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Taxes and cryptocurrency remain a pretty intricate topic. Here, we will explore the current state of crypto tax and what investors can expect in 2024. In the crypto world, simply holding on to your digital assets, often called ‘HODLing’ by the community, does not incur any tax obligations in almost every jurisdiction. However, any profit derived from crypto-related activities, including lending, staking, or selling, could potentially result in some taxation. How is crypto taxed? In the U.S., the Internal Revenue Service (IRS) categorizes all cryptocurrencies as capital assets, meaning that capital gains tax applies to profits made from selling them. For instance, if you were to invest $100 in Ethereum (ETH) and later sell it for $150, you would be required to report the $50 profit, also known as capital gain, on your tax return. The applicable tax rate would depend on how long you held onto your ETH. For instance, if you owned the cryptocurrency for 12 months or less, the IRS wo

Over $150 million of crypto tokens will be unlocked in the first week 2024. dYdX leads the pack with a $111 million unlock, representing 12% of its circulating supply. Other projects like Galxe and Acala also have token unlocks scheduled for January. Token Unlock, a leading tracker of locked tokens, has disclosed the details of the upcoming unlock for various crypto projects scheduled between now and January 7, 2024. This revelation brings to light the substantial value of tokens worth over $150.84 million set to be unleashed upon the crypto market in the opening week of the new year. Leading the pack was the token of the prominent decentralized exchange, dYdX (DYDX). Per the market data, the dYdX team would unleash 33.3 million DYDX tokens on January 1, which holds a market value of $111.33 million at the time of writing. Notably, the 33.3 million tokens represent 12.36% of its circulating supply.  Furthermore, Token Unlock provided a breakdown of the benefici

Drop in Bitcoin dominance fuels anticipation for altcoin surge. Crypto Banter predicts a substantial altcoin rally amid a shift in market dynamics. Caution urged as optimism meets potential Bitcoin dominance downside. A noticeable decrease in Bitcoin dominance, is opening pathways for altcoins to seize the spotlight. Crypto Banter, an analyst, echoes these sentiments on his YouTube channel, forecasting a substantial rally in the altcoin sector.  This prediction underscores a potential shift in the overall market dynamics. As Bitcoin hovers around a critical price level, enthusiasts are eyeing the charts, hoping for a sideways trend to avoid major correction. The current market sentiment indicates a forthcoming surge in the value of altcoins, driven by the diminishing dominance of Bitcoin. This optimistic outlook isn’t limited to Ether, but encompasses other altcoins such as Phantom, Filecoin, and Cosmos. Besides Ether, Crypto Banter highlights several

India’s Ministry of Finance issued compliance show cause notices to Binance and eight other offshore exchanges for operating illegally against anti-money laundering policies.  India’s Financial Intelligence Unit (FIU) addressed the notices to Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, according to a circular shared on Dec. 28. Furthermore, the FIU intends to wall off local investors from these platforms and has taken initial steps to block URLs of non-compliant Virtual Digital Assets Service Providers.  FIU’s announcement noted that the decision to crack down on Binance and other foreign exchanges aligns with India’s Prevention of Money Laundering Act (PMLA). However, no timeframe for cautioned platforms to respond was disclosed. You might also like: India considers regulating crypto with IMF-FSB guidelines India’s Ministry made it mandatory for crypto businesses to register with the FIU and comply with PMLA provisions. This

In a bid to intensify the crackdown on crypto, China is calling for strict measures against illegal foreign exchange trading involving USDT. China is seemingly preparing to double down on its crypto crackdown, with the Supreme People’s Procuratorate (SPP) and State Administration of Foreign Exchange (SAFE) highlighting criminal cases involving the USDT stablecoin in a recent statement, according to a South China Morning Post report. While there have not been specific changes to cryptocurrency regulations, Chinese regulators have addressed the increasing popularity of stablecoin s, which are pegged to a reserve asset such as the U.S. dollar or gold. Regulators note that digital currencies backed by fiat currencies have become a popular intermediary for yuan trading with other currencies, a move that prompted local officials to improve coordination to lawfully address fraudulent foreign exchange activities. You might also like: China’s central bank lists crypto-assets in

