GMM Crypto | Robinhood In Trouble | Terra Luna Classic | Crypto Taxes | Cryptocurrency News Today!

All right folks welcome back to crypto Lord I Thank you for joining me today always always love to have you guys with me here on a crisp crisp morning at 6 30ish just in time to catch the market open boom here we are the market has opened don’t forget to like this video

Subscribe to my channel just get that all out of the way and hit the Bell to get notified let’s change some of these lights over here real quick let’s get them all going blue all right well so we got some exciting news today we got some exciting news uh news gaming cryptos pumping

Right now I got some Robin Hood news um gosh some Robin Hood news subpoenaed by the SEC and then I’ve got some really important information on cryptocurrency and your taxes this year I’m looking at you out there because you’ve traded crypto I know you have I have and you’re

Going to want to know what’s up with the taxes this year so let’s get into the market just to start it out let’s go all right guys thanks for joining me so it looks like the Dow Jones is opening up in the red right now but that’s okay because we have the NASDAQ

Over here opening up in the green it’s about a quarter of a or three quarters of a percent up right now so um and then the s p right now is opening a little bit down still don’t think we’re gonna see a recession this year guys that’s what I’m

Gonna say still don’t think we’re gonna see a recession we’re still above this trend we’re probably going to see a bounce off this line Maybe not maybe we’ll see some action down into here I still don’t think we’re gonna see a major recession this year I’m gonna stay

On my soapbox and say that so NASDAQ is still up for the day even though the day just started all right let’s take a look at cryptocurrency right now so we’ll take a look at Bitcoin Bitcoin is moving a little bit right now a little bit down for the day still

Oh it is it is moving down right now as we speak this is live folks we’re watching Bitcoin go down right now I wonder what something in the news I don’t know we will find out here in a minute so let’s get into the first story so

Robin Hood Robin Hood subpoenaed by U.S Regulators over brokerage’s cryptocurrency business when I first got into crypto I think Robin Hood or etoro were one of my first trading platforms and I know a lot of my friends still use Robin Hood so you guys might want to pay attention to

This one out here The Brokerage received an investigative subpoena in December related to its cryptocurrency listings and custody it said on a Monday filing the pro comes as U.S financial Watchdogs take a more aggressive approach to cryptocurrency in the wake of the collapse of cryptocurrency exchange FTX

Yeah so there’s a bigger Spotlight on crypto now so it’s not just one of those under the rug backdoor things anymore crypto is in the spotlight and love it or not like it or not it’s here to stay Robinhood markets said the U.S Securities and Exchange Commission is probing its cryptocurrency business in

The latest signal that the regulator is drilling deeper into virtual asset platforms the Brokers received an investigative subpoena in December related to its cryptocurrency listings and custody among other topics Menlo Park california-based Robin Hood said on Monday in a filing the SEC inquiry came soon after the cryptocurrency exchange FTX filed for

Bankruptcy spurring a wave of regulatory action and the FTX thing just really put a wrench in the gears of everybody it wasn’t a great time the probe comes as U.S financial Watchdogs take a more aggressive approach to cryptocurrency in the wake of ftx’s collapse there’s the jerk right there

In the months following fdx’s November bankruptcy top Financial Watchdogs have fanned out across the industry extracting major penalties and issuing broad warnings a spokesperson for the SEC declined to comment a representative for Robin Hood did not immediately respond to a request for comment Robinhood allows users to trade several cryptocurrencies including Bitcoin

Ethereum Dogecoin and Shiba Inu tokens catering to small Traders Robin Hood benefited from a wave of cryptocurrency investing during the pandemic but that enthusiasm has been drying drying up following a string of high-profile failures that include hedge fund three arrows capital and lenders Voyager digital and Celsius Network

The dramatic implosion of FTX in November had sweeping repercussions Robin Hood said in an earnings statement earlier this year that it is looking to repurchase shares of its company that ftx’s disgraced former Chief Executive Sam bankman freed previously controlled as sparring parties wrestled for control over the stake

Yeah FDX went down and that brought a lot of scrutiny into the markets it wasn’t a good look for a cryptocurrency but this video is brought to you by caffeine one of my favorite chemicals on this planet damn that’s a good cup of coffee either way moving on

So Terra Luna Terra Luna classic is pumping right now and binance is burning a bunch of it people think hey maybe it’s going to reach a dollar I don’t think it’s going to reach at all I think that’s kind of lunacy but how much Terra Luna classic will binance burn

