Day: August 2, 2021

US Bill Eyes Crypto Traders, Aims for Stricter Laws to Boost Tax Revenue by the Billions

by Dailyhodl

The U.S. Blockchain Association is stepping up to battle new crypto regulations that are being proposed in the historic bipartisan infrastructure deal that’s working its way through the Senate.

Robert Frank, a wealth reporter at CNBC, says the latest draft of the 2,702-page infrastructure bill targeting efforts to modernize bridges, roads, water pipes, electric vehicle charging stations, and internet service, among other systems, is trying to tackle crypto tax evasion.

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Introduced on page 2,433 of the bill, new reporting rules for crypto traders are expected to raise an estimated $28-30 billion over 10 years in tax revenue, according to Frank, by cracking down on people who aren’t reporting taxable crypto transactions. The bill states,

“The amendments made by this section shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023.”

Very few exchanges actually report taxable transactions to the Internal Revenue Service, according to Frank. The new bill would impose stricter laws on businesses handling crypto, making crypto sellers report purchase and sales prices. It would also require digital asset transactions of $10,000 or more to be reported to the IRS.

The Blockchain Association, a member-led lobbying group, says the potential regulations would burden individuals and entities with reporting requirements to provide information they don’t have access to.

Explains Kristin Smith, executive director of the Blockchain Association,

“What Congress is considering with this measure is not a new tax on the cryptocurrency industry. Instead, it puts new reporting requirements on individual players in the industry who have no way to comply.

“These individuals will be faced with impossible-to-fulfill reporting requirements that could thwart critical investments in our economy and communities across the country. So not only will these types of reporting requirements push businesses and jobs overseas ​​– ceding American leadership in the crypto space to our international competitors – it won’t collect the $28 billion Congress thinks they’ll bring in.”

The deal is expected to cost an estimated $1.2 trillion over eight years, according to The Hill. Senate Majority Leader Chuck Schumer hopes to get the bill out of the Senate by August 9th, according to CNBC.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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How Will EIP-1559 and Ethereum’s ‘Triple Halving’ Affect ETH’s Price?

by Decrypt

In brief

  • The Ethereum network is undergoing an upgrade this week.

  • A code change within the upgrade may affect ETH’s price.

An August 5 Ethereum upgrade, known as the London hard fork, will bring a major change in the form of EIP-1559—a code change that begins to remove some ETH from circulation.

In theory, that will have an effect on Ethereum’s price. But what—and when?   

EIP-1559 will change how transaction fees work. Though the details are complicated, the upshot is that anyone who makes a transaction on the network will now pay a base fee that will be burned instead of going to Ethereum miners. Burning, in this sense, means to take coins out of circulation by essentially sending them to an address that no one has the keys for.

Reducing ETH supply places “deflationary pressure” on the Ethereum network. Though new coins are still being created with each block added to the chain, a little bit of ETH is also disappearing. Deflationary pressure theoretically squeezes prices upward because the growth of supply is slowing. 

To be clear, the ETH supply isn’t necessarily being reduced—the rate at which ETH is being put into circulation is. A fair comparison here is to the Bitcoin halving, a quadrennial event during which miners receive 50% fewer BTC rewards in exchange for processing network transactions.

Hasu, a pseudonymous researcher with crypto investors Paradigm, told Decrypt that the analogy is more or less accurate. “Halving = decrease of inflation,” he wrote. “Burning fees = decrease of inflation.”

The most recent Bitcoin halving was on May 11, 2020, when BTC rewards decreased from 12.5 BTC to 6.25 BTC. On that day, the price of Bitcoin was $8,800. Over the next six months, it nearly doubled in price. And today, 1 BTC will cost you nearly $40,000.

Perhaps ETH will do the same.

One question, though, is whether that expectation is already baked into the current price. After all, multiple factors could have been behind Bitcoin’s rise last year, not just the halving. The coin was also coming back from an artificially depressed market in March with the outbreak of COVID-19. Institutional investments from MicroStrategy, Square, and Tesla caused a fervor.

