PRICE CHANGE: WTD/YTD
- BTC ($8,347): +3% / +123%
- ETH ($181): +3% / +36%
- LTC ($56): +0% / +84%
- XRP ($0.27): +8% / -23%
- Crypto Market Cap ($224B): +3% / +78%
- BTC Dominance: 67%
THIS WEEK IN CRYPTO
- A week after PayPal announced it was withdrawing from the Libra Association, eBay, Stripe, Mastercard, and Visa announced they were leaving as well. The news comes just days after reports that regulatory pressure behind the scenes was causing a number of members to reconsider their support. Link.
- The SEC sued to stop Telegram from continuing what the lawsuit describes as an "ongoing illegal offering of digital-asset securities called Grams." Telegram raised $1.7 billion from 171 initial purchasers using a SAFT last year, including $425 million from American investors. Telegram was planning to deliver Grams to investors by 10/31, while also selling more at the same time. The SEC believes Grams are unregistered securities. Link.
- The IRS issued new guidance on the tax implications of cryptocurrency "hard forks". Hard forks should be treated as "ordinary income equal to the fair market value of the new cryptocurrency when it is received.” Tax liabilities are expected to apply only when new cryptocurrencies are recorded on the blockchain and if a taxpayer has control over the coins and can spend them. The IRS also specified it would not create a taxable exemption for transactions below a certain threshold, disappointing crypto users who want to spend their coins on everyday purchases like coffee. Link.
- CFTC Chairman Heath Tarbert has said ether, the world's second largest cryptocurrency by market cap, is a commodity. Going forward, the CFTC may allow ether futures to trade on U.S. markets. Link.
- The NBA's Sacramento Kings are the first US professional sports team to develop a crypto token for fan rewards. In 2014, the Kings became the first NBA team to accept bitcoin as payment in its arena and last year, it became the first professional sports team to mine cryptocurrency. Kings Tokens will exist within a token wallet added to the team’s app, which tracks the engagement and accumulated points of fans. Fans can earn rewards through the predictive gaming platform and redeem those points for access to unique events, signed merchandise or courtside tickets, for example. Link.
- The IRS has released an early draft of its new Form 1040, which for the first time will ask US income tax payers about their crypto activities. Link.
- Coinbase Custody has announced staking support for MKR, MakerDAO's native cryptocurrency. Clients that hold MKR can now participate in MakerDAO's governance. Coinbase Custody began offering support for Tezos's XTZ back in July - estimates are that the platform has generated around $8,000 in XTZ rewards on behalf of its clients. Link.
- Bitwise's final application for a bitcoin ETF was denied by the SEC. Bitwise's Bitcoin ETF Trust would have tracked the spot price for bitcoin if it had been approved. Regulators have pushed back on any crypto ETFs due to concerns about manipulation, including the inability to distinguish legitimate exchange volumes from illegitimate transactions. Link.
- ACINQ, one of the three main Lightning Network development firms, has raised an $8 million Series . A led by Idinvest Partners, with participation from Bpifrance, a state-owned French investment bank. The firm has raised $10 million to date and has developed Strike, an API for businesses to accept Lightning Network payments. Link.
- Coinbase announced it was launching a mobile app for Coinbase Pro. Coinbase Pro is the company's exchange and allows users to set up advanced order types, such as limit orders. Link.
- Abu Dhabi, the capital city of the UAE, is set to put its land registry on a blockchain platform. Abu Dhabi's Department of Urban Planning and Municipalities has partnered with Indian IT firm Tech Mahindra for the initiative, called SmartHub. SmartHub will help trace land records and reduce processing times for real estate transactions. Link.