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Tether Attestation Reveals Reserve Increase of $850 Million in Q2, Excess Reserves Reach $3.3 Billion

August 1, 2023 0

Tether, the company behind the USDT stablecoin, has published an attestation revealing the company’s financials during Q2 2023. The document, prepared by BDO, a network of accounting and consulting services, found Tether has increased its reserves by $850 million during this period, with its

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Bitcoin Mining in July: $844.56 Million in Revenue, Dominance of Top Pools, and Fluctuating Difficulty Levels

August 1, 2023 0

As per the data compiled for the month of July, bitcoin miners discovered a total of 4,366 blocks, collectively accruing approximately $844.56 million in block rewards and fees. This figure marks an estimated increase of $60.8 million from the previous month. July’s Bitcoin Mining Landscape: Top Pools Capture 65.65% of Global Hashrate On July 31, […]

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FTX Unveils Reorganization Strategy, Proposing ‘Offshore Crypto Exchange’ and New Trust

August 1, 2023 0

In the midst of the bankruptcy proceedings, FTX presented its primary reorganization strategy and term sheet to the U.S. bankruptcy court, detailing an ambitious plan to reinvent FTX as an “offshore crypto exchange” while also founding a new limited liability trust. At this time, the proposed FTX reorganization plan is targeting a comprehensive settlement between […]

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Bitcoin’s Plunge Below $29K Triggers $92 Million in Derivatives Liquidations; Crypto Markets Tremble

August 1, 2023 0

As bitcoin dipped below the $29K threshold and the overall crypto economy experienced a 1.4% decrease to $1.17 trillion, cryptocurrency derivatives markets underwent $92 million in liquidations, primarily in long positions. Cascading Effect: Bitcoin’s Fall Under $29K Sparks $92 Million in Liquidations The crypto economy, along with a significant number of digital assets,

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Biggest Movers: SOL, XLM 5% Lower, as Bearish Streak Extends

August 1, 2023 0

Solana dropped for a third consecutive session on Tuesday, as the token started the month of August nearly 5% lower. Overall, the global market cap was mostly in the red, dropping by 1.44% as of writing. Stellar fell to a one-week low, following a four-day losing streak of its own. Solana (SOL) Solana slipped for […]

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Crypto Staking in the Crosshairs: IRS Unveils New Tax Guidance

August 1, 2023 0

The U.S. Internal Revenue Service (IRS) has issued a decree stating that American citizens drawing income from cryptocurrency staking services must categorize the value of those digital assets as gross income, the moment they officially take possession of the staking reward. IRS Clarifies Cryptocurrency Staking Income, Leaves Questions Unanswered Under fresh tax directives

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Bitcoin, Ethereum Technical Analysis: BTC Starts August Trading Below $29,000

August 1, 2023 0

Bitcoin dropped below the $29,000 level to start the month of August, as the greenback continued to strengthen versus other G7 currencies. The U.S. dollar rose ahead of this afternoon’s manufacturing Purchasing Managers Index (PMI), which is expected to climb to a reading of 46.8. Ethereum fell to a five-week low. Bitcoin Bitcoin (BTC) slipped […]

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Bavaria’s Data Protection Office Launches Probe Into Worldcoin’s Iris-Scanning Data Practices

August 1, 2023 0

Bavaria’s State Office for Data Protection Supervision (DPS) has initiated an inquiry into the Worldcoin project and its data collection techniques, as disclosed in a Reuters report on Monday. This comes shortly after similar investigations by Kenya’s Office of the Data Protection Commissioner (ODPC) and France’s National Commission for Informatics and Liberty (CNIL), who

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Pro Trader Peter Brandt Says Bitcoin Halving ‘Will Be a Non-Event’

August 1, 2023 0

Veteran trader Peter Brandt has said the upcoming bitcoin halving in 2024 and the “inevitable” approval of a Bitcoin ETF by the U.S. are likely to be non-events. Brandt claimed that while the top cryptocurrency’s correlation to other markets is a non-starter, bitcoin’s position on “top of [the] food chain” is the only thing that […]

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Lightspark CEO David Marcus States Building on Bitcoin’s Lightning Network Is ‘Incredibly Complex and Hard’

August 1, 2023 0

David Marcus, CEO of Lightspark, a company that builds business-grade solutions to facilitate payments on top of the Lightning Network, shared his experience in developing on top of the Bitcoin scaling layer. Marcus stated that it is “incredibly complex and hard to build software around this protocol,” acknowledging the constraints the Lightning Network presents for […]