Crypto Market Hardly Needs a Bitcoin ETF at This Time, Says BKCM CEO

Crypto Market Hardly Needs a Bitcoin ETF at This Time, Says BKCM CEO

Founder and CEO of crypto investment firm BKCM Brian Kelly has said that Bitcoin (BTC) exchange-traded funds (ETF) are hardly needed for the ecosystem’s development, given that the coin is already available on regulated platforms such as Fidelity and TD Ameritrade. Kelly made his remarks during an interview with CNBC published on Oct. 11, explaining:  “You have companies like Fidelity and TD Ameritrade starting to push into this space. So ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.” He also pointed out that the United States Commodity Futures Trading Commission’s (CFTC) decision to define Ethereum as a commodity made a significant impact on the space, adding: “The CFTC saying that Ethereum is a commodity is huge for the space. It gives us regulatory clarity. […] That opens the door for institutions to come in. […] Everybody is concerned, what if they ban it? […] The CFTC said ‘we’re not banning it yet, we’re gonna regulate it,’ and now investors can say ‘Put them in my commodity bucket.’” General hope for the market In May, Kelly has also said that the upcoming supply cut — brought by the next halving of the block reward — could help Bitcoin prices rise further in the coming months. As Cointelegraph reported on Oct. 9, the United States Securities and Exchange Commission rejected Bitwise Asset Management’s proposal to list a Bitcoin ETF.

Crypto and Blockchain News From Brazil: Oct. 6–12 in Review

Crypto and Blockchain News From Brazil: Oct. 6–12 in Review

The story of Brazil’s crypto scams took a new twist over the past week as CEO of an alleged pyramid scheme reportedly fled the country after rejecting court deadlines. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph Brasil. Banco Original sponsors a crypto-related event Brazil’s Banco Original was the principal sponsor of the Expo Boa Chance, a major fintech conference bringing together financial institutions, multilevel marketing and cryptocurrency-related firms, Cointelegraph Brasil reported on Oct. 6. Held at Expo Dom Pedro in Campinas, the event reportedly hosted more than 20,000 entrepreneurs. According to Cointelegraph Brasil, a number of crypto-related companies at the event such as B2Ccoin and DD Corporation are not authorized by Brazil’s Securities and Exchange Commission (CVM) to operate in the country. Moreover, some of the companies are alleged to be involved in financial pyramid schemes, the report notes. Unick Forex reimburses a customer as ordered by court On Oct. 9, purported investment scheme Unick Forex executed a court order to reimburse one of its clients. Beforehand, the company issued a public statement claiming that they would only reimburse those customers who had obtained their payment vouchers. As previously reported, the Sao Paulo Court of Justice ordered a block on Unick Forex-managed assets last week, following a lawsuit about delay withdrawals from the platform. The court eventually ordered Unick Forex to pay $28,500 to a client who filed a complaint against the company. Previously, Unick Forex’s president argued that the company is not an investment platform, but rather an education-focused platform. Atlas Quantum’s CEO flees Brazil The CEO of Brazillian investment startup and alleged pyramid scheme Atlas Quantum has reportedly left Brazil for Netherlands, as reported on Oct. 10. According to Cointelegraph Brasil, the firm’s CEO Rodrigo Marques fled the country with his family shortly after a public hearing before the House of Representatives, dismissing the security staff that used to accompany him everywhere. Meanwhile, Atlas Quantum’s customer service denied the news to Cointelegraph, claiming that Marques was in Sao Paulo trying to work out overdue withdrawals issues on the platform. Following an information request, the Federal Police of Brazil reportedly said that Marques is free to cross borders as there is no conviction or…

