Welcome to the daily crypto news :
Whiplash: Bitcoin Slides Below $6,500, Surges Above $7,100 in 8-Hour Span;
SEC Proposal Would Broaden ‘Accredited Investor’ Definition;
Presenting CoinDesk’s Most Influential 2019;
‘TurboTax’ for Crypto: Accounting Firm Lukka Debuts Tax Tool for Retail Investors;
SEC Proposal Would Broaden ‘Accredited Investor’ Definition;
Whiplash: Bitcoin Slides Below $6,500, Surges Above $7,100 in 8-Hour Span
Bitcoin traders might need a neck brace right now.
That’s because the price of the cryptocurrency took a sharp U-turn in the course of trading on Wednesday.
The day started quite dreary for HODLers. Candlesticks slowly and solemnly strode across the bitcoin chart in the upper half of the $6,000 range for much of the early morning hours.
Then, at precisely 7:51 a.m. ET, as New York traders were sitting on their desks and sugaring their coffees, another selloff began.
On Binance, the largest BTC market, 1,000 bitcoins changed hands in two minutes, with prices falling $61.60 to $6,509.91. It slipped below $6,500 on other exchanges.
Yet a minute later, 897 were traded on the exchange and prices seemed to stabilize at around $6,537. The lull was short-lived; another selloff with 986 bitcoins finding their way to new accounts.
At 8:31 a.m. ET, the rally began.
Buy orders flooded markets and bitcoin gained $74 in two minutes, closing at $6,595.94 at 8:32 a.m. The candlesticks that trudged through the mud minutes before suddenly had a quicker step. By 11:00 a.m., the cryptocurrency was trading hands at $6,900 apiece.
It took a few hours from there but at that point, the excitement was in the air. Bitcoin poked around the $7,200 resistance level at around 3:30 p.m. but didn’t have the gumption to break above.
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SEC Proposal Would Broaden ‘Accredited Investor’ Definition
The U.S. Securities and Exchange Commission (SEC) wants to allow more individuals and entities to invest in regulated financial instruments.
According to a press release issued Wednesday, the SEC intends to add a list of new qualifications to become an accredited investor. At present, accredited investors are defined as individuals with more than $1 million in net worth (or who earn more than $200,000 per year), an organization with more than $5 million in assets, banks and institutions which meet certain legal definitions or entities that match certain other restricted terms.
Being an accredited investor allows entities and individuals access to a greater number of private investments, including riskier investments and hedge funds, according to Bloomberg.
Under the SEC amendment, the term would expand to include new categories of "natural persons," individuals who qualify as "knowledgeable employees" of certain private funds, companies which meet certain restrictions, entities which "own 'investments'" defined under the Investment Company Act, family offices with a minimum of $5 million in assets, and spousal equivalents who can pool finances to qualify.
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Presenting CoinDesk’s Most Influential 2019
One of the great things about reporting on the blockchain/crypto industry is the infinite variety of interesting, smart people doing bold, crazy things. From daring entrepreneurs and builders, to inspired thinkers and communicators, this space has no shortage of colorful characters pushing the envelope.
It’s in this spirit that we present this year’s Most Influential, a selection of people who did exceptional things in 2019. Whether it was Caitlin Long establishing Wyoming as the “blockchain state,” or Rune Christensen corralling MakerDAO, or David Marcus launching Libra, these people made an impact and shaped the conversation, for better or for worse.
The selection (click here) was made in a three-step process. First, CoinDesk staff drew up a long-list. Then, we asked readers to vote for their favorites in a survey. Then, based on all opinions, CoinDesk made a final choice.
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‘TurboTax’ for Crypto: Accounting Firm Lukka Debuts Tax Tool for Retail Investors
Lukka, one of the first accounting firms for digital assets, is offering a TurboTax-like service to retail crypto investors starting on Jan. 15.
The move, announced Wednesday, comes after the U.S. Internal Revenue Service (IRS) issued updated guidance for calculating taxes on cryptocurrencies in October. The last time the IRS issued such guidance was in 2014, when the crypto market was less complex and fewer taxpayers held the assets.
“One of the first questions on the IRS’s tax form is whether you have crypto assets,” Lukka CEO Jake Benson told CoinDesk. “It is a question that taxpayers cannot ignore anymore.”
Retail investors can submit transaction records from crypto exchanges to online accounts on the firm’s website. The software will reconcile the transaction data and calculate how much in taxes the investors will pay, which will be recognized by the IRS, according to Benson.
Lukka has also established a partnership with CPA.com, a subsidiary of the American Institute of Certified Public Accountants, to offer crypto tax preparation services for professional accounting firms, Benson said.
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SEC Proposal Would Broaden ‘Accredited Investor’ Definition
The U.S. Securities and Exchange Commission (SEC) wants to allow more individuals and entities to invest in regulated financial instruments.
According to a press release issued Wednesday, the SEC intends to add a list of new qualifications to become an accredited investor. At present, accredited investors are defined as individuals with more than $1 million in net worth (or who earn more than $200,000 per year), an organization with more than $5 million in assets, banks and institutions which meet certain legal definitions or entities that match certain other restricted terms.
Being an accredited investor allows entities and individuals access to a greater number of private investments, including riskier investments and hedge funds, according to Bloomberg.
Under the SEC amendment, the term would expand to include new categories of "natural persons," individuals who qualify as "knowledgeable employees" of certain private funds, companies which meet certain restrictions, entities which "own 'investments'" defined under the Investment Company Act, family offices with a minimum of $5 million in assets, and spousal equivalents who can pool finances to qualify.
Read more.......