Biswap (BSW) crypto saw an upleg on Friday (April 8) after being in a correction for the past two days. According to CoinMarketCap, BSW crypto is up 20.18% in the last 24 hours and is trading at $1.43 per token (at the time of writing). Although the altcoin is yet to surpass its April 2 high of $2.11, the bulls appear reluctant to loosen their grip on the token.

According to CoinGecko, this altcoin is up nearly 360% over the past month, recovering from $0.32 per token to $1.43. On April 2, the digital token peaked at $2.11, which was its high for the month. The rally in Biswap Crypto follows a series of positive announcements related to the company.

What is Biswap (BSW)?

Biswap (BSW) is a decentralized exchange (DEX) that uses an automated market maker system (AMM) to execute client orders. The DEX is powered by the Binance Smart Chain (BSC) network and claims to have lower transaction fees compared to other DEXs. According to CoinMarketCap, Biswap only charges 0.1% fee compared to 0.25% and 0.3% charged by Pancakeswap and Mdex, respectively. Other DEXs like Apeswap and BSE also charge 0.3% fees.

Also read: Spell (SPELL) Crypto: Will Recent Recovery Last?

Of the 0.1% fee Biswap charges, 0.05% is returned to liquidity providers as a reward and the remaining 0.05% is used to burn BSW tokens.

The referral system allows users to invite others and earn referral fees through swaps, lotteries, farms, and startup pools.

Besides standard DEX features like AMM, other standout features of Biswap include an NFT marketplace, IDO launchpad, yield farming, and liquidity pools.

BSW is the native token of Biswap DEX and has a total inventory of 700 million tokens. Currently, the circulating supply of BSW tokens is 220 million, according to CoinMarketCap, which ranks it 238th based on its current market cap of $306 million. Biswap crypto hit an all-time high of $2.13 on December 8, 2021 and an all-time low of $0.2715 on October 12, 2021.

Why is Biswap crypto rising?

The recent rally in Biswap crypto started on March 21, 2022 after the DEX project received surprise support from the world’s largest crypto exchange Binance, which listed BSW tokens in its “Innovative Zone”. Yesterday, Biswap announced that users can buy BSW tokens on the Binance exchange using credit/debit cards. It also added the BSW/ETH trading pair on Binance.

On April 6th, Biswap announced via its official Twitter handle that it would soon be launching fixed stakes on the DEX for BSW and TOP token holders. On that day, it also announced a strategic alliance with BSCStation, which provides a launch pad where promising projects can conduct Initial DEX Offering (IDO).

It’s worth noting here that Binance Labs, Binance’s venture capital arm and incubator, announced a strategic partnership with Biswap last October, investing an undisclosed amount in the DEX. Nicole Zhang, Director at Binance Labs, believes that Biswap is an innovative and one of the most popular projects on BSC and this investment is in line with the company’s initiative to promote DeFi and blockchain infrastructure.

Also read: From Zhao to Bankman, Meet the Richest Crypto Billionaires on the Forbes 2022 List

BSW tokens could have a promising future; However, potential investors should note that it is a high-risk asset due to the extreme volatility it has shown in the past. Before considering investing in the token, one should make a thorough assessment of the risks associated with the asset.

Risk Warning: Trading cryptocurrencies involves a high level of risk, including the risk of losing some or all of your investment, and may not be suitable for all investors. Cryptocurrency prices are extremely volatile and can be affected by external factors such as financial, regulatory or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) are subject to change. Before deciding to trade any financial instrument or cryptocurrency, you should fully understand the risks and costs involved in trading the financial markets, carefully consider your investment objectives, level of experience and risk tolerance, and seek professional advice if necessary. Kalkine Media cannot and does not represent or warrant that the information/data available here is accurate, reliable, current, complete or suitable for your needs. Kalkine Media accepts no liability for any loss or damage arising out of your trading in or reliance on the information shared on this website.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

Binance, eToro, FTX and Crypto.com are particularly active in the esports world.

Crypto.com announced a new partnership with UFC on Thursday. In pay-per-view UFC fights, fans vote for the top three fighters on fight nights.

The best fighter will receive $30,000 in bitcoin, the second and third place fighters will receive $20,000 and $10,000 respectively.

Dubbed the “Fan Bonus of the Night,” UFC President Dana White will also award performance bonuses to UFC athletes at each event.

The first fan bonus of the evening takes place on Saturday, April 9 at UFC 273: VOLKANOVSKI vs. THE KOREAN ZOMBIE.

According to the Crypto.com announcement

• Fans get three votes per pay-per-view.
• Each fan can vote for two fighters in each fight.
• Voting ends one hour after the end of the event.

UFC President Dana White said:

“Crypto.com has been an official UFC partner for less than a year and I can tell you that they are already one of the best partners we have ever had.”

In July, Crypto.com became the first-ever Global Official Fight Kit Partner of the UFC. The partnership expanded in November to include a UFC NFT series, where athletes would receive fifty percent of UFC’s NFT sales revenue.

UFC is the world’s leading mixed martial arts (MMA) organization with 187 million social media followers and more than 625 million fans. More than 40 live events are broadcast to nearly 900 million homes in 170 countries each year.

