This is a scenario with little guidance from the IRS. Based on precedent, airdrops like this will be taxed as ordinary income (i.e., short-term capital gains rates), generally, when the assets are recorded on ledger and/or enter your wallet. So if you don’t claim, you won’t have control of the asset and shouldn’t get taxed. When you sell the airdrop, it’ll be subject to capital gains tax rates. Source
According to Huobi co-founder Jun Du, Bitcoin is unlikely to experience a strong bull run until 2025. His analysis is based on certain crypto specialists’ assumption that the coin’s current run is coming to an end. Surprisingly, Du has always aligned with Bitcoin’s bull run history. The asset’s value reached as high as $69,000 during the 2020 bull run, which ended months before the mining reward was reduced from 12.5 BTC to 6.25 BTC. Bitcoin Bull Run: 2025 However, Bitcoin has lost more than 40% from its previous peak. To…
Bitcoin (BTC) recovered to $38,000 as Wall Street opened on Feb. 22 amid a tense atmosphere over geopolitical instability. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin tiptoes around macro cues Data from Cointelegraph Markets Pro and TradingView showed an eerily calm start to the first Wall Street session of the week for both stocks and crypto. Fears had been high of a dramatic bout of volatility accompanying the open thanks to Monday’s announcement by Russian President Vladimir Putin that he would recognize two breakaway republics in eastern Ukraine. Sanctions, still…
If not careful, investors can end up owing more tax than expected and having to unload crypto to pay the bill. Source
Russian Ministry of Finance has prepared and submitted a new bill to expand crypto regulations to the government. The law “On Digital Currency” aims to introduce rules for investment in cryptocurrencies while at the same time cementing a ban on their use in payments. Draft Law ‘On Digital Currency’ to Regulate Crypto Turnover in Russia The Ministry of Finance of the Russian Federation has presented to the federal government in Moscow legislation tailored to fill the regulatory gaps in the country’s crypto space, remaining after last year’s enforcement of the…
But if you’re an original crypto enthusiast who comes from the early Wild West days when crypto was too complex for governments, central banks and corporate behemoths to understand, then you probably won’t recognize what crypto becomes over the next few decades. When all your taxes are collected automatically, physical cash is illegal, and everyone is using fiat digital central bank coins in one way or another (even if they are also using decentralized, private coins, too) will it still be what you wanted? Source
Block Inc., formerly known as Square, made modest bitcoin investments totaling $220 million during 2020 and 2021. Since then it has recorded impairment losses of $77 million, leaving a carrying value of $148 million. That’s not a big bitcoin investment commitment compared with MicroStrategy. However, fee revenue for facilitating crypto purchases and sales represents 59% of Block’s gross revenue as of Sept. 30, 2021. Gross margins on the crypto transactions were only 2%, and represent only 5% of total gross margin, but revenue from this business now dwarfs its traditional…
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“I wish it worked that way,” said Kemmerer, but he sees clients regularly get hosed because they misunderstood how it works. “This one guy had acquired over 100 ethereum early on, in 2015, back when it was still cheap,” he said. Then, in 2021, he sold some of his Ethereum to buy non-fungible tokens (NFTs), thinking it was all in Magic Crypto Money Land. “He racked up over a $100,000 tax bill. It was a shock.” Source
Ethereum found support on Tuesday, following a drop to a three-week low earlier in today’s session. This comes as the price of bitcoin also consolidated, following recent bearish pressure. Bitcoin The selloff in BTC momentarily eased on Tuesday, as global markets continued to closely monitor the Russia/Ukraine situation. BTC/USD dropped to a low of $36,488.93 earlier in today’s session, which is over $3,000 lower than its high to start the week. The move saw BTC briefly break out of its long-term floor of $37,315, in what looks like a false…