Scaling solutions in the crypto ecosystem has become a dire need, especially for the Ethereum (ETH) blockchain. So, it was not surprising that many Ethereum Layer 2 (L2s) sprung up in the last few years. For the unfamiliar, the main goal of scalability is to increase transaction throughput and speed without compromising on security or decentralization. Interestingly, almost all of the scaling solutions have tokens attached to them, and in 2024, some of these tokens might experience a breakout. In this article, Coin Edition will focus on the top 10 Layer 2 tokens with immense potential in 2024. Here, you will also find out why the fundamentals behind the projects might play crucial roles in the performance of the native tokens. Arbitrum (ARB) Arbitrum (ARB) has cemented its place as one of the scaling solutions with the most traction. This is because it is one of the few projects using optimistic rollups to improve speed and cost-efficiency on Ethereum. However,

Bitzlato has suspend ed the withdrawal of Bitcoins (BTC) from the platform indefinitely amid legal problems in France. On Dec. 27, the crypto exchange platform Bitzlato announced the suspension of special balance withdrawals and technical customer support. The administration called it a “temporary measure” to prepare for upcoming court hearings regarding the seized assets of users in France. “We are faced with the need to suspend special balance withdrawals and technical support.” Bitzlato At the same time, users of the web version and the Bitzlato app received access to a partial withdrawal of Bitcoins from Mar. 20. From Sep. 14, the platform increased the funds limit to 60%. You might also like: FinCEN says Binance is largest Bitzlato counterparty Bitzlato suspended operations on Jan. 18, the day after the arrest of its founder, Anatoly Legkodymov, in Miami. He subsequently pleaded guilty to transferring and laundering criminal funds. In addition, the entrepreneu

Binance founder CZ’s wealth grows 195.9% to $37.2 billion despite legal issues. His portfolio of Bitcoin and BNB was not included in estimating his wealth. Similarly, the CEO of Coinbase experienced an increase of $5.8 billion in his wealth. According to data from the Bloomberg Billionaires Index, the fortune of Changpeng Zhao (CZ), the ousted founder of the Binance crypto exchange, has grown by $24.6 billion in 2023. CZ’s wealth witnessed a 195.9% growth to $37.2 billion compared to its value in January, making him the 35th richest person globally. Zhao’s wealth is attributed to his majority ownership of Binance, the world’s largest crypto exchange in terms of trading volume. This astronomic growth in the crypto founder’s fortune comes amid Bitcoin’s rebound from the low values recorded in 2022. However, CZ’s portfolio of cryptocurrencies, such as Bitcoin and Binance Coin (BNB), are not included in estimating the $37.2 billion attributed to him. Accordin

As 2023 is near its conclusion, it is time to look back at the portfolio of one of the most well-known and somewhat controversial figures in the finance space – the seasoned investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ Robert Kiyosaki. Indeed, in 2023, Kiyosaki has been firmly against fiat money, calling it “trash,” “fake money,” “toilet paper,” and other derogatory terms in the past while arguing that the rich purchase and save what he referred to as “real assets,” such as Bitcoin (BTC), silver, gold, Wagyu cattle, and others. #1 Bitcoin Specifically, it is no secret that Kiyosaki is a big fan of Bitcoin, having praised it multiple times over the years, labeling it as one of the three “hottest subjects on earth,” next to gold and silver, due to the increasingly deteriorating value of the United States dollar (USD). I am constantly asked “What price will gold, silver, or Bitcoin be in 2025. My reply is that is a silly question. More importan

