2023-11-10

💸 ETH Breaks $2K: BlackRock Effect!

November 10, 2023

Howdy Folks,So it looks like Ethereum was getting a little envious of Bitcoin's recent moves....

All I know is, that these green days are very welcome!

💥 Ether Breaks $2K Barrier
⚖️ Cryptoqueen's Counsel Guilty
💰 Global Crypto Tax Pledge

📈 BlackRock's ETH ETF Fuels Market Surge

BlackRock, the titan of asset management, is flexing its financial muscle in the crypto world, this time lifting Ethereum (ETH) prices beyond the $2,000 mark—a feat not seen in over a year. 🚀

Filed yesterday, their application for an Ether spot exchange-traded fund (ETF) comes hot on the heels of their Bitcoin ETF bid, sparking a bullish bonfire in the crypto marketplace.

The impact of BlackRock's move rippled through the altcoin ocean, lifting many boats before a flash crash swamped nearly $1 billion in open interest, leaving a trail of liquidated positions in its wake. 🌊It goes up, it goes down, it recovers! 📈📉🛟This tumultuous tide in the market underscores the profound influence of institutional moves on crypto's volatile waters.

The "iShares Ethereum Trust" ETF proposal, made public through a 19b-4 filing with Nasdaq, signals BlackRock’s ambition to chart territories beyond Bitcoin. 🗺️Crypto voices like Udi Wertheimer chimed in, playfully noting Ethereum's rise as the "second best" in a nod to the Bitcoin-centric views of figures like Michael Saylor.

Meanwhile, Raoul Pal hailed the ETH ETF as a "holy grail" for asset managers, given its potential to blend yield capture with price performance for ETF holders. 🏆An institutional influx of cash would be pretty rad right now!

As the community speculates over BlackRock's ETH ETF filing, many see it as a precursor to the approval of their Bitcoin ETF, painting a picture of growing institutional appetite in the crypto feast. 🍽️🎉

🔗 OneCoin Lawyer Admits Guilt in Court

In the ongoing unraveling of the $4 billion OneCoin crypto scandal, another domino has fallen.

Irina Dilkinska, the former Head of Legal and Compliance for OneCoin, has pled guilty to fraud and money laundering, marking another significant milestone in the pursuit of justice for the victims of this notorious scheme. 🚨

The U.S. Attorney’s Office of the Southern District of New York broke the news yesterday, outlining Dilkinska's acknowledgment of her role in the global multi-level-marketing (MLM) network that swindled investors worldwide. 🌐The 42-year-old Bulgarian lawyer's plea shines a light on the inner workings of OneCoin, revealing a sophisticated operation of deceiving and defrauding.

Dilkinska's job at OneCoin wasn't just about legal compliance; it extended to orchestrating the movement of millions in illicit profits.This included a notable episode where she facilitated the transfer of $110 million to a company in the Cayman Islands. 🏝️Well, that doesn't sound fishy at all...🎣

U.S. District Judge Edgardo Ramos, who accepted the guilty plea, has now set the stage for Dilkinska’s sentencing on February 14, 2024.Facing up to ten years in prison, her future seems bleak, echoing the fate of her former colleague Sebastian Greenwood, who was sentenced to 20 years.

Meanwhile, the saga's protagonist, Cryptoqueen Ruja Ignatova, remains a shadowy figure on the run, with law enforcement agencies and prosecutors urging anyone with information about her whereabouts to step forward. 🕵️‍♂️Where's Sherlock Holmes when you need him? 🔎

As the OneCoin drama continues to unfold, the crypto community watches closely, reminded of the dangers lurking in the unregulated corners of the digital finance world. 💻💸

🌍 47 Countries Commit to Crypto Tax Framework

In a landmark move, 47 countries have united under a banner of financial transparency, committing to implement the Crypto-Asset Reporting Framework (CARF) by 2027. 📅

This groundbreaking framework, designed for automatic tax information exchange, marks a significant step in the global effort to bring the elusive world of cryptocurrencies under a clearer regulatory lens.

Initiated by the Organisation for Economic Cooperation and Development (OECD) and born from a G20 mandate, CARF sets out to shed light on cryptocurrency and digital asset transactions. 🌏Well...that's a lot of acronyms!Whether these occur through intermediaries or service providers, the framework aims to draw a detailed map of the digital finance landscape.The collaborative statement highlights a collective determination to improve tax compliance and crack down on evasion, striving for a fairer financial playing field. 🤝However, while the list of signatories includes OECD members and some known offshore financial centers like the Cayman Islands and Gibraltar, notable absentees like China, Hong Kong, the UAE, Russia, and Turkey raise eyebrows.The geographic spread of the pledge also reveals gaps, with no African nations and only two from Latin America - Chile and Brazil. 🗺️

So, is it not really that global then? 🤦This patchwork of commitments reflects global financial governance's complex, often fragmented nature, especially in the rapidly evolving crypto sector.

As the activation date of 2027 approaches, the world watches to see how this ambitious framework will navigate the choppy waters of international finance and digital asset regulation. 🚢💼