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Bitcoin News Roundup for Aug. 31, 2020
With bitcoin still lagging behind U.S stocks and additional tax guidance in the U.S., CoinDesk's Markets Daily is back for your latest crypto news roundup!
Updated Sep 14, 2021, 9:50 a.m. Published Aug 31, 2020, 4:00 p.m. 1 min read
With bitcoin still lagging behind U.S stocks and additional tax guidance in the U.S., CoinDesk's Markets Daily is back for your latest crypto news roundup!
For early access before our regular noon Eastern time releases , subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica or RSS.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today's stories:
US Stocks Closing on Bigger August Gain Than Bitcoin
While bitcoin is eyeing an August gain for the first time in three years, the cryptocurrency is still lagging U.S. stocks over the month.
Chinese Bank Disables Digital Yuan Wallet After Soft Launch Draws Wide Attention
China Construction Bank had quietly opened up the wallet service of China's digital yuan to public users – but has now disabled it shortly after the feature gained wide attention.
What Changes at the Fed and the SEC Mean for Crypto
Chairman Powell’s speech on Thursday highlighted how much the Federal Reserve’s role is changing, and that's an opportunity for the crypto industry.
Cryptocurrency Earned From Carrying Out Microtasks Is Taxable, Says IRS Memo
The U.S. tax department has provided guidance around crypto revenue earned from microtasks via crowdsourcing platforms and, yes, such income is taxable.
More For You
Realized cap stabilization, historically elevated RHODL readings and deeply negative funding rates all point toward a potential cycle low for bitcoin forming earlier this year.
What to know:
- Multiple onchain and derivatives indicators suggest bitcoin probably established a cycle low during February’s sharp selloff toward $60,000.
- Realized cap has stabilized near $1.08 trillion after heavy wealth destruction, mirroring accumulation patterns seen during previous bear-market bottoms.
- Bitcoin perpetual funding rates remained deeply negative for months, a historically reliable signal...
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