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.
Wall Street’s managers recommend investing in shares of Meta and Tesla
The beginning of the year is a perfect time to revise a portfolio. Portfolio managers from Wall Street, including James Davolos, have provided traders with practical advice. The professionals have unveiled their assumptions about potentially profitable stocks and analyzed new trends.A portfolio manager at Simplify Volt Robocar Disruption and Tech forecasts a jump in electric car production.
13:59 2022-01-26 UTC+00
Fed poised for aggressive monetary tightening in 2022
Since late 2021, the US Federal Reserve has expressed hawkish rhetoric on monetary policy. Fed Chairman Jerome Powell announced that the regulator embarked on the path of monetary tightening to avoid the economy overheating. Mr.
12:22 2022-01-26 UTC+00
В Китае рассчитывают на отмену торговых пошлин США
В Китае предложили отменить дополнительные торговые пошлины США на ряд их товаров.
12:19 2022-01-26 UTC+00
Morgan Stanley pinpoints reasons for bear crypto market
Analysts at Morgan Stanley say that the underlying reason for the recent slump in the crypto market is that the Federal Reserve has embarked on aggressive monetary tightening. According to experts, ultra-loose monetary policy and massive stimulus measures adopted as an emergency relief program set the stage for the stunning rally of digital tokens.
13:23 2022-01-25 UTC+00
US stock market to thrive despite external headwinds
The coronavirus pandemic has turned things upside down. Many countries are still trying to get their economies back on track. Even the global economy has not recovered yet. However, analysts are certain that the US equity market will only benefit from headwinds in the world economy. They highlight that US stocks will add gains in times of the post-pandemic crisis.
12:52 2022-01-25 UTC+00
Tesla to accept Dogecoin for merchandise
Tesla CEO Elon Musk said that the company would accept meme cryptocurrency Dogecoin as payment for its merchandise. "Tesla merch buyable with Dogecoin," he tweeted. Following this statement, the digital asset soared by 18%, exceeding $0.2 per coin.According to Reuters, this innovation is underway. However, Tesla customers will soon be able to buy electric cars for Dogecoin.
12:46 2022-01-25 UTC+00