Cryptocurrency prices were mostly higher on Monday, as Bitcoin’s first upgrade since 2017 was recently activated and the AMC movie channel (AMC) – Get the Class A report from AMC Entertainment Holdings, Inc. said he would accept crypto.
Bitcoin, the world’s largest cryptocurrency, rose almost 1% to $ 65,206.93, at last check. Ether, the cryptocurrency that runs on the Ethereum blockchain, climbed 1.8% to $ 4,686.92, while dogecoin lost nearly 1% to 26 cents.
Zak Killermann, fintech and crypto expert with Searcher, noted that “crypto investors have had an exciting week, with BTC and ETH market leaders hitting new all-time highs.”
Bitcoin’s Taproot upgrade was activated on Sunday, the first major upgrade in four years.
“Taproot will not have an immediate and significant impact on the bitcoin network, but offers developers a plethora of new tools to improve security, privacy and scalability,” Killermann said.
AMC Entertainment, the world’s largest movie theater chain, began accepting bitcoin, ether, and other cryptocurrencies for online payments on Friday.
“Think of Taproot as better equipping developers with tools to build the future of bitcoin, to make things like AMC accepting crypto for payments even easier down the line,” Killermann said.
He added that not everyone is happy to accept crypto. The Indonesian Council of Religious Leaders has ruled the cryptocurrency haram, meaning that its use is prohibited for Muslims.
Killermann said that Coinbase Global (PIECE OF MONEY) CEO Brian Armstrong in October proposed the launch of a single federal crypto regulator in the United States, but the country was slow to act despite the growing popularity of crypto.
President Joe Biden is expected to sign the Infrastructure Investments and Jobs Act on Monday, and the legislation includes new tax reporting requirements for digital assets such as cryptocurrencies and NFTs.
David Lesperance, Managing Partner of Immigration and Tax Advisor Lesperance & Associates, said that “all the final illusions that crypto was going to be treated any differently from fiat money ended” when the law cemented IRS section 6050i of the federal crypto asset tax code.
“Under the new rules,” he said, “transferring digital assets worth more than $ 10,000 will be treated as cash. of the person or company sending the payment for the digital asset is considered a crime. “
Lesperance said the penalty for non-compliance can be up to five years in prison.
“For those who think they’ll be cute and only transfer $ 9,999 worth of crypto,” he said, “they should know that the“ smurf ”(or structuring) rules now also apply to the crypto. “
Winston Ma, Managing Partner of CloudTree Ventures, said that last week Tencent Holdings sent each employee an NFT for the 23rd anniversary, which is the penguin of the company logo.
Each of the 72,000 pieces was different and there are 1,000 special shapes.
Ma said that “as the largest games and internet company in China, Tencent’s (TME) – Get the Tencent Music Entertainment Group Report The NFT initiative has thrilled its user community. ”
“NFT has been one of the biggest contributors to crypto adoption these days due to the involvement of creators and fans in the entertainment and games industries,” he said.
“The interaction of games and NFT on Tencent’s platforms will likely make Tencent a major ‘metaverse player’.”