It has been a rough week for the cryptocurrency market, primarily because of the Terra ecosystem collapse and its knock-on effect on Bitcoin (BTC), Ethereum (ETH) and altcoin prices, plus the panic selling that took place after stablecoins lost their peg to the U.S. dollar. The bearish headwinds for the crypto market have been building since
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Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News
The German Ministry of Finance has published a letter officially confirming that the sale of crypto assets is tax-free after one year even if the coins are used for staking and lending. How Crypto Gains Are Taxed in Germany The German Ministry of Finance announced Wednesday that it has published a letter on the income
Following tweets from Terra founder Do Kwon, LUNA surged by over 1,500% on Saturday. However, with several exchanges halting deposits, only those who entered at the very bottom have seen these gains. This comes as AVAX and NEAR both fell by over 20%. Avalanche (AVAX) Although LUNA was undoubtedly today’s biggest gainer, recent volatility and
A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner on Stablecoin Regulation The regulation of stablecoins has been a hot topic this week following the Terra fiasco
Officials from the U.S., U.K., Canada, Australia, and the Netherlands have shared data and identified more than 50 crypto-related criminal leads, including one case that could be a $1 billion Ponzi scheme. Officials Share Data on Global Crypto Crime The heads of tax enforcement from the Joint Chiefs of Global Tax Enforcement (J5) countries met
Authorities in Iran have shut down close to 7,000 unauthorized facilities for cryptocurrency mining in the past two years, local media revealed. According to a report, most of the illegal bitcoin farms were concentrated in five provinces of the Islamic Republic, including Tehran. Iran Continues Crackdown on Unlicensed Cryptocurrency Mining Iranian officials have unplugged and
Bad news continues to dominate crypto media headlines and May 12’s juiciest tidbit was the unexpected collapse of the Terra ecosystem. In addition to the weakness seen in equities, listed companies with exposure to blockchain startups and cryptocurrency mining have also declined sharply. Bitcoin mining stocks continue bleeding… Mining investors probably wish they had simply
Despite the growing adoption of various cryptocurrency exchange-traded funds (ETFs) all over the world, the global trading community continues to ask one question: When will a spot Bitcoin (BTC) ETF go live in the United States? According to some ETF analysts, a spot Bitcoin ETF could become real in mid-2023, following years of rejection by
Cryptocurrencies markets continue to suffer major losses following the depegging of Terra (LUNA) ecosystem’s stablecoin UST – causing discrepancies between stablecoin pegs and the value of Bitcoin (BTC). Stablecoin Tether (USDT) showed signs of stress as USDT/USD traded under $0.99 on major exchanges. Tether and Bitfinex CTO Paulo Ordoino took to Twitter to assure USDT
Despite widespread losses being posted throughout the crypto market, Ethereum whales have been busy buying and selling Ether (ETH) at a rate not seen since January this year. According to data from Santiment, Ethereum whales made a total of 2,956 transactions, each valued at over $1M on Wednesday, marking the highest day of whale transactions
Masterminds of one of South Africa’s biggest bitcoin Ponzi schemes, Mirror Trading International (MTI), have been asked by the scheme’s liquidators to pay back over $291 million to cover the scam operation’s debts. Liquidators’ Influence Liquidators of the South African bitcoin Ponzi scheme, Mirror Trading International (MTI), have issued summonses against eighteen individuals believed to
The Nasdaq-listed cryptocurrency exchange Coinbase has revealed that it halted operation in India a few days after launch due to “informal pressure” from the country’s central bank, the Reserve Bank of India (RBI), says CEO Brian Armstrong. Coinbase Shares Experience in India Coinbase Global provided an update on its Indian operation during the company’s earnings
Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions. Bitriver Rejects US Accusations as Unfounded, Sees No Legal Ground for Sanctions Leading Russian
Townsquare Media, a New York based digital marketing and radio station company is the latest business to back the original cryptocurrency with its addition of $5 million worth of Bitcoin (BTC) to its balance sheet. A filing with the Securities and Exchange Commission (SEC) disclosing Townsquare’s purchase of Bitcoin was first picked up by Macroscope,
“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss the social tokens you should be keeping a close eye on. But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook
Bitcoin Cash is preparing to include two significant improvements in its upcoming upgrade. Programmed to happen on May 15, the Bitcoin Cash Improvement Proposals (CHIPs) approved to be included are CHIP-2021-03, which brings bigger script integers to the chain, and CHIP-2021-02, which has to do with the activation of native introspection opcodes, directed to simplify
The number of transactions on the Bitcoin network has spiked over the past week, which blockchain analysis firm Glassnode suggests are ‘urgent’ transactions due to investors de-risking. A sudden influx of 42,800 transactions hit the mempool on Bitcoin (BTC) last week. Glassnode’s chief analyst says these were likely “urgent” transactions due to the high amount
Roughly $1.4 billion worth of Bitcoin (BTC) was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) on Monday, raising questions about its ultimate destination on a day that has seen Bitcoin’s price tumble more than 11%. Data from blockchain explorer Blockchair revealed Monday that 42,530.82827771 BTC was spent from the LFG wallet,
Cryptocurrency markets have been maturing over the last few years, making demand for crypto insurance solutions larger as more advanced players dip their toes into the nascent ecosystem. Investopedia reports that cryptocurrency insurance is seen as a “big opportunity,” with a spokesman from one of the world’s largest insurers, Allianz, saying that the company has