Contents (3 min read):
- 😰 Is the US in a “technical recession?”
- 💾 Is Filecoin the top Decentralized storage protocol?
- 👨👩👧👧 Startupy — Community-curated search engine
- 👀 Gen Z goes its own way in new online era
- 🏖️ IRAs, tax-sheltered accounts
- 🧾 The Virtual Currency Tax Fairness Act
- 📰 ICYMI
- 🙏🏻 Grateful for…
👍 Is the US in a “technical recession?”
The FOMC (Federal Reserve) announced a 75bps increase to the Fed Funds Rate on Wednesday, leaving the upper limit of the target range at 3-year highs.
While the Q2 GDP growth came in at -0.90%, which places the US in a technical recession. The word technical is of utmost importance since there are many factors that can tilt the economy in or out of a “technical recession.”
The effects on the crypto space as a result of the above news were, for the most part, not as negative as we thought. Bitcoin was up 6.1% this past week and the biggest increase came on Wednesday (FOMC meeting day) when it increased ~$1874.
So for 7.5 years, the Bitcoin 200 MA has acted as an important historical support line, holding up the Bitcoin price. Will it now be broken amid recession fears? That remains to be seen, but being bearish at support is usually a mistake for investors and traders.
Over Bitcoin’s price history any touches of that moving average have been the best time to buy Bitcoin, at least by dollar cost averaging (DCA) into a position.
💾 Is Filecoin the top Decentralized storage protocol?
Filecoin (FIL), the token associated with the decentralized file-sharing protocol of the same name from Protocol Labs, is surging. Its price has shot up 82.5% in the past week.
Chinese officials have all but officially encouraged Filecoin mining because its decentralized cloud storage purpose fits into China’s agenda to build out its own internet infrastructure as a defense mechanism in the ongoing tech Cold War.
Major Chinese companies have been getting into Filecoin mining, including Xinyuan, which invested nearly $100 million in Filecoin miners, and Ninth City, which is publicly traded on the Nasdaq (NCTY) and has spent $12 million since February on Filecoin mining partnerships.
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Gen Z goes its own way in new online era
Gen Z is the only generation to see recent declines in social media use, per Pew Research Center. It reported less use of every social media app last fall, except for TikTok, according to Piper Sandler’s most recent Gen Z consumer survey.
Today, Gen Z users network across an array of smaller apps, each of which serves a distinct function: Twitch for live-streaming and gaming, Discord for private chat groups, BeReal for spontaneous updates, or Poparazzi for candid photos of friends.
Cryptocurrency is one of those things that everyone is talking about these days. There are all kinds of different exchanges to trade crypto on…but what many people don’t realize is how much they’re losing in taxes and fees.
iTrustCapital allows its clients to invest in crypto through an individual retirement account or an IRA without having to worry about taxes or fees.
IRAs are tax-sheltered accounts, meaning all your crypto trading is tax-free and can grow tax-free over time.
There are no hidden fees. To learn more, click here and open a free account to learn more.
🧾 The Virtual Currency Tax Fairness Act — Tax exemptions for purchases of $50 or less.
Two senators have proposed the latest bipartisan federal legislation addressing cryptocurrency — this time in a bid to exempt digital asset purchases of $50 or less from steep capital gains taxes.
Sens. Pat Toomey, R-Pa., and Kyrsten Sinema, D-Ariz., are sponsoring the bill — the Virtual Currency Tax Fairness Act — which would additionally prevent the IRS from collecting taxes from retail traders when the asset in question appreciates less than $50.
“While digital currencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way,” Toomey said in a statement. “The Virtual Currency Tax Fairness Act will allow Americans to use cryptocurrencies more easily as an everyday method of payment by exempting from taxes small personal transactions like buying a cup of coffee.”
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