In today’s cryptocurrency news, read about Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, ApeCoin, Polygon, Cardano, and Stellar have all seen price declines over the past day, while Chainlink and Polkadot have seen price increases. Meanwhile, the business tycoon appears to be taking his infectious zeal to Twitter. Musk has recruited prominent Andreesen Horowitz crypto investor and former Twitter employee Sriram Krishnan to return to Twitter as part of his new team, and he has borrowed $500 million from the cryptocurrency exchange Binance to finance his new acquisition. Lastly, the Financial Accounting Regulations Board (FASB) in the USA updated accounting standards to make it easier for publicly traded corporations to include digital assets in their balance sheets. That’s wonderful news for the crypto and institutional communities alike.
Price Drops for Bitcoin, Ether, and Dogecoin; Gains for Chainlink and Polkadot
Original Source: Cryptocurrency prices today: Bitcoin, ether, dogecoin fall while Chainlink, Polkadot surge
Bitcoin’s price today was $20,644, more than 2% lower than yesterday. According to CoinGecko, the global crypto market worth remained above $1 trillion today at $1.07 trillion.
Ether, the second largest cryptocurrency linked to the ethereum blockchain, fell over 1% to $1,573. Dogecoin was trading 5% down at $0.11, while Shiba Inu was 2% lower at $0.000011.
Bitcoin is trading below $21,000, a pessimistic sign. BTC dropped roughly 2% owing to limited volume. If purchasers take the initiative, it might hit $21,000 or fall to $20,400. Ethereum has lost $1,600 as bears gain market share. If bears keep rising, ETH could break below $1,500 and reach $1,400 by the end of the month, says Mudrex CEO Edul Patel.
Binance USD, Avalanche, Solana, Tether, XRP, Terra, Tron, Litecoin, Uniswap, ApeCoin, Polygon, Cardano, Stellar values fell today, while Chainlink, Polkadot rose.
The market value of outstanding cryptocurrencies has fallen by more than half this year as the Federal Reserve boosted interest rates, drawing back pandemic-era support that fueled a sharp run up in riskier assets. Since token values fell from their peak, investors’ interest has waned.
After reaching approximately $69,000 in November 2017, Bitcoin’s price has been around $20,000 since June.
Musk Believes That Cryptocurrencies Will Play a Significant Role on Twitter
Original Source: Musk sees a big role for crypto on Twitter. He’ll face a tall climb.
Elon Musk loves bitcoin. Tesla possessed $2 billion in bitcoin before selling it. Frequently tweets about dogecoin.
Now the mogul is tweeting. Musk has acquired $500 million from Binance to finance his new acquisition and engaged former Twitter CEO and Andreesen Horowitz crypto investor Sriram Krishnan.
Musk has tweeted a lot about crypto coins and ideology in recent months, leading some to hope he’ll help mainstream them.
But what can Musk do with cryptocurrency? The Post studied his many pronouncements on the subject and interviewed crypto authorities, watchdogs, and content providers to gauge their practicality and impact.
He’s fighting crypto scams.
Musk said combating crypto scams was vital at a TED Talk in Vancouver this year.
Eliminating Twitter’s spam, fraud, and bot armies is his main objective. We’d have 100 billion dogecoin if I had one for every crypto fraud I observed. (Twitter and Tesla representatives declined to comment on Musk.)
Watchdogs say a big chunk of the $1 billion lost to crypto frauds since the start of 2018 was lost via Twitter scams, some of which impersonated Musk.
Musk hasn’t revealed his strategy. Regulators who’ve tried to fix this problem don’t believe he can deliver, claiming no tech can stop scammers from tweeting.
Joe Rotunda, Texas Securities Board enforcement director, texted The Post, “I’m suspicious.” If Musk can curb crypto scams on Twitter, he’ll have done something many technologists consider impossible.
He thinks Twitter can use dogecoin.
Musk has worked with dogecoin developers and thinks the asset is “very cool.” When rumors circulated that he might buy Twitter, he suggested buying a Blue premium subscription with doge.
Dogecoin’s value increased after Musk formalized his purchase of Twitter and tweeted a doge mascot-breed Shiba Inu in a Twitter shirt.
Technical experts say introducing doge to Twitter is conceivable because its transactions are faster than bitcoin’s, which has slowed uptake. Musk’s Twitter sales are uncertain. (The site accepts bitcoin “tips.”) Traditional payment methods like Visa can process transactions hundreds of times faster than doge.
Looser content moderation could increase crypto voices.
Crypto Twitter users have long believed the system can punish them. Shadow bans limit how much other users see their posts.
Musk and other Twitter execs said they’ll relax content management. Musk told advertisers last week that Twitter would be a platform for “healthy debate” Binance CEO and Musk ally Changpeng Zhao stated this pledge included bitcoin on Tuesday.
Twitter is a town square for crypto and most of the world’s current subjects, therefore it’s a terrific location to encourage free expression.
Cryptocurrency users Some crypto influencers believe they perceive a difference in Musk’s content-moderation rules on Twitter. PlanB, a controversial bitcoin influencer, said his account is getting more attention since Musk’s takeover.
