Tag: Cryptocurrency

A Game-Changer for Cryptocurrency Investors

boss

The cryptocurrency industry was buzzing with expectation and excitement as Ethereum, the second-largest blockchain by market capitalization, prepared for the Ethereum Merge. In this detailed article, we will look at the Ethereum Merge concept, its relevance in the crypto industry, the mechanics of this transfer, and the impact it had on cryptocurrency investors. Introduction Since its creation, Ethereum, also known as the backbone of the decentralized finance (DeFi) ecosystem and non-fungible tokens (NFTs), has used a proof-of-work (PoW) consensus mechanism. However, the scalability and energy efficiency of Ethereum have long…

Coinbase Launches ‘Stand with Crypto’ Campaign to Advocate for Clear Cryptocurrency Legislation in US

The “Stand with Crypto” campaign will have a strategic focus on nine specific states in the United States: New Hampshire, Nevada, Ohio, Pennsylvania, Arizona, California, Georgia, Illinois, and Wisconsin. The Coinbase “Stand with Crypto” campaign is dedicated to advocating for favorable cryptocurrency legislation in the United States. This initiative follows extensive research by Coinbase, revealing that a majority of Americans believe the financial system requires significant reforms. Among the respondents, 51% contend that the current financial system is unjust, primarily favoring powerful interests over ordinary citizens. The research also indicates…

FTX Cryptocurrency Exchange Case

boss

NFL quarterback Trevor Lawrence, along with popular YouTube influencers Kevin Paffrath and Tom Nash, have reached a settlement in a lawsuit related to their endorsements of the now-defunct FTX cryptocurrency exchange. According to Bloomberg’s report on September 16, the terms of the settlement have not been disclosed. This development marks the first resolution among more than a dozen celebrities and firms accused of assisting Sam Bankman-Fried, the Founder of FTX, in alleged investor deception. He is set to face a criminal trial in Manhattan next month. Other high-profile individuals, including…

Forex vs. cryptocurrency trading, explained

boss

Forex trading, commonly referred to as foreign currency trading, entails buying and selling other currencies to increase one’s financial gain.  Forex trading involves trading fiat currency pairings and is open 24 hours a day during weekdays — i.e., closed on weekends — with trading sessions in major financial hubs, such as London, New York, Tokyo and Sydney. The first currency in the pair is known as the “base currency,” and the second currency is referred to as the “quote currency” or the “counter currency.” For instance, the United States dollar…

PayPal enables US users to sell cryptocurrency via MetaMask wallet

boss

Global payment giant PayPal continues expanding its digital asset services, integrating new methods to sell cryptocurrencies like Bitcoin (BTC). PayPal on Sept. 11 officially introduced new on and off ramps for Web3 payments, allowing users in the United States to convert their crypto to USD directly from their wallets into their PayPal balance. According to the announcement, PayPal off ramp feature is immediately available to wallets, decentralized applications and nonfungible token (NFT) marketplaces and is live on MetaMask. The new on off ramp features are designed to enable customers to…

Could AI Hold the Key to Help Revolutionize Cryptocurrency Trading?

boss

Widespread consumer and organizational adoption of Artificial Intelligence (AI) has caused quite public and now more recently, governmental outcry to pause further development of AI-based models and tools, as experts warn of the potential danger these technologies can hold for humanity. Since the public launch of OpenAI’s ChatGPT onto the consumer landscape in November last year, machine learning technologies and language processing models have skyrocketed in popularity, finding a place in nearly every economic sector. Now, as organizations find themselves at the brink of the AI revolution, using digital systems…

US Treasury and IRS Propose Cryptocurrency Reporting Rules for Brokers

The United States Government Accountability Office (GAO) warns that “limits on third party information reporting to the IRS is an important factor contributing to the tax gap, which is the difference between taxes legally owed and taxes actually paid”.  The United States  Department of the Treasury and the Internal Revenue Service (IRS) have jointly released a proposed set of cryptocurrency regulations requiring brokers to report gains and losses incurred during the sale of cryptocurrency and digital assets. A statement released on September 5 by the Office of Advocacy of the…

US Treasury, IRS propose cryptocurrency regulations for brokers

boss

Two federal agencies of the United States — the Department of the Treasury and the Internal Revenue Service (IRS) — have released a set of cryptocurrency regulations proposal detailing brokers’ reporting requirement. The Office of Advocacy of the U.S. Small Business Administration revealed that the proposal around crypto regulations for brokers was released on Aug. 29, as it explained: “The proposed rules would require digital asset brokers, including trading platforms, payment processors, and certain hosted wallet providers, to report gross proceeds for all sales or exchanges of digital assets starting…

Genesis to Close Its US-Based Cryptocurrency Trading Desk

boss

Genesis Global Trading (GGT), which focuses on spot cryptocurrency trading in the United States, is set to cease its operations later this month, as indicated in an email sent to its clients on Tuesday. GGT plans to shut down its over-the-counter trading platform on September 18. All ongoing trades must be settled by September 21, and any remaining open accounts will be officially closed by the end of the day on September 30. The email communicated that this decision was made voluntarily and for business-related reasons, media reports said. It’s…