Crypto news
Indonesia to impose 0.1% crypto tax starting in May: Report
The Indonesian government is reportedly planning to charge a 0.1% capital gains tax on crypto investments as well as a value-added tax, or VAT, on digital asset transactions starting from May 1. According to a Friday Reuters report, Hestu Yoga Saksama, a spokesperson for Indonesia’s tax office, said the country will be imposing “income tax and VAT” on crypto assets “because they are a commodity as defined by the Trade Ministry” and “not a currency.” The government is still reportedly considering how to implement such taxes, but legislation passed in response to the pandemic laid the groundwork for collecting revenue on cryptocurrency transactions. Indonesia’s Commodity Futures Trading Regulatory Agency, also known as Bappebti, confirmed a report that in February 2022, crypto transactions i...
Price analysis 4/1: BTC, ETH, BNB, SOL, XRP, ADA, LUNA, AVAX, DOT, DOGE
Bitcoin (BTC) has clawed back much of the losses that took place in January and now the focus of traders shifts to April, which has historically been a strong month for the cryptocurrency. According to Coinglass data, Bitcoin has closed April in the red on onlthree occasions and the worst monthly loss was a 3.46% drop in 2015. Although history favors the bulls, the Whale Shadows indicator has noticed that more than 11,000 Bitcoin has left a wallet in which it had been lying dormant for seven to ten years. The movement of similar-sized quantities from dormant accounts has generally resulted in a major top, according to independent market analyst Phillip Swift. Daily cryptocurrency market performance. Source: Coin360 Along with keeping an eye on the crypto markets, traders should ...
Bitcoin recovers the $46K level, but several factors could prevent a stronger breakout
After dropping below $45,000 on March 31, Bitcoin (BTC) surprised investors with a quicker-than-expected recovery to the $46,500 level. Data from Cointelegraph Markets Pro and TradingView shows that bears managed to drop BTC to an overnight low of $44,210 before bulls showed up in force to lift the price back above $46,500 by midday. BTC/USDT 1-day chart. Source: TradingView Here’s what several analysts are saying about the short-term outlook for Bitcoin moving forward and what developments could present headwinds for the top cryptocurrency as a new month gets underway. The macro environment continues to impact BTC price Events in the global financial market continue to have a large impact on cryptocurrency markets and are likely to continue to do so for the foreseeable future. Accord...
SEC rejects ARK 21Shares spot Bitcoin ETF application
The United States Securities and Exchange Commission, or SEC, has officially disapproved the application for the ARK 21Shares Bitcoin exchange-traded fund (ETF). In a Thursday filing, the SEC rejected a proposed rule change from the Chicago Board Options Exchange, or Cboe, BZX Exchange to list and trade shares of the ARK 21Shares Bitcoin (BTC) ETF. The SEC said the proposed rule change, originally published for comment in the Federal Register in August 2021, would not be “‘designed to prevent fraudulent and manipulative acts and practices” nor “protect investors and the public interest.” The SEC said that the Cboe BZX Exchange had not met the requirements of listing a financial product under its rules of practice as well as those of the Exchange Act. Under these restrictions, exchanges see...
Netflix’s Crypto King: a riveting watch, but should it be better?
If you haven’t seen the new Netflix documentary, Crypto King, you should stop right here and go watch it. Even if you’re not into crypto, it’s worth watching. Although, considering you’re reading this on CoinText, I’m going to assume you are a crypto fan (still, I’ve read that there are actually some crypto people who are in relationships – who would have thought? So, your significant others will enjoy it too). With that said, I’m about to jump into some spoilers, so if you aren’t familiar with the crazy story, this is your last chance to avoid finding out. The Story Gerald Cotten was the founder of QuadrigaCX, a Canadian crypto exchange. He was a nerd; perpetually clad in clunky running shoes and ill-fitting jeans. He had glasses, and he even spoke like a nerd! Genuinely, he did. He sport...
Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger
On Friday, Bitcoin (BTC) mining company PrimeBlock announced that it is merging with special purpose acquisition vehicle (SPAC) company 10X Capital Venture Acquisition Corp II. The deal places PrimeBlock at an enterprise value of $1.323 billion and is expected to close in the second half of the year. The company has installed 1.8 exahash per second of BTC self-mining equipment, accounting for approximately 0.89% of the Bitcoin network’s overall hash rate. According to PrimeBlock, its break-even price for mining is $9,000 per coin. Back in 2020, up to 59% of its energy sources were carbon-free. The firm seeks to become carbon-neutral on a net-zero basis by the year 2050. Last year, PrimeBlock brought in $21.8 million in revenue through mining 356.8 BTC. But in 2022, the firm expects t...
