2023-11-21 11:49
Amid increasing regulatory scrutiny by the U.S. Securities and Exchange Commission (SEC), Ripple CEO Brad Garlinghouse is set to deliver a keynote on the state of U.S. cryptocurrency regulation at the upcoming Boston Institutional Digital Assets Forum (BIDAF). The second edition of BIDAF, scheduled for Monday, December 4, will convene industry leaders to address the complexities of building institutional digital asset infrastructures. The forum, taking place at Boston's District Hall, will feature discussions on various aspects crucial to the integration of traditional finance (TradFi) with centralized (CeFi) and decentralized finance (DeFi). Key topics include trading, custody, staking, risk management, analytics, and payment systems. Additionally, BIDAF aims to delve into the tokenization of real-world assets and evaluate the influence of smart contracts on financial services. The event will gather a diverse group of experts, including Protego Trust Bank Chairman Doug Mehne, who will join Garlinghouse in assessing the U.S.'s regulatory environment compared to other regions. High-profile panelists like Coinbase (NASDAQ:COIN) Senior Advisor John D'Agostino and CoinFund Chief Investment Officer Alex Felix will share their insights on fostering synergies between different financial sectors. By bringing together thought leaders from across the digital asset space, BIDAF seeks to shed light on the evolving landscape of crypto regulations and their implications for institutional adoption. As legal actions by the SEC continue to escalate against industry players, these conversations are expected to provide clarity and direction for stakeholders navigating this dynamic field. https://www.investing.com/news/cryptocurrency-news/ripple-ceo-to-discuss-us-crypto-regulation-at-bostons-bidaf-amidst-sec-actions-93CH-3239963
2023-11-21 11:48
Copyrighted Image by: Reuters. Cryptocurrency enthusiasts are closely monitoring a series of large XRP transactions linked to Ripple Labs. According to Whale Alert, an entity suspected to be Ripple has moved a substantial amount of the digital currency, totaling over 52 million XRP, to the Bitstamp and Bitso exchanges today, with a market value of approximately $32 million. This move has raised eyebrows within the XRP community, sparking concerns about potential price impacts due to these significant sales. The recent transfer follows a pattern of hefty transactions from the past week. Last Wednesday, Whale Alert reported transfers of 25.4 million XRP to Bitstamp and another 26.2 million XRP to Bitso from an unknown wallet likely associated with Ripple. These activities have fueled speculation regarding their purpose, with some suggesting a link to RippleNet's cross-border fund transfers and anticipation surrounding SWIFT's upcoming announcement about the ISO 20022 standard, which is expected to enhance transaction efficiency and speed. Moreover, Whale Alert observed another major transaction yesterday involving Ripple Labs, where 85 million XRP were shifted between anonymous wallets amidst a slight dip in the XRP price. This was preceded by an internal movement of 90 million XRP on Monday and a dispatch of 25.5 million XRP to Bitstamp from an anonymous source connected to Ripple Labs. This activity aligns with Ripple's routine of managing its funds through monthly escrow releases, which support operational expenses and their On-Demand Liquidity (ODL) services while re-securing a majority back into escrow. The ODL service is designed to facilitate international transactions using XRP as a bridging currency. https://www.investing.com/news/cryptocurrency-news/whale-alert-tracks-significant-ripple-transactions-amid-xrp-activity-93CH-3239960
2023-11-21 11:43
Copyrighted Image by: Reuters. In European morning trading hours today, Bitcoin experienced a slight increase, surpassing the $37,500 mark but encountering resistance at $38,000. The pushback against the cryptocurrency's rise is attributed to profit-taking by traders and lingering regulatory uncertainties, as the U.S. Securities and Exchange Commission (SEC) postponed its decision on an exchange-traded fund (ETF) proposed by Hasdex. In contrast to Bitcoin's modest gain, Ether, the second-largest cryptocurrency by market capitalization, saw a decrease of 0.5%. Other major cryptocurrencies also faced challenges; Dogecoin and Solana each saw a decline of approximately 5%. On the brighter side, BNB Chain tokens experienced a notable increase of up to 8%, amid circulating reports that Binance might be nearing a $4 billion settlement to resolve legal issues in the United States. The cryptocurrency market's mixed performance comes against a backdrop of declining headline inflation since the beginning of the year. Analysts from a major exchange have suggested that Bitcoin may enter a period of lateral movement in the upcoming weeks. They also anticipate that the Federal Reserve will hold interest rates steady in December as part of its ongoing efforts to support economic growth. https://www.investing.com/news/cryptocurrency-news/bitcoin-faces-resistance-at-381k-binance-tokens-surge-on-settlement-hopes-93CH-3239950