This will not be the first exposure to Bitcoin for UFC fighters.

In January, FX Empire reported that UFC Heavyweight Champion Francis Ngannou would take half of his UFC270 prize purse in BTC. Ngannou had a guaranteed prize pool of $750,000.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

Q1 activity on Okcoin suggests that institutions are increasingly turning to stablecoin investing and decentralized financial services for bitcoin holdings

SAN FRANCISCO, April 7, 2022 /PRNewswire/ — Okcoin, one of the world’s largest and fastest growing cryptocurrency platforms, reported today that stablecoins accounted for 34% of institutional trading volume on Okcoin in Q1 2022, a 25% increase from Q4 2021 and an increase of 210% from Q4 2021 equals Q1 2021. Institutions’ investments in Okcoin in Q1 also showed a growing interest in diversifying their bitcoin operations, with purchases of Stacks (STX) — an asset offering BTC loans/ lending, prediction markets and more – up 43% from Q1 2021 The timing of both trends aligns with rising global inflation rates over the past year and underscores the role of bitcoin and stablecoins as a hedge against the decline in fiat purchasing power.

“The institutional trading activity we’ve seen at Okcoin reflects macroeconomic expectations of sustained spikes in inflation,” he said Jason Lau, COO of Okcoin. “As a scarce commodity, bitcoin has always been an attractive inflation hedge, but now we’re seeing large holders taking their positions a step further by entering decentralized bitcoin lending and lending, yield farming, and more. While stablecoins don’t offer an uptrend, they also provide access to DeFi yield opportunities and are an ideal mix of stability and liquidity, which is particularly attractive to investors today.”

Notably, institutional purchases of Tether (USDT), the largest stablecoin by market cap, on Okcoin surpassed those of Bitcoin for the first time January 2022, US inflation hit a 40-year high of 7.5% in the same month. Other notable stablecoin activity among institutions includes a 470% increase in TerraUSD (UST) purchases and a 365% increase in USDK purchases between January and March 2022.

In addition to the 43% increase in STX purchases, institutions made significant investments in Arkadiko (DIKO), a Stacks-based Bitcoin loan repayment network, with a 480% increase in purchases of DIKO from Q4 2021- for Q1 2022. Purchases of NYCCoin (NYC), which is stackable and can be staked by investors to generate returns in Bitcoin, rose 134% by the end of March after the asset was listed January 2022.

The story goes on

Rising institutional involvement in bitcoin-based DeFi services was further underscored in the first quarter by the oversubscribed launch of Bitcoin Odyssey, a pledge by venture capitalists to deploy it $165 million in startups developing solutions for the adoption of Bitcoin. Co-founded by Okcoin and the Stacks Accelerator, the collective includes Digital Currency Group, GBV Capital, White Star Capital and GSR, among others.

Visit okcoin.com/institutions for more information.

About Okcoin
Founded in 2013, Okcoin is a US-headquartered cryptocurrency exchange serving more than 190 countries and territories. The platform allows retail and institutional investors to buy more than 50 digital assets in local currencies with a mission to make crypto easy for everyone, including first-time buyers. Okcoin was the first centralized exchange to offer a direct entry into decentralized finance (DeFi) with Earn, a tool for earning APY through decentralized lending, liquidity pools, staking, and more. In addition, Okcoin offers institutional trading tools and APIs for asset managers, venture capital and hedge funds, retail brokers, payment processors, and more. Follow Okcoin on Twitter at @Okcoin and visit okcoin.com for more information.

decision

View original content: https://www.prnewswire.com/news-releases/okcoin-reports-210-increase-in-institutional-stablecoin-purchases-and-surging-demand-for-bitcoin-defi-services-amid-increasing -inflation-301520496.html

SOURCE Okcoin

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

Global financial markets continued to face an uphill battle on April 7 after the US Federal Reserve recently issued hawkish comments that pointed to a rapid hike in interest rates as a way to curb rampant inflation.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) price hit an overnight low of $42,744 following the Fed’s comments and has since entered a consolidation pattern near the $43,500 support.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what several analysts in the market are saying about the prospects for Bitcoin at these levels, and what support and resistance zones to watch to move ahead.

Bulls need to hold support at $43,100

Market analyst and pseudonymous Twitter user “Rekt Capital,” who posted the chart below that highlights the importance of the $43,100 support level, offered insights on next steps for Bitcoin based on its past performance in this zone.

BTC/USD 1 week chart. Source: Twitter

Rekt Capital said:

“If history repeats itself and BTC continues to hold the ~$43,100 level as support…then BTC could again enjoy upside potential into the high $40,000 and even the low $50,000.”

BTC and the NASDAQ

The correlation between Bitcoin and NASDAQ price action was highlighted in the chart below, published by filbfilb, co-founder of trading suite DecenTrader, who noted that “since 2019, multiple sell-offs at all-time highs on NASDAQ have resulted in sharp sell-offs in BTC also see correctly at the same time.”

NASDAQ vs. BTC/USD 1-day chart. Source: Twitter

Filbfilb said

“What followed was a reverse bullish head and shoulders reversal, confirmed by testing the 50 DMA and ATH on both Legacy and BTC; a possible scenario ahead.”

