2024-08-01 14:59:08
Blockchain
Finance
Business

Crypto Trends: Loans, Losses, and Innovation

In the first half of 2024, crypto lender Ledn issued $1.16 billion in loans, driven by clients utilizing digital asset-backed loans for tax benefits. The resurgence in the crypto lending sector is attributed to spot bitcoin ETFs and creditors reclaiming assets from bankrupt firms.

Meanwhile, Bitcoin mining company Riot Platforms faced an $84.4 million loss in the second quarter due to soaring costs, including an increase in expenses and reduced Bitcoin rewards. Representative Ro Khanna emphasized the importance of Democrats embracing innovation, advocating for a bipartisan future for Bitcoin and the transformation of the global financial landscape, despite political controversies surrounding the cryptocurrency.

The Street
29. August 2024 um 19:04

Democrat Ro Khanna champions bitcoin’s bipartisan future

Politics
Finance
Technology
Cryptocurrencies & blockchain
Rep. Khanna attributes some of the divisiveness around bitcoin to political exploitation, notably by figures like Donald Trump. However, he remains optimistic about bitcoin's bipartisan future, championing its role in transforming the global financial system and the need for the U.S. to lead in this innovation.
CoinDesk
1. August 2024 um 09:55

Bitcoin Miner Riot Platforms' Second-Quarter Loss Widens to $84.4M as Costs Surge Democrats Need to Be the Party of 'Innovation': Rep. Ro Khanna

Cryptocurrencies & blockchain
Economy
Finance
Technology
Riot Platforms, a Bitcoin mining firm based in Castle Rock, Colorado, reported a second-quarter loss of $84.4 million, more than double the previous year. Costs surged, including a 48% increase in general expenses, $32.1 million in stock compensation, and a 50% reduction in Bitcoin rewards due to the halving event. The company mined 844 BTC at a cost of $25,327 per BTC, up 68% due to a higher network hashrate. RIOT shares fell 0.3% in pre-market trading as Bitcoin dropped 2.7% and the broader..
CoinDesk
1. August 2024 um 13:00

Crypto Lender Ledn Handed Out $1.16B Worth of Loans in First Half of 2024 Democrats Need to Be the Party of 'Innovation': Rep. Ro Khanna

Cryptocurrencies & blockchain
Finance
Economy
Clients are using digital asset-backed loans for tax reasons, as borrowing against crypto is normally a non-taxable event. The crypto lending sector is making a comeback thanks to spot bitcoin ETFs and creditors receiving their assets back from bankrupt companies.
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