Month: May 2023

Pacwest Stock Plummets Over 35% Following Release of Q1 Earnings Report Amidst Turmoil in Banking Industry – Bitcoin News

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Following the acquisition of First Republic Bank by JPMorgan Chase, several regional banks such as Pacwest and Western Alliance experienced a significant drop in their stock prices. On Tuesday afternoon, all four major U.S. benchmark stock indexes are in decline as regional bank stocks hit new lows. Banking Industry on Edge as Pacwest Shares Sink Causing Trading Halt Pacwest, a regional bank based in Beverly Hills, California, is facing challenges after the release of its 2023 first quarter earnings report. Following the publication of the earnings, the bank’s stock price…

The average person’s wealth will be ‘completely destroyed by inflation,’ says Arthur Hayes

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The majority of people will have their wealth progressively eaten away by the devaluation of money, according to Arthur Hayes, the co-founder and former CEO of crypto derivatives exchange BitMEX.  According to Hayes, due to the huge amount of public debt accumulated by the world’s largest economies, governments will have no choice but “inflating it away” through money printing.  Thus, the only way to escape the progressive destruction of fiat wealth is by acquiring assets outside the traditional financial system, such as crypto, the purchasing power of which doesn’t fall…

SEC Hits Crypto Exchange Coinme With $4,000,000 in Fines for Alleged Securities Fraud

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The U.S. Securities and Exchange Commission (SEC) is settling securities fraud allegations levied against the Seattle-based company Coinme Inc. for $4 million in penalties. According to an SEC announcement, the US securities regulator accuses Coinme, its subsidiary Up Global and Neil Bergquist, the CEO of both entities, of violating securities law for selling the digital asset UpToken (UP). The SEC also accuses Bergquist and Up Global of making false and misleading statements regarding the demand for UpToken and the amount raised in the initial coin offering (ICO). The terms of…

Coinbase officers, board members face suit over alleged insider trading during listing

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A Coinbase shareholder has filed a stockholder derivative complaint against some of the company’s executives and board members, claiming they profited from inside information during the company’s public listing. CEO Brian Armstrong and well-known venture capitalists are among the defendants. A stockholder derivative complaint is a suit filed against a company on behalf of its stockholders. Coinbase shareholder Adam Grabski filed the suit in the Delaware Court of Chancery on May 1. Grabski bought Coinbase shares on the first day of the crypto exchange’s public listing. According to a redacted…

What is the wash-sale rule, and does it apply to crypto?

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Investors cannot claim a tax loss on the sale of a security if they buy a “substantially identical” security within 30 days before or after the sale, as per the wash-sale rule, a tax regulation. The Internal Revenue Service (IRS) in the United States established the wash-sale rule, which restricts investors from deducting a tax loss from their taxes if they sell an investment at a loss and subsequently buy a virtually identical security within the 30-day window. Instead, they must factor the loss into the new security’s cost base,…

Ether whale population drops after Shapella — Will ETH price sink too?

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The share of Ether held by so-called whale addresses has dropped since Ethereum’s Shapella upgrade in mid April, suggesting that large investors may be leaning bearish in the near term. ETH whale population shrinks post-Shapella The amount of Ether (ETH) held by addresses with 1,000-10,000 ETH, or “whales,” was over 14.033 million ETH on May 1, according to Glassnode data. In comparison, the count was 14.167 million ETH on April 12, when Shapella went live on Ethereum. Ether whale net position change. Source: Glassnode Interestingly, a week before the Shapella upgrade, the Ether…

Ethereum whale population drops after Shapella — Will ETH price sink too?

The share of Ethereum (ETH) held by so-called whale addresses has dropped since Ethereum’s Shapella upgrade in mid April, suggesting that large investors may be leaning bearish in t near term. ETH whale population shrinks post-Shapella The amount of Ether held by addresses with 1,000-10,000 ETH, or “whales,” was over 14.033 million ETH on May 1, according to Glassnode data. In comparison, the count was 14.167 million ETH on April 12, when Shapella went live on Ethereum. Ethereum whale net position change. Source: Glassnode Interestingly, a week before the Shapella upgrade, the…

Bitcoin Hashrate Reaches All-Time High of 491 EH/s, Close to Half a Zettahash, as Network Preps for Next Difficulty Change – Mining Bitcoin News

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While the next difficulty change for Bitcoin is just two days away, the network’s hashrate soared to unprecedented heights, reaching 491.15 exahash per second (EH/s) on May 02, 2023, at block height 787,895. This staggering amount of computational power came tantalizingly close to a half zettahash or five hundred quintillion hashes per second. Bitcoin’s Hashrate Surges to Unprecedented Heights, Nearly Reaching Half a Zettahash On the second day of May 2023, Bitcoin’s hashrate achieved a remarkable feat, tapping into a new record at block height 787,895. In a stunning display…

Coinbase Launches International Crypto Derivatives Exchange

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Coinbase has launched a global cryptocurrency derivatives exchange days after disclosing that it was going offshore with a Bermuda license. The US-based digital asset exchange said the new platform is only open to only eligible, non-US institutional traders. The new platform on Tuesday listed Bitcoin (BTC) and Ether (ETH) perpetual futures contracts, Coinbase said in a blog post, adding that the platform currently only offers 5x leverage, with all trades settled in stablecoin USD Coin (USD). It’s official! Coinbase International Exchange is here. Institutional traders in eligible non-US jurisdictions now…

DOT Drops to 6-Week Low on Tuesday – Market Updates Bitcoin News

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Polkadot was one of Tuesday’s biggest movers, as the token dropped to a six-week low in today’s session. Prices fell for a long-term support point of $5.60, as the global crypto market cap was once again 1% lower today. Avalanche also hit a price floor on Tuesday. Polkadot (DOT) Polkadot (DOT) was down for a second straight session on Tuesday, as sentiment in cryptocurrency markets remained bearish. DOT/USD dropped to a low of $5.61 earlier in the day, which comes less than 24 hours after trading at a high of…