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DDCT #91 - 12/7/2021 (Investing in crypto? What to know about the new tax reporting requirements)
#Bitcoin #elsalvador #cryptotax
I'd like to welcome everyone to my new PODCAST
Dave's Daily Crypto Take
In this channel I will be providing you with news on a daily basis about cryptocurrency, bitcoin, blockchain, FIAT.
My main purpose is to share UNBIASED news and updates. Ultimately I learn and hopefully you learn while I go on this journey.
ARTICLES used in today's video:
https://cointelegraph.com/news/bitcoin-whales-move-fresh-coins-to-exchanges-in-repeat-of-behavior-before-42k-btc-price-dip
Bitcoin whales move fresh coins to exchanges in repeat of behavior before $42K BTC price dip
Bitcoin (BTC) whales may be planning to sell at short notice as BTC price action struggles around $47,000.
In its daily QuickTake market updates on Dec. 5, on-chain analytics firm CryptoQuant warned that large volume movements on exchanges were increasing again.
https://bitcoinist.com/why-peter-brandt-believes-bitcoins-downtrend-was-engineered/
Why Peter Brandt Believes Bitcoin’s Downtrend Was Engineered
After a brutal weekend for the bulls, Bitcoin is yet to stabilize around the high area of its current levels. As of press time, BTC’s price trades at $48,727 with a 2% profit in the past 24 hours and a 14.9% loss during the past week.
https://foreignpolicy.com/2021/12/06/bitcoin-city-el-salvador-nayib-bukele/
Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin.
Salvadoran President Nayib Bukele’s experiment in making Bitcoin an official national currency alongside the U.S. dollar, which has been the currency since 2001, has not gone well. But when a con artist’s grift starts to fall apart, he knows to move onto the next one fast. The same goes for fast-talking presidents.
More than 91 percent of Salvadorans want dollars, not bitcoins. The official Chivo payment system was unreliable at launch in September—the kiss of death for a new system. Users joined for the $30 signup bonus, spent it or cashed it out, then didn’t use Chivo again. The system completely failed to check new users’ photos, relying solely on their national identity card number and date of birth; massive identity fraud to steal signup bonuses ensued. Bitcoin’s ridiculously volatile price was appreciated only by aspiring day traders. Large street protests against compulsory Bitcoin implementation continued through October. The government stopped promoting Chivo on radio, TV, and social media. Chivo buses and vans were seen with plastic taped over the company’s logo.
https://bitcoinist.com/quant-explains-how-this-bitcoin-crash-is-different-from-mays/
Quant Explains How This Bitcoin Crash Is Different From May’s
A quant has explained how the Bitcoin exchange reserve on-chain indicator differs between the current crash and that of May’s.
After Spiking Ahead Of The Crash, Bitcoin Exchange Reserves Have Resumed Downtrend
As explained by an analyst in a CryptoQuant post, the current trend in BTC exchange reserves is quite different from when the crypto crashed in May.
https://edition.cnn.com/2021/12/06/business/money/cryptocurrency-digital-assets-information-reporting-feseries/
Investing in crypto? What to know about the new tax reporting requirements
Reporting your cryptocurrency trades to the Internal Revenue Service will no longer be based on an honor system. Starting with tax year 2023, any of your potentially taxable digital asset transactions will be reported to the agency by an outside party.
If you've ever held a job or invested in stocks, you know the money you make is reported to the federal government. That's because you and the IRS get a W-2 form from your employer that reports your annual earnings and a Form 1099 from your broker that reports your stock transactions.
https://alternative.me/crypto/fear-and-greed-index/
https://coinmarketcap.com/
Please subscribe, like, and share so that more and more people can view this content.
DISCLAIMER: I will never give any financial advice. And my channel is not considered official Financial Advice. Please do your research before purchasing any cryptocurrency.
