April 2024 - Page 2 of 2 - CryptoCurrencyWire

WednesdayApr 17, 2024 9:00 am

Analyzing the Recent Flash Crypto Crash

The cryptocurrency market experienced a significant downturn on April 12, 2024, coinciding with the opening of the stock market. Bitcoin (BTC) saw a considerable drop in value, plummeting by more than $4,000 to $66,440. Similarly, Ethereum witnessed a decline of 9% during the same period, reaching $3,216, while Dogecoin experienced a sharp decline of 14.2%. The downward trend began early in the day but intensified around noon, with minor decreases escalating into double-digit declines across several cryptos. Although no major developments were reported in the crypto sphere on that day, such volatility often occurs toward the weekend, as was the…

MondayApr 15, 2024 9:00 am

Binance Official Pleads Not Guilty to Money Laundering Charges in Nigeria

A Binance executive has entered a plea of innocence regarding allegations of money laundering in a Nigerian court. Tigran Gambaryan, a United States citizen, was apprehended in February alongside his coworker Nadeem Anjarwalla, who holds dual British-Kenyan nationality. Anjarwalla escaped custody two weeks ago, and his current location remains unknown. Gambaryan, during his court appearance on April 8, 2024, refuted the five charges of money laundering brought forth by Nigeria’s Economic and Financial Crimes Commission (EFCC). Subsequently, he was transferred to the Kuje Correctional Center in Abuja, Nigeria’s capital. The correctional center has previously housed a spectrum of detainees, from…

FridayApr 12, 2024 9:00 am

New Brazil Bill Seeks to Modify Crypto Taxes

Brazil is gearing up for a significant shift in its approach to taxing cryptocurrencies. A fresh bill drafted by the Ministry of Finance is set to alter the taxation landscape for individual crypto investors. It aims to reclassify cryptocurrencies, subjecting them to taxation akin to capital instrument shares, considering their fluctuating exchange rates. Under the forthcoming measure slated for presentation to the National Congress, cryptocurrency investors would be required to pay 15% of their earnings from cryptocurrency transactions as tax. Currently, gains from cryptocurrencies are taxed as assets, with capital gains tax levied based on transaction volumes. This tax starts…

WednesdayApr 10, 2024 9:00 am

Federal Court Ruling on Secondary Market Sales Forestalls SEC Appeal Against Ripple

In a recent ruling on a legal battle involving Coinbase, the U.S. Second Circuit Court of Appeals made significant strides in bringing clarity to the regulation of crypto transactions. This decision serves as an important precedent, notably impacting the ongoing case between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs regarding XRP. John Reed Stark, a former SEC official, highlighted the significance of Judge Katherine Failla’s decision in rejecting the notion that secondary sales of crypto could be considered securities, noting that the prior judgment by Torres had dealt a blow to both Ripple and Coinbase. However, the…

MondayApr 08, 2024 9:00 am

Research Report Upbeat about Q2 Crypto Prospects

The cryptocurrency market is poised for a promising second quarter, according to a recent report by Coinbase, with many of the obstacles that were previously experienced now behind the industry, setting the stage for positive developments in the coming months. The analysis identifies several variables that support this optimistic forecast. The market’s history of negative downside pressures is one of the important factors. Furthermore, macroeconomic changes and prospective rate reductions may foster a climate that is favorable to cryptocurrencies, especially Bitcoin. Coinbase anticipates that these favorable conditions will become more apparent starting in the latter half of April. A significant…

FridayApr 05, 2024 9:00 am

Convicted Bankman Fried Sentenced to 25 Years in Jail

The cofounder of the now-collapsed cryptocurrency exchange FTX, Sam Bankman-Fried, received a 25-year prison term for deceiving investors and customers. The verdict marks the final blow to the once-wealthy entrepreneur, who gained prominence in the crypto sphere before his company’s sudden downfall in 2022. His legal team intends to challenge the verdict. A statement from Bankman-Fried parents, relayed by a spokesperson to the BBC, expressed their devastation and commitment to fighting for their son’s cause. During his court appearance, the 32-year-old acknowledged the disappointment felt by many, expressing remorse for the events that unfolded. FTX had risen to become one…

WednesdayApr 03, 2024 9:00 am

The SEC Notches Significant Victory in Case Against Coinbase

A recent court ruling in the lawsuit between the United States Securities and Exchange Commission (SEC) and Coinbase Global Inc. (NASDAQ: COIN) marks a significant development, allowing the SEC’s claim of unregistered securities sales against the crypto exchange to proceed to a jury trial. Following the decision by a Manhattan federal judge on March 27, 2024, Coinbase experienced a decline of approximately 2.5% in its share price. The SEC initiated legal action against the exchange in June, alleging that the entity operated as an unregistered exchange and broker. Additionally, the SEC sought to permanently restrain Coinbase from continuing these activities.…

MondayApr 01, 2024 9:00 am

Experts Discuss How Public Trust, Transparency Can Be Bolstered in Cryptocurrency Markets

Recent disclosures about money laundering, dishonesty and fraudulent activity by Binance, FTX and other organizations have seriously damaged public trust in the crypto asset market, especially concerning trading platforms. Rebuilding trust demands a firm commitment to safeguarding investors’ interests and transparency. Bruce Tupper, president and creator of CoinRegTech, and Tyler Williams, Galaxy’s head of legislative and regulatory affairs, offer insights on how these can be achieved in cryptocurrency markets. They propose two key measures — Off-Chain Transaction Reporting and Proof of Reserves (PoR) Reporting — as essential steps for trading sites to adopt. These measures would enhance transparency and protect…