Day: August 3, 2023

Elizabeth Warren, Bernie Sanders urge closure of ‘$50 billion crypto tax gap’

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A number of United States’ lawmakers have urged the Internal Revenue Service (IRS) and the Treasury to speed up the closure of tax loopholes being exploited by “crypto tax evaders.” In an Aug. 1 letter, Democratic Senators Elizabeth Warren, Bernie Sanders, Bob Casey and Richard Blumenthal warned the top officials of both agencies that they must swiftly act on new tax regulations. The Senators claim there is a “$50 billion crypto tax gap” and the IRS and Treasury risk missing out on roughly $1.5 billion in tax revenue for the…

Bitcoin Price Stuck In Range But Here’s Why Bulls Are Safe?

Bitcoin price is moving lower below $29,500. BTC could start a fresh increase if there is a close above the $30,000 resistance zone. Bitcoin is slowly moving lower below the $29,500 pivot level. The price is trading below $29,300 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $29,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could attempt a fresh increase toward the $29,750 resistance zone. Bitcoin Price Starts Fresh Decline Bitcoin price struggled…

Kenya suspends Worldcoin operations over security and data concerns 

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Kenya has suspended all Worldcoin project activities in the country until it can be confident that there are no risks to the public. The Ministry of the Interior and National Administration in Kenya announced on Aug. 2, 2023, that Worldcoin will no longer operate in the country. According to a release posted on Facebook, there are ongoing investigations by the country’s security, data protection, and financial services agencies, concerning the legality and authenticity of Worldcoin’s biometrics…

Bankrupt Crypto Lender BlockFi’s Disclosure Statement Gets Approval From Court

“BlockFi’s mission through this process has been to maximize recoveries for our creditors, and conditional approval of our Disclosure Statement moves us one step closer to accomplishing that goal,” said Mark Renzi of Berkeley Research Group, BlockFi’s Chief Restructuring Officer, in a statement. “We are confident that our Plan provides the best path to expeditiously return crypto back to our clients and we strongly urge BlockFi’s clients to vote to accept it.” Source

MicroStrategy to stay on Bitcoin course even if spot ETFs approved: Saylor

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MicroStrategy co-founder Michael Saylor believes his firm will remain an enticing way for investors to gain exposure to Bitcoin (BTC) regardless of any future exchange-traded fund approvals. He has also confirmed his firm’s intention to continue adding more Bitcoin to its balance sheet, including with the potential proceeds of a planned $750 million share sale. Speaking to Bloomberg on Aug. 2 on how an approved spot Bitcoin ETF could impact his firm’s offering, Michael Saylor was confident MicroStrategy would still be able to offer something spot Bitcoin ETFs can Consider…

Tradecurve supported, Apecoin and Dogecoin holder count falling

The ongoing Tradecurve presale will likely end earlier than planned. Meanwhile, Apecoin (APE) and Dogecoin (DOGE) are struggling to attract investors. Over 95% of APE holders are in red Recent events have dimmed the once-promising crypto project, ApeCoin. Around 95% of APE holders are currently sitting on losses.  The decline in ApeCoin’s price can be attributed mainly to falling interest.  In the last three months, fewer users have been joining the ApeCoin network, pointing to low enthusiasm, which is also negatively impacting investment. Besides interest, trading activity also rapidly shrunk…

Key On-Chain Metric Points to Stagnation, Will Ethereum Ever Break $2,000?

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According to Etherscan data, the number of active ERC-20 addresses has not changed much in 2023. It has stayed between 200,000 and 300,000 while Ethereum prices stagnate below July 2023 highs. As of August 2, there were about 275,000 active ERC-20 addresses, up from 156,000 on June 18. Although activity has been low overall, there was a significant increase on June 11, with over 446,000 active ERC-20 addresses. Active ERC-20 Addresses: Etherscan Ethereum’s price trajectory has been tumultuous in tandem with this activity pattern, looking at the charts. For instance, Ethereum…

Bitcoin Turns Range-Bound Again Amid an Absence of Fresh Capital; Altcoins Dip Further Into Red

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Ether, the second largest crypto by market capitalization was changing hands at $1,843, off 1.3%. Other major cryptos, which spent much of Wednesday in the red, moved more deeply into negative territory. And Litecoin (LTC) recently plunged more than 5%, despite the token’s anticipated halving event, which cut miners rewards in half, curbing the issuance of new tokens. Decentralized exchange Uniswap’s UNI token was off more than 7.5%, while SOL and ADA, the native cryptos of the smart contracts platforms Solana and Cardano, were down more than 2.5%. Original

AI boom to beat electricity and PCs, $200B investment by 2025: Goldman Sachs

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Artificial intelligence could eventually have a bigger financial impact on the American economy than electricity and personal computers, according to economists at investment banking giant Goldman Sachs. In an Aug. 1 investment report, Goldman Sachs economists Joseph Briggs and Devesh Kodnani predicted that AI could pull as much as $200 billion in global investments by 2025 — with half of that in the United States — boosting its gross domestic product (GDP). While past tech booms spurred by the introduction of electricity and PCs saw GDP grow 2%, Goldman economists…

Whale Activity Spikes As Shiba Inu Preps For Shibarium Launch

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Shiba Inu, a cryptocurrency that originated as a meme but has now solidified its market presence, is making waves with the ‘Shibarium’ launch on the horizon. Data from IntoTheBlock reveals that the crypto’s whales – entities holding large quantities – have shifted billions of SHIB tokens in the past 24 hours. This vast movement of funds coincides with an increase in Shiba Inu’s large transaction volume, reaching roughly 1.13 trillion SHIB. It appears that large-scale investors are making their moves in anticipation of the cryptocurrency’s next big announcement, which is likely…