Bitcoin reaches $59.000, Kraken to launch institutional division and IRS hires crypto executive

2 min readFeb 28, 2024
Photo by Kanchanara on Unsplash

Bitcoin surges above $59.000 as bull rally continues

Bitcoin surged above the $59,000 level in European morning hours on Wednesday, adding 5% in the past 24 hours and reaching a $1.2 trillion market capitalization.

The price spike came as spot bitcoin exchange-traded funds (ETFs) recorded over $3 billion in cumulative trading volumes on Tuesday, contributing to demand. Some traders also pointed to the bitcoin halving event, expected in April, as a new narrative that causes a pre-halving rally.

Futures bets on lower bitcoin prices took on $25 million in liquidations since Asian morning hours, Coinglass data shows, which may have contributed to the price spike.

IRS strengthens crypto oversight with former Binance.US executive

The Internal Revenue Service (IRS) is stepping up its game in the world of cryptocurrency regulation by enlisting the expertise of two seasoned professionals in the field.

Sulolit “Raj” Mukherjee, with his background as the former global head of tax at ConsenSys and his previous contributions to Binance’s US unit, brings a wealth of knowledge in blockchain technology and taxation.

These appointments mark a significant shift in the IRS’s approach to tackling challenges in the cryptocurrency space. By bringing in industry experts like Mukherjee and Wilks, the IRS is signaling its commitment to staying ahead of the curve when it comes to enforcing compliance with tax regulations in the rapidly evolving world of digital assets.

Source: Coingape

Kraken Launches Institutional Service to Stem Coinbase Dominance

Amidst the rave for dominance in the cryptocurrency industry, digital asset service provider Kraken has taken the industry unawares with the introduction of a new service dubbed Kraken Institutional.

This novel solution is designed as a one-stop shop where firms that are looking to delve into the digital asset ecosystem can get the needed assistance.

“Kraken Institutional will be the single point of contact for reliable, scalable, and easy-to-integrate solutions for institutions seeking exposure to the crypto asset class.”

Per the crypto exchange’s announcement, the Kraken Institutional solution is a suite of the company’s existing products and services including spot trading, OTC trading, and staking.

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