Here is this week’s news recap.

1) Biden Budget Includes New IRS Report Requirements Concerning Crypto Assets
Coindesk
President Biden released his administration’s proposed budget for fiscal year 2022. While spending focuses on infrastructure, clean energy, etc., it includes two proposals that would give the Treasury Department additional requirements around what type of financial institutions must report to the Internal Revenue Service (IRS) or other Treasury sub-departments. Read more.

2) SnapBots News Review — Bitcoin Bounces Back Up, Hits $38,000
CoinDesk
After a dramatic drop last week, Bitcoin has slightly recovered and has turned bullish. Earlier this morning (June 1), Bitcoin was…


President Biden released his administration’s proposed budget for fiscal year 2022. While spending focuses on infrastructure, clean energy, etc., it includes two proposals that would give the Treasury Department additional requirements around what type of financial institutions must report to the Internal Revenue Service (IRS) or other Treasury sub-departments.

The proposal suggests tax administration improvements, citing it would expand broker information reporting with respect to crypto assets.

“The proposal would require brokers, including entities such as US crypto asset exchanges and hosted wallet providers, to report information relating to certain passive entities and their substantial foreign owners when reporting with…


Here is this week’s news recap.

1) Bitcoin Plummets to Nearly 31,000 USD; Investors Catch the Bottom
Coindesk
Due to Chinese and US authorities tightening regulation and tax compliance for cryptocurrencies, bitcoin plunges to nearly $31,000 on May 23. However, just a few hours later, the buying force increased strongly, helping the price of this coin return to the $35,000 mark. Read more.

2) Good Sign for the Crypto Market: Bitcoin Starting to Recover?
Bitcoin.com
The negative sentiment surrounding the crypto market seems to be continuing, especially with China still spreading FUD around the market. However, it seems that at the moment…


Here is a summary of this week’s news.

1) Elon Musk Suggests Tesla May Have Sold Bitcoin; Market Drops Again
Bloomberg
The price of Bitcoin plummets, sometimes falling below $45,000, right after Elon Musk hinted that Tesla might have sold the coin. Read more.

2) FDIC and BOFA Exploring “Current And Potential Use Cases Of Digital Assets”
Bloomberg
According to a Bloomberg report on Monday, Bank of America has joined Paxos Settlement Service, a platform capable of same-day settlement of stock trades using blockchain technology. Kevin McCarthy, head of financing and clearing, said the bank “has been conducting internal transactions for the…


Here is a summary of this week’s news.

1) Musk’s SpaceX Accepts Dogecoin as Payment
Coindesk
Calling it the first-ever commercial lunar payload in history, paid entirely with Dogecoin, Geometric Energy Corp. said the DOGE-1 Mission to the Moon will launch aboard a SpaceX Falcon 9 rocket in Q1 2022. Read more.

2) Bitcoin Drops, But Bull Run Won’t End
Cointelegraph
According to a Cointelegraph report on the composition of exchange order books, notably that of Binance, there is a lack of bidding interest above $50,000. At the same time, however, data shows that Bitcoin whales — large-volume investors — have amassed…


Bitcoin plunged, as much as 15%, sinking to as low as $46,045 after Tesla’s Musk suspends Bitcoin payments due to the said cryptocurrency’s mining’s environmental impact.

In a post on Twitter Wednesday, Musk expressed his concern over “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.” He also said the company won’t be selling any of the Bitcoin it holds and that Tesla might accept other cryptocurrencies if they use <1% of Bitcoin’s energy/transaction.

Cryptocurrency “cannot come at great cost to the environment,” the electric carmaker said in a statement tweeted by Musk. The statement was hedged, but…


Here is a summary of this week’s news.

1) DeFi Adoption on the Binance Smart Chain Reaches New Highs
Cointelegraph

Token prices and total value locked of Decentralized finance protocols on the Binance Smart Chain rise toward new highs while DeFi projects that operate on the Ethereum (ETH) network continue to deal with wild fluctuations in gas fees and transaction times. Read more.

2) Ether (ETH) Surges to Over $ 3.2K
CoinDesk

Ether made a significant milestone, setting a new record as it surpassed $3.2k. The increase in Ether’s value comes from the rise of Defi, where Ether dominates the…


Here is a summary of this week’s news.

1) After a 5-Day Losing Streak, Bitcoin Spikes to over $52k
CoinDesk

After a sharp drop that shocked the entire cryptocurrency market, Bitcoin rose for the first time in six days. Since then, the crypto market also started to flourish, a series of other cryptocurrencies also reversed with an average increase of 3.7% during the day. Read more.

2) Tesla Sold a Portion Of Its Bitcoin (BTC) and Noted a $101 Million Profit
Cointelegraph

Tesla Motors sold a portion of its Bitcoin (BTC) holdings in the first quarter of 2021, generating net…


Here is a summary of this week’s news.

1) Similarities between Bitcoin and Dogecoin
CoinDesk

Doge, a known meme coin, rose unexpectedly, making overnight millionaires. What is the secret behind Doge’s success? How is it similar to Bitcoin? Coindesk’s Adam B. Levine points out the similarities between Dogecoin and Bitcoin and the highlights that led to this coin to set groundbreaking records. Read more here.

2) Bitcoin Drops to 55K — What Was the Cause?
Cointelegraph

In under 20 minutes last Saturday night, bitcoin’s price fell by more than 12%. Crypto Twitter raced to explain the situation, pointing out two…


In the cryptocurrency world, there’s the coin that rules them all — Bitcoin. And then there are the alternative coins, or what we call “altcoins.”

Out of all the altcoins in the market, ETH reigns supreme. It’s no wonder that its value is currently over $2,000 USDT.

Before we get into what the altcoin season is all about, let’s get to know the terms we will be using in this article.

Definition of terms

  1. BTC—stands for Bitcoin. It is a virtual or digital currency that uses decentralized, peer-to-peer technology to process/validate payment transactions.
  2. Altcoin—is a portmanteau of alternative and coin. Refers to any other cryptocurrency that’s not Bitcoin (BTC).
  3. Blockchain—a specific type of database.
  4. Ethereum—according to Investopedia, Ethereum is an open-source, blockchain-based, decentralized software platform…

cryptonaut

Relatively new crypto-enthusiast | Exploring the world of altcoins, blockchains, and trading | Not a financial advisor | Follow me on Twitter: @crypton15610517

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