Cryptocurrency has become increasingly popular as an investment and means of exchange. Crypto tokens have created entirely new platforms, like crypto casinos and sportsbooks. Still, many people need to pay more attention to reporting their digital asset income for tax purposes. It doesn’t matter whether you’re buying, selling, or trading cryptocurrencies; it’s essential to understand your tax obligations. You must learn how to accurately report your digital asset income to the authorities. Correctly reporting cryptocurrency taxes will help you stay compliant and avoid potential penalties. One tax mistake could cost you a bundle in fees.

 

Understanding Taxable Events

One of the first steps in reporting cryptocurrency taxes is understanding what counts as a taxable event. Taxable events generally include selling or exchanging cryptocurrencies for fiat currency. The dollar and euro are two examples of iat currencies. Other taxable transactions include exchanging one bitcoin for another and accepting cryptocurrencies as payment for products or services. Don’t forget that creating cryptocurrency through mining or staking is a taxed activity. Each of these transactions could result in unpleasant liabilities. To avoid such obligations, keep detailed records of all your cryptocurrency transactions throughout the year.

 

Keeping Accurate Records

Keeping detailed records of your cryptocurrency transactions is critical for appropriately reporting taxes. Accurate documentation requires recording the date, time, and value of each transaction. Other relevant information should include the transaction type and cryptocurrency involved. You should also keep account of any fees or commissions paid, as well as any gains or losses resulting from each transaction. Using a bitcoin monitoring tool or program can help speed up the process and ensuring you have all of the necessary information when it comes time to file your taxes.

 

Calculating Gains and Losses

Once you have precise records of your bitcoin transactions, you must compute your gains and losses for tax reporting purposes. To estimate losses and gains, calculate your capital by subtracting the purchase price of each cryptocurrency you acquire from the revenues of each sale or exchange. Remember that the standards for determining earnings and losses may differ among tax countries. As a result, it is critical that you become acquainted with the specific tax rules governing your country or region.

 

Reporting Cryptocurrency Income

When it comes time to report your cryptocurrency income on your tax return, you must include information about losses and gains in the appropriate section or schedule. In many countries, you’ll need to report your cryptocurrency income as part of your annual income. Some regions require you to file a separate schedule or form specifically for cryptocurrency transactions. Consult with a tax professional if you need help reporting your cryptocurrency income correctly.

 

Filing Taxes Electronically

Many tax authorities now provide electronic filing alternatives, making reporting bitcoin taxes easier. By filing your taxes electronically, you can limit the possibility of errors. Additionally, you may ensure that your tax return is processed fast.

If you need assistance reporting your cryptocurrency earnings, seeking professional advice is usually a smart option. A knowledgeable tax professional accountant can assist you in understanding your tax obligations and optimizing credits. A professional will ensure that you comply with all applicable tax rules and regulations. While it may incur an additional cost, the peace of mind you’ll gain will be well worth it in the end.

Reporting cryptocurrency taxes can be a complicated task. However, it is critical to comply with tax rules and regulations. Understanding taxable events and maintaining proper records is just one way to stay on top of cryptocurrency tax issues. With careful planning and attention to detail, you may confidently and safely navigate the world of cryptocurrency taxation.

Ethereum’s Zero-Knowledge (ZK) Layer-2 scaling solution, zkSync, is facing backlash from the crypto community after its recent ZK token airdrop announcement. 

Community members have expressed concerns about the lack of anti-Sybil filtering and the “unfair” token distribution.

ZkSync Faces Backlash

On Tuesday, zkSync announced the upcoming airdrop of its ZK token and the distribution plan. According to the announcement, 17.5% of ZK’s 21 billion token supply will be airdropped to 695,000 eligible wallets on June 17.

Introducing the ZK Token

Checker → https://t.co/O2UonCvfziAnnouncement → https://t.co/hjgI14PHoiDocs → https://t.co/taWBoCnfbc

It’s time to put the ZK token into the hands of the community. It’s your turn to govern ZKsync’s future. pic.twitter.com/VD3fZgH5bf

— ZK Nation (@TheZKNation) June 11, 2024

Additionally, 33.3% of the token’s supply would be distributed between the project’s team and investors. The allocation was meant to reward early users and long-time supporters among zkSync’s community.

Per the post, eligible users could receive up to 100,000 ZK tokens depending on the criteria they had met before the March 25 snapshot. However, the project faced criticism after users started to check their allocation.

Online reports revealed that some community members were not content with their rewards. 

Despite being active long-term users, many investors claimed to have received a lower token allocation than others with less activity.

Similarly, several users complained of not being eligible for the airdrop despite their volume and transaction history and meeting the criteria. 

One X user shared being in the top 0.04% of wallets and receiving only 1,023 ZK tokens, while wallets with significantly less activity registered after the snapshot got the maximum allocation.

