Author: See Source Below

Bitcoin dropped further below $60,000 to its lowest level in about three weeks amid a broader decline in cryptocurrencies, as concerns about U.S. taxation and China’s continued crackdown swirled. The largest cryptocurrency was down about 2.5% to $59,000 as of 11:23 a.m. in Hong Kong on Wednesday, retreating for a fourth straight day. Ether fell 3.4% to $4,110 to its lowest level since Oct. 28. The top tokens were all nursing declines of at least 10% over the past seven days. “This minor pullback creates an attractive risk/reward to buy dips for a push higher in the weeks to come,”…

Transactions involving cryptocurrencies are subject to Argentina’s tax on credits and debts (popularly known as the ‘cheque tax’), effectively immediately, the government said in a decree published on Wednesday. The decree aims to clarify and limit tax exemptions granted to third-party payment service providers and other new types of businesses, which have benefited from the e-commerce boom since the start of the pandemic. “The exemptions provided for in this decree and in other regulations of a similar nature will not be applicable in those cases in which the movements of funds are linked to the purchase, sale, exchange, intermediation and/or…

Amid growing cryptocurrency euphoria in India, there have been some fast-paced developments on the way forward for digital currencies with RBI governor Shaktikanta Das kicking it off by sounding caution on cryptos. Cryptocurrencies are a very serious concern from a macro economic and financial stability point of view, Das said a few days ago, while reiterating his stand once again recently, saying, “There are “far deeper issues” involved in virtual currencies that could pose a threat to India’s economic and financial stability.” On the other hand, Prime Minister Narendra Modi chaired a high level comprehensive meeting recently, where he expressed…

A Hamilton, Ont. youth has been arrested in connection with a large digital currency theft estimated to be around $46 million, according to police. The joint investigation, which dates back to March 2020, involves the Federal Bureau of Investigations (FBI) and the United States Secret Service, which probed a cryptocurrency theft from a single person located in the United States. Investigators say the fraud is tied to account takeovers targeting security weaknesses in two-step verification protocols used in mobile phones. “The victim had been targeted by a SIM swap attack, a method of hijacking valuable accounts by manipulating cellular network…

In June of this year, the El Salvador Congress voted in favor of President Nayib Bukele’s proposal to make Bitcoin legal tender in the country. It became the first and still the only country to officially adopt the cryptocurrency as legal tender alongside the U.S. dollar. Cryptocurrency use is growing in retail stores, from Starbucks and AMC movie theaters to Overstock and Home Depot. For parishioners who might carry less cash, a growing number of churches accept Bitcoin in their offering plates. In addition, Venmo, PayPal, and Cash App have added cryptocurrency purchasing to their payment services, expanding the reach…

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, has claimed that a majority of cryptocurrency transactions are embedded in illegality. He also asserts that there is no room for cryptocurrency in the Nigerian banking space. Pushback Against Endsars Protest Claims In his latest anti-cryptocurrency salvo that was published by the Punch, Emefiele however appeared to push back against the claims the CBN had abruptly decided to exclude cryptocurrency entities from the banking system as punishment for the industry’s perceived support of the Endsars protests. When the CBN froze the bank accounts of individuals that were involved in organizing the…

If it’s good enough for Jack Dorsey, Elon Musk, and Tim Cook, surely you can also win big in the crypto game, right? If you’ve got some money to burn, perhaps, and we have a guide for getting started. But you could also be just a few mouse clicks away from losing your retirement funds to a cartoon dog or a “coin” tied to a popular streaming TV show. With changing prices, coin-based scams, and misinformation from influencers, cryptocurrency is a volatile market, and you need to be careful. According to the Federal Trade Commission (FTC), US consumers lost more…

A group of European cryptocurrency investors visited a geothermal power plant last week to learn about the Government of El Salvador’s bitcoin mining project and evaluate “investment possibilities.” The visitors were accompanied by the president of the Lempa River Hydroelectric Executive Commission (CEL), Daniel Álvarez, and the ambassador of El Salvador in Germany, Florencia Vilanova. The diplomat pointed out that there are 41 members of the “bitcoin community in Europe” from Germany, Switzerland and Austria, who came to the geothermal power plant located in the town of Berlin, in the eastern department of Usulután. “They wanted to know first-hand all…

Family offices are the discrete investment firms of billionaires, and a new report sheds light on their recent obsession with crypto. The average family office now has 1% of its portfolio invested in cryptocurrency, according to research by Campden Wealth. Considering the average family office handles $1 billion in family-owned wealth, that means each family office owns approximately $11 million in cryptocurrency. In 2019, Campden Wealth estimated there were 7,300 single family offices in the world (anecdotal evidence suggests there are more today). If every one of those family offices owned $11 million in cryptocurrency they would own a combined…

Russian lawmakers and regulators are pressing for crypto change, but will likely have to contend against a familiar foe in all things crypto-related in the country – the staunchly anti-crypto Central Bank. In an interview with RIA Novosti, Alexey Savatyugin, the Auditor of the Accounts Chamber (the parliamentary body that deals with financial control), stated that cryptoassets “are a significant” and impossible-to-ignore “element of the global financial system.” The Auditor stated: “The total capitalization of the cryptocurrency market exceeds USD 2 trillion, which is more than the entire capitalization of the Russian stock market. It will not be possible to…