#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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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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