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Tax on income you never earned? It’s possible after Ethereum’s Merge

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IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides. After much buildup and preparation, the Ethereum Merge went smoothly this month. The next test will come during tax More

The post Tax on income you never earned? It’s possible after Ethereum’s Merge appeared first on BTC Ethereum Crypto Currency Blog.

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Element and Fundamental Labs supporting the Era7 World Cup Tournament, building the first EsportsFi Ecosystem on Web3

Element and Fundamental Labs supporting the Era7 World Cup Tournament, building the first EsportsFi Ecosystem on Web3

Era7: Game of Truth, a BNB Chain TOP gamefi project, launched the first NFT TCG World Cup Tournament on September 11. The tournament has attracted continuous attention from partners in multiple fields of the blockchain industry. Fundamental Labs, a globally renowned crypto venture capital firm in the web3.0 field, and Element, the world’s first multi-chain […]

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Bitcoin Hash Rate Skyrockets Amid 55% Hike In 2 Months

With the swings in the crypto market, Bitcoin has been at different unexpected levels this year. The crypto winter in the year’s first half gave the leading crypto asset a blow off its balance. As a result, BTC’s price fell to over half its value as of November 2021. But despite the price fluctuation, the Bitcoin hash rate moved upward since its drop in mid-July. In a recent report, the BTC hash rate has hit a new all-time high (ATH). This new position came following the last increase in the mining difficulty. Related Reading: Here’s Where Investors Expect Cardano (ADA) Price To Be At The End Of September The significance of the hash rate metric for the Bitcoin blockchain is that it provides information on the strength of the network based on the BTC mining process. In addition, it correlates the number of active miners and their computational mining equipment working on the network. Many people create a link between the price of a cryptocurrency and its hash rate for future moves. But there could be twists in some cases, as seen in the past few weeks for Bitcoin. Hash Rate Gets Higher Amid Price Struggle The price of BTC has been in a battle over the past few months. It could barely sustain its position around the $20K region in July. However, the Bitcoin hash rate has been at higher levels in the weeks that the price was struggling. Usually, during the summer months, the regulatory authorities in several countries influence mining activities. For example, they forbid the local miners due to higher energy demand during the period. Hence, the BTC hash rate will drop. The record for this year’s season indicated a drop to 170 Ehash/s in mid-July from its June value of 250 Ehash/s. But as summer fades, the metric is making its recovery. Within some weeks, the hash rate has surged by more than 50%, taking it to a new all-time high of 265 Ehash/s last weekend. Trend In Bitcoin Mining Difficulty BTC mining difficulty readjusts after every 2,016 blocks (two weeks). This readjustment is necessary to keep the network in the proper stance. This means that the Bitcoin blockchain will maintain the production of its block in just 10 minutes. Hence, through the mining difficulty adjustment, it will be hard for miners to operate when there are lots of them connected to the network. Conversely, it will be easier to mine when the number of miners drops. Related Reading: Crypto Traders Bleed Heavily After Betting Against Market The mining difficulty is currently at 30.98 T, while the subsequent readjustment will occur in less than 24 hours. As per BTC.com data, the metric could be positive again and display up to a 3% increase. With many miners being offline during the summer, the mining difficulty indicated more negative readjustments. But the trend changed on August 31 to give the highest positive value for the metric since January this year. Featured image from BBC, chart from TradingView.com

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Why Ethereum Price Longs Might Profit Ahead Of “The Merge”

Ethereum price is close to reclaiming the area lost during yesterday’s downside action while Bitcoin slowly crawls back into $19,000. The second cryptocurrency by market cap is about to experience a major event with high potential to operate as a bullish catalyst, “The Merge”. Related Reading: Miner Sends Bitcoin To Binance, 4th Largest Transaction In 2 Months At the time of writing, Ethereum price trades at $1,570 with a 3% profit over the past week. As Bitcoin was pushed down by a fresh leg down, market participants see ETH as the potential savior of the sector. Will Bulls Or Bears Take Control Of The Ethereum Price? Due to its importance, many experts are speculating about the potential for “The Merge”, the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), to support a relief rally in the market. Others believe the event will operate as a “Buy the rumor, sell the news event”. The latter often happens when there is a widely expected event in the sector which leads to a rally followed by a sudden crash shortly after the hype dissipates. Next week, the U.S. Federal Reserve will publish its Consumer Price Index (CPI) print, a metric used to measure inflation. Economist Alex Krüger claims the CPI print might provide support for risk-on assets to rally. In the past, cryptocurrencies have trended to the upside after this event. Together with “The Merge”, Ethereum price seems poised for upside volatility. The expert said on the potential set-up for ETH traders: If trading $ETH directionally for the merge probably want to go long into the event with stops right above the August lows and shoot for a 1700 break to take the price into the 1800-2100 range. Whether ETH’s price can sustain the bullish momentum post “Merge”, Krüger believes that this will depend on the strength of the price action. If Ethereum can run hot into the event, the price might be able to flip key resistance levels into support. Can “The Merge” Trigger A New Crypto Bull Run? Despite its importance, Krüger believes “The Merge” might be unable to push the crypto market into price discovery. Legacy financial markets are trending downside, alongside cryptocurrencies. This is the most important overhead resistance only a couple of days before this event. Krüger added: Fundamentally the merge improves ETH attractiveness via lower energy consumption and more importantly vastly improved tokenomics (…). That is highly likely not enough to kickstart a bull market by itself. Need a bull market in equities for that. To me the idea of $ETH decoupling is what I call a pipedream. If equities bounce with the CPI print, crypto will find further support. However, macro conditions might continue to remain unfavorable for the rest of 2022 as hinted by Fed Chair Jerome Powell. Related Reading: Why Extreme Fear Is Back In Crypto In A Big Way Presenting an opposite thesis, in the video below, our Editorial Director Tony Spilotro looks into the current market conditions and why a decline in Bitcoin dominance might hint at a new Altcoin Season. This could have positive implications for Ethereum price heading into “The Merge”. Take a look.