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Category Archives: Cryptocurrency
A new reality show is casting participants desperate to regain access to their locked cryptocurrency wallets – Markets Insider
Posted: July 7, 2021 at 2:26 pm
Paul Ratje/For The Washington Post via Getty Images
A recent casting call is seeking individuals who want to be on a reality show about people locked out of their cryptocurrency wallets and
A casting director on Linkedin posted that the producers of Alone and Queer Eye are creating a "new major cable network series" about people on the verge of losing their cryptocurrency. The show is looking for people of all ages who are locked out of their cryptocurrency wallets.
"We're on a nationwide search for people who are currently locked out of their crypto wallets and on the verge of losing their money. If you've tried everything to remember your password but are running out of password attempts...and you'd love the help of trained experts to give you guidance and help...we'd love to hear your story," the post reads.
The post asks anyone interested to email the casting director as soon as possible and detail their story. It also asks interested participants how many password attempts they have left and if they are willing to allow the shows "experts" to help them use their remaining password attempts.
There are no further details about the experts and how they will recover the passwords, but it does ask interested participants if they are ready to recovery their crypto wallet password "by an legal means necessary."
Recovering cryptocurrency out of a locked wallet is an incredibly difficult feat for those who have forgotten their password. German-born programmer Stefan Thomas made headlines earlier this year after a lost password rendered his bitcoin stash worth $220 million inaccessible.
In January, The New York Times reported that around 20% of the existing 18.5 million bitcoins are in stranded locked wallets, citing data from cryptocurrency firm Chainalysis.
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Is Now The Time To Buy Ethereum (ETH) Cryptocurrency? – Benzinga – Benzinga
Posted: at 2:26 pm
Ethereum (CRYPTO: ETH) is trading in the green on Wednesday, outperforming the wider cryptocurrency market, amid a couple of bullish stances taken by analysts.
What Happened: Ethereumcould shoot past Bitcoin (CRYPTO: BTC) to emerge as the dominant store of value in the cryptocurrency sphere, according to a Goldman Sachs note, reported Business Insider.
The global investment bank said in its note that ETH currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.
See Also: How To Buy Ethereum (ETH)
The view that ETH could gain ground against BTC was also held by market analyst Michal van de Poppe, who theorized on Twitter that ETH/BTC rate will rise from the present 0.05-0.06 BTC levels to 0.07 levels.
Poppe is basing his thesis on ETH/BTC support level at 0.063 BTC. The analyst expected that if the floor held, 0.075 could be achieved.
ETH traded 2.63% higher at $2,385.78 at press time over 24 hours. The second-largest cryptocurrency by market cap is up 11.31% over a seven-day trailing period. Against BTC, ETH rose 2.4% over 24 hours.
Ethereum is showing strong technicals against Bitcoin as of press time, with an RSI of 61.46, as per Trading View data. The ETH/BTC pair is trading above the simple and exponential 30-day and 200-day moving averages.
See Also: Ethereum, Binance Coin Strike Gains As Bitcoin, Dogecoin Remain Muted
For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.
2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Crypto Wrap: From China crackdown to bitcoin heist, a look at all the action in cryptocurrency space this… – Moneycontrol
Posted: June 28, 2021 at 9:58 pm
From China cracking down on cryptocurrency mining to the South African Cajee brothers pulling off the biggest bitcoin heist to date, heres a quick update on all that happened in the crypto world this week.
In what can be considered as the biggest bitcoin scam to date, South African brothers Raees and Ameer Cajee, who ran Africrypt, a cryptocurrency investment firm, vanished with more than $3.6 billion worth of bitcoin. This figure is worth more than the cumulative losses that the crypto space incurred employing frauds and crimes in 2020, which stood at $1.9 billion, as per CipherTrace.
Two months ago, the brothers informed their clientele of a potential hack worth $3.6 billion, imploring the investors not to resort to legal relief, since that would delay the recovery process of these funds. Many investors, suspecting the advice, went against the same, only to find their investments vanishing. The FSCA (Financial Sector Conduct Authority), which oversees financial regulations inSouth Africasaid that even though they are working to regulate this space, they currently have no jurisdiction over cryptocurrency regulation.
