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That property distinction is incredibly important, says Joe Howe, crypto tax manager at Crypto Tax Girl, a firm that specializes in helping crypto investors. Capital gains tax is a tax on the profit made from selling an asset or investment, including crypto. If you are single and earn $50,000 a year, your capital gains tax rate is 15%. As such, you would owe $150 in capital gains taxes, triggered by your bitcoin sale. Long-term capital gains tax rates apply to profits you earn on a crypto investment held for longer than a year, while short-term capital gains tax rates apply to profits on an investment held for less than a year.

☆ Venture capitalists flock to blockchain firms in third quarter - Pitchbook
▼ + stars: | 2022-11-29 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - Decentralized finance (DeFi) and Web3 were the primary targets of early-stage startup funding from some of the top private investors in the third quarter, research firm Pitchbook said on Tuesday, even as overall venture capital investments declined. Outlook for funding in the current quarter has darkened as cryptocurrencies reel from the impact of the stunning collapse of FTX earlier this month. Overall, venture capital (VC) activity softened for the third consecutive quarter, totaling $4.7 billion across 153 deals, a 32% decline from second quarter's $6.9 billion across 244 deals, Pitchbook said. Other hot sectors for VC investments included financial technology, accounting for $737.4 million across 24 deals during the quarter, and biotechnology, that lured in $725.8 million across 11 deals, Pitchbook said. Pitchbook's Emerging Tech Indicator report tracked 153 early and seed-stage deals that involved the top 15 VC firms out of 5,997 total deals in the third quarter of 2022.

☆ 3 Crypto lender BlockFi files for Chapter 11
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

It listed crypto exchange FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year. MARTHA REYES-HULME, HEAD OF RESEARCH, BEQUANT, LONDON"The BlockFi bankruptcy is a sad chapter in the short history of our industry that has forced participants to be more mindful of risk management, counterparty risk, and governance. MONSUR HUSSAIN, SENIOR DIRECTOR, FITCH RATINGS, LONDON“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem, and, potentially, deficient risk management processes. The decentralized finance models used proper collateralization and they're intact. It was yet another example of neglected risk management when prices were going up, as crypto winter hit those that took on the most counterparty risk are getting exposed."

☆ As BlockFi files for bankruptcy, what to know about crypto investor protections
▼ + stars: | 2022-11-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

The ongoing FTX fallout — and bankruptcies earlier this year for lenders Celsius Network and Voyager Digital — is teaching crypto investors a hard lesson about their protections relative to more traditional asset classes. Howey Co., established the so-called Howey test to determine what constitutes a security, or "investment contract." More on how the Howey test works can be found below. Here's why this is important for crypto: It's unclear in many cases if digital assets are an "investment contract" under the 76-year-old Howey test. The Securities Investor Protection Corporation insures investors for up to $500,000 in the event a brokerage firm liquidates and their holdings are tied up in the insolvent firm.

☆ 2 Crypto lender BlockFi files for Chapter 11
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +4 min

It listed crypto exchange FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year. COMMENTS:MARTHA REYES-HULME, HEAD OF RESEARCH, BEQUANT, LONDON"The BlockFi bankruptcy is a sad chapter in the short history of our industry that has forced participants to be more mindful of risk management, counterparty risk, and governance. MONSUR HUSSAIN, SENIOR DIRECTOR, FITCH RATINGS, LONDON“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem, and, potentially, deficient risk management processes. It was yet another example of neglected risk management when prices were going up, as crypto winter hit those that took on the most counterparty risk are getting exposed." "From a customer standpoint it serves as another reminder to be skeptical of any crypto yield products on offer, particularly those that sound too good to be true.

☆ New York is the first state to ban certain types of crypto mining—here's what to know
▼ + stars: | 2022-11-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

New York just became the first state to ban certain types of cryptocurrency mining in an effort to address environmental worries over the energy-intensive process. The new law temporarily freezes the issuance and renewal of air permits to companies that have transformed some of the state's oldest fossil fuel plants into cryptocurrency mining hubs. Mining crypto can produce harmful emissions by generating electricity through burning coal, natural gas and other fossil fuels. However, as companies flocked to the region, climate advocates began ringing the alarm over crypto mining's potential environmental harm. On a national level, U.S. crypto mining produced about 25 to 50 million metric tons of carbon pollution according to a White House report.