Crypto News From the German-Speaking World: Oct. 6–12 in Review

Crypto News From the German-Speaking World: Oct. 6–12 in Review

The German-speaking world has experienced another week full of exciting developments in the crypto industry, with Germany investigating the feasibility of a blockchain-based regional power trading platform, Iota Foundation joining forces with Zühlke to solve engineering problems and the German Central Bank saying that there is no need for a digital euro coin. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph auf Deutsch. Germany promotes research on a regional blockchain power exchange Cointelegraph auf Deutsch reported on Oct. 9, that the Free State of Bavaria in Germany plans to investigate the feasibility of a regional power trading platform based on blockchain technology.  The research project involves several partners like the Technical University of Munich, Energie Südbayern and the Syneco company. The Bavarian Ministry of Economic Affairs, Regional Development and Energy is funding the project. German Bundesbank sees no need for digital euro Cointelegraph reported last week that the German finance minister Scholz was advocating the idea of launching a digital Euro coin. However, on Oct. 12, the German Bundesbank said that it sees no current need for the introduction of a digital central bank currency in Europe. The German central bankers added: “Digital central bank money in this comprehensive variant for payment processing offers from today’s view only small recognizable advantages.” South African Net1 intends to acquire majority stake in Liechtensteiner Bank Frick South African Net1 intends to acquire the majority stake in Liechtenstein bank Frick. If the Liechtenstein Financial Market Authority gives the green light to the March 2020 acquisition, the shares of the payment service provider would increase to 70 percent. The Kuno Frick Family Foundation remains the owner of the remaining 30 percent of the Liechtensteiner Bank Frick. Net1 expects to expand its fintech and blockchain services in addition to the bank’s existing products and services. Iota Foundation and Zühlke join forces to solve engineering problems The IOTA Foundation, in cooperation with Switzerland-based service provider Zühlke, wants to solve some of the most important problems of mechanical and plant engineering, which often have a significant impact on the financial health of the respective companies. Jens von der Brelie, head of the Zühlke Solution Center Industrial & Consumer Solutions, commented on the new partnership:…

IRS to Require 150 Million Filers to Disclose Crypto Activities

IRS to Require 150 Million Filers to Disclose Crypto Activities

The U.S. Internal Revenue Service (IRS) has unveiled a new draft tax form used by some 150 million people in the country to file tax returns. It has a section that requires them to answer whether they have received, sold, sent, exchanged, or acquired any financial interest in any cryptocurrencies during the year. Also read: IRS Issues New Crypto Tax Guidance – Experts Weigh In New Tax Form The IRS published a draft of the new 1040 tax form containing a question about the tax filer’s crypto-related activities on Friday. The move follows the release of the agency’s long-awaited tax guidance which was published on Wednesday. The 1040 form is the main tax form used by all filers in the U.S. According to the IRS, over 154 million tax returns were submitted using this form in 2018, and over 152 million in 2017. The new 1040 form, when implemented, will be used to file taxes starting in 2019. The IRS emphasized that “This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information,” adding: We generally do not release draft forms until we believe we have incorporated all changes, but sometimes unexpected issues arise, or legislation is passed. The tax agency added that any comments regarding the draft, instructions or publications can be submitted, but “we may not be able to consider many suggestions until the subsequent revision of the product,” the IRS wrote. All US Taxpayers Will Be Asked According to the draft of the new 1040 tax form, Schedule 1 will now include a question about the tax filer’s crypto activities. Schedule 1, entitled Additional Income and Adjustments to Income, is filed alongside the 1040 form. It is used to report income or adjustments to income that cannot be entered directly on Form 1040. The first question on the new Schedule 1, according to the draft, will be a yes or no question which reads: At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? The 1040 instructions, also published Friday, has a section on “virtual currency.” The IRS explained that taxpayers must check the “yes” box if they have “engaged…

