Crypto taxes, DOGE, Trump and avoiding an IRS audit: Taxbit exec spills the tea
As the winter season comes to an end and the flowers start to bloom, crypto investors are reminded that it’s also time to face their tax obligations. With the tax deadline approaching, many are wondering how the recent events in the crypto world, such as the rise of Dogecoin and the impact of the Trump administration, will affect their tax returns. To shed some light on this topic, we spoke with Miles Fuller, the co-founder of Taxbit, a leading crypto tax software company.
Fuller shared his insights on the current state of crypto taxation and how it has been impacted by the recent market trends. He explained that the IRS has been closely monitoring the crypto space and has been cracking down on tax evaders. This has led to stricter regulations and increased scrutiny on crypto transactions. However, Fuller also noted that the recent surge in popularity of Dogecoin, a meme-inspired cryptocurrency, has caught the attention of the IRS and could potentially lead to further changes in tax laws.
When asked about the impact of the Trump administration on crypto taxation, Fuller stated that it has been a mixed bag. On one hand, the administration has been supportive of blockchain technology and has even proposed a tax cut for cryptocurrency investors. On the other hand, the IRS has also been given more resources to enforce tax laws, which could mean more audits and penalties for non-compliant taxpayers.
Despite the challenges and uncertainties, Fuller remains optimistic about the future of crypto taxation. He believes that as the industry continues to mature, there will be clearer guidelines and regulations in place, making it easier for investors to comply with their tax obligations. In the meantime, he advises crypto investors to keep detailed records of their transactions and seek professional help if needed.
In conclusion, as we welcome the arrival of spring, crypto investors must also face the reality of tax season. With the ever-changing landscape of the crypto world, it’s important to stay informed and compliant with tax laws. And who knows, maybe the rise of Dogecoin will bring some unexpected changes to the world of crypto taxation.
Solana sees $485M outflows in February as crypto capital flees to ‘safety’
The cryptocurrency market has been a rollercoaster ride in recent times, with various factors influencing the flow of investor capital. From macroeconomic conditions to the rise of memecoin scams, the industry has faced its fair share of challenges. However, one event that shook the market to its core was the largest-ever hack in the history of the cryptocurrency industry.
As a result of these events, investors have become more cautious and are seeking out safer assets to protect their capital. This has led to a significant increase in the demand for stablecoins and real-world assets (RWAs). These assets are seen as a more stable and secure option compared to the volatile nature of cryptocurrencies.
One of the main reasons for this shift towards stablecoins and RWAs is the uncertainty surrounding the global economy. With the ongoing pandemic and its impact on various industries, investors are looking for more stable options to safeguard their investments. This has led to a surge in the popularity of stablecoins, which are pegged to a fiat currency or a basket of assets, providing a sense of stability and security.
Moreover, the rise of memecoin scams has also played a role in driving investors towards stablecoins and RWAs. With the increasing number of fraudulent projects in the market, investors are becoming more cautious and are seeking out legitimate and trustworthy options. Stablecoins and RWAs, being backed by real-world assets, provide a level of transparency and credibility that is lacking in many cryptocurrencies.
The recent hack of a major cryptocurrency exchange, resulting in the loss of millions of dollars, has also highlighted the need for more secure and stable options in the market. This has further fueled the demand for stablecoins and RWAs, as investors are looking for alternatives that offer better protection against such incidents.
In conclusion, the current state of the cryptocurrency market has led to a significant increase in the demand for stablecoins and RWAs. With macroeconomic factors, memecoin scams, and security concerns driving investors towards these assets, it is clear that they have become an essential part of the cryptocurrency ecosystem.
Multisig cold wallets: How secure are they really?
In the world of cryptocurrency, security is of utmost importance. With the rise of digital assets, the need for secure storage solutions has become more crucial than ever. This is where multisig cold wallets come into play.
