Crypto SWOT: Colorado Taxpayers Can Now Pay In Crypto

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Strengths

  • Among the cryptocurrencies tracked by CoinMarketCap, the best performer of the week was XRP, up 49.29%.
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  • The Nasdaq is making its first major move into crypto, Bloomberg reports, as the second-largest exchange prepares to capitalize on the growing appetite for digital currencies among big investors. A new group dedicated to digital assets will initially offer custody services for Bitcoin and Ether to institutional investors. As a custodian of digital assets, the Nasdaq would compete with crypto companies such as Coinbase, Anchorage Digital, and Bitgo, the article continues.
  • A crypto industry lobby wants the judge in a high-profile digital assets case to review congressional efforts to establish a new legal framework for the fledgling industry before moving forward, Bloomberg reports. The Digital Chamber of Commerce, a crypto advocacy organization, filed an amicus brief on Wednesday in the SEC lawsuit against Ripple Labs.

Weaknesses

  • Among the cryptocurrencies tracked by CoinMarketCap, the worst performer of the week was RavenCoin, down 23.82%.
  • A fall in cryptocurrencies on Monday sent Bitcoin to a three-month low as sentiment was hit by a wave of monetary tightening that is expected to spread from Europe to the United States. Bitcoin sank as much as 7.4% and was trading at $18,644, the lowest since digital asset prices fell following the collapse of crypto lender Celsius in June, writes Bloomberg.
  • Cryptocurrency hedge funds lost 4.9% in August, the most of any investment style, according to Bloomberg Hedge Fund Indices. The Bloomberg All Hedge Index fell 0.2% during the month and is down 5.9% since the start of the year. So far this year, cryptocurrency funds are down 41%, according to Bloomberg.

Opportunities

  • Colorado taxpayers can now pay their taxes in Bitcoin, Ether, and other cryptocurrencies through a first-of-its-kind tax payment program in conjunction with PayPal. Businesses and individuals will be able to use cryptocurrency assets to pay tax duties under major Colorado tax programs, writes Bloomberg. Because Colorado cannot directly accept crypto itself, the revenue department hired PayPal to broker each transaction and immediately convert digital currencies into US dollars.
  • Cryptocurrencies outperformed US stocks for a change, with Bitcoin and Ether gaining for the first time in five days. Bitcoin was up around 2% on Friday and Ether around 1.5%. Markets are quivering at the Fed’s determination to fight inflation by tightening financial conditions, writes Bloomberg.
  • Cryptocurrency exchange FTX is in talks with investors to raise $1 billion in funding, CNBC reports. The valuation of billionaire Sam Bankman-Fried’s company will be $32 billion, according to the report. That’s the same as in January, when the company raised $400 million, Bloomberg writes.

Threats

  • The UK’s Financial Conducts Authority has issued a consumer warning about Sam Bankman-Fried’s FTX crypto exchange, saying it is not licensed by the regulator to offer any financial services or products in the country. Regulators said FTX “targets people in the UK,” adding that investors are “unlikely to get your money back if things go wrong,” writes Bloomberg.
  • South Korean prosecutors have reported that Do Kwon, the progenitor of a $60 billion cryptocurrency annihilation, was at risk of an Interpol Red Notice and was trying to evade prosecution. repairing a collapse that rocked digital assets. Kwon had moved from South Korea to Singapore, reports Bloomberg, where the now-collapsed Terraform Labs project had a base, but the city-state says he is no longer there. Kwon’s whereabouts are unclear and he denies being on the run even as Seoul prosecutors seek his detention on allegations that include violations of capital markets law.
  • Jesse Powell, co-founder of crypto exchange Kraken, is considering stepping down as CEO, Kraken confirmed with CoinDesk. Kraken’s current COO will take over as CEO until someone is hired to fill the position, according to a post by CoinDesk.

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Crypto SWOT: Colorado Taxpayers Can Now Pay In Crypto


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