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cointelegraph.com Mar 19, 2025 02:49

Minnesota senator proposes Bitcoin Act after going from skeptic to believer - Minnesota state Senator Jeremy Miller has introduced the Minnesota Bitcoin Act, which he drafted after completely changing his stance on Bitcoin.“As I do more research on cryptocurrency and hear from more and more constituents, I’ve gone from being highly skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies,” Miller said in a March 18 statement.Miller said the bill aims to “promote prosperity” for Minnesotans by allowing the Minnesota State Board of Investment to invest state assets in Bitcoin (BTC) and other cryptocurrencies, just as it invests in traditional assets.Several other US states have introduced similar Bitcoin-buying bills, with 23 states having introduced legislation to create a Bitcoin reserve, according to Bitcoin Laws.A total of 39 different bills related to state investments in Bitcoin have been introduced across 23 US states. Source: Bitcoin LawsUnder Miller’s bill, Minnesota state employees would be able to add Bitcoin and other cryptocurrencies to their retirement accounts.It would also give residents the option to pay state taxes and fees with Bitcoin. Colorado and Utah already accept crypto for tax payments, while Louisiana allows it for state services.Investment gains from Bitcoin and other cryptocurrencies would also be exempt from state income taxes. In the US, up to $10,000 paid to the state can be deducted from federal taxes under the state and local tax deduction, but any amount beyond that is subject to both state and federal tax obligations.Related: SEC could axe proposed Biden-era crypto custody rule, says acting chiefThe increasing number of US states proposing Bitcoin reserve bills follows Senator Cynthia Lummis’ July Strategic Bitcoin Reserve Act, which directs the federal government to buy 200,000 Bitcoin annually over five years, totaling 1 million Bitcoin.However, on March 12, Lummis proposed a newly reintroduced BITCOIN Act, allowing the government to potentially hold more than 1 million Bitcoin as part of its newly established reserve.Bitcoin has shown significant gains compared to traditional assets in recent years. From August 2011 to January 2025, Bitcoin posted a compound annual growth rate of 102.36%, compared to the S&P 500’s 14.83%, according to Curvo data.Bitcoin’s compound annual growth rate is significantly higher than the S&P 500s. Source: CurvoMagazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

FOMO: 90%
cointelegraph.com Mar 19, 2025 06:05

Bakkt stock tumbles nearly 30% after losing Bank of America and Webull - Crypto firm Bakkt’s share price has closed March 18 trading down over 27% after it disclosed that two of it biggest clients, the Bank of America and Webull, won’t renew commercial agreements. In a March 17 regulatory filing, Bakkt said it had received notice of Bank of America not renewing its commercial agreement when the deal expires on April 22. It also disclosed that the brokerage platform Webull had also decided not to renew its agreement when it ends on June 14. Bank of America represented 17% of Bakkt’s loyalty services revenue in the nine months ending Sept. 30, 2024, according to the filing. Webull represented 74% of the company’s crypto services revenue across the same period. Stocks in Bakkt (BKKT) tumbled on March 18 after the filing, and its share price closed the day down 27.28% at $9.33. BKKT saw a further decline of 2.25% to $9.12 after the bell, according to Google Finance. Bank of America and Webull won’t renew agreements with Bakkt, which saw its stock sell-off. Source: Google FinanceOverall, the stock is down over 96% from its all-time high of $1063, which it hit on Oct. 29, 2021. Bakkt has also postponed its previously announced earnings conference twice, with the latest rescheduling slating the call for March 19. Bakkt was founded in 2018 by the Intercontinental Exchange, which holds a 55% stake and also owns the New York Stock Exchange (NYSE).Related: Bakkt declares $780M full-year revenue in 2023 earnings reportAt least one law firm, the Law Offices of Howard G. Smith, announced a possible class action against Bakkt, alleging federal securities violations. The potential lawsuit claims that the terminated agreements with Bank of America and Webull, combined with the rescheduled earnings call, caused Bakkt’s stock price to fall, “thereby injuring investors.” Bakkt, Bank of America and Webull didn’t immediately respond to requests for comment. In November last year, Bakkt’s share price jumped over 162% to $29.71 and continued to climb 16.4% to $34.59 after a report claimed Donald Trump’s media company was in advanced talks to acquire the firm. Before that, Bakkt’s parent company considered selling it or breaking the firm into smaller entities in June, according to a Bloomberg report. It also received a notification from the NYSE in March that it wasn’t in compliance with the stock exchange’s listing rules after its stock spent 30 days closing below $1 on average.Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

FOMO: 85%