According to Bloomberg, the third bitcoin futures ETF has entered the US market. The bitcoin-related ETF (ticker X BTF) was launched on Tuesday, about a month after the creation of the ProShares Bitcoin Strategy Fund. This was due to the fact that the SEC (Securities and Exchange Commission) rejected the offer of physical support the previous week.
According to a report by CNBC TV India, the country's government plans to reclassify cryptocurrency exchanges as e-commerce platforms, respectively, which will reduce taxes on goods and services that users pay per transaction from 18% to 1%.
According to Cathie Wood of Ark Invest, institutional purchases are driving Bitcoin to reach $ 500,000 by 2026. Institutional investors will switch to Bitcoin, allocating 5% of their portfolios, while the value of bitcoins will grow to about $ 560,000.
Out of the cryptocurrencies tracked by CoinMarketCap, GenshinShibInu (GSHIB) showed the best for the week, adding 79,307.70%.
According to Bloomberg, JPMorgan Chase and Tiger Global have announced investments in the blockchain infrastructure company Blockdaemon Inc. In September, Blockdaemon Inc. sponsored Softbank Group and Goldman Sachs Group for $1.25 billion.
Almost a third of the investment offices of super-rich families in North America invest in cryptocurrency. According to a study published by Campden Wealth, Bloomberg reported that this number is comparable to 28% of family offices in Europe and 19% in the Asia-Pacific region.
Of the cryptocurrencies monitored by CoinMarketCap, Elonomics (ELONOM) was the worst of the week, falling 99.28%.
According to hedge fund manager Kyle Bass, difficult times of earnings on bitcoins are coming due to strict regulation. Bass suggests that in 2022, the US government will come to tougher rules after China's repression. According to Bloomberg, a bipartisan team of US senators is introducing a bill of some restrictions on the rules of tax reporting for cryptocurrency. The law will address a new tax reporting requirement for digital currencies included in the infrastructure bill. By law, cryptocurrency companies will have to provide information about their users, as other financial companies should do in order to ensure compliance with tax legislation.
During the 2021 fiscal year, the IRS confiscated $3.5 billion worth of cryptocurrencies, which is 93% of the assets confiscated by the tax authorities during the current year. Congress recently provided the IRS with more opportunities to examine cryptocurrency transactions in an infrastructure package signed by President Joe Biden on Monday.
