The Central Bank of Nigeria has directed four fintech companies to cease the creation of new accounts, citing their potential use by cryptocurrency traders. An executive from one of the affected fintech companies has associated the Central Bank’s directive with a current audit of the Know Your Customer (KYC) procedures implemented by these firms. Fintech […]

Roger Ver, an early investor in Bitcoin and now an advocate of Bitcoin Cash, was arrested last weekend in Spain on US-brought criminal charges of mail fraud, tax evasion, and filing false tax returns. The authorities in the United States will now seek his extradition.

According to an announcement by the Justice Department yesterday (Monday), Ver evaded at least $48 million in taxes in the United States.

The Face of Bitcoin Cash

Ver is a vocal crypto advocate who even gained the title of “Bitcoin Jesus” in the early years of cryptocurrency adoption. However, he disagreed with the majority of the Bitcoin miners who opposed changes to the blockchain, leading to the creation of Bitcoin Cash. Ver became a strong advocate for Bitcoin Cash.

According to the latest announcement, Ver obtained citizenship from St. Kitts and Nevis in early 2014 and renounced his US citizenship. However, he continued to own MemoryDealers and Agilestar, two US-incorporated companies that sold computer and networking equipment.

An Early Bitcoin Investor

The US authorities allege that Ver began acquiring Bitcoins for himself and his companies as early as 2011. However, he failed to pay an “exit tax” allegedly during his expatriation. He is even accused of concealing information from a law firm he hired, resulting in the filing of false tax returns.

“As a result of his expatriation, Ver allegedly was required under US law to file tax returns that reported capital gains from the constructive sale of his worldwide assets, including the Bitcoins, and to report the fair market value of his assets. He was also allegedly required to pay a tax – referred to as an “exit tax” – on those capital gains,” the Justice Department noted.

The estimates of the US authorities show that Ver and his companies owned approximately 131,000 Bitcoins when he obtained St. Kitts and Nevis citizenship. The two companies held 73,000 of those Bitcoins.

“Ver allegedly provided or caused to be provided false or misleading information to the law firm and appraiser that concealed the true number of Bitcoins he and his companies owned,” the Justice Department added. “As a result, the law firm allegedly prepared and filed false tax returns that substantially undervalued the two companies and their 73,000 Bitcoins and did not report that Ver owned any Bitcoins personally.”

Furthermore, Ver sold “tens of thousands” of Bitcoins in November 2017 for about $240 million in cash. According to the US authorities, he needed to report the gains to the IRS and pay tax on the dividends he received from the two US-incorporated companies.

“Ver’s 2017 individual income tax return did not report any gain or pay any tax related to the distribution of MemoryDealers’ and Agilestar’s Bitcoins to him,” the Justice Department noted. “In total, Ver is alleged to have caused a loss to the IRS of at least $48 million.”

This article was written by Arnab Shome at www.financemagnates.com.

Polkadot (DOT) is showing bearish signs below the $8 resistance against the US Dollar. The price could extend its decline if it fails to stay above $6.00. DOT is gaining pace below the $8.80 and $8.00 levels against the US Dollar. The price is trading below the $7.20 zone and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair (data source from Kraken). The pair could continue to decline toward the $5.00 support zone. Polkadot Price Resumes Drop After a steady increase, DOT price faced resistance near the $7.60 zone. It formed a short-term top and started a fresh decline below the $7.00 level, like Ethereum and Bitcoin. There was a move below the $6.20 support zone. A low was formed near $6.03 and the price is now consolidating losses. It is slowly moving higher above the $6.35 level and the 23.6% Fib retracement level of the downward move from the $7.58 swing high to the $6.03 low. DOT is now trading below the $7.00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $6.50 level. There is also a key bearish trend line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair. Source: DOTUSD on TradingView.com The next major resistance is near $7.00 or the 61.8% Fib retracement level of the downward move from the $7.58 swing high to the $6.03 low. A successful break above $7.00 could start another strong rally. In the stated case, the price could easily rally toward $8.20 in the near term. The next major resistance is seen near the $10.00 zone. More Downsides in DOT? If DOT price fails to start a fresh increase above $7.00, it could continue to move down. The first key support is near the $6.00 level. The next major support is near the $5.65 level, below which the price might decline to $5.00. Any more losses may perhaps open the doors for a move toward the $4.20 support zone or the trend line. Technical Indicators 4-Hours MACD – The MACD for DOT/USD is now losing momentum in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now below the 50 level. Major Support Levels – $6.00, $5.65 and $5.00. Major Resistance Levels – $6.50, $7.00, and $8.50.

