Day: August 1, 2019

IRS Brazil Requires Reporting All Bitcoin Transactions Starting Today

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Beginning today, Aug. 1, Brazil citizens are obligated to report on their crypto transactions with the country’s Internal Revenue Service (IRS). Entities in Brazil must report on all kinds of crypto transactions As Cointelegraph Brazil reports today, transactions involving cryptocurrencies such as Bitcoin (BTC) must be reported to the IRS in accordance with rules established by Normative Instruction 1,888 introduced in May 2019. As reported by national public news agency Agência Brasil, the new measure applies to individuals, companies and brokerages, and includes all kinds of crypto-related activities, including buying…

Crypto Exchange Launches ‘Shitcoin Futures Index,’ Offering New Way to Short Alts

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Crypto derivatives platform FTX has perhaps the most speculative and oddly-named futures index fund on the market: SHIT-PERP, or the Shitcoin Index Perpetual Futures. An index of 58 low market cap coins, SHIT-PERP includes projects like Waves, Grin, and Nano. It is flanked two other low-cap indexes on the site, MID-PERP and ALT-PERP. Image via FTX.com Following an incubation program under Alameda Research, the derivatives platform opened this past spring. FTX runs an over-the-counter desk, futures, indexes, and now spot trading. Based out of the Antigua and Barbuda, the platform…

Crypto Exchange Launches ‘Shitcoin Futures Index,’ Offering New Way to Short Alts

boss

Crypto derivatives platform FTX has perhaps the most speculative and oddly-named futures index fund on the market: SHIT-PERP, or the Shitcoin Index Perpetual Futures. An index of 58 low market cap coins, SHIT-PERP includes projects like Waves, Grin, and Nano. It is flanked two other low-cap indexes on the site, MID-PERP and ALT-PERP. Image via FTX.com Following an incubation program under Alameda Research, the derivatives platform opened this past spring. FTX runs an over-the-counter desk, futures, indexes, and now spot trading. Based out of the Antigua and Barbuda, the platform…

Beyond Meat Stock Performance Reminds Novogratz of Bitcoin in 2017

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CEO of crypto merchant bank Galaxy Digital Michael Novogratz said that vegetarian meat startup Beyond Meat reminds him of cryptocurrencies in 2017. Novogratz delivered his comments in an interview with CNBC published on August 1. Innovation brings speculation, creating bubbles During the interview, Novogratz declared that Beyond Meat reminds him of the state of the crypto market in 2017, suggesting that the price is in bubble territory given its parabolic rise this summer.  He further provided an analysis of the phenomena and some grim predictions concerning the stock: “I think…

UK’s Financial Conduct Authority Will NOT Regulate Bitcoin and Ethereum

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UK’s stance on crypto assets has finally been elucidated by the Financial Conduct Authority (FCA). This regulatory body, which is responsible for regulating the country’s economy, has stated clearly in a paper which digital currencies it will be liable for. Perhaps quite surprisingly, Bitcoin and Ethereum are NOT within the watchdog’s purview. This FCA’s statement has been a response to a consultation paper which was published previously in January. The paper published by the FCA evoked over 90 responses from different financial service bodies; particularly, trade associations, banks and crypto…

Bitcoin Price Sneaks Past $10,000

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Overnight, the bitcoin price recovered beyond $10,000 as the market digested the Federal Reserve’s unexpected rate policy commentary. | Source: Shutterstock Overnight, the bitcoin price recovered beyond $10,000, achieving $10,172 at the day’s highest point against the U.S. dollar. The bitcoin price slightly recovered above $10,000 (source: coinmarketcap.com) Technical analysts have said that bears and sellers in the market may be losing momentum as bitcoin nears its monthly support. “Sell off has been losing momentum. BTC on monthly support. Bears are on a timer. The longer this takes, the worse…

Ex-Goldman Sachs Exec Confident ‘Nothing Else Has Payoff’ as Bitcoin

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Raoul Pal, a former head of equities and equities derivatives at Goldman Sachs UK office and the founder of Global Macro Investors and Real Vision Group, believes that Bitcoin (BTC) is worth betting on in the long term — even if it’s just a 1% chance. This and other insights Pal shared while speaking on the Stephen Livera podcast this week. Pal said:  “I know all these macro guys, they’re all in it. They get it. They get the optionality. They may be complete believers, part believers, partial believers. But…

India’s Largest Trade Association Criticizes Government’s Crypto Ban Proposal

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The state of crypto coins has been wavering in India for a while now. The government decided to set up a committee to look into the case and possibly put an end to all crypto-related activities in the country. And the committee delivered on the task, recommending to put a 10-year imprisonment penalty on anyone – whether a user or a crypto exchange – caught holding, selling, transferring, trading, or exchanging any kind of virtual currency. Reacting to the recent ban recommendation of cryptos in the country, the National Association…

Gibraltar Grants First Crypto Derivatives License to Local Exchange

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Gibraltar-based crypto derivatives exchange Quedex has secured a license from the Gibraltar Financial Services Commission (GFSC). Quedex claims to be the world’s first regulated crypto futures and options exchange Quedex was granted a Distributed Ledger Technology (DLT) Providers licence for providing services of trading crypto derivatives such as Bitcoin (BTC) futures, as well as crypto custodial services, the firm said in a blog post on July 31. Following the license acquisition, Quedex reportedly became the world’s first regulated crypto futures and options exchange, the firm stressed in the announcement. In…