Bitcoin News and Finance: What You Need to Know

PRESS RELEASE. With crypto markets down around 50% in the past month and over 70% from their highs in late 2021, many crypto investors are searching for answers after their profits from the last few years have evaporated into the ether. Following the incredible bull market, crypto investors enjoyed over 2020 and 2021; you may now find yourself nursing losses rather than gains ahead of the upcoming tax season. Crypto tax platform Koinly shares 5 little-known tax hacks you need to know after the crypto crash. 1. Pay less tax by holding Want to avoid paying tax on crypto? While you can’t dodge your tax obligations entirely – there are quite a few ways you can optimize your tax position. But here’s the catch, you’ll need to do it before the end of the financial year to pay less tax overall. You’ve probably heard it before, but the easiest way to pay less crypto tax is to simply HODL. In many jurisdictions, holding your crypto investment (or other assets like shares) for longer than...

The results of a new report commissioned by the CNMV, the securities watchdog in Spain, have found that three out of four citizens have heard about cryptocurrencies. However, the report, which included opinions from 1,500 participants, also found that this knowledge is still minimal, and that less than 10% have actually purchased cryptocurrency as a means of investment. CNMV Reveals Results of Crypto Study The CNMV, the institution that oversees the securities markets in Spain, has revealed the results of its latest cryptocurrency report. The study , commissioned by the institution and carried out by a company called “Grupo Analisis e Investigacion,” surveyed 1,500 participants and an alternative sample of 300 cryptocurrency investors to take a snapshot of the penetration that crypto has had regarding Spanish investors. One of the most relevant results of the study has to do with the popularity of crypto in the country. According to the numbers released, three out of every four Spa...

The Advertising Standards Council of India (ASCI) has reportedly revealed that more than 400 crypto ads violated its guidelines so far this year. The majority of complaints the ad council received are directed at influencers. “Some influencers talk so confidently about crypto without fully understanding it.” 419 Ads in Violation — Most Complaints Concern Influencers The Advertising Standards Council of India (ASCI) has reportedly revealed that it received 453 complaints relating to crypto ads between January and May. The council added that out of all complaints, 419 cryptocurrency advertisements required modifications, the Economic Times reported Monday, noting that most complaints concern influencers. Manisha Kapoor, CEO of ASCI, described: Some influencers talk so confidently about crypto without fully understanding it. It does create an impression that it is safe, it’s fine and a cool thing. She explained that the council will continue to focus on adequate disclosures and r...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he’s waiting for the price of bitcoin to test $1,100. He added that he will buy more if the cryptocurrency recovers from that price level. Robert Kiyosaki on Bitcoin Testing $1,100 The author of Rich Dad Poor Dad, Robert Kiyosaki, has returned with a new bitcoin outlook. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The famous author tweeted a “Rich Dad lesson” Monday night. He explained that “losers quit when they lose,” but “winners learn from their losses.” Asserting that “Bitcoin losers are quitting,” he said he is waiting for BTC to test $1,100, adding that he will buy more if the crypto recovers. “If it does not, I will wait for losers to ‘capitulate’ quit then buy more,” he further sta...

Nigerian author and crypto advocate Nathaniel Luz has said his recently published book represents his attempt to remind people of the initial reason why bitcoin was created. He said bitcoin is the summation of over three decades of research and experimentation. Noise of Other Cryptos Drowning Out Message of Bitcoin A Nigerian author and crypto advocate, Nathaniel Luz, has published a new book on bitcoin wherein he reminds readers of the reasons why the cryptocurrency was created. Luz also uses the book to highlight the fact people now use bitcoin to “transact globally without restrictions of age, gender, race or location.” According to Luz, the release of the book is coming at a time when many — particularly those new to crypto — appear to be attracted more by the promise of an “infinite percentage of returns” than by BTC ’s primary selling points. He also said seeing the noise of various cryptocurrencies drowning “the message of bitcoin” motivated him to write a book that explains...

