Blog

Bitcoin Price: Sudden Sunday Drop Has Analysts Eyeing $7.8K Support

A test of resilience for Bitcoin price now revolves around an area with $7,400 as its bottom, one market analyst suggests. Bitcoin price (BTC) returned to sideways trading on Oct. 14 after a sudden dip on Sunday evening saw markets lose 2% in minutes. Cryptocurrency market daily overview. Source: Coin360 Bitcoin claws back lost ground Data from Coin360 showed the largest cryptocurrency fluctuating around $8,300 at press time, having made up some of the ground lost during the downturn. BTC/USD spent much of the weekend grinding upwards, reaching local highs…

Read More

Crypto IRS Audits: Hire Professionals or Do it Yourself?

The IRS is hunting crypto user identities. If you are audited, should you hire a professional or do it yourself? Do it yourself or outsource it? Rightly or wrongly, most people seem to fear the IRS, and an IRS audit can be daunting, even if it is entirely by correspondence. Most considerations are arguably the same in many different kinds of tax audits. However, crypto tax matters can be even more sensitive than many others. One reason is return filings and records.  Let’s face it, many crypto investors have not…

Read More

Tax Guide: What Crypto Owners Should Know

With the rise in price and the growing adoption of cryptocurrencies, more governments worldwide have been ramping up efforts to tax them. Some countries are using extreme measures to get their hands on this new source of untapped revenue, but there are also tax-friendly countries that are not taxing crypto transactions. Furthermore, many tools exist to help crypto owners. Also read: IRS Issues New Crypto Tax Guidance – Experts Weigh In Know How Your Government Taxes Crypto Each country, state, or even city has its own set of rules when…

Read More

Litecoin Turns 8 — Charlie Lee Says Foundation Not Near Bankruptcy

As Litecoin celebrated its eighth birthday on Oct. 13, its founder Charlie Lee fended off criticism about LTC and the Foundation’s finances. As Litecoin (LTC) celebrated its eighth birthday on Oct. 13, its founder Charlie Lee had to fend off crypto Twitter’s FUD — fear, uncertainty and doubt — about the altcoin. Lee’s original post was the exuberant announcement that: “Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000 worth of LTC have been transacted.…

Read More

Growth of BTC Millionaires Now Matches Bitcoin’s Early Years: New Data

Bitcoin wallets containing more than 1,000 BTC are now increasing at a rate seen only before the Mt. Gox collapse. The number of Bitcoin (BTC) addresses containing more than 1,000 BTC ($8.3 million) is growing at the same pace in 2019 as before 2014, new data shows. Woo “super bullish” on wallet trend Uploaded to social media by Bitcoin statistician Willy Woo on Oct. 11, a chart of Bitcoin address growth by balance shows the network is now repeating a trend from its earliest years. Source: charts.woobull.com “The rate of…

Read More

Dutch Central Bank: World Will Need Gold if Entire System Collapses

The Dutch central bank raised eyebrows by admitting fiat could fail and society would then need actual sound money to survive. Fiat money will become inferior to gold in the event of a total collapse of the world’s financial system, one of Europe’s central banks has said. Gold will rescue the economy from “collapse” In comments which have caught critics of fiat by surprise, the Dutch Central Bank, known as De Nederlandse Bank (DNB), said gold would be indispensable in the event of a fiat meltdown. Retweeted on social media…

Read More

IMF Has Another Trick Up Its Sleeve When Fiat Fails – Its Own Coin SDR

Virtually everybody knows what a dollar is, but not as many know about the SDR. The International Monetary Fund’s (IMF) Special Drawing Rights is an international, monetary reserve system created specifically to address limitations of gold and standard fiat currencies such as the USD. In short, should these fail, central banks and their governments retain the ability to trade and plan with liquidity via another, exclusive instrument — the SDR. Also Read: Bitcoin Cash Outshines BTC Retail Spending in Australia by a Wide Margin An Artificial Currency The SDR is…

Read More

Crypto ‘Sextortionists’ Turn to Litecoin to Avoid Detection: Report

Litecoin and other alts are becoming increasaingly prevalent among crypto “sextortionists” since they allow to avoid detection more easily, a new research says. Litecoin (LTC) and other alts are becoming increasingly prevalent among crypto “sextortionists” since they allow to avoid detection more easily, a new research says. According to cybersecurity firm Cofense’s new report published on Oct. 8, malicious actors are gradually starting to shift their focus from Bitcoin (BTC) to specifically avoid detection by specialized email filters. The report states: “As enterprises began writing detection rules to block those…

Read More

Report: G7 Says ‘Global Stablecoins’ Pose Threat to Financial Stability

The G7 has released a report claiming that “global stablecoins” could pose a threat to global financial stability. The G7 group of nations has reportedly drafted a report which says that “global stablecoins” pose a threat to the global financial system. According to the BBC on Oct. 13, a draft report from the G7 outlined the various risks associated with digital currencies. It also said that, even if member firms of the governing Libra Association addressed regulatory concerns, it may not get approval from the necessary regulators, stating: “The G7 believe that…

Read More

More Nations Join the Club of Crypto-Friendly Jurisdictions

Regulatory barriers are a major concern for businesses working with decentralized assets. Not all governments, however, are putting obstacles in front of crypto companies. In fact the number taking a crypto-friendly stance is in fact increasing. Also read: Ukraine in a Rush to Legalize Cryptocurrencies Under Zelensky Executives View Regulations as the Biggest Threat Government regulations are a determining factor for the business climate crypto companies operate in. A recently published survey conducted among executives from the industry shows that the slow advance in that respect is a major concern.…

Read More