Month: May 2023

Bitcoin BTC Price Falls Slightly After Fed Rate Hike

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In an email to CoinDesk, Michael Safai, managing partner of crypto trading firm Dexterity Capital, said that the latest Fed decision would likely lead to “mixed outcomes” for crypto traders. “While the language on future rate hikes was softened, the Fed left the door open by saying that future decisions will be macro data dependent. Inflation data is improving, but it still isn’t rosy enough to excite crypto traders,” Safai said in an emailed comment. Original

White House Pushes DAME Tax Proposal to Address Alleged Environmental Costs of Crypto Mining – Mining Bitcoin News

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On May 2, 2023, the Biden administration unveiled a blog post outlining the Digital Asset Mining Energy (DAME) tax, featured in the president’s comprehensive 182-page budget proposal for the fiscal year 2024. The DAME tax targets “making crypto miners pay for the costs they impose on others” regarding the environmental impact of crypto mining activities. Crypto Miners Could Face Gradually Increasing Tax With Biden’s DAME Proposal With the White House’s Council of Economic Advisors expressing alarm over the so-called climate crisis, Biden’s administration argues that crypto asset mining’s energy consumption…

Digitalization won’t displace commercial bank money any time soon: Moody’s

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Digitalization is shaping the future of money, but traditional central bank money housed in commercial banks will remain dominant, Moody’s predicted in a new report. Essentially, trust trumps efficiency, it said, after surveying a wide range of emerging or potential forms of money. The monetary landscape is becoming fragmented, Moody’s said, but many new payment solutions support the use of commercial banks money. For example, “We believe that digital wallets […] Will support the dominance of commercial bank money as long as bank accounts remain their primary source of digital…

Cathie Wood’s ARK Invest Rapidly Accumulating Coinbase (COIN) Stock As Crypto Exchange Goes International

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Cathie Wood’s ARK Invest is ramping up its acquisition of Coinbase (COIN) stock as the crypto exchange platform expands outside of the US. New data from Cathie’s Ark, a platform that tracks the investment of ARK Invest, reveals that the firm made three separate purchases of COIN on May 2nd that amounted to $7.35 million. The day before, data shows ARK making three purchases worth about $8.4 million. The accumulation spree coincides with Coinbases’s recent announcement that it will be expanding its services to the world due to regulatory uncertainty…

RFK Jr. Raises Crypto Mining Tax, Regulations as Issues in Opening Days of 2024 U.S. Presidential Race

CryptoX – Cryptocurrency Analysis and News Portal Kennedy, an environmental lawyer who is the nephew of former President John F. Kennedy and son of former U.S. attorney general and senator, Robert F. Kennedy, has raised several points about the digital assets industry in the early days of a 2024 presidential contest that hasn’t yet begun in earnest. Source The post RFK Jr. Raises Crypto Mining Tax, Regulations as Issues in Opening Days of 2024 U.S. Presidential Race appeared first on CryptoX. CryptoX Portal

The Fed has little ammo left as $30K Bitcoin price becomes key battle line

The Bitcoin price successfully defended the $28,000 support on May 2, but it has yet to prove the strength needed to reclaim the $29,200 level from April 30. $30K becomes crucial for Bitcoin bulls Some analysts will pin the recent downtrend on the expectation of an interest rate increase by the United States Federal Reserve on May 3, but in reality, the market is pricing 92% odds of a modest 25-basis-point increase to its highest level since September 2007. $DXY up/#Bitcoin down on yesterdays PMI data release. Market is now…

The Fed has little ammo left as $30K Bitcoin price becomes key battle-line

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The Bitcoin (BTC) price has successfully defended the $28,000 support on May 2, but has yet to prove the strength needed to reclaim the $29,200 level from April 30. $30K becomes crucial for Bitcoin bulls Some analysts will pin the recent downtrend to the expectation of an interest rate increase by the U.S. Federal Reserve (Fed) on May 3, but in reality, the market is pricing 92% odds of a modest 25 basis point increase to its highest level since September 2007. $DXY up/#Bitcoin down on yesterdays PMI data release.…

Stacks rallies 11% as bitcoin, solana fall

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Despite widespread losses in the cryptocurrency market on May 3, stacks (STX) is up 11% on the last trading day, outperforming bitcoin and most crypto assets. Stacks roars The cryptocurrency market is retracing, with some top coins, such as bitcoin (BTC) and solana (SOL), reversing gains. To illustrate, BTC is currently down 1.22%, holding the demand zone at $28,000. Meanwhile, SOL fell 4.02% as ethereum (ETH) dropped 0.2% in the same period at the time of…