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PayPal has officially enabled businesses in the United States to buy, sell, and hold cryptocurrency. Business merchants will now be able to execute various crypto transactions directly from their PayPal business accounts. The functionally is now available in 49 of the 50 states, only excluding New York. The move marks yet another step into the digital asset sector for the digital payment platform. Moreover, the development is a step towards increasing the potential adoption of the asset class within the United States. JUST IN: PayPal enables US businesses to buy, sell, and hold cryptocurrency. — Watcher.Guru (@WatcherGuru) September 25, 2024 Also Read: PayPal Announces New Partnership With Crypto Bank Anchorage PayPal Announces US Businesses Can Buy and Trade Crypto Few traditional finance entities have been as outspoken in their advocacy of crypto as PayPal. The platform launched its very own PYUSD stablecoin earlier this year. Now, they are taking a massive step forward for Uni...

Following the $4.3 billion fine by the U.S. Department of Justice (DoJ), Binance’s outflow has surpassed the $1 billion mark over the past week. According to data provided by DeFi Llama, Binance witnessed a negative net outflow of $1.2 billion in the past seven days. This comes while the largest crypto exchange saw a $462 million outflow in the past 24 hours alone, per the data aggregator.  CEX data – Nov. 23 | Source: DeFi Llama Nansen reported on Nov. 22 that Binance’s outflow s continue while a mass exodus of funds has not yet occurred. You might also like: SEC Commissioner on spot Bitcoin ETFs: “No reason to block” Per DeFi Llama, only Bitstamp saw a higher outflow of funds in the past 24 hours than Binance — reaching a negative net flow of $498.59 million. Huobi comes third, after Binance, with a total outflow of almost $79 million over the past day.  Moreover, the total amount of Binance’s clean assets — funds excluding the exchange’s own to...

New research by Coinbase shows only a tiny percent of U.S. citizens still believe the American Dream is achievable in the current financial environment. Less than 10% of Americans are happy with the nation’s financial system as younger generations become “more pressured financially and more disillusioned by the system,” Coinbase says. In a new Q3 State of Crypto report co-created with Bovitz and Morning Consult, the U.S.-based crypto exchange surveyed thousands of Americans about their experiences dealing with traditional finance. Most Americans are unsatisfied with the existing financial system , as only 7% of respondents said the system “works very well for people like them.” Percentage of generations satisfied with the financial system | Source: Coinbase You might also like: Coinbase optimistic about US approval of Bitcoin ETF While Coinbase surveyed all generations, it was Millennials who demonstrated their anger, calling the sy...

U.S. Representative Don Beyer has introduced a new bill, the Off-Chain Digital Commodity Transaction Reporting Act. This bill aims to safeguard investors from manipulation, disputes, and fraud in the crypto market. According to the new proposal, every trading platform must report all transactions to a repository registered with the Commodity Futures Trading Commission (CFTC).  You might also like: US CFTC official calls for developing fraud database Rep. Beyer stated: “As consumers increasingly turn to large digital asset trading platforms to conduct their business, thousands of transactions each day are conducted off the publicly verifiable blockchain,”. “Unfortunately, internal record keeping among these private entities can vary wildly, and this can leave investors and consumers vulnerable to fraud and manipulation. This bill is a common-sense measure to restore some transparency and confidence to the digital asset market.” The main obj...

U.S. prosecutors state FTX founder Sam Bankman-Fried has proposed extensive and intrusive jury questions for his upcoming fraud trial. On Sept. 15, prosecutors from the Southern District of New York requested the judge overseeing the upcoming criminal trial to reject the defense’s proposed questions for the voir dire, the preliminary juror screening before the trial. They argue that these questions might extend the selection timeframe and bias jurors toward the defense’s client. “The defendant’s proposed voir dire contains numerous unnecessary and time-consuming questions, often soliciting open-ended discussion, as well as questions that are repetitive, prejudicial, and argumentative.” Prosecutors from the Southern District of New York Earlier last week, both parties presented their proposed questions for prospective jurors, with significant similarities, particularly regarding potential connections to individuals involved in the case or preconceived opinions about th...

Marcel Pechman explains the myth of excess cash in U.S. households and the lack of sufficient savings, and how a U.S. government shutdown could impact Bitcoin. On the latest episode of Macro Markets , analyst Marcel Pechman examines the current state of the American economy. He references a headline from Barron’s that highlights the disparity between people’s perception of the economy and the objective data. Pechman delves into the concept of excess savings, agreeing with Barron’s that a significant portion of the United States population lacks sufficient savings for retirement, potentially necessitating longer working years. He notes that household wealth in the U.S. has reached new heights, primarily due to surges in equities and real estate assets.  Shifting his focus, Pechman discusses rising concerns among U.S. consumers about increasing prices, particularly the cost of filling up their vehicles with gasoline. He connects this to the recent surge in U.S. crude futures, influenced...

The US Department of the Treasury and the Internal Revenue Service (IRS) have proposed new guidelines detailing the reporting duties of crypto brokers . The US Small Business Administration’s Office of Advocacy announced that the proposal concerning crypto currency regulations for brokers was unveiled on Aug. 29. Starting Jan. 1, 2025, digital asset brokers – encompassing trading platforms, payment processors, and specific hosted wallet providers – will be mandated to report the gross proceeds from all sales or exchanges of digital assets. The document refers to these entities as “digital asset middlemen” and stipulates that they will also be responsible for reporting the gains and losses realized during cryptocurrency transactions. This particular provision is slated to become effective from Jan. 1, 2026. The Federal Register, which circulated a document related to this proposal, anticipates that these regulations will foster “higher levels o...

