R/Dogecoin was the third-most active crypto group on Reddit behind r/CryptoCurrency and r/Bitcoin this week.
The A’s become the first team in Major League Baseball to sell tickets for cryptocurrency.
PRESS RELEASE. The most awaited Aladdin Exchange $1,000,000 event is finally live. The giveaway event is open to the public. People can register on the exchange’s official platform and win prizes. The Aladdin Exchange team announced that the event starts on March 29, 2021, and ends on April 27, 2021.
With more than 2 million people already registered, Aladdin Exchange keeps doors open for those who want to register and participate in the simulated trading event. To successfully register and be eligible, users must complete the verification process.
Users need to verify the SMS and Aladdin Pro Wallet verification (Level 3) in order to compete and win big rewards. After the registration process, users will get coins to participate in the simulation trading competition.
Users who make more profit during the giveaway will be entitled to prizes. 316,752 participants will get the chance to win up to 1,000,000 USD. The 1st, 2nd, and 3rd place holders will win $100,000, $50,000, and $10,000 respectively.
The exchange has an ever-growing number of digital asset pairs for users to invest in. These include BTC, ETH, TNC, LINK, BCH, LTC, PLF, USDT, ABBC, and HMR.
Aladdin Exchange Video: https://www.youtube.com/watch?v=tO-M4Nf5aOA
Aladdin exchange is a cryptocurrency exchange based in Dubai. The Aladdin Exchange team said that the platform offers spot and margin trading amongst its various services. Furthermore, they also said that they provide great tools and features to leverage as users grow their trading portfolios.
Moreover, Aladdin Exchange intends to give its users and global liquidity providers the ultimate cryptocurrency trading experience. The platform also provides state-of-the-art cryptocurrency trading services.
The Aladdin exchange team is devoted to giving safe, professional, reliable, and world-class services to its global clients. While they strive to offer excellent services, they also intend to accelerate the adoption of digital assets.
The exchange is developed by TNC IT Solutions Group. The company is a blockchain company that intends to unite the cryptocurrency world. TNC IT Solutions Group’s activities cover investing both its resources and guidance in blockchain companies. Also, the company aims to integrate blockchain technology, finding global standard developers, and many other things. In other words, it is a network-focused international blockchain company.
For the step-by-step registration process, you can check the Aladdin pro wallet verification manual on the official website.
Official Social Media Platforms:
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Spanish financial authorities don’t seem to be happy with the massive crypto-related advertising campaigns deployed across Madrid’s streets. The National Securities Market Commission (CNMV) is rushing to approve a regulation on such ads that promote bitcoin in Spain.
During a speech at the “Observatory of Finance” conference hosted by El Español, Rodrigo Buenaventura, CNMV president, was vocal on his stance against these ads, considering them “risky.” He referred to all crypto-related advertising, rather than just only promoting bitcoin (BTC).
Although, he didn’t mention specifically the reasons behind the sudden interest in regulating crypto advertising on streets, it came just after a local crypto exchange, Bit2me, deployed a massive campaign promoting bitcoin in Madrid.
In fact, the firm put over 800 posters across the Spanish capital city, and some of them very close to the CNMV headquarters. Buenaventura mentioned how the regulation’s approval would be handled:
We will conduct a broad public consultation, consult our advisory committee, and submit it to the Council of State before approval. It is also necessary to emphasize that what is controlled by the CNMV are not the assets (cryptocurrencies) or the providers or the operations, but only the advertising when they are offered as an investment alternative.
Still, the CNMV president clarified the financial watchdog should abide by the regulation during this process not to hurt any legitimate business with the proposed ruling.
But the Spanish financial watchdog’s rhetoric against cryptocurrencies, specifically bitcoin, is well-documented by the press. The CNMV has been active in issuing several warnings about the high risks that cryptos bring due to “its increased speculative nature.”
Early in February, the CNMV gave some hints on regulating the bitcoin-related ads, citing “the increasing volatility” among cryptos. The watchdog claimed it bolstered firms to run these “aggressive” campaigns to attract investors – the same time as Bit2me deployed its posters.
What are your thoughts on this forthcoming regulation on crypto ads in the streets of Spain? Let us know in the comments section below.
Bitcoin's last six monthly candles have closed green, tying its previous record streak for bullish monthly candles.
The key to properly filing taxes on cryptocurrency comes down to excellent record-keeping, the correct IRS tax forms, and knowledge about what qualifies as income versus capital gains.
Although the traditional April 15th deadline for filing US taxes has been pushed to May 17th, there is no time like the present for organizing cryptocurrency transaction records.
At this point, all cryptocurrency transactions are taxable in some constellation, so it’s vital to familiarize yourself with the nuances to ensure you fill in the accompanying tax forms correctly. To give you the inside scoop on streamlining your filings, Bitcoin.com has enlisted advice from Shane Brunette, the CEO of Cryptotaxcalculator.
Like a stock sale can result in a positive return, resulting in capital gains tax exposure, cryptocurrencies operate similarly. However, exchanging cryptocurrency for fiat currency is only one type of taxable event.
According to Brunette,
Crypto to crypto trades trigger a capital tax event, whereas transactions such as airdrops and staking rewards are classified as income. Importantly, you can only use capital losses to discount a maximum of $3,000 from any ‘income’ earned from crypto.
