Crypto Wallets – Innovative Words http://innovativewords.com/ Tue, 22 Nov 2022 08:12:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://innovativewords.com/wp-content/uploads/2021/04/default.png Crypto Wallets – Innovative Words http://innovativewords.com/ 32 32 Kenyan authorities want a bill to tax crypto https://innovativewords.com/kenyan-authorities-want-a-bill-to-tax-crypto/ Tue, 22 Nov 2022 07:48:44 +0000 https://innovativewords.com/kenyan-authorities-want-a-bill-to-tax-crypto/ The Kenya Revenue Authority (KRA), which is responsible for collecting revenue on behalf of the Kenyan government, intends to tax crypto transactions across all Kenyan stock exchanges if the Capital Markets (Amendment) Bill 2022 is approved. According to reports, plans are underway to amend the Capital Markets Act and impose a 20% excise tax on […]]]>

The Kenya Revenue Authority (KRA), which is responsible for collecting revenue on behalf of the Kenyan government, intends to tax crypto transactions across all Kenyan stock exchanges if the Capital Markets (Amendment) Bill 2022 is approved.

According to reports, plans are underway to amend the Capital Markets Act and impose a 20% excise tax on all cryptocurrency transaction fees.

The Capital Markets (Amendment) Bill 2022 would allow taxation of cryptocurrency exchanges, digital wallets and transactions.

When crypto investors in Kenya sell or use their crypto in a transaction, they must pay capital gains tax to the Kenya Revenue Authority. It would also require investors to notify the Capital Markets Authority of the details of their crypto ownership, such as the type of virtual currency, the date it was acquired, the date it was sold, and the amount of the proceeds. with the costs and gains thereon.

“Where digital currency is held for a period not exceeding twelve months, income tax laws apply or for a period exceeding twelve months, capital gains tax laws capital apply,” said Mosop MP Abraham Kirwa.

Read also : UNCTAD calls on Kenya to tax the crypto industry

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Why are Tamadoge and Solana users turning to Oryen? https://innovativewords.com/why-are-tamadoge-and-solana-users-turning-to-oryen/ Wed, 16 Nov 2022 23:09:24 +0000 https://innovativewords.com/why-are-tamadoge-and-solana-users-turning-to-oryen/ To have an interest in something loosely means to be involved or to have a stake in it. Similarly, in the crypto industry, staking involves holding digital assets and locking them into an address to earn interest in return. The process is like depositing money into a fixed deposit account in conventional banking systems. Crypto […]]]>

To have an interest in something loosely means to be involved or to have a stake in it. Similarly, in the crypto industry, staking involves holding digital assets and locking them into an address to earn interest in return. The process is like depositing money into a fixed deposit account in conventional banking systems.

Crypto staking is becoming popular among crypto users as investors seek additional sources of income from their assets. Instead of leaving crypto idle in wallets, users can leverage staking platforms to generate passive income.

Staking rigs keep light away from meme coins and other projects. At the forefront of this crypto-staking revolution is Oryen Network, offering a fixed 90% APY.

What is the Oryen network?

Oryen is a staking protocol based on the Binance Smart Chain (BSC). The DeFi platform leverages the security, agility, and efficiency of BSC to power reliable, ultra-low-cost transactions. Oryen offers an automated protocol that simplifies the staking process for investors.

To start betting on Oryen, you need to top up $ORY. Then, the staking process is simple and intuitive. Without the need to block funds, ORY holders automatically receive a guaranteed 90% APY generated by the unique utility of the platform.

These tantalizing deals have made Oryen the leading staking platform in 2022. And the developers have put mechanisms in place to maintain fixed high returns for the long term. Besides the Oryen Autostaking Technic (OAT), the Risk-Free Value (RFV) platform wallet and treasury holds assets to safeguard the value of $ORY and keep the token stable amid volatility.

Moreover, Oryen Network achieves all these advanced features without compromising protocol security. Specifically, the anti-whale tax prevents malicious actors from gaining majority control of the network. This way, Oryen remains 100% community-governed and censorship-proof.

Oryen’s ICO performance

Against the downtrends, Oryen launched a successful ICO. Although it has been around for a few weeks, $ORY has already risen from $0.05 to $0.11, offering more than 2x more gains for early investors.

The ongoing Phase 3 presale will bring more revenue to $ORY holders as the price will rise above $0.125 as early as the end of November. The ICO deploys a dynamic pricing mechanism where the price of $ORY gradually increases as the bonuses decrease. To start or double your investment in $ORY, check out the pre-sale schedule below:

presale session

Date ORY price Purchase premium

Presale 2

02 Nov — 09 Nov $0.1

ten%

Presale 3

09 Nov — 16 Nov $0.11

9%

Presale 4

Nov. 16 — Nov. 23 $0.12

8%

Presale 5

23 Nov — 02 Dec $0.125

seven%

How does Tamadoge work?

