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Options on BlackRock's popular iShares Bitcoin Trust ETF (IBIT) began trading on the Nasdaq Tuesday, ushering in a new way to trade and speculate on the price of bitcoin. IBIT traded 73,000 options contracts in the first 60 mins of trading Tuesday, Nasdaq told CNBC, placing the fund in the top 20 of the most active nonindex options. The market for options contracts on major ETFs can be extremely active, and are widely used by more sophisticated traders. The launch of the bitcoin ETF options will likely also lead to new funds that incorporate those options, said Todd Sohn, ETF strategist at Strategas. And then we're going to get buffers, and then we're going to get whatever other trend-following-type strategy that folks think of.

Persons: IBIT, Bitcoin, Noelle Acheson, Todd Sohn, " Sohn Organizations: Nasdaq, CNBC, Interactive, Trust, BlackRock Locations: U.S

☆ Bitcoin ETFs aren't giving crypto a big boost just yet. Here's where the new funds stand
▼ + stars: | 2024-01-22 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

The newly launched bitcoin exchange-traded funds are showing early signs of success, but they have so far fallen short of being the massive boost for crypto some bulls predicted. BTC.CM= YTD mountain Bitcoin has retreated since the launch of the bitcoin ETFs. This fall comes after some crypto investors had cited the ETF launches as a catalyst that could propel bitcoin to $100,000 in 2024. That discount likely attracted arbitrage players who used the ETF launch as an opportunity to close out their trade. Yesterday, all Bitcoin ETFs combined traded $2.2Bn, IBIT traded $340Mn.

Persons: Alex Saunders, Benjamin Budish, Aniket Ullal, Ullal, It's, Bernstein, Gautam Chhugani Organizations: U.S . Securities, Exchange Commission, Fidelity, Citi, Barclays, CFRA Research, IBIT Locations: bitcoin, GBTC

☆ Australian regulator sues crypto exchange for design, distribution failures
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

Sept 21 (Reuters) - Australia's corporate regulator said on Thursday it had initiated civil proceedings against Bit Trade Pty Ltd, provider of the Kraken crypto exchange to Australian customers, for failing to comply with design and distribution obligations for its margin trading product. The design and distribution obligations (DDO) require firms to design financial products that meet the needs of consumers and distribute them in a targeted manner. Bit Trade's margin trading product is a credit facility as it provides customers credit to buy and sell certain crypto assets on the Kraken exchange, ASIC said. It said at least 1,160 customers had used the margin trading product, incurring a total loss of about A$12.95 million ($8.35 million) since DDO began in October 2021. ($1 = 1.5516 Australian dollars)Reporting by Himanshi Akhand in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: DDO, Sarah Court, Himanshi, Pooja Desai Organizations: Bit Trade, Ltd, Australian Securities and Investments Commission, Thomson Locations: Bengaluru

☆ Tax FAQ: Do you have to pay taxes on a side hustle? What if you miss the deadline? And more
▼ + stars: | 2023-04-12 | by ( Cindy Perman | ) www.cnbc.com time to read: +12 min

(On top of that, NYC residents owe a city income tax, which may also apply to some nonresidents.) There is no income tax in New Hampshire or Washington, either, but both states tax investment earnings. But you still must pay taxes by the original deadline to avoid penalties and interest. If you made a net profit of $400 or more from your side hustle, you have to pay taxes on it, according to the IRS. The U.S. has a pay-as-you-go system, so you'll need to pay taxes from your side hustle on a quarterly basis.

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