2023-11-07 08:14

In a major development, Blockpit has acquired Accointing, the crypto tax platform of Glassnode, in a multimillion-dollar deal. This acquisition will allow Blockpit to consolidate its position as a unified European crypto tax platform, following its earlier merger with Cryptotax. The similarity between Blockpit and Accointing presents an ideal opportunity for the acquisition, with plans to shut down the Accointing infrastructure leading to increased cash flow without additional costs. Accointing users can transition their profiles over to Blockpit, effectively doubling its revenue. CEO Florian Wimmer discussed forthcoming regulations such as the Common Reporting Standard for Automatic Exchange of Information (CARF) and Directive on Administrative Cooperation (DAC8), which will impose stricter reporting requirements on crypto service providers from 2026 onward. These regulations will enhance enforcement against tax fraudsters and grant tax collectors jurisdiction over all cryptocurrency transactions within EU member states. Meanwhile, Glassnode is shifting its focus from crypto tax projects to institutional investors and Decentralized Finance (DeFi). The sale of Accointing enables Glassnode to restructure its infrastructure for developing digital asset intelligence solutions. Glassnode plans to leverage its expertise in Bitcoin and Ethereum on-chain data within the digital asset ecosystem. In summary, this deal marks a strategic pivot for both companies. While Blockpit fortifies its role in the crypto tax compliance market, Glassnode aims to facilitate navigation within the DeFi space for institutions with its new solutions. The changes come at a time when regulatory scrutiny is set to increase in the cryptocurrency sector. https://www.investing.com/news/cryptocurrency-news/blockpit-acquires-glassnodes-crypto-tax-platform-accointing-93CH-3224427

2023-11-07 07:23

Copyrighted Image by: Reuters Jurrien Timmer, Fidelity Investments' Global Macro Director, has recently shared his revised forecast for Bitcoin (BTC), predicting a potential surge beyond $96,210 by 2025. The projection was shared today with his 173K followers on social media platform X. Timmer's analysis is rooted in several key factors including real interest rates, inflation, global adoption patterns, and the trajectory of the internet adoption curve. This complex interplay of factors, according to Timmer, could significantly influence BTC's future valuation. Currently, Bitcoin is trading at $34,991. However, if the Treasury Inflation-Protected Securities (TIPS) real rate maintains its current level of +2.5%, Timmer suggests that Bitcoin could reach a value of $41,553 by 2025. A more dramatic scenario unfolds if real rates fall to the 2021 level of -2%. Under these conditions, Timmer predicts that Bitcoin could potentially witness a substantial 175% surge to $96,210. This prediction reflects the potential impact of changing economic conditions on the trajectory of BTC's price. According to Timmer's model, the slope of the internet adoption curve and the course of real rates form a fair value band for BTC. The adoption curve for the leading cryptocurrency could be significantly influenced by these rate changes. https://www.investing.com/news/cryptocurrency-news/fidelity-analyst-forecasts-bitcoin-to-surpass-96210-by-2025-93CH-3224393

2023-11-07 07:10

Copyrighted Image by: Reuters. In the wake of economic rivalry between the US and China, BitMEX's Arthur Hayes suggests that Bitcoin stands to gain. He commended the competition in the digital asset sector and proposed that China follow the example of BlackRock (NYSE:BLK), a leading asset manager in the US which recently launched an exchange-traded fund (ETF). As part of its initiative to establish itself as a hub for digital assets in the Asia-Pacific region, Hong Kong has announced plans to authorize cryptocurrency-based ETFs. This move mirrors Japan's strategy to provide retail investors with access to spot ETFs, provided they meet regulatory standards. The decision comes in response to growing demands for increased efficiency and enhanced customer experience in technological innovation. Julia Leung, CEO of the Securities and Futures Commission, has expressed her support for these advancements. The introduction of ETFs is seen as a crucial step towards mainstreaming digital assets and could potentially drive Bitcoin's growth. Following the JPEX scandal, Hong Kong is bolstering its regulatory framework for virtual assets with a focus on investor protection and transparency. The city is also exploring options such as tokenization, security token offerings for professional investors, and digital-asset custodial services. Currently, it allows futures-based crypto ETFs and trading of major cryptocurrencies on licensed exchanges. Amid economic fluctuations and efforts by central banks to stabilize economies, Bitcoin is emerging as a safe haven. This trend underscores the potential benefits that Bitcoin could reap from the ongoing economic competition between the US and China. https://www.investing.com/news/cryptocurrency-news/bitcoin-benefits-from-uschina-rivalry-hong-kong-eyes-crypto-etfs-93CH-3224388

