Bitcoin News and Finance: What You Need to Know

A new tax reporting law has entered into force in the U.S. Starting on Jan. 1, all Americans receiving $10,000 or more in crypto in the course of their trade or business must file a report with the Internal Revenue Service (IRS) within 15 days. “If you don’t file a report within 15 days of receiving the transaction, you could be found guilty of a felony offense,” Coin Center warned. New Crypto Tax Law Takes Effect on Jan. 1 Effective Jan. 1, 2024, the Infrastructure Investment and Jobs Act, which passed in November 2021, requires “anyone who receives $10,000 or more in cryptocurrency in the course of their trade or business to make a report to the IRS about that transaction,” crypto policy advocate Coin Center explained in a blog post on Tuesday. “The report must include, among other things, the name, address, and social security number of the person from whom the funds were received, the amount received, and the date and nature of the transaction,” Coin Center executive director ...

Anticipation of spot bitcoin exchange-traded fund (ETF) approvals by the U.S. Securities and Exchange Commission (SEC) remains high, but the securities regulator reportedly still has a lot of paperwork to go through. While some speculate on a late-week announcement, others expect it early next week as the Jan. 10 deadline approaches. SEC Still Has Lots of Spot Bitcoin ETF Paperwork to Sort Through Anticipation of an imminent decision by the U.S. Securities and Exchange Commission (SEC) that could finally unlock the U.S. spot bitcoin exchange-traded fund (ETF) market drove the price of bitcoin above $45,000 on Tuesday. Bloomberg analyst James Seyffart shared on social media platform X details of spot bitcoin ETFs that the SEC is currently considering. “Here’s a view of the Cointucky Derby starting gate as of this morning. We’re focused on these 11 spot bitcoin ETF filers. Expecting most of these N/A’s to be filled over the next ~week.” He added that he is expecting the SEC to appr...

Crypto asset management firm Grayscale Investments has updated its spot bitcoin ETF filing in hope of being included in the initial round of decisions by the U.S. Securities and Exchange Commission (SEC). However, the firm has omitted some key information that the SEC reportedly wants included in the filing, which several other asset managers have disclosed, including details relating to authorized participants. Grayscale Files 3rd Amendment to Spot Bitcoin ETF Filing Most asset managers seeking to launch a spot bitcoin exchange-traded fund (ETF) updated their applications with the U.S. Securities and Exchange Commission (SEC) on Friday, which was the deadline given by the regulator for amended filings. Grayscale filed the third amendment to its S-3 filing to convert its bitcoin trust (GBTC) into a spot bitcoin ETF on Friday. Commenting on Grayscale’s amended filing, Bloomberg ETF analyst Eric Balchunas shared on social media platform X Tuesday: New Grayscale amendment just dr...

The expected approval of spot bitcoin exchange-traded funds (ETFs) applications by the U.S. Securities and Exchange Commission will see the top crypto asset’s price jumping to $50,000 in January, the latest market preview by Matrixport has predicted. The crypto financial services platform said the approval of ETFs, combined with bitcoin halving, will likely see the price of BTC rising to $125,000. BTC Poised to Break out in Early 2024 Following its now common mid-to-end December consolidation, the USD price of bitcoin is “poised to break out on a robust beginning-of-the-year buying flow.” According to the latest Matrixport market preview , the crypto financial services platform foresees the top crypto asset’s price jumping to $50,000 in January. Matrixport, like many of its peers, said it sees the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) as one key event that it expects to fuel bitcoin’s rally. The crypto financial...