Soaring long liquidations suggest that cryptocurrency prices’ sudden nosedive caught investors off-guard. BTC, the largest cryptocurrency by market capitalization, has plummeted more than 6% in the past 24 hours, and earlier in the day, reached its lowest level in seven weeks at around $20,050. Popular altcoins dogecoin (DOGE) and tron (TRX) have led the price decline. Source
“Technically the way that the draft reads, if you’re offering a platform to people where they can engage in these types of transactions, regardless of whether it’s a commodity or a security, New York is saying, ‘Hey, we think you might have to be a broker-dealer – either a securities broker-dealer, or commodities BD,’” Belton said. “If that’s right, this thing is much bigger than like, ‘Oh, hey, can the exchanges keep offering ether?’” Source
According to the Central Bank of Brazil, the digital real pilot project will use an Ethereum-compatible, permissioned blockchain for the issuance of the tokenized version of the country’s currency. Hyperledger Besu, the open-source platform elected for the tests, will allow the project to run without any licensing costs and to deal with maintenance costs later, if the platform is definitely chosen. Tokenized Digital Real Pilot to Use Ethereum-Compatible Hyperledger Besu Brazil continues to move forward with its plan of delivering a working version of its own central bank digital currency…
March started off on a low due to a resurrection of inflationary fears. On March 7, hawkish comments from United States Federal Reserve chairman Jerome Powell amplified the market’s expectation of a 50-basis point hike in the upcoming policy rate meeting on March 22 to March 23. On March 8, the U.S. government’s $1 billion Bitcoin (BTC) transfer of assets seized from Silk Road sparked fears of a sell-off. Later on the same day, the largest crypto-friendly bank confirmed its collapse and planned to liquidate its crypto positions voluntarily. The…
CryptoX – Cryptocurrency Analysis and News Portal Huobi’s HT token, the native token of the cryptocurrency exchange, momentarily dropped 93% on Thursday for reasons that are unclear. Source The post Huobi’s HT Token Suddenly Drops 93%, Then Rebounds Just as Quickly appeared first on CryptoX. CryptoX Portal
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“The increase in energy consumption attributable to the growth of digital asset mining has negative environmental effects and can have environmental justice implications as well as increase energy prices for those that share an electricity grid with digital asset miners,” according to the document. “Digital asset mining also creates uncertainty and risks to local utilities and communities, as mining activity is highly variable and highly mobile. An excise tax on electricity usage by digital asset miners could reduce mining activity along with its associated environmental impacts and other harms,” the…
Bitcoin just bounced off a historic line of support at $20,000 as the Biden Administration launches an all-out assault on cryptocurrency and the 50 million American citizens and voters who own digital assets. The latest jab stems from President Biden’s dead on arrival tax plan, which would impose a 30% tax on the energy used for Bitcoin mining, reports the New York Times. The plan would also stop crypto investors from selling assets at a loss and quickly rebuying them in order to save on taxes, reports Bloomberg. This follows…
A phased-in 30% tax on cryptocurrency mining electricity costs has been proposed by United States president Joe Biden in his administration’s 2024 fiscal year budget. A Department of the Treasury supplementary budget explainer paper released Mar. 9 said any firm using resources — whether they be owned or rented — would be “subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining.” One of the few surprises in the Biden budget. A proposed excise tax on electricity usage from crypto mining.…
A key altcoin in the Shiba Inu (SHIB) ecosystem is coming to a crypto exchange backed by Tron (TRX) founder Justin Sun. In a new release, crypto exchange Poloniex says it’s listing Shiba BoneSwap (BONE), the digital asset that will be used to pay for the gas fees of Shibarium, Shiba Inu’s highly anticipated upcoming Ethereum-based (ETH) layer-2 scaling solution. “BONE wallets will open on March 9, 2023 at 10:00 UTC and full trading will be enabled on March 9, 2023 at 11:00 UTC… BONE is a governance token of…