Author: Andrei Ionescu
As the first week of August concluded, publicly traded bitcoin miners have released their July performance updates, revealing a mixed picture for the industry. The latest data highlights that while many miners are grappling with reduced revenues following the April bitcoin halving, Riot Platforms and Bitfarms have managed notable improvements. Bitcoin miners have been under significant pressure since the halving event, which reduced block rewards and intensified competition within the sector. Short-seller Kerrisdale Capital raised concerns in a June report about the sustainability of US-listed miners in this increasingly competitive environment. According to recent reports, Cipher Mining is considering a…
The supply of the two leading stablecoins, Tether’s USDT and Circle’s USDC, has surged nearly $3 billion in just one week, signaling renewed investor confidence and a rebound in the cryptocurrency market following a recent downturn. Since Monday, Tether has transferred approximately $1.3 billion worth of USDT to exchanges and market makers, according to blockchain analytics firm Lookonchain. This substantial movement has driven USDT’s market capitalization to a new record high of over $115 billion. Similarly, USDC, the second-largest stablecoin, saw its market capitalization increase by about $1.6 billion this week, reaching $34.5 billion, its highest level since March 2023.…
The U.S. Internal Revenue Service (IRS) has introduced a revised draft of its crypto tax form, the 1099-DA, which will be used to report proceeds from certain digital asset transactions starting with the 2025 tax year. The update is part of a broader initiative to streamline tax reporting for crypto transactions. Effective from 2026, crypto investors utilizing brokers primarily centralized exchanges such as Coinbase and Kraken will receive the 1099-DA form from these brokers. This form will document taxable events related to crypto sales and exchanges. The updated 1099-DA, released on Friday, features several notable changes from the initial draft…
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Hashdex’s proposed exchange-traded fund (ETF) designed to hold spot bitcoin and ether. The agency has extended the timeline for evaluating the ETF application until September 30, 2024, according to a filing released on Friday. In its statement, the SEC noted that the extension is necessary to allow sufficient time to consider the proposed rule change and address the issues raised. “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change,” the SEC said. Hashdex initially filed its registration…
This development marks a significant milestone in Ripple’s ongoing efforts to enhance the utility of its platform, offering high-quality assets and expanding opportunities for liquidity and institutional use cases. According to an official blog post from Ripple, the company is conducting rigorous testing of RLUSD in collaboration with its enterprise partners. The beta phase is essential for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability. Ripple emphasized that RLUSD is not currently available for purchase or trading as it awaits regulatory approval. Ripple USD is designed to maintain a 1:1 value with the US dollar…
SEC subpoenas three crypto VCs in sign crackdown is gaining pace. The US Securities and Exchange Commission has subpoenaed at least three crypto venture capital firms this year, according to a source familiar with the SEC’s investigation. One subpoena was titled “in the matter of certain crypto asset offering intermediaries,” per the first page viewed. “The staff of the United States Securities and Exchange Commission is conducting an investigation relating to the above-referenced matter to determine if violations of the federal securities laws may have occurred,” the page read. The SEC’s investigation of crypto VCs signals that the agency is…
Stablecoin firm Tether is set to double its existing workforce to around 200 employees by mid-2025, according to CEO Paolo Ardoino. The company has historically operated with a streamlined team, currently consisting of just over 100 employees across more than 50 countries, Ardoino told. That’s despite issuing the largest stablecoin, USDT, which has a market capitalization of $115.4 billion, “This approach allows us to optimize operations through technology and external partnerships, focusing on our core competencies to deliver exceptional value to our customers,” Ardoino said. However, amid substantial growth that saw Tether generate a record $5.2 billion profit in the…
The Trump family is set to make a significant splash in the cryptocurrency world, according to Donald Trump Jr., who recently hinted at an upcoming blockchain venture that promises to be “much bigger” than just another memecoin. In a recent interview on Locals, a subscription-based platform for creators, Trump Jr. revealed that the Trump family’s crypto initiative will offer something distinctly different from the memecoins that have become commonplace. He emphasized that the project will involve a “very different kind of platform.” This announcement comes amid ongoing speculation about a potential Trump-related memecoin. Rumors have swirled ever since the former…
OKX CEO Star Xu has reiterated the exchange’s stance on terminating user accounts linked to sanctioned entities, including Tornado Cash and Garantex, in response to complaints from a prominent influencer. In a statement posted on X, Star Xu emphasized that OKX will close accounts found to be interacting with sanctioned entities. This includes depositing funds from or withdrawing funds to such entities, which will trigger the exchange’s compliance risk controls. Xu specifically mentioned Tornado Cash, a decentralized mixer, and Garantex, a Russian exchange, as examples of entities that are subject to these sanctions. Xu’s comments follow a public complaint from…
A memecoin experienced a dramatic rise and fall on Thursday following false claims of a connection to former President Donald Trump. The incident, which appears to be part of a “pump and dump” scheme, comes a day after Trump’s sons, Donald Trump Jr. and Eric Trump, issued warnings about fake tokens on social media. The memecoin Restore the Republic (RTR) saw its value surge and then plummet on Thursday after misleading claims circulated on social media that it was linked to former President Donald Trump. The price of RTR skyrocketed from $0.0005 to $0.1460 within hours, driven by false claims…