New York Financial News

Amid many cryptocurrency mining firms in Texas scaling down operations to reduce the load on the power grid, at least one company set up miners not quite as affected by the state’s energy requirements during extreme heat.

The United States-based Bitcoin mining company, Stronghold Digital Mining (SDIG), announced on Tuesday new moves to elevate outstanding debt and restructure its financial operations.

Not even 24 hours after revealing a three-month cash flow forecast that threatens total exhaustion of funds, a New York judge allowed crypto lender Celsius Network to mine and sell Bitcoin (BTC) during its bankruptcy.

The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed suit to receive the order, which directs SFOX to reveal the identities of customers who are U.S. taxpayers and documents relating to their cryptocurrency transactions equivalent to at least $20,000 carried out between 2016 and 2021. 

 

Bitcoin briefly surpassed $25,000 for the first time since mid-June, as momentum continued from a cooler-than-expected US inflation data and progress toward Ethereum’s big upgrade. The largest cryptocurrency rose as much as 2.2% on Sunday to $25,031, its highest level since June 13. It was trading around $24,750 as of 6 a.m. New York time, rising a fifth straight day in a streak fueled by US consumer-price index data that came in below expectations. Ether gained as much as 2% to $2,030.50, having surpassed $2,000 on Saturday for the first time since May 31 amid optimism about completion of its blockchain’s much-anticipated software upgrade known as the Merge. “The next CPI print will be released a mere two days before the Merge, at which point we expect a lot of pre-event momentum to be baked into the market,” said Fundstrat digital-asset strategist Sean Farrell, in a note Friday. “Long and medium-term investors should look to use any dips as buying opportunities.”Crypto struggled through the first half of the year as the Federal Reserve hiked rates to combat stubbornly high inflation, with the prices of Bitcoin, Ether and other tokens falling by more than 50%. With US inflation data coming in below expectations in the past week, potentially paving the way for less-aggressive tightening action from the Fed, risk assets like the Nasdaq 100 Index have advanced — helping foster gains in crypto, which has been strongly correlated with that stocks gauge for months.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

 

Embattled crypto lender Celsius Network is on track to run out of money by October, according to the firm’s latest Chapter 11 documents.

Top model Bella Hadid joins metaverse with NFT collection

Rajesh Agrawal is the deputy Mayor of London for business

 

The National Association of Home Builders/ Wells Fargo housing-market index kicks off a week of U.S. housing figures. Economists surveyed by The Wall Street Journal expect that the index—a measure of building confidence—declined slightly.

Ripple Labs interested in bankrupt crypto lender Celsius' assets

Salman Rushdie, the author whose writing led to death threats from Iran in the 1980s, was attacked Friday as he was about to give a lecture in the USA. 

Check out the companies making the biggest moves midday:

 

Cryptocurrency and stock trading platform Robinhood will allegedly face allegations of market manipulation as part of a class-action lawsuit brought by investors in “meme stocks” from nine different companies during a January 2021 rally.

 

Mark Cuban, the billionaire entrepreneur who has been quite active in the crypto ecosystem for the past year, is facing a class-action lawsuit over his promotions of the bankrupt crypto brokerage firm Voyager Digital.

The crypto market has seen a shift in general sentiment since 9 August. This is being credited to the release of United States CPI news which will be panned out later on 10 August.