Tag: Report

Robust crypto fundamentals pull through after May’s monthly red candle: Report

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In May, Bitcoin (BTC) posted its first monthly loss since December 2022 with a negative 6.98%. However, this consolidation was not obviously driven by a change in fundamentals or the broader macroeconomic environment. The crypto market was looking for direction and liquidity in this phase before the United States Federal Reserve announced a pause on the rate hiking cycle in June.  Many indicators, such as the futures market and VC investment, point to an optimistic underlying sentiment. But while traditional markets and tech stocks were able to continue their rally…

Circle and Sequoia were among top depositors at Silicon Valley Bank: Report

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Stablecoin issuer Circle and venture capital firm Sequoia Capital were reportedly among the top 10 depositors at the collapsed crypto-friendly Silicon Valley Bank (SVB) in March. According to a June 23 report from Bloomberg, the Federal Deposit Insurance Corporation (FDIC) provided documents suggesting that Circle, Sequoia and others were covered for deposits in the billions of dollars. The Federal Reserve announced following the SVB collapse that it would work with the FDIC to make both insured and uninsured depositors whole — in most situations, the FDIC only insures up to…

Coinbase Report: Over 50% Of Fortune 100 Companies Have Blockchain Initiatives In Pipeline

The cryptocurrency industry in the United States seems set for continuous expansion, despite the increasing regulatory pressure in the country. According to a new report by crypto exchange Coinbase, several leading U.S. corporations are undertaking blockchain initiatives to remain competitive in the global market. Coinbase Reports Increased Corporate Adoption Of Blockchain In The US A report by Coinbase titled “The State of Crypto: Corporate Adoption” reveals that 52% of the Fortune 100 companies have made crypto, blockchain, or Web3 efforts since the start of 2020. It was found that approximately…

Over Half of Fortune 100 Companies Embrace Crypto, Blockchain, and Web3, Reveals Coinbase Report

According to a recent report released by Coinbase, more than half of the Fortune 100 companies in the US have been actively pursuing crypto, blockchain, or web3 initiatives since the beginning of 2020. This surge in adoption is driven by the recognition that the outdated global financial system needs modernization and the need to stay competitive in the global economy. The report highlights that 83% of surveyed Fortune 500 executives familiar with cryptocurrency or blockchain have existing initiatives or plans for the future. However, the lack of clear regulations…

How to track and report crypto transactions for tax purposes

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As cryptocurrencies and blockchain assets continue to grow in popularity and mainstream adoption, the United States Internal Revenue Service has taken an increasing interest in their taxation.  In the U.S., cryptocurrency is subject to crypto tax and is classified as transactions instead of property or assets. Needless to say, failure to accurately track and report these transactions can result in penalties and fines. Here is a comprehensive crypto tax guide for tracking and reporting crypto transactions for tax purposes in the United States. How cryptocurrency is taxed in the U.S.…

$1,400,000,000,000 Deutsche Bank Applies for Cryptocurrency Custody License in Germany: Report

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A multinational investment bank and financial services company valued at $1.4 trillion is applying for a crypto custody license in Germany. According to a new Bloomberg report, Deutsche Bank AG, Germany’s largest and the European Union’s second-largest bank, is seeking regulatory approval to offer a custody service for digital assets, including cryptocurrencies, in Germany. Says David Lynne, runner of Deutsche Bank AG’s commercial unit, “We’re building out our digital assets and custody business. We just put our application into the BaFin for the digital asset license.” BaFin, the Bundesanstalt für…

Do Kwon denies forging passport, blames ‘Chinese’ agency: Report

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Terraform Labs founder Do Kwon told a Montenegro court that he wasn’t aware the passport he was traveling with was allegedly forged and instead pinned the blame on a Chinese-named agency. In a June 17 report from South Korean news outlet Segye Ilbo, Kwon told the Montenegrin Basic Court he received his allegedly forged passports and travel documentation, including a Costa Rican passport, through third-party “agencies.” “I received my Costa Rica passport after filling in the documents required by a Singaporean agency that was recommended to me by a friend.…

‘We had to change strategies,’ says SEC enforcement director on recent actions: Report

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Gurbir Grewal, director of the United States Securities and Exchange Commission (SEC) division of enforcement, has reportedly said the entire crypto industry was “built around noncompliance,” leading to enforcement actions. According to a June 16 Reuters report, Grewal spoke at an event hosted by law firm Lowenstein Sandler and Rutgers University Law School in New York, which also featured Coinbase chief policy officer Faryar Shirzad. The SEC enforcement director reportedly said the commission had worked “thoughtfully and incrementally” for actions related to the crypto space, but this approach had failed…

Bakkt follows Robinhood, eToro in delisting major altcoins: Report

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New York-based derivatives exchange Bakkt is delisting three popular altcoins due to recent regulatory developments in the United States. According to a Fortune report, trading of Solana (SOL), Polygon (MATIC), and Cardano (ADA) has been suspended. The decision follows last week’s lawsuits brought by the Securities and Exchange Commission (SEC) against crypto exchanges Binance and Coinbase. In the complaints, the regulator labeled over 20 digital assets as securities, including SOL, MATIC, and ADA. The total number of cryptocurrencies the U.S. regulator sees as a “security” has now reached an estimated…