Bitcoin Cast Program Gives Guests a Unique SLP Token

Bitcoin Cast Program Gives Guests a Unique SLP Token

Bitcoin Cash has been around for quite some time, but lots of individuals are still learning about the innovative technology each and every day. One particular way people can be kept up to date with crypto-related news and learn about the benefits of Bitcoin Cash (BCH) is through podcasts and streaming media. The Bitcoin Cast show is a BCH-centric program hosted on Youtube that covers user and merchant adoption throughout the BCH ecosystem. Also read: Slovenia Has the Most BCH-Accepting Physical Locations Worldwide Focusing on User and Merchant Adoption There are numerous methods and resources available for people who want to be kept abreast of all the Bitcoin Cash happenings and gain some knowledge on certain aspects of the BCH technology. Streaming media and podcasts are great mediums for people to absorb this kind of information, with shows that break everything down in readily understandable fashion. However, some crypto shows are filled with nonsensical price predictions and broadcast hosts who could care less about user adoption. In contrast to those crypto shows, the Bitcoin Cast Youtube program hosted by BCH proponents Christian and Tao Jones is a different story. During the beginning of every episode of Bitcoin Cast, the show intro says: “Unlike other shows, we are not here to focus on price — Join us as we cover some more user and merchant adoption of Bitcoin.” Bitcoin Cash supporters Tao Jones (left) and Christian (right) from Bitcoin Cast.News.Bitcoin.com recently covered an interesting episode of Bitcoin Cast when show host Christian spoke with Oscar Salas, organizer of the Maracaibo city, Venezuela BCH meetup. Bitcoin Cast gives listeners a unique perspective on user and merchant adoption within the BCH ecosystem as the show hosts discuss various subjects surrounding BCH. The program’s 36 episodes also feature a wide array of well known BCH developers, executives, influencers, and enthusiasts. Show guests include Jose from Eatbch, Code Valley’s Noel Lovisa, Bitcoin.com Podcast host Matt Aaron, Free Talk Live’s Ian Freeman, and Cointext CTO Vin Armani. Bitcoin Cast can be found on Youtube and Dlive, and the show also leverages the latest BCH tipping service for livestreamers tipbitcoin.cash. The show hosts are big believers in the community and the broadcast’s fans and guests get thanked regularly on Twitter. Bitcoin Cast…

Crypto and Blockchain News From Brazil: Oct. 6-12 in Review

Crypto and Blockchain News From Brazil: Oct. 6-12 in Review

The story of Brazil’s crypto scams took a new twist over the past week as CEO of an alleged pyramid scheme reportedly fled the country after rejecting court deadlines. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph Brasil. Banco Original sponsors a crypto-related event Brazil’s Banco Original was the principal sponsor of the Expo Boa Chance, a major fintech conference bringing together financial institutions, multilevel marketing and cryptocurrency-related firms, Cointelegraph Brasil reported on Oct. 6. Held at Expo Dom Pedro in Campinas, the event reportedly hosted more than 20,000 entrepreneurs. According to Cointelegraph Brasil, a number of crypto-related companies at the event such as B2Ccoin and DD Corporation are not authorized by Brazil’s Securities and Exchange Commission (CVM) to operate in the country. Moreover, some of the companies are alleged to be involved in financial pyramid schemes, the report notes. Unick Forex reimburses a customer as ordered by court On Oct. 9, purported investment scheme Unick Forex executed a court order to reimburse one of its clients. Beforehand, the company issued a public statement claiming that they would only reimburse those customers who had obtained their payment vouchers. As previously reported, the Sao Paulo Court of Justice ordered a block on Unick Forex-managed assets last week, following a lawsuit about delay withdrawals from the platform. The court eventually ordered Unick Forex to pay $28,500 to a client who filed a complaint against the company. Previously, Unick Forex’s president argued that the company is not an investment platform, but rather an education-focused platform. Atlas Quantum’s CEO flees Brazil The CEO of Brazillian investment startup and alleged pyramid scheme Atlas Quantum has reportedly left Brazil for Netherlands, as reported on Oct. 10. According to Cointelegraph Brasil, the firm’s CEO Rodrigo Marques fled the country with his family shortly after a public hearing before the House of Representatives, dismissing the security staff that used to accompany him everywhere. Meanwhile, Atlas Quantum’s customer service denied the news to Cointelegraph, claiming that Marques was in Sao Paulo trying to work out overdue withdrawals issues on the platform. Following an information request, the Federal Police of Brazil reportedly said that Marques is free to cross borders as there is no conviction or…

