The post IRS Rules Crypto Staking Rewards Taxable In Ongoing Lawsuit appeared first on Coinpedia Fintech News As per the latest Bloomberg report , the Internal Revenue Service (IRS) has officially said that crypto staking is taxable, stating that tax liabilities arise as soon as staking rewards are received. IRS Rules Crypto Staking Triggers Tax Liability Immediately This ruling comes amidst an ongoing lawsuit from Joshua and Jessica Jarrett, a Tennessee couple staking on the Tezos network, who filed a lawsuit against the government regarding the tax clarification for crypto staking and how the IRS views it. Notably, in a Dec. 20 court filing, the IRS rejected the Jarretts’ claim that staking generates “new property” that should only be taxed when sold. The government noted that “staking a cryptocurrency should induce a tax liability as soon as it is done.” It denied the idea that staking tokens fall under the same category as crops, books, or manufactured goods. Significant Implications On Taxation Of PoS Rewards The legal battle was filed in October of this year and could have massive consequences. The case is being closely watched by the crypto industry, as it could have significant implications for how staking rewards across all proof-of-stake blockchains are taxed in the United States. The Jarretts’ legal battle with the IRS began back in 2021 when they sued for a refund of $3,293 in taxes paid on 8,876 Tezos tokens earned through staking in 2019, before the tokens were sold or exchanged. They argued that the tokens were “new property” that were created through their staking efforts and should only be taxed when sold, similar to a farmer’s crop or an author’s manuscript. In 2022, the IRS tried to dismiss the case by offering the Jarretts a $4,000 tax refund for income taxes paid on their Tezos rewards. However, the Jarretts refused the refund and chose to continue the lawsuit to set a legal precedent for all staking participants across proof-of-stake networks. “A year and a half into this process, the government didn’t want to defend the position that the tokens I created through staking were taxable income. I need a better answer. So I refused the government’s offer to pay me a refund,” Jarrett stated. According to IRS guidelines released in 2023, block rewards from staking or mining are considered taxable income as soon as they are created, with tax liabilities determined by their market value at the time of creation.
Richard Schueler, aka Hex crypto founder Richard Heart, is being sought by Interpol and has landed on Europe's most wanted fugitives list.
Senator Ted Cruz, a staunch champion for crypto reaffirmed his support for bitcoin while speaking at the Turning Point Americafest Conference. In his words, “We are going to unleash crypto. I am proud to stand with bitcoin. I am the only member of the U.S. Senate who is a bitcoin miner. I’ve got three miners
The wallet service provider was subjected to a more than $100 million hack in 2023.
In a major shift within the crypto landscape, leading exchanges Binance and Kraken have propelled Usual into the spotlight by co-leading a $10 million Series A funding round. This strategic
Binance Labs' investment in Usual could accelerate DeFi innovation, potentially reshaping the stablecoin market with enhanced community focus. The post USUAL token jumps 15% as Binance Labs invests in the project appeared first on Crypto Briefing .
Key takeaways: Our SEI price prediction anticipates a high of $0.75 by the end of 2024. In 2025, it will range between $1.02 and $1.20, with an average price of $1.06. In 2030, it will range between $6.17 and $7.39, with an average price of $6.35. The parallel stack, a robust, open-source framework designed for crafting rollups and layer 2s that harness parallel processing, is now on SEI V2. The stack enhances Ethereum ’s performance by targeting most bottlenecks that Layer 2 blockchains face. Such developments are anticipated to drive SEI value over the long term. Regarding price performance, SEI shows signs of trading higher; however, it remains affected by general market sentiment. How high will SEI go? Is SEI a good investment? What will SEI’s value be in 2025? Will SEI rise? Read on and discover the SEI price prediction from 2024 to 2030. Overview Cryptocurrency Sei Ticker SEI Current SEI price $0.4292 Market cap $1.8B Trading volume $244.4B Circulating supply 4.2B All-time high $1.14 on Mar 16, 2024 All-time low $0.007989 on Aug 15, 2023 24-hour high $0.4369 24-hour low $0.4086 SEI price prediction: Technical analysis Metric Value Volatility (30-day variation) 13.50% 50-day SMA $0.5392 200-day SMA $0.4055 Sentiment Bearish Fear and Greed Index 70 (Greed) Green days 14/30 (47%) SEI price analysis On December 23, amid rising market volatility, the SEI price dropped by 18.96% over the last 30 days. SEI’s TVL , assets locked in the blockchain, is rising and is now at $212M. Rising TVL points to more capital flowing into decentralized platforms, affecting its usability and popularity. SEI/USD 1-day chart price analysis SEI/USD 1- day chart The SEI chart shows a break out upwards into December enabling it to reach a high of $0.74. Now, the MACD indicator shows negative market momentum with the William Alligator trendlines showing rising market volatility. Conversely, the RSI is in neutral territory at 32.35. These indicators suggest that it could soon fall into oversold territory. SEI/USD 4-hour