☆ Cathie Wood breaks down FTX, Elon Musk, and Twitter in a new interview. Here are her 9 best quotes.
▼ + stars: | 2022-11-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Cathie Wood spoke to Bloomberg on Tuesday in a wide-ranging conversation on crypto, FTX, Elon Musk, and investing. She compared Sam Bankman-Fried's FTX to Bernie Madoff's Ponzi scheme, and shared her thoughts on Elon Musk, Twitter, and Tesla. "We do think bitcoin — and you can see through the behavior of the infrastructure it hasn't skipped a beat, not one beat — it's more secure than yesterday, the day before, the day before. "We think bitcoin is coming out of this smelling like a rose." "Think about the amount of data Twitter has, and think about the combination of that and artificial intelligence.

☆ Breakingviews: Crypto winter highlights gold’s warming qualities
▼ + stars: | 2022-11-25 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

LONDON, Nov 25 (Reuters Breakingviews) - The crypto winter is bitterly cold. The FTX founder agreed that digital tokens were impossible to value since they generated no cash flow. In other words, the entire crypto world has the mechanics of a Ponzi scheme. In such a nightmare scenario, access to a decentralised, anonymised type of digital money could prove indispensable. In this world bitcoin serves as the lifeboat for civilisation, offering protection against both anarchy and the surveillance state.

☆ Crypto winter highlights gold’s warming qualities
▼ + stars: | 2022-11-25 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

That’s why crypto pioneers developed stablecoins, which peg their market price to old-fashioned fiat currencies. The FTX founder agreed that digital tokens were impossible to value since they generated no cash flow. In other words, the entire crypto world has the mechanics of a Ponzi scheme. In such a nightmare scenario, access to a decentralised, anonymised type of digital money could prove indispensable. In this world bitcoin serves as the lifeboat for civilisation, offering protection against both anarchy and the surveillance state.

☆ Billionaire bitcoin bull Mike Novogratz says crypto should and will be regulated and the FTX disaster has created a 'deficit of trust' in the whole industry
▼ + stars: | 2022-11-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The FTX disaster has created a "deficit of trust" in crypto, according to bitcoin bull Mike Novogratz. The industry should and will get regulated he said, pointing to the fallout of Sam Bankman-Fried's crypto exchange. But while investors are being rocked by this bout of volatility, crypto isn't going anywhere, he told CNBC. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. And so in no world is bitcoin is going away, or quite frankly, the blockchain and Ethereum and everything else," he said.

☆ Insiders detail how Wall Street is preparing for a post-FTX world, from heightened scrutiny on crypto deals to rethinking hiring plans
▼ + stars: | 2022-11-22 | by ( Morgan Chittum | Bianca Chan | Carter Johnson | ) www.businessinsider.com time to read: +12 min

Most Wall Street firms have executed big crypto and blockchain initiatives. The ties between Wall Street, Main Street, and digital assets have never been tighter. Some traditional firms have chosen crypto custodians to do that for them, while others offer it themselves. Fidelity also has its own digital assets custody offering, and reportedly had plans to continue building out its digital-asset team as recently as late October. 121, which requires most SEC registrants to record the fair value of custodied digital assets as a liability.

☆ Bitcoin vs. FTX: Crypto king Sam Bankman-Fried is the problem
▼ + stars: | 2022-11-21 | by ( Joshua Hendrickson | Joshua Hendrickson Is An Associate Professor Of Economics At The University Of Mississippi | Senior Fellow At The Bitcoin Policy Institute. | ) www.nbcnews.com time to read: +8 min

Much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself. But much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself. As the stunning collapse of cryptocurrency exchange FTX highlights, the crypto industry is filled with scams, Ponzi schemes and bad actors. As a result, it has become increasingly clear that Bitcoin must be understood as something outside this crypto industry. Whereas Bitcoin was created to be a censorship-resistant, trustless digital form of money, crypto has become a space dominated by get-rich-quick-schemes.

