That may be a movement and change of wallet by the same user, as that usually happens in times of volatility. Antoine Le Calvez suggested this might be a former cold storage address, an OTC deal, or a user of Kraken.

It is common for blockchain observers and analytics firms to monitor the movement of the Bitcoin (BTC) whales. However, 10,000 BTC tokens inactive for over five years recently became active amid a bearish market. BTC has lost almost 72% of its all-time high and is struggling to recover the USD 20,000 level.

The movements of inactive wallets with over 10,000 BTC are unusual, especially after 5 to 7 years. Despite the lack of information to determine who that long-term investor is, he has a plan.

The long-dormant 10,000 BTC tokens moved twice by USD 5,000, causing alarm among analysts. The movements occurred on August 28^th and 29^th, when Bitcoin failed to hold onto the USD 20,000 level.

The Movement of 10,000 Long-Dormant BTC Tokens Alarms Analysts

The CryptoQuant monitoring and analytics platform announced the initial movement of 5,000 BTC. The following day, the firm LookIntoBitcoin reported another transfer of 5,000 BTC. The awakening of this wallet, dormant for over seven years, caused alarm among analysts.

Although it is too early to draw any conclusions, it may just be a movement and change of wallet by the owner. In times of volatility, owners usually seek refuge with different addresses to protect their BTC holdings. It makes no sense for some to risk liquidating their position when BTC trades by nearly 72% below its ATH, but it may be a strategy.

CryptoQuant stated it is hard to determine the impact it will have, but these expected movements are not a bullish sign.

The Trend in the Trend of the Bitcoin Whales

Enthusiasts have started to see the movements of wallets with over 1000 BTC as a sport. The awakening of long-term investors after four years is an attractive event, as it gives rise to speculation.

Antoine Le Calvez, the lead blockchain data engineer at Coin Metrics, suggested the wallets might relate to the Kraken exchange. He said it might be a former cold storage address, an over-the-counter (OTC) deal, or a user. However, Kraken did not respond to the remarks by Le Calvez.

According to CryptoQuant, similar events have occurred this year. They reported that over 10,000 inactive BTC moved in March, 2,800 BTC in May and over 1,100 BTC in July.

The entire stir about the movement of long-dormant BTC tokens may relate to the statements of Jerome Powell, the Fed Chairman. Since Bitcoin is mature enough to become a risky asset influenced by macroeconomic policies that situation might shake the market and the BTC whales more.

Meanwhile, Bitcoin is trading at around USD 19,778 and has accumulated a 0.6% gain over the last week. While its daily trading volume is above USD 23.62 billion, its market capitalization is about USD 378.59 billion, according to CoinGecko.

By Alexander Salazar

Buterin considers the Terra collapse as an example of how price drops expose unsustainable business models, only successful during bullish trends. He said that Bitcoin would have a finite number of coins, which would cause miners not to receive fee payments, not new tokens.

Vitalik Buterin, the creator of the Ethereum network, recently said that falling prices help expose weaknesses in the crypto market.

Buterin believes price drops help reveal problems always present from the beginning. He explained that unsustainable business models usually succeed during booms amid a constant influx of new banknotes.

The co-creator of Ethereum considers the collapse of the Terra ecosystem as an example of how price drops expose unsustainable business models.

The Russian-Canadian programmer thinks it is easy to sustain the development of a protocol during the bullish market. However, he pointed out that newly expanded teams often find it difficult to remain financially stable when prices plummet.

He also stated that the volatility of cryptocurrencies might reduce in the medium term, becoming as volatile as popular traditional assets. In that regard, he considers cryptocurrencies will behave similarly to gold and the stock market.

The Future Security of Bitcoin Worries Vitalik Buterin

Buterin said he is concerned about the security of Bitcoin in the long term due to its low daily income. Besides, the creator of Ethereum fears that its proof of work (PoW) will provide the network with much less security.

The programmer said that the security of Bitcoin in the long term would depend entirely on fees. He explained that BTC is not earning the fee revenue necessary to secure a multi-million dollar system.

Although security is among the main attractions of cryptocurrencies, Buterin thinks that Bitcoin will not always be secure.

He pointed out that blockchains currently use various protocols to reinforce their security, including PoW and proof of stake (PoS).

PoW rewards miners with newly issued Bitcoin for validating blocks, but the cryptocurrency will have a finite number of coins. Therefore, they will not receive new tokens but fee payments for the transactions.

Buterin noted the daily fees on the Bitcoin network were around USD 300,000 but had not grown much over the last five years.

