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President Joe Biden recently proposed introducing the highest capital gains tax rate in more than a century. With a new top marginal rate of 44.6%, the bold move is aimed toward the richest Americans, but it also applies to dividends, stocks, and cryptocurrency. Today’s article will shed light on the consequences the Biden capital gains tax will have for crypto investors . What does Biden’s proposal mean? Biden’s proposal for the Fiscal Year 2025 Revenue of the U.S. budget suggests raising capital gains rates. The news is abuzz with the 44.6% rate, which would be the highest since capital gains rates were introduced. Coupled with individual state capital taxes, the number can go above 50% in some states. Biden’s proposed capital gains tax hike. Source: Americans for Tax Reform However, things are not that simple. The first proposal is to increase the top ordinary rate to 39.6%, and an additional proposal would raise the net investment income tax by 1.2% abov...

Bybit, one of the world’s top three cryptocurrency exchanges by trading volume, announced that its Unified Trading Account (UTA) saw a staggering 96% adoption rate among the platform’s institutional clients, according to information shared with Finbold on March 27. Unveiled in 2023, UTA combines Spot Trading, Spot Margin Trading, Perpetual, Futures, and Options into a single account framework, enhancing capital efficiency and trading flexibility. Unlike standard accounts that necessitate managing individual wallets, UTA streamlines the trading experience by integrating all trading wallets into one, mitigating risks associated with managing multiple accounts. Picks for you Bubble Alert: U.S. issuing bonds at pandemic rates 41 mins ago Roger Ver would support Bitcoin again if this happens 16 hours ago U.S. debt to hit $57 trillion by 2030 at current pace 18 hours ago Pyth Network and Caldera announce the integration of rollups and Oracle data 19 hours ...

In an exclusive interview with Cointelegraph at the Bitcoin Conference, Marathon Digital CEO Fred Thiel spoke about the mining company’s response to the bear market. A combination of more hash rate coming online from mining plants and a price protection approach is shielding Bitcoin mining firm Marathon Digital Holdings through the bear market, CEO Fred Thiel told Cointelegraph.  In an exclusive interview during the 2023 Bitcoin Conference in Miami, Thiel disclosed the strategy behind Marathon’s figures in the first quarter of 2023, when the firm reduced its net loss from $12.9 million ($0.12 per share) from Q1 2022 to $7.2 million ($0.05 per share) this year. Marathon is offsetting lower Bitcoin (BTC) prices with production increases. It reported a quarterly record of 2,195 BTC mined over the first three months of the year, worth over $60 million at the time of writing. “We are now operating at somewhere of 14.0 [exhash/second (EH/s)] hash rate, which is two times more than wher...

The purported sales are the latest measures the embattled firm has taken following moves in recent months to raise capital and preserve liquidity. Cryptocurrency conglomerate Digital Currency Group (DCG) has reportedly begun to sell its holdings in crypto funds managed by its subsidiary Grayscale Investments as it looks to raise capital and preserve liquidity. According to a Feb. 7 Financial Times report citing seen United States securities filings, DCG sold around a quarter of its shares in Grayscale’s Ether (ETH)-based fund for around $8 per share, despite each share holding a claim to nearly double that amount in ETH. The market price per share (gray) vs holdings per share (green) of the Grayscale Ethereum Trust (ETHE). Source: Grayscale It’s also said to have sold down small share parcels in Grayscale’s Litecoin (LTC), Bitcoin Cash (BCH) and Ethereum Classic (ETC)-based trusts in addition to its Digital Large Cap Fund — which combines Bitcoin (BTC), Ether, Polygon (MATIC), Solan...