Last Updated : February 04, 2022 / 08:16 AM IST
Top Cryptocurrency News Today: The biggest moves in NFTs, Bitcoin, crypto rules and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum, and Tether to help you jump-start the day
Cryptocurrency Prices Today: Bitcoin, Ethereum see a marginal dip even as Litecoin rises
Decentralised finance (DeFi) accounted for 14.81 percent of the 24-hour cryptocurrency trading volume at $9.35 billion, while stablecoins accounted for 78.30 percent at $49.46 billion. Bitcoin’s market dominance stood at 41.00 percent and the currency was trading at $37,127.92 in the morning on February 4. In rupee terms, Bitcoin tumbled 0.11 percent to trade at Rs 29,62,311, while Ethereum fell 1.06 percent to Rs 2,13,713. Read more here.
Bitcoin education center launched in El Salvador
Major peer-to-peer (P2P) Bitcoin (BTC) platform Paxful is working to help Salvadorans adopt BTC as the cryptocurrency became a legal tender in El Salvador last year. Paxful announced the launch of “La Casa Del Bitcoin,” a new educational and training center in the country to enable free learning opportunities related to BTC. Read more here.
Bored Ape Creator Seeks Funding From Andreessen Horowitz at $5B Valuation: Report
Yuga Labs, the startup behind the popular Bored Ape Yacht Club NFT collection, is in financing talks with Andreessen Horowitz, according to the Financial Times. Yuga Labs is reportedly seeking to sell a multimillion-dollar stake in what would be a new funding round. Bored Ape Yacht Club (BAYC) NFTs have proven to be one of the most popular NFT collections in the space. Read here.
What the IRS Court Case Over Crypto Staking Taxes Really Means
A couple sued the IRS after they were denied a refund request for taxes paid on Tezos staking rewards. After the lawsuit started, the IRS offered a refund. But the plaintiffs now want a more definitive ruling about crypto taxation. Current U.S. tax policy is a tad unclear on whether these rewards are taxable. In fact, it doesn’t mention staking at all. But it does say that mining rewards—using one’s computing power and electricity to validate blockchain transactions in exchange for Bitcoin or another cryptocurrency—is taxable as income for its “fair market value” (i.e., the going exchange rate) on the day it is earned. Read more here.