Just one word@zksync#Zkscam pic.twitter.com/wbBzEm72wb

— Rahim29 (@rahim1370219) June 11, 2024

Various top-ranking projects built on zkSync have expressed disappointment after not being included. NFT project zkApes and NFT marketplace Element shared they had not received any airdrops despite generating between $15-$20 million in gas fees for the network.

We generated $15 million in gas fees for @zksync , but received no airdrop in return. What a joke!!!#zk #zksync

— zkApes | Build on zkSync (@zk_apes) June 12, 2024

Moreover, zkApes, Element NFT, and other projects have formed a coalition to “keep the pressure” on zkSync’s team and negotiate a token allocation, which would be distributed between their communities. Critics expressed their desire for “transparency and fairness.”

A Lack Of Anti-Sybil Filtering?

Mudit Gupta, Chief Information Security Officer (CISO) at Polygon Labs, called the situation the “most farmable and farmed airdrop ever.” 

zkSync airdrop is out.

Most farmable and farmed airdrop ever probably.

Almost no sybil filtering as far as I can see.

Anyone who knew the criteria could've easily farmed the shit out of it.

Makes you appreciate what LayerZero is trying to do with sybil filtering.

— Mudit Gupta (@Mudit__Gupta) June 11, 2024

Gupta highlighted the lack of anti-Sybil filtering and claimed that “anyone who knew the criteria could’ve easily farmed the shit out of it.”

Similarly, Adam Cochran, partner at Cinneamhain Ventures, considers the airdrop not well-planned from a Sybil perspective. He pointed out that the criteria were “easy to not hit as a real user, and easy to hit as a farmer.”

I love the zkSync guys but damn that was not a well planned airdrop from a sybil perspective.

Those criteria are easy to not hit as a real user, and easy to hit as a farmer, and had no anti-sybil program.

Real users could easily use 1-2 dapps or only a handful of tokens on your… pic.twitter.com/PiqprIbKJ3

— Adam Cochran (adamscochran.eth) (@adamscochran) June 11, 2024

Many users believed that the controversial criteria were not zkSync’s responsibility but that the crypto analytic firm Nansen was at fault. However, Nansen clarified they had not been involved with the ZK airdrop.

In an X post, the firm stated that they provided data to Matter Labs, zkSync’s developing company, in the past. 

The information provided included data about the wallets of some whales and known scammers. Additionally, they explained they did not do any anti-Sybiling or give any advice on the token allocation.

It’s worth noting that the project decided not to use any anti-Sybil criteria for the airdrop as it was considered an “incomplete approach.”

(…) It’s tempting to eliminate bot swarms by applying strict sybil criteria. But Sybil detection often cuts out real users with arbitrary filters. This was an incomplete approach for the ZK airdrop. The ZK airdrop focuses on identifying real users using a human-first approach.

According to online reports, Sybil wallets are estimated to receive around $135 million ZK tokens from the airdrop, based on an initial list provided by LayerZero Labs. Since then, the Sybil list has been discarded by Bryan Pellegrino, CEO of LayerZero.

The Litecoin (LTC) blockchain has witnessed a surge in network activity this month, with the number of unique addresses interacting with the network more than doubling from 345,000 in May to over 700,000.

According to data from on-chain analytics firm Santiment this key metric, comes as the network’s Relative Strength Index (RSI) enters its best “Opportunity Zone” region since September. 

Litecoin has averaged ~704K unique addresses interacting on the network over the past week after averaging ~345K addresses throughout May. The network more than doubling in active addresses, along with its RSI well into an opportunity zone, may be foreshadowing an $LTC bounce. pic.twitter.com/7AJfY1tTSJ

— Santiment (@santimentfeed) June 11, 2024

Unique addresses interacting with a network suggests growing traffic on the network and stronger user interest.

The official Litecoin account on the microblogging platform X (formerly known as Twitter) also highlighted this recent surge in network activity, sharing a chart depicting the number of active addresses from market intelligence platform IntoTheBlock, and saying Litecoin “is the most active blockchain in the world.”

Interestingly, Litecoin’s active addresses have surpassed even those on Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization.

Litecoin is the most active blockchain in the world!!! Surpassing #Bitcoin $BTC and #Ethereum $ETH in active addresses. More people using Litecoin than any other crypto right now!

What's in your wallet? #Litecoin $LTC pic.twitter.com/3wxmjSRU1m

— Litecoin (@litecoin) June 10, 2024

Litecoin has historically ranked highly in usage metrics due to its network’s ability to facilitate cheap and fast transactions and if often referred to as the silver to Bitcoin’s gold, serving as a network that uses technology that is then implemented on the main bitcoin blockchain.

Litecoin implemented Segregated Witness (SegWit) before the Bitcoin blockchain, for example, and saw its latest halving occur back in August 2023. Despite its technology and recent activity surge, LTC’s price has been somewhat stagnant.

Over the last year LTC moved up just 1.2% to now trade at $78.4, while the flagship cryptocurrency Bitcoin saw its price move up over 167% over the same period, now trading near the $70,000 mark.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Telegram’s clicker games are driving the popularity and adoption of Toncoin (TON) within its mini-app ecosystem.