Crackdown on crypto mining
Speaking of regulations, China is taking its crackdown on crypto mining seriously. After issuing crypto mining bans in prominent regions like Sichuan and Xinjiang, the PBOC (Peoples Bank of China) called for a prompt check and disablement of client accounts engaging in cryptocurrency transactions. Alipay, one of the largest payment platforms in the world, also conceded to the move.
Notably, China, which is responsible for more than 70percent of global cryptocurrency mining, is considering launching its own digital yuan, amidst concerns of cryptocurrency facilitating money laundering and illegal transfer of assets.
Following the announcement, Bitmain Technologies, the worlds largest mining rig seller, has ceded operations. Prices of rigs, which refer to the computer infrastructure that goes into mining cryptocurrency, have tanked by over 75percent since then. As per reports, the mining machine is currently selling at 700 yuans, significantly down from its price of 4,000 yuans in April 2021.
Experts predict that around 90percent of the countrys mining operations will go offline post this enforcement, with companies looking for alternatives in countries like the United States, Canada, Kazakhstan, and more.
The announcement led to reds all over the cryptocurrency world, with bitcoin and ethereum tumbling to record lows. Currently trading at $32,000, bitcoin registered a fall of more than 3percent weekly. Similarly, Ethereum tumbled more than 12percent in the lastseven days, trading currently at $1,800.
On the other hand, El Salvador, having legalised bitcoin, has announced that the country will give $30 to each citizen in starter accounts to promote the use of cryptocurrency. Allotting almost $120 million for almost 4 million starter accounts, President Nayib Bukele clarified that the law, which will be effective post-September, will make the use of bitcoin optional.
Elon Musk draws flak
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Crypto Wrap: From China crackdown to bitcoin heist, a look at all the action in cryptocurrency space this... - Moneycontrol
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How should cryptocurrency be taxed in India? Here are some thoughts – Business Standard
Posted: at 9:58 pm
Warren Buffet, the greatest investor of all times, once junked bitcoins and in fact called them rat poison squared. Not many investors heed to this advice though; cryptocurrencies have generated a lot of interest for investors of all ages due to recent increase in value. It is estimated that roughly a crore Indians have invested in cryptocurrencies, reports suggest.
Are gains from cryptocurrencies taxable?
Tax authorities around the world have been working to carve out rules of taxation for cryptocurrencies. Even though cryptocurrencies are not mentioned in the Indian income tax act and there are no rules defined yet, you must report them in your income tax return and pay tax on them.
An asset or a currency?
When we talk about taxation a bunch of questions arise. Should cryptocurrencies be considered currency or a digital asset? If considered to be an asset, what should be the holding period of these assets for them to be classified between long term or short term capital assets? Since cryptocurrencies are not yet widely accepted the way other currencies are, they are now being regarded as digital assets in several countries. Note that currently, India does not have a rule around how these cryptocurrencies should be taxed.
Should they be treated as capital assets in India?
Countries such as the UK and USA have laid down that cryptocurrencies should be treated like capital assets. The definition of capital assets in the Indian income tax act is a more inclusive one and will therefore cover assets which may not be separately defined. Such assets may be treated as long term assets when held for a period exceeding three years and short term assets when held for less than 3 years time period. It may be reasonable to allow indexation @ 20% for the cost of acquisition. When it comes to the rate of taxation, we may choose to tax them at a rate of 20% (additional cess and surcharge as applicable). Short term capital gains may be taxed at slab rates applicable to the taxpayer. Do note that so far no specific guidance is available under the income tax act for taxation of crypto assets.
Can frequent crypto trading be classified as a business activity?
If a taxpayer has a significant volume of transactions and does not intend to hold these assets for the longer term, a question arises as to whether such an activity should be considered as a business. This has to be evaluated on a case to case basis. Considering crypto trading as a business activity involves reporting and claiming expenses involved in such an activity. If the turnover crosses a specified threshold, a doubt regarding GST applicability may arise. Some of these issues are not yet addressed by the tax authorities. Another aspect that needs to be clarified is whether loss from sale of crypto assets can be set off or carried forward.
What should you do?
