Crypto News
Bitcoin Stalls but Smart Money Is Still Betting on It
Markets are still recovering from Thursday’s bombshell commercial inflation data, but institutional interest in bitcoin is still alive and well. BTC Flat, Yet Institutional Investors Remain Bullish Bitcoin dipped below $117K on Friday, as markets floundered in the wake of Thursday’s higher-than-expected wholesale inflation data from the U.S. Bureau of Labor Statistics (BLS). But theSource link
New York Crypto Tax Could Generate $158 Million a Year, Says Lawmaker
New York Assemblymember Phil Steck introduced legislation that would charge an 0.2% tax on crypto transactions across the Empire State.Source link
SharpLink Stock Dives After Q2 Loss as Ethereum Price Surge Cools
SharpLink Gaming stock fell Friday as the Ethereum treasury posted $103 million in net losses for Q2 and as ETH dipped below $4,400.Source link
U.S. Fed Officially Scraps Specialist Group Meant to Oversee Crypto Issues
The Federal Reserve continued its relaxation of crypto oversight on Friday with a move to shut down a two-year-old supervisory program intended to keep a special eye on banks' crypto ties, instead folding that task back to its day-to-day oversight work.The central bank established its short-lived Novel Activities Supervision Program during the tenure of Vice Chairman Michael Barr, the board's supervision chief appointed by then-President Joe Biden, and the agency is now sunsetting the effort and will "return to monitoring banks' novel activities through the normal supervisory process," according to a Fed statement on Friday.Since the start of President Donald Trump's second term, the Fed has tended to move in step with the other banking regulators who've pulled back on...
Digital Asset Treasury Firms Plunge as Bitcoin Tumbles Below $117K, ETH Slides to $4.4K
Digital asset treasury (DAT) firms, seen as high-beta plays on crypto prices, sold off sharply on Friday as the August crypto rally showed signs of exhaustion.Strategy (MSTR) fell another 3% on Friday, extending its decline to 20% since July’s high and 33% from the November 2024 all-time high. The MSTR/IBIT ratio dropped to 5.43, its lowest since March, signaling continued underperformance against BlackRock’s iShares Bitcoin Trust (IBIT) and a return to levels last seen at the start of the year.Other bitcoin treasury stocks also declined, with Metaplanet (3350) down 9% and Nakamoto (NAKA) off 12% following the completion of its merger with KindlyMD to form a new bitcoin treasury entity.Breaking from the trend, KULR Technology (KULR) gained over 5% after...