Crypto Guides, Knowledge & Insights

IRS Extends Comment Period for New Cryptocurrency Tax Regulations to Mid-November

The U.S. Internal Revenue Service (IRS) has extended the comment period for the new cryptocurrency tax rules until November 13, 2026. The proposed rules for 2026 will affect sales and transactions conducted in 2025.　　Previously, the U.S. Department of the Treasury released a nearly 300-page proposal that provided clear definitions for “brokers” in the cryptocurrency industry, addressing years of uncertainty in tax reporting. Under the new rules, cryptocurrency exchanges (CEXs), payment processors, certain custodial wallet providers, some decentralized exchanges (DEXs), and individuals or entities that redeem issued cryptocurrencies will be required to fulfill tax reporting obligations. The new rules also introduce a new tax form for use by newly designated brokers, resolving confusion over which tax form to use.　　

2023-10-26Deep Dive

Analyst: BTC to Reach Its Peak in December 2025, Expected Price Between $90,000 and $130,000

Crypto analyst CryptoCon stated in a post that according to the halving cycle theory, Bitcoin (BTC) will reach the midpoint of its cycle in June 2024, with a projected price of $47,000. The next cycles peak is expected to occur in December 2025, with price projections ranging from $90,000 to $130,000.　　This model suggests that, just as in the previous white cycle, the current cycle has bottomed since its first peak in August. The black cycle has a double top, with the first peak occurring in April of the red year (blue dot). The white cycle has a single peak.　　In the black cycle, it appears that the first early peak (yellow dot) is above the second peak (purple dot). In the white cycle, the situation is the opposite.　　CryptoCon suggests that this means we are more likely to see the cycles midpoint at $47,000 in June 2024, rather than earlier.　　

2023-10-26Deep Dive

Binance and CEO CZ seeks dismissal of CFTC lawsuit

Lawyers representing Binance and CEO Changpeng “CZ” Zhao have filed statements supporting the dismissal of CFTC lawsuit in March.Binance and CZ support in the dismissal of CFTC lawsuit　　CZ and Binance‘s legal representatives argued for the dismissal of CFTC lawsuit against the exchange in a filing to the U.S. District Court for the Northern District of Illinois. They claimed that if the court upheld the regulator’s arguments, it would grant the CFTC global authority over cryptocurrency derivatives activities.　　The filing stated, “Congress did not designate the CFTC as the world‘s derivatives watchdog, and the Court should reject the agency’s attempt to extend its jurisdiction beyond the limits established by the law.”Binance and CZ Urge Court to Dismiss CFTC Lawsuit with Prejudice　　The lawyers representing Binance and CZ also scrutinized each of the specific charges brought by the CFTC, asserting that the regulator‘s anti-evasion claim was based on an unconventional theory and that it had failed to meet the required standards in other aspects. They urged the court to “dismiss the complaint with prejudice.” The CFTC’s lawsuit, filed in March, alleged that Binance had violated rules governing derivatives trading by failing to register with the regulator. According to the CFTC, CZ was aware of

2023-10-25Deep Dive

Bitcoin Price Surge Sparks $400 Million Liquidations In 24 Hours

The largest single Bitcoin liquidation order was valued at an impressive $9.98 million and occurred on the BTCUSDT trading pair when this article was written.　　In the past 24 hours, a total of 94,168 traders faced liquidation across the entire crypto market.　　Data from CoinGlass shows that Bitcoin (BTC) shorts experienced liquidations totaling $177.15 million, and Ethereum (ETH) shorts had approximately $42.23 million worth of positions liquidated.　　At the time of writing, Bitcoin was trading at $34,120, up 11.3% in the last 24 hours, and rallying nearly 20% in the last seven days, data from crypto market tracker Coingecko shows.　　It‘s worth noting that the majority of the positions that faced liquidation were short positions. Short positions are when an investor sells an asset they don’t own, aiming to profit from its declining price by buying it back at a lower cost later.Source: Coinglass　　Crypto Market Volatility Spurs $400 Million Liquidation Cascade　　The cryptocurrency markets sudden and robust upward momentum caught many traders off guard, leading to a significant surge in liquidations among those who had bet against the rising trend. This unexpected turn of events underscored the inherent volatility and unpredictability of the crypto market, leaving traders with valuable lessons on the importance of risk

2023-10-25Deep Dive

Mass Crypto Exodus: Why Major Exchanges Are Delisting Tokens At Unprecedented Rates

Crypto exchanges have recently been making moves to streamline their offerings, and an unprecedented number of digital tokens are being shown the exit. As Bitcoin commands renewed interest and experiences a revival, its ironic to witness numerous other tokens getting the chop from major platforms.　　According to data compiled by Kaiko, the numbers are clear: 3,445 tokens or trading pairs are on the chopping block, having been rendered inactive or slated for imminent delisting. In a comparative analysis, this figure overshadows last years numbers by 15% and even doubles those of the year prior, as reported by Bloomberg.Major Exchanges Taking The Lead　　Coinbase Global Inc. and Binance, the two behemoths in cryptocurrency exchanges, have been proactive in this culling exercise. Surprisingly, this month alone has seen over 100 tokens being delisted from these platforms.　　Data from researcher CCData pinpoints that Coinbase removed 80 pairs just in October – an unparalleled monthly figure for the year. Meanwhile, another significant player, OKX, has already culled 172 tokens this year, with Coinbase not far behind at 176 pairs.　　The numbers may seem alarming, but theres more to the story. Despite the sheer volume of tokens available, trading volumes across most exchanges have taken a significant hit over