Tamadoge is a pet-themed NFT gaming platform where users can play and get rewarded. The competitions involve pets created by NFT, which you can breed and upgrade using the platform’s utility token, $TAMA.

In addition, winnings generated by games on the virtual world of Tamadoge – Tamaverse – are payable in $TAMA. The platform has become popular with gamers and meme coin enthusiasts.

What is Solana?

Solana is a Layer 1 blockchain touted as an open-source platform for building the next generation of decentralized applications (DApps). The project focuses on building a highly scalable, decentralized, and secure network while maintaining high transaction throughput.

Currently, Solana boasts a throughput of 50,000 transactions per second (TPS) and aims to offset congestion and meet the growing demand for blockchain applications. Solana’s innovative blockchain solutions have also attracted many investors to buy its native token, $SOL.

The bottom line

Crypto traders are always looking to maximize their income. The growing popularity staking protocols position Oryen for success as seasoned investors avoid tokens with limited utility.

Additionally, $ORY generated over 110% gains for early investors, even before taking profits. Earlier, even more, investors will abandon projects like Tamadoge and Solana to develop their assets through Oryen.

Read more here:-

Join the presale: https://presale.oryennetwork.io/register
Website: https://oryennetwork.io/

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Crypto.com’s errant $405 million deal sparks investors after FTX fiasco https://innovativewords.com/crypto-coms-errant-405-million-deal-sparks-investors-after-ftx-fiasco/ Sun, 13 Nov 2022 23:38:55 +0000 https://innovativewords.com/crypto-coms-errant-405-million-deal-sparks-investors-after-ftx-fiasco/ Crypto exchange Crypto.com is under the microscope after sending $405 million to the wrong recipient, raising alarm among crypto watchers after the whirlwind that unfolded this week from rival exchange FTX, which filed for bankruptcy on Friday. Some crypto watchers reviewing the transaction speculated that it was an attempt to inflate trading volumes. To complicate […]]]>

Crypto exchange Crypto.com is under the microscope after sending $405 million to the wrong recipient, raising alarm among crypto watchers after the whirlwind that unfolded this week from rival exchange FTX, which filed for bankruptcy on Friday.

Some crypto watchers reviewing the transaction speculated that it was an attempt to inflate trading volumes. To complicate the hype, the analyst who first took the trade turned out to be a employee rival exchange, Coinbase.

It also follows a mistake made in December when Crypto.com accidentally sent a woman in Australia $10.5 million instead of a $100 refund.

Kris Marszalek, CEO of Crypto.com said on Twitter that the transaction was an accident, while a company spokesperson told Yahoo Finance that the funds were intended to be sent to an offline crypto wallet, but mistakenly went to Gate.io, a other crypto exchange.

Some crypto exchanges hold accounts with competitors to bolster liquidity during periods of volatility.

“Movement of funds from Crypto.com’s custody systems is only possible between approved and whitelisted addresses attached to our cold wallets, hot wallets (connected to the Internet), and corporate accounts on third-party exchanges,” the spokesperson said.

The Crypto.com logo displayed on a phone screen and representation of cryptocurrencies are seen in this illustrative photo taken in Krakow, Poland on September 28, 2021. (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)

Still, the transaction sparked crypto investors who, in the past 24 hours, drove the price of Crypto.com’s exchange token (CRO-USD) down by 24%. For the same period, bitcoin (BTC-USD) fell less than 2.5%, while ether (ETH-USD) fell 2.5%.

The incident also follows an offer by a number of crypto exchanges to boost confidence during the week of FTX’s collapse by rushing to release their “proof of reserves”, showing that they do not don’t use investor funds.

Some crypto exchanges, such as US-based Kraken, have been using proof of reserves for years. Yet measurement may still fall short depending on how often and what portion of the balance sheet a company chooses to report.

In the best-case scenario, proof of reserves can prove creditworthiness, according to Sergey Nazarov, CEO and co-founder of Chainlink Labs, whose company offers a proof of reserves product.

“It shows whether the assets a company claims to have are actually available in real time,” Nazarov told Yahoo Finance of Chainlink’s product.

On Thursday, Crypto.com released its proof of reserves in its crypto wallets, saying it held $3 billion in total client assets. On Saturday, the figure stood at $2.55 billion, down 15%, according to Crypto.com wallets tracked by blockchain analytics platform, Nansen.