Multisig cold wallets are a type of cryptocurrency wallet that requires multiple signatures to access funds. This means that in order to make a transaction, multiple parties must approve it, making it nearly impossible for a single individual to access the funds without authorization. This added layer of security has made multisig cold wallets a popular choice among cryptocurrency holders.
However, recent events have shown that even the most secure storage solutions are not immune to attacks. In February 2025, the popular cryptocurrency exchange Bybit fell victim to a hack, resulting in the loss of millions of dollars worth of digital assets. This incident serves as a reminder that no matter how secure a storage solution may seem, there is always a risk of attack.
So, what can be done to further protect your digital assets? While multisig cold wallets are a great option, it is important to take additional precautions. One such precaution is to regularly update your wallet software. Developers are constantly working to improve the security of their wallets, so staying up to date with the latest versions can help prevent potential vulnerabilities.
Another important step is to use a strong and unique password for your wallet. This may seem like a simple tip, but many people still use weak or easily guessable passwords, making it easier for hackers to gain access to their funds.
In addition, it is recommended to store your backup keys in a secure location, such as a safe or a safety deposit box. This way, even if your primary device is compromised, you still have access to your backup keys and can recover your funds.
In conclusion, while multisig cold wallets offer a high level of security, it is important to take additional precautions to protect your digital assets. By staying updated, using strong passwords, and storing backup keys in a secure location, you can minimize the risk of falling victim to a hack and ensure the safety of your cryptocurrency investments.
Bybit asks DAO to return fees earned from hack transactions
The ParaSwap decentralized autonomous organization (DAO) recently faced a tough decision regarding the return of fees to its users. The controversy arose when a bug was discovered in the platform’s smart contract, resulting in some users being charged higher fees than intended. As a result, the DAO members were divided on whether or not to refund the affected users.
On one side, there were those who believed that the fees should be returned as a gesture of good faith and to maintain the trust of the community. They argued that the bug was a mistake on the part of the platform and that it was only fair to compensate the affected users for any inconvenience caused.
However, there were also those who opposed the refund, citing the DAO’s code of conduct which states that all transactions on the platform are final and irreversible. They argued that the bug was a result of human error and that the affected users should have been more cautious when using the platform.
The debate within the ParaSwap DAO was intense, with both sides presenting valid arguments. Ultimately, a vote was held and the decision was made to conditionally return the fees to the affected users. This means that the refund will only be given if the affected users agree to sign a waiver releasing the DAO from any future claims related to the bug.
This decision has sparked mixed reactions within the community, with some applauding the DAO for taking responsibility and others criticizing the conditional nature of the refund. However, one thing is for sure, the ParaSwap DAO has shown that it is a truly decentralized organization where decisions are made collectively by its members.
This incident also highlights the importance of thorough testing and auditing in the development of smart contracts. While bugs are inevitable, it is crucial for decentralized platforms to have proper protocols in place to handle such situations and maintain the trust of their users. The ParaSwap DAO has learned a valuable lesson and will undoubtedly continue to improve and evolve as a decentralized organization.
Sygnum adds off-exchange crypto custody to Deribit with Fireblocks tech
Sygnum, a leading digital asset bank, has recently launched an innovative off-exchange custody platform that is set to revolutionize the way traders manage their assets. This cutting-edge platform allows traders to seamlessly mirror assets held in Sygnum’s secure custody while trading on popular exchanges like Deribit.
With the rapid growth of the cryptocurrency market, the demand for secure and reliable custody solutions has become more pressing than ever. Sygnum’s off-exchange custody platform addresses this need by providing traders with a convenient and secure way to manage their assets. By leveraging Sygnum’s advanced custody technology, traders can now have peace of mind knowing that their assets are held in a highly secure and regulated environment.
One of the key benefits of Sygnum’s off-exchange custody platform is its ability to allow traders to mirror their assets while trading on exchanges. This means that traders can easily access and trade their assets on popular exchanges like Deribit, without having to worry about the security of their holdings. This not only saves traders time and effort but also eliminates the risk of transferring assets between different platforms.
