Category Archives: Cryptocurrency

SAVANNAH, Ga. (WSAV) There could be an uprising of bitcoin maximalists as Bitget has partnered with MarketPeak, a crypto education platform.

The partnership is aimed at boosting cryptocurrency adoption and increasing financial independence for different groups of investors by offering them educational resources about blockchain and cryptocurrency.

MarketPeaks new education materials and services might be beneficial to those new and old to the cryptocurrency world who may want the convivence of a one-stop platform regarding crypto and blockchain education.

Bitget in return will offer professional exchange services and a trading platform to the MarketPeak community.It will also offer One-Click Copy Trade, a function that allows new traders to follow the trading strategies of veteran players.

Established in 2018, Bitget is one of the worlds leading cryptocurrency exchanges with a core focus on social trading. Currently serving over two million users in more than 50 countries around the world, Bitget accelerated its mission to promote decentralized finance with a 600-strong workforce representing over 38 nationalities.

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Cryptocurrency investment funds lost almost $6 billion worth of Bitcoin following the massive liquidation series on the cryptocurrency market back in the May-June period. The biggest loser on the market is, as expected, the Luna Foundation Guard.

The largest portionof the coins that were lost is tied to the series of large liquidations that appeared on the market after the price of the first cryptocurrency tumbled from $30,000 to $17,000.

Luna Foundation Guard lost more than 80,000 BTC, which is worth more than $1.8 billion at press time. Second place on the chart goes to Teslasince the company sold $900 million worth of BTC back in May.

The notorious Three Arrows Capital was not the biggest loser on the market, despite being the most popular object of ridicule in the space since May.

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The chart is being closed by massive selling events conducted by public miners whogot rid of around 19,000 Bitcoins, causing enormous selling pressure on the market in June and fueling BTC's catastrophicrun to $17,000.

Following Tesla's earnings report, it become clear that the company's massive sell-off made a huge contribution to Bitcoin's rally to $17,000 as it caused another cascade of liquidations that hit Three Arrows Capital and pretty much liquidated a large portionof its positions, including Ethereum, whichfollowed the first cryptocurrency's path.

The beginning of the summer of 2022 could end up being one of the worst months for the entiremarket, whichalmost crashed to critical levels that would have affected the entireindustry's evolution in the long term.

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Almost $6 Billion Lost by Cryptocurrency Investment Funds Like 3AC, Celsius and Others - U.Today

What happened

CryptocurrencyEthereum Classic (ETC 4.16%) is having a week to write home about. According to CoinMarketCap, Ethereum Classic is up 72% over the past seven days, and it's likely because of upcoming changes to Ethereum (more on that in a moment).

Interestingly,Bitcoin Gold (BTG 0.05%) is also up big over the past seven days: 47% as of this writing.But this Bitcoin alternative doesn't have a clear catalyst like Ethereum Classic.

This week's outsize moves from Ethereum Classic and Bitcoin Gold are interesting considering they're both hard forks -- of Ethereum and Bitcoin, respectively.

Cryptocurrencies are decentralized. Private, independent parties volunteer their computers for the blockchain network. However, if developers tweak the code, miners or validators could choose to keep using the old code and no one could stop them -- a fork. Moreover, developers could tweak things in different directions, leaving parties to decide which blockchain to use.

Ethereum is getting closer to completely changing from a proof-of-work blockchain to a proof-of-stake blockchain, which greatly alters the network's incentive structure. Miners won't be able to operate as they have in the past. And for this reason, there's speculation that miners will jump over to Ethereum Classic instead, which could explain why it has been gaining so much recently.

As for Bitcoin Gold, I'm not sure why it's suddenly gaining momentum. According to CoinMarketCap, trading volume is up over 1,200% in just the past 24 hours. It could be that traders are looking for forks of popular cryptocurrencies, considering Ethereum Classic is a fork and performing well. But that's just speculation on my part.

Whether investing in stocks or cryptocurrencies, I recommend always looking for fundamental reasons to be bullish. Therefore, I'd be leery of getting too excited about Bitcoin Gold today, considering there doesn't appear to be a fundamental driver to its performance.

