Telo News - Crypto | DeFi | Web3

05 Nov 2024 09:37

Donald Trump has outlined a comprehensive plan to support the crypto industry as part of his 2024 reelection campaign, positioning himself as a pro-crypto candidate:

⚫️Bitcoin as a reserve: Establish a Bitcoin reserve as a strategic national asset
⚫️Oppose CBDCs: Ban the creation of central bank digital currencies (CBDCs)
⚫️Make America the “crypto capital”: Turn the U.S. into a global leader in cryptocurrency
⚫️Leverage Bitcoin for debt: Suggest using Bitcoin to reduce the U.S. national debt
⚫️End the “crypto crackdown”: Stop regulatory pressures against the crypto industry
⚫️Protect Bitcoin mining and self-custody: Ensure Americans’ right to mine and self-custody crypto
⚫️Fire Gary Gensler: Replace the SEC Chair if reelected
⚫️Create a pro-crypto regulatory committee: Establish a committee to draft supportive regulations
⚫️Bring home Ross Ulbricht: Commute the sentence of Silk Road founder Ross Ulbricht
⚫️Support a Bitcoin “Made in the USA” policy: Encourage Bitcoin mining dominance within the U.S.

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05 Nov 2024 09:26

Coinbase achieved a legal win as a judge ordered the FDIC to release "Operation Chokepoint 2.0" pause letters, marking a key step toward regulatory transparency.

This comes after Coinbase's FOIA requests, which aimed to reveal instances of the FDIC allegedly directing banks to limit services for crypto firms, highlighting Coinbase's broader push for clarity from regulators.

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04 Nov 2024 15:59

Bernstein predicts Bitcoin could reach $200k by the end of 2025, regardless of the U.S. election outcome.

Short-term, a Trump win may push Bitcoin to $80k-$90k, while a Harris win could lower it to $50k. U.S. fiscal issues and Bitcoin ETFs are seen as key drivers.

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04 Nov 2024 14:12

The U.S. presidential election begins tomorrow, with key events lined up for the week:

⚫️November 5: Beginning of elections (current Polymarket odds – Trump 57.8%, Harris 42.4%)
⚫️November 6: Election results expected
⚫️November 7: Fed rate decision; 99.7% chance of 25bps cut

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Telo News - Crypto | DeFi | Web3

04 Nov 2024 13:34

Alibaba has reportedly cut staff from its metaverse unit, Yuanjing, as it pivots toward AI development, aligning with other tech giants like Tencent and Meta that have similarly reduced metaverse investments.

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Telo News - Crypto | DeFi | Web3

04 Nov 2024 05:33

Chinese tech giant Huawei integrated the digital yuan CBDC into its latest operating system, HarmonyOS NEXT, making it available for up to 1bn users.

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Telo News - Crypto | DeFi | Web3

03 Nov 2024 10:38

💌💌💌💌💌

✔ This week's crypto market highlights:

⚫BlackRock to vote on Microsoft Bitcoin investment
⚫Robinhood to offer 2024 U.S. election betting contracts
⚫Consensys cuts 20% of workforce
⚫Biden thanks Tinubu for releasing Binance exec Tigran Gambaryan
⚫Russian court fines Google $20 decillion
⚫YouTuber MrBeast is under investigation
⚫Former FTX executive Nishad Singh spared prison time
⚫Binance founder CZ spoke at Blockchain Week

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Telo News - Crypto | DeFi | Web3

02 Nov 2024 10:59

The IRS stated that crypto rewards credited before an account freeze are taxable in the year received, even if funds are later inaccessible.

Rewards uncredited before the freeze are exempt until accessible, stressing the need for awareness of tax obligations amid rising platform freezes.

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Telo News - Crypto | DeFi | Web3

01 Nov 2024 14:57

FTX is set to recover $21m in assets through settlements with Evolve Bank and Silicon Valley Community Foundation (SVCF) as part of its bankruptcy proceedings.

Pending court approval, Evolve Bank will return $12.77m, and SVCF will transfer back $8.57m and 34,208.70 FTT tokens, helping FTX to expedite creditor recovery and avoid litigation.

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Telo News - Crypto | DeFi | Web3

01 Nov 2024 14:37

The TON Foundation is advancing decentralization in the TON ecosystem by launching Society DAO, a new governance model that emphasizes community-driven decision-making and competition.

It allocates resources, funds projects, and sets goals across development, community, and adoption, promoting competition and resilience by supporting multiple projects in each category.

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Telo News - Crypto | DeFi | Web3

01 Nov 2024 14:16

Paxos has launched the USDG stablecoin, a USD-backed asset compliant with Singapore’s Monetary Authority (MAS) framework, with reserves managed by DBS Bank.

This new offering, available on Ethereum, is designed to boost global stablecoin adoption, targeting both crypto-native and regulated institutions with plans for broader distribution through exchanges and wallets.

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Telo News - Crypto | DeFi | Web3

01 Nov 2024 07:41

Japan's largest crypto exchange and blockchain company alliance, JVCEA, said it will start self-regulating stablecoins to boost public trust. This extends its focus from crypto trading and crypto-related derivatives trading companies.

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01 Nov 2024 07:21

Yesterday, the U.S. stock market experienced a significant downturn, erasing approximately $953bn in market value.

This decline was primarily driven by disappointing earnings reports from major technology companies, including Meta and Microsoft, which led to a broader sell-off across the market.

