Digital Financial News

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Eric Peters, CEO of One River Digital Asset Management, believes the next crypto bull run will be very powerful as it will be driven by institutional adoption. In fact, the exec believes that a bull run might have begun already, despite prevailing downsides.

Nonfungible tokens (NFTs) are not yet eligible to be classified as securities by the German Federal Financial Supervisory Authority (BaFin). The organization recommends categorizing NFTs on a case-by-case basis.

The Public Company Accounting Oversight Board’s (PCAOB) Office of the Investor Advocate recently issued an advisory for investors regarding the proof of reserve (PoR) reports by service providers, including audit firms registered with the PCAOB, to crypto entities such as exchanges and stablecoin issuers. 

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

The Dogecoin price has fallen to $0.071674 today, dropping by 2% in the past 24 hours, as news of Silvergate's voluntary liquidation chips away at the cryptocurrency market's overall value.

Algorand-based wallets have been hit by security breaches in recent weeks, with MyAlgo and Algodex both experiencing hacks. MyAlgo urged users to withdraw their assets or rekey their funds after a February security breach that resulted in losses of around $9.2 million. In the past week, a targeted attack was carried out against a group of high-profile MyAlgo accounts. The cause of the breach is unknown, and the wallet provider has encouraged users to take precautionary measures to protect their assets. Meanwhile, Algodex revealed that a malicious actor infiltrated a company wallet on March 5, similar to what is happening in the Algorand ecosystem. Algodex moved the bulk of its USD Coin (USDC) and native Algodex (ALGX) tokens to secure locations, but the infiltrated wallet was responsible for providing extra liquidity to the ALGX token. The exchange confirmed that $25,000 in ALGX tokens allocated to provide liquidity rewards were taken, but it would replace this in full. The total loss from the theft was less than $55,000, and Algodex users and the liquidity of ALGX were not affected.

Despite a series of high-profile moves by the Securities and Exchange Commission as it seeks to reign in the US Crypto Industry, a new digital asset fund venture could reignite market growth.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

United States President Joe Biden’s upcoming budget proposal for 2024 is set to introduce significant changes to the tax regime for cryptocurrencies. The proposal includes an end to a tax strategy that has been used by crypto-traders, known as tax-loss harvesting. This, as well as a doubling of the capital gains tax rate for investors making at least $1 million.

Sandbox participants included the Banque de France, the Deutsche Bundesbank, the Monetary Authority of Singapore, BNP Paribas, HSBC, Intesa Sanpaolo, NatWest, Royal Bank of Canada, SMBC, Société Générale, Standard Chartered and UBS.Tom Zschach, chief innovation officer at Swift, comments: “Our experiments have shown the critical role that Swift can play in a financial ecosystem in which digital and traditional currencies co-exist. Our API-based CBDC connector has been proven to be robust across almost 5,000 transactions between two different blockchain networks and traditional fiat currency, and we’re delighted to have the support of our community in developing it further.

In the world of cryptocurrency, Bitcoin remains one of the most popular and widely traded assets. Recently, as the Chairman of the US Federal Reserve, Jerome Powell, warned of higher-than-expected interest rates, many investors question whether this will lead to a crash in crypto prices. 

Disclaimer: The text below is an advertorial article that is not part of  Cryptonews.com  editorial content.

Silvergate Capital (SI), the San Diego crypto bank under investigation by regulators, said it shut down, sending ripples through an industry that’s been on edge since the collapse of FTX in November. Its shares lost almost half their value.

The Blur NFT marketplace may have launched in October 2022 but its track record since proves that the platform cares less about longevity. Also functioning as an aggregator, the marketplace has again demonstrated that it is not just resting on its oars.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Since Elon Musk's Tesla was launched, there has been an increase in the number of electric vehicles, and consumers are more willing than ever to replace their internal combustion engine vehicles with electric ones.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Binance’s American affiliate won court approval to take over thousands of customer accounts from bankrupt crypto platform Voyager Digital despite warnings that the Binance.US exchange faces possible regulatory action.

BEIJING — China plans to overhaul its financial regulatory system by consolidating aspects of the central bank and securities regulator under a new entity, while doing away with the existing banking regulator.

Silvergate Capital Corp said on Friday it made a «risk-based decision» to discontinue the Silvergate Exchange Network, its crypto payments network, two days after the digital asset-focused bank raised doubts about its viability. "Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN). All other deposit-related services remain operational," Silvergate said in a statement posted on its website. The Silvergate Exchange Network, one of the bank's most popular offerings, enabled round-the-clock transfers between investors and crypto exchanges, unlike traditional bank wires, which can often take days to settle. Silvergate shares on Friday slumped more than 2% in after-hours trading, after closing up 0.9% at $5.77 in regular trade. The shares on Thursday had fallen to a record low, ending the day down more than 97% from their all-time high in November 2021.