Buterin Believes Bitcoin Cannot Migrate to Proof of Stake

Vitalik Buterin also stated that PoS provides much less security per US dollar spent in transaction fees than PoS. He also pointed out that migrating Bitcoin to that consensus protocol seems politically unfeasible.

Buterin said that Bitcoin should switch to at least hybrid proof of stake to protect itself against attacks. However, the programmer considers that this would be a painful transition.

The creator of Ethereum pointed out that bitcoiners, who tend to be the most pro-PoW advocates, should understand this. He mentioned the Bitcoin civil wars in 2017, which showed the weakness of miners in the governance process.

Regarding the migration of Ethereum to proof of stake, Buterin said the upgrade should occur between September 10^th and 20^th.

However, Buterin did not talk about the high transaction fees on the Ethereum network, which are subject to many criticisms. That is allegedly one of the primary reasons for the arrival of ETH 2.0, which aims to be a low-fee blockchain.

By Alexander Salazar

The operation with cryptocurrencies and other virtual assets is increasingly common, which has encouraged the Tax Agency to reinforce the monitoring of their taxation with new annual informative declarations.

As of this year, all operations with virtual currencies in Spain will be reported to the Tax Agency by the service providers, which will facilitate the control of the declaration of the profits of each taxpayer in the IRPF, an obligation that already existed.

As established by the anti-fraud law, the Treasury has designed two new models of informative declarations related to cryptocurrencies, 172 and 173, whose drafts were made public in July but are still pending approval.

Drafts Contents

According to the drafts, the new statements, of an annual nature and to be submitted electronically in January of the following year, will contain information on the operations of all users who have had or operated with cryptocurrencies this year.

As the director of Aedaf’s study office, Arturo Jiménez, explains to EFE, the obligation to present these declarations will fall on the people and entities that provide intermediation services, safeguard cryptographic keys or change between virtual currencies and fiduciary currencies, or between different virtual currencies will have to present each year.

Form 172 will report the balance of virtual currencies of each user at the end of the year, for which it requires a series of data, such as the identification of the owner, the type of currency for which there is an obligation to report, and the units deposited at the beginning and at the end of the year, or, in his case, at the moment in which such user stopped having cryptocurrencies.

Likewise, the value of the coins in euros will have to be recorded, for which the average price of the currency will be taken on the main trading platforms as of December 31.

For its part, model 173 reports on the operations carried out during the year, which includes data on the type of operation (acquisition, delivery, exchange, or transfer), the type of currency, the number of currency units that are part of the operation, its value in euros and the associated commissions and expenses.

In addition to these two declarations, taxpayers will have to present the new model 721 if at the end of the year they accumulate more than 50,000 euros in virtual currencies abroad – that is, if the safeguarding of the cryptographic keys for that amount is outside of Spain.

The declaration, which must be submitted electronically in the first quarter of the following year, will contain information on the currencies included in each public key with respect to which they are obliged to declare.

Specifically, it will detail the type of currency, the volume at the beginning and end of the year, its valuation, its public key, and data on the person or entity that safeguards the cryptographic keys.

35,200 Taxpayers Declared Cryptocurrencies in the Income Campaign

Beyond the new obligations, the profits obtained from the operation with cryptocurrencies are taxed in the IRPF. In fact, the Tax Agency has already enabled a specific section for virtual currencies in the 2021 income campaign and sent 233,000 notices.

In the previous campaign, the one corresponding to the 2020 financial year, 35,200 taxpayers declared profits derived from operations with virtual currencies, for an amount of more than 759 million euros.

This type of profit is also subject to wealth tax and was declared by 1,275 taxpayers of this tax in the 2021 campaign, for a total of 911.9 million euros.

By Audy Castaneda

BTC has behaved like a full-fledged stablecoin holding the €20,000 level for weeks, but this week’s interesting moves could be seen in the Blockchain market.

BTC managed to maintain its price for many days at the margin of €20,000 despite the fear that is flooding the minds of investors right now. However, the impossibility of the bears to finish sinking the price in a scenario as unfavorable as this, gives a glimmer of hope of maintaining the range between €20K and €25K during this same month of September, and even the most optimists dream of a possible break above that level.

The truth is that throughout this week the Blockchain market has had a very bad time, and no cryptocurrency has had real growth despite the “surprising” stability that BTC has shown, which for several days acted almost like a stablecoin that is maintained very close to the 20K level.

Weekly Crypto Market Price Prediction

The cryptocurrency market has experienced one of the most “boring” weeks in memory, both down and up, and there are prices that have practically not moved. The previous analysis of the market was not worth much, since nothing that was planned has been fulfilled, but it does not mean a total mistake.

