The United States Internal Revenue Service continues to propose new tax reforms to regulate the crypto investments in the U.S., with the latest notice sharing tax obligations for the marijuana industry. The notice, signed by IRS Small Business/Self-Employed Division Commissioner De Lon Harris, reflects the priorities of the United States federal agency to ensure cryptocurrency tax compliance among local businesses that grow, distribute and sell cannabis. Commissioner Harris said that the use of cryptocurrencies in the cannabis industry is one of the top enforcement priorities of the IRS. The statement coincides with the recent proposal by the Senate lawmakers from …

Bitcoin (BTC) and Ether (ETH) recovered a large part of the losses that happened due to the knee-jerk reaction to China's regulatory crackdown on Sept. 24. This suggests that crypto markets have absorbed the news-based selling, with long-term investors likely using the dip to accumulate. However, a rally may have to wait as market participants watch the outcome of the infrastructure bill this week, which could see the debate start on Sept. 27 and the final vote on Sept. 30. The broad definition of a “broker” may cause some volatility in crypto markets but HODLers are unlikely to be shaken. …

Bitcoin bulls continued to battle with bears near the $43,000 support level on Sept. 27 as China’s crackdown on all things cryptocurrency put a halt to last week’s positive price movements and has stifled growth into the day. According to Eric Krown, a cryptocurrency trader and host of Krown’s Crypto Cave, what comes next for Bitcoin (BTC) really “depends on what timeframe you are talking about,” but he is currently focused on the more medium- to long-term outlook. In the latest episode of “The Market Report” with Cointelegraph, the cryptocurrency trader indicated that for right now, “We are probably going …

Bitcoin (BTC) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls. Analyst on Bitcoin: “Right now, we’re stuck” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27. The move constitutes a rejection at a “critical” zone to break, Cointelegraph contributor Michaël van de Poppe explained, with $42,000 now the key level to hold for a higher low. Bitcoin is acting in an increasingly narrow range, he summarized in his latest YouTube update. “Right now, we’re stuck,” he …

Amid the ongoing legal battle between Ripple and United States’ securities regulators, a former U.S. Treasurer and Ripple board member has voiced support for XRP. Former Treasurer Rosa Rios, who joined Ripple’s board of directors in May 2021, took to Twitter on Sunday to reiterate her confidence in XRP while criticizing other cryptocurrencies such as Bitcoin (BTC). Rios argued that jurisdictions like China are now cracking down on Bitcoin, as cryptocurrencies like BTC allegedly provide nothing more than a tool for speculation. Tagging Bitcoin, Ripple and its payment ecosystem, RippleNet, the former U.S. official wrote: “XRP’s primary purpose is facilitating …

A new stablecoin is arriving on the Cardano blockchain to provide a tool for decentralized finance (DeFi) operations and avoid transaction fees. Cardano’s payment gateway provider, Coti, will be the official issuer of Djed, a new DeFi-focused stablecoin for the Cardano network, Cardano founder Charles Hoskinson and Coti CEO Shahaf Bar-Geffen announced Sunday at the Cardano Summit. The new stablecoin will be based on an algorithmic design using smart contracts to ensure price stability and providing an instrument for DeFi transactions. The stablecoin is designed for paying transaction fees on the Cardano network in order to avoid “volatile and exorbitant …

The uncertainties sparked by China’s blanket ban on crypto trading have taken a downturn as homegrown crypto exchanges such as Huobi take proactive measures to protect and return existing investments residing on the mainland. Speaking to Cointelegraph in this regard, Du Jun, co-founder of Huobi Group, said that the crypto exchange wants to ensure the safety of the users’ assets as part of its social responsibility: “Customers will be able to transfer their assets to other exchanges or wallets over the next few months. Specific measures and operating rules will be outlined in future announcements.” Citing a possibility of a …

The competition among layer-one smart contract platforms has been on the rise in the past couple of months as traders and developers continue to embrace Ethereum network alternatives that offer faster transaction times and lower fees. According to a recent report from Delphi Digital, the price of Ether (ETH) has remained relatively flat over the past month, while competitors suc as Solana (SOL) and Fantom (FTM) have seen their prices rally more than 200% during the same time. One of the drivers of the rallies seen in Fantom (FTM), Avalanche (AVAX) and Terra (LUNA) is the fact that each has …

China has attempted to stifle the crypto sector’s growth on several occasions in the past 12 years but barring a minor blip, the blanket bans on crypto-commerce have not altered the long-term growth of cryptocurrencies. This shows that no one country, even if it is the second-largest economy in the world, can halt the emergence and growth of cryptocurrencies. Deutsche Bank analyst Marion Laboure said in an update on the bank’s website that Bitcoin (BTC) is likely to “remain ultra-volatile in the foreseeable future” as most people buy it either for investment or for speculation rather than using it as …

Solana (SOL) reached a $216 all-time high on Sept. 9 after rallying 508% since August. The bull run caused some analysts to project a $500 target tha would translate to a $150 billion market capitalization. It is worth noting that during SOL's rally, the Ethereum network's average transaction fee surpassed $40. Surging interest in the nonfungible token (NFT) market accelerated investors' transition to Solana, which was boosted by the launch of FTX's NFT marketplace on Sept. 6. The above chart shows SOL's two-month performance compared to Avalanche (AVAX) and Cosmos (ATOM). Both are fighting for the same decentralized application user-base …

The average portfolio size on Australian cryptocurrency exchange BTC Markets has grown from $577.65 (795.5 AUD) to $2,069.16 (2849.5 AUD) in the financial year 2021, signaling a 258.2% increase in portfolio holdings, according to exchange data compiled by Statista on a recent BTC Markets survey. Data on the survey shows that the average portfolio size of female and male investors in fiscal 20–21 on BTC Markets was $1,924.30 (2,650 AUD) and $2,214.03 (3,049 AUD), respectively. However, in 2020, the average portfolio size of female Aussie investors exceeded male investors slightly. Transaction data on the exchange also showed a pattern of …

Bitcoin (BTC) briefly fell below $42,000 on Saturday, Sept. 25, as the weekend looked set to deliver an unimpressive weekly close. Trader: Bitcoin “fine” above $38,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing $1,000 in just over an hour during Saturday before rebounding. The weekend had started with the pair at around $43,000 — a critical level some say should hold as the weekly close looms. Others argue that lower price action would also be suitable for Bitcoin in the aftermath of Friday’s volatility, with $36,000–$38,000 as the cut-off point for bulls. Among them is Cointelegraph contributor …