Astar (ASTR) price doubles as the network prepares to add 15 new projects in April
Following the successful completion of its initial parachain auctions, the Polkadot (DOT) ecosystem has begun to gain traction with the cryptocurrency community as the first chains begin to come online and integrate with Ethereum (ETH). Astar (ASTR) is one such Polkadot-based project that finished off the month of March on a hot streak after the multi-chain smart contract platform attracted the attention of retail and institutional crypto investors. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.107 on March 22, the price of ASTR has climbed 104% to a daily high at $0.208 on April 1 as demand for the token increased 20-fold. ASTR/USDT 4-hour chart. Source: TradingView Three reasons for the rally include the completion of a $22 million funding...
Crypto Biz: Proof of integrity? Gold industry wants blockchain to solve its biggest problems, March 25–31, 2022
As Bitcoin (BTC) continues to eat away at gold’s market share, the bullion industry is looking to blockchain — the technology first made famous by BTC — to solve its most enduring challenges. How’s that for irony? Someone should really check on Peter Schiff. Speaking of Bitcoin, a MicroStrategy subsidiary confirmed this week that it plans to buy more “digital gold” through a crypto-collateralized loan. Terraform Labs CEO Do Kwon also ramped up his Bitcoin purchases to provide solid backing for Terra’s UST stablecoin. This week’s Crypto Biz takes a deep dive into the gold industry and the latest business developments surrounding Bitcoin. Gold industry taps blockchain for supply chain management and fraud prevention Blockchain has been identified as a potential game-changer for the gol...
Finance Redefined: Axie Infinity’s Ronin bridge faces worst hack, Binance launches Bridge 2.0 and more
The last week of March saw the decentralized finance (DeFi) market surge to new highs as institutional investors returned to the market. Amid the rising popularity of DeFi products, Axie Inifity’s Ronin bridge faced the worst hack in crypto history, raising security concerns for the market. MetaMask integrated Apple Pay support, allowing users to purchase crypto using their Apple Pay account directly, and Binance launched Bridge 2.0 to integrate CeFi and DeFi into one platform. Looking at the price side, the majority of DeFi tokens in the top 100 not only registered double-digit gains but also rose to new multi-month highs, with several tokens seeing three-digit gains over the past week. Axie Infinity’s Ronin bridge hacked for over $600M According to Axie Infinity’s official Discord and Ro...
Netflix‘s crypto swindler documentary draws wild community reaction
Netflix’s new crypto documentary titled Trust No One: The Hunt for the Crypto King was released on Wednesday amid much fanfare. The documentary is based on the mysterious death of the now-defunct crypto exchange QuadrigaCX founder. [embedded content] The founder of the crypto exchange allegedly died on a trip to India. Along with him, he took away the whereabouts of the keys to crypto wallets containing around $250 million worth of cryptocurrencies. Unofficial investigations and numerous conspiracy theories followed the mysterious disappearance/death of the QuadrigaCX founder. The Netflix investigative documentary aims to clear some mystery around the high-profile crypto case that puzzles many even today. The crypto swindler documentary takes inspiration from “DON’T F*CK WITH CATS”-style i...
How ambitious young projects are connecting Distributed Ledger Technology and music
Blockchain is simple to understand at a basic level, existing as a distributed database, where different devices distributed across the network must verify the entries posted. As a result, blockchain is most well-known for decentralization, anonymity and security, all of which are evident in the first cryptocurrency, Bitcoin (BTC). While many are quick to associate Bitcoin with blockchain, this is only one of the possible use cases for the technology. One of the most notable use cases right now is the music industry, where creators have gained new opportunities to connect with their fans directly, further eliminating the need for an intermediary. Today, the music industry is plagued with several overarching concerns, including the burden that record labels seem to place on the musicians th...
Galaxy Digital delays BitGo acquisition to later on in 2022
Cryptocurrency investment firm Galaxy Digital has not managed to finalize the acquisition of the digital asset custodian BitGo in the first quarter of 2022 as the firm originally planned. Galaxy Digital has made some changes to the terms of its acquisition of BitGo, CEO Mike Novogratz announced in an earnings call on Thursday. “We’ve adjusted the deal some, for progress that BitGo has made,” Novogratz said, noting that BitGo has hired about 150 people since the firms originally signed the deal in May last year. He added that Galaxy remains committed to “integrating BitGo and becoming an institutional crypto platform” and the companies will continue to work on integration. According to an official statement, Galaxy Digital and BitGo have renegotiated the acquisition to happen “immediately f...