These games allow users to earn cryptocurrency by tapping screens and completing designated tasks.

Games like Notcoin and Hamster Kombat have attracted millions of users with engaging mechanics.

Clicker Games In Telegram Make Bullish Case For Toncoin (TON)

The rise of clicker games within Telegram’s mini-app ecosystem is significantly boosting the popularity and utility of TON Blockchain and its native token—Toncoin (TON).

Telegram’s community-centric nature, combined with the play-to-earn (P2E) model, offers a compelling incentive in cryptocurrency for user engagement. 

This trend has transformed crypto adoption and set a new standard for integrating digital assets within social and gaming platforms.

The New Frontier in Crypto Adoption

TON Blockchain, which is a part of Telegram’s ecosystem, stands to benefit significantly from this latest trend. 

Players who earn Toncoin through gameplay can easily transfer their earnings to TON-based wallets. The seamless integration of TON Blockchain within these games enhances the utility and demand for the cryptocurrency.

Moreover, these clicker games have quickly amassed millions of users. For example, as of June 10, Hamster Kombat, one of the most popular clicker games, has garnered over 100 million players.

Telegram’s extensive user base and social media’s viral nature also play pivotal roles in the rapid spread of these games. 

The community-driven promotion and ease of sharing within Telegram groups amplify the reach and impact of these games.

Furthermore, they offer convenience by allowing users to play games directly within Telegram. Users do not need to download additional applications. This ease of access simplifies the onboarding process, broadening the appeal to a wider audience.

Besides the solid ecosystem, the gamification element is also a crucial driver of engagement. Clicker games combine the addictive nature of simple and repetitive tasks. Many of these games have developed their in-game currencies and economies, encouraging microtransactions.

The ability to purchase upgrades, boost earnings, or unlock new features through microtransactions adds another layer of engagement and potential revenue. 

Additionally, features such as leaderboards, friend challenges, and team competitions create a sense of community and friendly rivalry. This blend of social aspects, entertainment, and financial incentives boosts engagement and retention.

“This is all very bullish for TON. […] It is crypto’s latest meta,” crypto analyst Alex Krüger affirmed.

Ironically, the new frontier in crypto adoption is defined by simple clicker games in Telegram miniapp format. @thenotcoin, @hamster_kombat, @CatizenAI, @TRUExWorld, and @pixelverse_xyz have all racked up millions of users in a very short time.

➤ Ease of Access and Use:…

— Alex Krüger (@krugermacro) June 12, 2024

The Top Telegram Clicker Games Driving Toncoin Adoption

The clicker games trend in the Telegram ecosystem was started by Notcoin, which Open Builders launched in early 2024. Notably, Notcoin has become a key player in the Telegram gaming ecosystem since its inception.

Players can mine the in-game currency Notcoin by tapping on a virtual coin. In May, Notcoin held its token generation event (TGE), listing the native token NOT on several major exchanges, including OKX and Binance.

After the listing, Notcoin quickly positioned itself among the top 100 cryptocurrencies by market capitalization. At the time of writing, its market capitalization is $1.86 billion, and it is trading at $0.01804.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

In a bid to project a friendlier attitude towards a growing demographic, President Joe Biden is reportedly considering accepting political donations in crypto.

Ahead of the all-important presidential election, President Biden’s campaign is considering accepting crypto donations using the services of cryptocurrency exchange Coinbase.

Coinbase Commerce, a service enabling merchants to accept various cryptocurrencies, already facilitates crypto donations for presumptive Republican candidate Donald Trump. His campaign started accepting digital currency contributions last month.

The Biden campaign’s talks are part of efforts to engage crypto-focused voters ahead of an election that experts believe will be closely contested.

Pro-cryptocurrency donors have been mobilizing, with crypto-backed super PACs raising a $100 million war chest, according to Public Citizen.

The potential acceptance of cryptocurrency donations by Biden’s campaign comes at a critical time. 

Last week, Biden vetoed a bipartisan bill aimed at overturning the SEC’s crypto custody rules. This decision was met with criticism from the crypto community, which saw it as a hindrance to the industry’s growth in the U.S.

Billionaire Mark Cuban recently suggested that cryptocurrency could play a pivotal role in the 2024 election, potentially tipping the scales in favor of Trump. 

Over the last month, Trump’s campaign has taken a drastic pro-cryptocurrency pivot, a departure from his earlier positions.

According to the decentralized prediction platform PolyMarket, Trump has a 56% chance of winning the elections against Biden’s 35%.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

More than $200 million in BTC were sold by Bitcoin miners on Sunday, a three-month high, according to CryptoQuant.

Bitcoin miners are starting to dump their coin reserves following almost two months of strained revenue in the aftermath of the network’s fourth ‘halving’ event.

In a Wednesday report, crypto market intelligence firm CryptoQuant said miners have been sending their BTC to exchanges in droves, reaching a two-month high of 3,000 BTC—worth approximately $207 million—on June 9.