Crypto News From the Spanish-Speaking World: Oct. 6–12 in Review

Crypto News From the Spanish-Speaking World: Oct. 6–12 in Review

The Spanish-speaking world has seen major cryptocurrency and blockchain developments with central bank representatives from all around the world meeting in Argentina, Spain developing various initiatives and projects based on blockchain and the Japan-based crypto exchange Bitpoint offering its services in Guatemala. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph en Español. Spain: The Royal Mint chooses PwC to develop blockchain projects Cointelegraph en Español reported on Oct. 10 that the Spanish National Mint and Doorbell factory, Real Casa de la Moneda had chosen PwC to develop various initiatives and projects based on blockchain and digital identity technologies. The agency hopes these initiatives will enable access to a set of services that allow customers to choose the information and who to share it with, with absolute certainty for all parties that the information is true. Antonio Requena at PwC said: “This 2019 is still a year of experimentation and intersectoral collaboration in the Spanish market, mainly in banking, insurance, energy and public administrations. However, despite the fact that our market is less mature than other international markets, during the next two to five years, the main Spanish organizations will already have important blockchain-based initiatives, fundamentally related to the transformation of business processes.” Central bank representatives from around the world meet in Argentina The Bank for International Settlements invited representatives of more than 20 central banks from all parts of the world to the headquarters of Argentina’s central bank to discuss topics that included regulations for FinTech, stablecoins, currency exchanges and the issuance of a digital currency backed by the central bank. Bitpoint lands in the Guatemalan market Bitpoint, a cryptocurrency exchange based in Japan, is now available to those living in Guatemala, according to an article by Cointelegraph en Español. The crypto exchange already operates in countries such as Taiwan, Thailand, Hong Kong and South Korea, but recently started offering its services in Latin America. In September 2019, Bitpoint executives reportedly visited Guatemala to meet with the most important banks in the country, with the objective that the banks start using cryptocurrencies and crypto assets. Master students in applied blockchain receive two certifications On Oct. 7, Cointelegraph en Español reported that Spanish students of the Master…

6 Monitoring Websites That Help Track Bitcoin Cash Data

6 Monitoring Websites That Help Track Bitcoin Cash Data

When it comes to cryptocurrency networks and markets, there’s a lot to keep track of. Thankfully there’s also now a bunch of dedicated bitcoin cash (BCH) data websites that provide easy to comprehend visual representations of network statistics and market indicators. Also read: Slovenia Has the Most BCH-Accepting Physical Locations Worldwide Monitoring BCH Network Statistics and Market Indicators In the early days, it was much harder to find reliable data platforms in order to observe market action and network metrics. Today, however, there are numerous digital currency data sites including great number of web portals that comb the BCH network and monitor price action. The following is a list of Bitcoin Cash-centric data websites that give people identifiers, information, and statistics on nearly everything within the BCH ecosystem. Coin Dance Cash.coin.dance is a BCH network data website with a large number of different metrics collected. The site has been around for quite some time and provides free information on network statistics tied to the Bitcoin Cash blockchain. Coin Dance has information on node count, blocks, development, and politics and opinion data as well. For instance, the blocks section gives up-to-the-minute mining and BCH block statistics like hashrate distribution, block sizes, profitability against BTC mining, network fees, hashrate, and records of block details. In the nodes section, Coin Dance breaks down all the BCH clients into statistical data and charts. The Bitcoin Cash platform and protocol development page shows all the completed code, proposals under discussion, and projects in the works. Coin Dance covers quite a bit of BCH network information and has been a go-to data site for many BCH proponents. Bitcoin.com Charts Charts.Bitcoin.com is a web portal filled with a ton of calculations and tallies that provide an insight into the BCH ecosystem as a whole. Bitcoin.com’s charts show visitors the BCH price, market cap, money supply, daily transactions, hashrate, inflation rate, block size, and network fees. Charts.Bitcoin.com also covers other statistical information like Metcalfe’s Law, the Velocity of Money, transaction size, output volume, UTXO set size, and UTXO growth. The charts are downloadable, embeddable, and press-ready so people can use Bitcoin.com’s charts for network or market data in articles or academic papers. Blockonomics Another website called blockonomics.co shows people transaction and invoice information.…

