Bitcoin News and Finance: What You Need to Know

On Wednesday, Solana Labs unveiled the launch of token extensions, marking a noteworthy advancement in the SPL Token standard. The blockchain network’s token extensions aim to provide a suite of solutions for businesses transitioning to distributed ledger technology, emphasizing security, compliance, and ease of use. Solana’s New Token Extensions Set to Boost Blockchain Adoption According to the announcement, Solana -based token extensions are designed to cater to a wide range of industries, including stablecoins, real-world assets (RWAs), and payments. These extensions offer features like transfer hooks, transfer fees, confidential transfers, permanent delegate authority, and non-transferability. Each of these features serves a specific purpose, from providing control over token interactions to ensuring compliance with regulatory frameworks. Anatoly Yakovenko, co-founder and CEO of Solana Labs , highlighted the significance of this development. “Token extensions build on the chara...

The Internal Revenue Service (IRS) has revised the question about digital assets included on income tax forms. Moreover, the tax authority has added the question to four additional tax forms. “The question must be answered by all taxpayers, not just by those who engaged in a transaction involving digital assets in 2023,” the IRS emphasized. IRS Adds Digital Asset Question to 4 More Tax Forms The Internal Revenue Service (IRS) announced Monday that the digital asset question on income tax forms “was revised this year to update wording.” Moreover, the question has been added to four additional tax forms. The IRS also reminded U.S. taxpayers that they must “answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns.” The tax authority detailed that the digital asset question varies depending on the form, “with appropriate variations tailored for corporate, partnership o...

On Wednesday, Jan. 24, 2024, Bitwise, a leading digital asset manager, made a groundbreaking announcement as the first U.S. spot bitcoin exchange-traded fund (ETF) to reveal its bitcoin wallet address. Emphasizing its commitment to transparency, Bitwise stated, “proud to walk the walk with BITB,” and affirmed that “onchain transparency is core to Bitcoin’s ethos.” Bitwise Sets New Standard: Onchain Spot Bitcoin ETF Authentication Bitwise , the cryptocurrency asset management firm known for its recent introduction of the BITB U.S. spot bitcoin ETF, has become the first ETF to authenticate its BTC reserves. This development comes closely on the heels of Arkham Intelligence, an onchain analytics company, disclosing the onchain BTC holdings of several major players including Blackrock, Bitwise, Fidelity, and Franklin Templeton. “Today the Bitwise Bitcoin ETF (BITB) becomes the first U.S. bitcoin ETF to publish the bitcoin addresses of its holdings,” Bitwise wrote on the social media...

Following a sudden plunge in the value of its native token OKB, which fell over 50% in a matter of minutes, Okx exchange has committed to developing a compensation plan for users caught in the resultant wave of automatic liquidations. Okx Exchange to Roll Out Compensation After Unexpected OKB Token Flash Crash Okx exchange experienced a flash crash of its native token, OKB , which plunged over 50% in value on Jan. 23. The sudden drop in price, from $50.69 to a low of $25.10, caused a flurry of automatic liquidations of margined positions, leading to a brief period of intense volatility. Okx has since stabilized the situation and is actively developing a compensation plan for the affected users. This abrupt price movement occurred at 9:07 a.m. UTC, with the token recovering to trade at $47.27. Okx, in a statement , attributed the volatility to the automatic liquidation of several margined positions after the token’s value fell from $50.69 to $48.36. Okx has acknowledged the unusual...