Day: May 2, 2023

What is the wash-sale rule, and does it apply to crypto?

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Investors cannot claim a tax loss on the sale of a security if they buy a “substantially identical” security within 30 days before or after the sale, as per the wash-sale rule, a tax regulation. The Internal Revenue Service (IRS) in the United States established the wash-sale rule, which restricts investors from deducting a tax loss from their taxes if they sell an investment at a loss and subsequently buy a virtually identical security within the 30-day window. Instead, they must factor the loss into the new security’s cost base,…

Ether whale population drops after Shapella — Will ETH price sink too?

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The share of Ether held by so-called whale addresses has dropped since Ethereum’s Shapella upgrade in mid April, suggesting that large investors may be leaning bearish in the near term. ETH whale population shrinks post-Shapella The amount of Ether (ETH) held by addresses with 1,000-10,000 ETH, or “whales,” was over 14.033 million ETH on May 1, according to Glassnode data. In comparison, the count was 14.167 million ETH on April 12, when Shapella went live on Ethereum. Ether whale net position change. Source: Glassnode Interestingly, a week before the Shapella upgrade, the Ether…

Ethereum whale population drops after Shapella — Will ETH price sink too?

The share of Ethereum (ETH) held by so-called whale addresses has dropped since Ethereum’s Shapella upgrade in mid April, suggesting that large investors may be leaning bearish in t near term. ETH whale population shrinks post-Shapella The amount of Ether held by addresses with 1,000-10,000 ETH, or “whales,” was over 14.033 million ETH on May 1, according to Glassnode data. In comparison, the count was 14.167 million ETH on April 12, when Shapella went live on Ethereum. Ethereum whale net position change. Source: Glassnode Interestingly, a week before the Shapella upgrade, the…

Bitcoin Hashrate Reaches All-Time High of 491 EH/s, Close to Half a Zettahash, as Network Preps for Next Difficulty Change – Mining Bitcoin News

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While the next difficulty change for Bitcoin is just two days away, the network’s hashrate soared to unprecedented heights, reaching 491.15 exahash per second (EH/s) on May 02, 2023, at block height 787,895. This staggering amount of computational power came tantalizingly close to a half zettahash or five hundred quintillion hashes per second. Bitcoin’s Hashrate Surges to Unprecedented Heights, Nearly Reaching Half a Zettahash On the second day of May 2023, Bitcoin’s hashrate achieved a remarkable feat, tapping into a new record at block height 787,895. In a stunning display…

Coinbase Launches International Crypto Derivatives Exchange

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Coinbase has launched a global cryptocurrency derivatives exchange days after disclosing that it was going offshore with a Bermuda license. The US-based digital asset exchange said the new platform is only open to only eligible, non-US institutional traders. The new platform on Tuesday listed Bitcoin (BTC) and Ether (ETH) perpetual futures contracts, Coinbase said in a blog post, adding that the platform currently only offers 5x leverage, with all trades settled in stablecoin USD Coin (USD). It’s official! Coinbase International Exchange is here. Institutional traders in eligible non-US jurisdictions now…

DOT Drops to 6-Week Low on Tuesday – Market Updates Bitcoin News

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Polkadot was one of Tuesday’s biggest movers, as the token dropped to a six-week low in today’s session. Prices fell for a long-term support point of $5.60, as the global crypto market cap was once again 1% lower today. Avalanche also hit a price floor on Tuesday. Polkadot (DOT) Polkadot (DOT) was down for a second straight session on Tuesday, as sentiment in cryptocurrency markets remained bearish. DOT/USD dropped to a low of $5.61 earlier in the day, which comes less than 24 hours after trading at a high of…

17 factors to consider when evaluating a potential Web3 partnership

When considering Web3 partnerships, the background and perspective of the evaluator may lead to blind spots. Traditional companies and investors may know the business fundamentals and financial metrics to examine but be unclear on industry-specific “must-haves” such as necessary tech capabilities and a committed fan base. Industry insiders, on the other hand, may be impressed by a potential partner’s community presence and the features they promote but overlook the health of the financial and advisory foundations.    To ensure a profitable partnership that brings value to both parties and to end-users,…

BTC price may need a $24.4K dip as Bitcoin speculators stay in profit

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Bitcoin (BTC) has room to drop below $25,000 to flush out a recent influx of speculators, research shows. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode flagged the ongoing influence of “short-term holders” (STHs) on BTC price action. Profitability reset point lies below $25,000 BTC/USD has struggled to overcome $30,000 resistance in recent weeks, and multiple fakeouts have frustrated Bitcoin bulls. In its latest investigation into on-chain activity, Glassnode revealed that market newcomers may be responsible — speculative behavior, including profit-taking, has become prevalent…

Sports Illustrated Launches NFT Ticketing Platform on Polygon

“Blockchain technology offers significant benefits for consumers, particularly ticketing, including enhancing payment security, and eliminating scalping and fraud,” said Brian Trunzo, Head of Business Development, North America, for Polygon Labs, in a press release, who added that this launch would help grow consumer adoption. Source