Author: Crypto Breaking News

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…

Private Swedish pension fund Alecta has sold its shares in First Republic Bank, the American bank struggling to stay afloat after a serious drop in share value, a bank spokesperson announced March 21. Alecta was the bank’s fifth-largest shareholder.Alecta took a loss in the deal after losing funds in the collapses of Silicon Valley Bank (SVB) and Signature Bank. First Republic Bank’s shares fell 87% after SVB was forced to close earlier this month. Regarding the latest developments, Alecta CEO Magnus Billing told Bloomberg:“The uncertainty about First Republic’s future was too great, partly due to the fact that the lender was downgraded…

Bitcoin price is currently trading at $28,000 only a week after retesting below $20,000 – potentially leaving that price range behind forever. The powerful, more than 30% one-week rally has brought the top cryptocurrency to a bullish technical level that in the past only was reached after a bear market bottom was put in. Bitcoin Shows Sudden Strength Amid Banking Sector Crisis After gradually building a potential base following the FTX collapse, Bitcoin is suddenly showing serious strength compared to the rest of the financial world. It is even outperforming altcoins, in the face of a brand new narrative: BTC…

This week on The Market Report, our beloved host, Joe Hall, and insightful expert, Sam Bourgi, unfortunately, could not make it, but don’t worry because Marcel Pechman is here to discuss why he thinks Bitcoin’s (BTC) price is rising amid collapsing banks.We kick things off with this week’s first article:UBS Group agrees to $3.25B “emergency rescue” of Credit SuisseUBS Group agreed to buy its ailing competitor Credit Suisse for $3.25 billion on March 19 as part of an “emergency ordinance” to prevent financial market instability. To close the deal, Swiss authorities agreed to change the country’s regulations to bypass a shareholder vote and…

Following the last two difficulty increases on the Bitcoin network, another rise in difficulty is expected to take place on March 24, 2023. Statistics show that Bitcoin’s hashrate has remained high despite the last two adjustments, and block times have been faster than the ten-minute average. Bitcoin Difficulty Expected to Rise Following the Past Two Consecutive Increases At the time of writing, Bitcoin’s difficulty is at an all-time high of 43.55 trillion, and the network’s hashrate remains above the 300 exahash per second (EH/s) range at 319.86 EH/s. Bitcoin has risen 26.2% over the last two weeks against the U.S.…

Alternative internet developer tomi has raised $40 million from venture capital firms as part of a broader effort to lure content creators to its decentralized World Wide Web alternative. The funding round was led by venture firms DWF Labs, Ticker Capital and Piha Equities, as well as Japanese crypto investor Hirokado Kohji, tomi announced on March 21. The funding will be used by tomi to attract publishers and further develop its network, which is described as a “surveillance-free alternative” to the internet. [embedded content]The tomi project launched in 2022 as a decentralized cloud computing network. The project is led by an…

EVE Online, a massively multiplayer online role-playing game (MMORPG) in outer space, boasts one of the most hardcore, engaged audiences in gaming. And today, developer CCP Games announced that it has raised money to expand the EVE universe with a new Web3 game.CCP revealed today that it has raised $40 million in financing in a round led by Andreessen Horowitz to develop what it’s calling “a new AAA title utilizing blockchain technology, set within the EVE universe.” The $40 million round also included participation from BITKRAFT, Nexon, Kingsway Capital, HASHED, among other investors.The URL of the announcement website suggests a…

Xrp rose to a two-month high on March 21, despite crypto markets mostly consolidating in today’s session. The token surged by as much as 12% on Tuesday, whilst the global market cap is trading 0.51% higher as of writing. Cardano was also in the green today. XRP XRP, formerly ripple, was one of Tuesday’s biggest movers, as prices rose by as much as 12%. XRP/USD hit an intraday peak of $0.4283 earlier in today’s session, a day after trading at a low of $0.374. As a result of Tuesday’s move, xrp has now moved to its strongest point since January…

With public trust in large tech companies at an all-time low, Congress is once again considering comprehensive data privacy legislation. But the rise of blockchain technologies and the nascent decentralized web mean that these comprehensive proposals are already behind the times. Without major revisions, these legislative proposals risk strangling decentralizing technologies in the cradle. The 118th Congress has held many hearings on data privacy, and it is crucial that lawmakers consider how their proposals might impact technological innovation. In order to properly balance conflicts between individuals’ right to control their information and the necessity of innovation, lawmakers should abandon one-size-fits-all proposals…

Many people now see crypto, especially bitcoin, as an option to protect investors’ money during times of uncertainties in the traditional banking system. The recent banking crisis in the United States has made investors aware of the flaws in the current banking system. As such, the narrative about crypto is shifting from unreliability to a viable alternative. This belief came to play in a recent Twitter post by Stacey Herbert, where the Bitcoiner shared two pictures of two presidents (old and young) to represent USD and Bitcoin. While responding to the post, John Lennon’s son, Sean Lennon, stated, “only Bitcoin…