ETH has managed to remain above the $1,200 level on Tuesday, despite an increase in price uncertainty in crypto markets. BTC fell below $21,000 in today’s session, as the global crypto market cap fell by as much as 2% earlier today. Bitcoin Following a marginally bearish start to the week, downward pressure intensified in today’s session, sending bitcoin slightly lower. The world’s largest crypto token fell to an intraday low of $20,577 during Tuesday’s session, less than 24 hours after nearing $22,000. Today’s decline comes following a rise of bearish sentiment, with traders seeing yesterday’s decision by bulls to secure gains as a sign of weakness. As such, those looking for downward opportunities used that as a signal to re-enter the market, pushing prices marginally lower in the process. One of the main catalysts for this change in sentiment is the 14-day RSI, which failed to break out of its key resistance level of 35.70 on Monday. As of writing, BTC /USD is now trading ...

Analysts from the multinational investment bank and financial services company Goldman Sachs Group Inc. have downgraded Coinbase Global Inc. in a note to investors on Monday. Today, Coinbase shares are down 83.68% from the stock’s all-time high (ATH) in November 2021. Goldman analyst William Nance explained that his group of market strategists believes “Coinbase will need to make substantial reductions in its cost base.” Goldman Downgrades Coinbase, COIN Shares Down 83% From Price High Coinbase shares have suffered during the bear market as many crypto company stocks have lost considerable value during the last few months. When Coinbase first went public on April 14, 2021, the company’s shares were listed on Nasdaq via a direct listing under the ticker COIN . At the time, the Coinbase initial public offering (IPO) reference price was set at $250, and investors saw the crypto exchange’s listing as a “watershed” moment. Following the stock coming out of the gate 14 months ago, amid ...

After seeing the country’s inflation rise to 191.6% in June, Zimbabwean monetary authorities said they have resolved to increase the benchmark interest rate to 200% per annum. In addition, the central bank said it will introduce gold coins which will act as an instrument that will “enable investors to store value.” Discouraging Speculative Borrowing Monetary authorities in hyperinflation-stricken Zimbabwe reportedly plan to hike the benchmark interest rate to 200% per annum, one of the highest in the world. According to an official quoted by Bloomberg, this plan is expected to help put the brakes on the country’s runaway inflation. The latest data from Zimbabwe’s statistical body shows the country’s inflation rate now stands at 191.6%. Explaining the rationale behind the planned move, Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe (RBZ)’s monetary policy committee, said that by hiking the benchmark rate the central bank will discourage speculative borrowing. Gwany...

Cryptoys, an NFT-based startup, announced it has raised $23 million in a Series A funding round led by a16z. The company, which seeks to mix NFTs with the world of gaming and virtual toys, will create what it calls a “cryptoyverse,” in which it will also implement play-to-earn features and issue its own tokens. Cryptoys Raises $23 Million in Series A Round The NFT market is facing a slump phase that is affecting prices and the popularity of NFT projects recently. However, there are projects that have managed to stay afloat and even thrive. One of them is Cryptoys, an NFT startup that has announced the completion of a successful funding round. The Series A funding round, which raised $23 million, was led by a16z crypto , with the participation of other companies and firms including Mattel, Dapper Labs, Draper & Associates, Acrew Capital, Coinfund, Animoca Brands, and Sound Ventures. The company will use these funds to further develop its own platform, dubbed “cryptoyverse,” whi...

The Federal Bureau of Investigation (FBI) has arrested two men who participated “in a violent plan to break into a family’s home in the middle of the night” to steal bitcoin worth tens of millions of dollars,” according to the U.S. Department of Justice. They could go to prison for 20 years. 2 Men Charged for Planning to Steal Bitcoin The U.S. Department of Justice (DOJ) announced Friday the unsealing of an indictment charging Dominic Pineda and Shon Morgan with a “plan to commit home invasion robbery for tens of millions of dollars in bitcoin.” The Federal Bureau of Investigation (FBI) arrested the two on Thursday in Virginia. U.S. Attorney Damian Williams detailed: The defendants participated in a violent plan to break into a family’s home in the middle of the night and force its residents to provide the code to what the defendants believed was tens of millions of dollars in bitcoin currency. According to the court document, the defendants participated in the plan from May 1...