Firstly, you must ensure that you are maintaining proper records of all your transactions. Secondly, always keep in mind that these assets are unregulated in India and therefore there is high potential risk in owning or trading in them. However, you must pay taxes if you have earned an income. Seek the help of an expert who can guide you through. If you are a miner, you may have created a self generated asset. Miners also spend a lot of time and money to build these assets and therefore taxation may be a completely different ballgame in their case.
Archit Gupta is founder and CEO, ClearTax. Views are his own.
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Chinas role in the 2021 cryptocurrency crash – Economic Times
Posted: at 9:58 pm
Bengaluru: Earlier this week, the price of Bitcoin dropped below $30,000 for the first time since January, after hitting an all-time high of almost $65,000 in mid-April.
While Tesla chief executive Elon Musk's tweets are one of the reasons for this price dip, another major reason is China's massive crackdown on the digital coin and cryptocurrencies in general.
The country has always had a firm stance against cryptocurrencies. Back in 2013, Chinas central bank had barred financial institutions from handling Bitcoin transactions when the price of the digital coin jumped from $100 to $1,000 within a few months. It had also banned fundraising through initial coin offerings and shuttered domestic Bitcoin exchanges in 2017.
In May, Chinese Vice Premier Liu He and the State Council issued a warning saying it was necessary to crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.
This was after three Chinese state-backed financial associations raised concerns about risks emerging from the volatility of cryptocurrencies, and directed their members including banks and online payment firms to not provide any cryptocurrency-related services.
Crypto miners shut down
Soon after the government warning, several cryptocurrency miners including HashCow and BTC.TOP halted all or part of their China operations last month. This had huge ramifications since Chinese miners reportedly account for as much as 70% of crypto mining worldwide.
Earlier in June, Weibo, Chinas version of Twitter, blocked several prominent crypto-related accounts, saying each of them violates laws and rules.
On Monday, China's central bank The Peoples Bank of China (PBOC) also met with several domestic banks and payment firms such as Alipay, urging them to tighten restrictions on cryptocurrency trading and directing them to stop facilitating cryptocurrency transactions. These institutions must also comprehensively investigate and identify crypto exchanges and over-the-counter capital accounts of dealers and cut off the payment link for transaction funds in a timely manner, it said.
This crackdown has forced several miners to shut down or sell their machines in despair and exit the business. Some of them are also relocating overseas to countries like Kazakhstan, according to a Reuters report. It said that Chinas crackdown could cause up to 90% of crypto mining to go offline in the country, citing an estimate by Adam James, a senior editor at OKEx Insights.
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Tanzania cbank says it is working on president’s cryptocurrency push – Reuters
Posted: at 9:58 pm
DAR ES SALAAM, June 25 (Reuters) - Tanzania's central bank has said it is working on President Samia Suluhu Hassan's directive to prepare for cryptocurrencies, pointing to a possible reversal of a ban it put in place in 2019.
The new president, who came to power after the death of her predecessor in March, said this month the arrival of digital currencies in the East Africa nation was inevitable.
"In the financial sector, we have witnessed the emergence of blockchain technology or cryptocurrency," Hassan said during the opening a new central bank branch in the northern town of Mwanza this month.
"Many countries in the world have not accepted or started using these currencies. However, I would like to advise the central bank to start working on those issues. Just be prepared."
Her comments made shortly after El Salvador became the first country in the world to adopt bitcoin as a legal tender, prompted fresh debate over the role of cryptocurrencies in economies and remittance transfers. read more
Tanzania's central bank banned cryptocurrencies in November 2019, saying they were not recognised by local law, but it now says it is adapting following the president's comments.
"The bank is working on the directives given," a Bank of Tanzania spokesperson told Reuters this week, declining to give further detail.
GRADUAL PREPARATIONS
The spokesperson did not respond to questions on whether the bank plans to adopt existing cryptocurrencies such as bitcoin, or was looking to issue its own digital currency as China has done.
Hassan's comments reflect her much more open attitude to foreign investment, a shift from the stance of her predecessor John Magufuli, who tussled with foreign gold miners and even locked horns with neighbouring Kenya over access to the market.
