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15:48 July 03, 2022

A Blockfi CEO Says FTX Has the Option To Acquire a Crypto Lender for $240 Million

Blockfi has signed definitive agreements with FTX worth $680 million, and $240 million could help acquire the company. Blockfi has agreed with Sam Bankman-Fried's crypto firm FTX, and the deal aims to protect client funds. Unfortunately, Blockfi has raised interest rates for its Blockfi Interest Accounts, and the company has experienced $80 million in losses. Blockfi’s co-founder Zac Prince said that the company's 3AC losses would be a part of its "ongoing bankruptcy case(s)" and will release more information as it becomes available. In addition, he explained that Blockfi's main goal has always been to protect client funds and that it was important for the company to bolster its balance sheet.

Source: News Bitcoin

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15:18 July 03, 2022

Stolen Crypto Stash in North Korea Suffers Huge Losses Following Bitcoin’s Crash

North Korea is facing a cash crisis after the ongoing market-wide sell-off significantly devalued its stash of stolen crypto assets. The East Asian country had made a fortune for itself through funding hacks into crypto wallets that made off with hundreds of millions of dollars. In March, the US Treasury Department blamed the Korean Government-linked Lazarus Group for planning and executing Axie Infinity's Ronin Bridge hack, which saw almost $615 million stolen. The hack became one of the largest ever in the crypto sector. With cyber-related crimes soaring in the recent past, North Korea has increasingly come under scrutiny by Western Nations. Moreover, the ongoing market slump has greatly affected North Korea's efforts to evade sanctions and fund its nuclear and missile programs.

Source: Zycrypto

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15:13 July 03, 2022

Unintended Consequences of Going Public in Crypto

Public companies are widely misunderstood, especially among the bitcoin and crypto crowd. It is because they are intentionally convoluted and confusing to make the investment bankers, lawyers, and insiders on Wall Street feel smart. A company goes public by selling some or all of its equity to underwriters, who then issue stock by trading openly on exchanges like the Nasdaq or New York Stock Exchange. Going public is dumb because it focuses on short-term growth over long-term growth, requires quarterly financial reporting, and opens the capital markets to private companies. Especially in crypto, going public isn't a one-size-fits-all solution. Coinbase, a company that has survived multiple bear markets, is now facing a public shareholder far more impatient than the private shareholder. Going public has led to an unsavory situation for Coinbase, as the company has had to cut back on hiring and rescind new job offers due to the market downturn.

Source: Nasdaq

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14:56 July 03, 2022

USDC Rumors Denied by Circle

A series of statements by Circle's founder and CEO, Jeremy Allaire, responded to rumors that the USDC stablecoin nearly collapsed. Given the history of scammers in cryptocurrency, Allaire said, it’s understandable why some users are paranoid. However, we have always tried to hold ourselves to the highest standard we can afford. Thus, it allows us to work with regulators, top guarantee companies, and leading financial institutions.

Source: The Block

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14:44 July 03, 2022

Solana [SOL] Traders Can Take Advantage of This Pattern

Solana's [SOL] falling wedge breakdown reignited its near-term bearish inclinations, and a break below the current pattern can open doorways for a near-term decline. SOL's recent movements have chalked out a bearish pennant on the chart, which could aid the sellers in testing the $31-$32 range in the coming sessions. However, a compelling close above the 61.8% support could help buyers prevent further drawdowns. The Relative Strength Index failed to find a spot beyond the 45-mark resistance over the last few days, and the Accumulation/Distribution line registered lower troughs. Thus, it could help the buyers hold the 61.8% level on the chart.

Source: Ambcrypto

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14:26 July 03, 2022

Tether Destroys 447 Million USDT Generated by Chain Swap

Tether destroyed 447 million USDT generated by exchanging USDT between Tron and Ethereum. These tokens have been authorized but not issued, but are stored in the treasury, so the total supply of USDT will not change.

Source: Twitter

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13:32 July 03, 2022

Tax Authorities Are Going After Romanian Investors Who Failed To Report Crypto Trading Income

A Romanian National Financial Administration (ANAF) official announced this week that the department responsible for preventing tax fraud and evasion had begun an inspection to determine how much money comes from digital token transactions on Binance, Kucoin, FTX, etc. Inspecting crypto assets is part of the ATO's strategy to "adapt to the evolution of technology and financial market trends." They are targeting 63 Romanian citizens who, according to ANAF, will earn €131 million in crypto between 2016 and 2021. Tax inspectors found that 48.67 million euros worth of digital assets were missing from their tax returns. The agency has so far ordered the recovery of some 2.1 million euros in unfulfilled tax obligations. The Romanian tax authorities also intend to check income from other crypto-related businesses, such as mining or NFT transactions. Accordingly, ANAF's Anti-Fraud Unit has advised all Romanians who carry out such activities or plan to participate to ensure that they report their income and assume their financial obligations to the state.

Source: News Bitcoin

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13:29 July 03, 2022

DOT Maintains a Bullish Trend at $6.79

Polkadot price analysis shows that prices are still in a bullish trend, and a breakout may occur in the near term. In addition, the Polkadot market analysis indicates that the market has increased trading volume and capitalization. The DOT/USD pair is trading in a bullish trend and may break out of the $7.0 resistance level. Therefore, the market sentiment remains positive, and the prices may rise further in the near term. However, the next level of price resistance is at $7.2, which tends to occur in the near term. As Polkadot prices are above their 50-period EMA and near their 200-period EMA, they indicate the path of least resistance is upward. In addition, indicators such as the RSI, MACD, and Bollinger bands are all rising, which indicates some volatility soon. Polkadot prices are in a bullish trend and will continue to rise further in the near term.