First Mover Asia: Bitcoin Declines After Reaching a Record High; Ether Also Drops

Good morning, Here’s what’s happening this morning: Market moves: Bitcoin soared past $69K before dropping below $65K. Technician’s take: Intraday charts are showing initial signs of upside exhaustion. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin (BTC): $64,626 Ether (ETH): $4,613 Market moves Bitcoin faced a pullback below $65,000 in the past 24 hours, a more than 4% decline, after it surpassed $69,000 for the first time in its history during U.S. trading hours on Wednesday. Ether fell to about…

Why Crypto Should Modify the Section 6050i Tax Change, Not Fight It

The best way to resolve this problem would be to break the category “digital assets” up into three types: stable digital assets (stablecoins and LTDA), non-stable fungible coins (bitcoin, ether, dogecoin, etc) and non-stable non-fungible coins (NFTs). The monetary threshold for triggering a Form 8300 reporting requirement, currently set at a flat $10,000, should be indexed to the type of digital asset. Source link

At Least 77% of NFT Art Sales Going to Male Creators: Study

A caveat is that 16% of sales were chalked up to creators of “unknown” gender – hence the “at least.” Another caveat is that Bloomberg’s report on the study neglects to say how many NFT artists are women. Art Tactic arrived at these percentages by looking at total sales, but a look at the ratio of the amount of women to men in this space might provide a fuller picture of the inequities on display. Source link

Mastercard Outlines 3-Pronged Strategy to Support the Growing Crypto Community

The credit card giant said during the virtual event at its annual investor’s day conference that it would focus on “crypto enablement,” which encompasses purchasing, spending, cashing out and rewards involving cryptocurrency; crypto security, including identity services; and network access, which covers interoperability, stablecoins and central bank digital currencies (CBDC). Source link

The city of Philadelphia rolls out its own blockchain initiative

City of Philadelphia Chief Innovation Officer Mark Wheeler announced an initiative to bring blockchain technology to city government on Monday. The project has invited people working in the blockchain and smart contracts space to contact staff working on the project to see how crypto technology could be useful within municipal government. Wheeler tweeted that he was inspired by the blockchain forward efforts of Miami, where Mayor Francis Suarez has touted city specific crypto tokens as a potential replacement for taxes and has opted to receive his next paycheck in bitcoin. …

Twitter Creates Crypto Team to Integrate Web3 DApps

Key Takeaways Tess Rinearson, who was formerly involved with the Cosmos blockchain, will be leading a new crypto Twitter team. That team aims to help Twitter integrate Web3 and decentralized applications with its social media platform. Other projects including Solana, Reddit, and Discord have recently announced crypto social media initiatives. Share this article Twitter is assembling a crypto team to explore Web3 applications, according to statements made by an individual within that team. Web3 Is the Next Step of Twitter’s Crypto Efforts Jack Dorsey, CEO of Twitter, has long led…

Bitcoin price briefly hits $69K ATH before plummeting back to Earth

Bitcoin price hit another all-time high at $69,000 as Ether continued its long slog toward $5,000 after reaching a new high at $4,868 earlier today. Shortly after hitting this fresh milestone, however, traders began taking profit, leading to a nearly-$7000 drop. Interstingly, the breakout initiated right as a report from the U.S. Bureau of Labor Statistics showed a sharp 6.2% annual rise in the Consumer Price Index, a figure which is the highest in 30 years. According to the BLS, rising energy costs fueled a rise in CPI but for…

Landry’s Restaurant Group to introduce Bitcoin loyalty program

Landry’s Restaurant Group announced a partnership with cryptocurrency firm NYDIG on Tuesday that will enable diners to earn $25 worth of Bitcoin for every $250 spent at the hospitality conglomerate’s eateries. Landry’s will also begin keeping a portion of its corporate treasury reserves in Bitcoin under the care of NYDIG. The company is known for operating dozens of franchise entities including Morton’s, Bubba Gump Shrimp Company, the Rainforest Cafe, and the Palm. Landry’s is owned by billionaire TV personality Tillman Fertita, who also acts as the company’s CEO. Landry’s director…