- Bitcoin Eyes $74K as BTC ETFs See Record $1B in Net Inflows
Bitcoin (BTC) climbed above $73,00 early Wednesday, adding 2.5% in 24 hours to reverse Tuesday’s losses after a $360 million liquidation event sent prices tumbling.
The gain followed a record day of exchange-traded fund (ETF) inflows in terms of both dollars and bitcoin. Data tracked and cited by BitMEX Research shows spot bitcoin ETFs took in 14,706 BTC, or over $1 billion, in net inflows on Tuesday, surpassing a February record of $673 million.
Blackrock posted a record $849 million of inflows while Grayscale led outflows at $79 million. Total inflows crossed the $4 billion mark.
- Binance Asked to Provide Names and Transaction History of Top 100 Users in Nigeria
Nigeria has stepped up its scrutiny of global crypto exchange Binance by demanding the names and transaction history for the top 100 Nigerian users, according to a news report.
It’s been three weeks now that the Nigerian government has detained two of Binance’s senior executives. The government’s actions underscore its intention to stabilize the naira, Nigeria’s currency, which has been under significant pressure following recent devaluations.
According to documents seen by the Financial Times, the office of Nigeria’s national security adviser is also asking the exchange to resolve any outstanding tax liabilities.
- Binance to delist several TrueUSD trading pairs
On March 13, Binance published a notice saying it would remove several TUSD pairs from the exchange. They include COMP/TUSD, EDU/TUSD and PENDLE/TUSD. Furthermore, the exchange will also delist BNB $595 pairs for Arpa and EduCoin. The exchange will delist the pairs on March 15, 2024, at 3:00 am UTC.
The exchange explained it periodically delists tokens to “protect users and maintain a high-quality trading market.” Reasons for delisting spot trading pairs may include poor liquidity and trading volume. However, the exchange clarified that delisting trading pairs does not mean the asset is completely gone from Binance. The exchange wrote:
“The delisting of a spot trading pair does not affect the availability of the tokens on Binance Spot. Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance.”
https://cointelegraph.com/news/binance-trueusd-stablecoin-trading-pair-delisting
- Thailand Approves Tax Exemption for Crypto Earnings to Encourage Investment Token Fundraising
According to CoinDesk, Thailand’s cabinet has approved a tax exemption for crypto earnings to encourage fundraising through investment tokens. Under the exemption, holders of investment tokens who have had the 15% capital gains tax withheld will not need to include the profits when calculating their income tax. This effectively ends a scenario of double taxation. Kulaya Tantitemit, director-general of Thailand’s Revenue Department, reportedly stated that the Ministry of Finance recognizes the importance of digital tokens for investment, which will serve as another tool for raising funds for business operators in the country.
- London Stock Exchange Embraces Digital Assets by Accepting Crypto ETN Applications
The launch of bitcoin (BTC) and ethereum (ETH) ETNs on the LSE platform marks a crucial development for investors looking for regulated avenues into the fast-evolving crypto-asset sector. These instruments are crafted to track the price movements of bitcoin and ethereum, creating a linkage between the dynamic prices of cryptocurrencies and the traditional stock market framework.
“The proposed Crypto ETN: (a) is physically backed, i.e., non-leveraged; (b) has a market price or other value measure of the underlying that is reliable and publicly available,” underlines the emphasis on security and transparency for this innovative product. The fact sheet details also highlight the protection of assets through cold storage, bolstering investor trust in the durability and security of these offerings against online risks.
- Terraform Labs Allowed to Hire Law Firm Dentons in Bankruptcy Case by U.S. Court: Reuters
A U.S. court has allowed Terraform Labs to hire law firm Dentons in a lawsuit brought against it and its co-founder Do Kwon by the U.S. Securities & Exchange Commission (SEC) in Jan. 2024.
Last month, Terraform’s creditors, the SEC, and the U.S. Justice Department objected to Terraform hiring Dentons after it had filed for bankruptcy in the U.S. in Jan. 2024.
Their primary concern was that Terraform had sent as much as $166 million in retainer payments since 2023 to lawyers of Terraform, taking the cash away from the reach of its creditors.
- Ethereum L2s Arbitrum, Optimism and Polygon See Gains Ahead of Dencun Upgrade
Just hours to go until the Dencun upgrade goes live on Ethereum mainnet, the tokens of layer-2 scaling solutions like Arbitrum, Optimism, and Polygon have all seen hefty gains.
Arbitrum is the only one to have seen double-digital gains as the Ethereum community counts down the minutes to Dencun. Its ARB token has risen 11% in the past day and 7.5% compared to this time last week. ARB rose as high as $2.25 early Wednesday morning, but has since settled to $2.20 at the time of writing.
https://decrypt.co/221500/ethereum-l2-arbitrum-optimism-polygon-dencun-upgrade
- Coinbase shares dip after-hours as exchange plans $1B convertible notes offer
Cryptocurrency exchange Coinbase plans on raising $1 billion from senior convertible notes to raise cash to repay debts and for “general corporate purposes.”
The senior convertible notes — a debt security that can later be converted into equity, like stock — will only be privately offered to eligible institutional buyers and must be repaid by April 1, 2030, unless earlier repurchased, redeemed or converted, the firm said in a March 12 blog post.
The notes are a valuable tool for companies looking to raise capital and Coinbase is seemingly jumping at the chance to take on debt while investors are confident in the firm, with its share price at an over two-year high, per Google Finance.
https://cointelegraph.com/news/coinbase-offers-1-billion-convertible-notes
- Nervos CKB and Rebase to Host Bitcoin Spring Hacker House in Wuhan
According to Foresight News, Nervos CKB and the developer community Rebase will co-host a Bitcoin Spring-themed Hacker House in Wuhan’s East Lake from March 23 to April 5. Recruitment for the event has officially begun, with plans to pre-recruit 20 developers for free accommodation at the Hacker House. Participants will explore and research current Bitcoin-related protocols, assets, and directions, as well as create new applications and projects based on Bitcoin, the UTXO model, and new protocols.
- South Korea Preparing Tax System to Avoid Cryptocurrency Tax Evasion
The growth of bitcoin and other cryptocurrencies as investment vehicles is getting the attention of tax enforcers. The National Tax Service of South Korea is preparing to implement a virtual asset tax system that will receive the data from cryptocurrency holders and process it to have a gross panorama of the taxes they need to pay.
According to local media, GTIC, a consulting firm, has been selected to lead the development and implementation of this system, and it has begun a consulting project on the subject for the next four months.
After several revisions to the local regulatory framework, virtual assets service providers (VASPs) must report customers’ transaction data to the National Tax Service. Nonetheless, the service has no automated way of analyzing and managing this information.
https://news.bitcoin.com/south-korea-preparing-tax-system-to-avoid-cryptocurrency-tax-evasion/