For the same period, OKX – the third-largest crypto exchange by trading volume after Binance and Coinbase – saw its assets increase by $114 million. It has $5.83 billion in assets – 64% is in ether (ETH-USD) and 25.8% in bitcoin (BTC-USD), according to Nansen.

Since last Sunday, Binance’s assets have grown by $4 billion, from $66.7 billion to $70.8 billion, according to Binance Wallets tracked by Nansen.

“Proof of reserves is great as long as you have proof of assets and liabilities,” Michael Anderson, co-founder of crypto venture capital firm Framework, told Yahoo Finance. “It gives you part of the story. It helps people know if a business is using its customers’ assets as collateral to borrow money.

David Hollerith is a senior reporter at Yahoo Finance covering cryptocurrency and stock markets. Follow him on Twitter at @DsHollers

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Bitcoin price hovers above $20,000 as Binance helps FTX ‘reduce liquidity’ https://innovativewords.com/bitcoin-price-hovers-above-20000-as-binance-helps-ftx-reduce-liquidity/ Tue, 08 Nov 2022 16:29:24 +0000 https://innovativewords.com/bitcoin-price-hovers-above-20000-as-binance-helps-ftx-reduce-liquidity/ Bitcoin BTC saw major volatility after Wall Street opened on Nov. 8, with turmoil on the FTX exchange further punishing markets. BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View Binance hints at a plan to buy FTX Showed BTC/USD hitting $19,244 on Bitstamp, marking the pair’s two-week lows and 24-hour losses of almost 7%. […]]]>

Bitcoin BTC saw major volatility after Wall Street opened on Nov. 8, with turmoil on the FTX exchange further punishing markets.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

Binance hints at a plan to buy FTX

Showed BTC/USD hitting $19,244 on Bitstamp, marking the pair’s two-week lows and 24-hour losses of almost 7%.

FTX remained the industry’s top topic, despite the start of the US midterm elections and November 10, which was expected to provide new inflation data.

“The event of the week was supposed to be the US CPI on Thursday, not two billionaires with acronyms for names harming the market,” commented popular commentator Tedtalksmacro abstract.

Worries over FTX’s solvency were not helped by a long silence from exchange executives as withdrawals ceased that day.

Data from on-chain analytics platform CryptoQuant therefore showed only a fraction of the nearly 20,000 BTC balance reduction from the previous day on FTX for November 8.

BTC (FTX) 1-day netflow chart. Source: CryptoQuant

Other figures revealed that exchange users were voting with their wallets elsewhere – withdrawing funds from US platforms such as Coinbase and depositing them to competitors registered overseas such as Binance.

Binance was up a net 4,840 BTC for November 8 at the time of writing, while Coinbase was conversely down 5,180 BTC.

BTC (Binance) 1-day netflow chart. Source: CryptoQuant

The Tree of Alpha engineer and trader nevertheless remained optimistic about the eventual resolution of the FTX saga.

“For now we are suffering”, part of a Tweeter read, adding that “the news book is omega long ftt+majors if prices are still that low when SBF and/or CZ announce they’ve made a deal and funds are safu at both ends and withdrawals are back.”

This thesis turned out to be true, as resumption of withdrawals sparked an instant march over $20,000 for Bitcoin.

A surprise message from Binance CEO Changpeng Zhao also revealed tentative takeover plans.

“This afternoon, FTX has requested our assistance. There is a significant liquidity crisis,” a message read.

“To protect users, we have signed a non-binding letter of intent, intending to fully acquire http://FTX.com and help cover the cash shortage. We will proceed with a full DD in the next days.”

Bitcoin is struggling with support losses

For Bitcoin, suffering was also the name of the game of the day, while Arthur Hayes revealed a belief that bad times can last much longer.

Related: Funding Rates Hit 6-Month High Ahead of CPI — 5 Things to Know About Bitcoin This Week

Amid the FTX withdrawal freeze, he unveiled a $15,000 Bitcoin bet via put options with a strike date of March 2023.

Closer to you, the Material Indicators monitoring resource recognized that the last 24 hours had significantly eroded the support – and price theories – of the past few weeks.

“BTC’s technical and psychological support has been wiped out,” he said. Referring to the moving averages (MAs), he said that “the 100-day MA, 21-day MA, 50-day MA and the 2017 Top all lost within a D candle.”

An attached chart showed the BTC/USD order book on Binance, with support rising below the spot price.

“FireCharts shows decent supply liquidity, but doesn’t catch any knives. Mitigate some risk while waiting for buying to pick up or store your funds in margin,” Material Indicators added.

BTC/USD order book chart (Binance). Source: Materials Indicators/Twitter

It remained to be seen at the time of writing whether the point force could recover lost ground over hourly or daily periods.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.