Day: February 7, 2023

ConsenSys releases statement of support for continuation of the Jarrett tax case

boss

ConsenSys issued a statement Feb. 7 in support of the appeal of the of Jarrett v. United States case concerning the taxation of staking rewards. The case originated in a dispute over a refund of about $4,000 that Joshua and Jessica Jarrett claimed on XTZ tokens they validated in 2019.  The Jarretts claimed their staking rewards should be treated as property and taxable only on upon their sale. After the U.S. Internal Revenue Service (IRS) ignored their refund claim, the Jarretts filed suit. They issued the refund in 2022, but…

Bitcoin BTC Favored Over Ether ETH by CME Traders in 2023 So Far , Arcane Research Report Shows

Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told CoinDesk that institutional investors’ preference for BTC represented “the safest choice in a bear market.” He noted that Ethereum’s upcoming protocol updates might be raising concerns about an increased “risk of things going wrong,” and added that the Shanghai hard fork, which will allow validators who help operate the network to withdraw 16 million staked ETH, “is expected to add selling pressure.” Source

NFT Market Share Battle Ramps Up Between OpenSea and Blur

The number of sales on Blur for the week ending on Feb. 6 stood at 20,603, roughly 9% of OpenSea’s total number of sales, which sits around 228,000, according to Nansen data. And when looking at the number of wallets interacting with the two NFT marketplaces, a similar trend emerges: The number of wallets interacting with OpenSea is 11 times greater than those plugged into Blur, demonstrating how OpenSea dominates Blur. Source

Binance to support users in Turkey’s earthquake region with $100 airdrops in BNB tokens

boss

The devastating earthquake that hit Turkey on Feb 6 has left a trail of destruction in its wake, affecting numerous communities and individuals. In response to the tragedy, cryptocurrency exchangeBinance has announced that it will airdrop $100 USD worth of BNB tokens to all Binance users residing in regions hardest hit by the earthquake. The process of identifying eligible users will involve checking Proof of Address (POA) submissions made before February 6th in ten cities affected by the earthquake, including Adana, Adıyaman, Diyarbakır, Gaziantep, Hatay, Kahramanmaraş, Kilis, Malatya, Şanlıurfa, and…

Controversial Tron-Based Altcoin Skyrockets 39,500% After Launch on Crypto Exchange Huobi

boss

An altcoin recently launched on crypto exchange Huobi has exploded exponentially since being listed. FTX Users’ Debt (FUD), based on Tron (TRX) and first listed on Huobi, aims to maintain its value with the backing of the debt of those who lost funds on collapsed crypto exchange FTX. The token is issued by DebtDAO, an organization that has no direct affiliation with FTX. FUD is meant to represent $1 of debt, and had an initial supply of 20 million tokens. Tron founder and Huobi advisor Justin Sun described FUD as…

Law Firm Subpoenas FTX Co-Founder, Top Executives, and Former Alameda CEO Over Voyager Digital Deal – Bitcoin News

boss

On Feb. 6, 2023, law firm Kirkland & Ellis issued a subpoena to FTX co-founder Sam Bankman-Fried and top executives on behalf of Voyager Digital. The subpoena requested they produce documents and communications related to the “Alameda Loan Agreement” between Alameda Ventures and Voyager, as well as other important documents. Additionally, Voyager Digital has subpoenaed former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang, and former FTX head of product and investor relations Ramnik Arora. Law Firm Kirkland & Ellis Requests Documentation for Proposed FTX-Voyager Deal Kirkland & Ellis,…

Riot Blockchain’s Texas Mining Operations Disrupted by Winter Storms

The cryptocurrency mining company Riot Platforms, previously known as Riot Blockchain, has announced that 17,040 rigs that were installed at its facilities in Texas have been rendered inoperable as a result of the “extreme winter weather” that has been experienced in Texas. Riot said in a press release dated February 6 that two of the buildings of its Whinstone plant located in Rockdale, Texas were damaged in December as a result of the subzero conditions that the state endured for many days. From the 22nd through the 25th of December,…

Kazakhstan’s President Signs Legislation to Limit Energy Usage of Crypto Mining

The new law allows miners to consume electricity from the national grid only when there is a surplus, effectively capping the industry’s energy usage. The surplus will be distributed among licensed operators, who will be able to bid for the power. Those miners using renewable energy, imported electricity, or their own energy generation capacity not connected to the grid, will be exempt from this cap. Source

Avalanche (AVAX) price is up, but do fundamentals support the rally?

boss

Avalanche (AVAX) witnessed a meteoric start to 2023, gaining 98% in 30 days, and traders are now curious about whether the rally will extend throughout February. AVAX’s year-to-date gains for 2023 have outpaced those of Bitcoin (BTC) and Ether (ETH). Recent reasons for AVAX’s rally can be attributed to an Amazon partnership announcement on Jan. 11. The partnership is meant to easily deploy nodes on the Avalanche blockchain with Amazon Web Services (AWS). Ava Labs, which supports the Avalanche ecosystem, hopes the partnership increases blockchain usage for enterprises and governments. While AVAX…

Understanding Blockchain Technology: A Beginner’s Guide

boss

Have you ever wondered how Bitcoin and other cryptocurrencies work? The answer lies in blockchain technology. Blockchain is a distributed database that allows for secure, transparent and tamper-proof transactions. In this beginner’s guide to blockchain, we will cover what blockchain is, how it works, and some of its potential applications. We will also provide tips on how to get started with blockchain.   What is Blockchain? A blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as new blocks are added to it, each containing a…