Great Victory for Cryptocurrencies in the USA

Great Victory for Cryptocurrencies in the USA

New regulation that is connected with crypto world has made in USA. Read and find out what is new. Futurypto. Warren Buffett, a billionaire investor, owns cryptocurrency. Through a tweet, Sun claimed that Buffett owns an entire Bitcoin Investing in cryptocurrencies? This is easy methods to present crypto earnings in ITR&nbsp New Delhi: Bitcoin, by far the Bitcoin Price Prediction: BTC readies for liftoff to $40,000 as whales continue accumulating Bitcoin has, from the beginning of this week, made a Bitcoin has continued its downward move after its rejection from the $35,000 high

OCC, the largest US regulator, said in a press release that federal banks can use the blockchain network (INVN – independent node validator networks) or stablecoins for transactions such as making payments. According to the OCC,
It is important for banks to keep up with changing economic conditions and to act in accordance with technology in transactions to be made.

The Office of the Comptroller of the Currency (OCC) said in the January 4 announcement that federal banks could use independent node validator networks called INVN, or stable coins. According to the statements,
In addition to technologies such as the distributed ledger technology of banks, the use of stable coin, which is defined as a type of cryptocurrency, has also paved the way. According to the statements of the OCC, banks will be able to perform banking activities using the systems and stable coins offered by this network, acting as a node on INVN.
OCC used the following statements while defining stable coin:

“Stable coin is a type of cryptocurrency whose value is fixed. Some use fiat currencies such as USD as an underlying asset. These coins; It provides many opportunities such as stocking, transferring, bartering and facilitates payment activities.
The use of stable coins in international money transfers can be shown as an example of this convenience. “

In addition, it was stated that stablecoins potentially provide many benefits to users and the demand for stablecoins globally continues to increase rapidly.

Benefits and harms of INVN and stablecoins
OCC,
It included the benefits and harms of both technologies. In the statement, the advantages include facilitating payment activities, approving more money transfers through nodes, and preventing unnecessary transaction data from being uploaded to the system.

Besides these,
It was also emphasized that these technologies may have some operational risks. It was stated that there are liquidity or fraud risks in payments made with Stablecoin. Therefore, it was stated that banks that will use the INVN infrastructure should have information about these risks.
Jeremy Allaire: “This development is a great victory for cryptocurrencies”
Circle CEO Jeremy Allaire made some comments based on the OCC’s announcement. Allaire interpreted the opening up for US banks to use blockchain and stablecoins as “a great victory for cryptocurrencies and stablecoins.” However, the CEO,
With this announcement from the OCC, he said that banks can use an infrastructure similar to applications such as SWIFT and consider stablecoins such as USDC as a digital store of value.

According to Allaire’s statements, this innovation seen in the US financial system has a capacity to affect the whole world. Decentralized,
He stated that with the widespread use of open source applications, economic activities will take place on-chain. Noting that stablecoins such as USDC are also used as the main payment tool, Allaire can enable financial institutions to rise to a verifier position by running blockchain nodes.
The growing importance of decentralized technologies emphasized
In a statement on Twitter, the Blockchain Association said that with the announcement of OCC, blockchain networks have been brought to the same status as global financial payment systems such as SWIFT and ACH. This situation,
While interpreting it as a huge development for the crypto money market, it was stated that the official use of blockchain networks in the financial infrastructure of the USA has also been opened.

Hailey Lennon, a lawyer at Anderson Kill law firm, also made some statements on the subject. Lennon,
He said that this announcement is quite exciting for stablecoins like USDC. Sharing a slice from the OCC announcement, the lawyer emphasized the importance of banks changing in accordance with changing economic conditions and using decentralized technologies such as INVN.

Source: www.futurypto.com

Author: futurypto2


Justin Sun Says Warren Buffet Owns More Than 1 Million TRX (Technically)

Justin Sun Says Warren Buffet Owns More Than 1 Million TRX (Technically)

Justin Sun stands as the founder of the Tron crypto platform, and has been a steady source of news for the crypto space for quite some time now. On the 4th of January, 2020, Justin Sun said something bold: Warren Buffett, a billionaire investor, owns cryptocurrency. Through a tweet, Sun claimed that Buffett owns an entire Bitcoin, included an excess of a million TRX tokens.

Technically speaking, @WarrenBuffett is not a Nocoiner, he does own 1 #BTC & over 1 million #TRX. He is on a ride! #HaveFunStayingPoor

— Justin Sun🌞 (@justinsuntron) January 4, 2021

Warren Buffett stands as the CEO of Berkshire Hathaway, but is a business tycoon and heavyweight in his own right. Justin was very quick to point out that the man “technically” owns some cryptocurrencies, in the same way, someone technically owns some prize they’ve locked in their attic because they’ve never use it.

