Month: September 2023

MicroStrategy to Report Bitcoin Holdings Quarterly without Impairment Losses

The decision by the FASB to allow fair-value accounting for digital assets is a huge step forward for companies like MicroStrategy. Software developer MicroStrategy Inc (NASDAQ: MSTR) is set to report its Bitcoin (BTC) holdings quarterly without recognizing impairment losses in case of crypto price declines during the reporting period. This development comes as a result of the Financial Accounting Standards Board (FASB) approving new guidelines. Berenberg, a respected investment bank, has brought attention to this development as reported by Coindesk, suggesting that it could be a game-changer for MicroStrategy…

What’s with all the crypto deaths?  – Cointelegraph Magazine

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Last month, Bulgarian plumbers were called to clear a blocked drain at an apartment block in the capital of Sofia. The blockage turned out to be the decomposing remains of 41-year-old United States crypto mogul Christian Peev — suspected to have been battered to death with a dumbbell by a friend out of jealousy. Weeks earlier, a group of children stumbled across the body of missing cryptocurrency millionaire Fernando Pérez Algaba in a river in the Buenos Aries province. Police say he was shot three times before being stuffed into…

NFT startup Rario loses founders after $120M funding last year: Report

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Rario, a Polygon-based platform issuing cricket-related nonfungible tokens (NFTs), has reportedly seen its founders leave the firm after two years after launching. Rario CEO Ankit Wadhwa and chief technology officer Sunny Bhanot are being pushed out as investors at the startup take greater control, TechCrunch reported on Sept. 8. Rario CEO Ankit Wadhwa (left) and CTO Sunny Bhanot (right). Source: TechCrunch Dream11, a major Indian fantasy sports platform and the largest backer of Rario, is also being ousted, according to the report. A number of roles are being removed as part…

India’s Reliance Industries Joins Hands with Nvidia to Build Large Language AI Models

Nvidia will provide Jio with extensive AI supercomputer solutions while Reliance’s Jio Platforms will oversee the AI cloud infrastructure’s management. In a major development on Friday, September 8, Reliance Industries’s Jio Platforms joined hands with GPU giant Nvidia to build large language models on AI. In the announcement, the company said that this AI model will be based on the regional Indian languages. “Large language models” refer to natural language processing systems that undergo training on extensive datasets of text and possess the capability to respond to queries or generate…

Saudi Arabia looks to blockchain gaming and Web3 to diversify economy

Saudi Arabia has ramped up its economic diversification efforts driven by its ambitious Vision 2030.  In a bid to diversify its economy away from a dependence on oil, the kingdom has embraced emerging technologies, such as blockchain and artificial intelligence (AI), and tapped into booming markets like gaming. But while the country has yet to leave a significant mark in the global game and AI development, the ripples of its investments in the gaming sector could extend far beyond — at least, that’s what Web3 experts say. “Based on our…

Dogecoin Poised for a 150% Surge? Key Price Levels to Watch

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The price trajectory of Dogecoin has been significantly influenced by Elon Musk’s tweets about the meme coin in recent weeks and months. Notably, Dogecoin ascended past the $0.1589 mark in November 2022, following Musk’s acquisition of Twitter. Since then, however, DOGE has been on a pronounced downtrend. The anticipation of Musk introducing Dogecoin as a payment method on Twitter remains palpable within the DOGE community. However, outside this sentiment is not shared, underscored by the stark decline in DOGE trading volume, suggesting a diminished presence of speculators and traders. If…

Ripple XRP Expands European Presence with University Blockchain Research Initiative

Ripple, a prominent player in the blockchain and crypto sector, has announced the expansion of its University Blockchain and Research Initiative (UBRI) in Europe. The initiative, recognized globally for its contributions to academic blockchain and crypto research, aims to nurture the upcoming generation of leaders in this domain. UBRI has incorporated four new European universities into its program. These include Trinity College Dublin (Ireland), EPITA (France), IE University (Spain), and University of Trento (Italy). These institutions are set to bolster blockchain education and research throughout Europe. Since its establishment in…

Coinbase Advanced’s Moheeth Alvi sees pro traders as next wave of crypto users

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Moheeth Alvi, group product manager at Coinbase Advanced, joins Cointelegraph’s Hashing It Out podcast with host Elisha Owusu Akyaw for an in-depth discussion about pro traders in the cryptocurrency space.  The podcast starts by highlighting Coinbase’s eventful year so far, from new products to the launch of its layer-2 network Base and the “Onchain Summer” campaign that followed. Alvi says the team believes this is the best time to build, and the company is focused on figuring out how to bring the next billion users to crypto. He also explains…

Bitcoin liquidates $23M in shorts as BTC price tags new September high

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Bitcoin (BTC) extended volatility into the Sept. 8 Wall Street open as a classic “short squeeze” sparked new September highs. BTC/USD 1-hour chart. Source: TradingView Bitcoin offers a round trip to $24,400 Data from Cointelegraph Markets Pro and TradingView showed BTC price movements liquidating shorts and longs alike. Bitcoin had seen upside momentum the day prior, culminating in a trip above $26,400 after the daily close. A subsequent comedown nonetheless took BTC/USD full circle, and the pair was back under the $26,000 mark at the time of writing. Welp —…