Tax professional explains the most important thing for US crypto holders

Wendy Walker, solution principal at the tax compliance company Sovos, described reporting as the most important aspect of tax filing that people in the blockchain industry should know about.  “Even if you don’t owe income taxes, you still have to report details of the transactions,” Walker told Cointelegraph in an interview. “I think that’s probably one of the key things about this moving of the question to the front of the 1040” she said, referencing the IRS’ recent updates to the 1040 income tax form. This update requires citizens to…

Yearn.finance’s YFI Continues Crashing, But This New Proposal Could Save It

Yearn.finance’s YFI governance token has been caught within a brutal downtrend ever since its price peaked at $45,000, with bears now vying to push it below $10,000 as they continue gaining control over its macro outlook. The descent seen as of late has struck a serious blow to its long-term trend, as it has severely damaged community sentiment and has opened the gates for further downside. Analysts are now noting that a dip below $10,000 is in the cards and could come about quite soon if bulls cannot take control…

Three Reasons Why Chainlink’s Downtrend Against Bitcoin Just Started

Chainlink is easily the best performing cryptocurrency for the last three years, and this year managed to outperform Bitcoin by over 500%. But the tides have finally turned on the two opposing crypto coins, and it could signal an extended downtrend against the first-ever cryptocurrency for the foreseeable future. Here are three compelling reasons and charts supporting this theory that investors in the decentralized oracle technology don’t want to hear. Weekly Momentum Shift Made Clear In Chainlink By Two Reliable Technical Indicators Chainlink potentially topped out for the time being…

Declining DEX volumes reflect DeFi investors shift to Bitcoin — Data shows

All eyes are set on Bitcoin (BTC) as the digital asset continues to trek to a new 2020 high. Meanwhile, the hype around decentralized finance projects continues to die down, especially as token prices plummet. Data shows that trading volume for decentralized exchanges (DEXs) is dropping rapidly, further signaling the decline of the DeFi sector. The recent hack of Harvest Finance saw volumes across DEXs boom for one day, especially Uniswap and Curve. According to media reporting and Harvest investors, the hacker executed a flash loan exploit that used millions…

Maker community scrambles to fix long-standing vulnerability to flash loans

The MakerDAO (MKR) community is urgently implementing measures to prevent voting manipulation through flash loans. This was precipitated by what is likely the first instance of the feature being used to influence a DeFi governance vote on Oct. 26. According to a post published by community member LongForWisdom, someone used a flash loan to force a governance proposal through. BProtocol, a service that lets users pool liquidity to join in Maker debt auctions, came forward as the culprit. The proposal would have whitelisted the project to access Maker’s price oracle,…

Bitcoin price spikes 5% to $13.5K shortly after ECB stimulus announcement

The price of Bitcoin (BTC) increased from $12,920 to $13,600 in four hours, recording a 5% rally. The uptrend coincides with positive developments from the European Central Bank, or ECB, and optimistic job data from the United States. BTC/USD 1-hour chart. Source: TradingView.com Macro factors favor Bitcoin rally Throughout the past week, BTC has continuously rallied despite negative macro factors. The U.S. stock market was in a steep decline, and the number of COVID-19 cases across the U.S. and Europe rose sharply. The perception of Bitcoin as a safe-haven asset…

Bitcoin adoption could reach 90% by 2030, investment firm founder claims

With the recent influx of mainstream financial players into the blockchain space, how long will it take for corporate allocation of Bitcoin (BTC) to become the norm? Brian Estes, founder of investment firm Off The Chain Capital, thinks 10 years. “I think in 2029, 2030, when 90% of U.S. households and people in the United States use cryptocurrency and Bitcoin, then I think it becomes a stable part of the economy, and not just the U.S. economy, but I think the world economy,” Estes told Cointelegraph in an interview.  Estes’ rationale is…

Ethereum Must Show Strength Now or Else It Could Face a Dire 10%+ Decline

Ethereum and the entire crypto market have struggled to gain any serious momentum as of late, with BTC’s rejection at $13,800 striking a blow to the aggregated market. The waning momentum has been particularly impactful for Ethereum, as it has compounded the weakness that has come about due to its severe underperformance seen as of late. Bitcoin is beginning to show some signs of strength, however, as it is currently in the process of pushing towards $13,300 following a decline to lows of $12,800 yesterday around this time. This could…

Up or down? These Bitcoin price levels hint at the next move from $13K

Bitcoin (BTC) price has had a tremendous month as the price rallied from $10,500 to $13,800. However, in recent days, momentum is slowing amid rising coronavirus fears. Bitcoin’s price dropped from $13,800 to $12,900 on Oct. 28, making the recent breakout a fakeout. Alongside a correction on the cryptomarkets, the equity and commodity markets also showed weakness. As the S&P retraced 4% on Wednesday, Silver also corrected 6%. The only asset doing relatively well was the U.S. Dollar Currency Index (DXY). In other words, investors are flying towards the USD…

Monero Outpacing Litecoin, Bitcoin Cash as a Payment Crypto 

Key Takeaways Monero miners are earning more fees than Litecoin and Bitcoin Cash counterparts.  Privacy ranks high among developers and users for payment-focused cryptocurrencies.  Share this article The privacy-centric cryptocurrency, Monero, is now outpacing leading altcoins as the industry turns a new eye to personal privacy. Monero Enters Mainstream Crypto Payments  The total fees on Monero have surpassed that of Bitcoin Cash in April and Litecoin towards the end of September this year. Moreover, the transaction costs for the next popular privacy-based cryptocurrency Zcash is less than 5% of XMR. …