Further evidence of a possible imminent BTC breakout was provided by crypto analyst and pseudonymous Twitter user “TAnalyst,” who posted the chart below that looks at BTC’s price action when a price oscillator bounce occurs.

BTC/USD 3 week chart. Source: Twitter

TAnalyst said

“April 2012 price oscillator bounce then bull run. Price oscillator in March 2020, then a bull run. February 2022 price oscillator bounces… I will [leave it to] You last.”

Related: Bitcoin sentiment turns to “fear” as BTC price action hits $42.9k breakdown target

A breakout to $57,000 or a pullback to $36,000

The loss of support at $44,700 was “expected after losing that recent low,” according to crypto trader and Cointelegraph contributor Michaël van de Poppe.

BTC/USD 1 day chart. Source: Twitter

poppe said

“Currently on an important breaker. If we hold that, all good, seems poised for another leg up to $57k. If we don’t, I see a test around $36,000.”

The total cryptocurrency market cap is now $2.015 trillion and Bitcoin’s dominance rate is 41.2%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

A unique feature allows users to pay gas fees on Ethereum and other major EVM networks in stablecoins or PPAY tokens instead of the native tokens of ETH and chains.

CHICAGO — April 7, 2022 — (Newswire.com)

Plasma.Financethe comprehensive solution for all aspects of decentralized finance for beginners and advanced users, releases its plasma gas station protocol today, Thursday 7th April 2022.

Given the many issues surrounding ERC-20 transactions, this innovation will make transactions much easier for DeFi users. This includes purchases on the lucrative NFT market (largely based on ERC-20), trading dashboards, liquidity pools, lending, bridges and many other elements crucial to the world of DeFi.

Users are forced to hold ETH (Matic, BNB, Fantom, etc.) in their wallets and it is difficult to assess what is the right price for any given transaction. This also makes it very difficult to run a stable Web3 business as the profit/loss depends on the price of ETH which fluctuates a lot. It further means that a larger chunk of funds must be held in ETH just to complete the simple act of conducting an ERC-20 transaction. In other words, people get locked into ETH due to technical inefficiencies, leading to reduced profitability.

Founder Ilia Maksimenka explained: “Network congestion and volatile gas fees on Ethereum have been a problem for far too long, hampering DeFi adoption. Our gas station allows for efficient gas management and a more flexible way to pay those fees, allowing DeFi traders and investors to more effectively manage their portfolio and diversify away from ETH should they choose to do so.”

Plasma.Finance launches Plasma Gas Station to increase mass adoption of DeFi and dApps. It was also built in line with the broader Plasma.Finance ethos of reduced complexity with better UI & UX. In this way, DeFi becomes more attractive to users with different knowledge and skills. It doesn’t matter how many innovations are made within the world of DeFi, unless such innovations are taken to a simple level that regular customers can use in their everyday lives.

The gas station allows users to conduct on-chain transactions and pay gas fees in PPAY tokens or any stablecoin available in their wallet, and the next version of the feature release will add support for paying gas fees in any ERC-20 token Add. The decentralized function will be released on the most used EVM chains such as Ethereum, Polygon, Binance Smart Chain, Avalanche and Fantom. With ETH now a deflationary token, the need to pay fees in a variety of tokens is great.

FULL VERSION

Associated files
Ilia Maksimenka.jpeg

press release service
through
Newswire.com

Original source:

Plasma Finance released its service station log today; Provides an opportunity to diversify away from Ethereum

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

$WELUPS is a native coin on the Welups blockchain. After the escalation of the conflict between Ukraine and Russia, $WELUPS crashed on the charts. Despite this, $WELUPS’ move to the south seemed less affected compared to the general market.

Despite the current global troubles, the $WELUPS coin has new potential and is full of promises for new or big investors.

$WELUPS is one of the potential coins in the crypto space. It is a cryptocurrency issued on the WRC-20 platform and is fully compatible with TRC-20 and ERC-20. acc CoinMarketCap and CoinGecko$WELUPS has traded at a price of $0.00055 for the last 30 days.

In addition, $WELUPS connects its entire ecosystem with numerous applications that drive transactions and applications on the chain. $WELUPS is a cryptocurrency tailored to offer banks and payment providers a reliable solution for cross-border payments.

Data from $WELUPS (Source: Welscan.io)

According to Welscan.io, the total supply of coins is over 45 billion. In addition, the total share of WELUPS is over US$31.78 billion.

• Total offer: 45 billion
• Marketing & Airdrop: 5% is used for marketing initiatives including airdrops.
• Founding sale: 3% is provided for company founders – current and future employees of Welups Blockchain.
• Welups Foundation: 30% is allocated to the Welups Foundation.
• Omanee Holding: 30% will be reserved for Omanee Holding.
• Omanee Ecosystem: 20% is allocated to the Omanee Ecosystem.
• Selling on partner platforms: 12% is used for the partner’s platform sales. Note that the public sale will take place on partner platforms and exchanges.

Only 3% of Welups are released in the pre-sale phase. This is one of the criteria to decide which coin to invest in because if a significant amount of coin is held by insiders when it is launched, the price of the coin could be easily manipulated.

