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When it comes to the energy- and capital-intensive process of mining cryptocurrency, people tend to think of China, where about 65% of global hash power is located. But like many other closely observed metrics in crypto, American hashrate is a number that seems to be on the cusp of significant increase. Crypto mining, which harnesses data centers full of specialized computers to earn bitcoin by processing a so-called proof-of-work algorithm, is an industry that’s about to come out from under the radar in North America, say its proponents, and become…
Per an announcement and series of filings on Wednesday, the United States Department of Justice is calling shenanigans on Intuit’s ambitions, at least in part. Intuit owns a stable of user-facing finance software, including budgeting app Mint, digital do-it-yourself tax software TurboTax and QuickBooks, for business accounting. The firm initially announced its acquisition of Credit Karma back in February. By its own account, Intuit was paying $7.1 billion. In its antitrust case released today, the DoJ does not object to the bulk of the new acquisition but has mandated that Intuit…
Coinbase cuts margin trading. Binance sweeps out U.S. customers. OKEx offers rebates to clients affected by its five-week pause. Top shelf Tax changeCoinbase will no longer send customers 1099-Ks, the U.S. tax form that led the Internal Revenue Service (IRS) to mistakenly think traders had underreported their gains. The exchange will instead use the 1099-MISC form, at least for customers who earn interest on lending and similar products. However, the new form may come with its own issues. According to Shehan Chandrasekera, head of tax strategy at CoinTracker, “The threshold…
The popularity of Bitcoin exchange-traded notes (ETN) on European stock markets continues to grow with VanEck joining the fray. With the US Securities and Exchange Commission (SEC) still set against approving a Bitcoin (BTC) exchange-traded fund (ETF), crypto ETNs are proving to be an attractive proposition in the European market. VanEck Launches Physically-backed Bitcoin ETN in Germany Tweeting on Wednesday (Nov. 25, 2020), Gabor Gurbacs, digital assets chief at VanEck announced that the asset management firm had launched a Bitcoin ETN on the Deutsche Böerse Xetra. According to Gurbacs, the…
The bitcoin-only hardware wallet Coldcard has released a beta firmware patch for a vulnerability that also affected a competitor hardware wallet earlier this year. Ben Ma, a security researcher who works for hardware wallet manufacturer Shift Crypto, discovered that the Coldcard hardware wallet has a flaw: An attacker could trick a Coldcard user into sending a real bitcoin transaction when they think they are sending a “testnet” transaction – or a payment on Bitcoin’s testing network, which is not the same as the mainnet. Both testnet and mainnet bitcoin transactions,…
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The price of gold is off from its all-time high while bitcoin is within striking distance of a record. Billions of dollars are flowing out of gold while institutional money is pouring into bitcoin. The narrative for some cryptocurrency advocates – and a growing chorus on Wall Street – is that investors have finally seen the light and are pulling money out of the yellow metal, an ancient hedge against inflation, and into bitcoin, the safe haven of the future. However, another explanation could be that a sunnier global economic…
A billion-dollar Australian investment management firm has gotten into bitcoin, citing that the cryptocurrency is superior to gold. Many of the firm’s clients have been asking about investing in bitcoin. “We have been positioning in gold for our clients for many many years now. Now we’re doing it with bitcoin,” said an executive of the firm. Bitcoin ‘Entering the Realm of the Mainstream’ Australian investment management company Pendal Group has started investing in bitcoin through futures contracts on the Chicago Mercantile Exchange, AFR publication reported Monday. Pendal is a global…
The ongoing Bitcoin rally brought investor interest back to altcoins in a big way, but as soon as the top-ranked cryptocurrency made it above $19,000, it has been nothing but carnage for Ethereum and the rest of the altcoin space. Here’s why these assets faced carnage as soon as Bitcoin hit $19,500, and why it might signal a short-term top is near the crypto market. Ethereum And Other Top Altcoins Suffer Carnage As BTC Nears ATH Today could be the day when Bitcoin breaks its all-time high, and just about…