Introduction Florida Congressman Matt Gaetz has proposed a bill that would allow Americans to pay their federal income taxes in Bitcoin. This proposal aims to modernize the tax system and enhance the country’s technological leadership. Benefits of Bitcoin for Tax Payments Gaetz believes that Bitcoin offers several advantages for tax payments: Streamlined system: Bitcoin transactions…
Burns Skyrocket 101% Shiba Inu has witnessed a surge in token burns, with the daily burn rate doubling in the past 24 hours. Over 19 million tokens have been removed from circulation, a significant increase from the previous day’s 10 million. Weekly Burn Rate Declines Despite the daily surge, the weekly burn rate remains lower…
On Tuesday, the Cardano network faced a DDoS attack, a malicious attempt to disrupt its operations. However, the network’s robust mechanisms successfully countered the attack, ensuring stability and continued operation. Attack Details The attack started with a surge of transactions executing complex smart contracts and spending minimal ADA. This strategy aimed to overload the network…
Spot Ethereum ETFs to Attract Massive Investments Bitwise’s Chief Investment Officer (CIO), Matt Hougan, predicts that Spot Ethereum ETFs could receive $15 billion in net inflows within their first 18 months of trading. Basis for the Estimate Hougan’s estimate is based on the following factors: Market Capitalization: He expects investors to allocate funds to Ethereum…
A prominent trader has issued a warning about a popular Solana-based cryptocurrency known as dogwifhat (WIF). Technical Indicators Suggest Downward Trend According to the trader, known as Bluntz, technical analysis indicates that WIF could experience further price declines in the coming weeks. He points to a 109-day uptrend earlier this year, suggesting a similar duration…
A recent survey by Nomura’s digital asset arm, Laser Digital, reveals that over 50% of Japanese institutional investors plan to invest in cryptocurrencies within three years. Diversification and Inflation Hedge The survey, which polled over 500 investment managers, found that 60% of respondents view crypto as a diversification opportunity, while 37% consider it a hedge…
On-Chain Analyst Warns of Potential Risks Bitcoin (BTC) is approaching a “top heavy” zone, which could lead to further price corrections, according to on-chain analyst Checkmate. What is a “Top Heavy” Zone? Checkmate explains that a top heavy zone occurs when “too many people buy too many coins at too high of a price.” This…
The German government has transferred 900 Bitcoin (BTC) to crypto exchanges Kraken and Coinbase in the past 24 hours. Kraken and Coinbase Transactions The government’s Bitcoin wallet sent 200 BTC to Kraken and another 200 to Coinbase. The remaining 500 BTC were sent to an unknown address. Previous Transfers Earlier this month, the government moved…
Consecutive Outflows Spot Bitcoin ETFs have experienced a concerning trend, with outflows for seven consecutive days. These outflows have totaled around $1.2 billion. Previous Outflows In April-May 2024, Spot Bitcoin ETFs also faced a seven-day outflow period, even more significant than the current one. The largest single-day outflow occurred on May 1, with a loss…
Congressman Matt Gaetz is proposing a new law that would let you pay your federal income taxes with Bitcoin. Why Bitcoin for Taxes? Gaetz believes that using Bitcoin for taxes would: Make the process easier and faster Give taxpayers more options Help the U.S. stay ahead in technology Inspiration from El Salvador Gaetz’s idea comes…
