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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Bitcoin has reached an all-time high just under $100,000, driven by a surge in interest following Donald Trump's election victory and the resignation of SEC Chair Gary Gensler, signaling a potentially more favorable regulatory climate. Despite this rally, altcoins struggle to keep pace, with lingering concerns from the 2021 crypto bubble affecting the broader market.
The Cabinet Committee on Economic Affairs has approved the PAN 2.0 project, aimed at modernizing the issuance and management of Permanent Account Numbers (PAN) and Tax Deduction and Collection Account Numbers (TAN). Managed by the Income Tax Department, this enhanced system will simplify tax filing, improve security, and increase accessibility, featuring advanced tools for efficient financial transactions.
Macy’s Inc. disclosed an internal investigation revealing that a former employee manipulated delivery cost metrics, hiding up to $154 million in expenses since 2021. This incident, which did not involve cash theft, has raised concerns despite the hidden amount being a small fraction of the $4.36 billion in overall delivery costs during that period.
President-elect Donald Trump is consulting the crypto industry on his selection for the new SEC chair, with top contenders including Paul Atkins and Brian Brooks. As he prepares to overhaul SEC leadership, Trump has pledged to support the crypto sector, promising to create a favorable regulatory environment and appoint a crypto czar to guide policy. The crypto industry anticipates a significant shift in regulatory dynamics following the resignation of current SEC chair Gary Gensler.
The crypto market experienced a significant downturn, shedding $182 billion in a single day as Bitcoin fell 6.2% to $92,446.38, moving further from the $100,000 mark. Other major cryptocurrencies also declined, with Ether down 4.2% and Solana's token dropping 8.9%. Despite this drop, Bitcoin has surged over 30% since the U.S. presidential election on November 5, fueled by optimism surrounding Donald Trump's pro-crypto policies and the anticipated resignation of SEC Chair Gary Gensler on January 20, coinciding with Trump's inauguration.
India’s retail investors increased their stakes in the Adani Group just before US authorities announced bribery charges against its founder. In contrast, institutional investors reduced their holdings during this period. For more insights, follow Bloomberg.
[Bloomberg](https://www.bloomberg.com) and [SEC]
Bitcoin's ascent towards the $100,000 mark has stalled, trading around $98,243.25 after a significant rally post-U.S. elections. Analysts attribute this pause to profit-taking by long-term holders and a recent surge in selling pressure, while some anticipate a potential correction amid high leverage in the market. Despite these challenges, there remains optimism for future gains, bolstered by a tightening supply and ongoing pro-crypto sentiment from political figures.
Macy's reported a 2.4% decline in third-quarter sales, totaling $4.74 billion, and announced a delay in its full earnings release due to an accounting issue involving erroneous entries related to delivery expenses, amounting to $132 million to $154 million. The company expects to provide complete results and guidance by December 11. CEO Tony Spring emphasized the company's commitment to ethical conduct while the investigation continues, noting that the issue did not impact cash management or vendor payments.
The Securities and Exchange Board of India (SEBI) has proposed a significant overhaul of the ownership structure of clearing corporations (CCs), advocating for a more diversified shareholding model that may exclude stock exchanges entirely. This shift aims to enhance the integrity of trade settlements, ensuring that transactions are completed reliably, while also maintaining a settlement guarantee fund to protect against defaults.
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