Tanzania Bankers' Association chairman Abdulmajid Nsekela welcomed Hassan's push, for the $63 billion economy still relies heavily on cash transactions.
"The most challenging element for regulators is to be caught by surprise by innovations," he said. Gradual preparations would help the central bank assess the risks and come up with ways of addressing them in advance, he added.
Analysts warned that progress might be slow.
"The change in tone from Tanzania's president is clear, but wait to see whether the central bank will take concrete steps towards embracing cryptocurrencies," said Faith Mwangi, an analyst at Tellimer.
Mwangi pointed to Uganda, where President Yoweri Museveni made similar comments back in 2017, but the central bank has yet to rescind its ban on cryptocurrencies.
Reporting by Nuzulack Dausen in Dar es Salaam and Duncan Miriri in Nairobi; Additional reporting by Omar Mohammed; Writing by Duncan Miriri; Editing by Karin Strohecker and Andrew Heavens
Our Standards: The Thomson Reuters Trust Principles.
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Top 10 Cryptocurrency Trends in 2021 Everyone Should Know – Analytics Insight
Posted: at 9:58 pm
2020 was a remarkable year for cryptocurrency as COVID-19 accelerated the digital transformation. No doubt, 2021 is also witnessing major breakthroughs and achievements as cryptocurrency trends are shaping the future of finance. We are halfway through 2021, but new developments in the crypto world are emerging each day. In the next six months, we can expect more crypto adoption and top cryptocurrency trends ruling the crypto space.
If you are a crypto enthusiast, you should know the top crypto trends for better investment decisions. Here are the top 10 cryptocurrency market trends in 2021 for everyone to watch out for.
Decentralized financial services or DeFi projects will be one of the biggest trends in the crypto world in 2021. DeFi projects have built a strong foundation in the financial field lately. Moreover, experts believe that DeFi will be one of the key drivers for the accelerated adoption of digital storage of assets or tokenization. Also, with the growth of Ethereum (built on DeFi protocols), DeFi will also boom.
In 2020, the volume of stablecoins in circulation was increased by 500%. Dollar pegged stablecoins will see more light of the day in 2021 with Tether and USDC being the market leaders. Stablecoins are one of the trending crypto coins today. With the advantages that stablecoins offer, more investors are investing in them to protect themselves from usual crypto market volatility.
This bubble is definitely growing bigger with the increased adoption of cryptocurrency from different countries across the world. Still today, crypto taxation is ambiguous. But, this year, we might see crypto standard crypto regulations that will govern crypto activities and transactions. This crypto market trend will come into effect soon.
Experts say that with regulations coming into the picture, central banks will also be a part of the game with the introduction of Central Bank Digital Currencies (CBDCs). This can also become the future of payments and finance. You must have heard of China creating its own digital money digital yuan. Similarly, other countries such as the USA, UK, Europe, etc. are attempting to create tokenized money.
Growing cryptocurrencies may test their waters for IPOs. With crypto exchanges also growing in popularity, even they would go public. This might make crypto a well-established market with major players defining the scope.
Crypto lovers are desperately looking forward to the ETF this year. However, it might take some time as the US SEC has rejected its decision on ETFs for a long time now. Nonetheless, if ETFs get approved, more traders will invest in cryptocurrencies instead of having exchange wallets. This will bring a boom in the crypto world.
NFTs are digital assets representing products in the real as well as the digital world. It is quite useful for people who wish to trade items as they can avoid the complex onboarding process of a centralized platform to trade them. NFTs are already widely being used in the art and gaming industry. This year, we will see more adoption of NFTs.
Be ready to pay crypto tax as many countries are planning to implement it soon. Governments of different countries are creating tools to monitor cryptocurrency transactions. In 2021, we might see crypto exchanges reporting on their customers gains to their tax authorities.
5G will be extensively used to decide on mining operations, DeFi applications and to introduce new services in the market. Network issues for traders will be resolved as 5G will offer high-speed connectivity, eliminating the need of placing servers close to crypto exchanges.
Apart from investors, millennials are really interested in the crypto field. More educational material on cryptocurrency will be available and accessible to guide millennials in the highly volatile crypto market. Crypto market trends today will guide millennials to invest strategically.