PlanB posted, “Elon indicated they didn’t modify policies, but they removed some bans.” “Read the hundreds of comments on my earlier tweet and who can now access my tweets after 9 months.”
PlanB told The Post Twitter “stopped showing my posts to my followers.”
He wants to crypto-ize Twitter.
In the crypto realm, institutions are controlled by a vast community instead of a top-down executive structure. Bitcoin and ethereum work similarly.
Musk told Twitter founder Jack Dorsey he wanted to make the platform “decentralized.”
That’s possible?
Crypto enthusiasts think so. “A group of diverse thinkers was mentioned. This is a good beginning step, said Decrypt Studios founder and publisher Alanna Roazzi-Laforet. She added Krishnan may push for a governance token and aim to give the community governance control.
Criticism remains.
David Gerard, a crypto skeptic, told The Post that Twitter will never be decentralized. “Musk owns. I’m surprised he ever lets anyone have control. Musk!
Twitter’s pro-NFT stance could change.
You may have seen non-fungible tokens (NFTs) used as Twitter profile images. Twitter allowed users to link NFTs to wallets in January.
Musk has criticized NFTs, suggesting in a meme that they’re psychiatric hallucinations. Musk hated Twitter’s policy. On January, he tweeted: “Twitter is investing engineering resources on this… while crypto scammers throw a spambot block party in every thread!”
Musk may have to act shortly. As he prepared to take over Twitter, the developer account revealed a “tweet Tiles” function to facilitate NFT sales off the platform.
Among Certified Public Accountants, Crypto Has Triumphed
Original Source: Crypto notches a win among professional accountants
J.W. Verret, a law professor, attorney, CPA, and head of the Crypto Freedom Lab, covers cryptocurrency law and regulation with a focus on decentralized finance (DeFi) and financial privacy.
Institutional adoption in crypto is exciting yet frustrating. Modern crypto inheritors of the 90s cypherpunk lineage see crypto as decentralized human empowerment. This vision includes eliminating rent-charging intermediaries who undermine freedom and privacy. When a significant financial institution enters crypto, Crypto Twitter buzzes.
Dogecoin DOGE $0.10 rose on anticipation Elon Musk will promote it on Twitter. Banks start crypto ventures without contemplating how a Bitcoin Lightning Network or Ethereum layer 2 payment system may make them obsolete.
FASB changed accounting regulations in October to allow public corporations hold digital assets on their balance sheet. Institutions and crypto benefit for now.
Crypto was formerly recorded as software in corporation books. It was recorded at its historical cost and then impaired for each price decline (but not written up again when prices went up). This discouraged public company holdings for anyone save Michael Saylors. It’s difficult to hold an asset at the last bear market’s bottom price.
The new standards implement the same fair value accounting rules as for publicly listed stock. The regulation values crypto at its public price.
There are still numerous questions to consider regarding accounting standards for crypto. First, stablecoins backed by other assets aren’t included.
Many public companies who accept crypto from customers do so to please them and immediately convert it to currency. If corporations start using crypto as currency, a new balance sheet quasi-case or digital cash category may be needed.
Consider asset-backed stablecoin differences. USD Coin $1.00 is a cash equivalent and fits the GAAP cash equivalent category. Tether USDT $1.00 was backed by riskier commercial paper, but that’s changing. Maker’s Dai DAI $1.00 is a stablecoin backed by USDC and other cryptocurrencies. Dai needs a quasi-cash or quasi-currency category.
What about Bitcoin BTC $19,707 or Ether ETH $1,478 that a firm holds to use as cash, not for investment? Will Bitcoin be categorized as a quasi-currency or as an investment despite its limited payment use? Unlike stablecoins, it’s meant for payments but highly volatile.
Fair valuation methodologies will be easy to apply to liquid, highly traded currencies like Bitcoin and Ether, which firms possess. As organizations store and use other cryptocurrencies, several questions will arise.
Valuing digital assets not traded actively will be difficult using traditional financial models. Due to the unique architecture of cryptocurrencies, existing financial valuation methods may not apply.
FASB’s deliberate adaptation of accounting standards to new technology is something the SEC and other authorities may learn from. The FASB employed crypto-native experts and modified their regulations quickly, assuring that GAAP will survive the crypto revolution.
GAAP crypto accounting is unclear. Once we decentralize banking, crypto natives must build their own accounting procedures. It encourages institutional crypto holdings for now.
Summary of today’s bitcoin and cryptocurrency news
To put it simply, Bitcoin’s price has been trading in a narrow range of roughly $20,000 since June of this year, after rising to an all-time high of nearly $69,000 in November of last year.
Meanwhile, Musk may soon have to take a stand for his convictions. A “tweet tiles” feature that will enable NFT sales outside of the site was disclosed by the company’s developer account as he was poised to assume control of Twitter.
Lastly, the FASB should be praised for how carefully it changed accounting rules to account for this new technology. The SEC and other financial authorities could learn from this. GAAP is likely to survive the crypto revolution because the FASB quickly hired experts who grew up with crypto and changed their standards to fit the reality of this new technology.
