Day: February 24, 2020

New Jersey Lawmaker Wants to Create a Crypto License

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A New Jersey lawmaker wants to license crypto exchanges and custodians looking to conduct business in the Garden State. Assemblywoman Yvonne Lopez (D.-19) introduced the Digital Asset and Blockchain Technology Act Friday, putting forth a proposal to license any entity looking to provide digital asset trading, storage, purchase, sales, exchange, borrowing/lending or issuance services. The N.J. Department of Banking and Insurance would be tasked with overseeing this license and regulating businesses. The term “digital asset” encompasses virtual currencies, digital securities and other assets, including anything with a transaction history recorded…

IRS Crypto Tax Return Question — Be Careful How You Answer

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When you file your taxes this year, the Internal Revenue Service will ask you a simple question: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?” It’s pretty simple, just yes or no, right? What could go wrong? It’s not really asking for numbers or any detail, though if you sold some it should go elsewhere on your tax return. After all, since the IRS classifies crypto as property, any sale is going to produce either a gain…

Shield Your Portfolio Against Coronavirus With These 3 Gold Stocks

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Gold is up nearly 10% since Coronavirus deaths spread beyond China. Yellow metal stocks present the best of both worlds – capital gains and dividends. As the wider market tanked, precious metal stocks surged. A spike in coronavirus cases outside China has raised fears that the pneumonia-like illness could turn into an uncontrollable global pandemic. Gold prices have consequently surged to a seven-year high. The yellow metal is widely viewed as a safe haven that typically rises when there’s negative sentiment surrounding global economic health. Gold has been surging amid…

Why Another Drop Below $9.4K Would Not Bode Well for Bitcoin Price

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While the equity markets are taking a huge hit today, the cryptocurrency market and Bitcoin (BTC) price are remaining relatively stable over the weekend and into the start of this week. As the stock market pulls back traders will begin to speculate on whether the crypto market will react in a bearish or bullish manner. Is this just the calm before the storm? One thing to note is crypto trading volume has drained away over the past few days. With volume going down, perhaps this is a signal that a…

CME Bitcoin Futures Daily Trading Volume Hits 2020 Low – That’s a Bullish Sign

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Daily trading volume in bitcoin (BTC) futures listed on the Chicago Mercantile Exchange (CME) dropped to year-to-date lows on Friday.  The volume hit $118 million, the lowest level since Dec. 31. On that day futures recorded volume of $112 million, according to Skew Markets.  What’s worth noting is volumes have pulled back sharply from the multi-month highs registered on Feb. 18. CME traded $1.1 billion in volume this past Tuesday. That was the first above-$1 billion daily volume since June 27, 2019.  Bitcoin CME futures contracts, which went live in…

Blockchain Fintech Firm Diginex, 8i Set Up Special Meeting on Merger Deal

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Investment holding company 8i Enterprises Acquisition Corp. and blockchain financial services and technology firm Diginex have scheduled a shareholders meeting to consider the proposed business merge. The special meeting will take place on March 20 in New York, according to a Feb. 24 press release. Initially, the companies announced the merger plans last July. Once the deal is closed, Diginex will ostensibly become the first fully diversified company listed on Nasdaq. The reverse merger deal with 8i was set to amount to $276 million including debt. Diginex shareholders would reportedly…

The Real Reason the Stock Market Is Crashing

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The major U.S. indexes plunged on Monday, as wildly overpriced technology shares sold off over fears of a long-overdue recession. The technology-focused Nasdaq Composite Index declined by as much as 4.3%. Global recession risks could lead to a 20% pullback in technology stocks, according to investor Paul Meeks. As the Dow and broader stock market careened toward their ugliest drop of the year Monday, analysts blamed the sell-off on negative coronavirus headlines. What Wall Street doesn’t want to admit is that stocks are plunging for a far more chilling reason:…

7 Are Way Less Infantile Than You Think

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BTS lit up social media as the K-pop band’s “ARMY” of fans turned up the “everglow” for its new album: “Map of the Soul: 7.” Annoyed by the constant fan cam spam on Twitter, I sent inquiries to a librarian, school teacher, and song lyricist about BTS lyrics. I was sure they would pan the lyrics as basic and shallow, penned for people with low reading levels. But they actually found them surprisingly deep. BTS is making waves across the planet with their new album, “Map of the Soul: 7.”…

OKEx Makes OKB and 18 Other Assets Available for Spot Margin Trading and Savings, Also Introduces Mark Price System

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The Spot Margin trading and Savings service on OKEx have received a huge boost as the leading cryptocurrency exchange platform announced the addition of 19 new assets. The list of new assets available in margin trading pairs starting 21st Feb 2020 includes ADA, ALGO, ATOM, BTM, BTT, ELF, HC, IOTA, IOST, LINK, OKB, OMG, ONT, VSYS, XLM, XMR, XTZ, ZEC and ZIL against BTC or USDT. The inclusion of new tokens also signifies a milestone for the platform’s own OKB utility tokens which has gained a lot of market attention…