Although cryptocurrencies like Bitcoin are virtual currencies, they are treated as an asset for capital gains tax purposes, and “ordinary” investors who purchase Bitcoin as an investment will experience a capital gain or loss when they exchange it for traditional currency, products, or services.
NEW YORK (AP) — An Australian man who pleaded guilty to securities fraud for cheating investors in his cryptocurrency fund of over $50 million was sentenced to over seven years in prison Wednesday by a judge who questioned the sincerity of his apology.
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“The exchange business is currently profitable, but not necessarily innovation,” Brooks said, adding that Bitfury’s position as the only mining chip producer outside of China has taken the lead. ..
Some cryptocurrencies, like Bitcoin, have a finite number of coins that help to generate demand and reinforce their perceived worth. For example, the maximum supply of Bitcoin is capped at 21 million, as determined by the Bitcoin's creator(s).
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Despite the new record high, Bitcoin is still a highly volatile and speculative investment. In fact, the last time the crypto saw a record high in mid-April, it abruptly lost over half of its value and plunged to around $30,000 by mid-July.
While leverage will magnify your profits, it also brings the risk of amplified losses – including losses that can exceed your margin on an individual trade. Leveraged trading therefore makes it extremely important to learn how to manage your risk.
Additionally, because there is no physical product or centralized organizing body, it is hard to point to anything and say “see, that good thing happened, crypto values will increase now”. So how does cryptocurrency gain value?
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These protocols also mask the identities of cryptocurrency users, making transactions and fund flows difficult to attribute to specific individuals or groups.
WASHINGTON (AP) — The Biden administration is calling on Congress to pass legislation that would strengthen government regulation of stablecoins, a form of cryptocurrency that has soared in popularity in the past year.
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INSIDE HUNGARY’S U.S. INFLUENCE CAMPAIGN: “Former Vice President Mike Pence turned up in Hungary last month to speak to a conference on conservative social values hosted by the far-right government of Prime Minister Viktor Orban,” Ken Vogel and Benjamin Novak write for The New York Times. “Jeff Sessions, the former attorney general, was another recent visitor. Tucker Carlson did his Fox News show from Hungary for a week this summer. The American Conservative Union is planning a version of its CPAC gathering in Budapest early next year.”
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Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.
Research shows the US taking the top spot for global mining following a crackdown in China.