Day: July 8, 2020

Cardano Has More Room to Go Up Based On These On-Chain Metrics

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One of the so-called “Ethereum killers,” Cardano has made it to the headlines of the cryptocurrency market after the 80% bull run it has seen over the past week. The increasing buying pressure behind it seems to be fueled by the progress the IOHK team has made to finally roll-out the Shelley upgrade. Chart of ADA over the past week from TradingView.com As the protocol prepares to transition into a proof-of-stake consensus algorithm, market participants appear to be flocking to Cardano which could allow its price to rise further. Cardano…

Legal Implications of Secondary SAFT Sales, Part 2

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The United States Internal Revenue Service and Treasury Department have published minimal guidance on the tax treatment of virtual currency and no guidance on Simple Agreement for Future Tokens or secondary forward contracts on SAFTs. Accordingly, it is difficult to determine the appropriate U.S. federal income tax treatment of a secondary forward contract on a SAFT. In 2014, the IRS issued Notice 2014-21 and updated it with FAQs that provided that convertible virtual currency is treated as “property and general tax principles applicable to property transactions apply to transactions using…

23-Year-Old Who Lied to Bank About Bitcoin Holdings Pleads Guilty to Fraud

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Permissionless Software Foundation Aims to Foster Open-Source Software With Bitcoin Cash

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Just recently, Bitcoin Cash proponents were introduced to a new foundation called the “Permissionless Software Foundation” aimed at spreading Bitcoin Cash and SLP token technology. This week an organization called the “Permissionless Software Foundation” (PSF) revealed an announcement to the BCH community. The group’s mission aims to “foster the growth of open-source software and growing adoption of Bitcoin Cash across the globe.” “The mission of the Permissionless Software Foundation is to foster the growth of open-source software and the adoption of Bitcoin Cash across the globe. The Foundation will focus…

Chainlink (LINK) Enters “Price Discovery Mode” as Analysts Eye Move to $11

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Chainlink (LINK) is once again entering another parabolic uptrend, with this one coming about in tandem with the surge seen across the aggregated crypto market. The cryptocurrency’s intense uptrend has allowed it to set fresh all-time highs and comes as many other tokens also flash signs of strength. LINK now appears to be entering what analysts are describing as a “price discovery” mode that could help lead it significantly higher in the days and weeks ahead. In the near-term, one analyst is noting that Chainlink could hit $7, with an…

Top 6 Altcoins Set To Explode in 2020! Best June Cryptocurrency Picks

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▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Band Protocol: Band Protocol offers a decentralized data oracle by making data readily available to be queried on-chain, using delegated proof of stake (“dPoS”) to ensure data integrity. It aims to be the go-to data infrastructure layer for Web 3.0 applications by providing decentralized, curated off-chain data to smart contracts through oracles managed by its dPoS consensus mechanism. KardiaChain: Kardiachain is a public blockchain platform focused on Interoperability and providing hybrid blockchain solution/infrastructure for enterprises and governments in Vietnam and other countries…

Bybit Launches Global Trading Contest with 200 BTC Prize Pool

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Singaporean crypto derivatives exchange Bybit has announced that it will soon launch a bi-annual trading competition with a 200 BTC ($1.8 million) prize pool. Dubbed the “World Series of Trading” or WSOT, the contest lays claim to being the world’s largest cryptocurrency trading competition. The inaugural event will take place in August. Bybit is building on the success of its previous trading competitions as part of its Bybit Games calendar. The last major tournament was 2019’s BTC Brawl, a multinational trading contest that saw over 7,000 crypto derivatives battle it…

Blockchain Bites: DiDi to Trial the Digital Yuan and a Look at Chainlink’s Gains

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The Chinese equivalent of Uber will pilot the nation’s digital yuan, a major Ethereum alliance is moving to support DeFi as Nexo gets ready to enter the prime brokerage space with help from Chainlink. Here’s the story: FOMOTikTok videos and a fomenting sense of FOMO have driven trading volumes of dogecoin up nearly 2,000%, as of Monday, according to Messari. The meme-inspired asset’s price climbed 35% over the same period. The Dogecoin Twitter handle has issued a statement saying: “Be mindful of the intentions people have when they direct you to buy things. None…

Here’s How Bitcoin Could Crush the Ongoing Altcoin Rally

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Bitcoin is flashing some signs of strength as it pushes towards $9,400. This marks a break above the resistance it has faced at $9,300 over the past week. Although BTC has only climbed slightly today, buyers appear to be in firm control of the aggregated cryptocurrency market. Many altcoins are now finding themselves caught within intense uptrends. In some cases, some smaller digital assets like Dogecoin have been able to see parabolic rallies over a 24-hour time period. This price action has led some investors to deem it “altseason” –…

Bitcoin News Roundup for July 8, 2020

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Very crypto, much wow. With dogecoin back in the news, CoinDesk’s Markets Daily is back with another bitcoin news roundup. Bitcoin is looking to leap key resistance alongside a strong rally in gold, but its role as an inflation hedge is still weak. The Shiba Inu meme-based cryptocurrency’s price climbed 35% as TikTok users encourage each other to invest.  Nearly $60 million worth of bitcoins moved to Ethereum during June, 75% of which came through Wrapped Bitcoin.  Unstoppable Domains is working to give users full control over their chat data…