Coincover's Crypto News Update [08/01/2024]

Coincover brings you a roundup of key events shaping the crypto landscape last week, just in case you missed it. So what’s been going on?

BlackRock to expect spot Bitcoin ETF approval next Wednesday

BlackRock’s ETF along with others such as Grayscale Investments and Valkyrie, could be approved as early as next Wednesday. Spot Bitcoin ETF applicants have been filling out their final Form S-1 to the United States Securities and Exchange Commission (SEC). The fillings are expected to be completed today ahead of the anticipated approval date on the January 10^th.

HyperVerse crypto promoter, Rodney Burton, arrested and charged in US

HyperVerse’s crypto promotor known as “Bitcoin Rodney”, has been arrested on the allegations claiming “he was part of a network that made “fraudulent promotional presentations” to investors and potential investors.”

$1.2 million in Bitcoin sent to the Genesis wallet mined by Satoshi Nakamoto

An unnamed user sent $1.17 million of Bitcoin to the Bitcoin network’s Genesis wallet on from Binance. The Genesis wallet is the first wallet ever created on the Bitcoin network and the funds within the wallet haven’t moved since December 2020 when Satoshi Nakamoto disappeared. Overtime, funds have been sent to the wallet which held 72 Bitcoin in late 2023. Now, the wallet holds 99.67 Bitcoin, worth $4.3 million.

Crypto tax to become more complex in 2024

Changes to the IRS Section 6050I m that qualifying transaction taxpayers will now have to provide more information to the IRS in 2024. They now have to ‘report the name, address, social security number, amount, date and the nature of the transaction’ within 15 days of the transaction or they could face criminal penalties.

Cash transactions of more than $10,000 have had reporting and compliance requirements for many years but the development of 6050I now means crypto transactions that of more than $10,000 that are part of a trade or business also need to abide by these requirements.