Day: October 23, 2023

IRS proposes unprecedented data-collection on crypto users

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For two years, the cryptocurrency world has been waiting to see how the Internal Revenue Service (IRS) would implement the Infrastructure Investment and Jobs Act. Put simply, this law established new reporting requirements that risked setting a de facto ban on cryptocurrency mining and exposing millions of Americans to new felony crimes. The good news is that the IRS’s nearly 300-page proposal is not quite as bad as it could have been under the law. However, that is far from saying it is good policy.  As citizens, companies, and consultants…

Chinese digital yuan CBDC used for first time to settle cross-border oil deal

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The digital yuan has been used for the first time to settle an oil transaction, the Shanghai Petroleum and Natural Gas Exchange (SHPGX) announced. PetroChina International bought 1 million barrels of crude on Oct. 19.  The transaction was a response to a call by the Shanghai Municipal Party Committee and Municipal Government to apply the Chinese central bank digital currency (CBDC), also referred to as the e-CNY, to international trade, the exchange said. It is “another major step forward” for the digital yuan, according to the state-controlled China Daily. The…

Price analysis 10/23: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

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Bitcoin is showing renewed strength and targeting yearly highs. Will altcoins follow suit? October is proving to be a solid month for Bitcoin (BTC) as the price is nearing the 2023 high at $31,805. Generally, major resistances are not cleared in the first instance as the bears come out in full force to guard the level. Therefore, a minor dip is to be expected, but that should not be considered as the start of a negative sentiment. Buyers regroup at lower levels and try to form a higher floor. That…

Apple to Spend $1B Annually to Develop Generative AI Models 

Apple is considering leveraging AI within Xcode to assist app developers in creating their applications. Apple Inc (NASDAQ: AAPL) is gearing up for a significant leap into the world of generative artificial intelligence (AI), with plans to invest around $1 billion annually to develop its own AI solutions, Bloomberg reported Monday, citing people familiar with the matter. The move comes as a strategic response to the escalating advancements in AI technology by other tech giants such as Google LLC (NASDAQ: GOOGL), Microsoft Corp (NASDAQ: MSFT), and Amazon.com Inc (NASDAQ: AMZN).…

Standard Chartered’s SC Ventures and Deutsche Bank Make History with UDPN

To demonstrate the potential of UDPN, Standard Chartered’s SC Ventures and Deutsche Bank conducted a trial. Standard Chartered’s SC Ventures and Deutsche Bank have achieved a significant milestone by completing the first Proof of Concept (PoC) for the Universal Digital Payments Network (UDPN). This groundbreaking initiative aims to revolutionize the way digital payments are conducted by connecting payments across various Central Bank Digital Currency (CBDC) and blockchain networks, using a messaging system similar to Swift. The Birth of UDPN UDPN is not the brainchild of Standard Chartered and Deutsche Bank…

US Congress remains legislatively paralyzed on crypto bills without a House speaker

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No piece of legislation — crypto-related or otherwise — has largely been able to move through the United States Congress since Oct. 3, when lawmakers voted to oust then-Speaker of the House of Representatives Kevin McCarthy. This marks the first time in U.S. history that the legislative body has been without elected leadership, with no definitive plan to fill the slot. At the time of publication, there are several candidates in the running for the third most powerful role in the U.S. government, but it’s unclear if any of them…

Fiat24 proposes Uniswap branded Visa card 

Swiss-regulated blockchain bank Fiat24 issued a temperature check on the Uniswap DAO to approve a branded Visa card, though governance delegates have trademark concerns.  Fiat24, which runs atop Ethereum L2 network Arbtrium, would issue a Visa card featuring Uniswap’s logo if the decentralized autonomous organization (DAO) governing crypto’s largest on-chain exchange or DEX approves its proposal.  The card would be available in 27 markets across European Union countries with additional plans to expand toward Latin America and Southeast Asia.   There is no effort or cost for the Uniswap DAO. We…

Bitcoin Price’s Next Move Up Will Be Extremely Explosive: Galaxy

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The Bitcoin market dynamics have recently taken an interesting turn, suggests Alex Thorn, Head of Firmwide Research at Galaxy. According to his recent thread on X, the options market makers in BTC are currently operating in a position that could significantly amplify any upward movement in its price. “Options market makers in Bitcoin are increasingly short gamma as BTC spot price moves up. […] This should amplify the explosiveness of any short-term upward move in the near term,” Thorn notes. This implies that as the spot price of Bitcoin rises,…