But Ethereum Classic is a different story. If Ethereum miners truly do jump ship and switch blockchains, that would theoretically make Ethereum Classic more stable and secure, which could help boost its long-term adoption. But this driver will remain fairly speculative until Ethereum's actual merge, which likely won't occur before September.

Jon Quast has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

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Ethereum Classic Soars Over 70% This Week, and This Other Cryptocurrency Is Close Behind - The Motley Fool

22 July 2022

Cadwalader, Wickersham & Taft LLP

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As the IRS ponders its approach to taxing cryptocurrency andNFTs, states are increasingly imposing taxes on some digital assettransactions, including the use of cryptocurrencies, as discussedbelow:

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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BakerHostetler

On June 21, the U.S. Supreme Court agreed to hear a case to decide whether penalties for non-willful Report of Foreign Bank and Financial Accounts (FBAR) compliance failures apply...

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Things have been heating up this summer. Let's see what's been cooking with the Texas Comptroller's office.

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States Turning Eyes To Taxation Of Cryptocurrency And Non-Fungible Tokens (NFTs) - Sales Taxes: VAT, GST - United States - Mondaq

First, there wasDogecoin (CRYPTO: DOGE). Then cameShiba Inu (CRYPTO: SHIB). To make it a three-dog night, the wild world of meme coins spawned Floki Inu (FLOKI), which resembles its predecessors by also bearing the face of a shiba inu.

Given this proliferation of canine-themed coins, and their reputation for being joke tokens, you might wonder whether Floki Inu is necessary or even real. But it is indeed real and has a surprisingly loyal following on social media.

Whether it's headed for hero or zero status is unknown, but a small allocation could offer fun and excitement, make you part of a community, and even provide multibagger gains if the crypto gods will it so.

While Dogecoin seems to be Elon Musk's pet project, it's not the only token with a connection to him. Apparently, Floki Inu is the collective brainchild of the Shiba Inu token community and was named after Musk's shiba inu. There doesn't seem to be verifiable evidence that Musk supports Floki Inu like he does Dogecoin, though, so don't count on the Floki Inu price getting a "Musk bump" anytime soon.

This doesn't mean that it lacks supporters. Indeed, there's a groundswell of support on social media as nearly 5,000 StockTwits users have added it to their watch lists whileTwitter user @RealFlokiInu has 341,000 followers on the platform. A champion of the Floki Inu ecosystem (as evidenced by the Twitter user's blue check mark), @RealFlokiInu frequently informs the Floki "Vikings" about the latest Floki-centric developments, such as a petition to get the token listed on Binance.

Given the momentum of this grassroots movement, perhaps it shouldn't be surprising that the official Floki Inu website bills it as the "people's cryptocurrency."Apparently there are over 400,000 Floki holders, and there's even an educational platform called Floki University for the uninitiated.

After discovering Floki Inu's flourishing online community of Vikings, you might be enticed to make a small investment. Its ultra-low price (less than one-thousandth of a penny, or $0.00001) and nearly $82 million market cap might also pique your interest. Low-priced coins can sometimes make supersize moves under the right conditions.

Besides, while a Binance listing might prove elusive for the time being, Floki Inu did just get its first European listing on the LiteBit exchange.

Before dipping your paws into Floki Inu, however, it's wise to consider the risks. Sub-penny cryptocurrencies can lose value just as quickly as they can gain it, and price declines of 80% or more aren't unheard of.

And it is much more than a meme coin. Floki Inu is a metaverse-focused token and ecosystem. At the center of this ecosystem is Valhalla, a non-fungible token (NFT) metaverse game that will be powered by the FLOKI token, according to the platform's white paper.Evidently there's also a soon-to-launch NFT and merchandise store called FlokiPlaces in the works, wherein users can trade NFTs and merchandise with cryptocurrency.

At this point, your eyes might be rolling if you're an NFT skeptic -- or your ears might perk up like a shiba inu's if you're an NFT enthusiast. So if you're on board with the metaverse movement and particularly NFTs, Floki Inu might be right up your alley. Otherwise, this probably isn't the right project and token for you.

