Capital Gains Tax Prompts Crypto Investor Backlash

Key Takeaways Reports suggest that the Biden administration could double the capital gains tax from 20% to 39.6% for large investors. The news caused stock markets and crypto markets to lose value. Though the tax will not affect most crypto investors, it could be detrimental to the crypto industry in a broader sense. The news has also attracted discussion on social media, as users criticize the plan or argue that fears are overblown. Share this article Reports suggest that the Biden administration is preparing to propose one of the largest…

Bitcoin funding rate flips negative after $48K retest — Was it a bear trap?

As Bitcoin (BTC) lost the $52,000 support on April 22, the futures contracts funding rate entered negative terrain. This uncommon situation causes the shorts, investors betting on price downside, to pay fees every 8 hours. While the rate itself is mildly damaging, this situation creates incentives for arbitrage desks and market makers to buy perpetual contracts (inverse swaps) while simultaneously selling the future monthly contracts. The cheaper it is for long-term leverage, the higher the incentives for bulls to open positions, creating a perfect “bear trap.” BTC-margined perpetual futures 8-hour…

Paxos receives ‘preliminary conditional approval’ for US bank charter

The U.S. Office of the Comptroller of the Currency (OCC) has granted today stablecoin company and PayPal collaborator Paxos a federal charter to form a national trust bank — just the third such charter the OCC has granted crypto-native companies.  Paxos joins custody firm Achorage, who was the first to receive a charter in January, and fellow custodian Protego, which received their conditional charter in February. As with the previous two charters, the “bank” label is somewhat misleading in that Paxos will not immediately be handling deposits. Instead, they received…

PlanB speculates that BTC price fall doesn’t mean the end

Bitcoin’s (BTC) price has declined over the past day or so, falling from highs above $60,000 to below $50,000. That, however, does not necessarily mean the asset’s bull run is over, according to a well-known crypto analyst, PlanB.  “Nothing goes up in a straight line,” PlanB said in a Tweet on Friday. “#Bitcoin has gone up 6 months in a row, until this month. This looks like the mid-way dip that we also saw in 2013 and 2017.” PlanB is known in the crypto industry for his Bitcoin Stock-to-Flow, or S2F,…

Pros say Bitcoin’s ‘very healthy’ correction ‘builds ground for more stable growth’

Bitcoin and the wider cryptocurrency market took a beating in the late ho April 22, and intense selling saw (BTC) price dip below $48,000 in a move that came as a relief to quantitative analysts like PlanB who were worried that the price growth was showing signs of being inorganic.  A variety of factors have been identified as being the cause of the drop in price, including an overcrowded futures market and heavy selling activity from small- to medium-size whales. Aside from the activity of whales in the crypto market, the most impactful…

Synthetix Now Allows Users To Trade Top Tech Stocks

Key Takeaways SynthetixDAO has voted to create new synthetic stocks that track the price of leading tech stocks. Those stocks are called FAANG stocks, short for Facebook, Amazon, Apple, Netflix, and Google. The trading platform will reward users who add liquidity to its Balancer pools by paying out SNX tokens. Share this article DeFi trading platform Synthetix has added support for new synthetic assets that follow the price of popular U.S.-based tech stocks. Synthetix Offers FAANG Trading Synthetix’s community governance body, synthetixDAO, voted to create new synthetic assets that track…

Governing body of Louisiana gives Bitcoin its nod of approval

Bitcoin has gained increasing levels of adoption over the past several months amid its rise past $60,000. The government of the U.S. state of Louisiana recently released a resolution in which it noted some of Bitcoin’s (BTC) accomplishments. “THEREFORE, BE IT RESOLVED that the House of Representatives of the Legislature of Louisiana does hereby commend Satoshi Nakamoto for his contribution to economic security,” said House Resolution No. 33 from Rep. Mark Wright. According to an article from The Hill, the document was signed on Thursday. The shout out to anonymous Bitcoin…

Bitcoin facilitates a global economy, says Tim Draper

Venture capitalist Tim Draper is continuing his bullish talk on Bitcoin in some investment tips for those new to the crypto space. Speaking at the Collision web summit on Thursday, Draper said Bitcoin (BTC) could incentivize governments around the world to compete for the attention and devotion — and seemingly, money — of its citizens. According to the venture capitalist, crypto levels the playing field, so lawmakers will have to choose if they want to make people’s lives better, otherwise they will simply move to somewhere that will. “People are…

Nexus Mutual moves to sundown legal entity, lift KYC requirements

In a move that could point towards greater decentralization and wider access, the Nexus Mutual community is currently considering a proposal to sunset the coverage protocol’s legal entity and lift Know Your Customer (KYC) burdens currently necessary to interact with the platform. The proposal was announced yesterday in a Tweet by investment fund 1kx co-founder Christopher Heymann. In it, Heymann notes that Nexus originally launched with a “a UK-based limited company” in order to protect the team from legal liabilities and tax-related issues. 1/ Attention Nexus Mutants: Nexus Mutual is…