Month: May 2021

Report crypto profits or else

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The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like Bitcoin (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets. The ATO’s assistant commissioner, Tim Loh, told News.com.au that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or that they only need to be declared when cashing back…

Bank of Japan governor slams Bitcoin, calls BTC a speculative asset

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Haruhiko Kuroda, governor of the Bank of Japan, has joined the roll call of central bankers taking aim at Bitcoin (BTC) amid the current volatility. According to a report by Bloomberg on Friday, Kuroda argued against the value proposition of the largest cryptocurrency by market capitalization, stating: “Most of the trading is speculative and volatility is extraordinarily high. It’s barely used as a means of settlement.” The BOJ governor’s criticism comes as Bitcoin experienced an over 50% drawdown from its $64,000 all-time-high price milestone achieved back in mid-April. Indeed, several…

Crypto derivatives market down but not out as $3B expiry sours the mood

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Bitcoin (BTC) led the entire cryptocurrency market through a tumultuous period after the majority of the cryptoverse was painted red on May 19, a day now also referred to as “Black Wednesday.”  BTC’s price fell below $40,000 for the first time since it blew past the resistance level on Feb. 9 on the back of the news of Tesla purchasing $1.5 billion worth of BTC while also announcing that it would begin accepting Bitcoin as a payment method. At the time of writing, BTC’s price has slightly rebounded to the…

Shutting down Bitcoin is impossible, Ark Investment founder says

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While Bitcoin (BTC) increasingly falls under the scrutiny of regulators worldwide, Ark Investment founder and CEO Cathie Wood is confident that regulators will be unable to shut down the world’s largest cryptocurrency. Wood said that Bitcoin is “already on its way and it’ll be impossible to shut it down,” Bloomberg reported on Thursday. Global regulators “will be a little more friendly over time” toward cryptocurrencies due to the fear of missing out on opportunities provided by the industry, she said at CoinDesk’s Consensus 2021 conference. The recent regulatory pushback against Bitcoin in Europe,…

$7 Million Lost in Flash Loan Attack on BSC’s BurgerSwap

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Key Takeaways BurgerSwap was hit by a flash loan attack last night. The losses amount to roughly $7.2 million. Uniswap founder Hayden Adams noted that a key part of the code was changed by the BurgerSwap team, raising suspicions of an inside job. Incidents on Binance Smart Chain have multiplied in recent weeks resulting in tens of millions in lost user funds. Share this article Another Binance Smart Chain app has suffered a flash loan attack. More than $7 million of users’ funds was drained from BurgerSwap last night. BurgerSwap…

Korean gov’t clarifies crypto regulatory roles of different agencies

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Over the past year or so, the crypto community in South Korea has had to adapt to a suite of new regulations and government frameworks tailored to the growing industry.   With the regulatory landscape for digital assets thus undergoing a marked shift, there has nonetheless been some confusion as to which Korean government agency or regulatory authority is tasked with overseeing various aspects of crypto-related activities. According to a local report, a joint statement released today aims to clarify these questions for a society of undeniable crypto-enthusiasts. The statement outlines…

Dogecoin whale activity slows down as billions of dollars depart blockchain

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After a flurry of activity that saw Dogecoin (DOGE) briefly process a higher dollar value of daily transactions than Bitcoin (BTC) and Ether (ETH) combined, the surge seen on the Dogecoin blockchain appears to be slowing down. Dogecoin’s price increase throughout 2021 has been accompanied by an equally outlandish increase to the value of transactions taking place on its blockchain. The dollar value of DOGE sent from wallet to wallet peaked at $82 billion on May 5, exceeding the $35 billion recorded on Bitcoin and $12 billion on Ethereum. Outdoing the two…

WisdomTree Files Ethereum ETF Application with the SEC

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Share this article New York-based financial service firm WisdomTree has filed an application with the American securities regulator for approval of an Ethereum ETF.  Another Ethereum ETF Application WisdomTree has submitted a Form S-1 for securities registration with the Securities and Exchange Commission (SEC) to list WisdomTree Ethereum Trust shares on the Cboe BZX Exchange.  The shares would provide exposure to ETH based on the CF Ether-Dollar US Settlement Price provided by CME. The asset management fund also has a pending Bitcoin ETF application.  The debut of Ethereum futures on…

Bitcoin tumbles to $36K as ARK’s Cathie Wood addresses BTC regulatory fears

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Bitcoin’s (BTC) quick run-up above $40,000 during the early New York trading session Thursday lost momentum midway as traders decided to secure short-term profits. The benchmark cryptocurrency shed up to 12.08% after topping out at $40,440 on Coinbase. It reached an intraday low of $36,410 ahead of the London opening bell on Friday, showcasing upside resilience among traders near the $40,000-level. Bitcoin price pulls back after testing its 200-day simple MA. Source: TradingView Technicals and looming regulations Concerns about stricter crypto market regulations created headwinds for an otherwise choppy but…

American convenience store chain now accepts Bitcoin payments

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Retail crypto payment acceptance in the United States continues to grow as Sheetz announces plans to allow the use of virtual currencies in its outlets across America. In a release issued on Thursday, the convenience store chain announced its partnership with digital payments provider Flexa to enable customers to pay for products and services with cryptocurrencies. As part of the announcement, Sheetz revealed that the crypto payment option was for both in-store items and gas pumps at their over 600 outlets across Pennsylvania, Ohio, Maryland, Virginia, North Carolina and West…