Day: October 25, 2023

Bitcoin faces selling pressure as whale activity hikes

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Bitcoin has gained bullish momentum over the past week. Despite the green market conditions, the flagship digital currency has already faced some selling pressure. According to a tweet by the market analyst platform CryptoQuant, Bitcoin (BTC) should stay above the $32,000 mark to stay bullish and even “trigger a substantial price surge.”  Fund Market Premium’s Role in Bitcoin’s Performance ” If this metric persists in its upward trend and the price of Bitcoin surpasses the critical level of $32,000, it could trigger a substantial price surge.”by @OnchainTarek Link👇https://t.co/ejVkkBbWPA — CryptoQuant.com…

Verizon Reports Better-than-Expected Q3 2023 Results, VZ Shares Jump 9%

Verizon Communications closed the third quarter with 10.3 million broadband subscribers, a 21 percent increase YoY, thus representing its consecutive fourth quarter of net additions. Verizon Communications Inc (NYSE: VZ), a holding company that engages in entertainment products and communication services, announced its Q3 2023 earnings results on Tuesday, October 24. According to the announcement, Verizon reported a total operating revenue of $33.3 billion and an adjusted earnings per share (EPS) of about $1.22 during the third quarter. As a result, the company beat Wall Street’s revenue forecasts of about…

Nikola (NKLA) Stock Gains Neary 9% after Founder Trevor Milton Was Ordered to Repay $165M

Nikola is expected to report its third-quarter earnings result on November 2, amid a push by the management to make the company profitable. Nikola Corp (NASDAQ: NKLA), an American-based manufacturer of heavy-duty electric vehicles, is now prepared to face a brighter future after a New York arbitration panel ordered former Chief Executive Officer (CEO) and founder Trevor Milton to repay the company $165 million plus interest. Notably, Nikola had been for months seeking reimbursement from Milton for the cost and damages caused during his tenure.  Moreover, Nikola Corporation agreed to…

World Bank Issues First Digitally Native Note on Luxembourg Stock Exchange

The basis for this issuance was Corda, R3’s digital ledger technology (DLT) platform that offers a sustainable infrastructure for digitally native notes. In a first, the World Bank has listed the “first digital native security” or “digital native note (DNN)” on the Luxembourg Stock Exchange (LuxSe). The €100 million DNN, listed on the Luxembourg Stock Exchange, is a key element of a more extensive endeavor to create a sustainable digital infrastructure for DNN issuance. The issuance happened through the involvement of Citi’s Issuer Services in the role of the issuing…

North America Dominates Global Crypto Market with $1.2T in Value

North America has led the world with 24.4% of global crypto transaction activity which is split relatively evenly between DeFi and centralized exchanges. The latest report by blockchain data and software service provider Chainalysis has shown that the global crypto activity is driven by North America where the on-chain market value has reached about $1.2 trillion between July 2022 and June 2023. The region dominates crypto usage despite all the regulatory concerns and scrutiny taking place there. According to Chainalysis, North America has led the world with 24.4% of global crypto transaction activity…

85% of crypto rug pulls in Q3 didn’t report audits: Hacken

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Cryptocurrency rug pulls are not too difficult to spot by investors, as the majority of such scams usually share distinct and visible features, according to a new report. Blockchain security auditor Hacken released its latest security insights report on Oct. 25, aiming to spot the trends in Q3 crypto hacks and evaluate how affected projects approached security. The report paid specific attention to rug pulls, which are a type of exit scam occurring when a team pumps their project’s token before the sudden withdrawal of liquidity. According to Hacken, crypto…

XRP Price Balloons 13%, Triumphs Over Resistance

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In the past few days, XRP has achieved a significant breakthrough of notable resistance levels, offering a hint of impending substantial price movements. This development has been closely watched by the cryptocurrency community, who have observed a notable degree of volatility in XRP’s price dynamics in recent times. The cryptocurrency’s ability to surmount these substantial resistance barriers signals a possible shift in market dynamics and has generated considerable interest among traders and investors. XRP’s Legal Victory Sets The Stage For A Promising Future Ripple’s native token, XRP, has emerged as…

IRS extends comments period for new crypto tax rule to mid-November

The United States Internal Revenue Service (IRS) has extended the commentaries period for crypto tax reporting rules proposed in August 2023. The public consultation will last until Nov. 13.  The “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions” were made public on Aug. 29. According to the regulations, brokers will need to adopt a novel reporting form to streamline tax submissions and reduce instances of tax evasion. The proposed Form 1099-DA would “help taxpayers determine if they owe taxes, and…

Bitcoin (BTC) Price Rise Fuelled by U.S. Investors Bolstering Their Position Ahead of Potential Spot ETF Approval: Matrixport

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Matrixport notes there are about 420 million- 440 million cryptocurrency owners globally. 260 million are in Asia, 54 million in North America, 38 million in Africa, 31 million in South America and 1.5 million in Oceania. While Asia is the largest group by far, the “buying power of U.S. traders and institutions is a magnitude larger,” the report said. Original