The Urgent Need for Bitcoin Tax Reform to Encourage Everyday Use

An argument for why tax treatment of bitcoin is a massive disincentive for its use in commerce.

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IRS updates draft of crypto reporting form for US taxpayers

The latest draft form eliminated asking US taxpayers the time of day a crypto transaction occurred and identifying the broker type.

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Binance thrives during market downturn with record $2 billion inflows despite India tax probe

Binance CEO Richard Teng revealed that the exchange saw record inflows and one of its highest trading volumes this year as investors panicked in the jittery market on Aug.5 Teng wrote: “Amid the macroeconomic climate and yesterday’s market downturn, Binance recorded a net inflow of $1.2 billion in the past 24 hours, according to DefiLlama’s […]

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Binances return to India comes with $86M tax demand

While Indian AML agencies have given Binance the green light to resume operations, authorities are still seeking $86 million in tax liabilities from the firm.

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Nigerian lawmakers eye economic boost through crypto taxation

The Nigerian Federal Inland Revenue Service (FIRS) plans to introduce legislation to tax the growing crypto sector, according to local media outlet Business Day. FIRS Executive Chairman Zacch Adedeji announced this during a session with the National Assembly’s Finance Committees, highlighting that the new regulation would drive economic growth while encouraging innovation. Adedeji emphasized that […]

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Senate proposal for crypto tax exemption is long overdue

Four senators are fighting to exempt low-value crypto transactions from federal taxation. Congressional approval for their proposal is long overdue.

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Senator Cynthia Lummis releases report attacking Bidens mining tax

The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.

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South Korea moves to delay crypto tax until 2028 amid market concerns

South Korean lawmakers have proposed a bill to delay the implementation of crypto gain tax until 2028. The ruling political party proposed the bill on July 12, citing the current negative sentiments around the crypto industry as the reason for the extension. They stated: “With investment sentiment toward virtual assets deteriorating, some argue that hasty […]

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Turkey denies plans to tax crypto, stock gains

Turkey has dismissed levies on profits from stocks and cryptocurrencies but is exploring a transaction tax as part of efforts to regulate the tax on financial transactions.

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FTX reaches $200M settlement with IRS on tax bill

The agreement, which is subject to court approval, resolves a major hurdle for the FTX bankruptcy process.

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US Treasury and IRS finalize crypto broker tax reporting rules

The US Treasury and IRS released final regulations defining the new reporting requirements for digital asset brokers on June 28. Crypto brokers, including exchanges, will need to report gross proceeds for crypto sales starting from 2026. This will include crypto sales during 2025. Furthermore, brokers will need to report information about the tax basis of […]

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Ripple (XRP): XRPL EVM Sidechain to Boost Interoperability with Axelar Bridge Integration

Ripple (XRP) introduces XRPL EVM Sidechain with Axelar Bridge to enhance interoperability and streamline asset transfers. (Read More)

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Turkish crypto bill: 5 things to know before its introduced

Turkey was expected to introduce crypto legislation in early 2024, but the local parliament is yet to report on the process.

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Axelar Price Prediction for Today, May 30 AXL Technical Analysis

The Axelar price prediction shows that AXL is moving from the opening price of $1.107 as the buying interest may increase on approach to $1.110. [...]

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US lawmakers warn Treasury on taxing US firms unrealized crypto gains

Two US senators have requested that the Treasury Department intervene to prevent the corporate alternative minimum tax (CAMT) interpretation from penalizing US firms for unrealized gains driven by updated accounting standards. In a letter dated May 12, Senators Cynthia Lummis and Bernie Moreno asked Treasury Secretary Scott Bessent to issue regulatory guidance excluding unrealized gains […]

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How Bitcoin Holders Could Influence Global Adoption of Wealth Taxes

Bitcoin holders could face tax implications as governments worldwide increase their focus on cryptocurrency assets. The wealth amassed by hodlers could attract the attention of tax authorities looking to ensure proper reporting and compliance with tax laws. As the value of Bitcoin and other cryptocurrencies continues to skyrocket, individuals who have accumulated significant wealth in [...]

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Proposed US bill wouldnt allow taxing block rewards at acquisition

If incorporated into U.S. tax law, the bill would require block rewards from proof-of-work and proof-of-stake networks to be taxed when sold rather than when they were acquired.

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Bitcoin Sales Pressure Building Up What This Means

Following the downturn in the United States’ traditional markets, there has been increased commentary about the crypto bull cycle and its current phase. Nonetheless, the Bitcoin market has remained relatively steady compared to the blue-chip stocks in the US equities market over the past few days.  The price action of Bitcoin has been disappointing yet again this weekend, slipping below the $83,000 mark in the early hours of Saturday, April 5. A prominent crypto analyst has emerged with fresh insight on the future trajectory of the premier cryptocurrency.   BTC Price At Risk Of Sales Pressure? In a recent post on the X platform, crypto analyst Axel Adler Jr. reviewed how the Bitcoin price is faring amid the turbulent macroeconomic headwinds. The relevant on-chain indicator here is the Bitcoin Sales Pressure model, which combines the Net Unrealized Profit/Loss (NUPL) and Spent Output Profit Ratio (SOPR) metrics. Related Reading: Crypto Analyst Who Called Ethereum Price Dump Says ETH Is Now Undervalued, Time To Buy? Based on the NUPL and SOPR indicators, the Bitcoin Sales Pressure model tracks when long-term holders may begin selling off their assets, often marking cyclical tops or the start of downward pressure in the market. According to Adler Jr., genuine sales pressure for a digital asset may emerge after 800 days. The analyst noted: If, during a bullish rally, no serious negative event akin to a Black Swan occurs – triggering fear and forced selling – it could take over 1000 days for sales pressure to develop. As observed in the chart above, the indicator has reached the 800-day mark, which suggests an increased risk for genuine sales pressure. However, the Bitcoin price has been displaying strength despite the brewing global trade war weighing down on the US equities market. Adler Jr. attributed BTCs show of resilience to institutional buying, the lack of sales pressure in the spot market, and neutral sentiment in the futures market. The stock market atmosphere does not seem set for recovery, especially with the VIX (volatility index) rising above 30 while the S&P 500 falling by more than 4%. Crossing these thresholds has been historically associated with further downward pressure for the stock market. In response to the dwindling market sentiment, US President Donald Trump is believed to have called on the Federal Reserve to resume aggressive monetary stimulus. We all understand that this could stimulate market growth, Adler Jr. added. Bitcoin Price At A Glance As of this writing, the price of BTC stands at around $83,350, reflecting an almost 1% jump in the past 24 hours. Related Reading: Is Korea Propping Up The XRP Price? Pundit Explains Whats Happening Featured image from iStock, chart from TradingView

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Coinbase urges Supreme Court to block IRS crypto data grab to preserve constitutional privacy

Coinbase has filed an amicus brief with the US Supreme Court supporting a constitutional challenge to the Internal Revenue Services (IRS) broad collection of cryptocurrency user data, arguing it violates Fourth Amendment protections. The filing, submitted on April 30, outlines the companys opposition to an IRS John Doe summons that compelled the disclosure of detailed […]

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US Justice Dept charges Roger Ver with tax fraud

The early crypto investor, often called Bitcoin Jesus, faces extradition to the U.S. after being charged with evading nearly $50 million in taxes.

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