The biggest news in the cryptoverse on October 19th included the IRS classifying NFTs as digital assets for tax purposes, Cardano NFTs becoming the next gold rush, Blockchain advocacy group files motion to support Grayscale in lawsuit against SEC, top 10 metaverse token crashes as interest fades.
US tax authorities classify NFTs as digital assets for tax purposes
The U.S. Internal Revenue Service (IRS) classifies NFTs as digital assets alongside stablecoins and cryptocurrencies.
This means investors are required to report NFT income for tax purposes.
Terra LUNA Classic community reduces tax burn to 0.2%
The LUNC community has approved a proposal to reduce the tax burden from 1.2% to 0.2% while retaining 10% tax revenue.
Binance has agreed to early burn approximately 11 billion LUNC tokens and apply a 0.2% tax burn on the next burn epoch.
Cardano NFTs Touted As Next Gold Rush After ‘Ford Edwards’ Sold For $65,000
of ape association The collection is Cardano’s top NFT project as “Ford Edwards” sold for $65,000.
With Cardano NFT sales skyrocketing in recent weeks, many NFT investors believe Cardano could be the next chain in the NFT boom.
Israel Moves To Use Government Bonds Via Blockchain
The Israeli Ministry of Finance is working with VMware and Fireblocks to experiment with the issuance and liquidation of government bonds with blockchain technology.
The central bank expects to digitize the bonds and pay out participating financial institutions to receive the assets in government wallet addresses.
Blockchain advocacy group files motion to support Grayscale in lawsuit against SEC
Four blockchain advocacy groups have filed an amiciliae to support Grayscale in a lawsuit against the SEC for dismissing the GBTC spot Bitcoin ETF application.
The group accused the SEC of being discriminatory by approving futures ETFs without giving due consideration to spot alternatives that offer more protection to U.S. investors.
Madeira Island Nation Wants To Copy El Salvador’s Bitcoin Success
The Madeira government has shown its support for Bitcoin after setting up a panel in May to integrate Bitcoin infrastructure into the local economy.
Panel discussion in despite resistance from the EU Bitcoin Amsterdam It shows that the Bitcoin project in Madeira has seen significant adoption. The island nation is working to boost its economy, much like El Salvador.
Top 10 Metaverse Token Tanks As Interest Declines
Data from CryptoSlate shows that prices of key metaverse tokens have fallen significantly over the past 30 days, indicating a decline in interest in real estate in the metaverse.
Metaverse land prices are also down 85% from their November 2021 peak. Decentraland’s average land price fell from $37,238 to $6,600, and Sandbox plummeted from his $20,000 to about $3,000.
Bitcoin, DeFi Space Sees Light, NFT Market Drops in Q3
According to Coin Gecko Q3 report, Global cryptocurrency market cap recovered to a local high of $1.2 billion in August after bottoming out at $903 billion on July 19.
The DeFi market showed the largest increase of up to 31%, while the NFT market declined by 77% over the period.
Bitcoin has reportedly outperformed traditional assets in the stock market, with the exception of the US dollar index.
UK Monetary Policy Commissioner Carolyn Wilkins Calls for Better Governance and Trust in Crypto Industry
Carolyn Wilkins argued that cryptocurrency protocols are not as decentralized as they claim because their decision-making processes are still heavily influenced by a small number of large shareholders.
Wilkins called on the cryptocurrency industry to improve its governance structure to increase transparency to maintain investor confidence in the system.
Bitcoin mining could help slow climate change
recent white house report A study on cryptocurrency mining suggests that Bitcoin mining using methane could have a positive climate impact.
Bitcoin mining is estimated to reduce the impact of methane pollution by 63% and reduce global warming by 2%.
As Bitcoin strives to become carbon neutral by 2024, it could emerge as an effective tool to combat climate change.
News around Cryptoverse
UST return group looking for dogwon
UST Restitution Group is a group of private investors who suffered losses in the crash of the Luna ecosystem.
financial times report URG members working together to share useful leads that may lead to the tracking of Luna founder Do Kwon. They are currently looking for him in Dubai, Russia, Seychelles and Mauritius.
Former Celsius executive joins JP Morgan
The former head of policy and regulatory affairs of Celsius Aaron Iovine has joined JP Morgan as head of crypto regulatory policy, according to Bloomberg.
a16z Announces Launch of Crypto Startup School
Venture capital firm Andreessen Horowitz “a16z” Open Application to the second cohort of the Crypto Startup School, an accelerator program.
The 12-week program is a full accelerator offering up to $500,000 in funding for each successful startup.
Bitcoin (BTC) has fallen -0.77% to trade at $19,205 over the past 24 hours, while Ethereum (ETH) has fallen -1.3% to trade at $1,295.