Cryptocurrencies

Share to Twitter Share to Linkedin As cryptoassets enter a new crypto winter, the temptation is to relegate cryptoassets (and blockchain) to the backburner, and that would be a disservice to the accounting profession as well as the investors seeking to allocate capital to this fast growing asset class. While cryptoassets have moved far beyond simply discussing bitcoin price volatility, Certified Public Accountants (CPAs) would be forgiven for remaining focused on the implications of said volatility. Given the dramatic drawdowns in prices across the crypto sector, the implosion of several prominent crypto banking protocols and increasingly negative sentiment, allocating even more time to crypto might seem like an odd choice. That said, even during the current crypto winter, the pace and prevalence of crypto adoption continues to accelerate almost unimpeded. With the number of individuals using cryptoassets numbering in the hundreds of millions, with a billion … [Read more...] about What CPAs Should Think About During This Crypto Winter

- A + A (June 27): The wipeout in Bitcoin may have run its course, a range of technical indicators suggest. Momentum measures and insights from options bets signal ebbing selling pressure and a possible trading range of US$20,000 to US$25,000 — though the usual caveats apply about the mercurial nature of cryptocurrencies. The largest digital token has slumped about 70% from a November record and was little changed at US$21,343 as of 8:38 a.m. Monday in London. It slid below US$18,000 earlier this month, before retaking the closely watched US$20,000 level. Tightening monetary policy, withering speculative ardor and collapsing digital-asset projects have spurred a broad crypto rout in 2022. But the mood in global markets is turning less dour on tentative hopes that the price pressures driving interest-rate hikes may be cresting. The lessons of Bitcoin’s past swoons suggest it’s in the vicinity of its bear-market low, according to Glassnode. This “bear market is now … [Read more...] about Bruised bitcoin due relief after crypto wipeout, charts show

- A + A NEW YORK/BENGALURU (June 27): Wall Street's main indexes fell after opening higher on Monday, as a rally last week on easing concerns over inflation lost steam, with high-growth stocks leading declines. "We had a nice rally last week, so I think we're seeing a little bit of profit taking this morning," said Dennis Dick, a proprietary trader at Bright Trading LLC in Las Vegas. "The stocks that were up the most last week are the ones getting hit the hardest here today." The tech-heavy Nasdaq Composite index, which gained 7.5% last week, fell 0.7% to lead declines among the three major indexes. Investors were betting on the retreat in oil prices from the three-month highs hit in June to potentially ease inflationary pressures and likely push the Federal Reserve to moderate its aggressive policy tightening. However, data on Monday showed new orders for US-made capital goods and shipments increased solidly in May, pointing to sustained strength in business … [Read more...] about Wall Street sheds opening gains on losses in high-growth stocks

Share to Twitter Share to Linkedin Topline Investors piled out of cryptocurrency investment funds at a record pace last week after bitcoin plummeted to its lowest level in 18 months, crypto asset management firm CoinShares reported Monday, highlighting the bearishness that's come to a head this month as markets grapple with the Federal Reserve's reversal of pandemic-era stimulus measures. Key Facts Cryptocurrency funds posted net outflows of $423 million last week, eclipsing the prior record of $198 million set as crypto markets tumbled in January and bringing total assets down to $36.2 billion, according to a Monday report by CoinShares. Cash transferred out of bitcoin funds drove the record activity, with net outflows of $453 million—virtually erasing all inflows this year and pushing assets in such funds down to $24.5 billion, the lowest level since the beginning of last year, CoinShares reported. CoinShares' James Butterfill notes … [Read more...] about Crypto Funds Post Record $423 Million Outflows As Bitcoin Plunge Rattles Market

