Bitcoin News and Finance: What You Need to Know

The Indian government has introduced new crypto tax penalties, including for non-payment of crypto tax deducted at source (TDS). Much to the disappointment of the crypto community, Finance Minister Nirmala Sitharaman did not mention crypto in her Budget speech this year. Crypto income remains taxed at 30% while TDS stays at 1%. No Crypto Tax Relief in India Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in parliament Wednesday, one day after she presented this year’s Economic Survey which highlighted the need for “a common approach to regulating the crypto ecosystem.” Much to the disappointment of the Indian crypto community, Sitharaman made no mention of crypto during her Budget speech. Following her speech, many Indian crypto proponents took to Twitter to voice their opinions. Neeraj Khandelwal, co-founder of crypto exchange Coindcx, tweeted: No changes to crypto taxation in India in the Budget Session. It stands at 1% TDS and 30% on profits. This p...

Non-fungible token (NFT) sales increased 41.96% from the previous month, according to data recorded on Feb. 1, 2023. NFT sales reached nearly $1 billion in 30 days, with an approximate total of $997.53 million. Additionally, the number of digital collectible transactions rose more than 22% in the past month. Bored Ape Yacht Club Dominates, Ethereum Leads With 78% of Total NFT Sales in January 2023 NFT sales mirrored those of crypto assets in January 2023, reaching $997.53 million, a 41.96% increase from December 2022. Data from cryptoslam.io shows that out of 20 blockchain networks, Ethereum led NFT sales with $784.87 million, or 78.681% of the total for the month. Solana followed with $150.4 million in NFT sales over the last 30 days, accounting for 15.07% of the total. The other top five blockchain networks in terms of NFT sales are Cardano, Immutable X, and Polygon, respectively. In terms of top-selling NFT collections in January 2023, Bored Ape Yacht Club (BAYC) NFTs generated...

According to research from Recap, a cryptocurrency tax software company, London has become the world’s leading hub for cryptocurrencies. The researchers analyzed eight indicators, including the number of cryptocurrency businesses and the quantity of cryptocurrency ATMs in each country. Key Findings of Recap’s Study on Global Cryptocurrency Hubs Crypto tax firm Recap released a research report on Jan. 25, 2023, highlighting the top global cryptocurrency hubs, with London named the “most crypto-ready city.” Recap used criteria from eight elements, including the number of cryptocurrency businesses and employees, research and development spending compared to each city’s GDP, the number of cryptocurrency ATMs, cryptocurrency ownership, and capital gains tax rates. Recap’s report details that London has the most people employed in the cryptocurrency industry compared to other global regions. The city is home to over 800 cryptocurrency-based companies and hosted the second-highest numbe...

On Wednesday, 60 organizations involved in cryptocurrencies, open-source and free software, and human rights and privacy-preserving projects launched a new campaign calling on the 118th U.S. Congress to protect privacy. The groups, including Fight for the Future, Electric Coin Co., and the Tor Project, insist that Congress needs to deliver policies dedicated to standing up for privacy. Campaign Urges Lawmakers to Take Bold Stance on Pro-Privacy Policies A new campaign , launched by 60 organizations, carries the slogan “Tell Congress to protect privacy.” The groups are calling for the United States federal government’s legislature to stand up for privacy both online and offline. Supporting entities include Fight for the Future, Blockchain Association, Proton, the Tor Project, Mobilecoin, Protocol Labs, Filecoin Foundation, Electric Coin Co., the Defi Education Fund and Tutanota. The campaign follows Fight for the Future’s open letter to Congress, in which they stated that privacy is...

Leading crypto exchange Binance and credit card giant Mastercard have partnered to launch a prepaid crypto-linked card in Brazil as part of Binance’s expansion plans in Latam. The Binance card features 8% cashback for eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants. Brazil Receives Binance Prepaid Card Binance, a leading cryptocurrency exchange by volume traded, announced on Jan. 30 the launch of its Binance card in brazil, a product that will allow crypto users to make payments in crypto to legacy merchants. The card, which is backed by Mastercard, will enable registered customers of the exchange from all over Brazil to make crypto payments with 13 supported cryptocurrencies, including on-the-fly conversions to the Brazilian real. The release of this product comes as no surprise to some, as Matthew Shroder, global vice president and regional director at Binance, had stated in September that Brazil was one of the to...

