Author: NBTC

The U.S. Department of the Treasury’s Internal Revenue Service will require crypto brokers to file 1099 forms like their traditional investment-firm cousins, but decentralized finance (DeFi) operations and non-hosted wallet providers will have to wait for their own rule later in the year. The rule released Friday will go into effect for transactions starting in 2025 and will require brokers to keep tabs on cost basis for customers’ tokens starting in 2026. The IRS won’t call for reporting on most routine stablecoin sales and is putting a $600 annual threshold on NFT proceeds before they need to be reported. The…

Renowned financial expert and creator of the Stock-to-Flow (S2F) model, PlanB, recently took to X (Twitter) to emphasize the significance of Bitcoin halvings in influencing the cryptocurrency’s price. With a substantial following of 1.9M on the platform, PlanB’s insights are widely regarded in the crypto community. Understanding the Impact of Bitcoin Halvings and PlanB’s Stock-to-Flow Model In his tweet, PlanB emphasized the importance of Bitcoin halvings, noting that while the Stock-to-Flow (S2F) model illustrates how four-year halvings impact Bitcoin’s price, it does not explain why. He mentioned that if the price increases again after the 2024 halving, he would then…

The cryptocurrency market, known for its cyclical nature, often sees Ethereum (ETH) and Bitcoin (BTC) taking the lead. Amid the current bearish sentiment, recent analysis suggests that Ethereum’s past price performance could offer crucial insights into when Bitcoin might reach its next major peak. In an X post on June 28, crypto analyst CryptoCon shared data from analysis platform Glassnode, detailing Ethereum’s price trends following cycle lows in August 2015, December 2018, and June 2022. This data highlights three distinct cycles, revealing significant growth and retracement patterns for ETH over time. The first cycle, which started in August 2015, shows…

Analytics X account @lookonchain has reported that on June 5, a “crazy SHIB buy” took place as cryptocurrency whales accumulated a staggering amount of Shiba Inu meme coins. It coincided with the price of the second largest meme cryptocurrency, SHIB, soaring by almost 8% within the past two days and a massive SHIB burn rate jump noted within the last 24 hours. Trillions of SHIB absorbed by anon whales @lookonchain revealed that nine wallets, which belonged to two anonymous whales, purchased a mind-blowing 1.356 trillion Shiba Inu, paying $35.2 million in fiat for them at an average price of $0.00002596…

Key Points: ConsenSys argues that MetaMask is a software interface, not a broker, and has filed a lawsuit in Texas seeking to clarify its legal stance against what it sees as regulatory overreach. The SEC has sued ConsenSys over allegations that its MetaMask wallet violated securities laws by acting as an unregistered broker. Despite recent developments regarding Ether’s classification, the SEC ConsenSys lawsuit for the MetaMask operations remains active. ConsenSys Challenges SEC, Asserts MetaMask Is Not a Securities Broker ConsenSys, founded in 2014 by Joseph Lubin to develop applications on the Ethereum blockchain, maintains that MetaMask is a software interface,…

The crypto and NFT gaming space is busier than ever lately, what with prominent games starting to release, token airdrops piling up, and a seemingly constant array of other things happening at all times. It’s a lot to take in! Luckily, Decrypt’s GG is all over it. And if you need a quick way to get caught up on the latest moves around crypto video games, we’re happy to present This Week in Crypto Games. Our weekend roundup serves up the biggest news from the past week, along with a few other tidbits you might have missed. We also showcase…

DefiLlama, a leading platform providing transparent analytics in the decentralized finance (DeFi) space, has announced that Bitcoin has climbed into the top 10 chains by total value locked (TVL). Bitcoin now occupies the 9th spot with a TVL of $1.146 billion. This achievement places Bitcoin just about $400 million away from reaching the 6th position on the list. Currently, Base is on the 6th spot which has 276 protocols. Top 10 Chains by TVL today. Bitcoin is now in the top 10 at 9th place, just about $400 million from reaching as far as the 6th spot pic.twitter.com/ycKxfokegQ — DefiLlama.com…

Ethereum (ETH) has been experiencing volatility mainly due to its alignment with broader market trends. Despite the approval of spot ETH ETFs, the event has not yet impacted the price. However, this could change in the near future. Do Ethereum ETFs Have a Bright Future? Spot ETF movements might substantially impact Ethereum’s price in the coming few months. Earlier this week, the US Securities and Exchange Commission (SEC) approved listing spot ETFs by the beginning of July. This has increased investors’ expectations massively. “We expect the net inflows into ETH ETFs to be 20-50% of the net inflows into BTC…

Crypto payment firm Ripple made an advertisement promoting the use of XRP for the cross-border payment market, which is projected to reach over $300 trillion in the next six years. This advertisement recently garnered significant attention from the XRP community. Edoardo Farina, Head of Social Adoption at XRP Healthcare, reshared the promotion in a post on X yesterday. #Ripple ad features $XRP for cross border payments and predicts the cross border payments market is expected to reach 300 trillion dollars in payments by 2030 🔥 pic.twitter.com/gzEd5Jt7Bn — EDO FARINA 🅧 XRP (@edward_farina) June 5, 2024 Ripple Ad for XRP Notably,…

Ripple CEO Brad Garlinghouse criticizes popular crypto news outlet CoinDesk for inaccurately reporting a recent court decision relating to XRP. Recall that California District Judge Phyllis J. Hamilton issued the highly anticipated decision in the securities class action against Ripple last week. In the ruling, the judge dismissed all securities law violation claims against Ripple. However, she scheduled a jury trial for a state law claim regarding a 2017 statement made by Garlinghouse. Consequently, some media outlets misinterpreted the decision, noting that the California court ruling could alter XRP’s non-security status, as determined by New York federal Judge Analisa Torres.…