And in other news, Joe Biden signs the $1 trillion infrastructure bill into law — bringing with it new reporting requirements for cryptocurrency transactions
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Bitcoin plunges 10% on Terrible Tuesday 🚨
Bitcoin has plunged by more than 10% over the past 24 hours — taking the world's biggest cryptocurrency below $60,000. The bearish pullback casts doubt over whether BTC has what it takes to hit $98,000 by November. Some analysts remain convinced that Bitcoin will enter six-figure territory during this bull cycle, but now expect this milestone to be reached in a few months' time. For now, traders will be waiting nervously to see whether BTC can reclaim all-time highs. What analysts are saying.
Biden signs infrastructure bill 👀
Joe Biden has signed the $1 trillion infrastructure bill into law, bringing with it new reporting requirements for cryptocurrency transactions. Critics say these measures are unworkable and could hamstring everything from mining to decentralized exchanges. The provision in question expands the definition of brokers who must report any transaction of more than $10,000 to the Internal Revenue Service. It sought to raise $28 billion to help pay for the bill. Find out more here.
VanEck to launch BTC ETF today 🚀
A "brutal" price war in the Bitcoin ETF market could be about to commence. The VanEck Bitcoin Strategy ETF is going to launch today. It'll offer a 65 basis point fee — nearly one third below what the two existing exchange-traded funds charge. All of this comes days after the U.S. Securities and Exchange Commission shot down an application for a physically settled Bitcoin ETF. Regulators remain concerned about fraud and price manipulation in the market. Here's the latest.
Paradigm raises $2.5B for new fund 🔥
Venture capital firm Paradigm has raised $2.5 billion for a new cryptocurrency industry investment fund. This is the largest fund yet in the industry, surpassing the $2.2 billion fund that Andreessen Horowitz — also known as a16z — launched in June. Paradigm was created by Coinbase co-founder Fred Ehrsam and former Sequoia partner Matt Huang. They described crypto as "the most exciting frontier in technology," but noted less than 10% of the global population currently own it. Read more here.
Miner raises $650M to buy Bitcoin 💰
You'd think you really don't want to reveal that you've received a subpoena investigating securities law violations the same day you announce plans to sell $500 million in debt. That was the position Bitcoin miner Marathon Digital Holdings found itself in — but nonetheless, it increased the size of its offering to $650 million. The senior, unsecured debt offering will be used for "general corporate purposes including the acquisition of Bitcoin or Bitcoin mining machines." What's going on?
Galaxy Digital's net income rises 1,100% 📈
Crypto investment firm Galaxy Digital today reported a smashing third quarter, with earnings up more than 1,100% over the previous year. The publicly listed company announced net comprehensive income of $517 million, up from $41.5 million in Q3 2020. Galaxy Digital Holdings has several major lines of business, including asset management, institutional trading, investment banking, cryptocurrency mining, venture funds and investments, and prime brokerage. Crunching the numbers.