After initially ignoring pleas to extend the period for returning old naira banknotes, the Nigerian central bank recently said it has shifted the deadline for returning old banknotes to Feb. 10. The bank’s governor, Godwin Emefiele, said some 30,000 so-called super agents have been deployed nationwide to help with the cash-swapping process. CBN Governor Says Currency Swapping Exercise Has Been a Success The Central Bank of Nigeria (CBN) recently said it had extended the deadline for returning the old naira banknotes by ten more days. In his Jan. 29 press statement , CBN governor Godwin Emefiele said while the exercise has been a success, shifting the deadline date from Jan. 31 to Feb. 10 helps the bank achieve success in rural communities. The announcement follows weeks of pleas by residents who wanted to be granted more time to return the soon-to-be demonetized naira banknotes. The announcement of the extension also came just a few days after a Bitcoin.com News report suggested t...

India’s Finance Ministry has highlighted the necessity for “a common approach to regulating the crypto ecosystem” in its flagship Economic Survey this year. “Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because it has no intrinsic cashflows attached to them,” the Indian government stated. Finance Ministry’s Economic Survey Includes Crypto This Year Indian Finance Minister Nirmala Sitharaman presented the Economic Survey 2022-23 in Parliament Tuesday. The Economic Survey is an annual flagship document of the Ministry of Finance that outlines the performance of the Indian economy in the previous financial year and presents an economic outlook for the current financial year. Including cryptocurrency for the first time this year, the Economic Survey highlights the “necessity of a common approach to regulating the crypto ecosystem.” The 414-page document explains, “The recent collapse of the crypto exchange FTX and the ens...

Tesla’s latest filing with the U.S. Securities and Exchange Commission (SEC) shows that the fair market value of the company’s bitcoin holdings was $191 million at the end of 2022. In addition, billionaire Elon Musk’s electric car company recorded $204 million of impairment losses resulting from changes in the prices of bitcoin. Tesla’s Digital Assets and Its Bitcoin’s Fair Value Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), filed its annual report for the year ended Dec. 31, 2022, with the U.S. Securities and Exchange Commission (SEC) on Monday. The filing shows that the fair market value of Tesla’s BTC holdings was $191 million at the end of 2022 while their carrying value was $184 million, as Bitcoin.com News previously reported . “As of December 31, 2022, and 2021, the carrying value of our digital assets held was $184 million and $1.26 billion, which reflects cumulative impairments of $204 million and $101 million, each period, respectively,” the company detailed, e...

Asset management firm Devere Group says that 82% of millionaires surveyed have asked their financial advisors about adding cryptocurrencies, such as bitcoin, to their portfolios despite the crypto winter. “Wealthy investors understand that digital currencies are the future of money, and they don’t want to be left in the past,” the firm’s chief executive said. Millionaires to Capitalize in Forthcoming Crypto Bull Run, Devere Says Devere Group, a global financial advisory and asset management firm with $12 billion in assets under management (AUM) worldwide, published the results of its crypto survey Monday. Devere found that among its millionaire clients with between $1 million and $5 million of investable assets, 82% have sought advice about investing in cryptocurrencies. Without providing additional details, the asset management firm wrote: Eight out of 10 high net worth (HNW) individuals have asked their financial advisers about including cryptocurrencies, such as bitcoin, into t...

During the first month of 2023, the top two leading cryptocurrencies, bitcoin and ethereum, experienced double-digit gains against the U.S. dollar. Meanwhile, several alternative cryptocurrencies saw even greater increases in value, with metaverse tokens like Decentraland’s MANA and The Sandbox’s SAND rising 92-150% against the greenback. Metaverse Crypto Assets Outshine Bitcoin and Ethereum Metaverse crypto assets have outperformed both bitcoin (BTC) and ethereum (ETH) , the leading crypto asset and top smart contract token, respectively. In the past month, Decentraland’s MANA token has been the top performer, rising 150% against the U.S. dollar. Over the last two weeks, MANA climbed 7.3%, and in the past seven days, it rose 2.9%. On January 31, 2023, a single MANA was trading for $0.716 to $0.755 per unit. The Sandbox’s SAND metaverse token has increased 92% in the past 30 days and has risen 5% in the last two weeks. However, despite the 30-day increase, seven-day metrics show...

Bitcoin fell below $23,000 on Jan. 31, following a recent move to a five-month high over the weekend. Market volatility has since increased, as traders prepare for a big few days of economic data from the United States. The conference board will release its consumer confidence report later today, with the Federal Reserve holding its policy meeting on Wednesday. Ethereum also moved lower today. Bitcoin Bitcoin ( BTC ) retreated from a recent five-month high on Tuesday, with prices falling below the $23,000 mark in today’s session. BTC /USD fell to a low of $22,657.58 earlier in the day, less than 24 hours after hitting a high at $23,296.53. The move comes as traders appear to have secured gains from recent surges in price, and ahead of the upcoming Federal Reserve policy decision. As can be seen from the chart, today’s drop saw BTC move closer to a price floor at $22,500, with the relative strength index (RSI) hitting a floor of its own. Currently, the index is now tracking at 6...

