Weekly Crypto Review 08.25.23
Welcome back everyone, it’s Friday August twenty fifth, twenty three, and this is your weekly Crypto review. Here are some highlights to bring you up to speed…
The Biden administration unveils new crypto tax reporting rules, stating Cryptocurrency brokers, including exchanges and payment processors, would have to report new information on users' sales and exchanges of digital assets to the Internal Revenue Service (IRS) under a proposed U.S. Treasury Department rule published on Friday. The rule is part of a broader push by Congress and regulatory authorities to crack down on crypto users who may be failing to pay their taxes. For more on Crypto taxation and accounting, be sure to check out part one of our Web3 Unpacked accounting episodes.
Coinbase Global, the company behind the largest crypto exchange in the U.S., announced Monday that it acquired an equity stake in Circle Internet Financial, the issuer of USDC, the second-largest stablecoin by market capitalization.
Bitcoin's mining difficulty level reached an all-time high of 55.62 trillion hashes this week. According to Bitfinix analysts, the increase in mining difficulty suggests "miners believe the current BTC level is fairly valued, or maybe a little under priced of its true value."
The controversial crypto project co-created by Sam Altman saw its WLD token drop 9.1% over the past 24 hours and 43.6% over the past 30 days. Despite launching only recently, Worldcoin finds itself facing regulatory headwinds due to concerns over data privacy. The backlash has led to the exclusion of U.S. residents from purchasing or trading the token, exacerbating selling pressure.
XRP whale moves 29 million tokens to Bitstamp amid price slide.
and finally… Shopify, the cornerstone of global e-commerce facilitating transactions worth a staggering $444 billion worldwide, has opened its doors to Solana Pay. This collaboration enables millions of businesses operating on the Shopify platform to offer their customers Solana Pay as a secure payment option. This is a very good thing, GO Shopify and Solana!
Thank you for tuning in, for more insights into the world of Web3, and how to navigate the rapidly changing crypto and blockchain landscape, visit MVMT dot Media and look for Web3 Unpacked podcasts on Apple, Spotify or wherever you get your podcasts.
The information provided in this broadcast represents the sole opinions of MVMT and should not be construed as financial advice. Any actions taken based on this information are at the sole discretion and risk of the individual, and MVMT disclaims any responsibility for the consequences thereof. It is strongly advised that individuals seek qualified professional financial advice before making any financial decisions.
#cryptonews #weeklycryptoreview #solana #coinbase #xrp #worldcoin #cryptotax #shopify
The Biden administration unveils new crypto tax reporting rules, stating Cryptocurrency brokers, including exchanges and payment processors, would have to report new information on users' sales and exchanges of digital assets to the Internal Revenue Service (IRS) under a proposed U.S. Treasury Department rule published on Friday. The rule is part of a broader push by Congress and regulatory authorities to crack down on crypto users who may be failing to pay their taxes. For more on Crypto taxation and accounting, be sure to check out part one of our Web3 Unpacked accounting episodes.
Coinbase Global, the company behind the largest crypto exchange in the U.S., announced Monday that it acquired an equity stake in Circle Internet Financial, the issuer of USDC, the second-largest stablecoin by market capitalization.
Bitcoin's mining difficulty level reached an all-time high of 55.62 trillion hashes this week. According to Bitfinix analysts, the increase in mining difficulty suggests "miners believe the current BTC level is fairly valued, or maybe a little under priced of its true value."
The controversial crypto project co-created by Sam Altman saw its WLD token drop 9.1% over the past 24 hours and 43.6% over the past 30 days. Despite launching only recently, Worldcoin finds itself facing regulatory headwinds due to concerns over data privacy. The backlash has led to the exclusion of U.S. residents from purchasing or trading the token, exacerbating selling pressure.
XRP whale moves 29 million tokens to Bitstamp amid price slide.
and finally… Shopify, the cornerstone of global e-commerce facilitating transactions worth a staggering $444 billion worldwide, has opened its doors to Solana Pay. This collaboration enables millions of businesses operating on the Shopify platform to offer their customers Solana Pay as a secure payment option. This is a very good thing, GO Shopify and Solana!
Thank you for tuning in, for more insights into the world of Web3, and how to navigate the rapidly changing crypto and blockchain landscape, visit MVMT dot Media and look for Web3 Unpacked podcasts on Apple, Spotify or wherever you get your podcasts.
The information provided in this broadcast represents the sole opinions of MVMT and should not be construed as financial advice. Any actions taken based on this information are at the sole discretion and risk of the individual, and MVMT disclaims any responsibility for the consequences thereof. It is strongly advised that individuals seek qualified professional financial advice before making any financial decisions.
#cryptonews #weeklycryptoreview #solana #coinbase #xrp #worldcoin #cryptotax #shopify
