Recent proposed legislation could make it easier for the IRS to find cases of tax evasion when it comes to crypto, though investors should already keep records of any capital gains or losses on their crypto assets. But the new rules may also make it easier for investors to properly report crypto transactions.
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A news story claiming Walmart would accept cryptocurrency Litecoin was fabricated, the retail giant says.
Mistakes like this happen throughout finance when, for instance, traders mess up details of their intended trades, entering the wrong price or order size. An erroneously large trade, as one example, can overwhelm an exchange's order book, leading to a quick and massive decline. The entire U.S. stock market famously flash crashed back in May 2010, though equities have mostly avoided trouble since that era.
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Fiat currency. A fiat currency — such as dollars, euros, pounds, or yen—is a trusted medium of exchange, or legal tender, that is issued by a recognized government or authority. U.S. dollars, for example, are backed by the “full faith and credit” of the United States government.
Fig 4. Wavelet coherence scalograms between online factors and price (with GSADF test bubble overlay) for Ethereum and Monero.
And that, we regret to inform you, has led to some rather silly thinking (highly unusual in the crypto community, we know), specifically of the chart-crime variety:
The new team, called Twitter Crypto, is aimed at being the center of excellence for "all things blockchain and web3," Financial Times reported.
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Elon Musk changes his Twitter name to 'Lorde Edge' - and some users see it as a nod to dogecoin
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This lack of regulation means its transaction costs are less - making it an attractive tool or investment for people to move digital money around the world.
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However, exchange pricing can still be extremely volatile. For example, Bitcoin’s U.S. dollar exchange rate fell by more than 50% in the wake of Mt. Gox’s collapse, then increased roughly tenfold during 2017 as cryptocurrency demand exploded.
Ethereum Dropped After Setting Another New All-Time High. Here’s What Investors Should Do Next
Meanwhile, there has been plenty of speculation that bitcoin’s big rise may have been due to a pump-and-dump scheme. One theory that the U.S. Justice Department is reportedly looking into is that the digital coin Tether (which is supposedly pegged to the U.S. dollar to make for a less volatile cryptocurrency) was used to manipulate the bitcoin market and cause a large run-up in price. This theory stems from an academic paper, which cast Tether in a very damning light. And it also led many to believe that the initial bitcoin craze was manufactured and destined to bust.