Moreover, the price of Ethereum has already risen this year alongside Bitcoin—even without its own halving event. On January 1, ETH was selling for under $800, according to data from price tracker Nomics. By May 10, it had reached an all-time high of $4,168. And, after dipping below $1,800 in late July, it’s crept back up to around $2,600. In the last year, the price of ETH has risen 600%, compared to 254% for Bitcoin.

All of which is to say, maybe the price of ETH went up in anticipation of the code change and won’t see much change afterward.

Paul Veradittakit, a partner with crypto investment firm Pantera Capital, doesn’t think so.

“I believe that as we get closer and post upgrade, there will be further education to those not in the community so price could rally for a bit,” he told Decrypt. “I don’t think the price is fully baked in yet for the upgrade!”

Crypto investor Nikhil Shamapant has written that there’s too much supply shock for it to be priced in. In April, when the price was near its current level, he calculated that sell pressure will drop by roughly 30% with EIP-1559, meaning there will be a lot less ETH available on markets to buy.

Not just that, but the market may not have the chance to get its bearings: “As the market adjusts to the supply dislocation from [an] EIP1559 upgrade,” he wrote. “3-4 months later it is hit again with an even bigger dislocation from the merge to Proof of Stake.” 

He called the combination of EIP-1559 and the coming move toward a proof-of-stake Ethereum 2.0 the “triple halving,” as they would reduce sell pressure by an estimated 90%—the equivalent of three Bitcoin halvings.

That could take the price to unprecedented levels—Shamapant pegs it as high at $150,000 in the next two years.

That price is obviously not baked in. Whether the idea was half-baked will be for investors to decide.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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On-Chain Expert Predicts $162K Bitcoin Peak This Cycle

by NEWSBTC

Bitcoin continues to beat expectations this year. Despite most investors speculating the bull market was already over, the digital asset has posted another rally that shows that the market might in fact still be in a bull cycle. The last two weekends have seen bitcoin prices adding at least $4,000 in the span of three days. Breaking what has been a slow and brutal downtrend cycle in the market for the last month.

Now, on-chain expert Willy Woo was on the podcast What Bitcoin Did to talk about the price of bitcoin and give his predictions regarding the price. Woo, for one, does not believe that the digital asset has peaked yet for 2021. Giving incredibly positive predictions for the asset for the rest of the year. With just five months left to go, there is still ample time left for various predictions to play out.

Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist

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Willy Woo’s forecast shows that the expert still believes the bull run is still on, made evident by the recent price movements registered in the market. Digital currencies like bitcoin were showing gains of up to 10% in a day as prices rallied to push the coin value higher.

No Bear Market

Woo said on the podcast that there would be no full-blown bear market following the ending of the current bull cycle. This would mean that the price of bitcoin would most likely keep fluctuating, but probably never get to the points the market had following the last bull market in 2018.

Related Reading | Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why

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Continuing on, Woo said there would be no repeat of the 2013 cycle imprint. Bitcoin would likely chart new courses, as even now, the digital asset has shown deviating patterns from other bull markets. As it seemed the bull market had drawn close after the May price crash. But the recent recoveries show that indeed, the digital asset is charting new courses going forward.

Following this, Woo believes the digital asset’s price would just wander around with supply and demand. And even halving events that lead to a price increase would have significantly less impact on the value of the asset.

Related Reading | Why Another Wave Up For Altcoins Is Probable According To BTC Dominance

Woo predicted bitcoin peaks would be less dramatic. Since price peaks of the digital asset have almost always been a short run-up, which leads to new all-time highs. Followed by sharp price crashes that usher the beginning of the next bear market. This would mean that bear phases would be shorter also, according to Woo. Lasting for fewer periods of time than previous bears.

Future Bitcoin Price Action

Woo’s price prediction for Bitcoin placed it at $162K. Going as far as saying that a $200,000 price mark is still possible for the digital asset this year. This puts Bitcoin on a tremendous run path to get to such a high prediction.

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com


BTC price continues to trend around $39,000 | Source: BTCUSD on TradingView.com

But with factors like miners getting situated after the China exodus and mining difficulty going back up, the price of the digital asset could very well be on its way to another rally.