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Forget Meme Stocks and Cryptocurrency: This Healthcare IPO Could Make You Richer – Motley Fool
Posted: at 9:58 pm
With so many stories happening at once in the financial markets -- inflation, jobs, meme stocks, cryptocurrency -- it would have been easy to miss the initial public offering (IPO) of a fast-growing digital platform for doctors. Investors who overlook it might be missing a transformational company before its growth really takes off.
Doximity (NYSE:DOCS) made its debut this week and promptly doubled on its first day of trading. The company has an enviable roster of customers, and financial results that set it apart from most other high-flying tech companies. Digging deeper highlights just how many things the company has going for it.
Image source: Getty Images.
The company has been compared to LinkedIn for doctors. That's far too simplistic a description. But it's understandable since more than 80% of U.S. physicians are members. In fact, the company is so focused on doctors that it set aside shares and allowed doctors to participate in the IPO. More than 10,000 took advantage.
Its reach extends beyond individual docs. The company also claims to have the top 20 pharmaceutical companies, as well as the top 20 hospitals and health systems as clients. The extent of those relationships is unclear. But the ecosystem it is creating is quickly becoming an integral part of how many physicians perform their work.
Despite the comparison to a professional network, the platform offers many productivity tools beyond just connecting with other physicians. Co-founder and chief strategy officer Nate Gross jokes that the company is a mix of 'docs and dorks'. The combination is producing time-saving applications that doctors love.
For instance, the dialer tool allows physicians to contact patients from their cellphones while displaying their office number. This enables them to make the best use of their time while keeping personal information private. Similarly, the video dialer sends patients a 'no reply' text link for video calls. That extended the telehealth application it launched early in the pandemic.
The platform also has a newsfeed. It is a curated stream of the latest medical news and research. This feed can be highly targeted to a physician's specialty. The hiring solutions function offers a digital recruiting channel to help staff vacancies and manage their own careers. With over 100,000 reviews on Apple's App Store, Doximity rates a 4.8 out of five.
The platform is free to doctors. Revenue comes from paying clients such as health systems and pharmaceutical companies. That revenue is generated through subscriptions that tend to grow over time. The company's net revenue retention -- a measure of how much the same customers spend year over year -- was 153% for the year ending March 2021. That's outstanding. And it isn't the only impressive financial metric.
The company hasn't taken cash from investors for the past seven years. It turns out, it hasn't needed to. Not only is the company cash flow positive, Doximity has generated profits in each of the past three years. The financials show the platform is scaling nicely. As sales have grown, profit margins have expanded.
Data source: Doximity; *fiscal year ends March 31.
Despite the profits, investors will have to keep an eye on costs. In the three years the company shares in its initial filing with the Securities and Exchange Commission (SEC), both research and development and sales and marketing costs dropped as a percent of revenue. That could mean management didn't need to invest as much to grow. On the other hand, general and administrative expenses (G&A) have remained steady.
Headcount in the most recent fiscal year was up 139%, while G&A expenses climbed 122%. In its filing, management pointed to its acquisition of a healthcare staffing company as the culprit. At a price-to-sales multiple of 48, Wall Street expects management to spend money on growth. As the top line continues expanding, it will want to see those non-growth expense ratios come down.
Doximity's platform has the potential to play a unique role in the changing healthcare industry. With so much of a doctor's productivity dependent on technology built without user experience in mind, the company could be an important catalyst for reducing physician burnout. Similar to Veeva Systems' use of cloud computing to streamline the life sciences industry, Doximty could do the same for physician workflows. The industry has missed in most of its attempts to work smarter not harder over the years. Doximity might be the tool that changes that.
This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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Naijacrypto and Dash join forces to launch the first cryptocurrency exchange in Haiti – Finextra
Posted: at 9:58 pm
Naijacrypto, Dash Haiti, and Dash Core Group are pleased to announce the first cryptocurrency market to launch in Haiti, a country beset with a lack of financial infrastructure.
This is a huge opportunity for Haitians because they can now buy Dash with their national currency, and participate in this great global economy of cryptocurrencies. Previously a Haitian had to trust someone abroad to buy Dash for them or buy it with a credit card, but credit cards are only accessible to a minority.