What followed was a 3% correction in Bitcoin’s price down to $66,000 on Tuesday, although the asset recovered fairly quickly this morning.

“Miner selling via [over-the-counter] desks has also spiked to the largest daily volume since late March,” the report added. On Monday, miners sold 1,200 BTC for about $83 million over the counter.

It was their largest daily selling volume since a 1,600 BTC sell-off day in late March.

Marathon Digital, the largest #Bitcoin mining company, sold 1K $BTC yesterday, likely to cover expenses, marking the highest daily OTC volume since late March.

h/t @jjcmoreno pic.twitter.com/jM2C2TN8sN

— Ki Young Ju (@ki_young_ju) June 11, 2024

CryptoQuant’s figures are based on transactions from Bitcoin mining pools, in which most of the significant mining firms participate to keep their revenues more consistent.

Some of these sales have likely been motivated by Bitcoin’s slow upward climb since April, motivating mining firms to take profits while they can.

However, the difficulty for miners to do business has also become undeniable. With the fixed BTC block reward dropping by 50% to 3.125 BTC in April, and network fees staying relatively low, the industry has faced a seismic loss of revenue to which it is still adjusting.

While experts have claimed that large competitors with efficient economies of scale will be able to manage the transition, even some publicly traded miners are starting to sell. 

For example, the report notes, Marathon Digital (MARA) sold 1400 BTC in June so far, representing 8% of their total reserves prior to the sale, and up from 390 BTC throughout all of May.

Due to the halving, CryptoQuant’s data showed that Bitcoin miners were “extremely underpaid” in May, and have only returned to being “fairly paid” in June.

“We calculate miner overpaid and underpaid by comparing the 30-day percentage change of the U.S. dollar value of the block reward to the 30-day percentage change in mining difficulty,” wrote CryptoQuant in a message to Decrypt. “Right now they are underpaid because the block reward has fallen more than difficulty.”

Since the halving, Bitcoin’s total hash rate has only declined by 4%, meaning it remains almost as difficult and costly to mine a Bitcoin block despite the decreased rewards.

Despite the performance, many mining stocks have performed well since the halving, with Valkyrie Bitcoin Miner ETF (WGMI) rising 33% since that time.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

A 24-year-old Termez State University graduate has been sentenced to 10 days of administrative imprisonment by a Uzbek Court for selling cryptocurrency Notcoin (NOT). 

Termez State University is a public institution located in the capital of Surkhandarya province, Uzbekistan. 

The court found him guilty of violating laws governing the circulation of crypto assets. 

The case began when a complaint was filed with Tashkent city’s Department of Internal Affairs (DIA) on June 1. 

The subsequent investigation uncovered the student’s illegal crypto transactions, conducted using his phone and bank card. 

During the court hearing, the student admitted his guilt, explaining that he had sold Notcoin via Telegram for 800,000 Uzbekistani som ($63) and was unaware that his actions were illegal. 

He requested leniency from the court. The Chilanzar district criminal court found him guilty under Part 1 of Article 155-4 of the Administrative Responsibility Code, which addresses offenses related to crypto asset legislation.

Circle is launching its Programmable Wallets and gas station on the Solana network.

Circle has expanded its Web3 Services, adding support for Solana, the company said in an announcement.

Circle’s Web3 Services empower businesses and developers looking to launch on-chain apps. To bring these benefits to Solana, Circle is launching its Programmable Wallets and gas stations on the network.

“With this initial launch of Circle’s Programmable Wallets supporting the Solana ecosystem, we’re excited to empower Solana developers to build innovative applications that are secure, scalable, fast, and cost efficient,” Circle noted.

Integration Will Be In Two Phases

Circle plans to enable the integration in two phases, starting with support for Programmable Wallets and Gas Station. 

The platform’s APIs and SDKs will allow developers to build and scale applications with fungible token transfers and capacity to sponsor end user transaction fees.

The next phase of the integration will see developers benefit from support for non-fungible tokens (NFTs) and Smart Contract Platform interactions. Updates will also allow for additional use cases, including NFT integration in gaming and for brand loyalty.

Currently, Circle’s Programmable Wallets are enabled for Ethereum, Polygon PoS, and Avalanche. Solana is the latest blockchain integration.

Solana’s Network Growth

Circle’s expansion of its Web3 Services to Solana is only the latest collaboration that aims to strengthen the blockchain platform.

The company also offers native USDC and EURC integration on Solana, and enabled its Cross-Chain Transfer Protocol (CCTP) on the network in March.

Solana has also seen major partnerships and integrations with other ecosystem players. Recently, Squads Labs announced Solana’s first smart wallet Fuse, unveiling a public TestFlight for iOS.

In late May, payments giant PayPal expanded native availability of its stablecoin PayPal USD (PYUSD) to Solana.

PayPal noted that the integration is key to enhancing commerce across the globe, with users benefitting from transaction speed and low costs.