Woo also commented on the extended theory cycle for the coin, predicting that the asset will gain even more popularity after the current cycle ends. Commenting more on his price predictions, Woo said, “I have this model. In past cycles, it hit the upper bound before the bull market ended. I have this great situation where I don’t have to be exactly right cause it’s just a moving target. The upper band today is $162K. The current trajectory, $200K.”

Related Reading | 8 Green Candles: Here’s What Happened The Last Time In Bitcoin

Like with every other prediction, only time will tell if Woo’s prediction turns out to be the case. But this provides more insight into the fact that bitcoin maximalists still believe the pioneer cryptocurrency to be wildly undervalued even at its current price.

Featured image from CNBC, chart from TradingView.com

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Popular Analyst Says Bitcoin Could Ignite Final Bull Market Phase, Looks To Accumulate Ethereum

by Dailyhodl

A closely followed crypto trader and analyst says that Bitcoin could be on the verge of igniting the final stage of its bull market.

The trader, known as Jack Sparrow, tells his 209,100 Twitter follows that Bitcoin (BTC) is gearing up to launch the fifth and final wave of the bull market, assuming the asset follows a pattern similar to its 2013 and 2017 boom cycles.

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“Based on the previous two bitcoin cycles, the current cycle is short of a top and each final fifth wave originated at the previous two green arrows. Exactly where we are positioned right now.” 

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Source: Jack Sparrow/Twitter

The trader’s analysis is based on the Elliott Wave Theory, an approach that technical analysts use to make predictions about future price action based on crowd psychology that tends to manifest in waves. According to the theory, a fifth wave represents the last stages of a bull market, in which an asset blasts off before reversing its trend.

Jack Sparrow says he’s positioning himself in the long term for the possibility of BTC’s meteoric rise to $380,000.

As for the leading smart contract platform Ethereum (ETH), the crypto strategist says he’s looking to accumulate ETH as it reclaims key levels against Bitcoin.

“Will be on the lookout for ETH to throw more chips in at each claim of a red zone.”

Image
Source: Jack Sparrow/Twitter

Looking at the ETH/USD chart, Jack Sparrow says that the pair is on a strong uptrend in the lower timeframes and could rally as high as $3,050.

“I want to sleep but then I see this chart and realize there is a trade to be made any time now.”

Image
Source: Jack Sparrow/Twitter

At time of writing, Ethereum is trading at $2,541, above Jack Sparrow’s last line of resistance at $2,420.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Wells Fargo Now Offers Bitcoin & Crypto Exposure To Wealthy Clients

by Bitcoin Magazine

Business Insider reports that wealthy Wells Fargo clients can now get Bitcoin & crypto exposure through the bank.

High-net-worth Wells Fargo clients can now get Bitcoin & crypto exposure, a company spokesperson informed Business Insider, making Wells Fargo the latest in a long line of traditionally conservative financial institutions to venture into Bitcoin.

In May, it was reported that the investment-research division of Wells Fargo Wealth and Investment Management was going to implement an actively managed Bitcoin and crypto strategy to its qualified investors.

The firm’s wealth and investment management arm oversees about $2 trillion in assets, making them among the largest wealth managers in the United States.

According to the research division’s president Darrell Cronk, the firm has been searching for “a professionally managed solution” for months, Business Insider reports. At the same time, Wells Fargo has been publicly wary of Bitcoin and other cryptocurrencies due to their regulatory vagueness.

In May, in an interview with Business Insider, Darrell Cronk commented, “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset.”

Cronk went on to allude that the massive market cap of Bitcoin combined with other cryptocurrencies lent them legitimacy in his view.

However, Cronk told Business Insider he views crypto as an “alternative investment” instead of a “strategic allocation”, but one which “can be a nice diversifier to portfolio holdings.”

It is unclear at this time how exactly wealthy clients at Wells Fargo are going to get exposure to Bitcoin, whether it is through outright purchasing Bitcoin or through a second order of price exposure, such as Grayscale Bitcoin.

Wells Fargo’s Bitcoin venture comes just days after traditional banking giant JPMorgan’s CEO said clients “see bitcoin as an asset class and want to invest,” and before them, in March, Morgan Stanley announced that they too would offer clients solutions for owning Bitcoin.

