Market

FDIC’s “Pause Letters” urges banks to halt crypto services

January 6, 2025 1 min read

Recent documents from Coinbase reveal that the Federal Deposit Insurance Corporation (FDIC) issued “pause letters” to banks between 2022 and 2023, advising them to halt certain cryptocurrency services until the agency could better assess associated risks. These letters specifically instructed banks to stop activities like Bitcoin transactions through third-party partnerships and advanced crypto services. Coinbase’s Chief Legal Officer, Paul Grewal, argues that these communications reflect a coordinated effort to limit

Mining company MARA (Marathon Digital) lends out 7,377 Bitcoin in 2024

January 6, 2025 1 min read

MARA, previously known as Marathon Digital, has actively engaged in Bitcoin lending throughout 2024, lending out 7,377 BTC to established third parties. The company’s vice president of investor relations, Robert Samuels, highlighted that the lending program is designed for short-term arrangements, yielding modest returns to help offset the operational costs associated with Bitcoin mining. This initiative comes in light of the challenging nature of the mining industry, particularly following the

South Korea’s Exchange Chairman plans to introduce crypto-based ETFs this year

January 6, 2025 1 min read

Eun-Bo Jeong, the Chairman of South Korea’s Exchange, has expressed a keen interest in launching crypto-based exchange-traded funds (ETFs) this year, responding to a growing global demand for such financial products. During the Securities and Derivatives Market Opening Ceremony on January 2, Jeong underscored the necessity for innovative financial solutions to rejuvenate South Korea’s capital markets, which have faced significant economic challenges over the past year, including a contracting domestic

$75 billion asset manager ProShares files for Bitcoin ETFs

January 6, 2025 1 min read

ProShares, a leading asset manager with over $75 billion in assets, is seeking approval from the SEC to launch three innovative ETFs: the ProShares S&P 500 Bitcoin ETF, ProShares Nasdaq-100 Bitcoin ETF, and ProShares Gold Bitcoin ETF. These funds aim to track the performance of their respective indices and gold, but with a unique twist—they will measure returns in Bitcoin rather than US dollars. This approach is designed to appeal

Coinbase reveals FDIC letters urging banks to pause crypto services

January 5, 2025 1 min read

Coinbase has recently revealed that the Federal Deposit Insurance Corporation (FDIC) is advising banks to temporarily suspend cryptocurrency-related activities, igniting controversy reminiscent of “Operation Chokepoint.” Critics, including leaders from Coinbase and Ripple, argue that the FDIC’s actions overstep constitutional limits and aim to suppress the cryptocurrency sector. On January 3, Coinbase’s Chief Legal Officer, Paul Grewal, disclosed that the FDIC had sent letters instructing banks to limit services related to

Shiba Inu (SHIB) price prediction

January 5, 2025 3 mins read

Shiba Inu (SHIB), a popular memecoin, is currently trading at approximately $0.00002370, reflecting a notable increase of 14% over the past week. Despite this recent uptick, SHIB has experienced a decline of about 25% over the last month. However, the broader crypto market is showing positive signs, which could potentially lead to further price increases for SHIB. In terms of technical analysis, SHIB’s Relative Strength Index (RSI) is at 57.25,

Coinbase acquires the Cyprus unit of European brokerage Bux

January 5, 2025 1 min read

Coinbase has taken a significant step towards expanding its presence in Europe by acquiring the Cyprus unit of European brokerage firm Bux, which allows the crypto exchange to secure a crucial Markets in Financial Instruments Directive II (MiFID II) license. This acquisition, completed in August, enables Coinbase to enhance its international offerings, particularly in derivatives, which represent approximately 75% of the global crypto market. The company announced the rebranding of

Ethena Labs targets the DeFi frontier with new stablecoin products

January 5, 2025 1 min read

On January 3, Ethena Labs unveiled its 2025 roadmap, introducing a Telegram application designed for payments and savings utilizing its sUSDe stablecoin, which aims to create a neobank experience. This innovative platform allows users to send, spend, and save sUSDe directly within the messaging app, with seamless integration for mobile payments through Apple Pay. Ethena Labs emphasizes the importance of a dollar with yield as a vital asset for wealth

Crypto.com now offers stock and ETF trading in Pennsylvania, Ohio, Washington, and Arizona

January 4, 2025 1 min read

Crypto.com has recently expanded its offerings by launching stock and exchange-traded fund (ETF) trading for users in select U.S. states, including Pennsylvania, Ohio, Washington, and Arizona. Announced on January 2, 2025, this new feature allows users to trade without commission fees, access fractional shares, and transfer securities seamlessly, all within a single app. This integration of traditional finance with digital assets marks a significant step in bridging the gap between

IRS delays new crypto tax cost basis rules to December 2026

January 4, 2025 1 min read

The Internal Revenue Service (IRS) has postponed the implementation of new crypto cost-basis reporting rules, now set to take effect on December 31, 2026, providing brokers with additional time to comply with the complex regulations. Initially scheduled for late 2024, this delay follows requests from brokers and platforms for more time to adapt, offering temporary relief to crypto investors who were scrambling to meet the original deadline. In a recent

WazirX says creditors will receive their funds following court’s approval

January 4, 2025 1 min read

The WazirX hack, which resulted in the theft of over $230 million, has sparked significant controversy in 2024, leaving affected users in limbo for months. Recently, WazirX announced plans to distribute funds to eligible creditors through a restructuring scheme, pending court approval. A creditors’ meeting is scheduled for the 22nd of this month, which is a crucial step in the process. Once the court grants approval, WazirX aims to initiate

Morgan Stanley’s E-Trade considers offering direct crypto trading services

January 4, 2025 1 min read

Morgan Stanley’s E-Trade division is considering introducing direct cryptocurrency trading services, a move that signals a shift in the firm’s strategy towards digital assets. This exploration comes amid expectations of pro-crypto regulatory changes anticipated under Donald Trump’s administration following his recent election victory. Currently, E-Trade provides indirect exposure to cryptocurrencies through investment products, but direct trading would represent a significant evolution in its offerings. Historically, Morgan Stanley has supported Bitcoin,