Mayor of Miami and Bitcoin (BTC) proponent Francis Suarez has suspended his campaign for US President, becoming the first Republican candidate to withdraw. Suarez announced the news on X (formerly Twitter), describing his run for US President as one of the greatest honors of his life.” Running for President of the United States has been one of the greatest honors of my life. This country has given so much to my family and me. The prospect of giving back at the highest levels of public service is a motivator if not a calling. Throughout this process, I have met… — Mayor Francis Suarez (@FrancisSuarez) August 29, 2023 He stated that he would support the Republican party in putting forward a strong nominee for the race.  “While I have decided to suspend my campaign for President, my commitment to making this a better nation for every American remains.” Miami Mayor, Francis Suarez on X The Miami Mayor’s president ial campaign ends two months after it ...

Also Read: Ex-SEC Chief Predicts Compromise as Binance Goes Toe to Toe With SEC advertisement Also, the staff opined that inflation pressure could give further adverse shocks to supply conditions in the United States . More importantly, the FOMC minutes report shoed that the officials believe there will not be a recession in 2023. Does this mean the US central bank will not raise interest rates in the next few meetings? It is so as per data from CME FedWatch Tool, which tracks market participants’ take on the US Fed’s target rate probabilities in the September 2023 meeting. Inflation Concerns A section of the Fed staff expect that tighter financial conditions could cause sharper slowdown than anticipated.  They also noted that monetary policy tightening appeared to be working broadly as intended, whereas the current inflation remains to be well above the 2% target. On the positive side, the Fed stated that softening in core goods prices a...

Republican lawmaker and self-described crypto HODLer, Senator Cynthia Lummis, has expressed her support for the recent judgment in the SEC vs. Ripple case. Sen. Cynthia Lummis is one of crypto’s most prominent supporters on Capitol Hill. She posted on Twitter her feelings about the ruling in the U.S. Securities and Exchange Commission’s (SEC) case against XRP. My statement in response to the Southern District of New York’s ruling in Securities and Exchange Commission v Ripple Labs, Inc. pic.twitter.com/bmIxR0AmhT — Senator Cynthia Lummis (@SenLummis) July 14, 2023 Senator Lummis applauded Analisa Torres’ finding of the Southern District of New York (SDNY) that crypto assets traded in secondary markets are not investment contracts.  You might also like: Lawyer argues XRP is not a security as SEC lawsuit continues The senator further stated that the court’s decision mirrored the position taken in the proposed crypto legislation that Sen. Kirsten Gillibrand and hers...

Brian Armstrong Prepared For Legal Battle Noting that the California-based Coinbase company has over $5 billion on its balance sheet to sustain operations and cover legal expenses, Armstrong confidently stated, “I think we’re gonna be fine going to the court”. Moreover, he expressed his readiness to endure a potentially lengthy legal process, affirming “even if this takes some time, that’s ok”. advertisement Read More: Billionaire Mike Novogratz Predicts SEC Lawsuits Will Continue Ahead Armstrong also sought to highlight the relatively small percentage of assets mentioned in the SEC complaint, as Coinbase trades over 200 assets on its platform. The crypto mogul pointed out that among those listed on the platform only 13 were categorized as securities. “A relatively small percentage of the assets we trade,” Armstrong added, further defending the company’s position. Armstrong Differentiates Coinbase From B...

Coinbase Calls For Legislation Instead of Litigation In a statement issued by Paul Grewal, chief legal officer and general counsel at Coinbase, he expressed his concerns about the SEC’s “enforcement-only approach” in the absence of clear rules for the digital asset industry. Grewal argued that this approach is hurting America’s economic competitiveness and companies like Coinbase that have demonstrated commitment to compliance and US regulations. advertisement Read More: Binance Unrattled With SEC Lawsuit, Introduces Bitcoin Ordinals Support Within 24 Hrs However, Grewal also emphasized that despite the lawsuit, Coinbase plans to continue operating as usual. He called for legislation that allows fair rules for the road to be developed transparently and applied equally, stating that litigation is not the solution. An exact excerpt from Grewal’s statement while speaking about the recent legal action is as follows: The solution is...

BTC Price Prediction: During early April, the Bitcoin price breached a psychological resistance of $30000 which offered buyers a strong stepping stone to stretch the recovery rally higher. However, the crypto market started witnessing an aggressive sell-off in mid-month as the market participants were still in the fear of rising inflation. As a result, the BTC price plunged below the $30000 level and trapped the hasty buyers in a bull trap scenario.  advertisement Key Points If the selling pressure persists, the Bitcoin price is poised for another 8% downfall The $25300 stands as crucial support to maintain the bullish sentiment in the market. The intraday trading volume in Bitcoin is $13.3 Billion, indicating a 25% loss Source- Tradingview The Bitcoin price witnessed aggressive selling in the past five days and recorded a 9.75% drop from the $30500 top. With sustained selling, the coin price is likely to test the nearest supp...