Notably, Wells Fargo’s global-investment-strategy team’s report on the investment rationale for cryptocurrencies is a testament to their understanding of Bitcoin’s supply and scarcity dynamics.

Cronk commented, “Anytime you reduce the supply of anything, even if demand holds constant, it should increase the price. Over time, as people become more familiar with these and as they become more mainstream, I think it will naturally go up.”

Until the SEC approves a Bitcoin ETF, we can expect the actively managed crypto strategy at Wells Fargo to remain limited to qualified investors, namely, “an individual with an annual gross income of more than $200,000 or a net worth of more than $1 million,” according to Business Insider.

On the element of risk to Wells Fargo clients exposed to Bitcoin and other cryptocurrencies:

“There’s a whole element of consumer protections and regulations that have to still evolve with the changing landscape,” Cronk concluded, “we think there can be a viable investable option for those clients who show an interest.”

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Alchemix Plummets After Suspected Insider Trading Blunder

by Cryptobriefing


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Alchemix has fallen over 15% after Coinbase announced support for the similarly-named asset Alchemy Pay. 

Alchemix Drops on Failed Insider Trading

It seems someone got confused between Alchemix and Alchemy Pay.

Yield tokenization protocol Alchemix dropped over 15% on Monday following the fallout from a case of suspected insider trading. 

At 12 pm EST, Coinbase announced through a blog post that it would be listing the crypto payment gateway Alchemy Pay (ACH) on Coinbase Pro. Minutes after the announcement went live, the similarly-named Alchemix (ALCX) crashed 13.3%, with much of the drop caused by one large trader exiting their position via SushiSwap. 


Alchemix Price chart
Source: CoinGecko

While the sudden fall in price for Alchemix could have been coincidental, the likely explanation is that someone with insider knowledge tried to buy in ahead of Coinbase’s announcement. However, the insider appears to have confused Alchemix for Alchemy Pay. When Coinbase announced the different but similarly-named asset, the trader quickly exited their position. Following the announcement that Alchemy Pay would be listed on Coinbase Pro, the ACH token soared over 90%.

Onlookers on Twitter were quick to point out that the attempt at insider trading likely came from Coinbase. Assuming Coinbase and Alchemy Pay were the only organizations to know of the listing ahead of time, it would be very unlikely for someone from Alchemy Pay to buy the wrong token.  


Over the past several weeks, Coinbase has frequently announced listings for various crypto assets on Coinbase Pro. The move to ramp up listings follows a tweet from Coinbase CEO Brian Armstrong in June, where he stated the company’s goal is to list every crypto asset where it is legal to do so. Many of the assets listed by Coinbase see significant increases in value, with yield aggregator Harvest Finance soaring 127% after Coinbase announced its listing last week.

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Disclaimer: At the time of writing this feature, the author owned BTC and ETH.

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Miami Set to Launch Its Own Cryptocurrency, Reward Users in Bitcoin

by Decrypt

In brief

  • Miami’s own cryptocurrency, MiamiCoin, will launch tomorrow.

  • The cryptocurrency will essentially allow people to invest in Miami by buying the coin.

  • Money raised will be used to fund projects and events in the city.

Miami will launch its very own cryptocurrency tomorrow, MiamiCoin, which will be used to fund infrastructure projects or events in the city. 

The idea is that people will support Miami by buying or mining MiamiCoin, and funds will be diverted to the city’s treasury. 

MiamiCoin will be the first CityCoin released. CityCoins is a project that allows people to invest in a city by buying tokens. It works with local governments so those who invest are rewarded in Bitcoin or Stacks, the native cryptocurrency of the eponymous protocol used to build things on the Bitcoin blockchain.  

“MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders,” the CityCoins website reads. 

“MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol.”

Anyone can mine MiamiCoin (or other CityCoins, when released.) If the project takes off and becomes popular by more people holding it, investors will be able to passively earn Bitcoin simply by owning the MiamiCoin. This is because MiamiCoin is built on Stacks, a crypto project which allows users to lock up their tokens and earn rewards to keep the system running.  

And as more coins are mined, a portion is deposited into a wallet for the local government to use on whatever it wants—for example, infrastructure. 

