BITCOIN

Seven U.S. senators have called on the Treasury Department and the Internal Revenue Service (IRS) to “implement the proposed crypto broker reporting rule as rapidly as possible.” The lawmakers stressed: “We are alarmed by the self-inflicted two-year delay for the rule’s implementation.” Senators Want Crypto Tax Reporting Rule Implemented Swiftly Senators Elizabeth Warren, Angus King, Richard Blumenthal, Gary Peters, Bernie Sanders, Sheldon Whitehouse, and Brian Schatz sent a letter to Treasury Secretary Janet Yellen and Internal Revenue Service (IRS) Commissioner Daniel Werfel on Oct. 10 concerning cryptocurrency taxation. “We write regarding the Treasury Department and Internal Revenue Service’s (IRS) recently proposed rule concerning tax reporting requirements for crypto brokers,” the letter begins. “We are alarmed by the self-inflicted two-year delay for the rule’s implementation, which would contravene the requirements of the bipartisan Infrastructure Investment and Jobs Act, ...

The Argentine Peso has plummeted to record lows after Javier Milei, the presidential candidate that several polls give as the winner in the upcoming elections, said its value was lower than excrement. Milei, who has proposed to dollarize the country, ending the central bank, has been accused of “public intimidation” by President Alberto Fernandez. Milei Compares Argentine Peso to Excrement The Argentine peso has plummeted to record lows after presidential candidate Javier Milei railed against the national currency, comparing it to excrement. Milei, projected as the winner in the upcoming elections, declared that citizens should not put their savings in peso-based fixed-term instruments, inviting them to save in dollars during a radio interview. During the interview, Milei stated : The peso is the currency issued by the Argentine politician and therefore cannot even be worth excrement, because that garbage is not even useful for fertilizer. After Milei’s statements, the Argentin...

Bitcoin fell below the $27,000 level on Thursday, ahead of the upcoming inflation report in the United States. Consumer prices are expected to have risen by 3.6% in September, down 0.1% from the month prior. Ethereum plunged to a multi-week low. Bitcoin Bitcoin ( BTC ) fell for a fifth consecutive day, as markets prepared for the release of last month’s U.S. consumer price index (CPI) BTC /USD dropped to a low of $26,561.10 earlier in the day, which comes less than 24 hours after trading at a high of $27,258.45. Thursday’s sell-off has seen the world’s largest cryptocurrency remain near its lowest point since the end of September. Looking at the chart, the move pushed the relative strength index (RSI) to a support point at the 44.00 level. Price strength has since marginally rebounded, and at the time of writing, is tracking at 45.28. This floor may serve as a buffer ahead of the inflation report, which could then trigger an increase in volatility. Ethereum Ethereum...

Crypto firms that operate in Cyprus without registration may soon be fined as much as $350,000 while individuals behind such firms could face up to five years in jail. The Finance Ministry says its proposals, which are included in a draft recently submitted to parliament, seek to align the country’s laws with the standards set by the Financial Action Task Force. Draft Sent to Parliamentary Committee on Legal Affairs Authorities in Cyprus are reportedly planning to impose heavy penalties on crypto firms that fail to register with relevant bodies. Offending crypto entities will pay fines that rise to as much as $350,000 while individuals behind such entities face a maximum jail term of five years. According to a report in the Cyprus Mail, the proposal to impose stiffer penalties on offending crypto entities was included in a proposed legal amendment recently submitted by the country’s Finance Ministry to the Parliamentary Committee on Legal Affairs. The submitted draft reportedly pr...

In a disclosure on Wednesday, bitcoin mining entity Cleanspark has reserved 4.4 exahash per second (EH/s) of Bitmain’s latest S21 Antminers. The mining company, recognized on the public market, detailed that the consignment is valued at approximately $61.6 million, translating to $14 for each terahash per second (TH/s). Cleanspark Amplifies Mining Capabilities, Snags 4.4 EH/s of Bitmain’s S21 Antminers Cleanspark (Nasdaq: CLSK ), a U.S.-based bitcoin mining firm, divulged its procurement of 4.4 EH/s of the fresh S21 miners from mining equipment titan Bitmain. Though the specifics were not openly shared, the dispatch indicates that the Bitmain S21 Antminers boast an efficiency quotient of 17.5 joules per terahash (J/TH), suggesting the purchase likely involved the air-cooled S21 models . These air-cooled S21 models yield 200 TH/s each, necessitating 22,000 units for the company to hit the 4.4 EH/s mark. The apparatuses hold a cumulative worth of $61.6 million, as per Cleanspark. ...