The average crypto trader who traded crypto with any frequency is likely to fail at properly reporting their crypto profits and losses because the task of calculating everything is overly complex. For the IRS to fine the trader, they will have to tally their profits and losses. If the IRS has software that does this…. they should share it.
In my opinion cryptocurrency exchanges should have reporting requirements. Tallying profits and losses in crypto trading is too complex for the average taxpayer, exchanges should provide this service.
In my opinion like-kind property rules for real estate should be applied to cryptocurrency trading. This rule would help smaller investors avoid potential traps, and would still require traders to pay taxes on profits.
Dogecoin rallied last week almost touching BTC high from January 2017. No other top crypto has done that yet. This is likely a response to the upcoming Dogethereum. But one has to wonder if it Doge isn’t acting as a canary in an altcoin gold mine.
According to Business Insider’s inside sources the CBOE futures exchange is planning on launching Ethereum futures in 2018 and are just waiting on clarity from the Futures Trading Commission (CFTC).
You can now buy and sell Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) on Yahoo Finance.
Bear market aside, Bakkt, Coinbase Custody, and Coinbase Wallet are a few examples of products helping to bring cryptocurrency mainstream. In simple terms, these three products are kind of a big deal and could have a major positive effect on the cryptocurrency space in the coming months.
By launching the Coinbase Wallet app for IOS and Android, Coinbase just essentially added every Ethereum-based asset (all tokens and DApps). After-all, with Coinbase and Coinbase wallet you can shift between cash and all Ethereum-based tokens and access any DAap.
Coinbase Wallet (previously called Toshi) is an app that lets you manage Ethereum-based tokens and access DApps.
After rallying over Bitcoin ETF hopes in July, and then crashing over ETF fears in August, the market didn’t even flinch as the SEC rejected 9 Bitcoin ETFs at once on August 22nd.
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