Author: NBTC

The $40 million deal is D.C.’s biggest-ever income tax fraud recovery, officials said. The district sued Saylor in 2022 for allegedly not paying income taxes while living in the district. Saylor disputes the allegations and said he settled to avoid the “burdens of litigation.” MicroStrategy (MSTR) founder and Executive Chairman Michael Saylor agreed to a $40 million settlement with the District of Columbia in what officials said was the biggest-ever income tax fraud recovery in the district, the New York Times reported. The District of Columbia sued Saylor and his company in August 2022, alleging the executive paid no income…

Key Points: Bybit registration in China suddenly reopened, overturning previous strict restrictions and potentially tapping into a vast user base. Bybit’s withdrawal of its Hong Kong license application suggests a strategic shift amid regulatory challenges. According to Wu Blockchain, Bybit, a prominent cryptocurrency exchange, has made a surprising move by opening registration and authentication for users in China. Bybit Registration in China Suddenly Opened Again Amid Internal Suspicions 2 Bybit Registration in China Surprises Exchange Internals The Bybit registration in China comes after years of strictly prohibiting Chinese users from accessing its platform, reflecting a significant shift in the company’s…

In two weeks, Ordinals founder Casey Rodarmor will launch Runes, his protocol for fungible tokens that use Bitcoin’s blockchain. Runes will launch on the day of Bitcoin’s halving: currently scheduled for April 20. Bitcoin’s mining reward halves every four years. After April 20, miners will receive just 3.125 instead of the current 6.25 bitcoin in guaranteed income for every new block they mine. Runes is so widely anticipated that Bitcoiners are already predicting a torrent of transactions. Bids from Runes users could spike fees over 1,000 satoshis per vByte. For context, current transaction fees on Bitcoin are below 10 sat/vByte.…

The US Securities and Exchange Commission (SEC) approving Ethereum spot ETFs was a big step for the cryptocurrency market. The regulator’s decision followed the earlier approval of Bitcoin spot ETFs, which led to a massive inflow of capital into BTC. Ethereum ETFs Could Record Massive Inflows After Launch A prominent crypto researcher Bobby Banzai forecasts monthly inflows of $569 million for Ethereum ETFs once trading begins. His prediction is based on international ETF values and Chicago Mercantile Exchange (CME) futures open interest data, which show that ETH’s value is around 19% relative to BTC. “With Bitcoin flows amounting to $13.6…

Layer1 blockchain Injective introduced proposal IIP-392 to reduce INJ’s inflation rate as the project aims to be among the “most deflationary” cryptocurrencies. 📣 Reminder to all $INJ stakers and validators:The IIP-392 governance proposal which is set to make $INJ one of the most deflationary tokens ever is live! Voting ends on April 23rd 🗓️ https://t.co/VkECpBTjAz — Injective 🥷 (@injective) April 22, 2024 Injective proposal receives massive support Data shows the new proposal has received 99.99% YES votes less than 20 hours before the voting closes. Source – Injective The tokenomics upgrade marks a vital moment for the altcoin as it…

In May, the crypto industry saw significant events related to regulatory clarity in the US. President Joe Biden’s administration has dramatically shifted its crypto stance within a month. Initially resistant to crypto, the administration recently took several pro-crypto actions, signaling a significant policy change. This article explores the events and motivations behind this surprising transition, including political pressures and legislative developments. Passage of Crypto-Focused Bills On May 16, the US Senate voted to pass H.J. Res 109, a resolution to overturn the Securities and Exchange Commission’s (SEC) controversial Staff Accounting Bulletin No. 121 (SAB 121). Introduced in March 2022, SAB…

Bybit, a major international crypto exchange, has announced a strategic partnership with digital asset custodian Copper. The aim is to reduce the settlement cycle for digital asset trades from four to just two hours through the latest ClearLoop. Reduced settlement times translate to minimized risk exposure and improved capital efficiency, fortifying overall security, enhanced by Copper’s custody. Two-hour settlements occur 24/7, which fosters operational efficiency. Eugene Cheung, Head of Institutions at Bybit, highlights the improvement that will allow for transparent and more accurate recordkeeping and a clearer view of institutional balance: “Bybit is thrilled to be the pioneer partner to…

Bitcoin (BTC) will be ‘halved’ in mid-April 2024 – a four-year event that slashes Bitcoin mining rewards in half. That said, validating Bitcoin transactions get 6.25 BTC at present, which would go down to 3.125 BTC post halving. The reward for mining a block of transactions started at 50 Bitcoins in 2009, dropping to 25 in 2012 and 12.5 in 2016. As a result, the ‘halving’ event creates practical difficulties for miners when half their income suddenly vanishes. With the imminent Bitcoin halving setting up the grand chess game in the markets, “sentiments are bullish in the long term,” says…

The launch of spot Ethereum ETF will potentially result in a supply crunch upon launch, crypto accounting software firm Integral on June 3. The projection mirrors the sentiment around spot Bitcoin ETFs before their launch earlier this year. The ETFs connected to the flagship crypto have since experienced record inflows, with the BTC supply on centralized exchanges falling notably in tandem. Ethereum supply crunch Integral anticipates that ETF issuers will buy and hold large amounts of ETH, thereby removing a portion of ETH from the open markets and driving up the crypto’s price. The trend is arguably already underway. Integral…

Omni has launched the first phase of its mainnet, dubbed “Omni Armageddon.” This marks a significant milestone in the platform’s evolution, encapsulating years of concerted effort by Omni’s team to develop a robust solution for interoperability across different blockchain systems. This launch is a critical step towards creating a cohesive environment for various blockchain rollups, enhancing user experience and liquidity. Omni Armageddon is live!Phase 1 of mainnet means users can now delegate on EigenLayer to help secure Omni.This launch is the culmination of years of work developing a secure solution for fragmentation across rollups and marks a pivotal step in…