The White House is reviewing a proposal from the Internal Revenue Service (IRS) to adopt an international standard for reporting and taxation of digital assets, according to regulatory filings. Summary The IRS has submitted a proposal to the White House to adopt the “CARF,” a global tax standard and align with 72 other countries by…
Key Takeaways Dave Portnoy stacked XRP, Bitcoin, and Ethereum during Monday’s market dip. In July, Portnoy sold his XRP at $2.4 just before a 50% increase in its value, prompted by advice regarding competition from Circle. Share this article Barstool Sports founder Dave Portnoy purchased $1 million worth of XRP on Monday, along with $750,000…
Before the approval of Bitcoin ETFs in the United States, many institutions bought Grayscale Bitcoin Trust (GBTC) for indirect exposure. These trusts, which are private funds, along with many other products offered by Grayscale, are regulated by the SEC and serve as critical vehicles for public funds to invest in cryptocurrency. As of November 18,…
U.S. Senator Todd Young of Indiana is calling on the Internal Revenue Service (IRS) to review Biden-era tax guidelines for cryptocurrency rewards. Summary Sen. Todd Young urged Treasury Secretary Scott Bessent to reconsider the IRS’s 2023 tax treatment of staking rewards. The IRS recently proposed implementing the global CARF tax standard, aligning the U.S. with…
Key Takeaways Binance is experiencing a notable increase in short-term Bitcoin trading activity. Short-term Bitcoin holders are selling during price corrections, resulting in higher trading volumes on exchanges like Binance. Share this article Binance, the world’s largest crypto exchange by trading volume, is experiencing increased short-term Bitcoin trading activity as market dynamics shift toward more…
Bitcoin Price has come down nearly -29% from its ATH in October. Compared to the S&P’s just over -4% and Nasdaq’s -7% drops, we can easily say that the BTC volatility is still a lot to take for traditional investors. Such a drop for the indexes can be observed at the COVID crash in 2020…
Aave has introduced a mobile savings application that mimics banking interfaces to offer users stablecoin access in ways that standard savings accounts typically can’t. Summary Aave’s new mobile app enables users to convert euros and dollars into stablecoins that generate interest. The app offers stablecoin yields that outperform traditional savings accounts and U.S. Treasury bills….
Key Takeaways The Coinbase premium gap has fallen to -$90, indicating unexpected market behavior. A negative premium gap suggests selling pressure and less demand from institutional investors on Coinbase. Share this article Coinbase’s premium gap has dropped to -$90, reflecting a significant shift in Bitcoin market dynamics as institutional demand weakens. A negative Coinbase Premium…
Crypto’s main value proposition is that base networks are supposed to be online, all the time. Out of this ultra-high reliability, DeFi platforms, whether lending or decentralized exchanges, can function at any time of the day, all without censoring transactions, another big plus. True, Bitcoin, Ethereum, and mainnets powering some of the next 100X cryptos…
“A drop of 20% or more from a peak is the conventional definition of entering bear market territory,” Gemini stated. After a promising start to October, bitcoin’s price has plunged hard in the following weeks, dropping by roughly 30% to dip below $90,000 yesterday. Some analysts believe this marks the start of a bear…