A recent Bitfinex Alpha report shows a shift in Bitcoin (BTC) ownership, revealing short-term investments surge, driven by the popularity of spot Bitcoin ETFs, while long-term holders remain confident in the market.

Recently, there has been a notable change in Bitcoin (BTC) ownership in the crypto market, especially among short-term holders.

Short-term Bitcoin investors, meaning those typically holding Bitcoin for less than 155 days, have significantly increased their activity. 

Their combined holdings rose from 2.2 million BTC in January to more than 3.4 million BTC by mid-April — that’s nearly a 55% increase. 

This rise is mainly linked to the increasing impact of spot Bitcoin ETFs.

Short-term Vs. Long-Term Holders

According to the report, the increase in short-term holders indicates a strong level of investment in BTC, driven by the launch and growing popularity of spot Bitcoin ETFs. 

The concentration of these brief asset holdings near the current market price indicates substantial investment activity at this particular price point. 

However, short-term holders also lead to vulnerability and price fluctuations, which can lead to potential risks or price drops.

This short-term holder number steadily rises due to new players entering the market and buying Bitcoin. However, the price stays the same because older coins are being distributed. 

The market is still resetting, and the $60,000-70,000 price point will be the new floor for BTC, much like $10,000 became a base in 2020.

It looks like we still have overhang from last cycle.

Short term holders realized price is steadily rising as new players enter the market and Buy #Bitcoin. Hedge funds, Pension Funds, Banks etc.

But the price isn't taking off because older coins are being distributed.

We… pic.twitter.com/VxaXozgANT

— Thomas | heyapollo.com (@thomas_fahrer) June 12, 2024

The supply held by short-term holders currently stands at approximately 3.3 million BTC, a slight decrease from the mid-April peak. 

This decrease is due to the market correction in March that occurred after Bitcoin reached its all-time high. 

Bullish Sentiment For Long-Term BTC Holders

On the other hand, long-term Bitcoin holders are demonstrating a remarkable show of confidence in the market. 

After Bitcoin achieved a new all-time high of $73,666 in March, many long-term holders sold significant amounts of their BTC. 

Recent data shows that the trend of selling Bitcoin has stopped, and instead, long-term holders are now starting to accumulate Bitcoin. 

The amount of Bitcoin held by investors for over a year has remained almost unchanged, indicating that these investments are being held onto rather than being actively traded.

STH hit breakeven with the latest $BTC dip, marking a potential reaction zone.

The reaction's intensity is unclear, but long-term holders can hold steady.

Analyzing Bitcoin and STH together hints at a short-term bottom likely forming this week. pic.twitter.com/IVgTHcWBOZ

— Kyledoops (@kyledoops) June 11, 2024

Furthermore, just about 0.03 % of the supply held by long-term investors comprises coins that were bought at prices higher than the current spot price. 

In the initial stages of a bull market, it’s common to see long-term investors holding onto their profitable positions.

Bitcoin whales are also accumulating Bitcoin at a pace reminiscent of the pre-2020 bull run, leading to a new historical high in their Bitcoin balance.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Terraform Labs reached a $4.47 billion settlement with the US Securities and Exchange Commission (SEC) related to the implosion of TerraLuna (LUNC) and TerraUSD (UST).

Terraform Labs agreed to pay a bigger penalty than the fine the US Justice Department levied on crypto exchange Binance. 

According to court filings on Wednesday, Terraform Labs reached a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) related to the implosion of TerraLuna (LUNC) and TerraUSD (UST).

The proposed penalty submitted by SEC prosecutors followed a two-week trial in March and a preliminary deal disclosed late last month. A jury determined that both Terraform and its founder, Do Kwon, were legally responsible for the company’s crash in 2022. 

The settlement is subject to approval from a New York judge and could be one of the largest settlements between a crypto entity and a U.S. regulator. The SEC initially sought $5.3 billion in fines from both parties.

Federal prosecutors initially argued for $4.7 billion in disgorgement, accompanied by a combined $520 million in civil penalties from the firm and Kwon.

Terraform’s Founder Extradition 

Do Kwon is also awaiting extradition in the Balkans, pending approval for his removal to either the U.S. or his home nation, South Korea.

Kwon’s sentence for travel paper fraud expired in March, and the fugitive was released on home arrest from Spuž prison in Montenegro. 

The one-time crypto mogul was previously on the run, after Terra’s $60 billion collapse reverberated through the digital asset industry and unleashed cascading bankruptcies on several entities.

Extradition to America or South Korea was approved on several occasions. However, the decisions were overturned in a continued back-and-forth between attorneys and Montenegro’s judicial system. 

At press time, Kwon’s extradition destination is yet unknown but the former crypto-billionaire could face long years in prison over his role in Terra’s tumble.

The price of Kaspa (KAS) has increased 4.23% over the past 24 hours to $0.17, which is in the opposite direction of its trend over the past week, where it has experienced a 6.0% loss, moving from $0.18 to its current price. 