Warren Buffett has generally been seen as a so-called “Nocoiner” due to his anti-crypto sentiments, which is true. The so-called Oracle of Omaha has made his stance on crypto quite clear on multiple occasions: He doesn’t own any crypto, and he has no intention of ever doing so. This went as far as going to an interview at the Squawk Box with CNBC’s Becky Quin, claiming that crypto cannot produce anything and has no intrinsic value.

The man even called crypto “rat poison squared” in one interview.

However, Justin Sun had managed to secure a dinner date with Buffett, doing said dinner in February of 2020. At that dinner conference, Sun had given Buffett a pair of Samsung Galaxy Fold smartphones.

Amazing dinner w/ @WarrenBuffett finally! Thx for your support & advice on how to take #TRON to the next level! Loved our talk on #Bitcoin, @Tesla & #TRON! Glad to support @GLIDEsf as well! C U at #BRK2020 & our reunion meal in 2030! Details below 👇 pic.twitter.com/tjulvv2C9k

— Justin Sun🌞 (@justinsuntron) February 6, 2020

One of these smartphones were loaded up with a little over 1 Bitcoin, with the other boasting 1,930,830 TRX tokens. Sun explained this amount was equal to his birthday. Buffett allegedly joked that he wished he was born later, seeing as that would up his token count.

However, directly after that meeting, Buffett returned to his general anti-crypto narratives, claiming he has no crypto holdings whatsoever. Whatever Buffett did with that crypto is unclear, but it seems that Sun’s little conversation didn’t do anything to sway his mind.

Now, crunching the numbers, Warren Buffett has received an initial gift of $45,000 in TRX token, with a token going for around $0.023 apiece at the time. Now, however, the token’s price is around $0.029, which means Buffett earned a 24.43% profit on his holdings, boasting $55.994.07 in TRX tokens afterward. The same goes for Bitcoin, having gone for $10,000 apiece when he was gifted it, the coin is now worth around $31,400, which shows a profit of 314%.

The man, worth more than $80.08 billion thanks to his mainstream investments, is undoubtedly thrilled he now holds roughly $87,400 in crypto. Justin Sun has genuinely shown the public how much of a crypto bull Buffett is through this claim.

Source: insidebitcoins.com

Author: FOLLOW ON


Bitcoin news | Investing in cryptocurrencies? Here’s how to show crypto earnings in ITR

Bitcoin news | Investing in cryptocurrencies? Here’s how to show crypto earnings in ITR

Representational Image

New Delhi: Bitcoin, by far the best-known cryptocurrency, making headlines on account of its record-shattering rally after which a correction because it entered 2021, has many buyers flocking to cryptocurrency, an unregulated new-age asset. 

Nonetheless, there’s confusion amongst many on how the earnings from investments in cryptocurrencies must be disclosed within the ITR as there isn’t any readability on it.

In India, the cryptocurrency business is at a really nascent stage. Rather a lot when it comes to rules and taxation must be executed. Cryptocurrency earnings should be taxed as a brief or long-term capital acquire primarily based on the length they had been held as an funding.

How is it taxed?

You will need to know that the beneficial properties derived from the sale of cryptocurrencies will be categorised as both capital beneficial properties or enterprise revenue. This classification will resolve which tax return kind one must file and the way a lot tax will likely be levied on the beneficial properties.

In view of Part 2(14) of the Earnings-tax Act 1961, a capital asset means property of any type held by an individual, whether or not or not related along with his enterprise or occupation. The time period ‘property’, although has no statutory which means, but it signifies each potential curiosity which an individual can purchase, maintain, or get pleasure from.

Kush Vatsaraj, Affiliate, TP Ostwal & Associates LLP mentioned: “Cryptocurrencies and different crypto-assets are thought of “property” for the aim of the revenue tax regulation and beneficial properties arising from cryptocurrency transactions could be taxed in a way akin to beneficial properties from buying and selling or transacting in securities. If you’re a daily dealer in crypto and have a scientific, excessive quantity of transactions, it’s doubtless that your crypto revenue will likely be handled as “speculative” enterprise revenue. Regular slab charges will apply, however there could be restrictions round setting off any crypto-related losses towards incomes non-speculative enterprise revenue.”

If, nonetheless, you’re an rare or one-off investor in crypto-assets, then your beneficial properties could be handled as capital beneficial properties, and be categorised as long run or quick time period primarily based in your interval of holding the asset – something held for as much as 36 months will likely be thought of “short-term”. Brief time period beneficial properties will likely be taxed at regular slab charges, whereas long run beneficial properties at a flat 20%, Vatsaraj additional defined.

The paradox and controversy relating to whether or not to categorise revenue from transactions in speculative property (like derivatives and choices) as capital beneficial properties or as enterprise revenue will prolong to cryptocurrency transactions as properly. Since there isn’t any goal rule on what would represent a “common” commerce or a “excessive” quantity of transactions, it’s best to seek the advice of an expert when you’re not sure in regards to the classification of your beneficial properties, he added.