chart price analysis SEI/USD 4-hour chart The 4-hour chart shows SEI has moved into consolidation in a rather gradual decline. However it trades below the moving averages, so higher chance of correcting upwards. SEI technical indicators: Levels and action Daily simple moving average (SMA) Period Value ($) Action SMA 3 0.5057 SELL SMA 5 0.4983 SELL SMA 10 0.5271 SELL SMA 21 0.5995 SELL SMA 50 0.5392 SELL SMA 100 0.4722 SELL SMA 200 0.4055 BUY Daily exponential moving average (EMA) Period Value ($) Action EMA 3 0.4941 SELL EMA 5 0.5185 SELL EMA 10 0.5542 SELL EMA 21 0.5774 SELL EMA 50 0.5470 SELL EMA 100 0.4950 SELL EMA 200 0.4653 SELL What to expect from SEI price analysis next? Our analysis shows the current sentiment is bearish, with the fear and greed index showing greed among investors. The sentiment comes as SEI shows signs of declining volatility. Recent news Sei Labs announced its latest roadmap, dubbed “Giga”, charting its path to becoming the most performant blockchain in Web3. Sei looks to become the first blockchain to achieve Web2-level performance as it scales to achieve 5 gigagas per second. This will enable the chain to deliver execution speeds 50 times faster than any other mainnet chain and comparable to Web2-level transaction performance. The EVM is about to change forever. Sei is scaling to 5 gigagas per second, a 50x performance improvement compared to any mainnet EVM chain today. Everything you need to know about Giga on Sei 👇 pic.twitter.com/HmLdSze3oL — Sei 🔴💨 (@SeiNetwork) December 18, 2024 Is SEI a good investment? SEI has growing utility, and its EVM compatibility helps it steal a share of Ethereum’s dominance. While the technical analysis is bearish, price predictions paint a different picture. Why is SEI up? SEI has been bullish over the last two weeks, and its TVL is at annual highs, indicating rising interest in its DeFi market, which in turn is affecting its price. Will SEI reach $1? According to the Cryptopolitan price prediction, SEI will rise above $1 in 2025, when the coin will average at $1.06. Will SEI reach $10? Per the Cryptopolitan price prediction, SEI is unlikely to reach $10 before 2030. Will SEI reach $100? Per the Cryptopolitan price prediction, SEI is unlikely to reach $100 before 2030. Does SEI have a good long-term future? According to Cryptopolitan price predictions, SEI will trade higher in years to come. However, factors like market crashes or difficult regulations could invalidate this bullish theory. Sei price prediction December 2024 SEi will average at $0.73 in December. The price will range between $0.67 and $0.75. Month Potential low ($) Potential average ($) Potential high ($) December 0.67 0.73 0.75 Sei price prediction 2024 This year, we anticipate that SEI will trade between a minimum of $0.67 and a maximum of $0.75, averaging $0.73. Year Potential low ($) Potential average ($) Potential high ($) 2024 0.67 0.73 0.75 Sei price prediction 2025 – 2030 Year Potential low ($) Potential average ($) Potential high ($) 2025 1.02 1.06 1.20 2026 1.44 1.50 1.81 2027 2.12 2.19 2.57 2028 3.01 3.10 3.75 2029 4.30 4.46 5.22 2030 6.17 6.35 7.39 SEI prediction 2025 SEI forecast for 2025 sets the high at $1.20. On the lower side, it will drop to a low of $1.02, with an average price of $1.06. SEI price prediction 2026 Per our predictions, the price of SEI will range between $1.44 and $1.81, with an average price of $1.50. SEI crypto price prediction 2027 The SEI forecast climbs higher into 2027. It will range between $2.12 and $2.57, with an average price of $2.19. SEI coin price prediction 2028 The analysis suggests a further acceleration in SEI’s growth in 2028. According to the Cryptopolitan price forecast, it will trade between $3.01 and $3.75, with a year-round average of $3.10. SEI price prediction 2029 As per the SEI price prediction for 2029, it will reach a maximum price of $5.22 and a minimum price of $4.30, with an average price of $4.46. SEI price prediction 2030 The SEI coin price prediction for 2030 suggests a price range of $6.17 to $7.39 and an expected average trading price of $6.35. This long-term prediction also hinges on SEI’s rising global recognition and adoption. SEI price prediction 2024 – 2030 Sei market price prediction: Analysts SEI price forecast Firm 2024 2025 2026 Digitalcoinprice $1.42 $1.69 $2.43 Changelly $1.34 $1.19 $0.98 Gate.io $0.68 $0.80 $0.82 Cryptopolitan SEI price prediction While the short-term sentiment is bearish, we anticipate SEI will trade higher in the coming years. The coin will achieve a high of $0.75 before the end of 2024. In 2025, it will range between $1.02 and $1.20, with an average of $1.06. However, you should note that SEI is still highly volatile. Negative market sentiment, such as market crashes, could derail the predictions. SEI historic price sentiment SEI price history: CoinStats SEI network launched in August 2023 after its public beta went live. A community airdrop accompanied the launch. As per Coinmarketcap data, it started trading at $0.1808. Since listing, it has experienced significant fluctuations, reaching an all-time low of $0.007989 on August 15, 2023. The coin would later register its all-time high of $1.14 on Mar 16, 2024. Since March, it has maintained a constant bear run falling to the $0.27 mark in September. It then started recovering and traded at $0.45 in October. It then started recovering in November and by December it had risen above $0.68.