Ethereum price started another decline and traded below $3,000. ETH must stay above the $2,800 and $2,850 support levels to avoid a major drop. Ethereum started another decline and tested the $2,900 zone. The price is trading below $3,120 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it settles below the $2,850 support. Ethereum Price Dives Again Ethereum price struggled to gain pace for a move above the $3,250 level and started another decline, like Bitcoin. ETH traded below the $3,120 level. The bears even pushed the price below the $3,000 level. A low was formed at $2,916 and the price is now consolidating. There was a minor increase above the $3,000 level. The price tested the 23.6% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. However, the bears were active near the $3,000 and $3,020 levels. Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. Source: ETHUSD on TradingView.com The next key resistance sits at $3,185, above which the price might gain traction and rise toward the $3,250 level. A close above the $3,250 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,620 resistance zone. More Downsides In ETH? If Ethereum fails to clear the $3,120 resistance, it could continue to move down. Initial support on the downside is near the $2,940 level and the channel zone. The first major support is near the $2,850 zone. The main support is near the $2,800 level. A clear move below the $2,800 support might push the price toward $2,650. Any more losses might send the price toward the $2,540 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $2,940 Major Resistance Level – $3,120

The total value locked (TVL) in real-world asset (RWA) tokenization protocols has seen a remarkable surge of almost 60% since February, reaching a new high of almost $8 billion as of April 26, according to a report by blockchain analytics and research firm Messari. This growth is attributed to a market preference for debt-based, high-yield […]

The TVL across real-world asset tokenization protocols has surged almost 60% since February, says blockchain analytics firm Messari.

Fantom Foundation CEO Michael Kong hopes the blockchain can “replicate the success” of its peers by getting in on the memecoin hype.

Crypto traders are stressing that the Bitcoin price correction is “exactly what the cycle needs” right now.

Bitcoin price took a hit and even spiked below $60,000. BTC could gain bearish momentum if there is a daily close below the $60,000 support zone. Bitcoin started another decline and traded below the $61,200 zone. The price is trading below $62,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower if it fails to recover above $60,400 and then $62,000 this week. Bitcoin Price Reaches Support Bitcoin price started another decline below the $62,500 support level. BTC dropped below the $61,200 level as the bears took control. They even managed to push the price below $60,000. A low was formed at $59,110 and the price is now consolidating losses. There was a minor increase above the $60,000 level and the 23.6% Fib retracement level of the recent decline from the $64,738 swing high to the $59,110 low. Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. Immediate resistance is near the $60,400 level. There is also a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair. The first major resistance could be $61,200. The next key resistance could be $62,000 or the 50% Fib retracement level of the recent decline from the $64,738 swing high to the $59,110 low. Source: BTCUSD on TradingView.com A clear move above the $62,000 resistance might send the price higher. The next resistance now sits at $62,500. If there is a clear move above the $62,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $64,000. More Downsides In BTC? If Bitcoin fails to rise above the $60,400 resistance zone, it could continue to move down. Immediate support on the downside is near the $59,500 level. The first major support is $59,100. If there is a close below $59,100, the price could start to drop toward $58,000. Any more losses might send the price toward the $56,400 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $59,500, followed by $59,100. Major Resistance Levels – $60,400, $61,200, and $62,000.