Users can experience Blockchain 3.0 features with Testnet Welups which will be launched by March 4th, 2022.

$WELUPS Analysis 2022

$WELUPS is one of the most attractive and potential cryptocurrencies of this year. The total market cap of $WELUPS is $23,873,616. This indicates that the market cap of $WELUPS is smaller compared to other cryptocurrencies like Shiba Inu, Bitcoin, Ethereum, etc. Therefore, there is a high possibility that $WELUPS will peak in the near future.

Will the recent developments and changes in the blockchain help the $WELUPS price go higher? Let’s get to the charts

WELUPS price chart

Crypto traders looking to buy $WELUPS in the following days may choose to wait for a correction to take place.

The Relative Strength Index (RSI) is also looking healthy as $WELUPS is prevented from becoming overbought any further. This correction may last a few days before traders start buying again.

Traders will be watching $WELUPS closely to confirm if the perceived bull run is about to materialize. Many are hoping for it, especially since many investors are pouring their money into these identity blockchain projects. All in all, $WELUPS offers you more profits as investors see it as a long-term investment.

$WELUPS can be traded on major crypto exchanges such as LBank, Latoken, Hoo, Digifinex, IndoEx, and XT.com.

Mooneex & Moongle

Welup’s blockchain has its own centralized exchange Mondex, a secure global exchange with a 100% identified user community. Since $WELUPS has its own exchange, the coin’s liquidity can be increased, which will increase the price of $WELUPS.

On March 31, 2022, Mooneex will be officially introduced to the world at the OTB event in Dubai (Register now: https://otb.welups.com/mar-2022-dubai). By applying the latest technologies along with a large community of supporters, Mooneex is expected to quickly enter the top 50 largest trading volume exchanges in the world this year.

Additionally moonlight Platform was built on Welups blockchain. The platform was created with the aim of being encrypted to store all types of NFT assets on the Welups blockchain. All in all, Moongle and Welups blockchain become a highly potential ecosystem for all startups to build decentralized applications like NFT, GameFi, DeFi, Marketplace and so on. It should be noted that both Mooneex and Moongle will launch on April 15, 2022.

About Welups Blockchain

Welups is the first blockchain-based identity platform in the digital world for identity-verified social media applications, digital banking, credit services, entertainment and all other key services for a future society in the digital world. The platform has been designed and structured to be compatible with a variety of other technical solutions.

Welups is a viable alternative to the existing decentralized networks due to its remarkably powerful scalability. As the world’s first platform built on IDShare and new blockchain technology, Welups brings a revolution in blockchain identity management, NFT and digital asset management to create a truly decentralized internet, e-commerce and life services.

Visit to learn more

• Website: https://welups.com/
• LinkedIn: https://www.linkedin.com/company/welups/
• Facebook: https://www.facebook.com/Welups
• Telegram: https://t.me/welupsofficial
• Twitter: https://twitter.com/welupsofficial
• Instagram: https://www.instagram.com/welupsdubai/
• YouTube: https://www.youtube.com/channel/UCXMgIAbreH-NqWmeY4fCBqw/featured

Disclaimer: This is a paid post and should not be treated as news/advice.

https://platform.twitter.com/widgets.jshttps://platform.instagram.com/en_US/embeds.js

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

Do you have DeFi profits? The IRS wants its cut by April 18, 2022. Don’t panic — we unravel everything you need to know about the crypto tax in our guide.

The IRS has made it very clear that you must pay taxes on your crypto and report crypto gains and earnings on your annual income tax return. However, what is less clear is exactly how some DeFi crypto transactions will be taxed. The IRS guidance hasn’t been updated since 2019, so while it covers the basics, it has left recent market developments — like DeFi and NFTs — shrouded in mystery.

But don’t think you’re off the hook! There is enough evidence to deduce the tax implications of DeFi in the US. Head of Tax, Tony Dhanjal at Crypto Tax Calculator Koinly, spills the tea.

DeFi Tax Bases

DeFi tax received complicated. It all depends on how the specific protocol you are using works.

Buy, trade or sell on indices? Light. Follow the same capital gains tax rules as for any other crypto coin or token.

Staking, Liquidity Mining, Yield Farming or Lending? Whatever you plan to do – the taxes you will pay will depend on how your specific protocol works, it could be subject to capital gains tax or income tax. It all boils down to whether you earn new tokens or if the price of your token increases.

Let’s take a look at some different examples from common protocols and how they are taxed.

Liquidity Pool Taxes

Liquidity pools are essentially broken down into three transactions, each of which can be taxed differently:

• add liquidity
• remove liquidity
• Realizing a profit or earning new tokens.

You might think that adding and removing liquidity from a given pool is tax-free, but due to liquidity pool tokens, it’s not quite that simple. In return, when you add liquidity to a given pool, you receive LP tokens, which represent your capital in the pool. Similarly, if you wish to remove your equity, exchange your LP tokens back for your equity.

From a tax perspective, this could be considered a crypto-to-crypto trade – meaning that this transaction realizes a capital gain or loss and is subject to capital gains tax.