Several crypto industry stakeholders have pending lawsuits in the U.S. and other jurisdictions following a busy year for government prosecutors and digital asset attorneys. 2023 featured crypto ’s largest court case to date coupled with a multi-billion dollar settlement between the industry’s largest exchange and several U.S. regulatory bodies. However, 2024 promises another series of court battles and crypto defendants arguing against illegal doings. The U.S. Securities and Exchange Commission (SEC) sued multiple crypto businesses in what some proponents termed a “regulation by enforcement” campaign against blockchain assets. Found a typo in the SEC’s brief. They refer to their "active regulatory and enforcement agenda" in crypto — think they actually mean "active regulation by enforcement agenda." Don't think any of us recall seeing the SEC’s crypto regulatory agenda… https://t.co/D2tuG3cSuW — Stuart Alderoty (@s_alderoty) May 16, 2023 According to

Russia is betting big on crypto, aiming to legalize cross-border transactions in digital currencies by the second half of 2024. In a statement to the Russian newspaper Izvestia, Anatoly Aksakov, the head of the State Duma’s Financial Market Committee, supported the proposal to use crypto for cross-border payments, saying the idea is “absolutely right.” “We will exert maximum effort to pass the law in the first reading in March [2024], and in April-May in the second reading. This way, in the second half of 2024, businesses will be able to conduct cross-border settlements with crypto currency legally.” Anatoly Aksakov The Russian official did not rule out that eventually sanctioned Russian stock exchange SPB Exchange might eventually act as a third-party provider in these operations. However, Aksakov declined to go into the details. In early November, Washington directed its focus toward SPB Exchange as part of comprehensive new measures designed to restrict Russia’s energy c

Former Goldman Sachs executive Raoul Pal is predicting that Ethereum (ETH) will outperform Bitcoin (BTC) in 2024. The Real Vision CEO tells his one million followers on the social media platform X that Ethereum against Bitcoin (ETH/BTC) may repeat a similar 2021 bull market price pattern next year. “For all the ETH bears, in February 2021, BTC first hit $44,000 (where it is today) and ETH was at $1,400 (now $2,250). Nine months later ETH was up 245%, BTC was up 45%. I think ETH outperforming BTC will be a key macro trend of 2024 and our work at EXPAAM (Exponential Age Asset Management) suggests it.” Source: Raoul Pal/X ETH/BTC is trading for 0.05288 BTC ($2,314) at time of writing. The analyst believes that more favorable macroeconomic conditions for risk assets like Ethereum are on the horizon that will send ETH soaring similar to the way it did two years ago. “It’s all about liquidity and the business cycle leading the risk curve. Narrative follows.” The an

In a surprising development for the Shiba Inu community, Shibburn’s data has disclosed an impressive 421% surge in the token’s burn rate within the last 24 hours. A noteworthy 5.31 million SHIB were incinerated during this period, bringing the total number of tokens burned from Shiba Inu’s initial supply to an impressive 410.68 trillion. This surge in burning coincided with two significant transactions, collectively consuming 2.77 million SHIB and drawing attention from the wider cryptocurrency space. Source Advancements in Shibarium Concurrently, Shibarium, a layer two project created by Shiba Inu, has made substantial strides. With daily transactions approaching 7 million, the Shiba community actively contributes to enhancing SHIB tokenomics. Shibarium currently boasts 2.22 million blocks on its platform, a source of optimism, particularly with Shytoshi Kusama shedding light on the network’s intricacies. Also Read: Shiba Inu Whales Move 4.8 Trillion SHIB to Wallets as Price Sur

Elon Musk said he doesn’t spend time thinking about cryptocurrencies.  Musk’s cryptocurrency activities have been muted so far this year.  Earlier in November, the billionaire asserted none of his companies would ever launch a crypto token. Cryptocurrency prices may have recovered significantly in recent months, but it appears not to have convinced billionaire tech founder Elon Musk to increase his activities around digital assets. If anything, the recent stance of the founder of Tesla appears to be moving away from the crypto space.  In a recent conversation on the social media platform X, Musk told Ark Invest CEO Cathie Wood he does not “spend a lot of time thinking about cryptocurrency.” The statement which certainly would hurt many crypto natives, came after Wood asked Musk about Bitcoin’s potential impact on the financial system.  So far this year, Elon Musk, who used to be a fervent cryptocurrency advocate has taken a muted stance. However, this did