Calculating the cost basis of cryptocurrency for tax purposes involves considering purchase prices, transaction fees and events such as hard forks or staking rewards.
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Bitcoin bulls welcome some BTC price relief while whales get busy accumulating nearly 50,000 BTC at the local lows.
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Bitcoin BTC/USD moved higher, with the cryptocurrency prices trading above the key $59,000 level on Friday.
Ethereum ETH/USD also edged higher, but remained below the key $3,000 mark this morning.
Arweave AR/USD was the top gainer over the prior 24 hours, while Sui SUI/USD turned out to be the biggest loser.
U.S. employers added 175,000 nonfarm payrolls in April, marking a reduction from the upwardly revised 315,000 reading in March and missing the expected 238,000, the Bureau of Labor Statistics said Friday.
At the time of writing, the global crypto market cap rose to $2.21 trillion, recording a 24-hour gain of 0.2%. BTC was trading higher by 1.8% at $59,749 while ETH rose by around 0.3% to…
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Kraken’s unit, CF Benchmarks, stands as a key beneficiary of the booming spot-Bitcoin exchange-traded funds (ETFs). It provides reference data for $24 billion in cryptocurrency ETFs, primarily Bitcoin funds like BlackRock’s US-based $15.9 billion vehicle. As ETF assets under management grow, so do the licensing fees CF Benchmarks earns for providing its benchmarks. The firm, representing half of the crypto benchmarking market, collaborates with new Bitcoin ETFs in Hong Kong and aims for further expansion in South Korea and Israel. CEO Sui Chung projects the Hong Kong funds will reach $1 billion in assets under management by the end of 2024.
London-based CF Benchmarks witnessed revenue expand to £6 million ($7.5 million) in 2022 and anticipates mid-double-digit growth this year. Acquired by Kraken in 2019, CF Benchmarks continues to thrive as a critical player in Bitcoin derivatives pricing, despite recent ETF outflows in the US reducing Bitcoin’s price by $14,000 since its peak.
People typically care about price above all else when it comes to the Bitcoin halving.
Instead, what they should be paying attention to is the net positive Bitcoin can have for the future of humanity.
While Bitcoin has long been criticized for being bad for the environment, the trend toward renewables and mining actually shows the opposite. Yes, fossil fuels are still a major component of the Bitcoin network, but with the halving freshly behind us and the block subsidy cut in half, miners with fewer operational expenses, like renewables, will continue their ascent.
The halving will be a catalyst for a greener, more renewable bitcoin mining movement to finally be recognized among its…
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Tether’s USDT hegemony in the stablecoin market may shift as institutional investors chip into the crypto market.
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Bitcoin (BTC) kicked off May with a notable sell-off, dropping below the crucial support level of $60,000 and hitting as low as around $56,000. This decline has left many investors on edge, with uncertainties looming over the direction of the digital asset market.
Plan B Bitcoin Prediction: Average Price of $500K
Amid these market movements, renowned analyst Plan B shared his insights into bitcoin’s price trajectory for the rest of the month in a YouTube video posted on May 1.
He emphasized the significance of Bitcoin’s stock-to-flow model, noting that despite the drop from March highs, bitcoin maintained a substantial year-to-date increase of 36%.
Plan B…
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Jack Dorsey’s Block, the parent company of Square and Cash App, has found itself under intense scrutiny regarding regulatory compliance.
Federal prosecutors have initiated an investigation into the firm, focusing on alleged compliance failures within its digital asset units. These investigations shed light on potential violations ranging from sanctions evasion to facilitating transactions for terrorist groups.
Jack Dorsey Block: Compliance Lapses Uncovered
The investigations reveal a disturbing pattern of compliance lapses within Block‘s operations. Former employees, acting as whistleblowers, have provided substantial evidence indicating widespread deficiencies in compliance…
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Sui, Pyth Network, Avalanche, Arbitrum and Aptos are set to release vested crypto tokens in May, according to data tracker Token Unlocks.
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Bitcoin’s adoption continues to soar, reaching an all-time high of 53.9 million non-empty wallets, reflecting a 10% growth in the past six months. This achievement stands out even amid the rapid rise of other cryptocurrencies. Toncoin ($TON) experienced an astounding 110% growth, while Dogecoin ($DOGE) and Tether ($USDT) saw their wallet numbers increase by 27% and 23%, respectively. Despite fierce competition, Bitcoin remains resilient, demonstrating the enduring trust and interest it commands within the crypto community.
Ethereum ($ETH) leads the pack with the most wallets, reaching 120.7 million, although its growth is slower at 11%. Stablecoins like Tether and USD Coin ($USDC) exhibit impressive adoption rates, revealing the growing demand for stable digital assets. Other noteworthy performers include XRP Ledger ($XRP) and Chainlink ($LINK), though their growth is relatively modest at 7% and 6%, respectively. Notably, Cardano ($ADA) maintains a steady 4.5 million wallets, showing no significant growth. Despite the competition, Bitcoin remains a dominant force in the ever-expanding cryptocurrency market.