Bitconnect shut down its lending and exchange platform with little warning. Investors subsequently lost 90% of their value on paper. Here is everything you need to know.
Cryptocurrency news from around the world and beyond. We cover what happening with cryptocurrency today. We cover things like countries embracing or rejecting cryptos, price milestones for Bitcoin and Alts, new projects, upcoming forks, etc.
For reasons that aren’t fully clear, but likely relate back to the recent alt boom and South Korea news, cryptocurrency entered a correction period.
A crackdown on crypto exchanges in South Korea caused a crypto correction. With that said, there is no ban in the short term and it is likely domestic exchanges will be regulated and not shut down in the long term.
CoinMarketCap dropped three South Korean exchanges from its site data on Jan 7th. This brought the price of all coins down on their platform and it caused a sell-off.
Merrill Lynch has banned clients from trading the Bitcoin Investment Trust (GBTC) and Bitcoin futures due to concerns about these Bitcoin related investments.
ETH broke $1k on some exchanges, in part due to news about an update called “Casper” which will move ETH from Proof of Work (PoW) to Proof of Stake (PoS).
Cryptocurrency is a big deal in South Korea, they are a major force in the market. For this and other reasons South Korea has enacted some sensible regulations on crypto trading.
Bittrex hasn’t been accepting new users since December 15, 2017. They are currently upgrading their systems to meet the increased demand for crypto.
Ripple surpassed Ether to become the #2 cryptocurrency by market cap in the last week of December reaching a market cap of more than $90 billion.
To summarize the tax rules for cryptocurrency in the United States, cryptocurrency is an investment property and you owe taxes when you sell, trade, or use it.