Month: August 2023

PayPal’s PYUSD struggles with early adoption — Nansen

boss

PayPal’s recently released stablecoin PayPal USD is facing challenges gaining traction, on-chain data reveals. According to findings from blockchain analytics firm Nansen, roughly 90% of PayPal USD (PYUSD) is currently held in stablecoin issuer Paxos Trust’s wallets. Holdings on crypto exchange wallets stand at nearly 7% of the total supply, according to the report, with balances on Kraken, Gate.io and Crypto.com. Uptake among so-called “smart money” investors — a term used to describe well-informed or professional investors — is negligible.  Breakdown of PayPal’s PYUSD top holders: Source: Nansen PayPal’s stablecoin debut in early…

Donald Trump NFT prices spike following release of mugshot in Georgia criminal case

boss

The price of nonfungible tokens (NFTs) featuring Donald Trump surged after news outlets released a photo of the former United States President as part of his criminal case in the state of Georgia for allegedly attempting to subvert the will of voters in the 2020 election. According to data from NFT marketplace OpenSea, the floor price of Trump’s line of digital trading cards first released in December 2022 increased more than 62% from 0.138 to 0.224 Ether (ETH) on Aug. 24 shortly after the former president’s mugshot became public. The…

IRS releases draft of proposed reporting rules for digital asset brokers

boss

The Internal Revenue Service (IRS), the agency responsible for tax collection in the United States, released proposed regulations on the sale and exchange of digital assets by brokers. Under the rules, brokers would be required to use a new form to report to simplify tax filing and cut down on tax cheating. The proposed Form 1099-DA would “help taxpayers determine if they owe taxes, and […] avoid having to make complicated calculations or pay digital asset tax preparation services in order to file their tax returns,” according to a Treasury…

Does high US consumer debt benefit Bitcoin price?

boss

Cointelegraph analyst and writer Marcel Pechman breaks down consumer debt and why it might lead to a good outcome for BTC. On the latest episode of Macro Markets, Cointelegraph analyst Marcel Pechman explains why United States consumption remains strong while auto-loan and credit card balance delinquency is accelerating. According to Pechman, consumers built a cushion of extra cash savings as the U.S. government injected money to avoid a recession and temporarily forgave student loan repayments. But, according to investment bank JPMorgan, “consumers have spent down the entirety of their excess savings…

Shiba Inu Whale Buys 708 Billion SHIB, Sparks Speculation Of Price Recovery

boss

The Shiba Inu community is buzzing with excitement after reports revealed that an anonymous whale had purchased a massive stash of SHIB tokens from the Gemini exchange in a single transaction.  Mysterious Whale Makes Massive SHIB Purchase A crypto whale has shocked the SHIB community and crypto space after purchasing 708.41 billion SHIB tokens worth almost $6 million from Gemini, an American crypto exchange run by the Winklevoss twins.  The transaction was picked up by Whale Alert, a prominent blockchain tracking system that reports when significant amounts of cryptocurrencies that…

PEPE Token Tumbles 20% Amid Suspicious Activity

boss

PEPE, the once-promising meme coin that garnered attention in the past quarter, suffered an unforeseen blow on Thursday as it succumbed to the grip of FUD (fear, uncertainty, and doubt). Despite making waves in recent months, PEPE’s momentum fizzled out by August, exacerbated by a wave of negative sentiment that battered the altcoin. The current price of PEPE stands at a mere $0.000000870194 according to CoinGecko, sustaining a 21% slump in the last 24 hours alone. Over the span of seven days, the meme coin incurred losses of 15.3%, signaling…

Bitcoin’s biggest holders and their market influence

boss

Despite cryptocurrency’s decentralized ideals, a select few hold vast amounts of Bitcoin, wielding outsized influence. Who owns the most Bitcoin, and how do these whales sway the market? It has been 15 years since the invention of Bitcoin (BTC), the cryptocurrency that kicked off what is now a multibillion-dollar digital asset industry. In that time, the coin has become one of the largest peer-to-peer (P2P) networks in terms of the total number of users. However, there have been concerns regarding Bitcoin’s centralized distribution, which seems counterintuitive to its original purpose.…