Day: June 21, 2023

Crypto payment solution Ramp expands on-ramp service, adds support for 40 fiat currencies

Ramp, a financial technology company specializing in crypto infrastructure, has announced a significant expansion of its platform’s compatibility, adding 40 new fiat currencies.  According to a June 21 announcement, the expansion is set to allow users to more easily transact with various digital and traditional currencies across borders while benefiting from favorable conversion rates. With its latest expansion, Ramp hopes to empower individuals across 150 countries to convert between cryptocurrencies and 43 fiat currencies. Expanded currency support includes a mix of developed and emerging markets, including the Bermudian dollar, Costa…

Bitcoin price taps $30K for first time since April

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Bitcoin (BTC) returned to $30,000 after the June 21 Wall Street open in a triumphant continuation of the week’s gains. BTC/USD 1-day chart. Source: TradingView Bitcoin price destroys traces of multi-week downturn Data from Cointelegraph Markets Pro and TradingView confirmed a new multi-month high of $30,340 on Bitstamp. BTC price action continued to heat up throughout the day as bulls made the most of strength, which had come thanks to various announcements of legacy finance applying to launch a Bitcoin exchange-traded fund (ETF). In so doing, BTC/USD erased many weeks…

CleanSpark buys two Bitcoin mining campuses for $9.3M

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Crypto mining firm CleanSpark is moving forward with its aggressive infrastructure expansion in the United States by acquiring two Bitcoin (BTC) mining facilities in a $9.3 million cash deal.  According to a June 21 announcement, the two facilities CleanSpark will purchase are turnkey Bitcoin mining campuses in Dalton, Georgia. With turnkey mining, users can buy an assembled, configured and optimized Bitcoin mining rig to use on mining farms. The facilities will host over 6,000 Antminer S19 XPs and S19J Pro+s, which are expected to add about 1 exahash per second (EH/s)…

Crypto Lender MakerDAO Boosts U.S. Treasury Holdings With $700M Purchase to Strengthen DAI Stablecoin Backing

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Don’t be mean to CEXs — Crypto relies on them

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Blockchain technology will eventually establish a reliable framework for exchanging value, effectively decentralizing power and financial control. This vision represents a revolutionary paradigm shift that we should wholeheartedly embrace. However, there are certain factors that may hinder this bright future, including the zero-sum nature of the derivatives market. Crypto needs continuous adoption and capital injection to increase in value — the psychological tendencies that tend to encourage the fear of missing out (FOMO) and excessive trading. Money itself is not inherently valuable but rather a vessel for value. Consequently, the…

How to track and report crypto transactions for tax purposes

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As cryptocurrencies and blockchain assets continue to grow in popularity and mainstream adoption, the United States Internal Revenue Service has taken an increasing interest in their taxation.  In the U.S., cryptocurrency is subject to crypto tax and is classified as transactions instead of property or assets. Needless to say, failure to accurately track and report these transactions can result in penalties and fines. Here is a comprehensive crypto tax guide for tracking and reporting crypto transactions for tax purposes in the United States. How cryptocurrency is taxed in the U.S.…

Bitcoin (BTC) Breaks $30,000 Amid TradFi Push Into Crypto

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The cryptocurrency’s rally comes as several TradFi giants including BlackRock, Invesco and WisdomTree filed for spot bitcoin ETF applications. Meanwhile, EDX crypto exchange, which is backed by major TradFi players, also launched on Tuesday. The exchange is backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities and will offer four tokens in the U.S., including bitcoin, ether, bitcoin cash and litecoin. Bitcoin cash (BHC) has also rallied following the news, gaining 25% on the day. Original