Day: March 5, 2025

XRP traders eye rally to new all-time highs at $5.85 as key support holds

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XRP’s (XRP) price is trading 28% above its $1.94 lows reached on Feb. 28, up 6.5% over the last 24 hours. Traders keep rally hopes alive as the altcoin holds above a key support level.   XRP/USD daily chart. Source: Cointelegraph/TradingView Elliott Wave analysis projects XRP price to $5.85 Dark Defender, a crypto market analyst, highlighted that XRP was trading above a key support zone in the four-hour timeframe, as shown in the chart below. Note that this level represents the 38.2% Fibonacci retracement of the November rally to seven-year highs…

The Current State Of The IRS Broker Rule

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Between the holidays and New Years, the IRS used the last passing days of the Biden administration to finalize its long feared Broker Rule: a regulation requiring all cryptocurrency exchanges – custodial and non-custodial, fiat to crypto and crypto to crypto – to effectively subject their users to Know-Your-Customer (KYC) measures. The rule establishes that custody over funds is not necessary to be deemed a broker by the IRS, obliging “DeFi front-end services” to report trading activity via the 1099 tax form to the agency. This includes any developer of…

Trump’s commerce secretary hints at Bitcoin-only strategic reserve

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US Commerce Secretary Howard Lutnick has confirmed that the Trump administration will unveil plans for a strategic Bitcoin reserve at the upcoming White House Crypto Summit on March 7. In an interview with The Pavlovic Today, Lutnick clarified that Bitcoin (BTC) will likely have a special status in the country’s national cryptocurrency reserve, which will include Ether (ETH), Solana (SOL), Cardano (ADA) and XRP (XRP). “The president definitely thinks that there’s a Bitcoin strategic reserve,” Secretary Lutnick said. “Now, there will be the question of, how do we handle the…

Ripple backs launch of crypto-focused nonprofit with $50M grant

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Blockchain payments firm Ripple Labs has announced it will be involved with launching a nonprofit organization focused on education toward “how crypto is empowering everyday people and businesses.” In a March 5 X post, Ripple chief legal officer Stuart Alderoty said he would be the president of the newly formed National Cryptocurrency Association (NCA) in addition to his duties at the blockchain firm. CEO Brad Garlinghouse added Ripple would fund the nonprofit with a $50-million grant. Ripple CLO on the launch of a crypto education-focused nonprofit. Source: Stuart Alderoty According…

Jump Trading scales up US crypto operations, accelerates hiring after years of pullback

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Key Takeaways Jump Trading is expanding its US crypto operations and increasing headcount after a period of reduced presence due to regulatory uncertainty. The firm is known for projects in the Solana ecosystem, and is increasing its hiring of crypto engineers and policy experts in the US. Share this article Jump Trading, a reputed market maker in crypto, is reviving their US digital asset desk after a period of reducing their presence in the market due to regulatory uncertainty, CoinDesk reported Wednesday, citing sources with knowledge of the matter. In…

SEC drops case against Coinbase — a win for crypto or payback for donations?

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Opinion by: Ross Shemeliak, co-founder and chief operating officer of Stobox Following US President Donald Trump’s return, Coinbase saw the Securities and Exchange Commission drop its 2023 lawsuit, alongside Robinhood Crypto’s investigation closure. On Feb. 25, the SEC also ended its federal probe into Uniswap Labs, triggering market declines with Coinbase and Bitcoin (BTC), the latter of which dropped from its $109,114 peak to $87,000, marking a notable 20% retreat. There’s no apparent reason in sight, but the overall logic of the investors’ reaction is understandable: They are not keen…

Vietnam to pilot digital currency exchange under new legal framework: Deputy Minister of Finance

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Key Takeaways Vietnam will pilot a digital currency exchange platform under a new regulatory framework. The Ministry of Finance and State Bank are developing legal guidelines for digital assets. Share this article Vietnam will pilot a digital currency exchange platform under a new regulatory framework, said Deputy Minister of Finance Nguyen Duc Chi at the government’s regular press conference on Wednesday. The news was first reported by VnExpress. On Monday, Prime Minister Pham Minh Chinh ordered the Ministry of Finance and the State Bank of Vietnam to draft legal guidelines…

3 reasons why Bitcoin sells off on Trump tariff news

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Bitcoin (BTC) has declined by more than 15% since Feb. 3—when US President Donald Trump threatened to impose tariffs on China, Mexico, and Canada—and was trading for as low as around $86,400 as of March 5. BTC/USD daily price chart. Source: TradingView Simultaneously, investors have withdrawn over $3.50 billion in assets from US-based Spot Bitcoin exchange-traded funds (ETF) since Feb. 3, according to Farside Investors data. Let’s examine why news of Trump’s tariffs is leading to selloffs in the Bitcoin market. Economic uncertainty sours risk-on appetite The US imposed 25%…

Bybit asks DAO to return fees earned from hack transactions

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Bybit onfirmed it was behind a proposal requesting that decentralized finance (DeFi) protocol ParaSwap return fees earned from swaps conducted by the Lazarus Group using digital assets stolen from the exchange. On March 4, a proposal was posted on ParaSwap’s decentralized autonomous organization (DAO) forum asking to freeze and return 44.67 Wrapped Ether (wETH), worth almost $100,000, to a wallet address.  The proposal initially attracted skepticism, with several DAO members calling for verification before advancing the proposal. Bybit shared a verification post on its official X account on March 5,…

Animoca Brands revenue climbs as AI cuts costs by 12%

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Animoca Brands reported $314 million in bookings for 2024, marking a 12% year-over-year increase. Bookings is a term commonly used in the gaming sector to represent the sum of revenue and deferred revenue. It includes all payments received and potential sales based on contracts not yet fulfilled.  According to Animoca Brands, its Digital Asset Advisory (DAA) business accounted for $165 million in bookings in 2024, a 116% increase over the previous year. The company’s subsidiaries and incubated projects generated $110 million in bookings, while its investment activities contributed $39 million.…