That means that converting cryptocurrency to fiat currency, another crypto, or using cryptos to purchase goods and services can all be treated as capital gains events. In terms of tax rates, it depends on how long the cryptocurrency was held.
For short-term trades or activities (less than one year), any gains will be taxed at the individual income tax rate. Cryptocurrencies held for more than one year will likely be taxed at lower rates, ranging from 0-20%, depending on an individual’s income tax bracket.
As mentioned above, not all crypto transactions fall under the capital gains umbrella. Many other potential activities can fall under the income category.
These include any income received from cryptocurrency mining, liquidity pooling, node staking and validation, interest earned from decentralized finance (defi) lending, and receipt of crypto payment for goods and services.
When income is received from any of the above activities, it is taxed at the same prevailing rate that the individual pays on other income received during the year.
Like the treatment of mining and staking rewards, crypto airdrops, awards, giveaways, and even bug bounties are also treated as crypto income. Because these activities all result in some sort of income derived from the crypto ecosystem, they fall under the income tax category instead of being treated as capital gains or losses.
Due to a lack of uniformity across platforms, pulling information can be entirely straightforward or slightly confusing. Accordingly, it’s essential to keep good records and ensure you can combine all the transactions within one report to make filing that much easier.
Cryptotaxcalculator’s Brunette adds the following valuable, actionable tip,
Carefully account for fees. You will be surprised how quickly this can add up to significant savings. If the fee is paid in crypto, you will also need to account for the capital gain/loss on the fee itself.
After compiling all the cryptocurrency transactions carried out over 2020 and determining whether they fall under capital gains or income, the filing process can commence. Several forms need to be completed depending on the nature of the transactions.
Per Shane Brunette,
Form 8949 and Schedule D are used for reporting capital gains, but if you have any transactions that are classified as income, you will also need to complete Schedule 1 (Form 1040).
As entering the cryptocurrency ecosystem becomes ever-easier, taxable actions are on the rise in tandem. Fortunately, it is easier than ever to file taxes on cryptocurrency, and organization is a crucial element of this effort. In his final actionable tip, Brunette concludes that the best preparation starts with excellent recordkeeping.
Keep your records up to date throughout the year. Even moderate trading activity can quickly add up to hundreds of transactions, and the IRS requires you to record everything in USD. If you take some time to get set up with automated tax software at the start of the year, it will become trivial to file your taxes come tax time.
Are you planning to do your crypto-taxes by yourself or do you plan to have an accountant do it for you? Let us know in the comments section below.
The popular safe-haven asset gold recently posted the lowest settlement in three weeks, as a firm dollar and bond market yields have weakened support for the precious metal. The financial goliath BNY Mellon also published a report about the differences between gold and bitcoin and the study said that the crypto asset “fits the description of a nascent currency.”
The U.S. dollar has gained some strength in the last two weeks, and crypto-assets like bitcoin (BTC) have increased in value as well. However, the precious metal (PM) gold has seen better days, as gold prices have retreated during the last few weeks. The price of gold dropped under the $1,700 per ounce range last week but today, the PM has managed to climb back above the psychological price zone. At the time of publication, an ounce of .999 fine gold is trading for $1,716.30 after jumping 1.7% in the last 24 hours.
Gold bugs and economists have been discussing Joe Biden’s proposed $3 trillion stimulus package, and it could kickstart gold, silver, and other types of assets that are considered a hedge against inflation. Kitco Metals’ Jim Wyckoff said the dollar’s recent rise and the crazy Treasury yields “are limiting buying interest.”
“The gold and silver market bulls need a fundamental spark,” Kitco Metals senior analyst stressed. Wyckoff also noted that the top two PMs, gold and silver, saw “technically-related selling pressure from the shorter-term futures traders amid still-bearish near-term charts.” Meanwhile as gold has been in a slump, cryptocurrency markets have seen some fresh fervor after prices dropped from highs settled on March 13, 2021.
Moreover, the financial institution BNY Mellon has also published a comprehensive study on the attributes of the crypto asset bitcoin (BTC) and the PM gold. BNY Mellon’s report zeroes in on the controversial stock-to-flow ratio (S2F) and the creator Plan B’s alternative model called the stock-to-flow cross-asset model (S2FX).
“The implication from this model is that as bitcoin gains more mainstream momentum and is viewed more like gold,” the BNY Mellon report says. “The scarcity value (as measured by S2F) and the subsequent halving will ultimately drive prices to the gold dot cluster and implied total market value.”
The researchers at BNY Mellon are not buying the digital gold theory and highlighted that BTC “fits the description of a nascent currency.” Although the financial institution’s report does say bitcoin can gold have “similarities” and that BTC could look up to the popular PM.
“Bitcoin is also frequently compared to gold,” BNY Mellon’s study notes. “Indeed, there are many similarities and gold is a worthy role model for bitcoin. After all, gold has been accepted as a store of value and medium of exchange for centuries (nowadays, mostly as a store of value, almost none is used as a medium of exchange). We believe gold is also the only globally accepted ‘currency’ that has circumvented the issue of sanctioning entities.”
However, in mid-February 2021, BNY Mellon set up a digital currency unit that plans to “hold, transfer, and issue” bitcoin.
What do you think about gold’s recent performance and BNY Mellon’s bitcoin and gold comparisons? Let us know what you think about this subject in the comments section below.
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