Joseph Micarlo Emile, Community Leader at Dash HaitiThis new Naijacrypto exchange is significant in that Dash, the most established cryptocurrency in the payments sector will operate as the first currency to allow for on-ramp transactions in fiat to exchange for cryptocurrency allowing for more financial freedom opportunities for residents. Other exchanges require crypto to crypto transactions, but with Naijacrypto, users will have additional options to participate in first-world markets.
As the Dash cryptocurrency market develops in Haiti, customers will also be able to utilize Dash for remittances from the U.S. to the Caribbean country. As part of this second phase of engagement, users in Haiti will now be able to acquire, store, and sell Dash, the most established cryptocurrency in the payments sector. As one of the very first exchanges with any focus in Haiti, on-the-ground support is imperative for the success of this initiative. Dash Haiti, a Dash community organization born from the DAO and based in Port-au-Prince, will play the pivotal role of providing this support and will work to raise awareness to the population through a number of channels and activities.
Dash Haiti and Dash Core Group will be putting marketing resources toward the launch and expectations are high. Efforts will be focused on building community and developing the Dash ecosystem.
This is a particularly exciting engagement as this brings Dash, and really cryptocurrency into Haiti. Were bringing the lessons learned from growing the Venezuelan market to a new market.
Omar Hamwi, Business Development Lead at Dash Core Group Inc.Dash has seen significant growth in economically affected markets such as Venezuela. Dash is accepted in most major stores in the country, including Traki, Excelsior Gama, Churchs Chicken, and other major stores, to small kiosks and even being able to pay your parking in Dash. The Dash Core Group team has been working to use Dash to solve critical problems in markets suffering from severe hyperinflation for the last few years. It is this experience and knowledge they are leveraging with their entry into Haiti.
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Elon Musk Shares Name of Pet Shiba Inu, Cryptocurrency Gets a Boost – News18
Posted: at 9:58 pm
It seems Tesla founder Elon Musk has moved one from his obsession with Dogecoin and found a new cryptocurrency to tweet about. Last weekend, the tech billionaire tweeted how he would be naming his Shiba Inu as Floki. Soon after the tweet that was posted at 4:33 pm IST on Friday, the Musk Effect worked its wonders, and prices of Shiba Inu coin witnessed a 16 percent rise when it reached $0.00000790 on CoinMarketCap at 4:53 pm IST, reported CNBC.
Musk has 57.5 million followers on the Twitter handle, and soon many of them invested in the new cryptocurrency. Shiba Inu coin could be considered a rival of Dogecoin considering how they both have a similar symbol of the Japanese breed dog. And if that was not enough, Shiba Inu coin also goes by the nickname dogecoin killer. The official website of Shiba Inu describes itself as an experiment in decentralised spontaneous community building, founded in August 2020.
The meme coin also came to the spotlight last month when Vitalik Buterin, the worlds youngest known crypto billionaire and founder of Ethereum, donated 50 trillion SHIB tokens, worth around $1.2 billion, to Indias Covid relief fund, founded by entrepreneur Sandeep Naliwal.
Commenting on Musks tweet, many users wondered what was the meaning behind Floki. Some guessed that the name meant the Marvel comic character Loki with an F. While others shared memes on how the tweet could prompt a crypto war among Dogecoin users and Shiba Inu coin investors.
Meanwhile, Musk continued to express his dislike for Bitcoins. The SpaceX founder bashed Bitcoin maximalists of those investors who believe Bitcoin to be the only cryptocurrency that would actually rule the decentralised currencies.
In his tweet, Musk asked how many Bitcoin maxis it takes to screw in a lightbulb. Replying to his own tweet, he wrote a sarcastic comment imitating the Bitcoin maxis.
Musk had also slammed Bitcoin for the harmful mining process that it undergoes releasing greenhouse gases in the environment. Due to this Tesla had stopped accepting payments made through Bitcoin last month, however, the decision was retracted later.
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Elon Musk Shares Name of Pet Shiba Inu, Cryptocurrency Gets a Boost - News18
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