IRS Won't Enforce $10K Crypto Tax Rule, For Now
IRS Won't Enforce $10K Crypto Tax Rule, For Now
Chainlink & Circle Partner For Cross-Chain USDC, Grayscale Moves 9K BTC, ETH Devs' Dencun Upgrade On Testnet
Welcome to Coinfeeds Daily Digest! Today we cover Ethereum hitting a record 2 million daily transactions as the ETH burn rate increases, which caused its value to rise. Also, Ethereum developers have just deployed the long-awaited Dencun upgrade on the Goerli testnet, introducing Proto-Danksharding — a new feature that reduces storage hunger and lowers transaction costs on Ethereum. Tether has been under scrutiny regarding asset backing, but the CEO of Cantor Fitzgerald has stated that Tether holds the billions it says it does. A report from Crypto Valley suggests that Switzerland and Liechtenstein now host $382.92 billion worth of crypto projects, an increase of 107% YoY. In other news, Grayscale has moved 9,000 BTC to an exchange as GBTC transforms into an ETF, and PayPal is now Trident Digital in integrating PYUSD into DeFi via the creation of a Curve Pool.
Market Update
News
IRS Won't Enforce $10K Crypto Tax Rule, For Now
The tax agency has indicated that it will temporarily not enforce a new rule that requires Americans to report any cryptocurrency transaction exceeding $10,000. This rule was designed to be similar to the existing cash reporting requirements, aiming to enhance transparency and combat illegal activities. | Read More
Ethereum Hits Record Throughput
On January 14th, the network's throughput hit a record high, processing an impressive 22.7 transactions per second. This spike in activity translated to nearly 2 million transactions within a 24-hour period. | Read More
Ethereum Devs Deploy Dencun Upgrade On Goerli Testnet
Core developers have recently deployed the Dencun upgrade on the Goerli testnet, marking a pivotal moment in the Ethereum upgrade timeline. This upgrade is not just another routine update; it includes a feature known as proto-danksharding, encapsulated in Ethereum Improvement Proposal (EIP) 4844. | Read More
PayPal Goes Crypto-Native With Curve Pool
PayPal has taken a bold step by collaborating with Trident Digital. This partnership is aimed at enhancing the liquidity and usage of PayPal's very own PYUSD stablecoin within the DeFi ecosystem. By joining forces with Trident Digital, PayPal is leveraging the company's expertise to create a pool on Curve. | Read More
Cantor Fitzgerald CEO Says Tether Has The Asset Backing
Howard Lutnick, the CEO of Cantor Fitzgerald, a renowned financial services firm, has stepped forward to confirm that Tether indeed possesses the billions of dollars in reserves it claims to have. Lutnick's firm, which has been a custodian for Tether since late 2021, has had the chance to review parts of Tether's balance sheet. | Read More
$382B Worth Of Crypto Projects Operating In Switzerland and Liechtenstein
Recent reports have highlighted a significant surge in the value of cryptocurrency projects based in Switzerland and Liechtenstein, with a year-over-year increase of 107%, reaching a staggering $382.93 billion. | Read More
Chainlink and Circle Partnered To Bring Cross-Chain USDC Transfers
Chainlink has announced a collaboration with Circle, integrating Circle's Cross-Chain Transfer Protocol (CCTP) into its own Cross-Chain Interoperability Protocol (CCIP). This integration marks a step forward in enabling seamless transfers of the USDC stablecoin cross-chain. | Read More