Ultimately, the digital coin's appeal lies not so much with an adoption trajectory as it does with a sense of community and what's possible when an apparent meme coin forms the foundation of a potentially thriving digital world. So, if you're OK with the risk of total capital loss (and your vision for Floki Inu leans more toward growth than corporate/mainstream adoption), then maybe you're ready to take a bite of this increasingly pup-ular crypto coin.

David Moadel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Twitter. The Motley Fool has a disclosure policy.

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You Should Buy This Cryptocurrency Only If You're Willing to Risk It All - The Motley Fool

Mena region received over $271 billion worth of crypto between July 2020 and June 2021

Published: Sat 23 Jul 2022, 4:20 PM

Last updated: Sat 23 Jul 2022, 4:41 PM

The UAE is emerging as a global hub for cryptocurrency, said a top official from Kraken one of the world's largest digital asset exchanges.

In April this year, Kraken became the first global cryptocurrency exchange to receive a full licence to operate a regulated virtual asset exchange platform in the Abu Dhabi Global Market (ADGM). Earlier this week, Kraken and RAKBank announced that UAE residents would soon be able to trade virtual assets in dirham using their local bank accounts.

Benjamin Ampen, managing director, Kraken Mena, underlined that the adoption of cryptocurrency in the UAE is growing fast.

"With Kraken, investors in the UAE and broader Mena region, for the first time, will be able to participate and invest in the crypto market more safely, more securely, more efficiently and at reduced cost through a dirham fiat gateway."

The UAE is the third biggest country in the world in terms of crypto adoption with 35 per cent already owning some form of cryptocurrency, according to a Gemini survey.

"Being able to invest in crypto directly, and to fund and withdraw from their Kraken account directly in dirham, regional investors and institutions can benefit from a frictionless trading experience and far greater access to the crypto market."

According to Chainalysis' 'The 2021 Geography of Cryptocurrency Report', the Middle East received $271.7 billion worth of cryptocurrency between July 2020 and June 2021, representing 6.6 per cent of global activity. The UAE, with transactions of $25.5 billion, was third behind Turkey and Lebanon.

Ampen noted that dirham-denominated trading would boost trade volumes in the UAE.

"The Middle East is one of the fastest-growing cryptocurrency markets in the world. UAE clients already use Kraken to transact well over a billion dollars in trading volume, and that's without a direct fiat onramp. Dirham trading pairs will enable Kraken to plug straight into the UAE's liquid capital markets, creating strong potential to see a significant increase in trading volume."

Ampen said that ADGM, a robust financial services centre, is an ideal and indispensable partner.

"Kraken has been thrilled to partner with ADGM who has been instrumental in making our vision to bring dirham crypto trading to the UAE a reality. The regulatory drive in the region has been highly progressive, visionary and forward-looking, typified by ADGM's Virtual Assets Framework, which continues to encourage adoption and innovation in emerging, technology-enabled investment strategies. We have been privileged to receive such great support and endorsement from them."

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Ampen pointed out that progressive regulatory reform, legislative action, and technology innovation put the UAE in a strong position to lead in the crypto market.

"The UAE's crypto strategy is one that is ambitious and compelling, yet one that is being progressed at great speed. By bringing a first to the region in allowing investors to access crypto trading directly in dirham, we want to help to increase activity, adoption, investment flows and awareness of the UAE's status as a fast-emerging global crypto marketplace."

Ampen added that Kraken wants to be a trusted partner to the UAE.

"This is an exciting opportunity for us to accelerate the adoption of cryptocurrencies in a region with such high potential. We strongly believe our proposition aligns with national interests and can help support the region's vision."

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UAE emerging as global cryptocurrency hub, says industry expert - wknd.

Brandon Brown is on the wrong side of the Xfinity Series playoff cutline heading into this weekends action at Pocono Raceway, and his prospects could be even bleaker after the following weekends race on the Indianapolis road course.

Thats because money woes are putting a dent in his one-car operations ability to compete with heavyweight teams like JR Motorsports and Kaulig Racing.

Brandon Brown needs to rack up some points better yet, a victory in the NASCAR Xfinity Series this weekend at Pocono or else hes probably going to find himself in must-win territory for the remainder of the regular season.

Twelve drivers make the playoffs, and Brown is 13th in the standings and 61 points below the cutline. His family-run teams No. 68 Chevy isnt the speediest car out there, but keeps Brown competitive. Unfortunately, he wont have that luxury next weekend at Indianapolis Motor Speedway.