As it stands right now, the coin’s all-time high is $0.19.

The chart below compares the price movement and volatility for Kaspa over the past 24 hours (left) to its price movement over the past week (right). 

Price Movement and Volatility for Kaspa

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 29.0% over the past week while the circulating supply of the coin has risen 0.96%. 

This brings the circulating supply to 23.91 billion, which makes up an estimated 83.28% of its max supply of 28.70 billion. 

Kaspa Price Chart | Source: Coinstats

 

According to our data, the current market cap ranking for KAS is #29 at $4.10 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The price of Kaspa (KAS) has increased 4.23% over the past 24 hours to $0.17, which is in the opposite direction of its trend over the past week, where it has experienced a 6.0% loss, moving from $0.18 to its current price. 

As it stands right now, the coin’s all-time high is $0.19.

The chart below compares the price movement and volatility for Kaspa over the past 24 hours (left) to its price movement over the past week (right). 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has tumbled 29.0% over the past week while the circulating supply of the coin has risen 0.96%. 

This brings the circulating supply to 23.91 billion, which makes up an estimated 83.28% of its max supply of 28.70 billion. 

According to our data, the current market cap ranking for KAS is #29 at $4.10 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Over the past 24 hours, the price of Render (RNDR) has risen 10.0% to $9.09. 

This is contrary to its negative trend over the past week where it has experienced a 10.0% loss, moving from $10.51 to its current price. As it stands right now, the coin’s all-time high is $13.53.

The chart below compares the price movement and volatility for Render over the past 24 hours (left) to its price movement over the past week (right). 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has climbed 51.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.35%. 

This brings the circulating supply to 388.65 million, which makes up an estimated 73.04% of its max supply of 532.07 million. 

According to our data, the current market cap ranking for RNDR is #34 at $3.55 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Over the past 24 hours, the price of Render (RNDR) has Increased 10.0% to $9.09. 

This is contrary to its negative trend over the past week where it has experienced a 10.0% loss, moving from $10.51 to its current price. As it stands right now, the coin’s all-time high is $13.53.

The chart below compares the price movement and volatility for Render over the past 24 hours (left) to its price movement over the past week (right). 

Price Movement and Volatility for Render

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has climbed 51.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.35%. 

This brings the circulating supply to 388.65 million, which makes up an estimated 73.04% of its max supply of 532.07 million. 

Render Price Chart | Source: Coinstats

 

According to our data, the current market cap ranking for RNDR is #34 at $3.55 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Over the past 24 hours, the price of Stacks (STX) rose 8.84% to $2.39. 

This continues its positive trend over the past week where it has experienced a 2.0% gain, moving from $2.38 to its current price. As it stands right now, the coin’s all-time high is $3.86.

The chart below compares the price movement and volatility for Stacks over the past 24 hours (left) to its price movement over the past week (right). 

Price Movement and Volatility for Stacks

 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. 

The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Stacks‘ trading volume has climbed 22.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.56%. 

This brings the circulating supply to 1.47 billion, which makes up an estimated 80.68% of its max supply of 1.82 billion. 

Stacks Price Chart | Source: Coinstats

 

According to our data, the current market cap ranking for STX is #33 at $3.56 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

The price of Internet Computer (ICP) has increased 4.16% over the past 24 hours to $10.57, which is in the opposite direction of its trend over the past week, where it has experienced a 15.0% loss, moving from $12.41 to its current price. 

As it stands right now, the coin’s all-time high is $700.65.

The chart below compares the price movement and volatility for Internet Computer over the past 24 hours (left) to its price movement over the past week (right). 

The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. 

The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Internet Computer’s trading volume has climbed 153.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.37%. 

This brings the circulating supply to 464.94 million. According to our data, the current market cap ranking for ICP is #27 at $4.93 billion.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Bond, a Web3 gateway, by Solana Labs offers luxury brands a blockchain solution for authentic customer engagement.

Golden blockchain symbolizing Bond brand loyalty.

Solana Labs announced a new platform for luxury brands called Bond, aimed at leveraging blockchain to offer personalized, transparent customer experiences that foster deeper connections and long-term loyalty.

According to the announcement, the platform addresses the disconnect between brands and consumers when products change hands, which can obscure customer data and hinder relationship building. 

Bond’s direct engagement capabilities, insights into consumer behavior, and blockchain-based authentication of goods enable brands to create tailored customer journeys and secure partnerships without compromising data privacy.

“Bond equips brands with the tools to deliver personalized experiences, foster trust, and cultivate enduring relationships with their customers,” shared Tal Tchwella, Head of Product at Solana Labs. 

“We’re thrilled to introduce Bond as a game-changer for brands seeking to improve their customer engagement strategies, allowing them to design bespoke loyalty programs and rewards that encourage repeat engagement and increase overall customer value.”

Bond also introduces new opportunities for digital collectibles, luxury goods authentication, digital product passports, and collaborative campaigns. 