When it comes to making money from liquidity pools, it all depends on how your specific liquidity pool works, so we’ll use a few examples.

For example, let’s say you added liquidity to a pool on PancakeSwap. In return, you receive liquidity pool tokens that represent your share of the pool, and you receive a percentage of the transaction fees as a reward. However, your rewards will not be paid out in the form of new tokens. Instead, the value of your LP tokens will increase. Only when you withdraw your capital from the pool do you realize a profit. This example is more like a capital transaction, and you pay capital gains tax on any gain at the point you realize it. All other protocols that work this way are subject to the same tax treatment.

Now let’s say you want to add to a composite credit pool instead. As above, you will receive cTokens representing your equity in the loan pool and these cTokens will increase in value as you earn them. So adding and removing liquidity (and some of your rewards) would still be subject to capital gains tax when you transfer capital – as above. However, you also get COMP tokens. You earn new COMP tokens that you can claim at any time. As you earn new tokens, this is viewed more as a type of additional income and you pay income tax based on the fair market value of your tokens at the time you received them.

What about staking, how is it taxed?

Staking can refer to two different activities in the DeFi space – although they are both similar from a tax perspective.

If you are staking under a proof-of-stake consensus mechanism – for example if you are staking ADA, AVAX or SOL – it is likely that you will have to pay income tax based on the fair market value of all staking rewards at the time you are staking receive them. However, this is currently challenged in courtso that the tax treatment of the stake could change in the future.

Meanwhile, if you stake tokens in different DeFi protocols to earn more rewards – like liquidity pools – it all depends on how your specific DeFi protocol works.

SushiSwap is a great example of both types of taxes you can pay. For example, you can use your SLP tokens and KMP tokens to earn SUSHI tokens. If you earn new SUSHI tokens, you will have to pay income tax based on the fair market value of your SUSHI tokens (in USD) at the time of receipt.

You can then use your SUSHI tokens at the sushi bar to earn XSUSHI. However, if you wager your SUSHI tokens, you will receive XSUSHI tokens in return. XSUSHI – like SLP and KMP tokens – accrue in value. So you will only realize a profit when you deposit your SUSHI by exchanging your XSUSHI tokens back. This would be more of a trade and therefore you will instead pay capital gains tax on any profits made from trading your SUSHI tokens, both when you wager and when you remove your wager.

Income taxes for agriculture

Income tax – as above – all depends on how your specific DeFi protocol works.

For example, if you use the Inari Yield Farming protocol on SushiSwap, then you are effectively trading SUSHI for XSUSHI – even if your SUSHI is then lent out through different protocols to generate returns. This would be considered crypto trading and all profits are subject to capital gains tax.

Meanwhile, if you use PancakeSwap to stake LP tokens to earn PIE (or even stake this PIE to earn more PIE or tokens), then you will earn new tokens as a result of your activities. This is viewed more as additional income, so you would pay income tax based on the fair market value of your tokens at the time of receipt.

NFT tax

As a little bonus, we’re including NFTs here because the rules are just as muddy as DeFi. From a tax point of view, NFTs are not too different from other tokens. They’re still considered a form of property, and if you dispose of NFTs through sale or trade, you’ll pay capital gains tax on any profit you make.

However, we add a caveat here that the tax treatment of sold NFTs depends on whether you transacted the NFT. If you create and sell NFTs (like a regular artist with a paintbrush), you pay income tax instead.

There is also a possibility that in the future the IRS may decide to tax some NFTs at the special collector tax rate of 28% instead of the maximum long-term capital gains tax rate of 20%.

Wait, isn’t anything tax free?

The IRS will save you on taxes on a few occasions, including:

• Buy crypto with USD.
• Transfer crypto between your own wallets.
• HODLing crypto.
• Giving away crypto (although if it’s valued at more than $16,000, you’ll need to file a 709).
• Donate crypto to a registered charity.

How to calculate, report and file your DeFi crypto taxes in 5 steps

Now learning how it is taxed, you can see how much of a hellscape crypto tax reporting is. We’re not even getting to the worst, because not only does the IRS want a snip on your crypto profits and earnings — the reporting requirements are high, too.

You must report every single one Disposal of crypto on Form 8949, your net capital gain and loss on Schedule D, any income from crypto on Schedule 1 and add all of this to Form 1040. It should go without saying, but for investors involved in DeFi, there are potentially thousands of transactions that they need to report.

Save yourself hours of pain, use Koinly Crypto Tax Calculator and follow these 5 easy steps to file your crypto taxes instead:

1. 1. Connect all your wallets, exchanges and blockchains to Koinly. You can do this via the API or by importing CSV files of your transaction history.
   2. Grab a coffee and let Koinly do his job. Koinly compiles your entire crypto transaction history and identifies which transactions are taxable and which are not. Then it calculates your cost basis, capital gains or losses and the fair market value of all crypto earnings on the day you received them.

• Download your crypto tax report. Download the tax report you need, when you need it. Koinly can generate a variety of reports including Form 8949 and Schedule D, TurboTax online reports and our full tax report with everything you need to know about your crypto taxes.

