US govt delays enforcement of crypto broker reporting requirements: Report

The provision in the U.S. infrastructure bill signed into law in November, which will require financial institutions and crypto brokers to report additional information, could reportedly be delayed. According to a Wednesday report from Bloomberg, the United States Department of the Treasury and Internal Revenue Service may not be willing to enforce crypto brokers collecting information on certain transactions starting in January 2023, citing people familiar with the matter. The potential delay could reportedly affect billions of dollars related to capital gains taxes — the Biden administration’s budget for the…

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NYDIG study calculates the value of regulation worldwide in terms of BTC price gains

The need for regulation is a common theme in discussions about cryptocurrency, and the claim is often taken to be self-evident. Now, financial services company New York Digital Investment Group (NYDIG) has done some number crunching to prove the point. In a new study, NYDIG quantifies the effect of regulation on the price of Bitcoin (BTC) worldwide. NYDIG studied Bitcoin prices at regular intervals following regulatory events affecting digital asset taxation, accounting and payments, as well as decisions on the legality of service providers and the digital assets themselves. The…

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UNI price can double based on a classic technical pattern

Uniswap (UNI) market valuation could grow by 100% in the second half of 2022 as it paints a classic bearish reversal pattern. UNI price bullish setup Dubbed “inverse head and shoulders (IH&S),” the technical setup takes shape when the price forms three troughs in a row below a common support level (neckline), with the middle one (head) deeper than the other two (shoulders). Additionally, it resolves after the price breaks above the support level. The UNI price trend since May 23 checks all the boxes for forming an IH&S pattern, except…

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Taiwan central bank governor considers interest-free CBDC design to prevent fiat deposit flight

As reported by local news outlet bnext.com on Wednesday, Chin-long Yang, governor of the Central Bank of the Republic of China (Taiwan), recommended a no-interest design for the country’s central bank digital currency, or CBDC, pilot. In explaining the decision, Yang said that a CBDC where interest is paid on digital asset deposits would likely become a replacement for fiat New Taiwan dollar (NT$) deposits in banks. “Once the banks’ available deposits decrease,” Yang explained, “it would lead to a corresponding increase in the cost of financing and thereby increase…

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Why Bitcoin Must Break $22,500

Bitcoin continues to struggle to hold the $20,000 level even after a recovery coming out of the weekend. This decrease in price has pushed the market further into the bear market. It still trades at very critical levels which will determine the movement for the next couple of weeks. These two main points are the support that formed at $20,000 and the 200-week moving average. Bitcoin Turning Bearish? The price of bitcoin at the time of this writing is ranging towards $20,000 with drawdown. Being so dangerously close to this…

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