Day: May 10, 2023

Tether has $1.5B in Bitcoin reserves: BDO Italia

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BDO Italia’s latest attestation report for Tether revealed that Bitcoin made up approximately $1.5 billion of the stablecoin issuer’s reserves, or roughly 2% of the total, at the end of the first quarter. The accounting firm did not list Bitcoin (BTC) as a line item in previous reports. Without much fanfare, Tether has started reinvesting some of their profits/excess reserves into Bitcoin. How much have they acquired in Q1, you ask? Just around 52,670. pic.twitter.com/NI3N0oICOz — girevik (@girevik_) May 10, 2023 Precious metals were also given their own line item in…

Bitget Introduces the BRC20 Zone and Lists Ordinals (ORDI) – Press release Bitcoin News

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press release PRESS RELEASE. May 10 2023 Victoria, Seychelles – Bitget, the top derivatives and copy trading platform, has announced the listing of the ORDI token in the newly launched BRC-20 zone and has also revealed plans to bring other promising BRC-20 tokens to its platform. In addition to ORDI, Bitget has also announced a new round of Launchpad featuring another BRC-20 token, Bitcoin Improvement Proposals 1 (BIP1), to further support the continuous improvement of the Bitcoin ecosystem. BRC-20 is a new fungible token standard designed for the Bitcoin blockchain…

IRS claiming $44B from FTX bankruptcy: Report

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The single biggest claim involves unpaid partnership and income taxes of $20.4 billion assessed against Alameda Research. The United States Department of Treasury and Internal Revenue Service (IRS) have filed 45 claims worth $44 billion against bankrupt cryptocurrency exchange FTX and its subsidiaries. In what appears to be a tax bill for FTX’s sister company Alameda Research LLC that circulated online on May 10, the IRS assessed the firm $20.4 billion due in partnership taxes and payroll taxes. The assessment appears to match the IRS claim found on the website of Kroll…

Bitcoin mining stocks rally as network congestion stirs hopes for higher fees ahead

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Bitcoin’s price action has been relatively tame lately, but bitcoin-related stocks are on the rise this week as miners benefit from recent congestion on the network. That congestion was driven primarily by sudden activity in NFT-like assets, or “Ordinals,” on the Bitcoin blockchain. As a result of the congestion, Binance over the weekend briefly paused user withdrawals twice, which helped push the price of bitcoin down 7% over two days. As that played out, however, the network experienced a record high of more than 465,000 transactions awaiting confirmation in Bitcoin’s…

Ethereum derivatives flirting with bearishness: Mind the $1,820 support

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After a brief overshoot above $2,000 on May 6, the Ether (ETH) price has returned to the tight range between $1,820 and $1,950, which has been the norm for the past three weeks. According to the latest Ether futures and options data, odds favor the Ether price breaking below the $1,820 support as professional traders have been unwilling to add neutral-to-bullish positions using derivatives contracts. Ether price in USD, 12-hour chart. Source: TradingView Not even the memecoin frenzy that has boosted Ethereum network demand was able to instill confidence in…

$1 Billion in Crypto Assets, Holdings Are Predominantly BTC and ETH – Bitcoin News

Payments behemoth Paypal has disclosed in a Form 10-Q financial report filed with the U.S. Securities and Exchange Commission (SEC) that it is holding nearly $1 billion in cryptocurrency assets. This news comes on the heels of Paypal’s announcement that Venmo now facilitates external transfers of cryptocurrencies to wallets and exchange platforms. Paypal’s Crypto Holdings Increase in Value Since Dec. 31, 2022 Paypal’s latest quarterly earnings report, filed with the SEC, reveals that the payments giant is sitting on a substantial stash of bitcoin (BTC) and ethereum (ETH). As of…

Rehypothecation May Be Common in Traditional Finance, but It Will Never Work With Bitcoin

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To illustrate, the software industry has enjoyed the margins it does because of the inherent ease in replication of digital information: there’s essentially zero marginal cost to produce one additional unit of a digital product. Consequently, with music, movies and software, an entire digital rights management industry emerged with the internet to thwart free duplication of products. Original

US lawmakers hold EU and UK as examples of crypto regulation in joint hearing

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Some members of the United States House of Representatives’ Financial Services and Agriculture Committees pointed to crypto asset frameworks being employed outside the country when discussing regulatory gaps at home. In a May 10 joint hearing on the future of digital asset regulation, some lawmakers pointed to the European Union’s Markets in Crypto Assets framework and digital asset regulation in the United Kingdom in contrast with the patchwork of requirements in the United States. Responding to questions raised by Oklahoma Representative Frank Lucas, Kraken chief legal officer Marco Santori said…