The IRS released the latest version of its controversial “broker rule” guidance late Friday.Tax agency discloses for the first time Newly Proposed Regulations As discussions about tax reporting requirements for cryptocurrency brokers begin in August 2023, concerns have been raised that vague language could have a detrimental effect on many parts of the cryptocurrency industry, from wallet providers to decentralized exchanges.“Good news: They agree that custodial brokers are brokers.” Coin Center Chief Communications Officer Neeraj Agrawal said in a post on “Our concern is whether self-custodial applications (like DEXs) that are just code without a central authority can also be…
Author: Crypto Flexs
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Ethereum’s price action has finally turned bullish over the past 24 hours. Ethereum selling pressure increased last week. Whale behavior has a major impact on the prices of cryptocurrencies, including top coins. Ethereum (ETH). The latest analysis has rightly pointed out one such interesting development. Separately, key ETH indicators suggest that investors could soon witness a price rise. Connecting Ethereum and BitMEX CryptoQuant analyst and author BlitzzTrading recently posted the following: analyze Highlights unique trends. Our analysis shows that after a sharp increase in Ethereum holdings, the price of ETH decreased significantly. For example, on September 28, Bitmex exchange holdings…
Artificial general intelligence (AGI) may be closer than previously thought, according to experts in the field. Dr. Ben Goertzel, CEO of SingularityNET (AGIX), estimates that AGI could be achieved within the next three to eight years, a significant reduction from the decades-long timeline often suggested by many AI experts.Dr. Goertzel, often referred to as the father of AGI, emphasized that rapid advances in AI technology, the integration of hybrid systems, and the increasing power of computing resources are accelerating the journey toward AGI. This optimistic outlook was shared in a presentation at the recent Beneficial…
The U.S. Supreme Court’s decision to overturn the Chevron Doctrine — a 40-year-old court ruling that leaves it up to federal agencies to interpret the law as they see fit — could be a boon for the cryptocurrency industry.Supreme Court justices voted 6-3 on Friday to overturn that doctrine. The opinion was led by Chief Justice John Roberts.“Experience has also shown that Chevron doesn’t work,” Roberts said in his opinion. “A defining feature of this framework is that it identifies legal ambiguities that require deference in the second step of the doctrine. But the concept of ambiguity has always eluded…
Bitcoin (BTC) is still stuck in a large range, but bulls are trying to keep the price above $60,000. This is a positive sign as it shows that bulls are buying and not waiting for the price to drop to $56,552. Spot Bitcoin exchange-traded funds (ETFs) appear to have reached a turning point, attracting net inflows over the past three days, according to data from Farside Investors.However, according to Santiment data, the range-bound action of the past few months and the failure to break new highs above $73,777 have led to a decline in bullish sentiment across major social media…
According to Manta Network, Manta Pacific is leading the way in integrating real-world assets (RWAs) into the Web3 ecosystem. The platform is powering its ecosystem with assets such as Mountain Protocol’s wUSDM, a 5% yielding stablecoin, backed by U.S. Treasury bonds and BlackRock’s BUIDL Fund.Why Real Asset Management?In the Web3 space, RWA has the potential to revolutionize asset management and ownership. Manta Network provides individuals and organizations with tools to efficiently manage these types of assets through a decentralized framework. The platform aims to bridge the traditional financial world with the decentralized future by tokenizing…
Investors’ risk appetite tends to increase with lower cost of capital and higher liquidity, creating a favorable scenario for high-growth assets. As a result, Bitcoin (BTC) and other cryptocurrencies often benefit from these situations because demand typically increases as more currency is in circulation. But since inflation in the US appears to be under control, why isn’t the cryptocurrency market reacting positively?Interest rate cuts affect corporate performance and the real estate marketThe US Federal Reserve (Fed) closely monitors the employment market, inflation, and the value of the USD currency and adjusts its policy accordingly. When the inflation trend approaches the…
A trader held PEPE for 7 months before pouring his savings into Kraken. The sale generated $1.35 million in proceeds, suggesting a bullish signal locally. A strong foundation in derivatives cushions the PEPE market downturn. Pepe (PEPE), one of the most successful meme currencies, has caught the attention of cryptocurrency analysis platforms due to its unusually large deposits. According to on-chain data from the Debank cryptocurrency portfolio tracker, Ethereum (ETH) whales sent 118.5 billion PEPE coins to Kraken on June 27, 2024. With Right Timing, PEPE Trader Becomes a Millionaire After holding the PEPE for seven months, Whale deposited the…
Company • June 28, 2024 1:08 PM EDT Posted 1 minute ago In ~ Updated: June 28, 2024 1:12 PM EDT The U.S. Securities and Exchange Commission has sued Consensys, alleging that the company failed to register as a broker with the MetaMask swap service.“Consensys also violated the law through its MetaMask staking service,” the SEC said in a complaint filed Friday in the U.S. District Court for the Eastern District of New York.Consensys engaged in the offering and sale of unregistered securities in the form of a crypto asset staking program and acted as an unregistered broker through its…
According to the Hong Kong Monetary Authority (HKMA), total deposits in Hong Kong’s licensed institutions increased by 1.1% in May 2024. According to data released on June 28, Hong Kong dollar deposits increased by 0.3% and foreign currency deposits increased by 1.8%. Deposit growth rate and Yuan trend As of the end of May, total deposits increased by 3.2% compared to the previous year, and Hong Kong dollar deposits increased by 0.9%. In particular, Hong Kong yuan deposits surged 4.2%, reaching 1.134 trillion yuan. This increase is primarily due to corporate funding flows. However, the…