Riding The Wave News Summary 116

South Korea to deploy cryptocurrency tracking system in 2023, IRS reminds taxpayers of crypto income reporting ahead of 2022 filing, & more

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News

Table of Contents

1. Tweets

2. South Korea to deploy cryptocurrency tracking system in 2023

3. IRS reminds taxpayers of crypto income reporting ahead of 2022 filing

4. SEC Chair Gary Gensler Says There Are Three Ways to Tell If a Crypto Project Is a Scam

5. Amazon NFT Initiative Coming Soon: Exclusive

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Tweets

Trey Sellers ∞/21M @ts_hodl

If $16,500 was the low for this bear market, it was put in at 5.5x the previous cycle low of $3k. 5.5x above $16,500 is $90,750.

Bitcoin Archive @BTC_Archive

#Bitcoin about to close UP 4 weeks in a row - for the first time since August 2021! 🚀

Rekt Capital @rektcapital

#BTC performed an upside wick beyond the ~$23400 resistance in the Summer of 2022 Which is why a Monthly Canlde Close beyond ~$23400 is so crucial to confirm a breakout Otherwise an upside wick trapping FOMO buyers could occur, just like a few months ago $BTC #Crypto #Bitcoin

Rekt Capital @rektcapital

#BTC continues to move up But macro-wise, it is still just under the ~$23400 Monthly resistance Monthly Close is just around the corner and a Monthly Close above ~$23400 would be bullish $BTC #Crypto #Bitcoin https://t.co/6S2sT7jDH4

Root 🥕 @therationalroot

Short-Term Holder behavior Floor moving back up. #Bitcoin

Will Clemente @WClementeIII

Bitcoin has now reclaimed its long-term holder cost basis ($22.3k) in addition to its short-term holder cost basis ($18.9k) and the aggregated cost basis. Behavioral shift as holders in aggregate are no longer underwater. The last three times this has happened are shown below:

whalechart.org @WhaleChart

BREAKING: ​Yuga Labs says it does not have copyright registration of Bored Ape images, in new court documents. Artist Ryder Ripps is allowed to use the images in his own collection.

Dylan LeClair 🟠 @DylanLeClair_

#Bitcoin

Bitcoin Archive @BTC_Archive

Are you ready for #Bitcoin to blow your mind? 🤯 h/t: @el_crypto_prof https://t.co/sQpzaZc55C

unusual_whales @unusual_whales

BREAKING: Alameda CEO Caroline Ellison and FTX co-founder Gary Wang are no longer cooperating with the ongoing investigation into FTX and have declined to give FTX's lawyers requested information, per BI.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 Treasury Secretary Janet Yellen says the US economy is at risk of a recession.

Root 🥕 @therationalroot

After a long period of dominant realized losses with several capitulation spikes, we finally see the first green appear. #Bitcoin

whalechart.org @WhaleChart

JUST IN: US ​Senate accept resolution would require Capitol vendors to accept crypto payments

whalechart.org @WhaleChart

JUST IN: New Court documents Show Apple, Netflix, Binance and Coinbase among creditors owed money by FTX.

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South Korea to deploy cryptocurrency tracking system in 2023

The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.

Full Article

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IRS reminds taxpayers of crypto income reporting ahead of 2022 filing

With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of United States federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies.

Until 2021, the IRS used the term “virtual currencies” in income tax-related reporting forms, which have been updated to “digital assets.” All U.S. citizens must answer questions about cryptocurrencies “regardless of whether they engaged in any transactions involving digital assets.”

The question about digital asset income features in three forms — 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return for Seniors; and 1040-NR, the U.S. Nonresident Alien Income Tax Return, which asks:

“At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”

The above recommendations boil down to receiving, earning, transferring or selling cryptocurrencies for any monetary benefit, including mining and staking. In addition to checking “yes,” eligible taxpayers are required to report all income related to their digital asset transactions.

The only instances when one can check “No” in the filing is if they have been purely holding the crypto assets, transferred assets between wallets they own or purchased cryptocurrencies against fiat currencies.

Full Article

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SEC Chair Gary Gensler Says There Are Three Ways to Tell If a Crypto Project Is a Scam