Thank you very much
Dave
Support this podcast at — https://redcircle.com/daves-daily-crypto-take/donations
View all episodes
By Dave D#Bitcoin #elsalvador #cryptotax
I'd like to welcome everyone to my new PODCAST
Dave's Daily Crypto Take
In this channel I will be providing you with news on a daily basis about cryptocurrency, bitcoin, blockchain, FIAT.
My main purpose is to share UNBIASED news and updates. Ultimately I learn and hopefully you learn while I go on this journey.
ARTICLES used in today's video:
https://cointelegraph.com/news/bitcoin-whales-move-fresh-coins-to-exchanges-in-repeat-of-behavior-before-42k-btc-price-dip
Bitcoin whales move fresh coins to exchanges in repeat of behavior before $42K BTC price dip
Bitcoin (BTC) whales may be planning to sell at short notice as BTC price action struggles around $47,000.
In its daily QuickTake market updates on Dec. 5, on-chain analytics firm CryptoQuant warned that large volume movements on exchanges were increasing again.
https://bitcoinist.com/why-peter-brandt-believes-bitcoins-downtrend-was-engineered/
Why Peter Brandt Believes Bitcoin’s Downtrend Was Engineered
After a brutal weekend for the bulls, Bitcoin is yet to stabilize around the high area of its current levels. As of press time, BTC’s price trades at $48,727 with a 2% profit in the past 24 hours and a 14.9% loss during the past week.
https://foreignpolicy.com/2021/12/06/bitcoin-city-el-salvador-nayib-bukele/
Bitcoin Failed in El Salvador. The President Says the Answer Is More Bitcoin.
Salvadoran President Nayib Bukele’s experiment in making Bitcoin an official national currency alongside the U.S. dollar, which has been the currency since 2001, has not gone well. But when a con artist’s grift starts to fall apart, he knows to move onto the next one fast. The same goes for fast-talking presidents.
More than 91 percent of Salvadorans want dollars, not bitcoins. The official Chivo payment system was unreliable at launch in September—the kiss of death for a new system. Users joined for the $30 signup bonus, spent it or cashed it out, then didn’t use Chivo again. The system completely failed to check new users’ photos, relying solely on their national identity card number and date of birth; massive identity fraud to steal signup bonuses ensued. Bitcoin’s ridiculously volatile price was appreciated only by aspiring day traders. Large street protests against compulsory Bitcoin implementation continued through October. The government stopped promoting Chivo on radio, TV, and social media. Chivo buses and vans were seen with plastic taped over the company’s logo.
https://bitcoinist.com/quant-explains-how-this-bitcoin-crash-is-different-from-mays/
Quant Explains How This Bitcoin Crash Is Different From May’s
A quant has explained how the Bitcoin exchange reserve on-chain indicator differs between the current crash and that of May’s.
After Spiking Ahead Of The Crash, Bitcoin Exchange Reserves Have Resumed Downtrend
As explained by an analyst in a CryptoQuant post, the current trend in BTC exchange reserves is quite different from when the crypto crashed in May.
https://edition.cnn.com/2021/12/06/business/money/cryptocurrency-digital-assets-information-reporting-feseries/
Investing in crypto? What to know about the new tax reporting requirements
Reporting your cryptocurrency trades to the Internal Revenue Service will no longer be based on an honor system. Starting with tax year 2023, any of your potentially taxable digital asset transactions will be reported to the agency by an outside party.
If you've ever held a job or invested in stocks, you know the money you make is reported to the federal government. That's because you and the IRS get a W-2 form from your employer that reports your annual earnings and a Form 1099 from your broker that reports your stock transactions.
https://alternative.me/crypto/fear-and-greed-index/
https://coinmarketcap.com/
Please subscribe, like, and share so that more and more people can view this content.
DISCLAIMER: I will never give any financial advice. And my channel is not considered official Financial Advice. Please do your research before purchasing any cryptocurrency.
Thank you very much
Dave
Support this podcast at — https://redcircle.com/daves-daily-crypto-take/donations