Author: Crypto Breaking News

“Bitcoin NFTs” have taken off over the last two months thanks to the launch of Ordinals, a protocol that lets people digitally imprint media and text on the original blockchain—with more than 500,000 such “inscriptions” made to date. Now, one of the leading NFT marketplaces on other chains has made a move to support Bitcoin, as well.Magic Eden, the largest Solana NFT marketplace, announced today that it has added support for Bitcoin Ordinals. It’s the latest multi-chain move for the startup—which was valued at $1.6 billion as of June 2022—after expanding to Ethereum and Polygon last year.Ordinals are a relatively…

The financial regulatory body of Belgium has been tasked by the government to regulate advertisements for cryptocurrencies. New rules, set to enter into force in May, oblige advertisers to clearly warn investors of the risks associated with the digital assets. Belgium Poised to Protect Consumers From Misleading Crypto Advertisements Belgium’s Financial Services and Markets Authority (FSMA) has been granted powers to strictly regulate crypto-themed advertising. The new rules, which will be applied in less than two months, are meant to ensure that the risks linked to virtual currencies are “sufficiently prominent” in such advertisements, the regulator said in an announcement…

The new BITC ETF will use an “optimum roll” strategy to focus on long-term returns for investors.Bitwise Asset Management, Creators of the Bitwise Crypto Industry Innovators ETF and Bitwise Web3 ETF, have introduced a new “Bitwise Bitcoin Strategy Optimum Roll ETF” under the ticker BITC.According to the press release, the fund “was built to offer investors regulated, professionally managed exposure to bitcoin with a unique design that minimizes pricing inefficiencies that can emerge in bitcoin-linked ETFs focused on front-month or near-month futures contracts.” The ETF aims to address this by utilizing what it describes as an “optimum roll strategy that…

Individuals in the United States who planned on padding their retirement accounts with JPEGs may want to reconsider, following an announcement today from the Internal Revenue Service (IRS) that it may preclude NFTs from IRAs.The IRS and U.S. Treasury Department announced that they plan to issue guidance that could cause NFTs to be treated similarly to physical collectibles like art, coins, antiques, and alcohol, which retirement savers cannot add to their accounts.Additionally, classifying NFTs as collectibles could impact how they’re taxed when swapped or sold on secondary markets. Depending on a person’s income, short-term capital gains tax—which NFTs are subject…

Bitcoin (BTC) headed to new nine-month highs after the March 21 Wall Street open as a crucial Federal Reserve interest rate decision loomed.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin price climbs despite conservative Fed viewData from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $28,500 on Bitstamp.The latest in a succession of multi-month highs, the latest BTC price action precedes what promises to be a volatile day for markets.The Fed will announce how far — if at all — it will hike its baseline interest rate on March 22, with a pause in the hiking cycle seen as a boon-in-waiting…

The self-regulatory trade association CryptoUK has proposed providing a ‘white list’ of registered firms in the United Kingdom to address banks limiting or banning transactions to crypto companies.In separate letters to U.K. Economic Secretary Andrew Griffith and members of the Financial Conduct Authority and Payment Systems Regulator dated March 21, CryptoUK said many banks had begun imposing blanket bans on dealing with crypto firms “instead of taking a risk-based and case-by-case approach.” The association proposed the creation of a ‘white list’ of registered crypto companies allowing them to conduct transactions with banks freely without limitations or the threat of bans.“Many…

Developers from the Arbitrum Foundation announced the launch of Arbitrum DAO and its native governance token, ARB, on March 16. Eligible users and developers will receive 12.75% of the token’s total supply of 10 billion on March 23, when the token will be deployed. Speculation around ARB began soon after the token launch announcement on OTC desks, derivatives exchanges and spot exchanges via IOUs (I Owe You).ARB tokens gain steam in pre-launch trading BitMEX launched the derivatives contract for ARB June futures on Monday around 11 p.m. EST. The futures contracts were trading at around $1.30 at the time of writing,…

A new bill introduced in the Texas House could set the state up to be the nucleus of Bitcoin development in the United States.A bill that would fully protect and “welcome the Bitcoin economy.” has been introduced to the Texas State House of Representatives.Sponsored by Rep. Cody Harris (R), and co-authored by the Bitcoin Policy Institutes’ Natalie Smolenski and Jason Brett, House Concurrent Resolution 89 describes how the Chinese government’s banning of bitcoin mining and trading in 2021 is an “authoritarian form of rule” that is “in complete opposition to the values of the United States.” This ban led to…

Serving as a committee member of Alchemy Pay’s management and advisory board, and as Global Strategic Adviser to support Alchemy Pay’s expansion and growth in global markets, contributing actively to strategy, compliance and government relations. Alchemy Pay, Singapore based pioneer of the world’s first payment gateway solution to bridge the gap between fiat and crypto economies, has announced the appointment of legendary campaign manager and former White House Senior Advisor, David Plouffe, as Global Strategic Advisor. Plouffe is credited with the strategy and grass-roots public engagement savvy that won Obama’s 2008 presidential campaign, subsequently becoming Senior Advisor to the President…

The Internal Revenue Service said they plan to release guidance on having nonfungible tokens, or NFTs, treated as collectibles under the United States tax code.In a March 21 notice, the IRS called for feedback from the U.S. public on how NFTs could be taxed as collectibles. According to the government body, collectibles under U.S. tax law “do not have as advantageous capital-gains tax treatment as other capital assets,” seemingly referring to how crypto assets are currently taxed in the country.“Until additional guidance is issued, the IRS intends to determine when an NFT is treated as a collectible by using a…