Author: Max Bauer
The South African Revenue Service (SARS) has announced a crackdown on crypto asset tax evasion, vowing to include these digital assets in its comprehensive tax compliance programs. The revenue collector is seeking information on crypto users and is ramping up efforts to identify and audit non-compliant taxpayers. In a statement released today, SARS urged taxpayers to participate in the Voluntary Disclosure Program, highlighting the severe consequences of deliberate tax evasion. The taxman emphasized that all non-compliant taxpayers will be held accountable, regardless of their level of involvement in crypto activities. SARS is working closely with the Financial Sector Conduct Authority…
Charles Hoskinson, the founder of Cardano, has addressed the recent surge in negative sentiment surrounding the cryptocurrency on social media. In a statement, Hoskinson attributed the decline in Twitter sentiment to a combination of factors, including years of unaddressed grievances within the Cardano community and the limitations of the previous governance system. Hoskinson Says Measures Taken Against Cardano’s Decline “This change isn’t a reflection of our project somehow failing, but rather the desired result of Voltaire,” Hoskinson explained. Voltaire, a new governance system introduced to Cardano, is designed to address the community’s concerns and facilitate the project’s growth. Hoskinson highlighted…
The Avalanche Foundation has announced that it has reached an agreement to repurchase all AVAX tokens sold to the Luna Foundation Guard (LFG) in April 2022. The agreement is currently pending approval from the bankruptcy court. The repurchase of 1.97 million AVAX tokens will ensure that LFG does not violate the original agreement’s restrictions on the tokens’ use and will shield the tokens from the complexities of a bankruptcy trustee liquidation. “This action further enhances the Foundation’s ability to support the ongoing growth and development of the Avalanche ecosystem,” said the Avalanche Foundation. Here’s the full official statement: “The Avalanche…
Scroll, a leading Ethereum layer-2 scaling solution, has faced criticism for its decision to allocate 5.5% of its total token supply to Binance. In response to questions about the deal, Scroll Co-Founder Ye Zhang defended the move, citing the importance of Binance’s support for stablecoins in emerging markets. “Binance’s support for stablecoins is crucial, especially in Africa where it holds more legitimacy than Ethereum,” Zhang explained. “This partnership will provide a lot of other support besides listing, and strong CEX support is essential for attracting users to the Ethereum ecosystem.” Zhang also addressed concerns about the timing of the deal,…
Cryptocurrency analysis firm Alphractal has released a new report outlining potential price targets for Bitcoin (BTC) based on Fibonacci sequence analysis. The report focuses on the “True Market Mean Price,” a metric that excludes cryptocurrencies associated with mining to provide a more accurate representation of Bitcoin’s underlying value. Analytics Company Sets Lower and Upper Potential Targets for Bitcoin According to Alphractal, Bitcoin’s recent surge to the True Market Mean Price x 1.854 level is a significant indicator of market euphoria. This level aligns with previous historical peaks, suggesting that further upside potential may be in store. However, the report also…
Neiro, a popular memecoin, has announced the termination of its relationship with Gotbit, a market maker company that has recently faced legal scrutiny. The decision comes in response to criticism surrounding Neiro’s association with Gotbit, which was under investigation by the US Department of Justice. In a statement released by Neiro, the project emphasized that it was not involved in any wrongdoing related to Gotbit’s activities. However, the team felt it was necessary to distance themselves from the controversy to maintain the project’s integrity. To ensure a smooth transition, Neiro has withdrawn funds from Gotbit and is actively seeking new…
Solana’s SOL token, which has seen a remarkable 900% rebound since the FTX collapse, could surge even further, according to Geoff Kendrick, global head of digital assets research at Standard Chartered Bank. Kendrick believes SOL could reach $560 by the end of 2025, giving it a total market value of $264 billion. However, this bullish prediction hinges on three key factors: 1. US Election Outcome A Trump administration, according to Standard Chartered, would be more supportive of the broader digital assets ecosystem, including Solana. This could lead to the approval of a Solana spot ETF, which could drive up demand…
The trustee managing the assets of Mt. Gox, the once-largest cryptocurrency exchange, has announced a one-year delay in the repayment deadline for creditors. The decision, aimed at addressing logistical challenges and concerns about potential Bitcoin sell pressure, has been met with positive reactions from the market. Mt. Gox, which was hacked in 2014, has been gradually repaying creditors the equivalent of nearly $9 billion in recovered assets. However, a significant portion of the remaining funds, including 44,900 Bitcoin (BTC) valued at over $2.8 billion, is still held in on-chain wallets. The delay in repayments, according to the trustee’s statement, is…
The ongoing battle between cryptocurrency and the U.S. Securities and Exchange Commission (SEC) has taken a new turn. Crypto derivatives exchange Bitnomial filed a lawsuit against the SEC on Thursday, challenging the agency’s claim that XRP, the world’s seventh-largest digital asset, is a security. Bitnomial Sues SEC over XRP This lawsuit comes just weeks after a New York federal judge ruled in favor of Ripple Labs, a blockchain payments company, stating that XRP was not a security when traded on exchanges. The SEC has appealed that decision. The crux of Bitnomial’s lawsuit revolves around its planned XRP futures contract. The…
BlackRock strategists are predicting a slower pace of interest rate cuts by the Federal Reserve, citing a more stable economic outlook. In a recent report, the investment firm stated that they believe the Fed will have room to cut rates to 3.5% or slightly higher by early 2025. The analysis is based on the minutes of the Fed’s September meeting, which indicated a gradual approach to interest rate reductions. Rick Rieder, BlackRock’s chief investment officer of global fixed income, emphasized that the market’s previous expectations of a “hard landing” for the economy were overly pessimistic. Rieder noted that recent movements…