• Use your crypto tax report to submit your preferred method. Hand your reports to your accountant, upload your crypto tax report to your tax app, or live in the 1990s and submit it by mail. The choices are endless.

• Relax – you’re done for another year.

That’s it – you’re done. If you want to learn more about the crypto tax, check out Koinly’s Ultimate US Crypto Control Guide.

disclosure
This post was commissioned by Koinly. This report is for informational purposes only and should not be relied upon for making investment decisions, nor is it offered or used as legal, tax, investment, financial or other advice. You should do your own research and consult independent legal counsel on the matters discussed in this report. Past performance of an asset is not indicative of future results.

© 2022 The Block Crypto, Inc. All rights reserved.

© 2022 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or intended to be relied upon as legal, tax, investment, financial or other advice.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

Bitcoin (BTC) gets a bearish rating from InvestorsObserver on Thursday. The coin is down 2.78% to $43648.3, while the broader crypto market is down 2.26%.

Bitcoin has a bearish sentiment score. Find out what this means for you and get the rest of the leaderboard on Bitcoin!

bearish

For the past five days, Bitcoin has received a bearish rating on the InvestorsObserver Sentiment Score. The Sentiment Score measures Bitcoin’s performance over the past five days by volume and price movement.

The Sentiment Score provides a quick, short-term view of the crypto’s recent performance. This can be useful for both short-term investors looking to ride a rally and longer-term investors trying to buy the pullback.

price levels

Bitcoin is currently trading near its five-day low of $42909.1237517979. The coin is 7.75% below its 5-day high and 1.72% above its 5-day low of $42909.12.

Bitcoin price is trading near the support. With support around $43,546.59 and resistance at $45,897, it has plenty of room before it meets resistance.

Bitcoin has been trading at low volume lately. This means that today’s volume is below the average volume for the last seven days.

What is a coin?

A coin is a cryptocurrency that exists on its own blockchain. These are typically used for payments. Depending on the cryptocurrency, the usage of these payments can vary from general usage in the Digital Money subclass to more specific usage in some other subclasses.

Due to a lack of data, this crypto may be less suitable for some investors.

Click here to unlock the rest of the Bitcoin report

Stay up to date

Subscribe to our daily morning update newsletter and don’t miss any major market news, moves and more.

Thanks for signing up! You are ready to receive the Morning Update newsletter

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

Baby Apollo Coin will be offering promotional launch week APRs for their staking pools 24 hours after going live.

SPOKANE, Wash. — April 7, 2022 — (Newswire.com)

As part of ASTROCONOMY, Baby Apollo Coin will have its presale on April 9th, 2022 and the team will release its first round of staking pools with special “Launch Week APRs”. Their staking pools are currently undergoing functional, security, and penetration testing. The team will deliver their staking pools to the community within 24 hours of pre-purchase hardcap filling.

ASTROCONOMY: Multi-level reward ecosystem

On March 22, 2022, the Apollo Coin and Baby Apollo Coin team revealed the ASTROCONOMY to their Telegram community during a live video AMA (Ask Me Anything). The founders stated that ASTROCONOMY is a self-generating, tiered rewards ecosystem that includes deflationary tokens, BUSD rewards, Apollo Coin reflections, staking pools, farming pools, and much more. There are several ways to participate in ASTROCONOMY and we will look at some of them.

staking pools

The Apollo Coin development team has stated that their staking pools will be live 24 hours after their much-anticipated pre-sale closes. These staking pools offer holders two additional ways to get rewarded, separate from the regular reflections. There will be two pools where holders can stake their Apollo Coin or Baby Apollo Coin.

Holders who wager their Apollo Coin or Baby Apollo Coin will be rewarded with Baby Apollo Coin (BAPX). Stakers have five different locking and APR options to choose from. At launch, significantly increased rewards will be available to holders for the first 10 days of Baby Apollo Coin’s “Launch Week Promotional APRs” as shown in Table 1 (APX) and Table 2 (BAPX).

Apollo coin staking pool

Table 1

*10% early unstaking fee

Baby Apollo coin staking pool

Table 2

*10% early unstaking fee

In addition to the generous APR, holders have the opportunity to increase their rewards by wagering the newly earned tokens. Holders who use their BAPX receive BAPX. Holders also gain 10% APX ​​reflections on hold. The BAPX holder who is now the APX holder can use their APX and earn even more BAPX. The tiered rewards nature of staking pools provides a great opportunity to earn more rewards more often.

One important thing to note is the 10% early withdrawal fee. The unstaking fee only applies to the blocked staking periods that receive higher blocking APRs. Holders can choose the entry-level staking pool with no redemption costs, or they can choose to receive higher rewards if they commit to a longer holding period. If a holder enters the 15-day staking pool and decides to withdraw their tokens after 12 days, they will be penalized with 10% if withdrawn before the lock-up period ends.

Society of Diamond Hands

Earlier, the team at Apollo Coin and Baby Apollo Coin announced the launch of their Diamond Hands Society via a live ama from Twitter Spaces. The Diamond Hands Society offers an increased incentive to buy more Apollo Coin (APX) tokens and hold them for a longer period of time. Here’s how the discount works and what benefits are available.

