IRS clarifies reporting requirements for crypto bought with fiat

The United States Internal Revenue Service, or IRS, has updated its FAQ section on cryptocurrency to clarify investors who have only purchased crypto assets with fiat currency do not need to report their transactions under the “virtual currency” question. The first page of U.S. citizens’ Individual Income Tax Return form, or Form 1040, asks whether the respondent received, sold, sent, exchanged, or otherwise acquired “any financial interest in any virtual currency” during 2020. As such, the form’s wording suggests that individuals who acquired crypto assets through any means would be…

Free fantasy soccer crypto game launched by Ubisoft and Belgium’s Jupiler Pro League

France-based game publisher Ubisoft just launched One Shot League, a new free-to-play fantasy soccer game powered by crypto assets. One Shot League was developed by the Ubisoft Strategic Innovation Lab in collaboration with Sorare, an Ethereum-based fantasy soccer game built around collectable cards in the form of NFTs. Discover an all-new fantasy football experience with One Shot League! Developed by the Ubisoft Strategic Innovation Lab, build your squad for the Belgian Pro League and win digital collectible @SorareHQ cards ⚽ #NFT — Ubisoft (@Ubisoft) March 2, 2021 They’ve partnered with…

Bitfarms set to acquire 48,000 new miners in 2022 despite chip shortage

One of the largest publicly traded Bitcoin mining operations in the world, Bitfarms, has undertaken to purchase 48,000 new miners over the next two years. The Canadian mining company has sourced the equipment from Chinese supplier MicroBT in a bid to increase its hashing capacity by another 5 EH (exahashes) according to reports. Bitfarms was founded in 2017 and currently has a capacity of 1 EH. It has targeted a 200% increase by the end of 2021. The hashing capacity is the amount of pure computing horsepower that can be…

Top 3 NFT brands sales grew 381% in February

NFTs had their best month ever in February, according to a report by DApp statistics trackers at DappRadar. Sales volume from the top three platforms grew to $342 million in February, up almost 400% from the $71 million recorded the month before. Sports memorabilia platform NBA Top Shot dominated the sector and is now responsible for 67% of total NFT transaction volume. The other NFT DApps in the top three are OpenSea, a general crypto collectibles market and CryptoPunks, an Ethereum-based collectibles series. CryptoPunks generated all-time high sales of $79M…

Mainnet launch and NFT sale lift Aavegotchi (GHST) to a new all-time high

Non-fungible tokens (NFTs) have rapidly become the new hot topic in the cryptocurrency sector, as evidenced by Litecoin creator Charlie Lee comparing the current spike in NFT interest to the ICO mania of 2017.  The recent pullback in the cryptocurrency market hit decentralized finance tokens (DeFi) pretty hard but as Bitcoin price recovered the $50,000, DeFi and NFT tokens bounced back rapidly.  One project that has successfully capitalized on the DeFi and NFT boom is Aavegotchi (GHST). The project benefits from its association with AAVE, while also focusing on the…

Ethereum now available on Amazon Managed Blockchain

Tech giant Amazon just announced the general availability of Ethereum on its managed blockchain. According to Amazon Web Services, or AWS, users now have the ability to “provision Ethereum nodes” as well as connect to the blockchain’s mainnet as well as the Ropsten and Rinkeby testnets through the Amazon Managed Blockchain. The program claims to offer secure access to the network with “standard open-source Ethereum APIs” and syncs to the Ethereum blockchain. “Amazon Managed Blockchain monitors node health, replaces unhealthy nodes, and automates Ethereum software upgrades, improving the availability of…

Litecoin is trading at a 1,800% premium via Grayscale’s LTC trust — But why?

Shares in Grayscale Investments’ Grayscale Litecoin Trust, or LTCN, have been trading at a whopping 1,800% premium over the market rate of their underlying asset, Litecoin (LTC). $319 per Litecoin?  This difference is primarily due to retail investors’ inability to purchase shares directly from Grayscale Investments, whose funds are aimed exclusively at accredited investors. LTC holdings per LTCN share (orange) and premium (blue). Source: Bybt.com It costs $319 to buy a share in Grayscale Litecoin Trust. However, its LTC holdings per share are currently worth just $16.42. That means it’s…

‘Shark Tank’ star changes tune on Bitcoin, will allocate 3% of his portfolio

Businessman Kevin O’Leary, who appears on the reality TV show Shark Tank and once called Bitcoin a “giant nothing burger,” has now joined the laser eye community. In a tweet yesterday, O’Leary said he would be allocating 3% of his portfolio to Bitcoin (BTC) and looking into investing in sustainable crypto mining. He said his investment in the latter would be aimed to avoid “blood coins” — a reference to unethically mined diamonds — and “under a mandate of 0 carbon.” Both O’Leary’s Instagram and Twitter profile pictures now show…

Aavegotchis sell out in under one minute as NFT euphoria continues

After a string of delays related to congestion on the Ethereum blockchain, the Aavegotchi nonfungible tokens have hit the open market — where they stayed for not even a full minute, the team reported to Cointelegraph. The Aavegotchi project attempts to create digital collectibles with real value backing them through an integration with Aave and its aTokens, interest-bearing representations of funds supplied to the decentralized finance protocol. While the Aavegotchis are designed to incorporate some gaming and collection elements to them, inspired by the handheld Tamagotchi devices popular in the…