Tag Archives: Bitcoin

Starting in 2022, the Internal Revenue Service (IRS) is expected to shut down a longtime tax loophole that allows cryptocurrency investors to harvest their losses to offset their tax burden.  Digital coins, already under heavy selling pressure as the holidays approach, are getting hit by wealthy investors fearing a tighter tax regime next year. The shrinking loophole could be making matters worse. Following a “relief rally” after the Federal Reserve’s policy decision, cryptocurrencies have… Source link

The Federal Reserve’s surprisingly hawkish policy turn has had a surprise beneficiary: Cryptocurrencies. Digital coins extended gains on Thursday after the Fed stepped up its taper, and laid the foundation for a tightening cycle that could bring as many as three rate hikes in 2022. Normally, cryptocurrency benefits from loose monetary policy and its inflationary side-effects; but at least for now, investors are taking the longer view. Bitcoin (BTC-USD), barely a week removed from an ugly… Source link

Bitcoin (BTC-USD) is down more than 20% from its record high and is set for its fourth straight weekly decline. Crypto bulls, as always, are keeping the faith. That includes MicroStrategy CEO Michael Saylor, who added bitcoin to his company’s balance sheet last year. Since then, he’s been an outspoken advocate. Right now, he doesn’t see many — any? — long-term obstacles to prices going higher. “The only legitimate risk is a black swan – an unknown unknown,” he said in an… Source link

Stocks rose on Monday, with investors further weighing the potential impacts of the Omicron variant after last week’s volatile trading. Bitcoin prices edged marginally lower after a weekend sell-off. The S&P 500 and Dow each gained, while the Nasdaq was slightly lower. Small-cap stocks outperformed, and the Russell 2000 added about 1%.  Some encouraging developments about the latest coronavirus variant helped boost risk assets. Dr. Anthony Fauci, director of the National Institute of Allergy… Source link

Bitcoin was trading near two-month lows. Photo: Getty Images Cryptocurrencies were down on Monday morning after bitcoin’s price took a battering over the weekend. Bitcoin (BTC-USD) was down almost 3% at the time of writing, trading at $48,143 (£36,304). That’s almost 30% down from its all-time high of $69,000, which it hit last month. Over the weekend it had fallen to about $42,000. The crypto was trading near two-month lows as a level near $42,000 was last seen in the first few sessions… Source link

“Hodl” no more? The grim weekend cryptocurrency drubbing that dragged Bitcoin (BTC) under $50,000 and ravaged other digital coins has decisively tempered the bullishness of investors — some of whom were predicting a run at $100,000 just weeks ago. Fueled by uncertainty over the Federal Reserve inching toward tighter monetary policy in the face of surging inflation, and global fears over the new Omicron variant of COVID-19, the dramatic crash was super-charged by liquidations in the crypto… Source link

Why is the cryptocurrency market crashing? It’s always hard to pinpoint an exact cause, but in this case, there seem to be a number of factors at work. Just to give you an idea of the magnitude of the drop (though the price of bellwether Bitcoin (BTC-USD) had recovered a bit by early Saturday afternoon to above $48,000, from a low of around $45,000), understand that BTC was testing $57,000 just Friday. The move from then to this afternoon’s levels represents a 14.2% drop. Other digital… Source link

Crypto lender Celsius Network lost funds in a recent cyber hack, the latest decentralized finance (DeFi) attack that comes amid a broad retrenchment in cryptocurrencies. On Wednesday night, BadgerDAO, a decentralized autonomous organization (DAO) which builds DeFi products using Bitcoin as collateral, announced over its Discord it would halt the functioning of its products after reports of “unauthorized withdrawals of user funds.” During an “ask me anything” (AMA) session on Friday,… Source link

(Bloomberg) — Bitcoin plunged along with other cryptocurrencies on Saturday, in another indication of the risk aversion sweeping across financial markets. Most Read from Bloomberg The largest digital token fell as low as $42,296 before paring some of the tumble. It was trading at about $47,600 as of 1:50 p.m. in Singapore on Saturday, a drop of about 11%. Ether, the second-largest token, fell as much as 17.4% before trimming the retreat to about 10%. The overall crypto sector has shed around a… Source link

Ethereum (ETH-USD) is defying broad underperformance in cryptocurrencies, with its recent price gains reflecting a surge of interest in smart contract platforms that are being rapidly co-opted by the nonfungible token (NFT) boom.  Amid newfound investor interest, the digital coin’s performance has even eclipsed Bitcoin’s (BTC-USD), which has languished for over a month after setting a new record high near $68,000. Currently trading around $4,400, Ethereum is the second largest… Source link