Crypto brokers to report to IRS on transactions of over $10K
The US authorities keep trying to gain control over the cryptocurrency market. Their new infrastructure bill would oblige crypto brokers and operators to report to the Internal Revenue Service. US President Joe Biden has recently signed a law making cryptocurrency companies, along with other financial organizations, provide information about their users, in particular, notify the IRS of any transactions that exceed $10,000. The cryptocurrency market reacted to the news with a plunge. For instance, BTC lost almost 8%. It seems that the Biden administration is not going to stop there. After all, huge sums of money are at stake. The Joint Committee on Taxation has calculated that the new rule would raise about $28 billion in ten years.
Opponents of the new bill call it extremely expensive and harmful for the crypto industry. They say that the legislation binds certain market participants to provide the information they have no access to. Technically, miners and software developers are unable to report on transactions of over $10,000 to the IRS. Senators Ron Wyden and Cynthia Lummis have filed amendments to the Senate's infrastructure bill, including a proposal to free developers of blockchain technologies and cryptocurrency wallets from tax reporting.
JPMorgan bets on BTC stellar rise to $100,000
After a dazzling rally, the crypto market is falling like a rolling stone from one low to another. While the majority of crypto traders are making bearish calls on digital assets, some investors are not ready to give up hopes of earning on virtual coins. For instance, JPMorgan Chase sees BTC at $100,000 by the end of 2022.
14:15 2022-01-21 UTC+00
Bitcoin’s correlation with stock market grows
In its early days, bitcoin gained the status of “digital gold” which is widely recognized as a store of value and a hedge against inflation. Yet, some experts point out that bitcoin has been lately following the sentiment in the stock market rather than gold. In 2021, the macroeconomic background largely shaped the trajectory of the coin.
10:46 2022-01-21 UTC+00
Binance CEO among top wealthiest billionaires
Binance CEO Changpeng Zhao became the richest person in the world of cryptocurrencies last year. His fortune is estimated at $96 billion. According to Bloomberg’s rating of the world’s top cryptocurrency billionaires, Zhao is ranked first with an estimated net worth of $96 billion. He surpassed Mukesh Ambani, the Indian tycoon whose fortune also soared to $92.9 billion.
10:29 2022-01-21 UTC+00
WEF warns of potential split in global economy
Experts warn that an uneven global economic recovery could deepen divisions within societies and between countries in the near future. According to the World Economic Forum, the world economy risks splitting "into divergent trajectories" due to labor market imbalances as well as widening education and skills gaps.
06:48 2022-01-21 UTC+00
UK braces for heavy economic losses from Omicron
The UK is preparing for economic losses it could sustain due to the spread of the Omicron strain. According to preliminary estimates, the new variant of the coronavirus could cost the UK economy about $50 billion.The UK government is expecting that the economy would lose £35 million in the first two months of 2022 alone due to Omicron.
15:23 2022-01-20 UTC+00
Meme coin Shiba Inu plans big surprises for 2022
While the crypto market is going through another crisis, let us recall the forecasts made for 2022. By the way, some of them predicted the crash in the value of crypto assets. The situation around the major cryptocurrencies is more or less clear.
13:13 2022-01-20 UTC+00