Business Frame Weekly – The Internal Revenue Service has slightly revised its 2014 guidance on the treatment of virtual currency/ First Republic (FRC) stock fell as much as 20%

Business Frame Weekly – The Internal Revenue Service has slightly revised its 2014 guidance on the treatment of virtual currency/ First Republic (FRC) stock fell as much as 20%

The Internal Revenue Service has slightly revised its 2014 guidance on the treatment of virtual currency to reflect the fact that some countries now accept Bitcoin as legal tender.

First Republic (FRC) stock fell as much as 20% late Monday after the lender posted its first quarterly results since the recent bank crisis.

U.S. stocks closed mixed Monday, as investors awaited a locked and loaded earnings calendar with heavyweights reporting in every sector.

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April 25, 2023

IRS tweaks crypto guidance for Bitcoin

The Internal Revenue Service has slightly revised its 2014 guidance on the treatment of virtual currency to reflect the fact that some countries now accept Bitcoin as legal tender. The IRS issued Notice 2023-34 on Monday, basically updating Notice 2014-21 because it stated that digital currencies were not legal tender; however, the IRS noted that since that time, some foreign jurisdictions have enacted laws that characterize Bitcoin as legal tender.

Stocks moving after hours: First Republic, Whirlpool, Cleveland-Cliffs

First Republic (FRC) stock fell as much as 20% late Monday after the lender posted its first quarterly results since the recent bank crisis. The San Francisco-based lender reported deposits fell by $72 billion during the quarter. A consortium of the biggest US banks banded together to rescue the lender with $30 billion of uninsured deposits last month to stave off a bank run; excluding these deposits First Republic saw more than $100 billion leave the bank in the first quarter.

Stocks waver ahead of more heavyweight earnings: Stock market news today

U.S. stocks closed mixed Monday, as investors awaited a locked and loaded earnings calendar with heavyweights reporting in every sector. The S&P 500 (^GSPC) edged up above the flatline, while the Dow Jones Industrial Average (^DJI) gained 0.2%. The technology-heavy Nasdaq Composite (^IXIC) fell by 0.29%. Government bonds fell. The yield on the 10-year note slid to 3.51%, while rate-sensitive two-year note yields also declined to 4.14% Monday morning.

Tucker Carlson’s Fox News Exit Erases $507 Million in Value

Tucker Carlson, one of the most popular Fox News prime-time hosts, was worth more than $500 million to the parent company. At least that is what trading in the stock indicates. Class A shares of Fox Corp. sank as much as 5.4% Monday, before trimming losses to 2.9%, after the company said Carlson had left with immediate effect. The departure comes just days after the network agreed to pay $787 million to settle a defamation suit brought by Dominion Voting Systems Inc.

Coinbase files legal challenge to push SEC to write rules on crypto

Coinbase Global Inc filed a petition on Monday in an effort to compel the U.S. Securities and Exchange Commission to create new rules for digital assets, the company said in a blog post, in the latest escalation of the cryptocurrency exchange’s tensions with the securities regulator. Coinbase filed a petition for rulemaking with the SEC last year in which it urged the regulator to provide clarity on the circumstances under which a digital asset is a security and create a new market structure framework that is compatible with cryptocurrencies.

Bitcoin could hit $100,000 by end-2024, Standard Chartered says

Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, saying that the so-called "crypto winter" is over. Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its interest rate-hiking cycle and improved profitability of crypto mining, Standard Chartered's head of digital assets research Geoff Kendrick said in a note. "While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer," Kendrick wrote.


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