Your quick shot of the latest crypto moves and news, the Crypto Espresso is brought to you by Capital.com Australia (AFSL 513393), a multi-award winning global investment trading platform.

Morning, Coinheads.

Bitcoin was up on Friday, potentially bolstered by some good news on US jobs growth. Litecoin is also up, after launching its much-anticipated Mimblewimble security upgrade.

Turns out crypto didn’t just spawn the creation of digital artworks like NFTs, it is also changing the way physical art is sold.  A Viennese art collective for NFT investments is using blockchain technology to sell a physical Salvador Dali artwork. (We call dibs.)

It might be said that 2020 was the year crypto went mainstream, but as trading gains popularity, so does The Discourse, as every Tom, Dick, and Elon comes out of the woodwork to share their two cents on how to trade. But when everyone and their dog can set up a crypto TikTok, who should you be listening to? And who should be ignored?

And for all the hot air and bluster about crypto from various regulators, turns out the US Internal Revenue Service has y’all Coinheads to thank for boosting its tax revenue, and the profits  of accountants and taxation services. You’re welcome.

In any case, it seems as though the jury is still out on how to tax crypto. The US and UK authorities differ somewhat in the way they treat DeFi gains.

Diem is dead. Long live Diem. Facebook *cough*, we mean Meta’s stablecoin project officially crashed and burned last week – (hear that? It’s the sound of the world’s smallest violin, playing just for Zuck) – but what does this mean for other stablecoins?

Walk this way…

Walk this way
Picture: Gruskoff/Venture Films Crossbow Productions Inc. With thanks to Mel Brooks.

 

Dealing Dali on the blockchain, traditional art embraces NFTs

News that the backers of Bored Ape Yacht Club non-fungible tokens (NFTs) are in talks with a US venture capital firm that will value the digital art company at up to $5bn demonstrates how the sector is moving into the mainstream.

Crypto prices get big bounce after positive US jobs report

Bitcoin and other cryptocurrencies rose higher on Friday following the release of a stronger-than-expected US jobs report.

Who should you listen to about crypto in 2022?

Cryptocurrency trading gained in popularity during the coronavirus pandemic as investors across the world were forced to stay inside. According to a survey from CNBC and Momentive, a quarter of the general public began investing in 2020 or later.

US tax industry poised to profit on crypto filing flood

More Americans than ever are expected to report cryptocurrency transactions this tax filing season, boosting profit for tax service providers stuck in a space beset by stagnant growth.

UK crypto news: Taxing DeFi? US and UK authorities may differ

Gains from participating in decentralised finance (DeFi) – to tax or not to tax? The US and UK tax authorities apparently differ in their treatment.

Litecoin (LTC) price prediction: heading back to all-time highs?

The Litecoin Foundation, the group behind Litecoin (LTC), has launched its much-touted Mimblewimble (MWEB) upgrade, which is intended to provide security enhancements around the privacy of transactions.

What does the collapse of Meta’s Diem mean for other stablecoins?

Last week officially spelled the end to Meta’s (formerly Facebook) ambitious project to create the stablecoin, Diem (formerly Libra).

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