The fate of the Panamanian crypto bill project, which was approved by the Panamanian National Assembly last year, now depends on the decision of the supreme court of the country. The sanction of the project, which was vetoed by President Laurentino Cortizo, is now in the hands of the court after Congress rejected the veto measure. Panamanian Law Still Has Opportunity of Being Approved The Panamanian cryptocurrency bill, which was introduced in 2021 to the National Assembly and passed by the institution last year, has the opportunity of being re-examined and sanctioned even without presidential support. The destiny of the document lies now in the hands of the Supreme Court of Panama, which will have to weigh the arguments in favor and against the sanction of the regulatory framework. President Laurentino Cortizo, who received the document on Jan. 18 to sanction the proposed bill, delivered it to the court instead after issuing heavy objections to its form. The institution, that will...

Ordinals, a new way of using and getting content using Bitcoin, are enabling creators to harness the utility of NFTs (non-fungible tokens) directly from the blockchain, essentially creating native Bitcoin NFTs. This has stirred the pot in some circles, which are now discussing if this is the way in which Bitcoin’s blockchain should be used, and how this new use case will affect bitcoin nodes and fees in the future. Ordinals Enable Bitcoin NFTs Courtesy of Taproot A newfound use case for the Bitcoin chain is now being tested by individuals that have found a way of getting content directly to the blockchain. The project, called Ordinals , and launched just a few days ago, has enabled anyone to create Bitcoin NFTs (called inscriptions) as part of its functionality. This opportunity was inadvertently opened by the Taproot upgrade that the network underwent in November, which extended the length of Bitcoin transactions to almost the whole size of a block. This has been key for what’s c...

Russian crypto traders have been looking to obtain unrestricted accounts for global exchanges as their access to such platforms is limited. Over the past year, the offering of such accounts on the dark web has increased significantly, cybersecurity experts told the Russian press. Supply of Crypto Exchange Accounts for Russian Users Doubles in a Year of Sanctions More and more ready-to-use accounts for cryptocurrency exchanges are being sold to Russian residents. While this is not a new phenomenon — such accounts are often employed by fraudsters and money launderers — the current growth in supply has been attributed to the restrictions imposed by the trading platforms on customers from Russia, as a result of compliance with sanctions over the war in Ukraine. Russian residents have been buying these accounts despite the dangers, including the risk that whoever created them could maintain access after the sale, the Kommersant reported. But they are inexpensive and offers on darknet ma...

The South Korean government will adopt a cryptocurrency tracking system within the first half of this year, the country’s Ministry of Justice reportedly announced. The tracking system will be used to monitor and analyze crypto transactions, particularly to uncover the sources of illegal funds. South Korea to Start Tracking Crypto Transactions in 1H South Korea’s Ministry of Justice (MOJ) reportedly announced that it will adopt a cryptocurrency tracking system within the first half of this year. In its 2023 task report , the Justice Ministry explained that the tracking system will be used to monitor and analyze cryptocurrency transactions, particularly to uncover the sources of illegal funds. The ministry was quoted by local media as saying: We will overhaul the forensic infrastructure in response to the modernization of crime. The Korean government has been talking about adopting a system to track down illegal crypto transactions for many months. In October last year, the coun...

A new decentralized exchange (dex) on Arbitrum, called Vest Exchange, was announced this past weekend, and the team that created the project said the platform aims to focus on democratizing perpetual futures. The team behind Vest further detailed that the new Arbitrum dex is backed by firms such as Jane Street, QCP Capital, and Big Brain Holdings. Vest Aims to Revolutionize Defi Perpetuals With Cutting-Edge Risk-Engine and Backing From Prominent Investment Firms The creators of a new dex platform built on the Arbitrum layer two blockchain announced on Jan. 28, 2023, that the project has emerged from stealth mode. The project, called Vest Exchange , closed a seed round with investments from firms including Jane Street, QCP Capital, Big Brain Holdings, Pear VC, Cogitent, Moonshot Research, Fugazi Labs, Ascendex, Builder Capital, Infinity Ventures Crypto, and Robert Chen (Ottersec). Vest Exchange also provided a summary of the project in a blog post published on the same day. Vest ...

