Month: February 2022

UK tax agency cracks down on rules around DeFi lending and staking

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Her Majestyโ€™s Revenue and Customs (HMRC), the U.K.โ€™s tax agency, on Wednesday, has released a controversial set of guidance that could affect innovation in Decentralized Finance (DeFi). The updated regulation focuses on the treatment of digital assets specifically for DeFi lending and staking in the UK, and whether returns or rewards from these services are deemed as capital or revenue for taxation purposes. Owing to the cutting edge nature of DeFi these services had fallen into a grey area with tax professionals unsure of how the existing rules apply. โ€œThe…

Bitcoin Bad News At Critical Moment!

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Google’s Parent Company May Utilize Blockchain to Revamp its Existing Products

Alphabet Inc, the parent company of search engine giant Google, is not ready to play the second fiddle when it comes to blockchain technology, marked by the companyโ€™s in-depth research into the emerging tech. According to the companyโ€™s Chief Executive Officer, Sundar Pichai, the company is doing all it can and planning to contribute to Web3.0 as it has always done for the open source technologies it has benefitted in. Web3.0 is considered by many as the decentralized web, which will return data control back into the hands of the…

Wormhole token bridge loses $321M in largest hack so far in 2022

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The Wormhole token bridge experienced a security exploit today, resulting in the loss of 120,000 wETH tokens ($321 million) from the platform. Wormhole is a token bridge that allows users to send and receive crypto between Ethereum, Solana, BSC, Polygon, Avalanche, Oasis, and Terra without the use of a centralized exchange (CEX). This is the largest crypto hack of 2022 so far and the second largest DeFi hack to date. The Wormhole team has offered a $10M bug bounty for the return of the funds. The hack took place on…

Ascent Award Recognizes KuCoin As Best App of 2022 For Enthusiasts

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The Ascent Award has recognized KuCoin as the best cryptocurrency application for enthusiasts in 2022, praising the cryptocurrency exchange for low commissions, high-security measures, transparency, and customer orientation in operations. The mobile application of the global KuCoin cryptocurrency exchange has been recognized as the best application for enthusiasts by an annual survey conducted by The Ascent. Among the other cryptocurrency exchanges noted by The Ascent were Gemini, Coinbase, Binance.US, Crypto.com and FTX, all of which were noted for outstanding achievements in ensuring high accessibility and convenience to digital assets. The…

Fidelity Discusses Future of Crypto Ecosystem โ€” Says Bitcoin Is ‘a Superior Form of Money’ โ€“ Featured Bitcoin News

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Fidelity Digital Assets has released a report explaining why bitcoin is a superior form of money. The report discusses the future of the digital asset ecosystem and compares bitcoin to newer and smaller cryptocurrencies. Fidelity Says โ€˜Bitcoin Firstโ€™ Fidelity Digital Assets, a subsidiary of Fidelity Investments, published a report this week titled โ€œBitcoin First: Why investors need to consider bitcoin separately from other digital assets.โ€ The report addresses some concerns investors have including whether bitcoin โ€œmay be vulnerable to innovative destruction from competitors (such as the story of Myspace and…

Ethereum Classic Displayed Double-Digit Gains; What’s Next!

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Ethereum Classic had experienced a sharp fall in prices on the 17th January, however, at press time ETC was seen recovering. Over the last 24 hours, ETC had gained close to 7% and was seen trading at $28. In the past week, ETC logged gains of about 17% and had broken past the $25 price mark. ETC struggled near the aforementioned price level for the past few weeks. However, with close to 17% gains in the past seven days ETC has now managed to break the downtrend. Bitcoin was bordering…

BITCOIN BREAKOUT THIS WEEK WILL BE MASSIVE!!!!! THESE ARE THE LEVELS TO WATCH

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Wormhole Network’s Cross-Chain Bridge Exploited for Over $250 Million in Ethereum โ€“ Bitcoin News

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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 about the disruptive protocols emerging today. Original

First Mover Asia: Crypto Prices Plunge Late After Weak Meta Earnings

Good morning. Hereโ€™s whatโ€™s happening: Market moves: Bitcoin ended its two-day winning streak with heavier selling pressure during late U.S. trading hours. Technician’s take: BTC’s pullback could continue into the Asia trading day; initial support at $35K. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin (BTC): $37,031 -4.5% Ether (ETH): $2,690 -3.8% Top Gainers Asset Ticker Returns Sector Internet Computer ICP +8.4% Computing Ethereum Classic ETC +2.1% Smart Contract Platform Algorand ALGO +0.2% Smart Contract Platform Top Losers Asset Ticker…