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How to handle crypto trading gains and losses on your balance sheet
Cryptocurrency taxation and reporting transactions on your balance sheet differ. Here’s how to treat cryptocurrency on your balance sheet. Currently, no accounting standards are dedicated to crypto assets, so broader guidelines per the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Practice (GAAP) are applied to cryptocurrency accounting. Balance sheets are among the three primary…
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Coinbase launches crypto lending platform for US institutions
Coinbase’s new institutional lending service has the same operating entity as Coinbase Borrow, which halted the issuance of new loans in May. Cryptocurrency exchange Coinbase has rolled out a crypto lending service for institutional investors in the United States, reportedly aiming to capitalize on massive failures in the crypto lending market. Coinbase has quietly launched an institutional-grade crypto…
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Report Reveals 88,200 Millionaires Built Wealth Through Cryptocurrency
A study by Henley & Partners, an investment migration consultancy in London, reveals an interesting insight: of the world’s 56.1 million millionaires, a notable 88,200 have earned their fortunes in cryptocurrency. At the time of writing, the crypto economy boasts a valuation slightly above $1 trillion. This vast sum has birthed a new generation of…
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Bitcoin Climbs Back To $27,000 In Choppy Trading
Bitcoin and ethereum rose with cryptocurrency prices in a choppy trading day Wednesday. BTC continues to hover around $27,000 as it struggles to reclaim its $30,000 level from April. Still, BTC is off its two-month lows from Friday. 0 seconds of 6 minutes, 59 secondsVolume 0% Cryptocurrency Price Action Bitcoin rose near $27,300 late Wednesday…
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North Korean hackers stole $721 million in cryptocurrency from Japan – Nikkei
Hacker groups affiliated with North Korea have stolen $721 million worth of cryptocurrency assets from Japan since 2017, the Nikkei business daily reported on Monday, citing a study by U.K. blockchain analysis provider Elliptic. The amount is equal to 30% of the total of such losses globally, the Nikkei reported. The report comes after Group…