The metaverse is making inroads in job recruiting fronts in Japan. According to local reports, a mega metaverse job fair was organized on Jan. 27, with more than 2,000 students taking part in the experience. The students used avatars to communicate and review the job previews available in different booths controlled by several companies. Japan Embraces the Metaverse for Recruiting Metaverse tech is starting to change the landscape of job hunting and recruiting in Japan. More than 2,000 students attended a metaverse job fair, that allowed them to use digital avatars to communicate with recruiters and examine the possibilities of each job offer available. Due to the anonymity in the metaverse, participants were allowed to ask questions on delicate matters concerning these job offerings, according to reports of the Asahi Shimbun. 179 companies participated in this effort, which was organized by Neo Career Co., which took care of the job-related activities, and X Inc., which carried t...

The Argentine peso has fallen consistently against the U.S. dollar this month, losing almost 12% since Jan. 1. The behavior of the exchange rate for the informal “blue” dollar keeps bringing concerns about a possible escalade in inflation rates, that are predicted to reach almost 100% this year, similar to the rates registered in 2022. Argentine Peso Keeps Falling Argentina is currently submerged in a devaluation scenario that has the possibility of causing an escalation in prices this year. The value of the Argentine peso against the U.S. dollar has fallen by almost 12%, reaching a record-high rate of 386 pesos per dollar on Jan. 27 in its ‘ blue ‘ variation. The exchange rate has been constantly rising since December, when it reached 356 pesos per dollar, breaking a record low for the peso at that time. The government has made movements to maintain its stability, injecting dollars to satisfy the demand of registered importers into the market and announcing a purchase operation ...

PRESS RELEASE. VICTORIA, Seychelles — Bitget , a leading cryptocurrency derivatives exchange, has announced the winners and conclusion of its Hero Trader Awards 2022 competition. The event was organized to select the best 15 copy traders with high moral standards and professional qualities through community voting. The Hero Trader Awards 2022 commemorated the advancement of copy trading based on transaction data from Bitget’s One-Click Copy Trade in 2022 , which was used to select 75 Star Traders who participated in the contest. Bitget is a pioneer in crypto copy trading thanks to the way it works to improve products through innovation. One-Click Copy Trade is Bitget’s flagship offering of crypto copy trade, and as of Jan 19th, 2023, the product has amassed more than 80,000 traders and over 380,000 followers, along with 42,000,000 profitable copy trades since its launch. Recently, Bitget has become the first cryptocurrency exchange to launch copy trading in the spot market. The ...

Lawmakers in Nur-Sultan have approved the final version of the law “On Digital Assets in the Republic of Kazakhstan.” The new legislation, including several other bills, regulates the circulation of cryptocurrencies in the country and introduces a licensing regime for crypto miners and exchanges. Senate Votes on Crypto Law, Sends It to President of Kazakhstan Kazakhstan’s Senate has adopted a bill designed to regulate cryptocurrencies and related activities in the Central Asian nation. Along with additional legal documents, the new law “On Digital Assets in the Republic of Kazakhstan” creates conditions for establishing a crypto ecosystem in the country, local media reported. Members of the upper house of parliament considered the comprehensive package earlier in January and decided to propose certain amendments to the Mazhilis, which had already approved its version of the legislation. However, President Kassym-Jomart Tokayev dissolved the lower house on Jan. 19 and called early e...

A U.S. lawmaker has introduced a resolution that encourages Capitol gift shops to accept cryptocurrency payments. He stressed that lawmakers “should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill.” US Senator Advocates Crypto Payments U.S. Senator Ted Cruz (R-TX) announced Thursday that he has reintroduced the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions (ACCEPT) Resolution. Cruz first introduced this resolution in November 2021. The senator from Texas said: Cryptocurrency is generating new jobs, encouraging entrepreneurs to invent new values and creating new hedges against inflation, and presenting new opportunities. It is also increasingly being used as a secure form of payment for goods and services. “This is precisely why we, here at the United States Capitol, should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who ...

U.S. Senator Elizabeth Warren has called on Congress to ensure regulators, such as the Securities and Exchange Commission (SEC), have the tools to regulate the crypto industry effectively and crack down on crypto money laundering activities. “The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,” the lawmaker stressed. Senator Urges Congress to Crack Down on Crypto Money Laundering U.S. Senator Elizabeth Warren (D-MA) said in an interview with Politico’s Morning Money Wednesday that cracking down on money laundering activities is her “main focus” in terms of crypto-related legislation. The senator confirmed that she will reintroduce her bill titled “Digital Asset Anti-Money Laundering Act of 2022.” Originally introduced in December last year, this bill is “the most direct attack ” on the personal freedom and privacy of crypto users, according to experts in the field. Warren explained that money laundering is “not nearly as...