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31 Oct 2024 15:36

At 15:55 Dubai time, Binance founder CZ took the stage at Binance Blockchain Week, delivering a speech full of key insights:

⚫️There are positive developments in global crypto regulation
⚫️CZ avoided discussing the U.S. presidential election but noted the shift in perception and growing demand for digital assets
⚫️CZ confirmed he would not return to his role at Binance, even if U.S. authorities were to permit it
⚫️His future focus will be on education and investments

CZ had previously mentioned he would be attending the event in a personal capacity.

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31 Oct 2024 10:23

The U.S. Treasury has expressed concerns about the stablecoin market's rapid growth and recommends that private stablecoins like Tether’s USDT eventually be replaced by a central bank digital currency (CBDC).

According to a recent Treasury report, stablecoins have increasingly acquired U.S. Treasury bills (T-bills), which could introduce risks to the T-bills market if a significant stablecoin like USDT were to collapse.

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Telo News - Crypto | DeFi | Web3

05 Nov 2024 09:29

Elon Musk warned that U.S. government spending is bankrupting the country, emphasizing how the interest on national debt already exceeds the entire defense department budget (~$1tr yearly) and growing monthly.

Musk highlighted the need for his Department of Government Efficiency (DOGE), noting that with over 450 agencies, almost twice America’s age, it’s as if two agencies were created every year.

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05 Nov 2024 09:16

OpenAI is in preliminary talks with regulators to transform the company from its $157bn worth non-profit structure into a for-profit enterprise.

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04 Nov 2024 15:39

Kraken has launched a licensed crypto derivatives brokerage in Australia for wholesale investors, offering crypto-based derivatives trading with multi-collateral support.

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04 Nov 2024 13:59

The Hong Kong government plans to introduce a regulatory framework for stablecoin issuers by the end of the year.

Circle’s CEO noted that Hong Kong is a significant market for USDC.

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Telo News - Crypto | DeFi | Web3

04 Nov 2024 08:50

The Monetary Authority of Singapore (MAS) is pushing for commercialization of tokenization, with plans to open a wholesale CBDC testnet, the SGD Testnet, to financial institutions like Standard Chartered, DBS, Citi, and HSBC.

The regulator has seen strong interest in tokenization among the fixed income, FX and asset management sectors.

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04 Nov 2024 01:28

According to Cryptoquant data, USDT on the TON network surpassed $1bn, a 670% increase in six months, up from just $130m on the network in May 2024.

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02 Nov 2024 15:46

According to the data, future Bitcoin price predictions include:

⚫️Tim Draper — $250k by 2025
⚫️Arthur Hayes — $750k by 2026
⚫️Robert Kiyosaki — $500k by 2025
⚫️PlanB — $400k by 2026
⚫️Peter Brandt — $135k by September 2025
⚫️Mark Yusko — $150k by 2025
⚫️Mike Novogratz — $500k by 2028
⚫️Cathie Wood — $1m by 2030
⚫️Tyler Winklevoss — $500k by 2030
⚫️Michael Saylor — $13m by 2045

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02 Nov 2024 10:45

The U.S. government is seeking the return of $13.25m in political donations made by former FTX executives Sam Bankman-Fried and Nishad Singh, mostly directed to Democrat-aligned groups.

Judge Lewis Kaplan granted an extension until January 15 for the government to negotiate with political action committees (PACs), including Senate Majority PAC, Future Forward PAC, and Women Vote, regarding the forfeiture of these funds.

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Telo News - Crypto | DeFi | Web3

01 Nov 2024 14:47

UBS Asset Management has launched the "UBS USD Money Market Investment Fund Token" (uMINT), built on Ethereum technology and available through selected distribution partners in Singapore.

This fund joins a growing trend in tokenized money market funds aimed at crypto investors, providing easy access to cash yields.

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01 Nov 2024 14:27

Tether is set to launch a new stablecoin pegged to the United Arab Emirates (UAE) dirham on the TON blockchain.

This initiative aims to meet the growing demand for the Gulf currency and provide an alternative to the U.S. dollar.

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01 Nov 2024 07:56

U.S. prosecutors have indicted Aleksei Andriunin, founder of Gotbit, and two directors, Fedor Kedrov and Qawi Jalili, for alleged market manipulation and fraud.

Gotbit reportedly boosted cryptocurrency trading volumes from 2018 to 2024 to secure listings on major exchanges. If convicted, they could face up to 20 years in prison for wire fraud.

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01 Nov 2024 07:33

Florida’s CFO Jimmy Patronis revealed the state has $800m in crypto investments and supports directing retirement funds into cryptocurrency as a hedge against federal control, aligning with Trump’s Bitcoin stockpile proposal.

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01 Nov 2024 05:36

Tether's Q3 profit was $2.5bn, bringing its nine-months consolidated profit to $7.7bn. USDT circulation reached $120bn, up 30% year-to-date, with an additional $27.8bn worth of the stablecoin issued. $102.5bn of Tether's reserves are in direct or indirect exposure to U.S. Treasuries (T-bills).

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31 Oct 2024 10:52

A recent report by Electric Capital shows Asia has overtaken North America in crypto developer distribution, marking a significant shift in global talent.

⚫️Asia's share of crypto developers rose from 13% in 2015 to 32% in 2024
⚫️North America’s share dropped from 44% to 24%
⚫️U.S. remains the top country at 18.8%, with India and the UK following at 11.8% and 4.2%
⚫️64% of developers are located outside traditional U.S. tech hubs

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31 Oct 2024 09:59

According to Coinshares’ Q3 report, Bitcoin mining costs surged to around $49,500 per BTC in 2024, with total production costs, including depreciation, averaging $96,100.

Rising expenses are attributed to heightened mining difficulty, infrastructure expansion, and limited financing due to increased interest rates.

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