It utilizes the Solana blockchain’s speed, scalability, and low costs to provide a frictionless user experience, making blockchain integration simple for brands without the need for blockchain expertise.

This development reinforces Solana’s role as an infrastructure for Web3 developments. 

On May 29th, PayPal chose Solana as the first blockchain to expand the offering of its stablecoin, the PYUSD. 

The network is already partnered with other significant payment players like Visa, Stripe, and Shopify.

PayPal payments are live to users of the digital assets payment platform MoonPay across the European Union (EU) and the United Kingdom (UK).

According to the press release shared with Bitcoinworld, PayPal is now available to 1% of MoonPay customers in the UK and EU, with 100% availability expected in the next few weeks. The exceptions are Croatia, Hungary, and Iceland.

This means that users in 24 EU member states and the UK can now buy cryptocurrency using their PayPal account.

The team remarked that the integration simplifies transactions for MoonPay users with existing PayPal accounts.

They can fund their crypto purchases with PayPal Balance, direct bank withdrawal, or debit cards.

Additionally, neither of these options requires them to enter details manually.

Ivan Soto-Wright, MoonPay’s co-founder and CEO, commented on “the success of our PayPal partnership.”

He stated that “expanding our collaboration to new markets is an incredibly exciting milestone for us. This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world, bringing convenience and trust to our growing customer base.”

The US Move Has Been a Success

The expansion of this service to the EU and the UK follows the US launch last month.

MoonPay partnered with PayPal on May 2 and rolled out the service to 100% of users.

It stated that this move demonstrated strong demand for PayPal as a payment option to buy crypto.

In this latest announcement, the team has shared “impressive results” they’ve seen so far. These include:

New demographic: MoonPay’s integration with PayPal unlocks a more mature user base with an average age of 35 years old.

Popularity: PayPal is the third most popular payment method in the US, overtaking Google Pay, sitting “slightly behind” cards and Apple Pay;

Increased engagement: nearly 90% of users who successfully connect to PayPal proceed with a transaction;

Higher conversion: new customers using PayPal as their first payment method convert at a 1.3x higher rate than those using cards.

Moreover, the integration is a major development for MoonPay, given that it became the first platform of its kind to incorporate this payment giant, the team stated.

It added that “this provides a wider selection of cryptocurrencies compared to platforms that only offer Ether or the PayPal USD stablecoin.”

Forming Partnerships, Expanding Offerings

MoonPay has been quite busy over the past few months.

@BullpenFi

Welcome to the MoonPay fam! pic.twitter.com/O7LKPgTowF

— MoonPay (@moonpay) June 12, 2024

In October last year, it announced a partnership with Mastercard to advance Web3 integrations, build connections, and boost marketing tools.

That same month, it unveiled its new Swaps feature in the app, which enables users to swap one cryptocurrency for another.

Then, in November, amid increased regulatory scrutiny, MoonPay appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors.

In May this year, the company donated $1 million to the digital advocacy group Stand With Crypto ahead of the 2024 US elections.

Meanwhile, MoonPay saw significant investor support in November 2021 when it raised $555 million in a Series A funding round led by Tiger Global Management and Coatue, with a valuation of $3.4 billion.

As for PayPal, at the end of May, it said it’s expanding PYUSD to the Solana blockchain.

It was also revealed that the stablecoin includes a feature called “confidential transfers” to provide privacy for users and transparency for regulators.

Bitcoin (BTC) miners sold over $83 million in BTC recently.

BTC has dropped below the $67,000 price level.

Bitcoin (BTC) has experienced declines over the past few days, with the most notable drop occurring on 11th June. In response to this decline, miners have been selling off their holdings to take some profits.

However, these sales are not being reflected on the exchanges. Despite these circumstances, the open interest continues to maintain a respectable volume.

OTC Sales Deplete The Bitcoin Miner Reserve

An analysis of key Bitcoin miner metrics revealed a decline in miner holdings. The miner reserve, while maintaining a volume of around 1.8 million, has experienced slight declines.

However, tracking the miner outflow showed a decrease, indicating that the volume being sent to exchanges from miner wallets has declined.

The metrics may be confusing at first because the flow of BTC from miner wallets is not visible, yet the reserve has seen declines.

However, the situation becomes clearer when analyzing Over the Counter (OTC) sales. 

An analysis of BTC Miner OTC sales revealed that some major mining companies have been selling off their holdings. 

According to a chart on CryptoQuant, there was recently the largest OTC sale since late March, with around 1,200 BTC sold. 

This is a sign of miner capitulation, indicating that miners are selling their BTC holdings, potentially due to financial pressures or to lock in profits amidst market declines.

These types of transactions do not immediately impact exchange volumes but still reduce the overall reserve.

How Has BTC Trended Amidst Sell-offs

An analysis of Bitcoin on a daily time frame chart showed a negative trend over the last seven days. 

Bitcoinworld analysis of its price trend indicated that between the 6th and 7th of June, Bitcoin’s price dropped from the $70,000 range to around $68,000.