BTC

Bitcoin has held up well having turned its bullish trend towards €28,000 over a week ago and has held the level with all the FUD around it. Something curious has been the violence with which the price has bounced off the €19,600 level the two times it touched it last week, which suggests that, against all odds, the bears do not have as much control over the price.

Right now it is a period of total uncertainty, whoever says they know what is going to happen is lying. In that sense there are two possibilities; that BTC breaks below €19,600 and goes straight to the yearly low that is in the €17,000 range, or that it makes a new bottom at the €19,600 level and rebounds strongly enough to break above the €21,000 and quickly recover the €25,000 that he lost at the time. Both options have a 50% chance of being fulfilled.

ETH

Ethereum remains without a doubt the “savior” of the market with its 6% growth in the last 7 days. Although it missed the €1,750 price target, this growth indicates that the bulls remain in control regardless. With 10 days to go before the expected Ethereum Merge, the merger of ETH and ETH 2.0 that will revolutionize the Blockchain of the second most important cryptocurrency in the world, the solidity in the price of ether is exciting.

It is possible to see in the coming days how ETH reaches the level of €1,750 traced last week, and who knows if there is not an increase in its market dominance that brings it ever closer to parity with BTC in this regard.

Biggest Price Ups and Downs of the Week

Ups: In a week in which BTC has acted as a kind of stablecoin, we have seen several cryptocurrencies have had quite interesting growth.

Here are the main altcoins that are positioned as the big winners this week:

Lido DAO (LDO +28%).

Cosmos (ATOM +26%).

Ravencoin (RVN +23%).

Downs: The losers have also been “a la carte” during the last 7 days, and as is normal in a market with FUD, falls greater than 20% have been seen this week.

Here are the biggest losers this week in the Blockchain market:

Helium (HNT -25%).

eCash (XEC -7%).

USD Neutrino (USDN -2.5%).

By Audy Castaneda

Keiser wants the naming rights to the sculpture to restore it to the initial project to look more like its predecessor. The crypto Charging Bull symbolizes prosperity, confidence, and financial optimism, as cryptocurrencies have come to stay and change finances.

Everyone has seen the picture of the legendary Charging Bull sculpture, the Wall Street bull. The 7,200-pound bronze statue became a major tourist landmark in New York.

Although there is a replica of the iconic structure in Miami, it directly relates to cryptocurrencies. American broadcaster and moviemaker Max Keiser recently offered to restore the crypto Charging Bull of Miami to make it look more like its predecessor.

However, Keiser wants to have the naming rights to the sculpture if he can restore it to the initial project. Although it looks perfect at first sight, it has a detail relevant for tourists not included in the construction. The enormous sculpture of the Charging Bull does not have testicles like the Wall Street bull.

The Reasons for Keiser to Restore the Crypto Charging Bull of Miami

Following a recent Twitter post, Max Keiser might win naming rights to the sculpture at Miami Dade College.

The crypto Charging Bull symbolizes prosperity, confidence, and financial optimism regarding Bitcoin and other cryptocurrencies. That stresses that crypto assets have come to stay to change finances, allowing users to make decisions through the blockchain.

Keizer might be offering to restore the crypto Charging Bull to match the original for his benefit. Whoever wins the naming rights to such an iconic monument will have a privilege before his competitors.

The Miami version of the Charging Bull, which weighs 3,000 pounds, is different In that its blue eyes simulate a laser effect.

After several transfers made by some companies, Florida seeks to become the new US financial capital. The state is getting ready to receive leading companies like Ark Investment Management and Elliott Investment Management. They want to stand out in crypto by holding important annual conferences and events.

This year they held an event, which Nayib Bukele, the president of El Salvador, could not attend due to unforeseen circumstances.

In April, mayor Francis Suarez explained the importance of positioning Miami in the crypto industry. He commented that the Charging Bull would further reaffirm the strength of Miami in global finance.

The relevance of cryptocurrencies has grown significantly, which regulators, politicians, and famous broadcasters like Mike Keizer do not overlook. Restoring the crypto Charging Bull of Miami would prove the relevance of that industry in the world economic system.

Bitcoin is trading at around USD 19,762 and has accumulated a 0.5% loss over the last 24 hours. While its trading volume is above USD 20.07 billion, its market capitalization is about USD 378.27 billion, according to CoinGecko.

Investors should monitor the behavior of the market and external factors before buying ADA or any other crypto asset. That would allow having a better perspective of its current state to avoid the loss of money.

By Alexander Salazar