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says bitcoin is a commodity. He emphasized that the SEC, the Commodity Futures Trading Commission (CFTC), and banking regulators will collaborate to oversee the crypto sector. Gary Gensler: Bitcoin Is a Commodity SEC Chairman Gary Gensler clarified his position on cryptocurrency, particularly bitcoin, in an interview with Mad Money host Jim Cramer on CNBC Monday. “This is a highly speculative asset class. We’ve known this for a long time,” Gensler said when asked about cryptocurrency. Citing the “ups and downs of this speculative asset class,” he explained that when people invest in “bitcoin and hundreds of other crypto tokens,” they hope for a return, “just like when they invest in other financial assets” that are securities. Chair Gensler stressed that many of these “crypto financial assets” have “the key attributes of a security.” He added: “Some of them … are under the Securities and Exchange Comm...

The Moroccan central bank is presently working on a cryptocurrency regulation framework bill and according to the bank’s governor, Abdellatif Jouahri, this is set to be introduced soon. The regulatory framework being worked on will result in Morocco’s money laundering and anti-terrorism financing regulations being upgraded. Crypto Regulation Best Practices A Moroccan central bank committee is working to put in place an appropriate regulatory framework for cryptocurrencies, Bank Al-Maghrib (BAM) governor Abdellatif Jouahri has reportedly said. The governor also revealed his institution has engaged both the International Monetary Fund (IMF) and the World Bank over the benchmarks that will be used. Before Jouhari’s latest remarks, Bitcoin.com News reported in March 2022 that the Moroccan central bank was in talks with two global financial institutions as well as with the central banks of France, Sweden, and Switzerland. At the time, The talks, according to the central bank, were focu...

Binance has chosen a new payments partner amid the suspension of direct fiat deposits and withdrawals in Brazil. The company stated it will now work with Latam Gateway, a payments processing company that has been in the payments intermediation business since 2019. Binance reported it would be working to normalize the fiat deposit and withdrawal situation shortly. Binance Partners With Latam Gateway for Payments Processing Binance, one of the leading cryptocurrency exchanges by volumes traded, has announced a new partnership to solve the problems it had been facing with fiat movements on its platform in Brazil. The exchange stated that it has enrolled the services of Latam Gateway, a payments processing company that will substitute its earlier partner, Banco Capitual. In a blog post, the exchange told that Latam Gateway has been a payments processing company in Brazil since 2019, being founded by executives with experience in the field since 2014, when they also founded Boa Compra...

Tencent, the Chinese technology and entertainment giant, announced the creation of its own metaverse-driven division. The division, named the extended reality unit, will be the one tasked with encompassing all metaverse-driven efforts, including hardware and software developments. According to reports, the company aims to employ over 300 in this unit, with Tencent giving it big importance even among executing cost-cutting measures. Tencent Officially Announces Metaverse Division Tencent, one of the biggest Chinese software companies, has taken another step toward getting into the metaverse. According to Reuters , the Chinese tech and entertainment giant announced the creation of its extended reality unit, which will encompass all of the initiatives that the company will run with the goal of entering the metaverse-driven market. The division will be led by the current Global’s Chief Technology Officer Li Shen, and will be part of the entertainment division of the company. While ther...

PRESS RELEASE. INTERNET CITY, DUBAI, Jun. 27, 2022 – LBank Exchange, a global digital asset trading platform, has listed My Liquidity Partner (MLP) on June 23, 2022. For all users of LBank Exchange, the MLP/ USDT trading pair is now officially available for trading. Utilizing liquidity partners’ crypto within the liquidity pools, My Liquidity Partner (MLP) enables them to receive a weekly passive income from a major DEX with over $1 Trillion U,S. Dollar in trade volume. Its native token MLP has been listed on LBank Exchange at 22:00 (UTC+8) on June 23, 2022, to further expand its global reach and help it achieve its vision. Introducing My Liquidity Partner My Liquidity Partner (MLP) is a way of making its liquidity partners’ crypto create an extra source of weekly passive income for them without spending hours in front of the charts. It utilizes their crypto within the liquidity pools, runs on Uniswap, with its advanced algorithms and experts it’s able to give its Liquidity Par...

