Market Update 6.03.18 – Supplemental IRS Guidance on Crypto Taxation

| Publish date: 06/03/2018
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Experts Advises Supplemental IRS Guidance on Crypto Taxation

It is no secret that cryptocurrencies at a federal level in the United States are regulated by none other than the Financial Crimes Enforcement Network or FinCen. Interestingly, this also includes other regulating bodies such the Internal Revenue Service (IRS), the Commodity Futures Trading Commission (CFTC), the Office of Foreign Assets Control (OFAC), and the Securities Exchange Commission (SEC). Apparently, cryptocurrencies somehow pose uncertainties in terms of taxation due to its multi-classification, let alone its blockchain technology.

Recently, the American Institute of Certified Public Accountants (AICPA) has sent a letter to the IRS for the second time around, asking for a more detailed direction on crypto taxation. It is worth noting that its first letter was sent 2 years ago. The AICPA requests the IRS to “release immediate guidance” concerning the tax treatment of digital assets.

Read the full report here.

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Economist Says Bitcoin Future Not Promising

It is not really surprising for financial experts to suggest that Bitcoin does not have a bright future. This is exactly what the economist Joost van der Burgt also has in mind. For him, the cryptocurrency still lingers in a massive bubble, but this is what he deems the beginning of profit-taking stage. Meaning, van der Burgt is confident that Bitcoin will soon drop below the $5,000 mark. Now, this is a complete contradiction to what market speculators envisioned, as they thought the leading digital asset would have an entirely different future.

It holds true, though, that no evidence can be acquired suggesting that Bitcoin – or any other cryptocurrency for that matter – is within a bubble. However, it cannot be denied that the digital asset’s price can be easily manipulated. And with the promising developments of new regulatory, there is no doubt that the leading cryptocurrency will soon gain mainstream attraction.

See the full story here.

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Binance Unveils Plan for $1B Blockchain Startup Fund

Binance is without a doubt one of the world’s largest cryptocurrency exchanges. And now, it has announced its plans to launch a $1 billion “Social Impact Fund” to nurture the growth of blockchain and cryptocurrency startups. The big reveal was made by Ella Zhang, the head of the exchange’s incubator program called Binance Labs.

The company is said to pour at least $1 billion over 10 phases, resulting in $100 million each. It will also create a combination of a fund of funds (i.e. a fund that invests in other funds) alongside a direct fund that directly invests in blockchain projects.

Read the whole story here.

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Total Market Cap: June 3

The volume of trade in the crypto market sat at $17.78 billion. The market’s capitalization, on the other hand, increased a bit at $342.94 billion.

Bitcoin Price Analysis: June 3

In the past 24 hours, Bitcoin jumped a notch by 2.16% to $7,631.85. The leading cryptocurrency’s trade volume trickled to $4.96 billion, while its market slid to $130.28 billion.

Ethereum Price Analysis: June 3

Ethereum’s price went high at around 3.20% to trade at $590.44. As for the altcoin’s trading volume, it reached $1.89 billion; whereas its market capitalization hit $58.94 billion.

State of the Top 10 Cryptocurrencies: June 3

Interestingly, all prices are high compared to yesterday. TRON was able to dethrone NEO at the 10th place.

  • Bitcoin’s market price jumped 2.16% to $7,631.85, and its value in the market is $130.28.
  • Ethereum’s market price jumped 3.20% to $590.44, and its value in the market is $58.94 billion.
  • Ripple’s market jumped 4.40% to $0.641711, and its value in the market is $25.18 billion.
  • Bitcoin Cash’s market jumped 8.15% to $1,070.05, and its value in the market is $18.36 billion.
  • EOS’s market price jumped 19. 91% to $14.54, and its value in the market is $13.02 billion.
  • Litecoin’s market price jumped 3.61% to $123.12, and its value in the market is $6.99 billion.
  • Cardano’s market price jumped 3.84% to $0.226973, and its value in the market is $5.88 billion.
  • Stellar’s market price jumped 3.82% to $0.297216, and its value in the market is $5.52 billion.
  • IOTA’s market price jumped 1.22% to $1.89, and its value in the market is $5.25 billion.
  • TRON dethroned NEO and its market price jumped 5.39% to $0.060923, and its value in the market is $4 billion.

 

 

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