ITR submitting for people, firm

Whereas submitting ITR, people having taxable revenue greater than ₹50 lakh should mandatorily fill in Schedule AL in ITR kinds, which comprises info associated to investments in mutual funds and securities, together with cryptocurrencies.

Furthermore, if an organization or a partnership agency has made an funding out of their enterprise funds right into a cryptocurrency, then it’s obligatory for them to point out it of their stability sheet as they should observe the accounting requirements.

“If the requirement to fill in Schedule BS (Stability Sheet) or Schedule AL (Belongings & Liabilities) within the ITR applies to you, the cryptocurrency held by you on 31st March, 2020 should even be appropriately disclosed, both as an funding or as stock-in-trade (in case you are treating crypto-trading as a enterprise),” Vatsaraj added.

Additionally it is price mentioning that for people who’ve capital beneficial properties or enterprise revenue arising out of cryptocurrencies, ITR-2 and ITR-3 are the related kinds for tax returns.

Source: kryptofight.com


Cryptocurrencies Price Prediction: Bitcoin, Ethereum, & Stellar – Asian Wrap 6 Jan

Cryptocurrencies Price Prediction: Bitcoin, Ethereum, & Stellar – Asian Wrap 6 Jan

Bitcoin has, from the beginning of this week, made a remarkable recovery from the recent 20% downswing to $27,735. The bellwether cryptocurrency teeters at $33,884 amid the struggle to resume the uptrend owing to the overhead pressure at $34,000.

All ardent Bitcoin and cryptocurrency enthusiasts are aware of the talk regarding institutional investors adopting Bitcoin. Some believe that these high-volume investors’ buying pressure is contributing massively to the rally that saw BTC hit a new all-time of $34,810.

Bitcoin holder distribution chart

ETH/USD marks its first intraday losses in four while declining to $1,080 during early Wednesday. The ethereum buyers seem to have lacked upside momentum following their run-up to the highest since late January 2018 during Monday. Since then, the quote has been marking a lower high formation amid overbought RSI, which in turn favor sellers.

However, 5-day SMA and February 2018 top, respectively near $995 and $983, will follow the $1,000 threshold to challenge the bears’ entry.

After an initial significant 33% rally that started on January 3, Stellar hasn’t paused and has seen another 40% breakout hitting $0.21. After a lot of bullish momentum, the digital asset might be on the verge of a correction, suggests various indicators.

On the 2-hour and 9-hour charts, the TD Sequential indicator has presented a green ‘8’ candle which is usually followed by a sell signal which will be posted within the next hour. Confirmation of both signals would shift the odds in favor of the bears in the short-term. 

xlm price

Source: www.forexcrunch.com

Author: FX Street

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Bitcoin Price Prediction: BTC/USD Hovers Above $30k; Can the Bulls Resume the Rally?

Bitcoin Price Prediction: BTC/USD Hovers Above $30k; Can the Bulls Resume the Rally?

Bitcoin (BTC) Price Prediction – January 5, 2021
Bitcoin has continued its downward move after its rejection from the $35,000 high. BTC/USD has fallen above $30,000 and there is an indication of a further downward move. However, on January 4, Bitcoin crashed to $28,540 and pulled back immediately. Analysts believe that Bitcoin dropped by 12% since the price surge above the $20,000 psychological price level.

Resistance Levels: $33,000, $34,000, $35,000
Support Levels: $20,000, $21,000, $22,000

Following its rejection on January 3, Bitcoin dropped from $35,000 to $32,268. After a minor correction, BTC plunged to $28,540 and pulled back. The pullback was short-lived as the downward move resumed. After the retest at the $33,700 high, the downtrend resumed. The selling pressure will continue to $30,000 low. The downtrend will persist if the $30,000 support breaks. And BTC fall will extend to $22,000 low. Conversely, if the $30,000 support holds, BTC will rebound to resume upside momentum. Bitcoin bulls will attempt to retest the $40,000 resistance level. However, the upward move will face stiff resistance at the $37,000 high. In the meantime, the BTC price is hovering above $30,000 support.

Bitcoin Price Falls to $27k Low as Volatility Affects Binance’s Long Traders $190 Millions in Liquidations
On Monday, January 4, the BTC price crashed to $27,700 low and rebounded immediately within seconds. According to on-chain analytics resource Glassnode, a total of $190 million was lost on Binance by futures traders with long positions. Earlier on, analysts have warned that the bull run will not last forever as traders took on substantial risk. They are betting and trading on new highs continually.

From the price action, the bulls are attempting to defend the $30,000 support as Bitcoin resumes upward. However, the Fibonacci tool analysis will hold, if the current support fails to hold. On January 4 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will fall to level 2.0 Fibonacci extensions or the low of $ 22,081.40.

Source: insidebitcoins.com

Author: FOLLOW ON


Great Victory for Cryptocurrencies in the USA

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