Crypto News Headlines (16-Feb-2022)

The crypto market continued to move higher as signs of ease in the conflict between Russia and Ukraine boosted the confidence of investors.
Barring the dollar-pegged USD Coin, all other top digital tokens were trading with higher in early trade on Wednesday. Avalanche rose 11 per cent each, followed by a 4 per cent rise in Ethereum and BNB each.

The global crypto market cap dropped as much as 6 per cent to the $1.84 trillion mark. Meanwhile, the total crypto market volume rose nearly 14 per cent to $81.86 billion.

A popular crypto analyst is looking at the risk-versus-reward potential for Ethereum (ETH) as the second-ranked crypto asset sustains its recovery from a dramatic sell-off three weeks ago.

In a new strategy session, the host of financial education YouTube channel InvestAnswers shares with his 411,000 subscribers an Ethereum chart featuring a mix of support and resistance levels to plot out ETH’s upside and downside potential.

“I believe the upside of 60% to get back to all-time highs far exceeds the downside of about $2,400 – that’s 20% from where we are today.

From that perspective, you’ve got to weigh it up. Do you think there’s a faster horse you can jump on? What is your tax situation if you sell? How much you have to pay is going to eat into your profit.”

MicroStrategy (Nasdaq: MSTR), the business-intelligence software company that made bitcoin acquisition a key goal, hasn’t bought any of the cryptocurrency for two weeks.

The Tysons Corner, Va.-based company held 125,051 bitcoins as of  Feb. 14., It said in a statement Wednesday, that’s the same number it reported at the beginning of the month.

CEO Michael Saylor has been slowing the pace of purchases. At the start of December the company bought more than 1,400 bitcoins in nine days, a rate of almost 160 a day. In January, it bought another 660, about 21 a day.

Saylor has been insistent that the company has no plans to sell its bitcoin holdings and is invested the long term.

CryptoCurrencyWire one of 50+ brands part of IBN (InvestorBrandNetwork), is proud to announce its continued collaboration with Bitcoin Events as the official newswire of Africa’s premier blockchain and cryptocurrency event, Blockchain Africa Conference, which will be held in a virtual format this year. The eighth conference in the series, the event is scheduled for March 17-18, 2022. A combined audience of 2,500+ delegates are expected to attend, representing 80 countries around the globe.

The 2022 event comes on the backdrop of increasing awareness regarding blockchain technology and its applications, more so in cryptocurrencies and decentralized finance. As a result, the conference’s main theme has evolved over the years with the global adoption of blockchain technology from ‘Beyond the Hype,’ and then ‘From Hype to Mainstream,’ to this year’s aptly titled ‘Ready for Business?’

“We are pleased to be working with Bitcoin Events again this year to provide extended coverage for the Blockchain Africa Conference,” said Jonathan Keim, Director of Communications for CryptoCurrencyWire. “With the exploding interest in blockchain, cryptocurrencies and NFTs over the past year, we believe that Africa is more than ready to capitalize on the opportunities in the space. The timing for this conference is perfect. We are leveraging our syndication network and various subscription platforms to make sure the conference reaches the largest online audience possible.”

The Super Bowl advertisements by crypto companies, including Coinbase, FTX and several others, rules social media and news headlines for their out-of-the-box approach. However, United States Senate Banking Committee Chief Sherrod Brown was not impressed and blasted the ad-makers for not including appropriate warnings and risks involved.

Brown, during the Tuesday Senate hearing on stablecoins, brought in the topic of popular crypto advertisements that aired during the Super Bowl. He said most of these ads failed to tell people about the downsides of investing in cryptocurrencies. The companies failed to mention the wild price swings and prevalent scams that occur in the market or the fact that the crypto market is not as well regulated as the traditional ones.

To help the crypto fans out there, we took the liberty of reviewing the popular Bitcoin casinos. We took security as our focal point, followed by the variety of games, generous Bitcoin bonuses, and transparent and fair T&Cs. 

Stick with us as we review the best online Bitcoin casinos to help you pick the best fit for you.

First look:

Best Bitcoin casino overall — Bitstarz

Generous free spins offer — mBit Casino

Excellent Bitcoin bonuses — 7Bit Casino

Best mobile gameplay — Cloudbet

Numerous payment options — Wild Casino



Red Dog Casino




El Royale


Cafe Casino

Juicy Stakes

The concentration risk on Ethereum is significant as most ether is held by a small number of accounts, Morgan Stanley Wealth Management wrote in a note entitled “Cryptocurrency 201: What Is Ethereum?”

The network is less decentralized than bitcoin, with the top 100 addresses holding 39% of ether compared to just 14% for bitcoin, analysts led by Denny Galindo wrote in the report published last month.

Ethereum currently enjoys a dominant market share in the decentralized finance (DeFi) and non-fungible tokens (NFTs) sectors, but this could decrease over time as challengers emerge, the report said, and prominent competitors include Binance Smart Chain (now BNB Chain), Solana and Cardano.

DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain, without using traditional middlemen. NFTs are digital assets on a blockchain that represent ownership of virtual or physical items.

Following Red Bull Racing’s most recent wins at Formula 1 (F1), the racing team scored a three-year partnership with Singapore-based crypto trading platform Bybit for $50 million per year. According to the announcement, the fee will be paid in a combination of fiat and BitDAO (BIT) tokens.

The company announced that the partnership aims to broaden the F1 team’s fan engagement through its capabilities as a crypto exchange. Bybit will act as an issuer of fan tokens and as a tech incubator for Red Bull Racing as part of the deal. This means that the exchange will help the team distribute its digital asset collections and support its other initiatives, such as developing talent through the Red Bull Technology Campus in Milton Keynes.

Murtaza Merchant When people talk about cryptocurrencies, more often than not, they are referring to Bitcoin (BTC) and its extravagant price rise since the onset of the COVID-19 pandemic. Having almost doubled in value in 2021 alone, this popular cryptocurrency lost all gains in the first month of the new year and, unsurprisingly, invited the wrath of crypto skeptics again. However, for those with hindsight and a tenacious investing attitude, BTC’s journey from its launch in 2009 to the current.

Crypto may have started out as a discreet decentralized economy, but now that the nearly $2 trillion sector has gone mainstream enough to occupy coveted Super Bowl ad space, the Internal Revenue Service (IRS) is well clued in.

The IRS classifies cryptocurrency as intangible property for tax purposes, which means the profits you make from selling virtual currency are subject to capital gains taxes. This holds true whether you bought bitcoin or altcoins on a crypto exchange like Coinbase, or simply used an app like Venmo or PayPal to buy and use cryptocurrency.

It’s at the forefront of tax professionals’ minds this year: TurboTax now asks upfront when beginning your 2021 tax return whether or not you traded crypto last year. And if you do your taxes on paper with the help of a certified public accountant (CPA), you should at least be prepared to tell them your 2021 crypto earnings. (This is easier when you plug your wallet into a crypto portfolio tracking app that can calculate your capital gains and losses in minutes.)

But what exactly does the IRS consider to be “earnings” when it comes to crypto – and what triggers a taxable event? Let’s take a look at how the IRS classifies the following scenarios.