☆ Investors flock to short crypto funds, products as negative sentiment deepens -CoinShares
▼ + stars: | 2022-11-21 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +2 min

Crypto products and funds saw inflows of $44 million, as of the week ended Nov. 18, but 75% of those flows represented investments in short crypto products, data showed. The total assets under management have plunged to $22 billion, the lowest in two years, CoinShares said. FTX filed for bankruptcy protection in the United States more than a week ago in the highest-profile crypto implosion to date. CoinShares data also showed that bitcoin posted inflows of $14 million, but when offset by inflows into short investment products, the net flows were a negative $4.3 million. Investors poured in record inflows to short-Ethereum products of $14 million.

☆ Ether falls as the FTX hacker dumps $74 million worth of the token and swaps it for bitcoin
▼ + stars: | 2022-11-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Ether fell as much as 7% Monday as the hacker who looted FTX began dumping tokens. Over the last week, the hacker gradually converted the stolen FTX funds to ether, CoinDesk reported. About $74 million of ether has been laundered into bitcoin using RenBridge, CNBC reports. Elliptic's cofounder, Tom Robinson, told CNBC Monday that hackers were converting the ether into bitcoin using a blockchain bridge product called RenBTC. Per the report, roughly $74 million has been moved to bitcoin from RenBTC so far.

☆ Coinbase shares tumble as bitcoin slide continues, investors fear contagion from FTX collapse
▼ + stars: | 2022-11-21 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Brian Armstrong, CEO and Co-Founder, Coinbase, speaks during the Milken Institute Global Conference on May 2, 2022. in Beverly Hills, California. Coinbase shares fell more than 8% Monday, extending a slide that's pushed the crypto exchange to its lowest point since its market debut in April 2021. The drop comes as bitcoin's slump continues and investors worry about contagion from FTX's spectacular collapse earlier this month. In June, the crypto exchange slashed 18% of its workforce. WATCH: CNBC's full interview with Coinbase CEO Brian Armstrong

☆ This crypto cold storage stock could more than double following the FTX collapse, JPMorgan says
▼ + stars: | 2022-11-21 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Shares of CompoSecure could more than double from here as the FTX debacle spells a buying opportunity in crypto cold storage providers, according to JPMorgan. Analyst Reginald L. Smith has an overweight rating on CompoSecure, saying the crypto cold storage provider allows traders to take their cryptocurrencies offline and protect them in a digital wallet. It's an alternative more investors are turning to after the recent collapse of FTX highlighted the drawbacks involved in holding digital assets on an exchange. "Crypto exchanges offer limited recourse if digital assets are hacked, stolen or mismanaged while held on an exchange," Smith wrote in a Monday note. "Moreover, CMPO recently launched Arculus, a consumer crypto cold storage wallet solution, a wildcard, in our view, that could become a meaningful revenue contributor over time," Smith added.

Proof of work and proof of stake are the two main ways cryptocurrency transactions are verified. Proof of stake requires participants to put cryptocurrency as collateral for the opportunity to successfully approve transactions. Proof of work is more secure than proof of stake, but it's slower and consumes more energy. Proof of stake requires network participants to stake cryptocurrency as collateral in favor of the new block they believe should be added to the chain. While proof of stake avoids the massive energy consumption of proof of work, it hasn't been proven to be as secure and stable as proof of work at scale.

☆ Why protections for crypto investors are linked to orange groves
▼ + stars: | 2022-11-21 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

watch nowHow orange groves impact crypto protectionsThe reason why largely hinges on a 1946 Supreme Court case about investors in Florida orange groves. Howey Co. — established the so-called Howey test to determine what constitutes a security, or "investment contract." (More on how the Howey test works can be found below.) Here's why this is important for crypto: It's unclear in many cases if digital assets are an "investment contract" under the 76-year-old Howey test. Why the 'security' distinction mattersThe Howey test has four parts to determine if something like bitcoin is an "investment contract."