Terra Luna classic Community actively awaits crypto exchange binance to continue its Luna sea burn mechanism with the community passing all three key proposals and a software upgrade proposal the speculation over billions of loon Lu and C burn returning to the community is all over crypto Twitter it

Is people think it’s going to go to a dollar I think it’s Insanity binance the largest contributor to the lunc burn campaign has burned over 20 billion lunc tokens in just three months however the crypto exchange on December 28th announced reducing contribution to the community to reduce the lunc supply due

To proposal 10 983 and proposal 511 5-1 finance will now burn 50 of the lunc spot and margin trading fees instead of 100 percent so it’s burning less it’s burning less I don’t let’s look at the price of of Luna lunc right now four zeros and a one all right give me a

Freaking break this thing’s never going to hit a dollar I’m sorry if you are betting the farm on that you just lost the farm guys this is not going to reach a dollar what’s its market cap right now so it would have to go up like a bunch X

And what’s its market cap um 966 million in order for it to reach a dollar its market cap would have to be somewhere in the super billions and what’s like what’s ethereum’s market cap right now it would be it would have to be over ethereum’s market cap and that’s just

Ridiculous guys l u and C it’s not a scam it’s just a waste of time people stop buying these garbage coins you’re just gambling you might as well just go to the casino and gamble you probably have more luck at the casino gambling maybe not but it’s it’s still gambling

Either way just quit just quit with the lunc stuff Tara’s gone get over it next I don’t know what the story this is so machine learning identifies cryptocurrency scams before they happen so AI stuff’s going on pump end up dump schemes this is from December 2018.

This is an old article I don’t know where this came from that’s interesting um machine learning did not save us from any crypto scams since 2018. so I don’t yeah that didn’t really work out either way the big story guys this is the one you’ve all been waiting for crypto taxes

In 2023 what are you gonna do what are you gonna do what do you need to know let’s go over what you need to know in this article by nerd wallet because I think it’s pretty much going to go over everything you’re going to need to know here so

Here are the table of contents and we’re going to go over these things right here when your crypto is taxed depends on how you got it if you sell cryptocurrency for a profit you’re taxed on the difference between your purchase price and the proceeds of the sale note that

This doesn’t only mean selling crypto for cash it also includes exchanging one crypto for another and using to crypto using crypto to pay for goods or services don’t forget that if you trade crypto that also counts as a taxable event just as much much as if you had

Sold it for cash so remember that if you traded one crypto for another and you think oh I’m safe because I didn’t turn it into cash you’re not safe you will be taxed be careful exactly how crypto taxes are calculated depends on your specific circumstances here’s how it boils down

If you acquired crypto from mining or as payment for goods and services that value is taxable immediately like earned income you don’t wait to sell trade or use it before settling up with the IRS if you disposed of or used cryptocurrency by cashing it on an exchange buying goods and services or

Trading it for another cryptocurrency you will owe taxes if the realized value is greater than the price at which you acquired the crypto you may have a capital gain that’s taxable at either short-term or long-term rates so keep that in mind Brian Harris tax attorney at Fogerty Mueller Harris pllc in Tampa Florida

Says buying and selling crypto creates some of the tech same tax consequences as more traditional assets such as real estate or stock the value goes up and down and then if you sell or exchange that property then you have capital gain or loss depending on how that value has moved Harris says

All right two factors that determine your tax rate if you’re paying taxes on the profit you made buying and selling crypto your rate depends on it how long you owned it before selling if you owned crypto for one year or less before selling it you’ll face higher rates between 10 and

37 percent if you owned the crypto for more than a year your rates will be between zero and twenty percent your total income for the year the highest tax rates apply to those with the largest incomes so just think about how that factors in your income factors

Into how much money you made and how much crypto you traded and sold the IRS has the paperwork you’ll need the onus remains largely on individuals to track to keep track of their gains and losses as a reminder the IRS has added a question to tax return forms asking filers about their crypto

Activity at any time during 2022 did you receive as a reward or payment for property or services or B sell exchange gift or otherwise dispose of digital assets or a financial interest in a digital asset the most recent tax return form reads to make sure you stay on the

Right side of the rules keep careful records you’ll need records of the fair market value of your crypto when you mind it or bought it as well as records of its fair market value when you used it or sold it a form 1099-k might be issued if you’re transacting more than twenty thousand

Dollars in payments and 200 transactions in a year but both conditions have to be met and many people may not be using Bitcoin or other cryptocurrencies 200 times a year whether you cross these thresholds or not however you still owe tax on any gains don’t forget that guys

