Bearish News Applies Brakes to Bitcoin Bull Run — VAULT Cryptocurrency Blockchain News #32
Bitcoin is on a bull run and recently set a new all-time high. Over the past week, two major news announcements have applied the brakes to the bullish upswing we have been seeing.
On Monday, President Joe Biden signed the $1.2 trillion infrastructure bill. This bill has several key components that could directly affect how cryptocurrencies are viewed and regulated.
Two provisions of the infrastructure bill have cryptocurrency holders concerned. The first is a provision that requires “brokers” to report their cryptocurrency gains on a type of 1099 form. They also have to disclose the names and addresses of their customers. Many people assume these “brokers” will be exchanges. The problem is the broad scope of the term leaves a lot of questions as to who exactly will be considered a “broker.”
The US Treasury tried to alleviate some fears in August when it issued a statement saying it would not target non-brokers such as miners, hardware developers and others. It is still unclear if investors without customers could potentially become a target.
US Congressmen Introduce Bill to Modify Crypto Tax Provision in Infrastructure Law
U.S. President Joe Biden signed the infrastructure bill into law on Monday.
The second provision expands a section of the US tax code called 6050I to now cover digital assets. This provision requires that people who receive more than $10,000 in cash and equivalents file a report with the IRS. Reporting requires submission of who paid, including names and social security numbers. Failure to report details about those sending payments is considered a felony offense.
Any business or exchange receiving more than $10,000 in cryptocurrency from an individual will be required to report.
The same day, China released news that they are committed to clamping down on cryptocurrency mining in their country. They stated that cryptocurrency mining is jeopardizing their ability to reduce carbon emissions. Meng Wei, a government official, stated during a recent conference that the government would increase electricity prices for any entity caught using subsidized power to mine cryptocurrency.
On Wednesday, November 10th, Bitcoin set a new all-time high of $68,789. The following Monday, BTC price pulled back to $66,000. The bearish news sent prices further downward, and by Friday, Bitcoin fell to $55,000. At the time of this writing, Bitcoin was trading at $57,707.33. Where will this Bitcoin bull run go next?
VAULT Crypto News This Week
Stronghold Diamond Hands, New Whitepaper and Website Updates Launching Soon!
PGO updated to v3.1.0, all masternodes restarted https://my.vault.investments/coins/pgo/
Updates on KFX
VAULT Coin’s Market Performance This Week
We finished out the week at $6.15, which is down from last week’s price of $6.80. We had a high of $7.01 on Sunday, and our low for the week was $5.88 on Friday.
We saw an average of $1,373.75 traded daily. This maintains us above the $1,000 daily level and is above last week’s number of $1,233.36.
The Minimum Guaranteed Price buy wall of 1000 VAULT at 10,500 Satoshi was maintained on SouthXchange.
There are currently orders for 105.859 VAULT above the buy wall, indicating there has been renewed demand this week!
VAULT’s current price average across all exchanges is 10,631 Satoshi (0.00010631 BTC).
In addition to the platform, products, use and demand, VAULT continues to benefit greatly from being tied to and backed by Bitcoin. This week we saw a significant dip of 10% in the Bitcoin price.
Bitcoin (BTC) Update
According to a report released by Elliptic, the total amount of money people lost to DeFi exploits in 2021 exceeded $12 billion, a sevenfold increase from 2020.
During the past year, hundreds of new DeFi products have appeared, with some offering over 1,000% returns. It always goes back to doing your proper research. Most of the time, if it sounds too good to be true, then it most likely is.
When looking at platforms to earn interest on your Bitcoin, there are several things to consider. Before investing, look closely at the factors below:
- Are they established? — How long has the project been around? Do they have a proven track record of delivering returns?
- Do they deliver consistent yields? — Are the yields high one week, then down to much lower values the next? This can be a warning sign. If you are paid in an altcoin, does that coin increase or hold its value over time or has the value plummeted?
- Is the team public? — If there are no public team members and you don’t know their names and faces and can’t look up and verify them as real people, run!
- Do they have an active community? — Talk to other investors in the project and get their opinion of how things are working. If they don’t have a presence on Discord, Telegram or Twitter, be wary.
- Is their blockchain secure? — With so many new projects on new blockchains, look to see if there have been exploits on the blockchain or bridges that the project uses. Are there admin keys that allow the founders to rug pull funds easily?
- Is the platform secure? — Do they have industry-leading security practices?
VAULT platform meets all of these requirements. Look into VAULT and read their new whitepaper and exciting programs and I think you will be impressed.
Cryptocurrency News This Week
VAULT Crypto Portfolio Tracker
I wanted to give you a running tally of what you could potentially be earning with VAULT. The example I’m using holds 1,000 VAULT, with 0.1 BTC invested in the BTC% program (check it out here).
I wanted to show you what kind of returns you could be earning weekly and cumulatively.
1,000 VAULT initial investment with current value of 1,153 VAULT at ~23% ROI generated 5.1 VAULT blockchain rewards this week, for a total of 1,163.11 VAULT over the past 33 weeks if you compounded your daily rewards with 100% reinvest on the VAULT platform. The total dollar value earned is $1,003.13 at VAULT’s current price of $6.15 (0.00010631 BTC). The total Bitcoin value earned at VAULT’s current price is 0.01734 BTC.
Placing 0.1 BTC in the BTC% program earns 11% APR, providing a weekly return of 0.00021089 BTC. Over the last 33 weeks, this would be worth 0.006959 BTC with a current value of $414.21.
The current total value of your potential returns over the past 33 weeks would be $1,417.34 or 0.0243 BTC.
We Are Here to Help You DYOR (Do Your Own Research)
I hope this update on the Bitcoin bull run, infrastructure bill, and more blockchain and cryptocurrency news has been helpful.
Consider investing the VAULT way and enjoy a seamless crypto experience!
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This is not financial advice. VAULT Investments provides a service to its clients and is not responsible for projects listed or featured in its platform or ecosystem. The views and opinions in this update are my views alone and are not necessarily those of VAULT investments or its administration. Users should always DYOR. Invest at your own risk.
About the Author:
My Discord handle is Bobtilladhun.
I’m a long-term crypto investor. I bought my first Bitcoin in 2016 for $700. I sold 1/2 my BTC when the price doubled to satisfy my wife that I wasn’t going to lose all our money and made my initial investment back. Since that time, I have used my remaining Bitcoin stack to HODL and invest in interesting projects. I am a founding investor in VAULT and have accumulated a significant number of VAULT coins through holding my coins in CRYO and taking advantage of the compounding interest VAULT provides.
I was asked by Ian and the VAULT team to provide a weekly update on VAULT’s performance and current issues in cryptocurrency.
I hope these updates provide you with a quick overview of what is happening with VAULT and in the world of cryptocurrency.
Please contact me on Discord if you have any comments or suggestions.