Bitcoin

Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600

June 10th, 2022

Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party payment network. US Residents Think…

Crypto’s Decentralized Nature Makes Regulation Challenging

June 8th, 2022

India’s market regulator, the Securities and Exchange Board of India (SEBI), says the decentralized nature of crypto assets makes consumer protection and regulatory enforcement challenging. SEBI on Crypto Regulation The Securities and Exchange Board of India (SEBI) reportedly told the Parliamentary Standing Committee on Finance that the decentralized nature of crypto assets makes any consumer…

Bitcoin Back Below $30K, Here’s Why A Crash To $24K Is Possible

June 7th, 2022

Bitcoin failed its latest breakout attempt from the $32,000 range and fell substantially in the past 24 hours. BTC is down over 5% at $29,535- sticking to the same tight range seen for over a month. There also appear to be few factors encouraging any price gains in the short term. Rather, technical indicators show…

Venezuelan Sunacrip Tightens Control on Transactions Made Using Unauthorized Exchanges

June 3rd, 2022

Sunacrip, the Venezuelan cryptocurrency watchdog, has issued a new internal providence that defines the guidelines it will follow in dealing with reports of suspicious activity related to fintech platforms. The document describes that the use of unauthorized platforms might constitute suspicious activity, which could ostensibly lead to penalties of $15,000 for its customers. Sunacrip Publishes…

Bitcoin’s Latest Tumble Below $30K Driven By This

June 2nd, 2022

Bitcoin (BTC) slumped over 5% on Thursday, erasing all of its recent gains as investors braced for more policy tightening by the Federal Reserve. The token slumped over 5% in the past 24 hours to $29,867, after rising as high as $32,000 in the past few days. The fall was triggered by the U.S. Federal…

Legendary Short Seller Issues Warning On Coinbase, MicroStrategy

June 1st, 2022

Short-selling veteran Jim Chanos warned that Coinbase and MicroStrategy are likely set for more weakness this year. Speaking with the Crypto Critic’s Corner podcast, Chanos said the margins Coinbase earns from trading commissions are too high when compared to traditional brokerages. He said the 1.5% trading commission margins earned by Coinbase are likely to fall…

Nigerian Presidential Hopeful Says He Supports Digital Currencies but Wants the Industry Regulated

May 30th, 2022

Nigerian presidential hopeful, Bukola Saraki, recently said he supports the digital currency industry which he claimed has created opportunities for the country’s youth. However, he insisted that there is a need for the enactment of laws that guide players in this space. Digital Currencies Create Opportunities for the Youth One of Nigeria’s presidential aspirants, Bukola…

No Tax Amnesty for Russian Crypto Miners as Lawmakers Withdraw Proposal

May 26th, 2022

A new draft law has replaced an earlier bill introducing a one-year tax and customs amnesty for cryptocurrency miners in Russia. The initial proposal has been withdrawn on the grounds that the tax break would have resulted in losses to the state budget. Revised Crypto Mining Legislation Submitted to Russian Parliament Without Amnesty for Miners…

US Senator Cruz ‘Incredibly Bullish’ on Bitcoin — Says ‘I Have a Weekly Buy’

May 26th, 2022

U.S. Senator Ted Cruz says he is “incredibly bullish” on bitcoin and purchases the cryptocurrency weekly for his portfolio. Emphasizing that cryptocurrency “will change the world,” the senator said, “Uncontrolled, decentralized currency is terrifying for those who want control of currency.” Senator Ted Cruz ‘Incredibly Bullish’ on Bitcoin, Crypto Senator Ted Cruz (R-TX) discussed bitcoin…

India’s Central Bank Governor Warns About Crypto After Collapse of Terra LUNA, UST

May 24th, 2022

India’s central bank, the Reserve Bank of India (RBI), has warned about investing in the crypto market following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). “We have been cautioning against crypto and look at what has happened to the crypto market now,” said Governor Shaktikanta Das. RBI’s Governor on Crypto Market and…