However, BTC saw another major decline on 11th June, taking its price lower. Analysis of the chart showed that it declined by over 3%, bringing its price down to the $67,000 range.

At this rate, Bitcoin was moving dangerously close to its short moving average (yellow line), which has served as support at around the $65,000 price range.

As of this writing, BTC was trading at around $68,778, with a slight attempt at an uptrend.

Analysis of its Relative Strength Index (RSI) showed that it is now below the neutral line, with the RSI at around 47. This indicates that BTC is currently in a bear trend.

Bitcoin Still Getting Lots Of Interests

An analysis of another key metric revealed that despite the miner sell-off and the price decline, Bitcoin continues to see a high volume of interest.

This suggests that, even in a bear trend, there remains significant engagement and potential optimism in the market.

A look at the Open Interest chart from Coinglass showed it was around $34 billion as of this writing.

Analysis of the chart indicated that its all-time high (ATH) was around $39 billion, a level achieved in March when the BTC price was over $70,000.

This suggests that cash inflow has not stopped, and many traders are buying in due to the price drop. 

Additionally, comparing the current open interest (OI) to its all-time high (ATH) shows that there has been no significant loss of positive sentiment around the price of BTC.

Despite the recent declines, traders remain engaged and optimistic about Bitcoin’s potential.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Russian crypto mining firms are continuing to spend big on new projects, with the Bitcoin mining player Intelion unveiling a $135 million AI investment.

The Intelion business group, one of the largest industrial mining operators in Russia, said it would spend the money on “server equipment for AI computing.”

Per the Russian media outlet RBC, the company will use its “new capacities” as “part of” a new “data center” project in the Samara Oblast.

Russian Crypto Mining Firms Ready to Spend Big

Intelion says that to “implement” its new AI project, it will spin off its “high-performance computing business” into a subsidiary.

This new firm will be named Intelion Cloud. It will reportedly focus on “developing a group of companies in the AI field.” 

It will also “provide clients with access to high-performance computing power.”

Domestic crypto mining companies have grown quickly as global crypto markets have boomed.

In addition, they have also struck deals with energy providers in parts of Russia with cooler climates and low electricity fees.

This rapid expansion has seen the industry branch out into AI-related industries. Players have also offered Moscow access to brand-new data centers, hoping this will lead regulators to look favorably upon their industry.

Moscow is hoping to launch a nationwide IT development project. And crypto mining players say their data centers will help the government achieve its goal.

Could AI Become a New Money Spinner for Crypto Miners?

Russian experts claim that AI development will spike energy consumption figures. They think that by 2035, Russian electricity consumption in the AI sector “will reach 4.5 GW.”

Experts say that “new infrastructure and advanced GPUs” are urgently needed to help facilitate the rise of the domestic AI field. Maxim Vyaznikov, Intelion Cloud’s inaugural CEO, said:

“Industrial crypto mining allows us to create and maintain large-scale infrastructure designed for the future. It will also help recoup investments due to the high current demand for computing power.”

The firm said that the “first phase” of its new Samara data center will come online “in the fourth quarter of 2024.”

Additionally, the company said that a further $48.2 million would be spent on the construction of the data center “in the next two and a half years.”

Russia's economy is growing, but can it last? https://t.co/NPwoinkBue

— BBC News (World) (@BBCWorld) June 6, 2024

Miners Branch out in Russia – and Beyond

Intelion Cloud says it “already has” a range of modern servers. These reportedly include “advanced” Nvidia A100 series graphics accelerators.

The mining player appears keen to provide “per-second pricing” options for AI firms who need to rent servers.

RBC noted that the growing demand for electricity “for the uninterrupted operation of AI systems” was creating “additional income for Bitcoin miners.”

Miners in the United States have launched similar projects. These include the American mining firm Core Scientific.

Earlier this month, Core Scientific announced a $3.5 billion, 12-year agreement with the cloud service provider CoreWeave.

Tonight, we announced that Core Scientific will be providing an additional ~200 MW of infrastructure to host @CoreWeave #HPC services.

– ~200 MW of infrastructure for HPC compute– Estimated to generate total cumulative revenue for Core Scientific of over $3.5 billion during the… pic.twitter.com/GWRaJuJdZs

— Core Scientific (@Core_Scientific) June 4, 2024

The deal will see the miner supply some 200 MW to AI projects, reportedly netting the miner an average annual income of some $290 million.

Miners Hope for Regulatory Breakthrough

The sector is hoping for a breakthrough with regulators as it continues to push for the legalization of industrial mining.

Government officials say they support moves that would grant mining recognition as a form of “entrepreneurship.”

In February, the Russian crypto mining firm BitRiver announced it was building a new 100 MW data center in the southern republic of Buryatia.

Many Russian crypto mining players are taking care to build their new data centers outside more popular Bitcoin industry hubs such as Irkutsk.

While Samara has hot summers, its winters are cold. The region is famous for its oil refining and petrochemical industries.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.