IRS to Require 150 Million Tax Filers to Disclose Crypto Dealings

IRS to Require 150 Million Tax Filers to Disclose Crypto Dealings

The U.S. Internal Revenue Service (IRS) has unveiled a new draft tax form used by some 150 million people in the country to file tax returns. It has a section that requires them to answer whether they have received, sold, sent, exchanged, or acquired any financial interest in any cryptocurrencies during the year. Also read: IRS Issues New Crypto Tax Guidance – Experts Weigh In New Tax Form The IRS published a draft of the new 1040 tax form containing a question about the tax filer’s crypto-related activities on Friday. The move follows the release of the agency’s long-awaited tax guidance which was published on Wednesday. The 1040 form is the main tax form used by all filers in the U.S. According to the IRS, over 154 million tax returns were submitted using this form in 2018, and over 152 million in 2017. The new 1040 form, when implemented, will be used to file taxes starting in 2019. The IRS emphasized that “This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information,” adding: We generally do not release draft forms until we believe we have incorporated all changes, but sometimes unexpected issues arise, or legislation is passed. The tax agency added that any comments regarding the draft, instructions or publications can be submitted, but “we may not be able to consider many suggestions until the subsequent revision of the product,” the IRS wrote. All US Taxpayers Will Be Asked According to the draft of the new 1040 tax form, Schedule 1 will now include a question about the tax filer’s crypto activities. Schedule 1, entitled Additional Income and Adjustments to Income, is filed alongside the 1040 form. It is used to report income or adjustments to income that cannot be entered directly on Form 1040. The first question on the new Schedule 1, according to the draft, will be a yes or no question which reads: At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? The 1040 instructions, also published Friday, has a section on “virtual currency.” The IRS explained that taxpayers must check the “yes” box if they have “engaged…

Crypto Markets Trade Sideways After SEC Rejects TON

Crypto Markets Trade Sideways After SEC Rejects TON

Saturday, Oct. 12 — following a minor price rally earlier this week, crypto markets are trading sideways as the top-20 coins by market cap report mixed signals. At press time, 8 out of the top 20 cryptocurrencies are seeing gains, with Binance Coin (BNB) surging nearly 2.8%. Chainlink (LINK) is seeing the biggest losses among the top 20, down more than 6.1%. Market visualization. Source: Coin360 Bitcoin hovers around $8,300 level After hitting $8,800 on Oct. 11, Bitcoin (BTC) has been hovering around $8,300 threshold for the most part of the day. At press time, the biggest cryptocurrency by market cap is trading at $8,329, down around 0.3% over the past 24 hours at press time. Over a seven-day period, Bitcoin is up by around 2.8%. Bitcoin’s market share rate has been stable over the day, accounting for 66.9%. While some Bitcoin bulls are predicting that the upcoming Bitcoin’s block reward halving in May 2020 will lead the major cryptocurrency to break the all-time highs, the CEO at Chinese mining giant Bitmain recently claimed that the halving may not lead to a bull market. On Oct. 8, American asset manager VanEck published research providing a number of reasons why Bitcoin improves an investment portfolio upside, emphasizing the coin’s monetary value, scarcity and independence from traditional markets. Bitcoin 24-hour price chart. Source: Coin360 Ether (ETH), the second cryptocurrency by market cap, is down 0.6% over the day to trade at $182 at press time. The top altcoin is seeing significant growth this week, up more than 4% over the past seven days at press time. Earlier this week, Ethereum co-founder Vitalik Buterin declared that after the Ethereum blockchain adopts its proof-of-stake consensus algorithm, it will be more secure and expensive to attack than Bitcoin. Ether seven-day price chart. Source: Coin360 Ripple (XRP), the third top cryptocurrency by market cap, is up around 0.2% and trading at $0.272. Over a seven-day period, the coin is up by more than 7%. Ripple seven-day price chart. Source: Coin360 Total market capitalization amounts to $224 billion at press time, seeing no change over the past 24 hours at press time. Over the past 7 days, total market cap grew by $8 billion, according to CoinMarketCap. U.S. regulators reject Grams and…