2023-10-25Deep Dive

Paradigm Plans to Launch a New Fund as Co-Founder Fred Ehrsam Steps Down as Managing Partner

On October 25th, according to a report from The Information, an email sent to employees revealed that Fred Ehrsam, co-founder of Paradigm, is stepping down from his role as managing partner. He will continue to serve as a general partner and collaborate with the investment and research teams. Meanwhile, Paradigm is planning to establish a new fund. Last month, Paradigms Chief Financial Officer, Nathan Apsel, and General Counsel, Reena Jashnani-Slusarz, both resigned. Currently, Paradigm has only two managing partners remaining: co-founder Matt Huang and Chief Operating Officer Alana Palmedo.　　

2023-10-25Deep Dive

BlockFi Announces Bankruptcy Plan Taking Effect, Will Repay Creditors According to Relevant Terms

According to official news, BlockFi has announced that its bankruptcy plan became effective on October 24, 2023. BlockFis management, advisors, and other stakeholders have been working diligently for the past 11 months to reach this crucial milestone, doing so faster and more efficiently than many other retail-focused crypto companies.　　Following the emergence, BlockFi can now formally commence the execution of the detailed plan, which includes repaying its creditors according to the terms of the plan. The company will also be allowed to take the following actions:　　Recovery: Attempting to recover assets from companies like FTX, 3AC, and others, as well as their bankruptcy estates, which BlockFi believes are owed to them. The success of this litigation may increase compensation for customers.　　Withdrawals: Continuing to distribute digital assets back to customers, including BIA account holders.　　Claims: Continuing the claims verification process to ensure that customer claims accurately reflect the asset categories and amounts and to ensure fair distribution of remaining and recovered assets to customers.　　

2023-10-25Deep Dive

Vombatus, Former Toptier of friend.tech, Sells 176 Keys and Transitions to New Bitcoin City

On Monday evening, popular user and crypto influencer Vombatus sold Key worth 850 ETH and then shifted to a similar social app on the Bitcoin Layer 2 network, New Bitcoin City.　　Wallet data indicates that user @Vombatus_eth (using the same name on friend.tech) earned around $1.5 million after selling 176 of their Keys. Prior to this, Vombatus was ranked first in the “account Keys” price ranking on the friend.tech platform. Vombatus is one of the largest Key holders on the friend.tech platform and still holds 150 Keys.　　According to DefiLlama data, there are currently four SocialFi protocols with a TVL exceeding $1 million. The social protocol New Bitcoin City, based on the Bitcoin Layer 2 network NOS, currently has a TVL of $3.69 million, ranking second.　　

2023-10-25Deep Dive

Participate in the WikiBit Review Event and Share Daily Prizes!

WikiBit User Review Event - Share Your Honest Opinions on Exchanges, Projects, and Tokens!　　Event Period: Event Period: From October 25th to October 29th, 2023.　　　　Ready to share your thoughts and have a chance to win prizes？ The time is now!✨Event Details　　WikiBit is your trusted platform for cryptoDcurrency safety, offering in-depth assessments and information about exchanges, projects, and tokens. To better understand your views on the cryptocurrency world, we are hosting a special user review event.　　Every day, we will feature three popular cryptocurrencies or projects on the WikiBit APP. You just need to choose one of them for a review and provide your subjective opinions on the related page. This is a great opportunity to share your investment experiences and insights.✨Surprise Prizes　　To show our appreciation for your participation, we will select some lucky reviewers after the event ends. The more likes your reviews get, the higher your chances of winning!　　Announcing the Winners　　Every day, there will be 6 winners ranked by the total number of likes, and the daily winners will be announced after the activity ends at the end of the week.　　 Prize Categories　　First Prize: 1 winner, 3u　　Second Prize: 2 winners, 2u each　　Third Prize: 3 winners, 1u each✨Review Requirements　　a. Rate and give

2023-10-24Deep Dive

Curious Patterns Emerge Amid XRP Price Explosion

The XRP price saw a rapid increase alongside the rest of the crypto market over the weekend, bringing its price finally above the $0.53 mark. Amid this increase in price has emerged a pattern that suggests what might be going on with the altcoin.Real Volume Amid XRP Price Rally　　In the real volume chart by Messari, an interesting pattern can be seen with the XRP price rally. For one, the real volume shows how trading volume has spiked at various price points. The most notable of these is what happens when there is an XRP price spike.　　Volume tends to jump at these points suggesting that there is a high degree of interest in the altcoin. This means that as XRP tokens go on the market, there are eager investors waiting to pick up on this available supply and defend the price.　　Mostly, the bulls have been able to dominate during these times where they have been able to maintain support for the price. This was seen when there was a dip to $0.51 as investors in profit rushed to secure their gains. But not too long after, the XRP price was back up, suggesting that bullish investors have continued to maintain dominance

2023-10-24Deep Dive

...

5658

...

736