Tiers & Rewards

silver level: APX Discount Program

Regulate:

• Buy 500 billion APX tokens or more in one transaction
• Keep at least 31 days
• Send proof of transaction

Advantages:

• 12% discount after 31 days hold
• VIP access to the calling channel (coming soon)

gold level:

Regulate:

• Must complete Tier 1 to qualify for Tier 2
• Must buy additional 500 billion APX tokens (at least 1 trillion bought)
• Tier 1 to Tier 2 rebate rollover (defer rebate)
• Must hold ALL tokens for another 31 days

Advantages:

• 14% discount retroactive to Tier 1
• VIP access to the Deluxe Staking Pool (coming soon)

Services:

• Exclusive to VIP APX holders
• Increased APX rebate program rewards for holding
• VIP Access to the Calling Channel (Silver Tier, coming soon)
• Deluxe Staking Pool (Gold Tier, coming soon)

The developers have also mentioned that additional tiers will be added to the Diamond Hands Society structure. These extra levels will reward those willing to hold on longer and become true diamond hands.

Stellar Series NFTs in Virtual Reality

On April 2, 2022, the Apollo Coin Stealth team launched its first round of NFTs known as the Founder’s Collection. Designed from interstellar planets and stars, the Founder’s Collection consists of 40 ultra-rare NFTs entirely handcrafted by the project’s CTO, J. Allen Quindlen. The NFTs are currently all integrated in VR, the world’s first offering. The NFTs are not only available in VR right now, but will also be integrated into their upcoming game.

The next round of Stellar series NFTs offered by the APX team will be available towards the end of April 2022. The next NFT series is called Universe Collection and will consist of 2,960 randomly minted NFTs. These NFTs will continue the VR theme and will be available for integration into the team’s upcoming game.

The future of ASTROCONOMY

The future of ASTROCONOMY brings more benefits and opportunities to be rewarded. The development team will provide additional ways to participate in ASTROCONOMY including NFT staking, rewards programs and deluxe staking pools. The team has also alluded to yield farming and farming pools, where APX and BAPX holders can earn another tier of rewards. The team hasn’t released the details of this program yet, but has said it will be announced soon.

Baby Apollo Coin Presale

Baby Apollo Coin pre-sale starts on April 9, 2022 at 18:00 UTC. The presale will be open to whitelisted wallet addresses for 30 minutes and then open to the public if the cap has not been reached. The hard cap is 400 BNB and the soft cap is 200 BNB. From the looks of it, the Baby Apollo Coin presale will sell out very quickly and may not even be open to the public. The team has stated that the Baby Apollo Coin token will be officially launched on PancakeSwap two hours after the hard cap is filled.

After the official launch of Baby Apollo Coin, both Baby Apollo Coin and Apollo Coin holders can look forward to several offers. Twenty-four hours after BAPX goes live, the team will unveil their aforementioned staking pools. Not only will they deliver the staking pools, but they will also increase the APR for 10 days during their launch week. If increased staking APRs weren’t enough, Apollo Coin holders might also be happy to see their BUSD rewards go from 9% to 10%!

Telegram: https://t.me/apollocointg
Website: https://babyapollocoin.com
Twitter: https://twitter.com/babyapollocoin
Reddit: https://reddit.com/r/ApolloCoin

Contact:
Jeremy Reilly
E-mail: [email protected]

press release service
through
Newswire.com

Original source:

New Kid on the Block, Baby Apollo Coin is offering staking pool promotional APRs to launch Out of This World

https://platform.twitter.com/widgets.js

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers

Despite the continued volatility plaguing the digital asset sector, one niche that undoubtedly continues to thrive is the non-fungible token (NFT) market. This is illustrated by the fact that a growing number of mainstream creators such as Coca-Cola, Adidas, the New York Stock Exchange (NYSE) and McDonalds, among many others, have made their way into the burgeoning Metaverse ecosystem in recent years months.

With global NFT sales peaking at $40 billion during 2021 alone, many analysts expect this trend to continue well into the future. For example, the American investment bank Jefferies recently raised its market capitalization forecast for the NFT sector to over USD 35 billion for 2022 and over USD 80 billion for 2025 – a forecast that has also been confirmed by JP Morgan.

However, as with any market that is growing so exponentially, security issues must also be expected. In this context, OpenSea, the well-known marketplace for non-fungible tokens (NFT), recently fell victim to a phishing attack, which took place just hours after the platform announced that it would be delisting its weeks-planned upgrade to remove all inactive NFTs.

Dive into the matter

On February 18, OpenSea announced that it would initiate a smart contract upgrade, requiring all of its users to migrate their listed NFTs from the Ethereum blockchain to a new smart contract. Due to the upgrade, users who did not allow the above migration ran the risk of losing their old and inactive entries.

However, due to the short migration period that OpenSea provides, hackers had a large window of opportunity. Within hours of the announcement, it was revealed that nefarious third parties had launched a sophisticated phishing campaign, stealing NFTs from many users that were stored on the platform before they could be migrated to the new smart contract.

We are actively investigating rumors of an exploit related to OpenSea-related smart contracts. This appears to be a phishing attack originating from outside OpenSea’s website. Do not click on links outside of https://t.co/3qvMZjxmDB.

