#CryptoCorner: Market Loses $30 Billion, SEC Begins BTC ETF Proceedings, H&R Block Introduces Services for Crypto Tax Calculation and Fold Raises $2.5 Million in Funding Round

#CryptoCorner: Market Loses $30 Billion, SEC Begins BTC ETF Proceedings, H&R Block Introduces Services for Crypto Tax Calculation and Fold Raises $2.5 Million in Funding Round

Point Roberts, WA, Delta BC, September 25, 2019 -  Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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September 25 Crypto Corner

Stocks discussed: (NYSE:HRB)

The crypto market plummeted in a big way yesterday, losing roughly $30 billion USD from its total market cap in the space of an hour, according to data from CoinMarketCap. The majority of coins listed by market cap saw percentage losses in the double-digits. Bitcoin (BTC), for one, dropped about 12 percent, bringing it to a trading price of $8,450 at press time. Altcoins, for the most part, fared no better. Bitcoin Cash (BCH), for instance, suffered particularly bad, with a loss of 21.4 percent. An article from CoinDesk speculates that the losses are being driven by a “frenzied sell-off” and “may have been exacerbated by margin calls and contract liquidations” on crypto exchange BitMEX.

Though prices have stabilized somewhat since the drop, the incident has prompted Bitcoin basher Peter Schiff, CEO of Euro Pacific Capital, to tweet:

“#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established.  The risk is high for a rapid decent down to $4,000 or lower!”

The U.S. Securities and Exchanges Commission (SEC) has begun proceedings in consideration of a proposed rule change which would allow the NYSE Arca to list trade shares of Wilshire Phoenix’s Bitcoin and Treasury Investment Trust. This deliberation follows the SEC’s decision to delay proceedings on the Wilshire Phoenix Bitcoin ETF back in August. The SEC has yet to decide on any proposed Bitcoin ETFs.

Tax services provider H&R Block (NYSE:HRB) has introduced a service directed at cryptocurrency users to help calculate tax obligations. This follows the Internal Revenue Service (IRS) sending out some 10,000 letters to crypto investors requiring amendments to their return. Andy Phillips, director at The Tax Institute at H&R Block, said:

“Some of these notices are really just a courtesy, meant to help taxpayers understand their obligations and stay ahead of the curve. But that doesn’t relieve the taxpayer of the stress and anxiety that receiving an IRS letter can cause. It’s nerve-racking. Plus, some letters do require a response or some action from the taxpayer. Fortunately, not only do we know how to resolve a broad range of tax problems from the simple to the complex, but we also understand what it feels like and can help navigate people through to a solution.”

Fold, a Bitcoin shopping app, has just added the ability to make fiat transactions, according to a report from CoinDesk. The company raised $2.5 million in a funding round, according to product lead Matt Reeves. Reeves told CoinDesk:

“We’ll be rolling out subscription options for merchants and consumers soon that will provide premium services and highest rewards. When people spend fiat at retailers they will receive BTC rewards. They can spend those rewards or withdraw them to an on-chain address. In the future, we are releasing an update that allows people to withdraw rewards directly to lightning, which will lower fees and make it more usable.”

Sam Mowers, Investorideas

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