Share to Twitter Share to Linkedin Cryptocurrencies are rising Friday as bitcoin climbed over $21,000 during Asia’s trading hours. MATIC, the native token of Ethereum-scaling platform Polygon MATIC , is leading the surge, according to Forbes Digital Assets leaderboard . The token has extended its Thursday rally after ​​Polygon’s team introduced a product with improved privacy for decentralized autonomous organizations (DAOs) and Coinbase, the largest cryptocurrency exchange in the U.S. by market share, announced that it had added support for cryptocurrency transactions on Polygon. MATIC is up by 16.45% over the past 24 hours as of 9:38 A.M. ET. Among the 10 largest cryptocurrencies, XRP XRP and solana are posting the highest gains, 13.3% and 12% respectively. Speaking at the NFT.NYC conference yesterday, Anatoly Yakovenko, Solana’s SOL cofounder and CEO, unveiled a new Android phone called Saga and a new subsidiary within Solana focused on … [Read more...] about Polygon Leads Broad Crypto Surge, Bitcoin Breaks Back Above $21,000

Share to Twitter Share to Linkedin The looming prospect of compliance with the reporting requirements in section 6050I has been a problem for the digital asset industry since the passage of the Infrastructure Investment and Jobs Act (P.L. 117-58) last November. The requirements pose procedural obstacles and privacy concerns for taxpayers, but the government has an interest in ensuring compliance with the tax laws. The revised version of section 6050I requires taxpayers engaged in a trade or business to file an information return when they receive $10,000 or more in digital assets in one transaction or two or more related transactions in the course of that trade or business. The information required is the name, address, and tax identification number of the person from whom the assets were received; the amount of the assets; and the date and nature of the transaction. The provision was originally designed for cash transactions. The brief push for … [Read more...] about Tax Information Reporting On Digital Assets Steps Into The Spotlight

Share to Twitter Share to Linkedin F or Elon Musk’s acquisition of Twitter to work out as he’d like, Musk must find some way to supersize the company. Its business is long-undersized compared to the platform’s presence in culture and politics. As a model, Musk has set at least some sights on the original so-called super app, WeChat, which is owned by China-based Tencent. In Musk’s first town hall meeting with Twitter employees last week, he directly mentioned WeChat, indicating that building something like it would further his broader goal of nearly quintupling Twitter’s user base to a billion people. “There’s no WeChat equivalent out of China,” he said at the meeting. “There’s a real opportunity to create that.” Much of what Musk says can seem outlandish. (At the meeting, he also discussed the possibility of alien life.) But his thinking about WeChat isn’t, though it is not especially novel. WeChat’s success has tantalized many a Silicon Valley mogul; … [Read more...] about Elon Musk And The Super Alluring Dream For A ‘Super App’

It’s no wonder that 3 card poker is one of the hottest poker variations right now — it’s both easy to learn and gives you a great chance of beating the dealer’s hand and getting a payout. But with so many casinos out there, you might be stumped where to even begin looking for the best option. That’s where we come in. Using our first-hand experience and expertise, we’ve compiled a list of the best casino sites to play 3 card poker. If it’s not on here, it’s not worth visiting. We also created a full-blown guide about the 3 card poker rules and some valuable tips that you can put to use if you’re a rookie or even a seasoned player. Ready to see who made the cut? Let’s go. Best 3 Card Poker Online Red Dog (Tri-Card Poker by RTG): Best site to play 3 card poker overall Ignition (Teen Patti Pro): Best for live poker Bovada (Classic Tri Card Poker): Best for free 3 card poker games Sloto Cash (Tri Card Poker by RTG): Best for three card poker promotions Wild Casino … [Read more...] about Play 3 Card Poker Online in 2022: Top-Rated Sites for Playing Three Card Poker

The world's central bank umbrella body, the Bank for International Settlements (BIS), has called for interest rates to be raised "quickly and decisively" to prevent the surge in inflation turning into something even more problematic. The Swiss-based BIS has held its annual meeting in recent days, where top central bankers met to discuss their current difficulties and one of the most turbulent starts to a year ever for global financial markets. Surging energy and food prices mean inflation in many places is now its hottest in decades. But the usual remedy of ramping up interest rates is raising the spectre of recession, and even of the dreaded 1970s-style "stagflation", where rising prices are coupled with low or negative economic growth. "The key for central banks is to act quickly and decisively before inflation becomes entrenched," Agustín Carstens, BIS general manager, said as part of the body's post-meeting annual report published on Sunday. Carstens, former head of … [Read more...] about Banking body urges decisive wave of global rate hikes to stem inflation