Day: November 13, 2023

Two Potential Outcomes From $0.66 Level

Following a sideways weekend, the XRP price stumbled on a critical resistance level, forcing the token to revisit support. The crypto market is following a similar trajectory on short timeframes, but an analyst believes the current price action could set the stage for a bigger rally. As of this writing, the XRP price trades at $0.64 with a 3% loss during today’s trading session. In the previous week, the token recorded a 7% loss, operating as the work performer in the top 10 by market cap, followed by Cardano (ADA),…

The IRS Should Heed This Warning

Further, serious consideration should be given to excluding digital assets outside of the investment context. .  For example, as the IRS itself recognizes, many non-fungible tokens (NFTs) simply offer “ownership or license interests in artwork or sports memorabilia” analogous to physical souvenirs. So the IRS should limit reporting requirements for non-investment NFTs, such as by requiring reporting only for transactions occurring on trading platforms. Currently, every NFT sale or swap would potentially be a reportable transaction, a rule that would severely hamper growth in new commercial applications for NFTs. Source…

Bitcoin institutional inflows top $1B in 2023 amid BTC supply squeeze

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Bitcoin (BTC) institutional investment vehicles have seen over $1 billion in new inflows in less than two months. In its latest weekly report on Nov. 13, crypto asset management firm CoinShares furthered the narrative that Bitcoin and altcoins are again attracting capital. Crypto institutional product AUM up 99% year-to-date Bitcoin, Ether (ETH) and some major altcoins are enjoying price gains as excitement over the possible approval of the United States’ first spot exchange-traded fund (ETF) grows. Since November 2022, the total crypto market cap has increased by $600 billion, data…

Binance Blockchain Week showcases Turkish crypto industry

Binance Blockchain Week Istanbul 2023 saw global crypto exchange Binance bringing its flagship event to Turkey on Nov. 8–9, where business is conducted in the Turkish lira — a top trading pair on its platform.  While Binance CEO Changpeng “CZ” Zhao was absent from the event, the Binance c-suite, along with key executives from a full roster of event sponsors, was more than enough to turn Binance Blockchain Week into one of the most packed Web3 events Istanbul has ever seen. As a city bridging Europe to Asia, Istanbul is…

Crypto news site The Block shakes off SBF ties with Foresight Ventures deal

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The Block, a crypto-focused media company, sold a majority stake of its company to a venture capital firm in Singapore, according to Axios, which has valued it at $70 million. Foresight Ventures, the firm behind the deal, is buying an 80% stake for $60 million. The venture capital (VC) firm says The Block will continue operations as an independent business. The media company’s CEO, Larry Cermak, is the second-largest shareholder in the company, while Foresight CEO Forest Bai will become chairman, with partner Tony Cheng taking a board seat. Cermak…

Chainlink Forms Sell Signal, Analyst Predicts Pullback To This Level

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An analyst has pointed out how Chainlink is forming a TD Sequential sell signal right now, which could lead to a retracement to this level. Chainlink Could Decline To $12.50 Following The Sell Signal As explained by analyst Ali in a new post on X, LINK could be heading toward a correction based on what the TD Sequential signal says. The “Tom Demark (TD) Sequential” is a popular indicator in technical analysis that is used to pinpoint reversals in the price of any asset (which, in the current discussion, is…

Crypto analysts bullish on Cardano and Bitcoin, Everlodge to rally

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Market participants are bullish, expecting prices to rally. CryptoKaleo, an analyst, predicts Cardano (ADA) and Bitcoin (BTC) will reach $11 and $49,000, respectively, in the future. Meanwhile, Everlodge (ELDG) may continue increasing in the sessions ahead.  Cardano staked rises to $8 billion Cardano staking is gaining momentum. Cardano News reports that over $8.16 billion worth of ADA is staked, representing 63% of the coin’s circulating supply.  This has boosted ADA’s market cap to $11.83 billion and increased its trading volume by 103%, demonstrating growing interest and trust in the platform.  As of…