2023-11-21 11:42
Copyrighted Image by: Mundo Crypto PR Cryptocurrency markets are keenly observing the activities of Bitcoin whales as recent data from Whale Alert highlighted significant transactions involving the digital currency. On Tuesday, two large Bitcoin holders transferred a combined total of over 5,000 BTC to the popular cryptocurrency exchange Coinbase (NASDAQ:COIN). Additionally, another notable transaction saw 650 BTC moved to Binance. These transfers are scrutinized by investors and analysts for their potential impact on market dynamics. The price of Bitcoin experienced a modest uplift today, hovering around $37,000 with intraday peaks slightly surpassing this mark. The trading volume saw a substantial increase, jumping by nearly 50% to exceed $20 billion. The market capitalization of Bitcoin is approaching $730 billion, marking a near 2% improvement over the past week. Investors continue to monitor these developments closely as they could signal shifts in market sentiment and liquidity. The influx of large volumes of Bitcoin into exchanges like Coinbase and Binance is often interpreted as a prelude to potential selling pressure. However, it can also provide opportunities for new investors to enter the market at levels established by these significant transactions. https://www.investing.com/news/cryptocurrency-news/bitcoin-whales-move-over-5000-btc-to-coinbase-sparking-market-watch-93CH-3239949
2023-11-21 11:40
ISLAMABAD - Pakistan's government has committed to increasing its petroleum levy target by 50 billion, reaching a new total of PKR920 billion for the current fiscal year. This decision, conveyed during an International Monetary Fund (IMF) review meeting today, comes as part of efforts to address a shortfall in non-tax revenue and difficulties in collecting the Fuel Infrastructure Development Cess (GIDC). Despite collecting 367% more in petroleum levies in the first quarter than expected, with receipts totaling PKR222 billion, authorities have decided not to lower fuel prices from their current highs amidst ongoing inflationary pressures. The petroleum tax rate will remain at PKR60 per liter. The government has also revised its GIDC revenue goal downward by PKR10 billion to PKR30 billion. Following the Supreme Court's annulment of the GIDC statute and ensuing legal hurdles, only PKR80 billion has been collected out of a total GIDC accrual of PKR416 billion, leaving approximately PKR337 billion outstanding. In addition to these measures, the Federal Board of Revenue (FBR) is maintaining its tax revenue target at PKR9.415 trillion for the fiscal year but has adjusted individual tax targets in response to the impact of import compression. Income tax goals have been increased by PKR346 billion, while projections for sales tax, customs duties, and federal excise duty have collectively been reduced by PKR347 billion (USD1 = PKR281.614). The FBR intends to compensate for diminished import-stage revenues with heightened domestic taxation efforts. Concurrently, Pakistan's Roshan Digital Account saw robust external financial engagement with an inflow of $6.9 billion in October, signaling continued international investment interest despite domestic fiscal adjustments. https://www.investing.com/news/cryptocurrency-news/pakistan-to-raise-petroleum-levy-target-to-pkr920-billion-93CH-3239948
2023-11-21 11:32
Copyrighted Image by: Jakub Porzycki via Reuters Connect LONDON - A significant legal battle has unfolded at London's High Court involving a $1 billion deposit from Tether, the company overseeing the USDT cryptocurrency assets. At the heart of the dispute is a disagreement between Britannia Financial and Arbitral International over the sale of a Bahamas brokerage that took place in June 2021. Arbitral International is seeking additional payment from Britannia Financial, arguing that the terms of their agreement entitle them to compensation based on the business's performance following the sale. In contrast, Britannia refutes these claims, maintaining that the dispute is unrelated to the funds Tether has placed with Britannia Global Markets. While the legal proceedings continue, Tether itself manages a substantial portfolio, with assets worth $86.4 billion, primarily held in U.S. Treasuries. Additionally, Tether has extended $5.2 billion in loans. Despite the scale of its operations and its indirect involvement in the court case through its deposit, Tether has not made any public statements regarding the ongoing litigation. The outcome of this legal confrontation could have implications for Tether's operations, given the size of the deposit at stake. However, details on how or if this will impact Tether's asset management or its cryptocurrency offerings remain unclear as the court proceedings progress. https://www.investing.com/news/cryptocurrency-news/britannia-financial-embroiled-in-1-billion-tether-court-dispute-93CH-3239936