South Korea has teamed up with the US in efforts to fight against North Korean hackers linked to cryptocurrency heists, according to the latest reports. The collaboration between the two countries involves initiatives to track stolen digital assets and curb malicious activities that have resulted in over a billion dollars worth of cryptocurrency lost to the gang. This comes as the value of stolen cryptocurrencies rose by 21% to $2.2 billion this year while the number of recorded hacks reached an all-time high of 303. Leading institutions in South Korea back the efforts to tackle crimes The collaboration is aimed at developing tools that counter crypto-related crimes, especially those linked to the North Korean hackers. According to reports , the North Korean hackers have stolen up to $1.6 billion worth of digital assets this year alone. One of the most daring crypto thefts attributed to the North Korean gang involved 4,500 bitcoins worth $305 million from a Japanese crypto exchange DMM in May. In August, Microsoft’s cybersecurity researchers learned of the hackers’ misdemeanors, their report revealed, adding that they took advantage of a previously unknown bug in Chrome to target organizations and steal their cryptocurrency. The report further states that the gang was affiliated with Citrine Sleet, which is known for targeting the crypto industry and financial service providers in general. Now, the initiatives between the UU and South Korea also signal the intensifying crackdown on illicit crypto activities that are becoming a threat to economic stability and national security. South Korea’s science ministry has thrown its weight behind the program through to 2026. This collaboration also involves other organizations such as Korea University, US-based RAND Corporation, and other government bodies as they seek to tackle the escalating threat. According to Invezz , the two countries have signed an agreement to come up with strategies to prevent and track thefts linked to North Korea. This collaboration, though the finer details of the agreement remained sketchy, it represents a major step towards the fight against the growing influence of North Korea-linked crypto hackers. However, the experts who are coming together in this collaboration will focus on tracking stolen funds and identifying the laundering methods, as well as preventing more attacks. The initiatives will dismantle enablers for the hackers They will also make use of advanced technologies in their efforts to identify how illicit funds are converted into digital assets using methods like ransomware and distributed across global networks. Blockchain analysis firm, Chainalysis has also emphasized the need to have such measures to tackle this threat, in which the North Korean hackers account for a significant share of the stolen crypto worldwide. The collaboration is therefore intended to dismantle the infrastructure enabling such cybercrimes, addressing the technical complexities of tracking digital transactions across decentralized networks. Putting together resources by the two countries, they aim to come up with a blue print that can be adopted by other countries who are facing similar threats. The initiative will continue through 2026, while it is expected to pave way for more international partnerships to the challenges posed by the growing adoption of cryptocurrencies. According to Invezz, the combined efforts by the two countries might weaken the networks that enable the North Korea-linked crypto crimes. However, this calls for sustained innovations to stay ahead of the cybercriminals due to the decentralized and anonymous nature of most blockchain platforms. Meanwhile, the US is trying to curb the North Korean crypto criminal activities by using regulatory measures. Recently, the US Treasury’s Office of Foreign Assets Control imposed sanctions on two individuals and a United Arab Emirates-based company for their alleged roles in laundering funds obtained through North Korean cybercrimes. The two individuals used the company to convert stolen crypto assets and send the money through to North Korea. By targeting enablers in dominions with weak regulatory frameworks, the US aims to disturb the flow of illicit funds supporting North Korea’s broader activities such as the development of nuclear weapons. According to TechCrunch , due to tight international sanctions, the regime in North Korea has turned to stealing crypto to fund its nuclear weapons. A UN panel of experts monitoring the implementation of international sanctions has also revealed that North Korea uses funds raised through cyber crimes to support its illicit ballistic missile and nuclear programs. Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
