Category: Cryptocurrency News

Not only do you have to report Crypto transactions to the IRS for tax purposes, the IRS requires you to pay taxes on mined and purchased Crypto if you make any profit. It's outrageous how the IRS totally ignores billionaires avoiding trillions of dollars in taxes while asking Crypto holders to pay taxes. The government…
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Bitcoin traders have found a way to use the recently launch Chivo App, the countries own BTC wallet, by El Salvador’s government to make a profit. As part of their BTC Law, this app operates with the second layer payment solution lightning network. Related Reading | Bitcoin Price Smashes Record For Highest Weekly Candle Close Ever Via its official Twitter handle Chivo Wallet announced that Salvadorans will be unable to track the price of BTC on the app. According to the report presented by the team behind the app, some users have been using it to do “scalping”. A type of short-term trading modality, scalping is performed by an operator to take advantage of an asset’s price fluctuations in low timeframes. In previous versions, the app allowed users to “freeze” the price of Bitcoin giving traders an edge to perform this practice by comparing it to exchange rates. The Chivo Wallet allows users to move BTC via the lightning network to other Chivo users or external BTC wallets. Thus, traders can make a profit by scalping the app’s BTC price. The team behind the app clarified the following on the reasons for the decision: The “scalping” performed consisted of taking advantage of Chivo keeping the rate frozen for 1 minute and taking advantage of that minute to compare the rate with other exchanges and see if the Bitcoin price went down or up. In the future, the price of Bitcoin will have limited visibility to prevent these operators from accessing what the team called “an unlimited source of money”. The app will not ban trading itself, just the capacity to “freeze” BTC’s price on the platform. Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High Salvadorans Will Have New Functionalities On Their Bitcoin Wallet On the contrary, the team behind Chivo claimed that is working on adding a trading feature for the wallet. In the future, the app will let these operators trade with BTC with any modality, but with the asset’s price display in real-time. However, Salvadorans can already profit from BTC exposure. Since the wallet was launched, when the government gave citizens a $30 bonus in the cryptocurrency, Bitcoin has increased its value by over 30%. Upon launch, El Salvador and its president Nayib Bukele surely underestimated or failed to consider crypto traders’ capacity to leverage a situation for their benefit. It remains to be seen whether disabling BTC’s price from the app will effectively stop scalpers. Related Reading | TA: Bitcoin Gearing For Lift-Off to $65K: Rally Isn’t Over Yet At the time of writing, BTC trades at $$61,980 with a 1% profit in the daily and a 13.3% profit in the weekly charts, respectively. BTC’s price remains in a rally and it’s near $64,500, its all-time high.

Grayscale Investments has confirmed its plan to file for its bitcoin trust (GBTC) to be converted into a bitcoin exchange-traded fund (ETF). “The NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF,” said Grayscale’s official. GBTC to Become Bitcoin ETF Grayscale Investments has confirmed that it will convert its […]

An arbitrage bot managed to turn 14 ETH to 218.5 ETH simply by spamming the Polygon network for 120 days.

There's a spam bot going around mentioning a fake etherium giveaway, and it seems like A LOT of people are falling for it. Thousands of people are in the fake discord server. just a reminder to ignore and report those. submitted by /u/theoryofbang [link] [comments]

We’re pleased to announce that using our extensive experience with the Ethereum mining & Transaction sorting, we’ve launched gasprice.io – the most sophisticated and accurate gas price estimator & transaction pool analysis platform. As a mining pool, we're required to make regular payouts to over 31,000 miners hourly, where one wrong estimation can cause everything…
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Cardano has now lost its spot at the 3rd place on the crypto top 10 as its price had refused to move in accordance with the broader crypto market. While other altcoins had rallied alongside bitcoin, ADA had remained mostly stagnant. Despite the hype created around the project when smart contracts capability was launched last month, support has dwindled for the asset. Its race above $3 had seen it overtake Binance native token BNB to clench the top 3 spot. But ADA has once again surrendered this position as it dropped to 4th place while BNB surged past, beating ADA by $9 billion in market cap. ADA May Still Suffer Losses The Cardano project has not had any market-moving news in recent times. There has been news regarding the project investing in smaller Cardano-focused startups. However, nothing has created hype around the project. Related Reading | Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes Its foray into the decentralized finance (DeFi) space has been delayed because although the blockchain is now capable of supporting smart contracts, building the protocols required to provide decentralized finance services to users takes time to build. Developers have been working hard on deploying their decentralized applications (DApps) on the network and the Cardano Foundation has provided support to these projects, but it will take a while before there are enough working DeFi protocols on the blockchain to draw in users to carry out DeFi activities on the network. ADA price trading at $2.13 | Source: ADAUSD on TradingView.com If the digital asset does not see any significant improvement in support and momentum, then ADA may run the risk of falling below $2. Its community boasts some of the strongest hold sentiment with over 70% of its total supply currently staked. However, without significant amounts of money coming into the asset, it is likely to continue a downtrend that may see the price retest the $1.7 range. Cardano Founder Begins Africa Tour Bitcoinist reported last week that Cardano founder Charles Hoskinson was getting ready to begin a tour through Africa. Hoskinson confirmed that the tour had kicked off on October 15th when he posted a tweet that showed him appearing on a panel in South Africa, where the tour was scheduled to begin. Related Reading | SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network Hoskinson, in conjunction with the Cardano Foundation, plans to visit various startups on the continent that are building on the blockchain. They will provide funding and education, as needed, to this project and help to guide them through deploying on the Cardano network. This has although not been the kind of needle-moving news that the digital asset needed because, despite the kick-off of the tour, ADA’s price has not recorded much upward movement. Momentum remains down as the price continues to struggle around the $2.1 price range. Featured image from Euronews, chart from TradingView.com

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