Tether, the giant behind the world’s largest stablecoin USDT, announced a $200 million strategic investment in Blackrock Neurotech, a brain-interface company. The investment also marks the launch of Evo, a new business division for the company that will examine investments in initiatives that merge tech and human potential. Tether Dabbles in Biotech, Acquires $200 Million […]

CryptoQuant CEO Ki Young Ji said that despite a drop in Bitcoin mining revenues since the halving, Bitcoin miners haven’t shown any signs of capitulation.

Animoca Brands, a Hong Kong-based game software company, has announced its partnership with the Opal Foundation to enter the Bitcoin ecosystem, leveraging the Opal Protocol to develop the largest Web3 ecosystem encompassing gaming, Defi, entertainment, education, and culture. The initiative, backed by the BLIF token and propelled by the recent introduction of NFTs via ordinals […]

It took less than six weeks for the BlackRock USD Institutional Digital Liquidity Fund to surpass Franklin Templeton’s one year old tokenized treasury fund.

U.S. House Financial Services Committee Chairman Patrick McHenry has slammed both the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler regarding the SEC’s investigation into ethereum, suggesting that ether might be classified as a security. Additionally, the lawmaker emphasized that Gensler intentionally misled Congress on the issue. ‘Chair Gensler Himself Misled Congress’ The […]

Solana (SOL), currently ranked as the fifth largest cryptocurrency with a market capitalization of $56 billion, has experienced a significant decline amid the recent market meltdown affecting the digital asset space.  Over the past 24 hours, SOL has witnessed an 8% drop, reflecting the broader market downturn. Despite this setback, experts believe that if the cryptocurrency maintains support above the $120 price level, it holds notable potential for a strong price recovery in the coming months. Bullish Price Outlook And Key Support Levels To Watch  After reaching a yearly high of $209 on March 18, SOL’s current trading price is $124. However, according to crypto market experts, SOL still has a promising outlook.  Altcoin Sherpa, a renowned analyst, suggests that if the altcoin market continues to decline, the $120 price level may become an area of significant interest for SOL.  Altcoin Sherpa maintains a bullish sentiment, strongly believing that SOL can potentially exceed $500 this year. Such a surge would represent a significant 300% price increase from current levels, building upon the impressive 426% year-to-date price growth.  It is worth noting that this projection is nearly double SOL’s previous all-time high (ATH) of $259, reached during the last crypto market bull run in November 2021. Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals In addition to the analyst’s focus on the $120 price mark, other major resistance levels for SOL have been identified. These include $110, $102, and the critical long-term support level at $74, representing SOL’s uptrend structure over the past six months.  Solana Dominates Blockchain Trading Volume According to a recent CoinGecko report, Solana has secured its position as the second-largest blockchain by trading volume, commanding a substantial 21.3% market share in March 2024.  The blockchain platform experienced a notable monthly growth of 244.8%, with trading volume surging to $40.05 billion, a significant increase from $11.61 billion in February.  Solana’s performance in the first quarter of 2024 was equally significant. It accounted for 14.4% of all decentralized exchange (DEX) trading volume, totaling $62.31 billion.  This represents a quarter-on-quarter (QoQ) growth of 242.7% compared to the previous quarter’s volume of $18.18 billion. Despite strong growth, Solana’s market share in the same quarter ranked fourth, trailing behind Binance Smart Chain (BSC). Related Reading: XRP Price On Watch: Can This 23 Million Token Purchase Spark A Rally? According to CoinGecko, Solana’s trading volume has been greatly bolstered by several factors. Firstly, the doubling in the price of Solana’s native token, SOL, has attracted increased attention and trading activity on the platform.  Additionally, the network has witnessed large airdrops from projects such as Jito (JTO) and Jupiter (JUP), further fueling trading volume. Moreover, the surge in memecoins on the Solana network has significantly contributed to its trading volume.  Notably, the launch of Book of Memes (BOME) in March proved successful, as it achieved a market capitalization of $1 billion within two days. BOME also secured listings on crypto exchanges like Binance and Bybit, further amplifying trading activity on Solana. Featured image from Shutterstock, chart from TradingView.com