Brown revealed on Friday that Cup Series regular Austin Dillon will be driving the No. 68 Camaro on the Indy road course because Brandonbilt Motorsports couldnt secure sponsorship money. Instead, Brown will flip over to Mike Harmon Racings No. 47 car for the week.

Brandon Brown has one top-five finish (third last weekend at Loudon) and two other results in the top 10. The fact that four drivers below him on the points list have scored more top-10 results is a tribute to Browns ability to maximize points from the 11 (out of 15) other races hes finished. The issue he faces in Indianapolis is that the Mike Harmon Racing Chevy is a non-competitive car. Gray Gauldling, Brennan Poole, and Ryan Vargas have raced in it seven times with no top-10 showings. The rest of the season has been a series of DNQs.

In fact, Brown wouldnt even bother to take that ride if not for the need to attempt to qualify every week in order to maintain playoff eligibility.

We are diligently working to secure the necessary funding that is needed to keep Brandon in the No. 68 for the remainder of the 2022 NASCAR Xfinity Series season and we look forward to his return the following weekend at Michigan International Speedway, team co-owner Jerry Brown, the drivers father, said in a statement on social media.

Brandon Browns one Xfinity Series victory, late last season at Talladega, infamously started the Lets go Brandon uproar. Brown contended the political overtones made it impossible to lock in conventional sponsorships for this season, though he may have been exaggerated the extent of the problem.

Brown and his team made a deal with the Lets Go Brandon Coin (LGBCoin) cryptocurrency, but NASCAR rejected the sponsorshipbecause of the political connotations. That sent the value of the cryptocurrency, not nearly as widely accepted as Bitcoin, plummeting and left Brown with minimal options for fresh money to run the full season in the No. 68 Chevy.

Brown and LGBCoin reportedly negotiated a personal endorsement deal that would have put money in his pocket that the driver could move to the car. However, its never been clear whether he realized any meaningful gain from that deal, with one report characterizing the entire episode as a dumpster fire.

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RELATED: Brandon Brown Rides to Bubba Wallaces Defense at Talladega Over Stupid Twitter Criticism

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Xfinity Driver Brandon Brown's Offseason Dalliance With a Volatile Cryptocurrency Bitcoined Him in the Butt - Sportscasting

Over the past 24 hours, Polygon's MATIC/USD price has fallen 3.96% to $0.87. This is opposite to its positive trend over the past week where it has experienced a 26.0% gain, moving from $0.69 to its current price.

The chart below compares the price movement and volatility for Polygon over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 10.0% over the past week along with the circulating supply of the coin, which has fallen 0.21%. This brings the circulating supply to 8.01 billion, which makes up an estimated 80.07% of its max supply of 10.00 billion. According to our data, the current market cap ranking for MATIC is #13 at $6.94 billion.

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Cryptocurrency Polygon Falls More Than 3% In 24 hours - Benzinga - Benzinga

Avalanche's AVAX/USD price has decreased 3.16% over the past 24 hours to $24.17. This is contrary to the coins performance over the past week where it has experienced an up-trend of 26.0%, moving from $19.33 to its current price.

The chart below compares the price movement and volatility for Avalanche over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has decreased 0.0% over the past week, while the overall circulating supply of the coin has decreased 0.15% to over 283.90 million. This puts its current circulating supply at an estimated 39.43% of its max supply, which is 720.00 million. The current market cap ranking for AVAX is #14 at $6.87 billion.

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Cryptocurrency Avalanche Down More Than 3% Within 24 hours - Benzinga - Benzinga

Solana's SOL/USD price has decreased 3.85% over the past 24 hours to $41.26. This is contrary to the coins performance over the past week where it has experienced an up-trend of 11.0%, moving from $37.35 to its current price.

The chart below compares the price movement and volatility for Solana over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Solana's trading volume has climbed 10.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.31%. This brings the circulating supply to 345.76 million. According to our data, the current market cap ranking for SOL is #9 at $14.26 billion.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cryptocurrency Solana Decreases More Than 3% Within 24 hours - Benzinga - Benzinga