Ray's statement came with a flurry of Saturday morning filings in Delaware bankruptcy court. In those filings, FTX asked for permission to pay outside vendors, consolidate bank accounts, and establish new ones. The new FTX CEO asked that employees, vendors, customers, regulators and government stakeholders "be patient" with them. FTX said in a filing that there could be more than one million creditors in these Chapter 11 cases. FTX's bank accounts reflect the global influence of the crypto-asset empire.

☆ Treat investing in crypto like a trip to Las Vegas after FTX's collapse, says billionaire investor David Rubenstein
▼ + stars: | 2022-11-18 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

David Rubenstein warned investors to tread carefully around crypto after FTX's collapse. Crypto investing is like gambling because "you know you're probably going to lose," he said. "If you go to Las Vegas and you like to gamble, you know you're going to lose money," Rubenstein told "Mornings with Maria" on Fox Business. "So if it gives you pleasure to gamble, okay, so take the amount of money you're happy to lose, fine." That should encourage retail investors to stay away from crypto investing, according to Rubenstein.

☆ FTX: Inside the crypto giant's downfall
▼ + stars: | 2022-11-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +9 min

Crypto contagionThe crypto industry is on edge, waiting for the next dominoes to fall. Soon after FTX went down, crypto firms were inundated requests from customers seeking to claw their money back — the crypto equivalent of a run on the bank. The pain isn’t confined to crypto companies. SBF had become a fixture in Washington, too, where he regularly traveled to lobby lawmakers for greater regulatory clarity for the crypto industry. “It’s about fraud and the power of virtue signaling.”He added: “This scandal, far from destroying crypto, practically ensures that crypto will be around for a long, long time.”

Two years later, Bautista and hundreds of thousands of other FTX customers are in limbo, shocked and unsure what happens next. FTX has paused customer withdrawals, and there’s growing doubt that customers will be able to recover any of their assets. “It’s lost at this point.”Bautista, 34, got the FTX itch thanks in part to flashy advertising. FTX, boosted by celebrities like NFL giant Tom Brady and pumped up by Silicon Valley bigwigs, struck Bautista as the most reliable crypto platform on the market. The firm has started the process of filing for Chapter 11 bankruptcy, Bankman-Fried has resigned — and Bautista lost access to his crypto portfolio.

☆ Crypto watchdogs have a giant offshore problem
▼ + stars: | 2022-11-17 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

The European Union’s mammoth crypto regulation would help. Known as MiCA and recently agreed by lawmakers, the rulebook forces custodians to segregate clients’ crypto holdings from the firm’s own assets. Security firm Chainalysis reckons almost three-quarters of stolen crypto in 2021 was taken from DeFi services. Take Binance, by the far largest crypto exchange. Reuters GraphicsFollow @liamwardproud on TwitterCONTEXT NEWSFTX suffered a “severe liquidity crisis” that led to its bankruptcy, according to court filings dated Nov. 14.

☆ Justin Bieber bought a Bored Ape NFT in January for $1.3 million that's likely worth about $70,000 in the wake of the FTX collapse
▼ + stars: | 2022-11-17 | by ( Aaron Mok | ) www.businessinsider.com time to read: +2 min

Justin Bieber's bought a Bored Ape NFT for $1.3 million in January. It's now probably worth $70,000, according to NFT Price Floor. The 95% drop in valuation comes after Sam Bankman-Fried's FTX collapsed and caused crypto prices to crash. In addition to Bored Ape, some top ethereum NFT collections are also facing lower values this month. Talk show host Jimmy Fallon, model Paris Hilton, and rappers Snoop Dogg and Eminem also own Bored Ape NFTs.

Nov 16 (Reuters) - Chip designer and computing firm Nvidia Corp (NVDA.O) beat expectations for third-quarter revenue on Wednesday, thanks to strong demand in its data center business on the back of rising cloud adoption. Data center revenue in the third quarter rose 31% from a year ago, while gaming revenue was down 51% from a year ago. Cloud companies are increasingly using Nvidia chips in their systems. read moreAnd Nvidia Chief Financial Officer Colette Kress said while the export restrictions impacted third-quarter revenue, the decline was "largely offset by sales of alternative products into China." Nvidia forecast current-quarter revenue at $6 billion, plus or minus 2%, versus expectation of $6.09 billion.

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