Miami’s crypto-friendly mayor, Francis Suarez, has said he wants to make Miami the go-to hub for tech and crypto startups and has even invited Chinese Bitcoin miners to the Florida city. He called Miami the “Bitcoin capital of the world” after the city in June hosted Bitcoin 2021, a two-day Bitcoin conference.

And Suarez last week told Fox Business that “the City of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin.” 

“It’s like a Bitcoin and it’s on the blockchain protocol, so whenever that coin is mined, a percentage of the coin by virtue of the programing goes to the City of Miami,” he said. 

But the MiamiCoin project is experimental and it is not known whether it will in fact generate revenue for the city. 

CityCoins said that MiamiCoin (or MIA) will be available on “certain trusted exchanges” from tomorrow. The exact exchanges will be announced soon, according to the CityCoins website.

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China’s attempt to kill Bitcoin failed — Here are 3 reasons why

by Cointelegraph

Bitcoin (BTC) might have suffered its largest coordinated attack over the last couple of months, but in this instance, the investor community did not capitulate. China outright banning mining in most regions after giving BTC miners a two-week notice and this caused the single largest mining difficulty adjustment after the network hash rate dropped 50%.

The market sentiment surrounding Bitcoin was already damaged after Elon Musk announced that Tesla would no longer accept Bitcoin payments due to the environmental impact of the mining process. It remains unknown whether China’s decision was influenced or related to Musk’s remarks, but undoubtedly those events held a negative effect.

A couple of weeks later, on June 16, China blocked cryptocurrency exchanges from web search results. Meanwhile, derivatives exchange Huobi started to restrict leverage trading and blocked new users from China.

Finally, on June 21, the People’s Bank of China (PBoC) instructed banks to shut down the bank accounts of over-the-counter desks and even their social networks accounts were banned. OTC desk essentially act as a fiat gateway in the region so without them it would be difficult to exchange from Bitcoin to stablecoins.

As these events unfolded, some analysts were reluctant to describe the tactics as nothing other than meaningless FUD, but in hindsight, it appears that China launched a very well-planned and executed attack on the Bitcoin network and mining industry.

The short-term impact could be considered a moderate success due to the collapse in Bitcoin price and the rising concerns that a 51% hashrate attack could occur.

Despite the maneuvers, China’s attack ultimately failed and here are the main reasons why. 

The hashrate recovered to 100 million TH/s

After peaking at 186 million TH/s on May 12, the Bitcoin network hash rate, an estimate of the total mining power, started to plunge. The first couple of weeks were due to restrictions to coal-powered areas, estimated at 25% of the mining capacity.

However, as the ban extended to other regions, the indicator bottomed at 85 million TH/s, its lowest level in two years.

Bitcoin estimated hashrate. Source: Blockchain.com

As the data above indicates, the Bitcoin network’s processing power recovered to 100 million TH/s in less than three weeks. Some miners had successfully moved their equipment to Kazakhstan, while others shifted to Canada and the U.S.

Peer-to-peer (p2p) markets carried on

Even though the companies involved in crypto transactions have been banned from the country, individuals continued to act as intermediaries—some of these recorded over 10,000 successful peer-to-peer transactions according to data from the exchange’s own ranking system.

Huobi Global peer-to-peer market advertisement. Source: Huobi

Both Huobi and Binance offer a similar marketplace where users can trade multiple cryptocurrencies including USD Tether (USDT). After converting their fiat to stablecoin, transacting on a regular or derivatives exchange becomes possible.

Asia-based exchanges still dominate spot volume

A complete crackdown on trading from Chinese entities would likely be reflected in the exchanges previously based on the region, like Binance, OKEx, and Huobi. However, looking at the recent volume data, there hadn’t been a meaningful impact.

Weekly spot volume, USD. Source: Cryptorank.io

Take notice of how the three ‘Asia-based’ exchanges remain dominant, while Coinbase, Kraken, and Bitfinex are nowhere near their trading activities.

China’s ban on Bitcoin mining and transactions may have led to some temporary hiccups and a negative impact on BTC price, but the network and price have recovered in a way that is better than many expected.

Currently, there is no way to measure the OTC transactions where larger blocks are traded but it is just a matter of time until these intermediaries find new gateways and payment routes.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.