Currently, accounting rules only let companies record increases in the value of their digital assets when they sell them – though losses are reflected at least once a year. But, on Wednesday, the Financial Accounting Standards Board (FASB) voted to take another path, letting companies use fair-value accounting that allows them to show gains and losses immediately on their income statements. Original
Recent changes to the Cambridge Bitcoin Electricity Consumption Index (CBECI) methodology have led JP Morgan to adjust its estimates concerning the production costs of Bitcoin(BTC). Previously pegged at approximately $21,000, the new model suggests that the cost of producing a single Bitcoin is now closer to $18,000. The shift signifies that variations in electricity prices will exert a less dramatic influence on the overall expense of Bitcoin mining. According to trackers, Bitcoin is currently trading at around $25,800. Before the CBECI adjustments, JPMorgan’s calculations revealed that a one cent per…
Binance users will be able to trade bitcoin (BTC), ether (ETH) and Tether’s USDT stablecoin with the Argentine peso, Brazilian real and South African rand on the spot market without paying any so-called maker fees, according to a Thursday blog post. Makers create orders and wait for them to be filled, while takers remove liquidity by taking available orders. Source
Artificial intelligence (AI) and blockchain technologies have reached a “tipping point” and are set to shrink established industries while creating new ones, forecasts a report from Moody’s Investors Service published on Sep. 6. According to the authors, the combined impact of AI and distributed ledger technologies (DLTs), such as blockchain, has effects “far beyond corporate balance sheets,” and “will likely reshape entire sectors, leading established industries “to shrink or disappear altogether while creating new markets from scratch.” The report notes: “History has shown that transformative technologies can shrink established sectors…
Trust is in shorter supply in the digital world these days. As artificial intelligence evolves and produces more “humanlike” and realistic results, users of digital services are increasingly concerned with knowing who and/or what, precisely, they’re interacting with. With a commitment to decentralization and broad access, the crypto industry in particular needs proof-of-humanity solutions to avoid issues like fake accounts and automated bots — and, of course, to comply with Know Your Customer and Anti-Money Laundering regulations. The crypto industry is nothing if not innovative, and proof-of-humanity solutions that leverage…
At the end of the day, many investors feel pressure to know everything about alternative assets, including cryptocurrencies, before pulling the trigger. That is often an unrealistic expectation, given the asset class is nuanced, and wrapping your head around it can be time-consuming. Instead, look to experts – including advisors – who are immersed in the space day-in, day-out, and there to help. Source
The bankrupt crypto lender Celsius filed an adversary complaint against EquitiesFirst Holdings on Sept. 6. EquitiesFirst Holdings is an Indianapolis-based private lending company that owed Celsius nearly $439 million worth of cash and bitcoin (BTC). Initially, Celsius took collateralized loans in 2019 to help support its operations. Later on, in July 2021, Celsius aimed to retrieve the collateral it had pledged to EquitiesFirst, but EquitiesFirst couldn’t return the assets that Celsius provided. Celsius, a digital-asset lending firm, filed for Chapter 11 bankruptcy protection in July. The company cited the decline…
He declined to guess which of the ongoing crypto legislative efforts are most likely to make headway, though he said Congress should go at it incrementally, biting off smaller pieces rather than a comprehensive approach. He said that’s what his two-page Stablecoin Transparency Act was trying to do, just setting up some simple rules more immediately. Source
The Tokyo Game Show 2023 will feature Oasys and double jump.tokyo, highlighting the latest trends in blockchain gaming. The Tokyo Game Show 2023, renowned as one of Japan’s largest gaming expos, is set to host a significant exhibition on blockchain gaming. Oasys, a blockchain-based game development platform, and double jump.tokyo will be the main attraction, showcasing the latest trends in the blockchain gaming industry. According to the Tokyo Game Show announcement, the event will take place from September 21st to 24th at the Makuhari Messe Convention Center, bringing together video…
August turned out to be not only an unfavorable month for the prices of major cryptocurrencies but also for the performance of the largest exchanges. According to data collected by Finance Magnates Intelligence, the top ten platforms in terms of spot volumes recorded their worst month in nearly three years. Total volumes fell to $359.59 billion, losing 13% monthly and a staggering 50% year-over-year (YoY). Discover StealthEX.io – the future of cryptocurrency. Swap instantly across 1000+ coins, no sign-up, secure, and private. Dive into the new age of crypto! The…