The crypto market is buzzing with both seasoned investors and curious newcomers looking for the next big opportunity. Decentralised finance (DeFi) platforms like Aave (AAVE) have transformed the landscape, offering ways to lend and borrow digital assets with ease. Aave’s early investors saw their portfolios soar as the token rose to prominence, cementing its place as a DeFi leader. But if you didn’t get in early, it can feel like you missed the boat. Now, there’s a new contender shaking up the crypto world: Qubetics ($TICS). Positioned as the world’s first Web3 aggregator, Qubetics aims to solve the issues traditional blockchain platforms have struggled with—complexity, inefficiency, and lack of accessibility. By blending innovation with practical solutions, Qubetics is gearing up to be a game-changer. Qubetics ($TICS): Simplifying Crypto for Everyone If Aave showed the potential of DeFi, Qubetics takes it a step further by focusing on accessibility and integration. Its standout feature? The Multi-Chain Wallet. This isn’t just another crypto wallet; it’s a powerhouse that simplifies how users manage digital assets and perform transactions across multiple blockchains. Imagine a business owner who wants to accept payments in crypto but is deterred by the volatility and complexity of managing multiple wallets. With Qubetics, they can accept payments in any cryptocurrency, which is automatically converted to fiat at the point of sale. This eliminates the risk of market fluctuations and ensures a seamless experience for both the business and its customers. For individuals, the wallet’s integration with platforms like Apple Pay and Google Pay makes crypto transactions as simple as swiping a card. Whether you’re booking a flight, paying for dinner, or shopping online, Qubetics allows you to use your digital assets without breaking a sweat. Travellers, gig workers, and even small businesses can benefit from the wallet’s features, which make managing and spending crypto easier than ever before. Currently in its 14th stage, the Qubetics presale is creating a buzz. Over 372 million tokens have been sold to more than 11,500 holders, raising $7.5 million so far. Tokens are priced at $0.0377, but that won’t last long. A 10% price increase is expected in the 15th stage, which kicks off this weekend. If you’re looking for the best crypto presale to buy this week, $TICS is an opportunity you can’t afford to ignore. With its innovative technology and real-world applications, Qubetics is setting itself up to be a key player in the blockchain space. Aave (AAVE): A DeFi Pioneer Aave has been a trailblazer in the world of decentralised finance. As one of the first platforms to offer DeFi lending and borrowing, Aave redefined what was possible in crypto. By using smart contracts, Aave enables users to lend assets and earn interest or borrow against their holdings—all without the need for a central authority. Aave has continued to evolve, recently launching its decentralised stablecoin, GHO. This move aims to diversify its offerings and solidify its position as a leader in DeFi. Analysts predict that Aave will maintain steady growth as DeFi adoption increases globally. Its price performance has been impressive, with projections pointing to a potential 20% increase in Q1 2025 as the platform expands its ecosystem. However, Aave’s high price point might be a barrier for new investors. For those looking to replicate the gains early Aave investors enjoyed, exploring newer opportunities like Qubetics could be a smarter move. Conclusion If you missed Aave’s early days, don’t sweat it. The crypto market is constantly evolving, and Qubetics presents a unique opportunity to invest in something groundbreaking from the start. Its Multi-Chain Wallet and Web3 aggregator model promise to revolutionise how people interact with digital assets. Paired with Aave’s continued growth as a DeFi leader, these two projects highlight the endless possibilities in the crypto space. But if you’re looking for the best crypto presale to buy this week, Qubetics might just be the second chance you’ve been waiting for. Based on the latest research, we recommend Qubetics ($TICS) and Aave (AAVE) as the top crypto investments to consider this week . For More Information: Qubetics: https://qubetics.com/ Telegram: https://t.me/qubetics Twitter: https://twitter.com/qubetics The post Missed Out on Aave’s Early Success? Qubetics Could Be Your Next Big Break in Crypto appeared first on TheCoinrise.com .
Cryptocurrency traders are seeing gains after past market collapses. Predictions for DOGE include possible price increases if Trump supports crypto. Continue Reading: Crypto Market Predictions for DOGE, LUNA, and FLOKI by January 2025 The post Crypto Market Predictions for DOGE, LUNA, and FLOKI by January 2025 appeared first on COINTURK NEWS .