The recently reintroduced seasonal ban on cryptocurrency mining has provoked backlash from the local crypto community. This week, the country’s power distribution company ordered miners to suspend activities citing electricity shortages during the hot summer months. Restrictions on Crypto Mining Are Ousting Iran From Global Coin Minting Industry, Critics Say After last year crypto miners were forced to deal with interruptions in power supply on more than one occasion, the Iran Power Generation, Transmission and Distribution Company (Tavanir) has told them to halt operations again, until the end of this summer. The utility is citing expected electricity shortages in the next three months of hot weather, when demand will spike due to rising consumption for cooling. The company’s spokesman, Mostafa Rajabi Mashhadi, has been quoted as stating that the measure should help reduce the heavy load on the national grid during the peak season. According to a report by the Iranian business ne...

Mark Zuckerberg, CEO of Meta, formerly Facebook, has shared how the metaverse will be a key part of his business and bring hundreds of billions of dollars in revenue. “Our playbook over time has been build services, try to serve as many people as possible,” said Zuckerberg. Mark Zuckerberg on the Metaverse Mark Zuckerberg, the CEO of Meta Platforms, formerly Facebook, talked about the metaverse in an interview on Wednesday with Jim Cramer, the host of CNBC’s Mad Money. The Facebook co-founder explained that he expects the metaverse to be massive and become a major part of his company’s business over the next decade. Commenting on Meta’s metaverse efforts, Zuckerberg said: Our playbook over time has been build services, try to serve as many people as possible — you know, get our services to a billion, two billion, three billion people, and then we basically scale the monetization after that. “We hope to, basically, get to around a billion people in the metaverse doing hundreds o...

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reportedly proposed “one rule book” for the regulation of crypto assets. “If this industry is going to take any path forward, it will build some better trust in these markets,” said Gensler. SEC Chairman Calls for One Rule Book for Crypto SEC Chairman Gary Gensler has proposed “one rule book” for the regulation of crypto, the Financial Times reported Friday. He is looking to strike agreements with other financial regulators, including the Commodity Futures Trading Commission (CFTC), to avoid gaps in the oversight of the crypto sector. He told the publication: I’m talking about one rule book on the exchange. The SEC chief elaborated that the rule should protect investors against fraud, front-running, and manipulation, in addition to providing transparency over order books. The rule book will apply to “all trading regardless of the pair — [be it] a security token versus security token, security t...

As political leaders in crisis-hit Lebanon bicker over positions in the yet-to-be-formed government, the country’s runaway inflation rate surged to 211% in May 2022, new data has shown. Economist Steve Hanke insists that a currency board is a solution to Lebanon’s currency woes. Black Market in Fuel Driving Inflation The inflation rate in crisis-torn Lebanon surged to 211% in May, making it the 23rd consecutive time the consumer price index (CPI) has surged, a report has said. The revelation of the latest inflation figure comes as the country’s politicians reportedly struggle to form a new government more than a month after parliamentary elections. According to a National News report , the politicians’ failure to create a new government is delaying the implementation of key reforms that allow Lebanon to receive a $3 billion bailout from the International Monetary Fund (IMF). The report also quotes a note from Byblos Bank that attempts to reveal factors likely to be worsening the in...

Coinbase has announced that the company plans to introduce a number of changes for customers in the Netherlands in order to comply with the 1977 Sanctions Act, a law that recently applied know-your-customer (KYC) guidelines to non-custodial wallets. If the person living in the Netherlands wants to send crypto to a third-party wallet via Coinbase, they must identify the wallet owner’s name, the purpose of transfer, and the full residential address of the recipient. On June 27, Coinbase Says KYC Info Will Be Required in the Netherlands for Outgoing Crypto Transfers Dutch Coinbase customers may have a harder time sending funds to people with a third-party or non-custodial wallet if they don’t provide KYC information. Starting on June 27, 2022, Coinbase will require users from the Netherlands to provide KYC data if they plan to send crypto to a wallet off the Coinbase platform. Coinbase says the new rules are being applied because the company must comply with local regulations. The 19...

