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Author: NBTC

NBTC is the editorial account for NBTC News, covering Bitcoin, Ethereum, DeFi, blockchain infrastructure, exchanges, mining, regulation and digital asset markets. The editorial team focuses on clear sourcing, timely updates and practical context for crypto readers.

Australian Taxation Office Targets 1.2 Million Accounts in Major Tax Crackdown

The Australian Taxation Office (ATO) is increasing its oversight of crypto users. Approximately 1.2 million accounts are being scrutinized for potential tax discrepancies. This significant action comes as interest in crypto continues to rise, prompting the ATO to examine personal data and transaction details provided by crypto exchanges. How Australia Investigates Crypto Tax Evasion In an effort to combat tax evasion, the ATO’s latest initiative aims to uncover any unreported exchanges of crypto assets for currency or other goods and services. Due to the complexity of the crypto industry, there is often a genuine lack of awareness about tax obligations.…

Legal

Idaho-based financial advisor discloses 6% of its portfolio in Bitcoin ETF

Though traditional financial giants have often maintained a rather hostile attitude toward Bitcoin (BTC) and cryptocurrencies in general, there has been a parallel trend of them quietly investing in digital assets and, more frequently, related stocks and funds. A particularly stark example of this was the revelation that the traditionally antagonistic Vanguard has been making substantial investments in BTC mining firms. More recent developments have, however, helped many of these firms step into the broadened space of the crypto markets more openly with few events being as impactful as the approval of 9 spot Bitcoin exchange-traded funds (ETFs) that came…

Bitcoin

Ethereum Is No Longer ‘Ultrasound Money’ After Dencun Upgrade: Analysts

Ethereum’s latest upgrade may have worked a bit too well, bringing unwelcome consequences for long-term Ethereum (ETH) investors. As advertised, the Dencun hard fork slashed transaction fees by over 90% on multiple Ethereum layer-2 networks shortly after going live on March 13. the median Ethereum transaction fee today is up to four times lower than before Dencun when comparing periods of similar network activity, according to market intelligence platform CryptoQuant. With users paying less in fees, however, the Ethereum network is now burning the circulating ETH supply at its slowest rate since the Merge in September 2022. In fact, the…

Ethereum

Racist Memecoin Fallout Offset by Positive Trends in Sector

In recent months, memecoins popularity surged within the crypto ecosystem. These assets had captured community attention with their origins rooted in beloved internet animal memes and shared interests among various crypto communities. However, the frenzy surrounding these assets recently veered into unsettling territory as new memecoins bearing offensive names and symbols, including racial slurs, anti-Semitic references, and Nazi imagery, emerged. Racist Memecoins Irks Crypto Community This development sparked swift and severe backlash, drawing condemnation from the cryptocurrency community. Camila Russo, a respected cryptocurrency journalist, expressed dismay at those purchasing these tokens in the present era. However, she acknowledged the freedom…

Altcoins

As SEC Files New Motion, Expert Sets Date for Ripple Lawsuit Final Verdict or Settlement

The United States Securities and Exchange Commission (SEC) has filed its final remedies-related reply brief and supporting exhibits in the Ripple lawsuit. Popular defense lawyer James Filan shared the development on X yesterday, stating that the motions are still sealed. According to Filan, the SEC’s filing will remain sealed until May 8, when a redacted version will be filed publicly. Notably, the SEC’s and Ripple’s lawyers will meet and confer today, May 7, to identify necessary redactions before the documents are unsealed. Possible Arguments in SEC’s Reply Brief Although the SEC’s reply remains sealed at press time, legal commentators expect…

Legal

Bitcoin covenants are coming — OP_CAT gets formally introduced as BIP-420

The OP_CAT covenant proposal has been formally introduced as “BIP-420,” with the aim of enabling smart contracts, secure bridges, and on-chain trading on the Bitcoin network. introducing BIP-420: formal Bitcoin Improvement Proposal for OP_CAT it’s a historic day! today, after a long wait, the OP_CAT proposal formally received a BIP number. meet BIP-420! BIP-420 enables covenants on bitcoin, allowing for smart contracts, secure bridges, on-chain… pic.twitter.com/z6ItJT7LX4 — Udi | BIP-420 🐱 (@udiWertheimer) April 22, 2024 The proposal, authored by Ethan Heilman and Armin Sabouri, seeks to reintroduce the OP_CAT opcode to Bitcoin via a backward-compatible soft fork by redefining the…

Bitcoin

Ethereum Price Looks Ready For Another Leg Higher Over If It Holds Support

Ethereum price is extended losses and tested the $2,940 support. ETH could start a fresh increase if it clears the $3,000 and $3,030 resistance levels. Ethereum remained in a bearish zone and traded below the $3,000 level. The price is trading below $3,050 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $2,980 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,940 support to start another increase toward $3,220. Ethereum Price Dips Below $3K Ethereum price remained in a bearish zone and…

Ethereum

If You Hold 100M and 500M Shiba Inu, Here Are Your Returns If SHIB Hits $0.000256

Investors who currently hold 100 million or 500 million Shiba Inu (SHIB) tokens are likely to rake in massive returns if the cryptocurrency erases another zero to reach the $0.000256 mark. Data from the crypto analytics platform IntoTheBlock (ITB) shows that 841,770 addresses, or 63.08% of the total SHIB wallets, are in profit. The recent uptick in Shiba Inu’s price has shown promise of a potentially higher level in the long run. Should Shiba Inu hit a price of $0.000256 in the long term, 100% of current holders will be in profit. This article estimates how much money addresses with…

Altcoins

Canada’s Tax Authority Targets Crypto Tax Dodgers, Investigating Multimillion-Dollar Cases

The Canada Revenue Agency (CRA) is cracking down on crypto, going after C$54m ($39.5m) in suspected unpaid taxes. It is also launching investigations into hundreds of crypto investors. The National Post reported Monday that Sahil Behal, a director general at the CRA’s compliance branch, revealed the agency is currently conducting around 400 audits on crypto-related activities. Still, he acknowledged a major need for public education regarding crypto tax obligations. Meanwhile, veteran tax lawyer, David Rotfleisch, criticized the CRA’s efforts as a “drop in the bucket.” He argued the agency needs to significantly increase education on crypto tax obligations for owners…

Legal

Earn Alliance Partners with MetaLend to Revolutionize Web3 Gaming Asset Management

Earn Alliance and MetaLend have joined forces to revolutionize asset management and trading within the gaming community. This strategic partnership introduces a groundbreaking airdrop initiative designed to enhance the gaming experience for crypto enthusiasts worldwide. — MetaLend, known for its cutting-edge crypto trading platform tailored specifically for Web3 gaming assets, brings its expertise to the collaboration. By integrating MetaLend's advanced technology with Earn Alliance's expansive global ecosystem, gamers gain access to a highly-engaged community and a seamless platform for managing and trading their gaming assets. Joseph “Coop” Cooper, CEO & Founder of Earn Alliance, highlights the significance of the partnership:…

GameFi