Author: Coindesk
STX, the native token of leading Bitcoin Layer 2 network Stacks, has risen nearly 20% to $2.87 since quadrennial halving reduced the per block coin emission to 3.125 BTC from 6.25 BTC, according to data source CoinGecko. Bitcoin, meanwhile, has gained just over 4.7% to $66,300. STX is one of the best-performing top 25 cryptocurrencies of the past 24 hours, per Velo Data. Read the full article here
While bitcoin miners anticipated that the halving would significantly cut revenue, the introduction of Casey Rodarmor’s Runes protocol – designed to create fungible tokens on Bitcoin – which went live at the halving, was supposed to be the antidote to this, given the level of activity it would create on-chain. Read the full article here
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The filing also provides an illustrative example of the amount of Bitcoin (BTC) Grayscale will contribute to the mini fund: 63,204 bitcoin, or 10% of existing assets in GBTC, as per the filing. Shares of the BTC trust are to be issued and distributed automatically to holders of GBTC shares. (Pro forma financial statements are projections of future expenses and revenues, based on a company’s past experience and future plans.) Read the full article here
Unlike traditional, or fiat, currencies, whose value has historically been eroded by inflation and government printing, bitcoin is designed to be non-inflationary with a maximum total supply of 21 million BTC in circulation. With the halvings every four years, the pace of new issuance of bitcoins reduces over time until the last one is mined, likely sometime in 2140. Read the full article here
But this time, bitcoin has already embarked on a momentous rally to record highs, rising from $15,500 in late 2022 to $73,680, helped by optimism around the approval of spot bitcoin ETFs in the U.S. and then then the ensuing enthusiasm after they began trading in January. Read the full article here
The first four awards, including Finney’s, are meant specifically to retroactively reward those who made the biggest contributions to Bitcoin within the periods between each of the first four halvings: 2009-2012 (Finney), 2012-2016, 2016-2020 and 2020-2024. After that, the prize will go to those who contribute most in the intervening four years. Read the full article here
Ultimately, the initial buzz about NFTs and blockchain’s expansion turned to fear during the 2022 crypto winter, although this wouldn’t be the end for NFTs. 2023 witnessed a revival in the blockchain enthusiasm, thanks in part to NFTs making a strong comeback, this time taking the form of Ordinals on Bitcoin. Similar to how DeFi Summer revealed new blockchain capabilities, Ordinals and BRC20 tokens showcased Bitcoin’s potential, sparking excitement about the future possibilities of blockchain technology. Read the full article here
“Brokers must report proceeds from (and in some cases, basis for) digital asset dispositions to you and the IRS on Form 1099-DA,” according to the instructions included with the form, which shows a 2025 date. “You may be required to recognize gain from these dispositions of digital assets.” Read the full article here
“While sellers on the margin appear to be derisking, there has also been opportunistic buying between $60,000-62,000 levels,” Coinbase Institutional research analyst David Han said in a Friday report. “We think this directional uncertainty speaks to our thesis of bitcoin’s divergent roles both as a risk and a safe haven asset,” he added. Read the full article here