Brazil’s Federal Revenue now requires citizens to pay taxes on like-kind crypto trades

Brazil’s Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange of cryptocurrencies; for example, Bitcoin (BTC) for Ethereum (ETH). The RFB’s declaration was published in the Diário Oficial da União and was the result of a consultation made by a citizen of the country to the regulator. At the end of last year, the group issued an opinion in which it claimed that trading between cryptocurrency pairs is taxable even if there is no conversion to the…

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Bitcoin trades in $29K ‘no man’s land’ as Tesla ESG fallout routs stocks

Bitcoin (BTC) stayed $1,000 lower on May 19 after a grim trading session on Wall Street the day before put pay to further upside. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Musk blasts ESG “scam” after S&P 500 exit Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $29,000 at the time of writing, having bounced at $28,600 on Bitstamp. The pair had declined in step with United States equities, with the S&P 500 particularly in focus as it set its largest intraday decline since June 2020. Drama over Tesla,…

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Crypto.com unblocks users, reverses glitched LUNA trades that made 30-40x

Crypto.com was one of the few crypto exchanges to keep LUNA trades open as Terra’s death spiral saw an unrecoverable price crash of LUNA and stablecoin UST. However, a technical glitch on Crypto.com’s mobile application allowed users to get away with a 30-40x profit on LUNA trades momentarily. On Friday, Crypto.com abruptly barred users from trading after an internal tool detected the system quoting incorrect prices for LUNA due to some error. Just when Crypto Twitter started raising concerns about trade reversals on the exchange, Kris Marszalek, CEO of Crypto.com,…

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Crypto trades in Thailand now reportedly subject to 15% capital gains tax

The government of Thailand is progressing in regulating the local cryptocurrency ecosystem by reportedly enacting new tax rules for the industry. Profits from crypto trading in Thailand are now subject to a 15% capital gains tax, The Bangkok Post news agency reported Thursday. The Thai Revenue Department also plans to step up its monitoring duties following a booming digital asset market last year. The department has the authority to collect taxes from crypto trades as profits from such activity are considered assessable income under Section 40 of the Royal Decree amending Revenue…

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New research claims 21 accounts pumped the $4.4B EOS ICO with wash trades

New research has shed more light on the crypto industry’s largest-ever token sale, alleging that foul play may have been afoot during EOS’s initial coin offering (ICO) four years ago. Researchers from the University of Texas have raised fresh concerns regarding Block.one’s record $4.362 billion ICO for the EOS blockchain in 2017 and 2018. The highly-anticipated project was backed by industry heavyweights including PayPal co-founder Peter Thiel alongside billionaire hedge fund managers Alan Howard and Louis Bacon. The research does not accuse Block.one itself of any wrongdoing and the company…

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Data suggests Uniswap is 36% overvalued and SushiSwap trades at a discount

Just looking at Binance Coin’s (BNB) reported market capitalization, one might conclude that the token is the dominant asset when compared to other exchange tokens. Although there is no direct relationship between Binance’s exchange volume (or revenue) and token economics, traders seem to use it as a proxy. The controversial burn mechanism has been losing impact since April 2019, when the exchange changed the BNB whitepaper.  Initially, the whitepaper proposed a plan where BNB tokens equivalent to 20% of the exchange’s profit would be bought under a “repurchasing plan”, but…

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NEM, Augur and District0x price push higher while Bitcoin trades below $32K

Bitcoin (BTC) is on the verge of closing another week that saw the price dip closer to $30,000 but the same bearish observation cannot be made for all altcoins. On Friday, several smaller-cap altcoins managed to shake off the bearish assault and post-double-digit gains before traditional markets closed for the weekend.  Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours were NEM (XEM),  Augur (REP) and district0x (DNT). Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro It’s…

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Great buy? Bitcoin trades at record 59% below stock-to-flow BTC price model target

Bitcoin (BTC) has never been as far below its target price as it is now, the stock-to-flow model shows this week. In a tweet on July 10, Lex Moskovski, chief investment officer at Moskovski Capital, showed stock-to-flow flagging a historic moment in Bitcoin’s twelve-year lifetime. “Great buying opportunity” With BTC/USD showing few signs of a genuine bullish recovery, the pair has been drifting ever further from the price that the stock-to-flow price model calculates it should have. Stock-to-flow is arguably the most popular of the Bitcoin forecasters, and has historically…

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Balancer earmarks $10M for near-zero fees on Ethereum-compatible trades

The adoption rate of a cryptocurrency is heavily dependent on its use cases in the real world. Balancer Protocol’s latest effort in this regard is the launch of support on the Layer-2 solution Polygon to reduce Ethereum gas costs.  With this partnership, Balancer joins the team of major DeFi projects lik Aave, Curve and SushiSwap, which have recently witnessed strong user adoption. With Polygon (formerly MATIC) offering near-zero fees for trades, Balancer’s position as “the ultimate flexible AMM is more easily realized” given the ability to perform unique experimentation for…

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4 ways investors use support and resistance levels to make better trades

Trading should just be a simple process of buying low and selling high but for many investors the process is more akin to rocket science. One of the most basic and easy-to-understand strategies that can help accomplish this is to identify an asset’s support and resistance levels. Once traders can spot the support and resistance levels, they can improve their entry and exit timing in the market. Support and resistances are also helpful during bullish, bearish and range-bound markets. Let’s take a moment to understand the basics. What are supports?…

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