Crypto exchange Binance has launched a new platform for VIP and institutional investors. The VIP program allows Binance users to “get rewarded with more discounts and VIP privileges” as their trading volume climbs up VIP tiers. ‘Binance Institutional’ Launched Global cryptocurrency exchange Binance announced Thursday the launch of “ Binance Institutional ,” a new platform for VIP and institutional cryptocurrency investors. It is one of Binance’s efforts “to upgrade its institutional offerings and services,” the exchange said. Binance Institutional’s services are tailored for all types of institutions, its website describes. They include asset managers, brokers, hedge funds, family offices, proprietary trading firms, liquidity providers, high net worth individuals, and mining companies. The new platform offers a number of services, including direct access to OTC liquidity, asset management, custody, and brokerage. Binance CEO Changpeng Zhao (CZ) commented: Brokerage services are...

British Parliament Member Matt Hancock has called for “liberal” cryptocurrency regulation, noting that no country can stop the crypto revolution. “I hate the patronizing idea of regulators telling people what they can and can’t do with their money,” the lawmaker stressed. British MP Wants ‘Liberal’ Crypto Regulation Matt Hancock, a Conservative member of parliament and former British health secretary, reiterated the importance of having a “liberal” regulatory framework for cryptocurrency this week. The lawmaker explained in an interview with UKTN, published Friday, that the crypto market sell-off has not shaken his confidence in the sector. He told the news outlet: No country can stop this revolution. We can only choose whether it happens on our shores or happens to us from elsewhere. In his keynote speech Wednesday at Crypto A.M.’s fourth-anniversary conference, Hancock called for an “attractive” tax system and “liberal” regulatory regime to help the U.K. become “the jurisdict...

The Central Bank of Russia continues to step up efforts to test and issue the digital ruble, with a roadmap for the full implementation of the new form of the national fiat now expected by the end of 2023. Trials with real transactions and users are scheduled to begin next April, earlier than originally planned. Bank of Russia to Present Digital Ruble Roadmap Next Year The Central Bank of the Russian Federation (CBR) will develop a roadmap for the introduction of the digital ruble by the end of 2023, First Deputy Chairman Olga Skorobogatova said in an interview with the Tass news agency, revealing an earlier deadline than previously set. The high-ranking official also noted that the regulator intends to start testing operations with the Russian central bank digital currency ( CBDC ) with real clients as early as April 2023, indicating these plans have been adjusted, too. Skorobogatova emphasized that next year will be very important for the project and elaborated: Testing of real...

Russian law enforcement is looking into the alleged theft of mining hardware valued at around $1.9 million. The powerful computing equipment disappeared from a crypto mining hotel in Irkutsk, the owners of which have been accused of large scale fraud. 100 Russians Lose Mining Machines Worth 100 Million Rubles Police in the Russian Irkutsk Oblast have launched an investigation of the operators of a mining hosting facility suspected of defrauding clients and stealing their expensive coin minting hardware, Tass news agency reported, quoting the region’s Main Directorate of the Interior Ministry. In anticipation of quick earnings, the miners handed over their devices to those who were running the mining hotel, law enforcement officials explained. At some point, the latter stopped all payments to their customers and failed to return the expensive machines. “A criminal case was initiated based on these facts under part 4 of article 159 of the Criminal Code of the Russian Federation (la...

Authorities in Albania are finalizing regulations that will allow the taxation of income and profits from cryptocurrency investments. The government intends to begin imposing the levy in 2023, after adopting the necessary legislation which has been proposed for public consultations. Albania Set to Impose Crypto Tax as Early as Next Year The Albanian state should begin collecting taxes on income from crypto assets as of 2023 in accordance with a new income tax bill, the local English-language portal Exit News reported on Friday. The government also hopes to pass a number of other laws and bylaws this year in order to comprehensively regulate the matter. The special tax legislation is currently open for public consultations . It introduces the concept of taxing crypto holdings and income derived from virtual assets. The latter have been defined as “a digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or inv...