Sygnum’s custody platform also offers a range of other features, including real-time monitoring of assets, multi-signature security, and insurance coverage. This ensures that traders have complete control and visibility over their assets at all times, while also providing an extra layer of protection against potential risks.
Furthermore, Sygnum’s off-exchange custody platform is fully compliant with regulatory requirements, providing traders with a trusted and transparent solution for managing their assets. This is a crucial factor in the cryptocurrency market, where regulatory compliance is becoming increasingly important.
In conclusion, Sygnum’s off-exchange custody platform is a game-changer for traders, offering a secure, convenient, and compliant solution for managing their assets. With this innovative platform, traders can now focus on their trading strategies without having to worry about the safety of their assets.
Bitcoin price metric that called 2020 bull run says $69K new bottom
The cryptocurrency market has been on a rollercoaster ride in recent months, with Bitcoin experiencing a surge in value followed by a sharp decline. Many investors and analysts are wondering what the future holds for the world’s most popular digital currency. According to Timothy Peterson, a well-known crypto analyst, the current dip in Bitcoin’s price is just a temporary setback before the bull market momentum returns.
In a recent interview, Peterson shared his insights on the current state of the market and his predictions for Bitcoin’s future. He believes that the recent drop in Bitcoin’s price is a natural part of the market cycle and is necessary for the currency to reach new highs. However, he also warns that this “cooling off period” could last up to three months before the bull market resumes.
Peterson’s analysis is based on a new BTC price floor that he has identified. This price floor, which is the lowest point that Bitcoin’s price is expected to reach during this market cycle, is around $25,000. This means that even if Bitcoin experiences a significant dip, it is unlikely to drop below this price point.
But why is Peterson so confident that the bull market will return? He points to several factors, including the increasing adoption of Bitcoin by institutional investors and the growing interest in cryptocurrencies from mainstream financial institutions. He also believes that the current economic climate, with governments printing money and inflation on the rise, is favorable for Bitcoin’s growth.
While the current dip in Bitcoin’s price may be concerning for some investors, Peterson’s analysis offers a glimmer of hope. He reminds us that volatility is a natural part of the cryptocurrency market and that it is important to take a long-term view when investing in Bitcoin. With his prediction of a new price floor and the potential for a strong bull market, it may be a good time to hold onto your Bitcoin and ride out the storm.
Ether shorter gains $68M on 50x leverage as ETH drops 11%
As the cryptocurrency market continues to experience volatility, one trader has made a bold move by placing a risky short bet on Ethereum. This decision was made in anticipation of the upcoming Pectra upgrade, which has caused concern among investors and led to a nearly 11% drop in the value of Ether.
The Pectra upgrade, also known as the London hard fork, is set to take place on August 4th and is expected to bring significant changes to the Ethereum network. This includes the implementation of the highly anticipated EIP-1559, which aims to improve the network’s transaction fees and make it more user-friendly. However, this upgrade has also sparked fears of potential disruptions and uncertainties in the market.
In light of these concerns, the trader has taken a bold stance by placing a short bet on Ethereum. This means that they are betting on the price of Ether to decrease, rather than increase. While this may seem like a risky move, it could potentially pay off if the market reacts negatively to the Pectra upgrade.
The decision to place a short bet on Ethereum highlights the current state of the cryptocurrency market, which is constantly influenced by various factors such as global trade concerns and upcoming upgrades. It also showcases the confidence and risk-taking nature of traders in this space, who are always looking for opportunities to profit from market fluctuations.
As the Pectra upgrade approaches, all eyes will be on Ethereum and how it will be affected. Will the short bet pay off for this trader, or will the market prove them wrong? Only time will tell, but one thing is for sure – the cryptocurrency market is always full of surprises and opportunities for those willing to take risks.
Animoca Brands revenue climbs as AI cuts costs by 12%
Animoca Brands co-founder and executive chairman Yat Siu expects continued growth through 2025 due to a more crypto-friendly regime in the US.