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TAX DAY: The Internal Revenue Service (IRS) – the U.S.’ tax collector – recently announced it would be publishing new guidance on how taxpayers should treat cryptocurrencies. The agency is expected to address a number of outstanding questions, including how investors should value cryptocurrency received as income; how cryptocurrency received as part of an airdrop or a fork should be treated; and how to calculate taxes on cryptocurrency spent. It is unclear when exactly the IRS will publish this guidance, but certified public accountant and author Kirk Phillips said “they may” plan to publish guidance before the extended due date for individual returns on October 15. Full story
NEW NEO: NEO co-founder Erik Zhang announced Thursday that the technology behind the cryptocurrency network will be completely reconfigured over the next year. NEO 3.0, a new, optimized version of the blockchain network, will launch sometime in 2020, and should be radically different from the existing protocol. As such, the Singapore-based NEO Foundation will destroy the existing tokens and airdrop new ones to holders. Zhang explained that “users only need to keep their private key.” Full story
16% HAIRCUT: Crypto exchange Poloniex announced Thursday that lenders in its bitcoin margin lending pool lost a collective 1,800 BTC (worth ~$13.5 million as of press time) due to a flash crash in the CLAM market last month. CLAM’s market fell nearly 77 percent, resulting in a number of liquidations that occurred too quickly for Poloniex’s automated liquidation system to keep up. As a result, 16 percent of the margin trading pool evaporated, and lenders may see a “reduction in their accounts when they next log in,” the post said. Full story
BASKET CRYPTO: Facebook’s upcoming GlobalCoin cryptocurrency will be linked to a basket of other currencies, said the social media giant’s head of financial services and payment partnerships for Northern Europe, Laura McCracken. She told the German business magazine WirtschaftsWoche that the peg will prevent volatility, and a white paper for the cryptocurrency will be published on June 18. Full story
BINANCE COIN (V2): Binance, the world’s most-used crypto exchange by adjusted trading volume, plans to issue its own stablecoins. The exchange’s chief financial officer, Wei Zhou, told Bloomberg that Binance GBP, a stablecoin backed by reserves of British pounds, will launch within the next few weeks. Other stablecoins will follow, and Binance also intends to work with partners looking to issue their own stablecoins built on the Binance Chain. Full story
KODAK, AGAIN: Kodak, the camera equipment manufacturer that pivoted to blockchain to stave off an overdue demise, appears to have actually announced a product – a document management system based on blockchain. Unlike other Kodak announcements, this product was not built and is not controlled by a third party which licensed the company’s brand. Kodak claims that the new platform, dubbed Kodak Services for Business, will lead to cost savings between 20 and 40 percent by automating workflows and decreasing the amount of human management needed for such systems.. Full story |
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BIGGER BOUNCE: Bitcoin has carved out a bullish pattern on the short-duration technical charts with a return to $8,000. Prices, therefore, could rise to $8350–$8,400 over the weekend. Any gains, however, will likely be short lived if trading volumes remain anemic. The short-term outlook would turn bearish if the price validates the previous week's bullish exhaustion with a close below $8,000 on Sunday. Full story |
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| AROUND THE WORLD: U.K. reality TV star Alex Hobern was successfully able to traverse the world (in 12 days, not 80) using bitcoin and other unspecified cryptocurrencies exclusively, writes Forbes contributor Billy Bambrough. Hobern said he was not familiar with cryptocurrencies prior to his trip, but made the trip as part of the Money2020 Payments Race (which he won). Flights and hotel rooms were the easiest to book using crypto, while trying to spend cryptocurrencies in stores and merchants was a bit more difficult. |
WHO WON #CRYPTOTWITTER  |
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