Author: Bloomberg
Crypto.com’s deal last week to replace Staples as the title sponsor of an iconic downtown Los Angeles sports center appears to have already paid for itself. The CRO token has surged more than 55% in the past seven days as of Monday and reached a record on Sunday, according to pricing from CoinGecko, and is now the 13th-biggest by market capitalization at about $18 billion. Its gains come as many other top cryptocurrencies, including Bitcoin, Ether and Binance Coin, fall back. Two people familiar with the naming agreement said last week that it was worth $700 million over 20 years. The deal…
This Thanksgiving, crypto hedge-fund manager David Tawil is bracing for a much more lively conversation about his line of work. Bitcoin usually comes up amid the clink and clatter of cutlery and plates. But after this year’s surge in interest about all things crypto, anything from NFTs and DeFi to Dogecoin and Ether could be up for discussion. Not only did Bitcoin and Ether, the two largest cryptocurrencies, see a jump in popularity, but the soaring value of meme coins and non-fungible tokens has made the notoriously volatile asset class a must-own item for many retail and institutional investors alike.…
Embedded in the infrastructure spending package signed into law by U.S. President Joe Biden was language increasing the tax reporting requirements for cryptocurrency transactions. That change was heavily opposed by the digital currency industry, which has in its corner a bipartisan group of senators that still hopes to amend the law. Regardless, more struggles are ahead as Washington grapples with how Bitcoin and other cryptocurrencies should be regulated and taxed. 1. What did the law change? Starting in 2023, cryptocurrency brokers such as Coinbase will be required to record transactions, tracking them for customers and the IRS, similar to the…
As of 7:38 a.m. in London, the overall market cap of cryptocurrencies hit $3.01 trillion, according to CoinGecko pricing. The third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days; all of the seven biggest coins are up over the last week. Bitcoin rose as much as 5.5% on Monday to $66,339, nearing its previous record of about $67,000. Ether advanced as much as 3% to a new high of $4,768. Of course, crypto is notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s…
The cryptocurrency business has a lot to learn from stocks about preventing crashes. Eye-catching, mistaken plunges are not unusual in crypto. In June 2017, Ether had a harrowing 45 milliseconds that took its price down to 30 cents — a 99.9% loss. This week, it was Bitcoin’s turn to flash crash: The biggest cryptocurrency dove to $8,200 within a single minute on Thursday from around $65,000 on Binance’s U.S. exchange after an institutional trader’s algorithm encountered a bug and cratered the price. Stock investors have famously suffered their own scary moments — Black Monday in October 1987 and the infamous flash crash in May…