2023-11-07 06:40

Copyrighted Image by: Reuters. The global crypto market, valued at $1.33 trillion, saw a modest growth of 0.6% last Wednesday, with altcoins gaining ground despite a minor drop in Bitcoin's value to $34,867.03. This is a significant divergence from Bitcoin's record high of $69,000 in late 2021. The total crypto market volume over the last 24 hours grew by 3.40% to $40.05 billion, with DeFi and stablecoins contributing $4.68 billion and $35.23 billion, respectively. Speculative demand appears to be shifting away from Bitcoin towards lesser-known digital assets, which have been rallying this month. Meme currencies Dogecoin and Shiba Inu posted gains of 4.63% and 2.07%, respectively, boasting market caps of $10.64 billion and $4.9 billion, respectively. Pepe Coin also saw a significant surge by 30%. Among other altcoins, Cardano and Polkadot gained by 3.22% and 2.15%, respectively, while XRP rose by 0.62%, triggering a wave of short-lived profit-taking that spread to other leading altcoins, indicating a quick recharge sentiment in the market. However, not all digital assets shared in the rally. Ethereum's price saw a five-day rise, trading near its four-month peak at $1,900 per token despite accusations against co-founders Vitalik Buterin and Joseph Lubin for alleged fraudulent activity larger than the FTX cryptocurrency exchange collapse. CoinShares reported that crypto fund investments rose sharply for the sixth consecutive week, adding $261 million. Bitcoin investments rose significantly by $229 million, followed by Ethereum with an increase of $18 million and Solana with an increase of $11 million. Meanwhile, Hong Kong's SFC is considering retail access to crypto spot ETFs, potentially expediting US approvals. Berkshire Hathaway (NYSE:BRKa) vice chairman Charlie Munger expressed concerns about Bitcoin's rise and its impact on fiat currencies and traditional assets. This shift in the crypto market comes amidst a broader trend of diversification within the sector, with investors increasingly looking beyond Bitcoin to other digital assets for potential returns. https://www.investing.com/news/cryptocurrency-news/crypto-market-expands-beyond-bitcoin-altcoins-rally-defi-and-stablecoins-contribute-significantly-93CH-3224367

2023-11-07 05:49

Copyrighted Image by: Reuters. Investing.com-- Gold prices fell further in Asian trade on Tuesday, hit by a rebound in the dollar and Treasury yields before a string of major Federal Reserve speakers this week. Among industrial metals, copper prices fell sharply after trade data from major importer China largely missed expectations. The dollar rebounded from six-week lows in overnight trade after Minneapolis Fed President Neel Kashkari warned that it was too soon to call an end to the Fed’s rate hike cycle. His comments saw traders scale back some bets on a sustained Fed pause this year, and also spurred steep losses in non-yielding assets such as gold, which has become especially sensitive to interest rates over the past year. Spot gold fell 0.3% to $1,971.43 an ounce, while gold futures expiring in December fell 0.5% to $1,977.95 an ounce by 00:15 ET (05:15 GMT). Gold saw extended declines in recent sessions, as traders also priced in a smaller risk premium on the yellow metal from the Israel-Hamas war. A lack of meaningful escalation in the conflict dented safe haven demand for the yellow metal. Fed speakers loom with Powell at the helm Markets are now awaiting talks from a string of major Fed officials this week, most notably Chair Jerome Powell, who is set to speak at two separate events on Wednesday and Friday. Traders will be looking to see whether Powell maintains his hawkish rhetoric from last week, or tempers it in the face of some cooling in the labor market. While Powell had largely maintained his hawkish stance at a meeting last week, markets took his comments as a sign that the Fed was considering a pause, especially after data showed a bigger-than-expected decline in October nonfarm payrolls. But this provided limited support to gold, as traders largely pivoted into risk-driven assets. The outlook for the yellow metal was also muted, given that U.S. rates are set to remain higher for longer. Beyond Powell, other Fed officials including Austan Goolsbee, Christopher Waller and Lorie Logan are also set to speak this week. Copper slides after China trade data disappoints Copper prices fell sharply on Tuesday, reversing some gains made over the past week after data showed that China’s exports fell more than expected in October, while the country’s trade surplus narrowed to its worst level in 17 months. Copper futures sank 0.5% to $3.6922 a pound. While Chinese copper imports still surged to a 10-month high in October, the weakness in exports raised concerns over a slowdown in China’s biggest economic drivers. Imports were bolstered chiefly by a string of stimulus measures from Beijing in recent months, which are expected to somewhat boost the Chinese economy in the coming months. But year-to-date copper imports were still down nearly 7%, as demand cooled in the world's largest copper importer. https://www.investing.com/news/commodities-news/gold-prices-slide-as-dollar-rebounds-with-fed-officials-in-focus-3224317

2023-11-07 05:46

Copyrighted Image by: Reuters The cryptocurrency market is witnessing a shift in demand as mid-tier and lower tokens in MarketVector's index saw significant increases of 16% and 14%, respectively, in November, overshadowing Bitcoin's modest 1% rise. This has led to a reduction in Bitcoin's dominance over the $1.38 trillion crypto market from 51.5% to approximately 49%. Digital Asset Capital Management described this rally as more sustained and broader than any since January. The anticipated approval of US spot exchange-traded funds investing directly in Bitcoin fueled its surge last month. This rally is not confined to Bitcoin but is also evident in the DeFi sectors, where borrowing rates on Aave, a major DeFi lender, have exceeded 10%. In related news, XRP, associated with Ripple Labs Inc., has seen a 14% gain, spurred by Ripple's partial legal victory over the SEC concerning its regulatory status. Analysts at ByteTree suggest that traders are reacting positively to these developments for Ripple. Despite remaining below its 2021 record of $69,000, Bitcoin has experienced steady new buying, indicating a change in investor sentiment. https://www.investing.com/news/cryptocurrency-news/crypto-diversification-surpasses-bitcoin-ripple-gains-on-legal-win-93CH-3224316