, Silvergate Capital Corporation and Silvergate CEO Alan Lane was filed at the California Southern District Court concerning accounts held by embattled crypto companies FTX and Alameda Research. The suit aims to hold Silvergate accountable for its alleged roles in placing FTX user deposits into the bank accounts of Alameda, which caused panic within the crypto market, eventually leading to both firms declaring bankruptcy. The lawsuit was filed by the plaintiff Joewy Gonzalez on behalf of himself and others in the same situation. According to…

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ECB Hikes Interest Rates by 50bps; Signals Need for Further Hikes to Fight Inflation – Economics Bitcoin News

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The European Central Bank (ECB) decided to hike three of its key interest rates by 50 basis points (0.5%) as part of its ongoing war against inflation. The organization stated that further increases are likely to happen “because inflation remains far too high and is projected to stay above the target for too long.” ECB Follows Federal Reserve, Hiking Interest Rates by 50 Basis Points The European Central Bank (ECB) has explained its economic policy in its war against inflation. The governing council of the body decided to hike the…

Charges laid over alleged ‘crypto mining’ Ponzis that netted $8.4M

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United States prosecutors have laid charges in two separate cases against nine people who founded or promoted a pair of cryptocurrency companies alleged to be Ponzi schemes that netted $8.4 million from investors. On Dec. 14 the U.S. Attorney’s Office for the Southern District of New York unsealed the indictment, alleging the purported crypto mining and trading companies IcomTech and Forcount promised investors “guaranteed daily returns” that could double their investment in six months. In reality, prosecutors say both firms were using the money from later investors to pay earlier…

Bitcoin Dominance Falls to a 6-Month Low as a Metric Declares a New ‘Alt Season.’

This month, Bitcoin (BTC) is facing new competition from altcoins, as data suggests that – technically — it is already “alt season.” BTC now accounts for 41% of the total crypto market cap, its lowest market share since January. According to CoinMarketCap and TradingView data, BTC currently accounts for roughly 41% of total crypto market capitalization – its lowest since the beginning of 2022. Bitcoin Sheds Market Cap Prowess Following the collapse of Terra LUNA — now renamed Terra Classic (LUNC) — altcoin markets have risen significantly in recent months.…

Japan set to ease 30% crypto tax on paper profits for token issuers

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The Japanese government is set to ease tax requirements for local crypto firms, as it pushes to stimulate growth in the domestic finance and tech sectors. At present, Japanese firms that issue crypto are required to pay a set 30% corporate tax rate on their holdings, even if they haven’t realized a profit through a sale. As such, a number of domestically founded crypto/blockchain firms and talent have reportedly chosen to set up shop elsewhere over the past few years. Japan’s ruling party, the Liberal Democratic Party’s (LDP) tax committee…

New House Financial Services Committee chair wants to delay crypto tax changes

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The incoming United States House Financial Services Committee chair Patrick McHenry wants the Treasury to delay the implementation of a section of the Infrastructure Investment and Jobs Act that deals with digital assets and tax collection. McHenry sent a letter on Dec. 14 to U.S. Treasury Secretary Janet Yellen with questions and concerns about the scope of Section 80603 of the Act. In the letter he requested clarification over the “poorly drafted” and potentially privacy-compromising Section that deals with the taxation of digital assets, scheduled to go into effect in…