Author: NBTC

Following the $230 million hack of Indian crypto exchange WazirX earlier this month, cryptocurrency custody service provider Liminal has pushed back against accusations that the attack involved its infrastructure. A Liminal spokesperson told Decrypt that the company’s systems were not compromised in order to recently funnel $230 million of WazirX’s crypto assets. A compromised multi-signature smart contract wallet used in the attack was allegedly “created independently and further imported on the Liminal platform,” they claimed. “As a wallet infrastructure support platform, we emphasize that this incident originated from an external source, underscoring the crucial need for comprehensive security measures across…

The cryptocurrency market has always been a volatile space, and recent data suggests that Bitcoin is currently experiencing another one of its infamous downturns. According to a new analysis by Julio Monero, Head of Research at CryptoQuant, the demand for Bitcoin has significantly decreased over the last month, with about 23,000 Bitcoins exiting the market. This shift is primarily attributed to the lack of new demand, a critical factor that has historically driven the price of Bitcoin upwards. Monero utilizes a unique approach by employing a method commonly used in commodity markets to estimate demand. He explains, “The apparent demand…

Investors cannot miss the similarities between Ethereum’s current price movement to Bitcoin after the approval of its ETFs. Crypto commentator Croissant noted that Bitcoin experienced an immediate drop following the ETF approval, only to witness a price surge after a couple of months down the line. The observation comes a week after the US Securities and Exchange Commission (SEC) approved the trading of nine Ethereum ETFs. After trading commenced on July 23, Grayscale’s ETHE fund is weighing on the overall market. Contrarily, the asset manager’s ETH fund is performing in line with the rest of the players. As Ethereum ETFs…

According to data shared by cryptocurrency tracker Whale Alert, which monitors large crypto transfers within the blockchain space and shares their details on social media, over the last 24 hours, an equivalent of $111.8 million in XRP coin was withdrawn from two major exchanges. Among those transfers were millions of XRP, which were sent to Bitso and Bitstamp. 184.2 million XRP getting shoveled Whale Alert detected eight transfers moving hefty amounts of XRP. The smallest of them was worth 19,000,000 XRP (the equivalent of $10,961,925). The two largest ones carried 26,000,000 and 26,287,782 XRP. The other carried between 21 million…

Here’s what you need to know about reporting crypto on your 2024 taxes: The IRS treats crypto as property, not currency You must report all crypto transactions, even small ones Taxable events include selling, trading, and using crypto to buy goods Use Form 8949 to report crypto gains/losses Report crypto income on Schedule 1 or Schedule C Key steps for crypto tax reporting: Gather all transaction records Calculate gains/losses for each transaction Fill out Form 8949 and Schedule D Report any crypto income Answer the digital asset question on Form 1040 Common pitfalls to avoid: Not reporting all transactions Incorrect…

The Financial Services Commission (FSC) of South Korea has announced an updated regulatory framework following the implementation of the groundbreaking Virtual Asset User Protection Act. The official announcement on August 1 revealed that major South Korean cryptocurrency exchanges like Upbit, Bithumb, and Coinone will now be required to pay a supervisory fee based on their operating revenue. This “supervision contribution,” essentially a quasi-tax, is typically levied on financial institutions overseen by the Financial Supervisory Service (FSS). Businesses with operating revenues exceeding KRW 3 billion generally fall under this tax. Under the Virtual Asset User Protection Act, crypto exchanges will now…

Bitcoin’s price is experiencing a downtrend at the moment, as it has failed to continue its rally above $70K. This begs the question if the bull market has come to a halt or if that’s just a temporary correction. Technical Analysis By TradingRage The Daily Chart As the daily chart demonstrates, Bitcoin’s price has failed to rise above the $75K resistance zone multiple times and is currently declining. The $65K support has also been lost, but the key $60K level currently holds the price. The 200-day moving average is also located around $57K and could support the market if $60K…

Solana-based meme cryptocurrency dogwifhat (WIF) has surged by 11% over the past 24 hours, according to CoinGecko data. Notably, the WIF meme cryptocurrency has outperformed every other cryptocurrency in the top 100. The multi-billion dollar meme coin is up more than 60% from the lows that were recorded just a few days ago. Mister Crypto, a pseudonymous cryptocurrency analyst, has noted that WIF is in the process of a breakout. “A new leg to the upside is getting started,” the analyst added. At the same time, it is worth noting that WIF is still down as much as 49% from…

July 31 (Reuters) – When former U.S. president Donald Trump promised a bitcoin conference on Saturday that if reelected he would fire Securities and Exchange Commission Chair Gary Gensler, a crypto skeptic, the crowd roared with delight. “Wow, I didn’t know he was that unpopular,” the Republican presidential nominee shouted over the cheers. Trump, who once derided cryptocurrencies as a “scam,” is courting the industry and winning big checks from donors hoping he will swiftly end Gensler’s crypto crackdown. Under Gensler, a Democrat appointed by President Biden, the SEC has brought dozens of crypto enforcement actions, including against major exchanges…

Mt. Gox has started repaying creditors in BTC and BCH, requiring validation of registered accounts and acceptance of agreement terms. Repayment timelines vary by exchange, with Kraken taking up to 90 days, Bitstamp 60 days, BitGo 20 days, and SBI VC Trade and Bitbank 14 days. Security concerns have emerged with reports of failed login attempts; users with 2FA are more confident in the security of their assets. Mt. Gox has begun the process of repaying creditors in Bitcoin (BTC) and Bitcoin Cash (BCH). However, the repayment process comes with several stringent conditions. Creditors must meet some conditions to receive…