This Historical Event Is Driving Bitcoin (BTC) Price Lower, What’s Next?

Bitcoin (BTC) didn’t move an essential $50,000 resistance mark regardless of rising above the $48,000 degree earlier this month. The token’s latest losses noticed it fail a vital check, the place it was anticipated to stabilize above the $50k degree earlier than the mid-halving correction occasion on April 11.

If the token had strengthened, it could have damaged the cycle of value weak spot stemming from a halving of rewards for mining.  However, the token’s value dived under the $42k degree, elevating considerations over the onset of one other bear market.

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Half of Cryptocurrency Investors are Unaware that They Must Pay Taxes

The April 18 tax filing deadline is approaching, but many cryptocurrency investors appear to be unprepared to submit taxes on their winnings, according to a recent survey. This information gap may result in incorrectly filed tax returns, resulting in crypto investors paying too much or too little tax.

According to a new CoinTracker survey, 40% of US crypto investors are unaware that paying taxes is necessary when exchanging cryptocurrency for fiat currency – and 48% are unaware that selling or trading an NFT is a taxable transaction. Surprisingly, 96 percent of respondents had not completed their tax returns as of March 27, 2022, probably due to widespread misunderstanding about crypto taxes, according to the survey.

Shehan Chandrasekera, CoinTracker’s head of tax strategy, told GOBankingRates that the revelation that 40% of cryptocurrency investors were unaware of their tax requirements when cashing out is startling. “I would say lack of education and awareness related to crypto taxes are arguably the main contributing factors,” Chandrasekera said.

According to the survey, an overwhelming 84 percent of cryptocurrency investors are not totally satisfied that they know everything they need to know when it comes to calculating taxes on their bitcoin transactions.

“Cryptocurrency taxes are complicated, and especially trying to do them by hand without the support of crypto tax software is a daunting challenge,” Chandrasekera said. “It’s therefore not surprising that the vast majority of cryptocurrency users are unprepared to file their taxes.”

When given a list of probable bitcoin situations that necessitate paying income tax, only 3% of people polled got all of the responses accurate, leaving 97 percent with at least one incorrect answer. For example, 58% are unaware that they must pay taxes when exchanging one type of cryptocurrency for another, or when using cryptocurrencies to purchase a good or service.

One of the most crucial things for crypto investors to understand, according to Chandrasekera, is that cryptocurrencies are taxed as property by the Internal Revenue Service (IRS).

“This guidance has been out since 2014. If you have any taxable events, you should report them on your taxes accurately and pay taxes. If you have cryptocurrency losses, you can claim them on your taxes and receive a higher refund in some cases,” Chandrasekera said.

Cashing out crypto, crypto-to-crypto trades, spending crypto on goods and services, earning crypto (wages, interest, staking, mining money), and crypto airdrops are all common taxable events.

One of the most typical challenges for crypto investors is having to reconcile their crypto activity across exchanges and wallets and calculate the correct capital gains or losses.

Three Must-Invest Blockchain Projects that You Cannot Miss in 2022

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More than a decade has passed since the world first witnessed the extraordinary capabilities of Bitcoin and the blockchain. After years of evolution, blockchain has attracted the attention of people and industries all over the world.

Now, many may consider the higher availability of different blockchain projects to be a favorable factor. The huge portfolio of blockchain projects in 2022 may confuse users. Do you want to choose projects that are based on Ethereum? Do you want to take advantage of the capabilities of a private blockchain project? Or do you want to earn money by playing games?

On the other hand, some users or businesses may be open to the possibility of switching to newly introduced blockchain projects. However, if you don’t have the right guidance, you’re likely to get lost in the process. The following discussion outlines some noteworthy alternatives that are critical to bringing your blockchain project idea to life.

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STEPN: Move-to-Earn

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Built on Solana, STEPN is a Web3 APP combining DeFi and lifestyle. In STEPN’s world, users own NFTs in the form of virtual sneakers. By walking, jogging, or running, users can obtain game tokens GST and governance token GMT, the tokens can be used in the game, and they can be cashed out, which is the supposed Move-to-Earn.

Although the concept of STEPN sounds quite simple, it increases the game’s playability and token incentives for the users, so that the token economy does not collapse simply due to users’ mining, depositing, or selling. We believe this project will truly get people moving…and earning when integrated with daily fitness!

Website: https://stepn.com/

Twitter: https://twitter.com/Stepnofficial

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Harmony Protocol: Cross-chain NFT Passport

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The developers of the Harmony chain announced at ETH Denver that they will launch cross-chain NFT Passports, and currently supports Bored Ape Yacht Club (BAYC) as the user’s avatar on the chain’s largest project, DeFi Kingdoms, which, according to data from DappRadar, has more than 120,000 users in a span of 30 days.

Passport enables users to import proof of possession of NFTs on other blockchains onto the Harmony chain. When BAYC holders connect their MetaMask wallets to DeFi Kingdoms, their BAYC holdings will be able to be cross-chain verified and displayed in-game.

It will solve the pain point of cross-chain NFT assets transfer and offer opportunities for using NFT assets across different chains and different Metaverses.

Website: https://www.harmony.one/

Twitter: https://twitter.com/harmonyprotocol

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BitCoke: Professional Exchange Renewed

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The Hong Kong-based cryptocurrency derivatives exchange first went online in late 2019 with a wide range of advanced trading tools. It has top-notch security and a pleasing no-downtime record. BitCoke now ranks 10th among the Top Cryptocurrency Derivatives Exchanges, according to CoinMarketCap.

As an exchange that’s exploring the market for 3 years, recently, BitCoke has successfully launched its first IEO Launchpad Project Richverse, and has achieved an over-subscription of 8200%, committing over 18.35 million $COKE, BitCoke native token, for $RIV token, indicating a very robust demand and high expectation for launchpad tokens.

BitCoke Launchpad is going to be an exclusive token issuance platform, it is designed to support the crypto ecosystem by offering first access to quality projects to all BitCoke users. We all know how beneficial a platform’s launchpad can be, it would be a good choice to invest in its early stage.

BitCoke’s spot has rapidly expanded to more than 50, and Launchpad is also planned to bring a better experience and greater benefits to BitCoke users.

Website: https://www.bitcoke.com/

Twitter: https://twitter.com/BitCokedotcom

Telegram Community: https://t.me/BitCoke_Official

Airdrop event (until April 30): https://airdropalert.com/bitcoke-airdrop

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Disclaimer:

Any information provided in this article does not constitute investment advice, financial advice, transaction advice, or any other advice, and please do not consider the information provided herein as the advice listed above. This article does not endorse, warrant, guarantee or recommend any certain product. Please do your own research before you decide to use any third-party service.