It is evident the current cryptocurrency momentum will make this Wednesday anything but pleasant to enjoy. More specifically, there is so much red across the charts, it becomes easy to overlook the coins going in the green. One of those coins is Aeternity, a cryptocurrency which many people tend to overlook.
Aeternity Price is on a Tear
Even though Bitcoin’s negative price momentum usually drags all altcoins with it, Aeternity shows things can be done differently. This particular altcoin notes some of the strongest gains in the top 100, despite not being a low-cap altcoin by any means. With its total valuation of nearly $ 286m, Aeternity has grown quietly behind the scenes without attracting a lot of attention.
Opp Open WiFi aims to provide free access wifi hotspots to all! A supremely innovative business plan incentivises anyone to provide a wifi hotspot for anyone else to access for free! Furthermore, investors will now receive 30% of yearly future profits on the first 70 million tokens sold — one of the first utility token based companies to actually do this.
How does it work?
Research carried out by the company shows that around 80% of people who have paid internet access contracts don’t use all the data they pay for.
Someone said it’s unfair to compare Binance with Deutsche Bank (Exchange vs Bank) so I made this 👇👇👇 Now it’s apple to apple I suppose? @cz_binance @heyibinance pic.twitter.com/HxCBSKIAnx
— Dovey Wan (@DoveyWan) August 30, 2018
Binance have recently revealed their profits for the first quarter of 2018 and the findings are very exciting indeed. Total profit for Binance in Q1 2018 stands at around $ 200 million, very significant right?
Cryptocurrency exchange Binance continued to wow cryptocurrency commentators as data shows the platform made almost as much profit as Nasdaq in Q1 2018.
8 Months, $ 200 Million
A comparison uploaded to Twitter by Danhua Capital managing Director Dovey Wan August 30 shows that for that period, Binance pulled in $ 200 million against Nasdaq’s $ 209 million.
The figure represents one of several linked to Binance’s rapid growth to circulate among the online community, Wan also noting the exchange beat Deutsche Bank’s Q1 profits by almost $ 50 million.
Tax authorities in Norway have urged diligence when reporting cryptocurrency profits after news emerged that two miners paid just 74,000 kronor ($ 8750) in tax on reported holdings of 34 BTC ($ 218,000).
Much Bitcoin, Little (Taxable) Wealth
As local news outlet Dagens Næringsliv reports August 20, Philip Eriksen and Roy Arne Olsen amassed the funds from a now-defunct mining operation over an extended period.
The pair first made known about their success in interviews with the local press in their home city of Tromso in late 2017, when the value of their holdings hit highs of around $ 680,000. “Having unrealized millions in cryptocurrency wealth in after two years is a fantastic feeling,” Olsen said at the time.
Japan’s GMO Internet has unveiled new priorities for its cryptocurrency business along with the performances of its crypto exchange and mining operations. The changes going forward result from the bear market and increased total hash rate.
GMO Coin Profits Up 7.3-Fold
Japanese internet giant GMO published its second-quarter results for this fiscal year on Thursday. The report details the performances of the company’s cryptocurrency operations as well as changes in future plans.
After moving to request all cryptocurrency exchanges to report to the country’s watchdog agency, the Australia Taxation Office (ATO) will be collecting Capital Gains Tax (CGT) on cryptocurrency gains, essentially classifying them as assets.
Cryptocurrency = Asset
Liz Russel, a senior tax agent at a private Australia online tax return service, shared some insights on the way theATO will be treating cryptocurrency gains and what people should expect. Just like in the majority of countries, there is an ongoing debate amid Australian institutions regarding the proper classification of cryptocurrencies.
However, according to the senior tax agent, the ATO has made it pretty clear that it would regard them as assets:
The struggles of cryptocurrency hedge funds in 2018 seem to have no end in sight. With half of the year almost gone, these crypto-focused hedge funds continue to perform poorly.
Declining Revenues Amid Price Dip
According to the Financial Times, cryptocurrency hedge funds are down by 35 percent so far in 2018. This decline is in stark contrast to 2017 when revenues grew by 2,700 percent. Such was the success of the market that a total of 167 firms were established in 2017 alone.
The Japanese tax authority has for the first time revealed the number of high-income taxpayers who declared cryptocurrency profits in the year 2017. Out of the total number of taxpayers with miscellaneous income of 100 million yen or more, excluding public pension, 60% of them reported income from crypto transactions.
Declaring Crypto Income
The Japanese National Tax Agency announced on Friday the number of people with 100 million yen (~US$ 914,000) or more miscellaneous income that includes income from cryptocurrency transactions, according to local media. Nikkei elaborated:
Gains from cryptocurrency transactions will be taxed in Azerbaijan, according to a high-ranking official from the Tax Ministry. Authorities in the energy-rich nation intend to tap into both corporate profits and personal incomes. The country has previously taken a conservative stance on cryptocurrencies but the focus on taxation now signals a change in Baku.
Both Corporate and Private Incomes to Be Taxed
Revenues from crypto transactions are subject to taxation in Azerbaijan, said Nidjat Imanov, deputy-director of the Department of Tax Policy and Strategic Studies at the Ministry of Taxes. Imanov clarified his department’s position during the Financial and Investment Forum held in the capital Baku this Saturday, Trend news agency reported.
As the general public learns more about Cryptocurrency trading, more and more investors want to get in on it, but don’t know how. Countinghouse is making it possible for everyone to profit off of Cryptocurrency with the launch of their Cryptocurrency Hedge Fund ICO. This hedge fund uses a mathematical algorithm to constantly pull profits from the Cryptocurrency market.
South Australia, Australia – March 6, 2018, Countinghouse Fund made international news today with the announcement of a new ICO that has investors swarming. Countinghouse Fund is an already-established foreign exchange direct hedge fund which uses coded algorithms and mathematical techniques to force profit from volatility and movement in the forex market. Countinghouse’s mission is simple; apply existing techniques to the world of cryptocurrency which shows greater volatility than the traditional fiat currency exchange.
It’s no secret that Bitcoin mining was a profitable business venture last year — but just how profitable was it?
First to the Gold Rush
2017 was an extremely profitable year for Bitmain Technologies Ltd., a privately owned Bitcoin mining company headquartered in Beijing, China. In addition to operating several of the world’s largest Bitcoin mining pools, Bitmain manufactures ASIC chips and the mining hardware that uses those chips. All total, the company raked in somewhere between $ 3 and $ 4 billion in profits last year, according to estimates made by Bernstein Research.
Each country has its own systems for tax evaluation and collection, and some countries are stricter than others. One of the major issues governments have with cryptocurrencies is the difficulty in taxing profits made on trading. The United Kingdom’s HMRC (Her Majesty’s Revenue and Customs department) found this out the hard way.
Finance experts have warned that a loophole which reduces crypto gains to zero can be exploited on tax returns in the UK. It was reported that this could potentially deprive the government of millions in lost revenue.