Impending pennant breakout sets Bitcoin price back on the path to $14,000

As the weekend approaches, Bitcoin (BTC) price appears set to close out the month with a remarkably strong performance which has many bulls calling for a new all-time high above $20,000 in the near future.  Traders attribute these lofty estimates to the fact that BTC appears to have flipped $12,000 to $12,500 to support and barring some unexpected price implosion, Bitcoin is on the path to painting a beautiful monthly candle. Crypto market weekly price chart. Source: Coin360 Further ‘bullish’ evidence comes from today’s options and futures expiry which saw…

How the IRS tracks down people who don’t report their crypto

Crypto income taxation is a murky arena at present. It would seem that even the U.S. Internal Revenue Service, or IRS, has a tough time figuring out who owes what, according to Wendy Walker, solution principal at the tax compliance company Sovos.  “In the typical tax system, the IRS uses 1099 reporting,” Walker told Cointelegraph in an interview. “So, 1099, W2, that tax reporting, it’s the primary tool that they use to enforce tax compliance,” she added. When people fail to report their crypto activities, the IRS is left with a…

Germany’s central bank is working on a blockchain project, but it’s not a CBDC

According to a public notice published in the Supplement to the Official Journal of the European Union, Ocean Protocol, a Singaporean non-profit foundation, was hired to create a decentralized network for Germany’s Bundesbank. The central bank said that the Ocean protocol, which is a project of relatively limited renown, was chosen mostly because they were the only possible contractor for the job, citing a “lack of comparable competitors.” Bundesbank detailed in its public notice that the main purpose of the project is to set up a “decentralized network approach, which…

The company that coined the term ‘hash rate’ is not concerned about its recent decline

Even though the Bitcoin (BTC) hash rate has experienced a sharp decline in recent weeks, the head of research at Blockchain .com, Garrick Hileman is not concerned. Blockchain .com was founded in 2011 by dissenting members of another early crypto start up — Coinbase. It was one of the first providers of Bitcoin analytics, eventually expanding its services to include a non-custodial wallet, exchange, and crypto lending platform. The company also coined the term “hash rate” as a metric that “estimates [the] number of terahashes per second the Bitcoin network…

Axie Infinity currently rules the Pay-to-Win-to-Earn roost

The Pokemon-inspired Axie Infinity has grown to become the number one nonfungible token, or NFT, game on the Ethereum blockchain, with over 7,000 on-chain active monthly users. This week saw the launch of its $2.97 million Axie Infinity Shards (AXS) governance token sale on Binance Launchpad, so Cointelegraph got deep down and dirty with the game to see what all the fuss was about. Picking your Alpha Axies To get started you need at least three Axies. These are the creatures that you will collect and use in PvE (player…

Italian man caught allegedly using airport computer systems for ETH mining

An Italian airport staffer allegedly took advantage of the computer systems at his place of work in order to mine Ethereum (ETH). Employed at an airport located in the Italian city of Lamezia Terme, the staffer allegedly put mining malware onto the airport’s computer systems, said a news brief today from Italian media outlet Rai News. The employee is said to have set up multiple mining rigs on site, taking advantage of the airport’s backend systems in the process. Authorities eventually caught the culprit via security cam footage. Technical services provide…

Verizon’s newsroom to use blockchain in bid for absolute transparency

Verizon unveiled “a blockchain-based, open-source newsroom product designed to raise the bar for corporate accountability,” today according to a public statement. Called Full Transparency, the platform is meant to immutably document the company’s own news releases on a public blockchain.   Verizon posted its first news story through the platform yesterday, according to comments sent to Cointelegraph by a Verizon representative. Alterations made after the story’s initial publication were also recorded. The rep noted, however, that “only text changes are currently tracked on the blockchain.” In recent years, fake news, fact checking,…

Crypto ‘fear index’ can now be used to peek into the future

The Crypto Volatility Index, or CVX, is now live as a beta test and proof of concept. The index tracks the implied volatility of crypto options in a similar fashion to the VIX index used in stock markets. The VIX is usually referred to as the “stock market fear index” as it often spikes in anticipation of major downward moves. The CVX operates under a very similar mechanism. It tracks the implied volatility of a basket of crypto options, primarily for Bitcoin (BTC) and Ethereum (ETH). Options are a derivative…

How I learned to stop worrying and love the election, Oct. 23-30

The United States is girding its loins for an election that has cast a pall over a far longer timeframe than we ever should have let it. But, then again, what did you expect when so many people spent so much of the past year cut off from their normal lives and circles, growing increasingly dependent on social media as a way of connecting with the outside world? Not a recipe for sanity, even if it was a race between sane people. The phenomena of modern information flow has gotten…