You still own oh tax on any crypto gains you can write off crypto losses many cryptocurrency prices took a nosedive in 2022 if you have losses on your Bitcoin or any other cryptocurrency make sure you declare them on your tax return and see if you can reduce your tax liability

A product a process called tax loss harvesting the process for deducting Capital losses on bitcoin or other digital assets is just like the one used on losses from stock or Bond sales the maximum amount you can write off in one year is three thousand dollars failure to report cryptocurrency can be

Costly privacy is a prominent feature of many cryptocurrencies but that doesn’t mean crypto Traders are wrapped in a shield of invisibility the IRS uses multiple methods to keep tabs on the industry for example it’s gained information about tens of thousands of users of popular crypto exchanges by issuing subpoenas to the

Companies that run them while not paying taxes on your gains might be an honest mistake don’t expect the IRS to take pity and they never do if you carelessly recklessly or intentionally Harris said the IRS may not have the resources to come after every person who fails to disclose cryptocurrency transactions but that

Doesn’t mean that people should not report those transactions because they don’t think the IRS is going to find out about it if you carelessly recklessly or intentionally ignore tax rules or regulations which include reporting gains and losses on cryptocurrency trades you’ll face fines in addition to taxes

If you don’t pay your penalty on time you’ll be charged interest getting caught Under reporting investment earnings has other potential downsides such as increasing the chances you face a full-on audit if you’re doing your taxes and realize you don’t have the money to pay what you

Owe you can apply for a repayment plan with the IRS you’ll pay interest but you’ll avoid the penalties that come with Under reporting income filing taxes late or not filing your taxes at all so the main takeaway here guys if you’ve traded crypto if you’re mining crypto if

You think you’ve made some gains even if you haven’t made some gains make sure that you have all of it written down reported and when it comes time to do taxes that you’re honest about your your taxable income and how much you’ve made trading crypto because the IRS will come after

You they don’t care if you owe they don’t care if they owe you money they’ll never tell you but if you owe them money they will come after you until the day you die and it will never end you’ll have to flee the actual Earth to get out of the way of that

So yeah the main takeaway definitely pay your taxes and report your crypto let’s see how the Market’s doing right now all right s p is still moving up a little bit that’s nice to see Nordstrom stock is actually about to pump up a little bit right now I think the

Nasdaq’s going to break green and the Dow Jones is still a little bit in the red but we’ll see if it if it moves up it’s oh Bitcoin has come up slightly and Bitcoin is now up for the day let’s see how that’s affected these other guys down here

So Matic is up a little bit um Cadena is up a little bit as well and ethereum is up a nice amount let’s see how that looks on this chart over here yeah so it looks like Bitcoin is uh pumping a little bit kind of Founders um

Oh that’s the market cap let’s see kind of found support looks like at the 23 2 level um so bitcoin’s up about a quarter of a percent doge is up about almost a percent eth is up about almost a percent cadena’s up about almost two percent

Which is nice chain links up about two percent that’s a nice little pump right there Salon is up about I don’t know a fifth of a percent Maddox on its way up so you know as everything as Bitcoin moves up everything else will move up and that’s

Really all I’ve got for you this morning guys thank you once again for joining me don’t forget to hit the like button and subscribe to my channel for more content like this I’ll be doing two streams every day I got another one coming up at

The end of the day today around 6 30 p.m so be safe out there in the world stay dry stay cool stay warm whatever it takes peace

#bitcoin #crypto #news
Welcome to Crypto News Today, where we bring you the latest updates and developments in the world of cryptocurrency. In this episode, we have a lot of exciting news to cover, including the recent subpoena that the Securities and Exchange Commission (SEC) served to Robinhood, which coincided with the FTX collapse.

Additionally, we will discuss Terra Luna Classic’s current price and delve into the much-coveted price prediction for this digital asset. For those of you who have traded crypto, we will also touch on what this year’s tax season will mean for you.

But that’s not all – we have plenty more in store for you! Our team of experts will be analyzing and discussing the most significant news stories, market trends, and regulatory changes impacting the crypto world.

Make sure to tune in every morning and every evening to stay updated on all the latest happenings in the crypto world. Don’t forget to like, subscribe, and hit the notification bell to receive alerts when we release new content.

At Crypto News Today, we’re committed to bringing you the most up-to-date and reliable information on the rapidly evolving world of digital currencies. Stay informed and stay ahead of the game with Crypto News Today.

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