— OpenSea (@opensea) February 20, 2022

Providing a technical breakdown of the matter, Neeraj Murarka, chief technical officer and co-founder of Bluezelle, a blockchain for the GameFi ecosystem, told Cointelegraph that at the time of the incident, OpenSea was using a protocol called Wyvern, a standard tech module that Most NFT web apps use them as they allow for the management, storage and transfer of these tokens in users’ wallets.

Because the smart contract with Wyvern allowed users to work with the NFTs stored in their “wallets,” the hacker was able to send emails to OpenSea customers posing as representatives of the platform, and they encouraged signing “blind” transactions. Murarka further added:

“Metaphorically, it was like signing a blank check. Usually this is fine if the payee is the intended recipient. Remember that an email can be sent by anyone, but it can appear to have been sent by someone else. In this case, the payee appears to be a lone hacker who was able to use those signed transactions to transfer and effectively steal the NFTs from those users.”

In an interesting turn of events, the hacker apparently returned some of the stolen NFTs to their rightful owners after the incident, with further efforts being made to return other lost assets. Alexander Klus, founder of Creaton, a Web3 content creation platform, had his say on the whole matter, telling Cointelegraph that the phishing email campaign used a malicious signature transaction to authorize all holdings at any time can be deleted. “We need better signature standards (EIP-712) so people can actually see what they’re doing when approving a transaction.”

Finally, Lior Yaffe, co-founder and director of Jelurida, a blockchain software company, pointed out that the episode was a direct result of confusion surrounding OpenSea’s ill-planned smart contract upgrade, as well as the platform’s transaction permissions architecture.

NFT marketplaces need to step up their security game

Murarka believes that web apps leveraging Wyvern’s smart contract system should be complemented with usability improvements to ensure users don’t fall for such phishing attacks over and over again, adding:

“Very clear warnings should be given to educate the user about phishing attacks and drive home the fact that emails are never sent and urge the user to take any action. Web apps like OpenSea should adopt a strict protocol to never communicate with users via email, apart from maybe just registration data.”

However, he acknowledged that even if OpenSea should adopt the most secure security/privacy protocols and standards, it is still up to its users to educate themselves about those risks. “Unfortunately, the web app itself is often blamed even though the user was phished. Who is responsible? The answer is unclear,” he noted.

A similar sentiment is shared by Jessie Chan, chief of staff at ParallelChain Lab, a decentralized blockchain ecosystem, who told Cointelegraph that regardless of how the entire attack was orchestrated, the issue is not entirely dependent on OpenSea’s existing security protocols, but also on awareness the user against phishing. The question remains whether the marketplace operator should have been able to inform its users sufficiently to keep them up to date on how to deal with such scenarios.

Another way to mitigate potential phishing events is to have all interactions between users and their web apps controlled solely through the use of a dedicated mobile/desktop interface. “If all interactions required the use of a desktop app, such attacks could be completely evaded.”

Yaffe presented his perspective on the matter, noting that the main issue – which is at the heart of this whole issue – is the basic architecture of most NFT marketplaces, which allows users to simply get carte blanche permission to use it to sign up to a third-party contract their private wallet without setting a spending limit:

“Since the OpenSea team hasn’t really figured out the source of the phishing operation, it might as well happen again the next time they try to make a change to their architecture.”

what can be done

Murarka noted that the best way to rule out the possibility of these attacks is for people to start using hardware wallets. This is because most software wallets, as well as other custodial storage solutions, are too vulnerable in their general design and operational prospects. He further elaborated: “Similar to Bitcoin, Ethereum etc., NFTs themselves should be moved to hardware wallet accounts instead of keeping them on a centralized platform,” he added:

“Users need to be aware of the risks associated with replying and responding to emails they receive. Emails can be spoofed very easily and users need to be proactive about keeping their crypto assets safe.”

Another thing that NFT owners need to keep in mind is that they should only visit web apps that use high-quality security protocols and verify that the visited marketplaces use the HTTPS mechanism (at least) while showing a lock icon on the can clearly see at the top left of their browser window – correctly pointing to the intended company – when visiting any website.

Yaffe believes users should be cautious with contract approvals and keep an accurate track of the contracts they have greenlit in the past. “Users should revoke unnecessary or unsafe permissions. Whenever possible, users should set a reasonable spending limit with each contract release,” he concludes.

Also See: Cointelegraph Partners with Nitro Network to Bring Digital Mining and Decentralized Internet to the Masses

Finally, Chan believes that users should ideally keep their wallets on a dedicated platform that they don’t use for reading emails or browsing the web, adding that such ways are vulnerable to all kinds of third-party attacks. She further explained:

“It’s inconvenient, but when it comes to high-value assets and there’s no recourse in the event of theft, extreme caution is warranted. And as with all financial transactions, you should choose very carefully who you are dealing with, as the counterparties can also steal your wealth and disappear.”

So, as we move into a future powered by NFTs and other similar novel digital offerings, it remains to be seen how platforms operating in this space will continue to evolve and mature, especially as more and more capital enters the NFT market .

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers