Day: March 9, 2023

MtGox Creditors to Wait as Repayment Deadline Gets Postponed

After months of waiting and the most recent hope that repayment will start trickling in for MtGox creditors, the wait is now billed to be elongated by approximately one month. As detailed in an announcement pushed out by the defunct trading platform, the core deadlines for the rehabilitation plans as well as the repayment deadline have been pushed by exactly a month each. As Coinspeaker reported earlier, the defunct exchange’s rehabilitation Trustee issued a March 10 ultimatum for creditors to register their claims in order to gain access to their funds…

Alameda Research to sell interest in Sequoia Capital to Abu Dhabi for $45M

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The latest update in the FTX bankruptcy case comes as a new deal was struck between the defunct cryptocurrency exchange and Abu Dhabi. A court document from the United States Bankruptcy Court for the District of Delaware on March 8 revealed that Alameda Research, the investment branch of FTX, will sell its remaining interest in venture capital firm Sequoia Capital to the Abu Dhabi sovereign wealth fund. According to the document, FTX “decided to enter into the Agreement with Purchaser based on its superior offer and ability to execute the…

Founder of BitMEX Is Proposing a Bitcoin-based Stablecoin

The proposed NUSD stablecoin won’t depend on any USD reserves. Instead, it will solely depend on derivatives exchanges that list liquid inverse perpetual swaps, Hayes said. Although the US regulators are going after stablecoin issuers, the asset class continues to attract market players from across the crypto landscape. Arthur Hayes, co-founder and former CEO of BitMEX cryptocurrency exchange, recently proposed a new Bitcoin-based stablecoin. This sounds a bit bizarre considering the volatility of Bitcoin. However, Hayes states that the value of the stablecoin shall always be pegged to $1 worth…

Digital Asset Inflows Will Slow Without On-Ramps Between Fiat and Crypto: Morgan Stanley

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Bitcoin keeps liquidating longs as BTC price action gives up $22K support

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Bitcoin (BTC) traders remain sensitive even to small price movements as data shows liquidations climbing. As BTC/USD approaches $21,600 on March 9, those who are long BTC are seeing positions evaporate. Longs begin to disappear with BTC at three-week lows Despite consensus forming around Bitcoin retesting $20,000, small shifts in price are still taking their toll on traders. According to data from monitoring resource Coinglass, March 8 alone saw $24.4 million of BTC longs liquidated, the highest tally in almost a week. Bitcoin liquidations chart. Source: Coinglass This coincided with…

President Biden’s Budget Blueprint Will Propose Changing the Tax Treatment of Cryptocurrency Transactions, Raising $24 Billion

The proposed Biden budget plan would close the current harvesting loophole on crypto tax losses, reducing wash sales trading. According to reports, US President Joe Biden’s new budget plan could close tax loss harvesting on crypto transactions. A White House official confirmed that the budget, set to be revealed today, will include a tax provision meant to reduce crypto wash sales trading. This wash sales trading by crypto investors is a tax loss harvesting loophole that facilitates a peculiar scheme. Investors can offload any digital currency at a loss and claim this loss…